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
NYLI CBRE GLOBAL
INFRASTRUCTURE MEGATRENDS
TERM 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, 2024
FORM N-CSR
| Item 1. |
Reports to Stockholders. |
NYLI CBRE Global Infrastructure Megatrends Term Fund
(formerly known as MainStay CBRE Global Infrastructure Megatrends Term
Fund)
Semiannual Report
Unaudited | November 30, 2024 | NYSE
Symbol MEGI
Sign up for e-delivery of your shareholder reports. For full
details on e-delivery, including who can participate and what you can receive via e-delivery,
please log in to www.computershare.com/investor.
| Not
FDIC/NCUA Insured |
Not
a Deposit |
May
Lose Value |
No
Bank Guarantee |
Not
Insured by Any Government Agency |
The Fund has adopted a managed distribution policy (the
“Distribution Policy”), pursuant to a Securities and Exchange Commission exemptive order, with the goal of providing shareholders with a consistent, although not guaranteed, monthly distribution. In accordance with the Distribution
Policy, the Fund currently expects to make monthly distributions to Common shareholders at a distribution rate per share of $0.1250. You should not draw any conclusions about the Fund’s investment performance from the amount of this
distribution or from the terms of the Fund's Distribution Policy. The Distribution Policy provides that the Board of Trustees of the Fund may amend or terminate the Distribution Policy at any time without prior notice to Fund shareholders. The Fund
does not believe there are any reasonably foreseeable circumstances that would cause the termination of the Distribution Policy. The amendment or termination of the Distribution Policy could have an adverse effect on the market price of the
Fund’s shares.
Certain material in this report may include statements that
constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates and information about possible or future results or events related to the Fund, market
or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the
views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Fund undertakes no obligation to update the views expressed herein.
Fund Performance
and Statistics (Unaudited)
Performance data quoted represents past performance of Common shares of the
Fund. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when
shares are redeemed, they may be worth more or less than their original cost. For performance information current to the most recent month-end, please visit newyorklifeinvestments.com/megi.
The performance table and graph do not reflect the deduction of
taxes that a shareholder would pay on distributions or the sale of Fund shares.
| Average
Annual Total Returns for the Period-Ended November 30, 2024* |
| |
Six
Months1 |
One
Year |
Since
Inception
10/27/21 |
| Net
Asset Value (“NAV”)2 |
6.66%
|
13.90%
|
(0.75)%
|
| Market
Price2 |
11.48
|
20.87
|
(2.73)
|
| FTSE
Global Core Infrastructure 50/50 Index (Net)3 |
10.67
|
21.46
|
5.17
|
| *
|
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. |
| 4
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Fund Statistics as of November 30, 2024
(Unaudited)
| NYSE
Symbol |
MEGI
|
Premium/Discount
1 |
(9.48)%
|
| CUSIP
|
56064Q107
|
Total
Net Assets (millions) |
$790.5
|
| Inception
Date |
10/27/2021
|
Total
Managed Assets (millions)2 |
$1,036.3
|
| Market
Price |
$13.75
|
Leverage
3 |
23.48%
|
| NAV
|
$15.19
|
|
|
| 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. |
Portfolio Composition as of November 30, 2024† (Unaudited)
| United
States |
42.9%
|
| Canada
|
9.8
|
| Spain
|
9.8
|
| Italy
|
8.5
|
| United
Kingdom |
8.1
|
| Singapore
|
5.3
|
| China
|
4.5
|
| Australia
|
3.2
|
| Japan
|
2.4
|
| Guernsey
|
2.0%
|
| France
|
1.1
|
| Germany
|
0.9
|
| Ireland
|
0.8
|
| Jersey,
C.I. |
0.2
|
| Other
Assets, Less Liabilities |
0.5
|
| |
100.0%
|
| †
|
As
a percentage of Managed Assets. |
See Portfolio of Investments beginning on page 6 for
specific holdings within these categories. The Fund's holdings are subject to change.
