NYLI CBRE Global Infrastructure Megatrends Term Fund

(formerly known as MainStay CBRE Global Infrastructure Megatrends Term Fund)
 

Annual Report

May 31, 2025 | NYSE Symbol MEGI

†	As a percentage of Managed Assets.

See Portfolio of Investments beginning on page 7 for specific holdings within these categories. The Fund's holdings are subject to change.

Top Ten Holdings and/or Issuers Held as of May 31, 2025 (excluding short-term investments) (Unaudited)

How did NYLI CBRE Global Infrastructure Megatrends Term Fund perform during the 12 months ended May 31, 2025?

During the 12 months ended May 31, 2025, NYLI CBRE Global Infrastructure Megatrends Term Fund returned 12.54% at NAV (net asset value) and 20.93% at market price.¹

What factors affected the Fund’s performance during the reporting period?

The Fund’s total return was supported by strong performance from energy infrastructure holdings, particularly in the midstream and utilities sectors. Rising global energy demand—driven by electrification trends and increased power usage from data centers supporting artificial intelligence models—contributed to higher investment levels and stronger cash flows for these companies. In addition, increased transportation activity, especially at airports, on toll roads and along railways, supported strong returns among related holdings.

What factors affected the Fund's premium or discount during the reporting period?

The Fund’s discount to NAV declined over the reporting period. Positive performance of the Fund may have contributed to the declining NAV discount. Moreover, uncertainty in the broad market may have attracted investors to the relatively more resilient profile of infrastructure.

What was the impact of the Fund’s distribution policies during the reporting period?

The Fund maintained its distribution policy and rate of distribution during the reporting period. The sources of distributions can be found on Schedule 19(a) notices filed each month.

How was the Fund’s leverage strategy implemented during the reporting period?

The Fund continued using its established line of credit with a large financial institution during the reporting period. Given the increased cost of financing related to the variable rate of the credit line, we kept the Fund’s leverage level below our 30% target and closed the reporting period at 25%, similar to the year-ago level.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s performance and which sectors were particularly weak?

The three sectors making the strongest positive contributions to the Fund’s absolute performance during the reporting period were electrification/smart grid, followed by clean water and energy

transition. (Contributions take weightings and total returns into account.) Conversely, the weakest contributors to performance were social infrastructure, followed by diversified and renewable leadership.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund’s largest purchases during the reporting period included new common stock positions in Norfolk Southern, West Japan Railway and Evergy. We added more transportation exposure in the railway sector in both the United States and Japan with Norfolk Southern and West Japan Railway as we see improved volumes across their networks. We also added Evergy, a discounted U.S. utility with re-rating upside, due to better regulatory outcomes and comparable earnings upside to peers.

The largest sales during the reporting period included the Fund’s entire positions in MLP Enterprise Product Partners, Canadian common stock Enbridge, and a preferred security position in Vistra (7% preferred). Strong performance among the Fund’s midstream positions in the United States and Canada led us to recycle the capital into other opportunities related to the U.S. power theme. We also reduced one of the Fund’s two positions in Vistra preferred securities, where we viewed the yield as attractive, but the preferred traded above par and the total return appeared limited.

How did the Fund’s sector weightings change during the reporting period?

During the reporting period, we increased the Fund’s exposure to the transport mobility, clean water and energy transition. Additions focused on areas we believe offer fundamental upside and strong total return potential, particularly in the midstream and transportation sectors. During the same period, we reduced the Fund’s exposure to renewable leadership, with sales focused on companies exhibiting lagging sentiment and returns.

How was the Fund positioned at the end of the reporting period?

As of May 31, 2025, the Fund remained exposed to the three megatrends of asset modernization (43% of Managed Assets), decarbonization (42% of Managed Assets) and digital transformation (15% of Managed Assets). 

