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MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) Declares Monthly Distribution for May 2024 and Availability of 19(a) Notice

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MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) announced a monthly distribution of $0.1250 per common share for May 2024. The annualized distribution rate is 11.38% based on the closing price of $13.18 on May 10, 2024, and 9.91% based on the closing NAV of $15.13.

The distribution is set by the Fund's Board and reviewed quarterly to align with net investment income and realized gains. For May, the entire distribution is a return of capital. The Fund's fiscal year-to-date cumulative distributions include 60% net investment income, 2% short-term capital gains, 12% long-term capital gains, and 26% return of capital.

Performance data as of 4/30/2024 shows a -6.50% average annual total return and a -5.27% cumulative total return. The Fund's current annualized distribution rate is 10.78% of the month-end NAV. Past performance does not guarantee future results, and returns of capital are included in distributions.

Positive
  • Monthly distribution of $0.1250 per common share for May 2024.
  • Annualized distribution rate of 11.38% based on the closing price.
  • The Board of Trustees reviews distributions quarterly to align with net investment income and realized gains.
  • Fiscal year-to-date cumulative distributions include 60% net investment income and 12% long-term capital gains.
Negative
  • Entire May distribution is a return of capital, which may reduce the adjusted tax basis of shares.
  • Average annual total return of -6.50% as of 4/30/2024.
  • Cumulative total return of -5.27% for the fiscal period ending 4/30/2024.
  • The Fund distributed more than its income and net realized capital gains, indicating reliance on return of capital.

NEW YORK, May 14, 2024 /PRNewswire/ -- MainStay CBRE Global Infrastructure Megatrends Term Fund (the "Fund") (NYSE: MEGI) today announced the Fund's monthly distributions for May 2024 of $0.1250 per common share. The Fund's current annualized distribution rate is 11.38% based upon the closing price of $13.18 on May 10, 2024, and 9.91% based upon the Fund's closing NAV of $15.13 as of the same date.

Dividend Distribution Schedule:


Ex-Dividend Date

Record Date

Payable Date

May

5-23-2024

5-24-2024

5-31-2024

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 5/31/2024





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

$0.0000

0 %

$0.8819

60 %

Net Realized Short-
Term Capital Gains

$0.0000

0 %

$0.0350

2 %

Net Realized Long-
Term Capital Gains

$0.0000

0 %

$0.1747

12 %

Return of Capital or
Other Capital Sources

$0.1250

100 %

$0.3750

26 %

Total per Share

$0.1250

100 %

$1.4666

100 %



Fund Performance and Distribution Rate Information as of 4/30/2024




Average annual total return1 (in relation to the net asset value (NAV)):

-6.50 %

Annualized current distribution rate expressed as a percentage of month end NAV as of
4/30/2024:

10.78%2

Cumulative total return3 (in relation to NAV (not annualized)) for the fiscal period ending
4/30/2024:

-5.27 %

Cumulative fiscal year distribution rate as a percentage of NAV as of 4/30/2024:

9.64%4

  1. Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 4/30/2024.
  2. Represents the current monthly distribution rate annualized as a percentage of NAV as of 4/30/2024.
  3. Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2023 through 4/30/2024.
  4. Represents the cumulative distribution rate for the current fiscal period 6/1/2023 through 4/30/2024, which is determined by dividing the
    dollar value of distributions in the period by the NAV as of 4/30/2024.

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.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income.''

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.

The 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.

Before considering an investment in the Fund, you should understand that you could lose money. There are risks inherent in all investments.

For more information about the Fund, including specific risks, please visit our website here.

About New York Life Investments
With over $716 billion in Assets Under Management* as of December 31, 2023, New York Life Investments, Pensions and Investments' 25th Largest Money Manager**, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, 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.

*Assets under management (AUM) includes assets of the investment advisers that make up "New York Life Investments" as of 3/31/2024.  AUM includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfolio delivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC's Form ADV. AUM is reported in USD.  AUM not denominated in USD is converted at the spot rate as of 3/31/2024. The total AUM figure of "New York Life Investments" is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser.

** On June 12, 2023, New York Life Investments was ranked #25 in Pensions & Investments' Largest Money Managers 2023 for the time period 12/31/21 – 12/31/22. (Managers are ranked by total worldwide institutional assets under management. Full list here.) No direct or indirect compensation was paid for the creation and distribution of this ranking. For more information about ranking click here - Largest Money Managers 2023 | Pensions & Investments (pionline.com)

"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 $144 billion in assets under management* as of March 31, 2024, 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 2023 revenue). The company has more than 130,000 employees (including 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, 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 Investment Management LLC. 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:                                                  
Sara Guenoun
Sara_J_Guenoun@newyorklife.com

 

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SOURCE New York Life Investments

FAQ

What is the monthly distribution for CBRE Global Infrastructure Megatrends Term Fund in May 2024?

The monthly distribution for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) in May 2024 is $0.1250 per common share.

What is the annualized distribution rate for CBRE Global Infrastructure Megatrends Term Fund as of May 10, 2024?

The annualized distribution rate for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) is 11.38% based on the closing price of $13.18 on May 10, 2024.

What percentage of the May 2024 distribution for CBRE Global Infrastructure Megatrends Term Fund is a return of capital?

The entire May 2024 distribution for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) is a return of capital.

What are the fiscal year-to-date cumulative distributions for CBRE Global Infrastructure Megatrends Term Fund as of May 31, 2024?

As of May 31, 2024, the fiscal year-to-date cumulative distributions for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) include 60% net investment income, 2% short-term capital gains, 12% long-term capital gains, and 26% return of capital.

What is the average annual total return for CBRE Global Infrastructure Megatrends Term Fund as of April 30, 2024?

The average annual total return for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) as of April 30, 2024, is -6.50%.

What is the cumulative total return for CBRE Global Infrastructure Megatrends Term Fund for the fiscal period ending April 30, 2024?

The cumulative total return for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) for the fiscal period ending April 30, 2024, is -5.27%.

How often does the Board of Trustees review the distributions for CBRE Global Infrastructure Megatrends Term Fund?

The Board of Trustees reviews the distributions for CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) on a quarterly basis.

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