Top Ten Holdings and/or Issuers Held as of November 30, 2024 (excluding short-term investments) (Unaudited)
| 1.
|
Enel
SpA |
| 2.
|
Enbridge,
Inc. |
| 3.
|
Vistra
Corp., 7.00%-8.00%, due 10/15/26–12/15/26 |
| 4.
|
NetLink
NBN Trust |
| 5.
|
Crown
Castle, Inc. |
| 6.
|
CSX
Corp. |
| 7.
|
Atlas
Arteria Ltd. |
| 8.
|
NextEra
Energy, Inc., 6.926% |
| 9.
|
Enagas
SA |
| 10.
|
Enterprise
Products Partners LP |
Portfolio of
Investments November 30, 2024†^
(Unaudited)
| |
Shares
|
Value
|
| Closed-End
Funds 4.8% |
| Guernsey
2.7% (2.0% of Managed Assets) |
| Bluefield
Solar Income Fund Ltd. (Decarbonization) |
5,185,487
|
$ 6,318,607
|
| Renewables
Infrastructure Group Ltd. (The) (Decarbonization) |
12,980,304
|
14,790,958
|
| |
|
21,109,565
|
| Jersey,
C.I. 0.2% (0.2% of Managed Assets) |
| GCP
Asset-Backed Income Fund Ltd. (Asset Modernization) |
1,718,082
|
1,719,046
|
| United
Kingdom 1.9% (1.5% of Managed Assets) |
| Foresight
Solar Fund Ltd. (Decarbonization) |
4,888,000
|
4,953,044 |
| Greencoat
UK Wind plc (Decarbonization) |
3,365,000
|
5,417,044 |
| HICL
Infrastructure plc (Asset Modernization) |
3,340,514
|
5,092,352
|
| |
|
15,462,440
|
Total
Closed-End Funds
(Cost $53,258,936) |
|
38,291,051
|
| Common
Stocks 111.7% |
| Australia
4.2% (3.2% of Managed Assets) |
| Atlas
Arteria Ltd. (Asset Modernization) |
10,601,267
|
33,198,080
|
| Canada
10.5% (8.0% of Managed Assets) |
| Brookfield
Infrastructure Partners LP (Asset Modernization) |
687,453
|
24,040,232 |
| Enbridge,
Inc. (Asset Modernization) |
1,250,800
|
54,109,171
|
| Pembina
Pipeline Corp. (Asset Modernization) |
125,000
|
5,149,448
|
| |
|
83,298,851
|
| China
5.9% (4.5% of Managed Assets) |
| Beijing
Enterprises Water Group Ltd. (Asset Modernization) |
40,000,000
|
10,949,187
|
| Guangdong
Investment Ltd. (Asset Modernization) |
40,700,780
|
25,524,945
|
| Jiangsu
Expressway Co. Ltd. Class H (Asset Modernization) |
6,828,000
|
6,923,294
|
| Zhejiang
Expressway Co. Ltd. Class H (Asset Modernization) |
5,200,880
|
3,422,071
|
| |
|
46,819,497
|
| |
Shares
|
Value
|
| |
| France
1.4% (1.1% of Managed Assets) |
| Eutelsat
Communications SACA (Digital Transformation) (a) |
3,648,622
|
$ 11,244,212
|
| Germany
1.2% (0.9% of Managed Assets) |
| E.ON
SE (Decarbonization) |
715,273
|
9,223,721
|
| Ireland
1.1% (0.8% of Managed Assets) |
| Greencoat
Renewables plc (Decarbonization) |
9,325,490
|
8,467,744
|
| Italy
11.2% (8.5% of Managed Assets) |
| Enel
SpA (Decarbonization) |
11,144,673
|
80,319,915 |
| Infrastrutture
Wireless Italiane SpA (Digital Transformation) |
770,000
|
7,945,187
|
| |
|
88,265,102
|
| Japan
3.1% (2.4% of Managed Assets) |
| East
Japan Railway Co. (Asset Modernization) |
645,200
|
12,590,110 |
| West
Japan Railway Co. (Asset Modernization) |
643,700
|
12,111,316
|
| |
|
24,701,426
|
| Singapore
6.9% (5.3% of Managed Assets) |
| Keppel
Infrastructure Trust (Asset Modernization) |
16,550,000
|
5,563,857 |
| Mapletree
Industrial Trust (Digital Transformation) |
5,162,000
|
8,946,875 |
| NetLink
NBN Trust (Digital Transformation) |
62,060,000
|
40,104,516
|
| |
|
54,615,248
|
| Spain
12.9% (9.8% of Managed Assets) |
| Aena
SME SA (Asset Modernization) |
26,974
|
5,846,340
|
| Atlantica
Sustainable Infrastructure plc (Decarbonization) |
1,193,900
|
26,194,166
|
| Cellnex
Telecom SA (Digital Transformation) |
433,416
|
15,586,088
|
| Enagas
SA (Asset Modernization) |
2,326,351
|
31,956,465
|
| Endesa
SA (Decarbonization) |
744,697
|
16,345,460
|
| Ferrovial
SE (Asset Modernization) |
135,446
|
5,593,224
|
| |
|
101,521,743
|
| United
Kingdom 8.6% (6.6% of Managed Assets) |
| National
Grid plc (Decarbonization) |
2,215,882
|
28,034,629
|
| Pennon
Group plc (Asset Modernization) |
2,363,477
|
18,165,301
|
The notes to the financial statements are an integral part of, and
should be read in conjunction with, the financial statements.
