Stones, Structures, and Stakeholders: Comparing Infrastructure Investment Options

The information presented herein is current as of the date of this report unless otherwise indicated. Any forward-looking statements are based on assumptions concerning future events, and although we believe that the sources used are reliable, the information contained in these materials has not been independently verified and its accuracy is not guaranteed. The information discussed is strictly for illustrative and educational purposes and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any information discussed will be effective or that any market expectation will be achieved. This information should not be relied upon by the reader as research  or investment advice regarding any funds, financial products, or any particular issuer/security. This material contains general information only and does not take into account an individual’s financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances, and consideration should be given to talking to a financial professional before making any investment decision.

The views expressed herein are from CBRE Investment Management and do not necessarily reflect the views of New York Life Investment Management LLC or its affiliates. New York Life Investment Management LLC engages the services of federally registered advisors. CBRE Investment Management is a registered Investment advisor unaffiliated with New York Life Investments, All investments are subject to market risk, including possible loss of principal. Before considering an investment in the Fund, you should understand that you could lose money. Active management typically involves higher fees than passive management.

The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results. Investments in infrastructure-related securities will expose the Fund  to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Issuers of securities in infrastructure-related businesses 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, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions, and the nationalization of foreign deposits or assets. Small and mid-cap stocks are often more volatile than large-cap stocks.

Because the Fund concentrates its investments in securities issued by companies principally engaged in the infrastructure group of industries, the Fund may be subject to greater risks  and market fluctuations than a fund whose portfolio has exposure to a broader range of industries.

Portfolios concentrated in infrastructure securities and Master Limited Partnerships (“MLPs”) may experience price volatility and other risks associated with non-diversification. Investment  in infrastructure related companies may be subject to high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, the effects of energy conservation policies, governmental regulation and other factors. MLPs often own interests Related to the oil and gas industries or other natural resources but may finance other projects. As such, MLPs will be negatively impacted by economic events adversely impacting that industry. Investments in MLPs may offer fewer legal protections than investments in corporations, and limited voting rights. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume. Other risks of the Fund include but are not limited to: company, convertible securities, currency, derivative instruments, investment model, liquidity, market, market capitalization, other investment companies, and securities lending risks.

New York Life Investment Management LLC engages the services of federally registered advisors. CBRE Investment Management is unaffiliated with New York Life Investments.