1.	See "Fund Performance and Statistics" for more information on Fund returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

	Shares	Value
Closed-End Funds 5.1%
Guernsey 2.7%  (2.1% of Managed Assets)
Bluefield Solar Income Fund Ltd. (Decarbonization)	5,185,487	$     6,455,679
Renewables Infrastructure Group Ltd. (The) (Decarbonization)	13,945,304	15,200,467
		21,656,146
United Kingdom 2.4%  (1.8% of Managed Assets)
Foresight Solar Fund Ltd. (Decarbonization)	4,888,000	5,018,416
Greencoat UK Wind plc (Decarbonization)	5,675,000	8,655,511
HICL Infrastructure plc (Asset Modernization)	3,340,514	5,220,976
		18,894,903
Total Closed-End Funds (Cost $55,665,439)		40,551,049
Common Stocks 117.8%
Australia 4.6%  (3.5% of Managed Assets)
Atlas Arteria Ltd. (Asset Modernization)	10,601,267	36,286,292
Canada 9.3%  (7.0% of Managed Assets)
Brookfield Infrastructure Partners LP (Asset Modernization)	670,827	22,211,082
Canadian Pacific Kansas City Ltd. (Asset Modernization)	192,000	15,682,063
Pembina Pipeline Corp. (Asset Modernization)	675,100	25,299,955
TC Energy Corp. (Asset Modernization)	203,277	10,300,494
		73,493,594
China 5.8%  (4.4% of Managed Assets)
Beijing Enterprises Water Group Ltd. (Asset Modernization)	40,000,000	13,161,419
Guangdong Investment Ltd. (Asset Modernization)	40,700,780	33,116,651
		46,278,070
France 0.8%  (0.6% of Managed Assets)
Eutelsat Communications SACA (Digital Transformation) (a)	1,748,622	6,512,351
Ireland 1.0%  (0.7% of Managed Assets)
Greencoat Renewables plc (Decarbonization)	9,325,490	7,644,989

	Shares	Value
Italy 7.4%  (5.6% of Managed Assets)
Enel SpA (Decarbonization)	5,429,845	$    49,846,592
Infrastrutture Wireless Italiane SpA (Digital Transformation)	728,000	8,538,857
		58,385,449
Japan 1.5%  (1.1% of Managed Assets)
West Japan Railway Co. (Asset Modernization)	554,000	12,008,242
Mexico 0.7%  (0.5% of Managed Assets)
Grupo Aeroportuario del Pacifico SAB de CV Class B (Asset Modernization)	235,500	5,414,460
New Zealand 1.2%  (0.9% of Managed Assets)
Auckland International Airport Ltd. (Asset Modernization)	2,170,129	9,790,543
Singapore 6.0%  (4.5% of Managed Assets)
Mapletree Industrial Trust (Digital Transformation)	5,162,000	7,724,489
NetLink NBN Trust (Digital Transformation)	59,469,600	39,884,632
		47,609,121
Spain 6.2%  (4.6% of Managed Assets)
Cellnex Telecom SA (Digital Transformation)	409,016	15,660,148
Enagas SA (Asset Modernization)	2,063,351	33,186,214
		48,846,362
Switzerland 1.6%  (1.2% of Managed Assets)
Flughafen Zurich AG (Registered) (Asset Modernization)	45,680	12,654,970
United Kingdom 6.8%  (5.2% of Managed Assets)
National Grid plc (Decarbonization)	1,349,473	19,027,593
Pennon Group plc (Asset Modernization)	3,899,737	26,744,441
United Utilities Group plc (Asset Modernization)	535,709	8,452,132
		54,224,166
United States 64.9%  (48.9% of Managed Assets)
AES Corp. (The) (Decarbonization)	2,320,436	23,413,199
American Tower Corp. (Digital Transformation)	61,882	13,282,971
California Water Service Group (Asset Modernization)	145,250	6,863,063