| 6
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
| |
Shares
|
Value
|
| Common
Stocks (continued) |
| United
Kingdom (continued) |
| United
Utilities Group plc (Asset Modernization) |
1,531,884
|
$ 21,858,678
|
| |
|
68,058,608
|
| United
States 44.7% (34.1% of Managed Assets) |
| AES
Corp. (The) (Decarbonization) |
1,844,626
|
24,053,923 |
| American
Tower Corp. (Digital Transformation) |
39,426
|
8,240,034 |
| Clearway
Energy, Inc. Class C (Decarbonization) |
593,656
|
17,506,915 |
| CMS
Energy Corp. (Decarbonization) |
227,100
|
15,831,141 |
| Crown
Castle, Inc. (Digital Transformation) |
376,589
|
40,012,581 |
| CSX
Corp. (Asset Modernization) |
996,500
|
36,422,075 |
| Dominion
Energy, Inc. (Decarbonization) |
369,494
|
21,707,773 |
| Enterprise
Products Partners LP (Asset Modernization) |
919,050
|
31,642,892 |
| Essential
Utilities, Inc. (Asset Modernization) |
559,400
|
22,392,782 |
| Evergy,
Inc. (Decarbonization) |
406,000
|
26,239,780 |
| Medical
Properties Trust, Inc. (Asset Modernization) |
570,100
|
2,502,739 |
| NextEra
Energy Partners LP (Decarbonization) |
794,852
|
13,886,064 |
| PG&E
Corp. (Decarbonization) |
1,427,000
|
30,866,010 |
| Plains
GP Holdings LP Class A (Asset Modernization) (a) |
924,300
|
18,504,486
|
| Portland
General Electric Co. (Decarbonization) |
416,264
|
19,947,371
|
| Sempra
(Decarbonization) |
163,047
|
15,272,613
|
| Uniti
Group, Inc. (Digital Transformation) |
1,374,800
|
8,125,068
|
| |
|
353,154,247
|
Total
Common Stocks
(Cost $1,098,305,559) |
|
882,568,479
|
| Convertible
Preferred Stock 4.1% |
| United
States 4.1% (3.1% of Managed Assets) |
| NextEra
Energy, Inc. (Decarbonization) |
|
|
| 6.926%
|
737,300
|
32,006,193
|
Total
Convertible Preferred Stock
(Cost $35,528,636) |
|
32,006,193
|
| |
| |
Principal
Amount |
Value
|
| |
| Corporate
Bonds 5.1% |
| United
States 5.1% (3.9% of Managed Assets) |
| Vistra
Corp. (Decarbonization) (b)(c) |
|
|
| 7.00%
(5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 |
$ 29,000,000
|
$ 29,275,537
|
| 8.00%
(5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 |
11,000,000
|
11,289,476
|
Total
Corporate Bonds
(Cost $40,231,552) |
|
40,565,013
|
| |
| |
Shares
|
|
| |
| Preferred
Stocks 4.4% |
| Canada
2.4% (1.8% of Managed Assets) |
| Brookfield
BRP Holdings Canada, Inc. (Decarbonization) |
|
|
| 4.875% (c)
|
718,794
|
12,413,572
|
| Enbridge,
Inc. (Asset Modernization) (c) |
|
|
| 5.412%
|
221,400
|
2,884,217
|
| 6.112%
|
244,400
|
3,477,090
|
| |
|
18,774,879
|
| United
States 2.0% (1.6% of Managed Assets) |
| Digital
Realty Trust, Inc. (Digital Transformation) (c) |
|
|
| 5.20%
|
238,488
|
5,361,210
|
| 5.25%
|
206,791
|
4,838,909
|
| DTE
Energy Co. (Decarbonization) |
|
|
| 5.25%
|
97,666
|
2,244,365
|
| Sempra
(Asset Modernization) |
|
|
| 5.75%
|
37,043
|
890,514
|
| Spire,
Inc. (Asset Modernization) |
|
|
| 5.90% (c)
|
116,098
|
2,858,333
|
| |
|
16,193,331
|
Total
Preferred Stocks
(Cost $39,825,355) |
|
34,968,210
|
The notes to the financial statements are an integral part of, and
should be read in conjunction with, the financial statements.
