UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-23654
MAINSTAY CBRE GLOBAL
INFRASTRUCTURE MEGATRENDS
FUND
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2022
FORM N-CSR
Item 1. | Reports to Stockholders. |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended November 30, 2022* | |||
Six Months1 | One Year | Since Inception 10/27/21 | |
Net Asset Value (“NAV”)2 | (13.18)% | (4.68)% | (7.09)% |
Market Price2 | (19.37) | (22.69) | (20.90) |
FTSE Global Core Infrastructure 50/50 Index (Net)3 | (4.83) | 4.35 | 0.46 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | Total returns assume dividends and capital gains distributions are reinvested. |
3. | The FTSE Global Core Infrastructure 50/50 Index (Net) is the Fund’s primary broad-based securities market index for comparison purposes. The FTSE Global Core Infrastructure 50/50 Index (Net) gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. |
NYSE Symbol | MEGI | Premium/Discount 1 | (16.88)% |
CUSIP | 56064Q107 | Total Net Assets (millions) | $900.5 |
Inception Date | 10/27/2021 | Total Managed Assets (millions)2 | $1,248.4 |
Market Price | $14.38 | Leverage 3 | 27.87% |
NAV | $17.30 |
1. | Premium/Discount is the percentage (%) difference between the market price and the NAV. When the market price exceeds the NAV, the Fund is trading at a premium. When the market price is less than the NAV, the Fund is trading at a discount. |
2. | Managed Assets" is defined as the Fund's total assets, including assets attributable to any form of leverage minus liabilities (other than debt representing leverage and the aggregate liquidation preference of any preferred shares that may be outstanding). |
3. | Leverage is based on the use of funds borrowed from banks or other financial institutions, expressed as a percentage of Managed Assets. |
United States | 40.1% |
United Kingdom | 12.2 |
Spain | 9.9 |
Canada | 7.3 |
Italy | 7.2 |
China | 4.8 |
Australia | 4.8 |
Singapore | 4.1 |
Hong Kong | 3.0% |
France | 2.7 |
Guernsey | 2.1 |
Ireland | 0.9 |
Jersey, C.I. | 0.3 |
Other Assets, Less Liabilities | 0.6 |
100.0% |
† | As a percentage of Managed Assets. |
1. | Enel SpA |
2. | National Grid plc |
3. | ONEOK, Inc. |
4. | Williams Cos., Inc. (The) |
5. | Enbridge, Inc. |
6. | Atlas Arteria Ltd. |
7. | Atlantica Sustainable Infrastructure plc |
8. | Enagas SA |
9. | Edison International |
10. | NetLink NBN Trust |
6 | MainStay CBRE Global Infrastructure Megatrends Fund |
1. | See page 5 for more information on Fund returns. |
8 | MainStay CBRE Global Infrastructure Megatrends Fund |
Shares | Value | |
Closed-End Funds 6.7% | ||
Guernsey 2.9% (2.1% of Managed Assets) | ||
Bluefield Solar Income Fund Ltd. (Decarbonization) | 4,785,487 | $ 7,875,567 |
Renewables Infrastructure Group Ltd. (The) (Decarbonization) | 11,930,304 | 18,556,722 |
26,432,289 | ||
Jersey, C.I. 0.4% (0.3% of Managed Assets) | ||
GCP Asset-Backed Income Fund Ltd. (Asset Modernization) | 3,391,651 | 3,548,148 |
United Kingdom 3.4% (2.4% of Managed Assets) | ||
Foresight Solar Fund Ltd. (Decarbonization) | 4,888,000 | 6,976,880 |
Greencoat UK Wind plc (Decarbonization) | 9,090,000 | 16,466,553 |
HICL Infrastructure plc (Asset Modernization) | 3,340,514 | 6,606,617 |
30,050,050 | ||
Total Closed-End Funds (Cost $63,733,356) | 60,030,487 | |
Common Stocks 111.6% | ||
Australia 6.6% (4.8% of Managed Assets) | ||
APA Group (Asset Modernization) | 1,407,000 | 10,776,326 |
Atlas Arteria Ltd. (Asset Modernization) | 10,137,267 | 48,943,534 |
59,719,860 | ||
Canada 8.1% (5.8% of Managed Assets) | ||
Enbridge, Inc. (Asset Modernization) | 1,099,500 | 45,405,512 |
Pembina Pipeline Corp. (Asset Modernization) | 597,300 | 21,806,790 |
TransAlta Renewables, Inc. (Decarbonization) | 546,000 | 5,800,349 |
73,012,651 | ||
China 6.7% (4.8% of Managed Assets) | ||
Beijing Enterprises Water Group Ltd. (Asset Modernization) | 37,800,000 | 10,063,075 |
Guangdong Investment Ltd. (Asset Modernization) | 38,701,728 | 35,738,888 |
Jiangsu Expressway Co. Ltd. Class H (Asset Modernization) | 6,864,000 | 6,195,436 |