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

7

	Shares	Value
Common Stocks (continued)
United States (continued)
Clearway Energy, Inc. Class C (Decarbonization)	574,656	$    17,682,165
Constellation Energy Corp. (Decarbonization)	72,163	22,092,702
Crown Castle, Inc. (Digital Transformation)	376,589	37,790,706
CSX Corp. (Asset Modernization)	501,477	15,841,658
Dominion Energy, Inc. (Decarbonization)	369,494	20,939,225
Equinix, Inc. (Digital Transformation)	15,677	13,934,031
Essential Utilities, Inc. (Asset Modernization)	675,484	26,026,399
Evergy, Inc. (Decarbonization)	303,300	20,142,153
Medical Properties Trust, Inc. (Asset Modernization)	100,100	457,457
Norfolk Southern Corp. (Asset Modernization)	174,137	43,032,735
OGE Energy Corp. (Decarbonization)	307,000	13,652,290
ONEOK, Inc. (Asset Modernization)	292,800	23,669,952
PG&E Corp. (Decarbonization)	1,641,000	27,700,080
Portland General Electric Co. (Decarbonization)	416,264	17,649,594
PPL Corp. (Decarbonization)	604,700	21,013,325
Public Service Enterprise Group, Inc. (Decarbonization)	350,800	28,425,324
Sempra (Decarbonization)	203,147	15,965,323
Southern Co. (The) (Decarbonization)	172,000	15,480,000
Targa Resources Corp. (Asset Modernization)	145,928	23,046,409
Uniti Group, Inc. (Digital Transformation)	999,800	4,299,140
Williams Cos., Inc. (The) (Asset Modernization)	517,695	31,325,725
Xcel Energy, Inc. (Decarbonization)	331,452	23,234,785
XPLR Infrastructure LP (Decarbonization)	794,852	7,010,595
		513,971,006
Total Common Stocks (Cost $1,100,861,378)		933,119,615
Convertible Preferred Stock 3.7%
United States 3.7%  (2.8% of Managed Assets)
NextEra Energy, Inc. (Decarbonization)
6.926%	737,300	29,359,286
Total Convertible Preferred Stock (Cost $35,528,636)		29,359,286

	Principal Amount		Value
Corporate Bond 1.5%
United States 1.5%  (1.1% of Managed Assets)
Vistra Corp. (Decarbonization)
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (b)(c)	$ 11,000,000		$    11,289,432
Total Corporate Bond (Cost $11,187,847)			11,289,432
	Shares
Preferred Stocks 3.7%
Canada 2.2%  (1.7% of Managed Assets)
Brookfield BRP Holdings Canada, Inc. (Decarbonization)
4.875% (c)	718,794		10,638,151
Enbridge, Inc. (Asset Modernization) (c)
5.412%	221,400		3,121,719
6.112%	244,400		3,711,368
			17,471,238
United States 1.5%  (1.1% of Managed Assets)
Digital Realty Trust, Inc. (Digital Transformation) (c)
5.20%	238,488		4,862,770
5.25%	206,791		4,330,204
DTE Energy Co. (Decarbonization)
5.25%	91,320		1,949,682
Sempra (Decarbonization)
5.75%	37,043		784,941
			11,927,597
Total Preferred Stocks (Cost $36,471,524)			29,398,835
Total Investments (Cost $1,239,714,824)	131.8%		1,043,718,217
Line of Credit Borrowing	(32.4)		(256,300,000)
Other Assets, Less Liabilities	0.6		4,719,363
Net Assets	100.0%		$  792,137,580

    

†	Percentages indicated are based on Fund net assets applicable to Common shares.
^	Industry and country classifications may be different than those used for compliance monitoring purposes.
(a)	Non-income producing security.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8	NYLI CBRE Global Infrastructure Megatrends Term Fund

Note 1–Organization and Business

NYLI CBRE Global Infrastructure Megatrends Term Fund (formerly MainStay CBRE Global Infrastructure Megatrends Term Fund) (the “Fund”) was organized as a Delaware statutory trust on March 30, 2021, and is governed by an agreement and declaration of trust (“Declaration of Trust’’). The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a “non-diversified”, closed-end management investment company, as those terms are defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. The Fund first offered Common shares through an initial public offering on October 27, 2021.

Prior to commencement of operations on October 27, 2021, the Fund had no operations other than those relating to organizational matters and the sale of 5,000 Common shares on September 17, 2021, to New York Life Investment Management Holdings LLC, the parent company of New York Life Investment Management LLC, for $100,000. Investment operations for the Fund commenced on October 27, 2021.

Pursuant to the terms of 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”) unless otherwise extended by a majority of the Board of Trustees of the Fund (the “Board”) (as discussed in further detail below). Upon liquidation and termination of the Fund, shareholders will receive an amount equal to the Fund’s net asset value (“NAV”) at that time, which may be greater or less than the price at which Common shares were issued. The Fund’s investment objectives and policies are not designed to return to investors who purchased Common shares in the initial offering of such shares their initial investment on the Termination Date and such initial investors may receive more or less than their original investment upon termination.