7
Portfolio of
Investments November 30, 2024†^ (Unaudited)
(continued)
| |
Shares
|
|
Value
|
| Short-Term
Investment 0.2% |
| Affiliated
Investment Company 0.2% |
| United
States 0.2% (0.2% of Managed Assets) |
| NYLI
U.S. Government Liquidity Fund, 4.465% (d) |
1,661,794
|
|
$ 1,661,794
|
Total
Short-Term Investment
(Cost $1,661,794) |
|
|
1,661,794
|
Total
Investments
(Cost $1,268,811,832) |
130.3%
|
|
1,030,060,740
|
| Line
of Credit Borrowing |
(30.8)
|
|
(243,300,000)
|
| Other
Assets, Less Liabilities |
0.5
|
|
3,761,071
|
| Net
Assets |
100.0%
|
|
$
790,521,811 |
| †
|
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. |
| (b)
|
Floating
rate—Rate shown was the rate in effect as of November 30, 2024. |
| (c)
|
Security
is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (d)
|
Current
yield as of November 30, 2024. |
"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), which was $1,036,295,775 as of November 30,
2024.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the
Fund during the six-month period ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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 |
| NYLI
U.S. Government Liquidity Fund |
$ —
|
$ 43,605
|
$ (41,943)
|
$ —
|
$ —
|
$ 1,662
|
$ 15
|
$ —
|
1,662
|
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 |
The following is
a summary of the fair valuations according to the inputs used as of November 30, 2024, for valuing the Fund’s assets:
| 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 |
$
38,291,051 |
|
$
— |
|
$ —
|
|
$
38,291,051 |
| Common
Stocks |
882,568,479
|
|
—
|
|
—
|
|
882,568,479
|
| Convertible
Preferred Stock |
32,006,193
|
|
—
|
|
—
|
|
32,006,193
|
| Corporate
Bonds |
—
|
|
40,565,013
|
|
—
|
|
40,565,013
|
| Preferred
Stocks |
34,968,210
|
|
—
|
|
—
|
|
34,968,210
|
| Short-Term
Investment |
|
|
|
|
|
|
|
| Affiliated
Investment Company |
1,661,794
|
|
—
|
|
—
|
|
1,661,794
|
| Total
Investments in Securities |
$
989,495,727 |
|
$
40,565,013 |
|
$ —
|
|
$ 1,030,060,740
|
| (a)
|
For
a complete listing of investments and their industries, see the Portfolio of Investments. |
The table below sets forth the diversification of the
Fund’s investments by megatrend themes.
Megatrend Themes (Unaudited)
| |
Value
|
|
Percent
† |
| Decarbonization
|
$
472,606,021 |
|
59.8%
|
| Asset
Modernization |
405,388,245
|
|
51.3
|
| Digital
Transformation |
150,404,680
|
|
19.0
|
| |
1,028,398,946
|
|
130.1
|
| Short-Term
Investment |
1,661,794
|
|
0.2
|
| Line
of Credit Borrowing |
(243,300,000)
|
|
(30.8)
|
| Other
Assets, Less Liabilities |
3,761,071
|
|
0.5
|
| Net
Assets |
$
790,521,811 |
|
100.0%
|
| †
Percentages indicated are based on Fund net assets applicable to Common Shares. |
The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.