Zhejiang Expressway Co. Ltd. Class H (Asset Modernization) | 10,800,000 | 8,094,285 |
60,091,684 |
Shares | Value | |
France 3.7% (2.7% of Managed Assets) | ||
Eutelsat Communications SA (Digital Transformation) | 4,228,622 | $ 33,837,239 |
Hong Kong 4.1% (3.0% of Managed Assets) | ||
CK Infrastructure Holdings Ltd. (Decarbonization) | 3,501,500 | 17,770,290 |
Power Assets Holdings Ltd. (Decarbonization) | 3,736,000 | 19,308,945 |
37,079,235 | ||
Ireland 1.2% (0.9% of Managed Assets) | ||
Greencoat Renewables plc (Decarbonization) | 8,695,490 | 10,639,456 |
Italy 9.9% (7.2% of Managed Assets) | ||
Enel SpA (Decarbonization) | 12,884,084 | 70,199,188 |
Infrastrutture Wireless Italiane SpA (Digital Transformation) | 791,000 | 7,936,634 |
Terna - Rete Elettrica Nazionale (Decarbonization) | 1,455,497 | 11,222,251 |
89,358,073 | ||
Singapore 5.7% (4.1% of Managed Assets) | ||
Keppel Infrastructure Trust (Asset Modernization) | 13,000,000 | 5,181,211 |
Mapletree Industrial Trust (Digital Transformation) | 4,812,000 | 7,944,761 |
NetLink NBN Trust (Digital Transformation) | 60,860,000 | 38,504,714 |
51,630,686 | ||
Spain 13.7% (9.9% of Managed Assets) | ||
Atlantica Sustainable Infrastructure plc (Decarbonization) | 1,538,400 | 42,921,360 |
Cellnex Telecom SA (Digital Transformation) | 333,603 | 11,549,837 |
Enagas SA (Asset Modernization) | 2,326,351 | 41,782,975 |
Endesa SA (Decarbonization) | 1,451,697 | 26,941,440 |
123,195,612 | ||
United Kingdom 13.6% (9.8% of Managed Assets) | ||
National Grid plc (Decarbonization) | 5,573,098 | 68,813,305 |
SSE plc (Decarbonization) | 1,602,675 | 33,312,839 |
United Utilities Group plc (Asset Modernization) | 1,611,384 | 19,993,294 |
122,119,438 |
Shares | Value | |
Common Stocks (continued) | ||
United States 38.3% (27.6% of Managed Assets) | ||
American Electric Power Co., Inc. (Decarbonization) | 88,239 | $ 8,541,535 |
Clearway Energy, Inc. Class C (Decarbonization) | 394,300 | 13,973,992 |
Crown Castle, Inc. (Digital Transformation) | 233,029 | 32,957,292 |
Dominion Energy, Inc. (Decarbonization) | 417,494 | 25,513,058 |
Edison International (Decarbonization) | 588,600 | 39,236,076 |
FirstEnergy Corp. (Decarbonization) | 618,500 | 25,506,940 |
Iron Mountain, Inc. (Digital Transformation) | 357,621 | 19,429,549 |
Medical Properties Trust, Inc. (Asset Modernization) | 680,500 | 8,928,160 |
OGE Energy Corp. (Decarbonization) | 846,968 | 34,268,325 |
ONEOK, Inc. (Asset Modernization) | 803,557 | 53,774,035 |
Public Service Enterprise Group, Inc. (Decarbonization) | 311,700 | 18,873,435 |
Uniti Group, Inc. (Digital Transformation) | 1,374,800 | 10,475,976 |
Williams Cos., Inc. (The) (Asset Modernization) | 1,528,500 | 53,038,950 |
344,517,323 | ||
Total Common Stocks (Cost $1,134,316,606) | 1,005,201,257 | |
Convertible Preferred Stocks 7.5% | ||
United States 7.5% (5.4% of Managed Assets) | ||
AES Corp. (The) (Decarbonization) | ||
6.875% | 271,200 | 27,844,104 |
American Electric Power Co., Inc. (Decarbonization) | ||
6.125% | 79,107 | 4,178,432 |
NextEra Energy, Inc. (Decarbonization) | ||
6.926% | 555,000 | 27,150,600 |
South Jersey Industries, Inc. (Asset Modernization) | ||
8.75% | 1,811 | 125,194 |
Spire, Inc. (Asset Modernization) | ||
Series A | ||
7.50% | 169,000 | 8,678,150 |
Total Convertible Preferred Stocks (Cost $65,633,873) | 67,976,480 | |
Principal Amount | Value | |
Corporate Bonds 4.0% | ||
United States 4.0% (2.9% of Managed Assets) | ||
Vistra Corp. (Decarbonization) (a)(b) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | $ 29,000,000 | $ 25,938,287 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 11,000,000 | 10,448,145 |
Total Corporate Bonds (Cost $40,545,650) | 36,386,432 | |
Shares | ||
Preferred Stocks 7.9% | ||
Canada 2.1% (1.5% of Managed Assets) | ||
Algonquin Power & Utilities Corp. (Decarbonization) (b) | ||
5.091% | 54,200 | 753,477 |
5.162% | 62,900 | 855,251 |
AltaGas Ltd. (Asset Modernization) | ||
5.393% (b) | 76,300 | 1,165,643 |
Brookfield BRP Holdings Canada, Inc. (Decarbonization) | ||