Prior to the commencement of the twelve-month period preceding the Termination Date, a majority of the Board may, without shareholder approval unless such approval is required by the 1940 Act, extend the Termination Date (i) once for up to one year and (ii) once for up to an additional six months (the “Extended Termination Date”), upon a determination that winding up the affairs of and liquidating the Fund would not, given prevailing market conditions, be in the best interests of the Fund’s shareholders. Additionally, if the Fund completes an Eligible Tender Offer (as defined below), a majority of the Board may, without shareholder approval unless such approval is required by the 1940 Act, eliminate the Termination Date and cause the Fund to have a perpetual existence as a closed-end fund. An “Eligible Tender Offer” is defined as a tender offer by the Fund to purchase 100% of the then outstanding Common shares of the Fund at a price equal to the NAV per Common share on the expiration date of the tender offer, which shall be as of a date within twelve months preceding the Termination Date.

If the payment for properly tendered Common shares would result in the Fund’s net assets totaling less than $200 million (the “Termination Threshold”), the Eligible Tender Offer shall be canceled, no Common shares will be repurchased pursuant to the Eligible Tender Offer, and the

Fund would dissolve as set forth above. If an Eligible Tender Offer is conducted and the payment for properly tendered Common shares would result in the Fund’s net assets totaling greater than or equal to the Termination Threshold, all Common shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. The Fund may conduct an Eligible Tender Offer upon the affirmative vote of a majority of the Board - or by an instrument signed by a majority of the Board - without a vote of the shareholders.

The Fund's investment objective is to seek a high level of total return with an emphasis on current income.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

Note 2–Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946 Financial Services—Investment Companies. The Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated New York Life Investment Management LLC (“New York Life Investments” or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s portfolio for which market quotations are not readily available; periodically assessing and managing

15

material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee’s responsibilities and establish prices of securities for which market quotations are not readily available. The Fund’s and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The

inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•	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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund’s assets and liabilities as of May 31, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

• 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

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended May 31, 2025, there were no material changes to the fair value methodologies.

16	NYLI CBRE Global Infrastructure Megatrends Term Fund

17

authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Common Shareholders. Dividends and distributions are recorded on the ex-dividend date. Subject to its managed distribution policy, the Fund intends to distribute monthly all or a portion of its net investment income, if any, including current net realized capital gains, to Common shareholders. The Fund’s monthly distributions may include return of capital, which represents a return of a shareholder’s original investment in the Fund. Dividends and distributions are determined in accordance with federal income tax regulations and may differ from determinations using GAAP. Unless a Common shareholder elects otherwise, all dividends and distributions are reinvested pursuant to the Fund's dividend reinvestment plan. For information on the Fund’s dividend reinvestment plan (unaudited), please see page 28.

(E) Security Transactions and Investment Income.  The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on

securities purchased by the Fund, other than temporary cash investments that mature in 60 days or less at the time of purchase, are accreted and amortized, respectively, using the effective interest rate method.

(F)  Expenses.   The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations. Certain expenses of the Fund are allocated in proportion to other funds within the New York Life Investments Group of Funds.

Additionally, the Fund may invest in other funds, which are subject to management fees and other fees that may cause the costs of investing in other funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of other funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates.  In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Statement of Cash Flows. The cash amount shown in the Fund’s Statement of Cash Flows is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and restricted cash, if any, as of May 31, 2025.

(J) Foreign Securities Risk.  The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and

18	NYLI CBRE Global Infrastructure Megatrends Term Fund

19

Note 4-Federal Income Tax

As of May 31, 2025, the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$1,246,147,666	$28,850,102	$(231,279,551)	$(202,429,449)

As of May 31, 2025, the components of accumulated gain (loss) on a tax basis were as follows:

Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)
$—	$—	$—	$(202,408,658)	$(202,408,658)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sales, cumulative debt security treated as equity for tax, and partnership adjustments.

The following table discloses the current year reclassifications between total distributable earnings (loss) and additional paid-in capital arising from permanent differences; net assets as of May 31, 2025 were not affected.

	Total Distributable Earnings (Loss)	Additional Paid-In Capital
	$3,302	$(3,302)

The reclassifications for the Fund are primarily due to partnership adjustments.

