NEW
YORK, Sept. 15, 2022 /PRNewswire/ -- MainStay
CBRE Global Infrastructure Megatrends Fund (the "Fund") (NYSE:
MEGI) today announced the Fund's monthly distributions for
September 2022 of $0.1083 per common share. The distribution
reflects an annualized distribution rate of 6.5% based on a
$20.00 per share initial public
offering (IPO) price.
Dividend Distribution Schedule:
|
Ex-Dividend
Date
|
Record Date
|
Payable Date
|
September
|
9-23-2022
|
9-26-2022
|
9-30-2022
|
The amounts and sources of distributions reported in this Notice
are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund's investment
experience during the remainder of its fiscal year and may be
subject to changes based on tax regulations. The Fund will send you
a Form 1099-DIV for the calendar year that will tell you how to
report these distributions for federal income tax purposes.
You should not draw any conclusions about the Fund's investment
performance from the amount of this distribution or from the terms
of the Fund's Distribution Policy.
Future earnings of the Fund cannot be guaranteed, and the Fund's
distribution policy is subject to change. For more information on
the Fund, please visit the Fund's website here.
The Fund's monthly distribution is set by its Board of Trustees.
The Board reviews the Fund's distribution on a quarterly basis in
view of its net investment income, realized and unrealized gains,
and other net unrealized appreciation or income expected during the
remainder of the year. The Fund strives to establish a level
monthly distribution that, over the course of the year, will serve
to distribute an amount closely approximating the Fund's net
investment income and net realized capital gains during the
year.
The following table sets forth the estimated sources of income
of the current distribution, and the cumulative distributions paid
this fiscal year to date from the following sources: net investment
income, net realized short-term capital gains, net realized
long-term capital gains and return of capital or other capital
source. All amounts are expressed on a per share of common stock
basis and as a percentage of the distribution amount.
Data as of
9/30/2022
|
Source
|
Current
Distribution per
Share
|
Percent of
Current
Distribution
|
Fiscal
YTD
Cumulative
Distribution per Share
|
Fiscal YTD Percent
of
Total Cumulative
Distributions
|
Net Investment
Income
|
$0.1009
|
93 %
|
$0.4019
|
93 %
|
Net Realized
Short-Term Capital Gains
|
$0.0059
|
6 %
|
$0.0276
|
6 %
|
Net Realized
Long-Term Capital Gains
|
$0.0015
|
1 %
|
$0.0037
|
1 %
|
Return of Capital or
Other Capital Sources
|
$-
|
- %
|
$-
|
- %
|
Total per
Share
|
$0.1083
|
100 %
|
$0.4332
|
100 %
|
Fund Performance and
Distribution Rate Information as of 8/31/2022
|
|
Average annual total
return1 (in relation to the net asset value (NAV)) from
inception date period 10/27/21 and ending 8/31/2022:
|
-5.43 %
|
Annualized current
distribution rate expressed as a percentage of month end NAV as
of
8/31/2022:
|
7.18%2
|
Cumulative total
return3 (in relation to NAV (not annualized)) for the
fiscal period ending
8/31/2022:
|
-11.02 %
|
Cumulative fiscal year
distribution rate as a percentage of NAV as of
8/31/2022:
|
1.80%4
|
- Represents the cumulative total return in relation to the
change in NAV from inception (10/27/2021) through 8/31/2022.
- Represents the current monthly distribution rate annualized as
a percentage of NAV as of 8/31/2022.
- Represents the cumulative total return in relation to the
change in NAV for the current fiscal period 6/1/2022 through 8/31/2022.
- Represents the cumulative distribution rate for the current
fiscal period 6/1/2022 through
8/31/2022, which is determined by dividing the dollar value
of distributions in the period by the NAV as of 8/31/2022.
MainStay CBRE Global Infrastructure Megatrends Fund is a
closed-end fund, which is traded on the New York Stock Exchange and
invests primarily in income-producing equity securities issued by
infrastructure companies. Holdings are subject to change. Past
performance is no guarantee of future results.