4.875% (b) | 606,794 | 9,672,297 |
Enbridge, Inc. (Asset Modernization) (b) | ||
4.376% | 244,400 | 3,174,121 |
4.46% | 221,400 | 2,985,686 |
18,606,475 | ||
United States 5.8% (4.2% of Managed Assets) | ||
CMS Energy Corp. (Decarbonization) | ||
5.875% | 406,494 | 9,503,319 |
Digital Realty Trust, Inc. (Digital Transformation) (b) | ||
5.20% | 238,488 | 5,115,567 |
5.25% | 206,791 | 4,487,365 |
5.85% | 170,000 | 3,945,700 |
DTE Energy Co. (Asset Modernization) | ||
5.25% | 157,000 | 3,573,320 |
Duke Energy Corp. (Decarbonization) | ||
5.75% (b) | 297,000 | 7,285,410 |
NextEra Energy Capital Holdings, Inc. (Decarbonization) | ||
5.65% | 160,000 | 3,972,800 |
NiSource, Inc. (Asset Modernization) | ||
6.50% (b) | 286,000 | 7,012,720 |
10 | MainStay CBRE Global Infrastructure Megatrends Fund |
Shares | Value | ||
Preferred Stocks (continued) | |||
United States (continued) | |||
Sempra Energy (Asset Modernization) | |||
5.75% | 148,000 | $ 3,458,760 | |
Spire, Inc. (Asset Modernization) | |||
5.90% (b) | 159,620 | 3,738,300 | |
52,093,261 | |||
Total Preferred Stocks (Cost $83,856,447) | 70,699,736 | ||
Total Investments (Cost $1,388,085,932) | 137.7% | 1,240,294,392 | |
Line of Credit Borrowing | (38.4) | (345,500,000) | |
Other Assets, Less Liabilities | 0.7 | 5,689,034 | |
Net Assets | 100.0% | $ 900,483,426 |
† | Percentages indicated are based on Fund net assets applicable to Common Shares. |
(a) | Floating rate—Rate shown was the rate in effect as of November 30, 2022. |
(b) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ — | $ 19,424 | $ (19,424) | $ — | $ — | $ — | $ 3 | $ — | — |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Closed-End Funds | $ — | $ 60,030,487 | $ — | $ 60,030,487 | |||
Common Stocks | |||||||
Australia | — | 59,719,860 | — | 59,719,860 | |||
China | — | 60,091,684 | — | 60,091,684 | |||
France | — | 33,837,239 | — | 33,837,239 | |||
Hong Kong | — | 37,079,235 | — | 37,079,235 | |||
Ireland | — | 10,639,456 | — | 10,639,456 | |||
Italy | — | 89,358,073 | — | 89,358,073 | |||
Singapore | — | 51,630,686 | — | 51,630,686 | |||
Spain | 42,921,360 | 80,274,252 | — | 123,195,612 | |||
United Kingdom | — | 122,119,438 | — | 122,119,438 | |||
All Other Countries | 417,529,974 | — | — | 417,529,974 | |||
Total Common Stocks | 460,451,334 | 544,749,923 | — | 1,005,201,257 | |||
Convertible Preferred Stocks | 67,976,480 | — | — | 67,976,480 | |||
Corporate Bonds | — | 36,386,432 | — | 36,386,432 | |||
Preferred Stocks | 70,699,736 | — | — | 70,699,736 | |||
Total Investments in Securities | $ 599,127,550 | $ 641,166,842 | $ — | $ 1,240,294,392 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Decarbonization | $ 650,320,628 | 72.2% | |
Asset Modernization | 413,789,130 | 45.9 | |
Digital Transformation | 176,184,634 | 19.6 | |
1,240,294,392 | 137.7 | ||
Line of Credit Borrowing | (345,500,000) | (38.4) | |
Other Assets, Less Liabilities | 5,689,034 | 0.7 | |
Net Assets | $ 900,483,426 | 100.0% |
† Percentages indicated are based on Fund net assets applicable to Common Shares |
12 | MainStay CBRE Global Infrastructure Megatrends Fund |
Assets | |
Investment in securities, at value (identified cost $1,388,085,932) | $1,240,294,392 |
Cash | 67,120 |
Cash denominated in foreign currencies (identified cost $17,876) | 17,884 |
Receivables: | |
Dividends and interest | 10,488,292 |
Investment securities sold | 4,006 |
Other assets | 17,770 |
Total assets | 1,250,889,464 |
Liabilities | |
Payable for Line of Credit | 345,500,000 |
Payables: | |
Investment securities purchased | 1,170,190 |
Manager (See Note 3) | 977,240 |
Shareholder communication | 188,600 |
Professional fees | 73,288 |
Custodian | 44,485 |
Transfer agent | 9,187 |
Trustees | 1,888 |
Interest expense and fees payable | 2,441,160 |
Total liabilities | 350,406,038 |
Net assets applicable to Common shares | $ 900,483,426 |
Common shares outstanding | 52,047,534 |
Net asset value per Common share (Net assets applicable to Common shares divided by Common shares outstanding) | $ 17.30 |
Net Assets Applicable to Common Shares Consist of | |