During the years ended May 31, 2025 and May 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

	2025	2024
Distributions paid from:
Ordinary Income	$51,925,138	$42,700,676
Long-Term Capital Gains	—	13,927,068
Return of Capital	26,146,163	19,705,169
Total	$78,071,301	$76,332,913

Note 5–Custodian

JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

Note 6–Line of Credit

The Fund maintains a line of credit under a credit agreement with The Bank of New York Mellon ("BNY Mellon") dated November 4, 2021 (the "Credit Agreement") in order to achieve its investment objective. Effective March 11, 2024, the aggregate commitment amount was reduced to $400,000,000 under the Credit Agreement with all terms remaining the same. Under the Credit Agreement, the Fund is subject to (i) a financing charge of the Overnight Bank Funding Rate plus 0.75% on drawn assets and (ii) a commitment fee at an annual rate of 0.25% of undrawn portions of the credit facility to the extent the credit facility utilization rate is less than 80%. The Credit Agreement expires on December 15, 2031, unless otherwise terminated at an earlier date. During the year ended May 31, 2025, the Fund utilized the line of credit for 365 days, maintained an average daily balance of $253,379,452 at a weighted average interest rate of 5.56% and incurred interest expense in the amount of $14,076,728. As of May 31, 2025, borrowings outstanding with respect to the Fund under the Credit Agreement were $256,300,000.

Note 7–Purchases and Sales of Securities (in 000’s)

During the year ended May 31, 2025, purchases and sales of securities, other than short-term securities, were $828,664 and $883,492, respectively.

Note 8–Capital Share Transactions

During the year ended May 31, 2025 and the year ended May 31, 2024, there were no capital share transactions.

Note 9–Recent Accounting Pronouncement

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Manager does not expect the guidance to have a material impact on the Fund.

20	NYLI CBRE Global Infrastructure Megatrends Term Fund

The continuation of the Management Agreement with respect to the NYLI CBRE Global Infrastructure Megatrends Term Fund (“Fund”) and New York Life Investment Management LLC (“New York Life Investments”) and the Subadvisory Agreement between New York Life Investments and CBRE Investment Management Listed Real Assets LLC (“CBRE”) with respect to the Fund (together, “Advisory Agreements”) is subject to annual review and approval by the Board of Trustees of the Fund (“Board”) in accordance with Section 15 of the Investment Company Act of 1940, as amended (“1940 Act”).  At its December 3–4, 2024 meeting, the Board, including the Trustees who are not an “interested person” (as such term is defined in the 1940 Act) of the Fund (“Independent Trustees”) voting separately, unanimously approved the continuation of each of the Advisory Agreements for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and CBRE in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and CBRE in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below.  Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on the Fund and “peer funds” prepared by Institutional Shareholder Services Inc. (“ISS”), an independent third-party service provider engaged by the Board to report objectively on the Fund’s investment performance, management fee and total expenses.  The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or CBRE that follow investment strategies similar to those of the Fund, if any, and, when applicable, the rationale for differences in the Fund’s management and subadvisory fees and the fees charged to those other investment advisory clients.  In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements.  The contract review process, including the structure and format for information and materials provided to the Board, has been developed in consultation with the Board.  The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board’s deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of the Fund and investment-related matters for the Fund as well as presentations from New York Life Investments and, generally annually, CBRE personnel.  In addition, the Board took into account other

information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to the Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment.  Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board’s consideration of the continuation of each of the Advisory Agreements are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and CBRE; (ii) the qualifications of the portfolio managers of the Fund and the historical investment performance of the Fund, New York Life Investments and CBRE; (iii) the costs of the services provided, and profits realized, by New York Life Investments and CBRE with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund’s shareholders; and (v) the reasonableness of the Fund’s management and subadvisory fees and total ordinary operating expenses.  Although the Board recognized that comparisons between the Fund’s fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of the Fund’s management fee and total ordinary operating expenses as compared to peer funds identified by ISS.  Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations.  The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing the Fund.  The Board considered that New York Life Investments and CBRE agreed to pay all organizational expenses of the Fund and all offering costs associated with the Fund’s initial public offering as well as compensation to the underwriters and certain dealers in connection with the offering and that the Fund is not obligated to repay any such expenses, costs or compensation paid by New York Life Investments or CBRE.  With respect to the Subadvisory Agreement, the Board took into account New York Life Investments’ recommendation to approve the continuation of the Subadvisory Agreement. Additionally, the Board took into account the Fund’s structure as a limited term trust. In addition, the Board considered the premium/discount at which the Fund’s shares have traded over various periods, including relative to peer closed-end funds, and efforts by New York Life Investments and CBRE intended to reduce discounts.