9
Statement of
Assets and Liabilities as of November 30, 2024 (Unaudited)
| Assets
|
Investment
in unaffiliated securities, at value
(identified cost $1,267,150,038) |
$1,028,398,946
|
Investment
in affiliated investment companies, at value
(identified cost $1,661,794) |
1,661,794
|
| Cash
|
648,812
|
Cash
denominated in foreign currencies
(identified cost $157,888) |
157,889
|
| Receivables:
|
|
| Dividends
and interest |
5,672,281
|
| Other
assets |
733,936
|
| Total
assets |
1,037,273,658
|
| Liabilities
|
| Payable
for Line of Credit |
243,300,000
|
| Payables:
|
|
| Manager
(See Note 3) |
850,400
|
| Professional
fees |
32,594
|
| Custodian
|
25,372
|
| Transfer
agent |
5,448
|
| Accrued
expenses |
64,069
|
| Interest
expense and fees payable |
2,473,964
|
| Total
liabilities |
246,751,847
|
| Net
assets applicable to Common shares |
$
790,521,811 |
| Common
shares outstanding |
52,047,534
|
| Net
asset value per Common share (Net assets applicable to Common shares divided by Common shares outstanding) |
$
15.19 |
| 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 |
1,020,643,655
|
| |
1,020,695,703
|
| Total
distributable earnings (loss) |
(230,173,892)
|
| Net
assets applicable to Common shares |
$
790,521,811 |
The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.
| 10
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Statement of
Operations for the six months ended November 30, 2024 (Unaudited)
| Investment
Income (Loss) |
| Income
|
|
| Dividends-unaffiliated
(net of foreign tax withholding of $1,493,976) |
$32,430,740
|
| Interest
|
1,372,916
|
| Dividends-affiliated
|
14,776
|
| Total
income |
33,818,432
|
| Expenses
|
|
| Manager
(See Note 3) |
5,250,512
|
| Interest
expense and fees |
7,790,136
|
| Professional
fees |
280,488
|
| Shareholder
communication |
80,458
|
| Custodian
|
40,335
|
| Transfer
agent |
17,903
|
| Trustees
|
8,868
|
| Miscellaneous
|
49,050
|
| Total
expenses |
13,517,750
|
| Net
investment income (loss) |
20,300,682
|
| Realized
and Unrealized Gain (Loss) |
| Net
realized gain (loss) on: |
|
| Unaffiliated
investment transactions |
31,184,270
|
| Foreign
currency transactions |
(56,559)
|
| Net
realized gain (loss) |
31,127,711
|
| Net
change in unrealized appreciation (depreciation) on: |
|
| Unaffiliated
investments |
(749,508)
|
| Translation
of other assets and liabilities in foreign currencies |
(2,068)
|
| Net
change in unrealized appreciation (depreciation) |
(751,576)
|
| Net
realized and unrealized gain (loss) |
30,376,135
|
Net
increase (decrease) in net assets to Common shares
resulting from operations |
$50,676,817
|
The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.
11
Statements of
Changes in Net Assets
for the six months ended November 30, 2024 (Unaudited) and the year ended May 31, 2024
| |
Six
months
ended
November 30,
2024 |
Year
ended
May 31,
2024 |
| Increase
(Decrease) in Net Assets Applicable to Common Shares |
| Operations:
|
|
|
| Net
investment income (loss) |
$
20,300,682 |
$
34,066,157 |
| Net
realized gain (loss) |
31,127,711
|
10,174,227
|
| Net
change in unrealized appreciation (depreciation) |
(751,576)
|
(26,412,400)
|
| Net
increase (decrease) in net assets applicable to Common shares resulting from operations |
50,676,817
|
17,827,984
|
| Distributions
to Common shareholders |
(39,035,650)
|
(56,627,744)
|
| Distributions
to Common shareholders from return of capital |
—
|
(19,705,169)
|
| Total
distributions to Common shareholders |
(39,035,650)
|
(76,332,913)
|
| Net
increase (decrease) in net assets applicable to Common shares |
11,641,167
|
(58,504,929)
|
| Net
Assets Applicable to Common Shares |
| Beginning
of period |
778,880,644
|
837,385,573
|
| End
of period |
$790,521,811
|
$778,880,644
|
The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.