The Fund's daily New York Stock Exchange closing prices, net
asset values per share, as well as other information are available
by clicking here or by calling the Fund's shareholder servicing
agent at (855) 456-9683.
Fund Performance Information:
October 27, 2021 (Inception Date) to August 31, 2022
The Cumulative Total
Return: -5.43%
There is no assurance the Fund will continue to pay regular
monthly distributions or that it will do so at a particular
rate.
You should not draw any conclusions about the Fund's investment
performance from the amount of its distribution to
shareholders.
Any distributions in excess of the Fund's current and
accumulated earnings and profits will be treated first, as a
tax-deferred return of capital, which is applied against and will
reduce the adjusted tax basis of shares and, after such adjusted
basis is reduced to zero, will generally constitute capital gains.
A return of capital distribution may lower a shareholder's basis in
the Fund, causing a potential future tax consequence in connection
with the sale of Fund shares, even if such shares are sold at a
loss to the shareholder's initial investments.
Any amounts and sources of distributions are only estimated and
are not being provided for tax reporting purposes. The actual
amounts and sources of income of the amounts for tax reporting
purposes will depend on the Fund's investment experience during the
remainder of its fiscal year and may be subject to changes based on
tax regulations. The Fund will send a Form 1099-DIV for the
calendar year that will advise how to report these distributions
for federal income tax purposes.
Before considering an investment in the Fund, you should
understand that you could lose money. There are risks inherent in
all investments. The Fund's risks include:
New Fund Risk: The Fund is a new fund which may result in
additional risk. The Fund may cease operations and in such an
event, investors may be required to liquidate or transfer their
investments at an inopportune time.
Limited Operating History Risk: The Fund is a
recently organized, non-diversified, closed end management
investment company with limited operating history. It is designed
for long term investing and not as a vehicle for trading. Shares of
closed end investment companies frequently trade at a discount from
their NAV.
Limited Term Risk: Unless action is otherwise taken
by the Board in accordance with the Declaration of Trust, the Fund
will commence the process of liquidation and dissolution at the
close of business on December 15,
2033 (the "Termination Date"). The Fund will not seek to
return an initial investment in common shares by an investor on the
Termination Date. Instead, the Fund will distribute an amount equal
to the Fund's NAV at that time, which may be greater or less than
an investor's initial investment.
Infrastructure Industry Risk: The Fund is particularly
exposed to adverse economic, regulatory, political, legal,
geographical, and other changes affecting the issuers of
infrastructure related securities. Infrastructure related companies
are subject to a variety of factors that may adversely affect their
business or operations, including high interest costs in connection
with capital construction programs, difficulties in obtaining
financing for construction programs, costs associated with
environmental and other regulations, the effects of economic
slowdown, surplus capacity, increased competition from other
providers of services, uncertainties concerning the availability of
fuel at reasonable prices, the effects of energy conservation
policies, changes in market sentiment and other factors.
Additionally, infrastructure related companies may be subject to
regulation by various governmental authorities, may also be
affected by governmental regulation of rates charged to customers,
service interruption, and/or legal challenges due to environmental,
operational, the imposition of special tariffs and changes in tax
laws, regulatory policies, and accounting standards. There is also
the risk that corruption may negatively affect infrastructure
projects, resulting in delays and cost overruns.
Leverage Risk: The use of leverage creates an
opportunity for increased common share net investment income
dividends, but also creates risks for the holders of common shares.
Leverage is a speculative technique that exposes the Fund to
greater risk, and increased costs. Leverage may cause greater
changes in the Fund's NAV. The Fund will also have to pay interest
on its borrowings, if any, which may reduce the Fund's return.
Equity Securities Risk: Equity securities prices
have historically experienced periods of significant volatility,
particularly during recessions or other periods of financial
stress. Common stock prices, like other equity securities may be
affected by macroeconomics and other factors affecting the stock
market in general, including financial or political conditions that
may affect particular industries, or the economy in general.
Preferred stocks are subject to issuer specific risks, in addition
to the general equity risks, and unlike common stocks,
participation in the growth of an issuer may be limited.