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The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and CBRE.  The Board’s decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board’s knowledge of New York Life Investments and CBRE resulting from, among other things, the Board’s consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board’s review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee’s business judgment and industry experience.  In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that the Fund’s shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board’s decision to approve the continuation of each of the Advisory Agreements during the Board’s December 3-4, 2024 meeting are summarized in more detail below.

Nature, Extent and Quality of Services Provided by New York Life Investments and CBRE

The Board examined the nature, extent and quality of the services that New York Life Investments provides to the Fund.  The Board evaluated New York Life Investments’ experience and capabilities in serving as manager of the Fund and another listed closed-end fund and considered that the Fund operates in a “manager-of-managers” structure.  The Board also considered New York Life Investments’ responsibilities and services provided pursuant to this structure, including overseeing the services provided by CBRE, evaluating the performance of CBRE, making recommendations to the Board as to whether the Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments’ evaluation and monitoring functions.  The Board noted that New York Life Investments manages mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors.  The Board also noted that the services provided to the Fund as a closed-end fund may differ from the services provided to open-end funds and other investment advisory clients, such as compliance services provided in connection with the Fund’s use of leverage and trading of Fund shares on the New York Stock Exchange. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to the Fund.  The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to the Fund, including New York Life Investments’ oversight and due diligence reviews of CBRE and ongoing analysis of, and interactions with, CBRE with respect to, among other things, the Fund’s investment performance and risks as well as CBRE’s investment capabilities and subadvisory services with respect to the Fund.

The Board also considered the range of services that New York Life Investments provides to the Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments’ Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments’ Investment Consulting Group; (iii) compliance services provided by the Fund’s Chief Compliance Officer as well as New York Life Investments’ compliance department; (iv) legal services provided by New York Life Investments’ Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel.  In addition, the Board considered New York Life Investments’ willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit the Fund and noted that New York Life Investments is responsible for compensating the Fund’s officers, except for a portion of the salary of the Fund’s Chief Compliance Officer.  The Board recognized that New York Life Investments provides certain other non-advisory services to the Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that CBRE provides to the Fund and considered the terms of each of the Advisory Agreements.  The Board evaluated CBRE’s experience and performance in serving as subadvisor to the Fund and advising other portfolios and CBRE’s track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at CBRE.  The Board considered New York Life Investments’ and CBRE’s overall resources, legal and compliance environment, capabilities, reputation, financial condition and history.  In addition to information provided in connection with quarterly meetings with the Fund’s Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and CBRE and acknowledged their commitment to further developing and strengthening compliance programs that may relate to the Fund.  The Board also considered CBRE’s ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the Fund.  In this regard, the Board considered the qualifications and experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers.

In addition, the Board considered information provided by New York Life Investments and CBRE regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that the Fund would likely continue to benefit from the nature, extent and quality of these services.

24	NYLI CBRE Global Infrastructure Megatrends Term Fund

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After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the Fund were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the Fund are reasonable and other expected benefits that may accrue to CBRE and its affiliates due to their relationships with the Fund are consistent with those expected for a subadvisor to a closed-end fund.  With respect to CBRE, the Board considered that any profits realized by CBRE due to its relationship with the Fund are the result of arm’s-length negotiations between New York Life Investments and CBRE, acknowledging that any such profits are based on the subadvisory fee paid to CBRE by New York Life Investments, not the Fund.

Management and Subadvisory Fees and Total Ordinary Operating Expenses

The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and the Fund’s total ordinary operating expenses.  With respect to the management fee and subadvisory fee, the Board primarily considered the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to CBRE is paid by New York Life Investments, not the Fund.  The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments.

In assessing the reasonableness of the Fund’s fees and expenses, the Board primarily considered comparative data provided by ISS on the fees and expenses of similar closed-end funds managed by other investment advisers.  In addition, the Board considered information provided by New York Life Investments and CBRE on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the Fund, if any.  The Board considered the contractual management fee schedule for the Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules.  The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as the Fund, as compared with other investment advisory clients.  The Board noted that most closed-end funds do not have contractual breakpoints.  The Board also considered that in proposing fees for the Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board also considered that, unlike with respect to the open-end funds in the New York Life Investments Group of Funds, the management fee for the Fund is based on the “managed assets” of the Fund, which include assets attributable to the Fund’s use of leverage.  The Board acknowledged that New York Life Investments and CBRE have the ability to increase the amount of the Fund’s managed assets through the use of leverage, which may cause a conflict of interest.