Common shares, $0.001 par value per share, unlimited number of shares authorized | $ 52,048 |
Additional paid-in-capital | 1,040,557,027 |
1,040,609,075 | |
Total distributable earnings (loss) | (140,125,649) |
Net assets applicable to Common shares | $ 900,483,426 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $2,352,653) | $ 42,225,898 |
Interest | 1,382,478 |
Dividends-affiliated | 2,901 |
Total income | 43,611,277 |
Expenses | |
Manager (See Note 3) | 6,520,445 |
Interest expense and fees | 6,096,239 |
Professional fees | 70,473 |
Custodian | 57,388 |
Transfer agent | 15,539 |
Trustees | 12,825 |
Miscellaneous | 47,602 |
Total expenses | 12,820,511 |
Net investment income (loss) | 30,790,766 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 3,016,515 |
Foreign currency transactions | (240,820) |
Net realized gain (loss) | 2,775,695 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (176,458,932) |
Translation of other assets and liabilities in foreign currencies | (55,025) |
Net change in unrealized appreciation (depreciation) | (176,513,957) |
Net realized and unrealized gain (loss) | (173,738,262) |
Net increase (decrease) in net assets to Common shares resulting from operations | $(142,947,496) |
14 | MainStay CBRE Global Infrastructure Megatrends Fund |
for the six months ended November 30, 2022 (Unaudited) and the period October 27, 2021 (commencement of operations) through May 31, 2022
Six months ended November 30, 2022 | Period October 27, 2021 (commencement of operations) through May 31, 2022 | |
Increase (Decrease) in Net Assets Applicable to Common Shares | ||
Operations: | ||
Net investment income (loss) | $ 30,790,766 | $ 29,559,525 |
Net realized gain (loss) | 2,775,695 | 6,238,141 |
Net change in unrealized appreciation (depreciation) | (176,513,957) | 28,686,803 |
Net increase (decrease) in net assets applicable to Common shares resulting from operations | (142,947,496) | 64,484,469 |
Distributions to Common shareholders | (33,820,487) | (28,183,740) |
Capital share transactions (Common shares): | ||
Net proceeds from sales of shares | — | 1,040,850,680 |
Net increase (decrease) in net assets applicable to Common shares | (176,767,983) | 1,077,151,409 |
Net Assets Applicable to Common Shares | ||
Beginning of period | 1,077,251,409 | 100,000 |
End of period | $ 900,483,426 | $1,077,251,409 |
for the six months ended November 30, 2022 (Unaudited)
Cash Flows From (Used in) Operating Activities: | |
Net decrease in net assets resulting from operations | $(142,947,496) |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (155,539,849) |
Long term investments sold | 236,679,839 |
Amortization (accretion) of discount and premium, net | 77,777 |
Decrease in investment securities sold receivable | 3,687,861 |
Increase in dividends and interest receivable | (1,357,144) |
Decrease in other assets | 21,216 |
Decrease in investment securities purchased payable | (162,381) |
Increase in professional fees payable | 25,888 |
Decrease in custodian payable | (28,780) |
Decrease in shareholder communication payable | (101,205) |
Increase in due to Trustees | 1,492 |
Decrease in due to manager | (270,900) |
Increase in due to transfer agent | 3,486 |
Decrease in accrued expenses | (39,605) |
Increase in interest expense and fees payable | 1,497,498 |
Net realized gain from investments | (3,016,515) |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | 176,458,932 |
Net cash from operating activities | 114,990,114 |
Cash Flows From (Used in) Financing Activities: | |
Proceeds from line of credit | 83,500,000 |
Payments on line of credit | (165,000,000) |
Cash distributions paid, net of change in Common share dividend payable | (33,820,487) |
Net cash used in financing activities | (115,320,487) |
Net decrease in cash | (330,373) |
Cash at beginning of period | 415,377 |
Cash at end of period | $ 85,004 |
Supplemental disclosure of cash flow information: | |
The following tables provide a reconciliation of cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows: | |