Foreign Securities Risk: Foreign securities can be
subject to greater risks than U.S. investments, including currency
fluctuations, less liquid trading markets, greater price
volatility, political and economic instability, less publicly
available information, and changes in tax or currency laws or
monetary policy. These risks are likely to be greater for emerging
markets than in developed markets.
Convertible Securities Risk: The value of a
convertible security, which is a form of hybrid security (i.e., a
security with both debt and equity characteristics), typically
increases or decreases with the price of the underlying common
stock. In general, a convertible security is subject to the market
risks of stocks, and its price may be as volatile as that of the
underlying stock, when the underlying stock's price is high
relative to the conversion price, and a convertible security is
subject to the market risks of debt securities, and is particularly
sensitive to changes in interest rates, when the underlying stock
's price is low relative to the conversion price. The general
market risks of debt securities that are common to convertible
securities include, but are not limited to, interest rate risk and
credit risk, they are subject to the risk that the issuer will not
be able to pay interest or dividends when due; their market value
may change based on changes in the issuer's credit rating or the
market's perception of the issuer's creditworthiness.
Debt Securities Risk: The risks involved with
investing in debt securities include (without limitation) credit
risk, the risk that an issuer, guarantor, or liquidity provider of
a debt security may be unable or unwilling, or may be perceived
(whether by market participants, ratings agencies, pricing services
or otherwise) as unable or unwilling, to make timely principal
and/or interest payments, or to otherwise honor its
obligations.
Maturity Risk: Maturity, the average expected
repayment date of the Fund's portfolio, taking into account the
expected final repayment dates of the securities in the portfolio.
A debt security with a longer maturity may fluctuate in value more
than a debt security with a shorter maturity. Therefore, the NAV of
the Fund that holds debt securities with a longer average maturity
may fluctuate in value more than the NAV of the Fund that holds
debt securities with a shorter average maturity.
Investment and Market Discount Risk: An investment
in the Fund's Common Shares is subject to investment risk,
including the possible loss of the entire principal amount that you
invest. As with any stock, the price of the Fund's Common Shares
will fluctuate with market conditions and other factors. At any
point in time an investment in the Fund's Common Shares may be
worth less than the original amount invested, even after taking
into account distributions paid by the Fund. The Fund uses
leverage, which will magnify the Fund's investment, market, and
certain other risks.
Dividend Paying Securities Risk: Dividends the Fund
receives on common stocks are not fixed but are declared at the
discretion of an issuer's board of directors. There is no guarantee
that the issuers of the securities held by the Fund will declare
dividends in the future or that, if dividends are declared, they
will remain at their current levels or increase over time. The
Fund's emphasis on dividend paying securities could cause the Fund
to underperform versus similar funds that invest without
consideration of a company's track record of paying dividends or
ability to pay dividends in the future. Dividend paying securities
may not participate in a broad market advance to the same degree as
other securities, and a sharp rise in interest rates or an economic
downturn could cause a company to unexpectedly reduce or eliminate
its dividend.
Discount from Net Asset Value Risk: Shares of closed
end investment companies frequently trade at a discount from their
net asset value. This characteristic is a risk separate and
distinct from the risk that the Fund's NAV per Common Share could
decrease as a result of its investment activities. The net asset
value per Common Share will be reduced immediately following this
offering as a result of the payment of certain offering costs.
Although the value of the Fund's net assets is generally considered
by market participants in determining whether to purchase or sell
Common Shares, whether investors will realize gains or losses upon
the sale of the Common Shares will depend entirely upon whether the
market price of the Common Shares at the time of sale is above or
below the investor's purchase price for the Common Shares. Because
the market price of the Common Shares will be determined by factors
such as net asset value, dividend and distribution levels and their
stability (which will in turn be affected by levels of dividend and
interest payments by the Fund's portfolio holdings, the timing and
success of the Fund's investment strategies, regulations affecting
the timing and character of Fund distributions, Fund expenses and
other factors), supply of and demand for the Common Shares, trading
volume of the Common Shares, general market, interest rate and
economic conditions and other factors that may be beyond the
control of the Fund, the Fund cannot predict whether the Common
Shares will trade at, below or above net asset value or at, below
or above the initial public offering price.