| 12
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Statement of Cash
Flows
for the six months ended November 30, 2024 (Unaudited)
| Cash
Flows From (Used in) Operating Activities: |
| Net
increase in net assets resulting from operations |
$
50,676,817 |
| Adjustments
to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
|
| Long
term investments purchased |
(321,200,233)
|
| Long
term investments sold |
361,199,533
|
| Purchase
of affiliated investments, net |
(1,661,794)
|
| Amortization
(accretion) of discount and premium, net |
82,532
|
| Decrease
in investment securities sold receivable |
1,923,250
|
| Decrease
in dividends and interest receivable |
1,921,840
|
| Increase
in other assets |
(634,843)
|
| Decrease
in investment securities purchased payable |
(780,930)
|
| Increase
in professional fees payable |
31,628
|
| Increase
in custodian payable |
4,460
|
| Decrease
in shareholder communication payable |
(1,707)
|
| Decrease
in due to manager |
(18,668)
|
| Increase
in due to transfer agent |
1,369
|
| Increase
in accrued expenses |
15,119
|
| Decrease
in interest expense and fees payable |
(201,764)
|
| Net
realized gain from investments |
(31,184,270)
|
| Net
change in unrealized (appreciation) depreciation on unaffiliated investments |
749,508
|
| Net
cash from operating activities |
60,921,847
|
| Cash
Flows From (Used in) Financing Activities: |
| Proceeds
from line of credit |
134,000,000
|
| Payments
on line of credit |
(156,000,000)
|
| Cash
distributions paid, net of change in Common share dividend payable |
(39,035,650)
|
| Net
cash used in financing activities |
(61,035,650)
|
| Net
decrease in cash |
(113,803)
|
| Cash
at beginning of period |
920,504
|
| Cash
at end of period |
$
806,701 |
| 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 period |
|
| Cash
|
$920,504
|
| Total
cash shown in the Statement of Cash Flows |
$920,504
|
| Cash
at end of period |
|
| Cash
|
$648,812
|
| Cash
denominated in foreign currencies |
157,889
|
| Total
cash shown in the Statement of Cash Flows |
$806,701
|
Cash Payments recognized as interest expense for
the six-month period ended November 30, 2024, were $7,991,900.
The notes to the financial statements are an integral part of, and should be
read in conjunction with, the financial statements.
13
Financial
Highlights selected per share data and ratios
| |
Six
months
ended
November 30,
2024* |
|
Year
Ended May 31, |
|
October
27, 2021^ through
May 31, |
| |
2024
|
|
2023
|
|
2022
|
| Net
asset value at beginning of period applicable to Common shares |
$
14.96 |
|
$
16.09 |
|
$
20.70 |
|
$
20.00 |
| Net
investment income (loss) (a) |
0.39
|
|
0.65
|
|
0.78
|
|
0.58
|
| Net
realized and unrealized gain (loss) |
0.59
|
|
(0.31)
|
|
(4.09)
|
|
0.66
|
| Total
from investment operations |
0.98
|
|
0.34
|
|
(3.31)
|
|
1.24
|
| Less
distributions: |
|
|
|
|
|
|
|
| From
net investment income |
(0.75)
|
|
(1.09)
|
|
(1.30)
|
|
(0.54)
|
| Return
of capital |
—
|
|
(0.38)
|
|
—
|
|
—
|
| Total
dividends and distributions to Common shareholders |
(0.75)
|
|
(1.47)
|
|
(1.30)
|
|
(0.54)
|
| Dilution
effect on net asset value from overallotment issuance |
—
|
|
—
|
|
—
|
|
0.00‡
|
| Net
asset value at end of period applicable to Common shares |
$
15.19 |
|
$
14.96 |
|
$
16.09 |
|
$
20.70 |
| Market
price at end of period applicable to Common shares |
$
13.75 |
|
$
13.02 |
|
$
13.66 |
|
$
18.65 |
| Total
investment return on market price (b) |
11.48%
|
|
7.00%
|
|
(19.84)%
|
|
(4.02)%
|
| Total
investment return on net asset value (b) |
6.66%
|
|
2.74%
|
|
(16.09)%
|
|
6.28%
|
Ratios
(to average net assets of Common shareholders)/
Supplemental Data: |
|
|
|
|
|
|
|
| Net
investment income (loss) |
5.13%††
|
|
4.41%
|
|
4.51%
|
|
4.78%††
|
| Net
expenses (including interest expense and fees) (c) |
3.41%††
|
|
3.73%
|
|
3.07%(d)
|
|
1.92%†† (d)(e)
|
| Interest
expense and fees (f) |
1.97%††
|
|
2.27%
|
|
1.62%
|
|
0.36%††
|
| Portfolio
Turnover Rate |
31%
|
|
25%
|
|
26%
|
|
12%
|
| Net
assets applicable to Common shareholders at end of period (in 000’s) |
$
790,522 |
|
$
778,881 |
|
$
837,386 |
|
$
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 0.02% and 0.06% for year ended May 31, 2023 and the period from October 27, 2021 (commencement of operations) through May 31, 2022. |
| (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). |
The notes to the financial statements are an integral part of, and should be
read in conjunction with, the financial statements.
| 14
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Notes to Financial
Statements (Unaudited)
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.
Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the
investment company accounting and reporting guidance of the Financial Accounting Standards Board (“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 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.
Notes to Financial
Statements (Unaudited) (continued)
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 November 30, 2024, 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 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 six-month period ended November 30, 2024, there were no material changes to the fair value methodologies.
Securities which may be valued in this manner include, but are
not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a
current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place;
and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.
Certain securities, including certain closed-end funds, held by
the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single
issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that
such events may have
| 16
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
affected the accuracy of the last price of such securities reported on the
local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are
generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying
factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.
If the principal market of certain foreign equity securities is
closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the
Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.
Equity securities, rights and warrants, if applicable, are
valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are
normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.
Certain convertible preferred stocks may be valued utilizing
evaluated prices based on market inputs obtained from the pricing vendor and are generally categorized as Level 2 in the hierarchy.
Investments in mutual funds, including money market funds, are
valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.
Debt securities (other than convertible and municipal bonds)
are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are
market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes
valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated
inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities
purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible
bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.
Closed-end fund NAVs are valued at market value, which will
generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed-end funds is taken from the exchange
where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and
their shares may have greater volatility because of the potential lack of liquidity. These closed-end funds are generally categorized as Level 1 in the hierarchy.
Temporary cash investments acquired in excess of 60 days to
maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing
services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost
method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair
value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.
The information above is not intended to reflect an exhaustive
list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of
investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.
(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies
and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.
The Manager evaluates the Fund’s tax positions to
determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the
financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing 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
Notes to Financial
Statements (Unaudited) (continued)
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, 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, please see page 21.
(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 November 30, 2024.
(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 less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the
value of investments in foreign securities. These risks
| 18
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
include those resulting from currency fluctuations, future adverse political
or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively
restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be
greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or
region.
(K) Debt and Convertible Securities Risk.
The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific
country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.
Convertible securities may be subordinate to other securities.
In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with
higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make
interest and principal payments.
(L) Indemnifications. Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund.
Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure
under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is
remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.
Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager
pursuant to a Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except
for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life
Investments in an amount equal to the
portion of the compensation of the Chief Compliance Officer attributable to
the Fund. CBRE Investment Management Listed Real Assets LLC ("CBRE" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the
terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and CBRE, New York Life Investments pays for the services of the Subadvisor.
Under the Management Agreement, the Fund pays the Manager a
monthly fee for the services performed and the facilities furnished at an annual rate of 1.00% of the “Managed Assets”. "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).
During the six-month period ended November 30, 2024, New York
Life Investments earned fees from the Fund in the amount of $5,250,512 and paid the Subadvisor in the amount of $2,625,256.
JPMorgan Chase Bank, N.A. ("JPMorgan") provides
sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the
calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.
Pursuant to an agreement between the Fund and New York Life
Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in
connection with providing or procuring these services for the Fund.
(B) Transfer, Dividend Disbursing and Shareholder Servicing
Agent. Computershare Trust Company, N.A. (“Computershare”), 150 Royall Street, Canton, Massachusetts, 02021, is the Fund’s transfer, dividend disbursing and
shareholder servicing agent pursuant to an agreement between the Fund and Computershare.
Notes to Financial
Statements (Unaudited) (continued)
Note 4-Federal Income Tax
As of November 30, 2024, 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 |
$1,272,629,676
|
$18,345,128
|
$(260,914,064)
|
$(242,568,936)
|
During the year ended May 31, 2024,
the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:
| |
2024
|
| Distributions
paid from: |
|
| Ordinary
Income |
$42,700,676
|
| Long-Term
Capital Gains |
13,927,068
|
| Return
of Capital |
19,705,169
|
| Total
|
$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/or 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. Prior to that date, the aggregate commitment amount was $500,000,000. 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 six-month period ended November 30, 2024, the Fund utilized the line of credit for 183 days, maintained an average daily balance of $254,942,077 at a weighted average interest rate of 5.93% and incurred
interest expense in the amount of $7,577,598. As of November 30, 2024, borrowings outstanding with respect to the Fund under the Credit Agreement were $243,300,000.
Note 7–Purchases and Sales of Securities (in 000’s)
During the six-month period ended November 30, 2024, purchases
and sales of securities, other than short-term securities, were $321,200 and $360,847, respectively.
Note 8–Capital Share Transactions
During the six-month period ended November 30, 2024 and the
year ended May 31, 2024, there were no capital share transactions.