Cash at beginning of year | |
Cash | $314,276 |
Cash denominated in foreign currencies | 101,101 |
Total cash shown in the Statement of Cash Flows | $415,377 |
Cash at end of year | |
Cash | $ 67,120 |
Cash denominated in foreign currencies | 17,884 |
Total cash shown in the Statement of Cash Flows | $ 85,004 |
16 | MainStay CBRE Global Infrastructure Megatrends Fund |
Six months ended November 30, 2022* | October 27, 2021^ through May 31, | ||
2022 | |||
Net asset value at beginning of period applicable to Common shares | $ 20.70 | $ 20.00 | |
Net investment income (loss) (a) | 0.59 | 0.58 | |
Net realized and unrealized gain (loss) | (3.34) | 0.66 | |
Total from investment operations | (2.75) | 1.24 | |
Dividends and distributions to Common shareholders | (0.65) | (0.54) | |
Dilution effect on net asset value from overallotment issuance | — | 0.00‡ | |
Net asset value at end of period applicable to Common shares | $ 17.30 | $ 20.70 | |
Market price at end of period applicable to Common shares | $ 14.38 | $ 18.65 | |
Total investment return on market price (b) | (19.37)% | (4.02)% | |
Total investment return on net asset value (b) | (13.18)% | 6.28% | |
Ratios (to average net assets of Common shareholders)/ Supplemental Data: | |||
Net investment income (loss)†† | 6.73% | 4.78% | |
Net expenses (including interest expense and fees)††(c) | 2.80% | 1.92% (d)(e) | |
Interest expense and fees††(f) | 1.33% | 0.36% | |
Portfolio Turnover Rate | 12% | 12% | |
Net assets applicable to Common shareholders at end of period (in 000’s) | $ 900,483 | $ 1,077,251 |
* | Unaudited. |
^ | Commencement of Operations |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total investment return on market price is calculated assuming a purchase of a Common share at the market price on the first day and a sale on the last day business day of each month. Dividends and distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return on net asset value reflects the changes in net asset value during each period and assumes the reinvestment of dividends and distributions at net asset value on the last business day of each month. This percentage may be different from the total investment return on market price, due to differences between the market price and the net asset value. For periods less than one year, total investment return is not annualized. |
(c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Net of Excise tax expense of 0.06%. |
(e) | The expense ratio is higher than the Fund anticipates for a typical fiscal year due to the short fiscal period and the annualization of all expenses, some of which are fixed or non-recurring. |
(f) | Interest expense and fees relate to the Line of Credit borrowing (See Note 6). |
18 | MainStay CBRE Global Infrastructure Megatrends Fund |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay CBRE Global Infrastructure Megatrends Fund |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,390,941,032 | $34,417,972 | $(185,064,612) | $(150,646,640) |
2022 | |
Distributions paid from: | |
Ordinary Income | $28,183,740 |
22 | MainStay CBRE Global Infrastructure Megatrends Fund |
Common Shares(a) | Shares | Amount |
Period October 27, 2021 (commencement of operations) through May 31, 2022: | ||
Shares sold | 52,042,534 | $1,040,850,680 |
(a) | No activity during the six-month period ended November 30, 2022. |
24 | MainStay CBRE Global Infrastructure Megatrends Fund |
26 | MainStay CBRE Global Infrastructure Megatrends Fund |
Providence, RI 02940-3078
(855) 456-9683
5013540.2MS006-23 | MSMEGI10-01/23 |
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form
N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a) |
(b) |
(c) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY CBRE GLOBAL INFRASTRUCTURE MEGATRENDS FUND
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: February 3, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: February 3, 2023 | ||
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial | ||
and Accounting Officer | ||
Date: February 3, 2023 |
EXHIBIT INDEX