Emerging Markets Risk: The risks of foreign
investments (or exposure to foreign investments) are usually much
greater when they are made in (or result in exposure to) emerging
markets. Investments in emerging markets may be considered
speculative. Emerging markets are riskier than more developed
markets because they tend to develop unevenly and may never fully
develop. They are more likely to experience high rates of inflation
and currency devaluations, which may adversely affect returns. In
addition, many emerging markets have far lower trading volumes and
less liquidity than developed markets, may be more likely to suffer
sharp and frequent price changes or long-term price depression due
to possible adverse publicity, investor perceptions, or the actions
of a few large investors. Also, there may be less publicly
available information about issuers in emerging markets, and such
issuers may not be subject to accounting, auditing, recordkeeping,
and financial reporting standards and requirements comparable to
those to which companies in developed markets are.
Investors should consider the investment objectives, risks,
charges and expenses of the Fund carefully before investing. The
Fund's prospectus, which contains this and other information about
the Fund, should be read carefully before investing. A copy of the
prospectus relating to this Fund may be obtained by contacting your
financial advisor, or by calling
800-624-6782.
About New York Life Investments
With over $650 billion in Assets Under Management* as of
March 31, 2022, New York Life
Investments is comprised of the affiliated global asset management
businesses of its parent company, New York Life Insurance Company
(New York Life), and offers clients access to specialized,
independent investment teams through its family of affiliated
boutiques. New York Life Investments remains committed to clients
through a combination of the diverse perspectives of its boutiques
and a long-lasting focus on sustainable relationships.
*AUM includes assets of Investment Advisors affiliated with New
York Life Insurance Company. AUM for Candriam and Ausbil is
reported at the spot rate.
"New York Life Investments" is both a service mark, and the
common trade name, of certain investment advisors affiliated with
New York Life Insurance Company.
About CBRE Investment Management
CBRE Investment
Management Listed Real Assets LLC is the listed real assets arm
of CBRE Investment Management, a leading global real
assets investment management firm, with $146.9 billion in assets under management* as of
June 30, 2022, operating in more than
30 offices and 20 countries around the world. Through its
investor‐operator culture, the firm seeks to deliver sustainable
investment solutions across real assets categories, geographies,
risk profiles and execution formats so that its clients, people and
communities thrive.
CBRE Investment Management is an independently operated
affiliate of CBRE Group, Inc. (NYSE: CBRE), the world's largest
commercial real estate services and investment firm (based on 2021
revenue). CBRE has more than 105,000 employees (excluding Turner
& Townsend employees) serving clients in more than 100
countries. CBRE Investment Management harnesses CBRE's data and
market insights, investment sourcing and other resources for the
benefit of its clients. For more information about CBRE Investment
Management, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value
of real assets-related investments with respect to which CBRE
Investment Management provides, on a global basis, oversight,
investment management services and other advice and which generally
consist of investments in real assets; equity in funds and joint
ventures; securities portfolios; operating companies and real
assets-related loans. This AUM is intended principally to reflect
the extent of CBRE Investment Management's presence in the global
real assets market, and its calculation of AUM may differ from the
calculations of other asset managers and from its calculation of
regulatory assets under management for purposes of certain
regulatory filings.
This press release is not an offer to sell securities and is not
a solicitation of an offer to buy securities, nor will there be any
sales of securities in any jurisdiction where the offer or sale is
not permitted.
New York Life Investment Management LLC engages the services of
SEC-registered advisors. CBRE Investment Management Listed Real
Assets (CBRE Investment Management) is unaffiliated with New York
Life Investments. The MainStay Funds® are managed by New York Life
Investment Management LLC and distributed by NYLIFE Distributors
LLC, 30 Hudson Street, Jersey City,
NJ 07302, a wholly owned subsidiary of New York Life
Insurance Company. NYLIFE Distributors LLC is a Member
FINRA/SIPC.
Media
Contacts:
|
|
New York Life
Investments:
|
|
Allison Scott
|
Sara Guenoun
|
Allison_Scott@nylim.com
|
Sara_J_Guenoun@newyorklife.com
|
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