Based on the factors outlined above, among other considerations, the Board concluded that the Fund’s management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

Economies of Scale

The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to the Fund and whether the Fund’s management fee and expense structure permits economies of scale, if any, to be appropriately shared with the Fund’s shareholders.  The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds.  Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with the Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to the Fund.  The Board reviewed information from New York Life Investments showing how the Fund’s management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of the Fund’s shareholders through the Fund’s management fee and expense structure and other methods to share benefits from economies of scale.

Conclusion

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements.

26	NYLI CBRE Global Infrastructure Megatrends Term Fund

Introduction

This Dividend Reinvestment Plan (“Plan”) for NYLI CBRE Global Infrastructure Megatrends Term Fund (“Fund”), provides that for a holder of the Fund’s Common shares of beneficial interest (each, a “Common share” and, collectively “Common shares”) in the Plan (each, a “Participant” and collectively, “Participants”), all dividends and distributions on such shareholder’s Common shares will be automatically reinvested by Computershare Trust Company, N.A. (“Plan Administrator”), as agent for shareholders in administering the Plan, in additional Common shares, unless the Participants elect to receive cash.  Participation in the Plan may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common shares for you. If you wish for all dividends declared on your Common shares to be automatically reinvested pursuant to the Plan, please contact your broker.

Plan Details

1. The Plan Administrator will open an account for each holder of Common shares under the Plan in the same name in which such holder of Common shares is registered. Whenever the Fund declares a dividend or other distribution such as capital gain or return of capital, (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive Common shares as per the terms stated in this Plan. The Common shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common shares from the Fund (“Newly Issued Common shares”) or (ii) by purchase of outstanding Common shares on the open market (“Open-Market Purchases”) on the Exchange or elsewhere.

2. If, on the payment date for any Dividend, the closing market price plus estimated per share fees (which include any brokerage commissions the Plan Administrator is required to pay) is equal to or greater than the net asset value (“NAV”) per Common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common shares on behalf of the participants. The number of Newly Issued Common shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common share on the payment date; provided that, if the NAV is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common share on the payment date. If, on the payment date for any Dividend, the NAV per Common share is greater than the closing market value plus per share fees, the Plan Administrator will invest the Dividend amount in Common shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next

date on which the Common shares trade on an "ex-dividend" basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly income Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date which typically will be approximately ten days.  If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common share exceeds the NAV per Common share, the average per Common share purchase price paid by the Plan Administrator may exceed the NAV of the Common shares, resulting in the acquisition of fewer Common shares than if the Dividend had been paid in Newly Issued Common shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common shares at the NAV per Common share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

3. The Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

4. In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in the Plan.

5. There will be no charges with respect to Common shares issued directly by the Fund. However, each participant will pay a per share fee incurred (currently $0.05) in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such dividends. See “Tax Matters.”  Participants that request a sale of shares through the Plan Administrator are subject to $2.50 sales fee and a $0.15 per share sold fee. All per share fees include any applicable brokerage commissions the Plan Administrator is required is required to pay.

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	Name and Year of Birth	Term of Office, Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
	Naïm Abou-Jaoudé* 1966	NYLI CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023	Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023).	86	New York Life Investments VP Funds Trust: Trustee since 2023 (33 portfolios); New York Life Investments Funds: Trustee since 2023; New York Life Investments Funds Trust: Trustee since 2023; NYLI MacKay DefinedTerm Muni Opportunities Fund: Trustee since 2023; NYLI MacKay Muni Income Opportunities Fund: Trustee since 2024; and New York Life Investment Management International: Chair since 2015

*

This Trustee is considered to be an “interested person” of the New York Life Investments Group of Funds, New York Life Investments VP Funds Trust, NYLI CBRE Global Infrastructure Megatrends Term Fund and NYLI MacKay DefinedTerm Muni Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.”

Manager

New York Life Investment Management LLC

New York, New York

Subadvisor

CBRE Investment Management Listed Real Assets LLC

Radnor, Pennsylvania

Legal Counsel

Dechert LLP

Independent Registered Public Accounting Firm

KPMG LLP

Transfer, Dividend Disbursing and Shareholder Servicing Agent

Computershare Trust Company, N.A.

P.O. Box 43078
Providence, RI 02940-3078
(855) 456-9683

newyorklifeinvestments.com/megi

“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.

5027390MS071-25

MSMEGI11-07/25

(NYLIM) NL534