Note 9–Subsequent Events
In connection with the preparation of the financial statements
of the Fund for the six-month period ended November 30, 2024, events and transactions subsequent to November 30, 2024, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or
disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified, other than the following:
On December 13, 2024, the Fund declared a dividend in the
amount of $0.125 per Common share, payable December 31, 2024, to shareholders of record on December 23, 2024.
On January 14, 2025, the Fund declared a dividend in the
amount of $0.125 per Common share, payable January 31, 2025, to shareholders of record on January 27, 2025.
| 20
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Dividend
Reinvestment Plan (Unaudited)
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.
Dividend
Reinvestment Plan (Unaudited) (continued)
6. The Fund reserves the right to amend or terminate the Plan.
There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.
7. Each Participant may terminate their account under the Plan
by notifying the Plan Administrator by telephone, through the Internet or in writing. If the Plan Administrator receives the Participant’s notice of withdrawal near a dividend record date, the Plan Administrator, in its sole discretion, may
either distribute such dividends in cash or reinvest them in Common Shares on behalf of the withdrawing Participant. If such dividends are reinvested, the Plan Administrator will process the termination as soon as practicable, but in no event later
than five business days after the reinvestment is completed. The Plan may be terminated by the Plan Administrator or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any
dividend or distribution by the Fund.
8. Participants may
also request to sell a portion of their Common Shares by notifying the Plan Administrator by telephone, through the Internet or in writing. The Plan Administrator will sell such Common Shares through a broker-dealer selected by the Plan
Administrator within 5 business days of receipt of the request. The sale price will equal the weighted average price of all Common Shares sold through the Plan on the day of the sale, less a $2.50 service fee and a per share fee of
$0.15. Participants should note that the Plan Administrator is unable to accept instructions to sell on a specific date or at a specific price.
9. All correspondence or questions concerning the Plan should
be directed to the Plan Administrator, Computershare Trust Company, N.A., by telephone, (855) 456-9683, through the Internet at www.computerhsare.com/investor or in writing to P.O. Box 43078, Providence, RI 02940-3078.
| 22
|
NYLI CBRE Global
Infrastructure Megatrends Term Fund |
Proxy Results
The Annual Meeting of Shareholders was held on September 27,
2024, to elect two Class II Trustees of the Fund by shareholders of record as on July 19, 2024. Listed below are the results of this voting.
| Trustees
|
Votes
For |
Votes
Against |
Abstentions
|
Total
Votes |
| Alan
R. Latshaw |
6,852,234
|
0
|
407,098
|
7,259,332
|
| Karen
Hammond |
6,862,155
|
0
|
399,321
|
7,261,476
|
| Paul Kazarian
|
15,821,940
|
124,828
|
36,196
|
15,982,964
|
No nominee received the required
number of votes to be re-elected or elected to the Board. The vote standard to elect Trustees is described in the Fund's most recent proxy statement. Alan R. Latshaw and Karen Hammond, incumbent Class II Trustees, will continue to serve as Class II
Trustees until their successors have been elected and qualified.
Proxy Voting Policies and Procedures and Proxy Voting
Record
The Fund is required to file with the SEC its
proxy voting records for the 12-month period ending June 30 on Form N-PX. A description of the policies and procedures that are used to vote proxies relating to portfolio securities of the Fund is available free of charge upon request by calling
800-624-6782 or visiting the SEC’s website at www.sec.gov. The most recent Form N-PX or proxy voting record is available free of charge upon request by calling
800-624-6782; visiting newyorklifeinvestments.com; or visiting the SEC’s website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio
holdings with the SEC 60 days after its first and third fiscal quarter on Form N-PORT. The Fund's holdings report is available free of charge upon request by calling New York Life Investments at 800-624-6782.
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.
| 5013540MS299-24 |
MSMEGI10-01/25
|
(NYLIM) NL534
FORM N-CSR
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.
See Item 1.
| Item 7. |
Financial Statements and Financial Highlights for Open-End
Management Investment Companies |
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies.
Not applicable.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies.
|
Not applicable.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
See Item 1
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies. |
Not applicable.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies.
|
Not applicable.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers. |
Not applicable.
| Item 15. |
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 16. |
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 17. |
Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies. |
Not applicable.
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
Not applicable
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.
NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND
|
|
|
| By: |
|
/s/ Kirk C. Lehneis |
|
|
Kirk C. Lehneis |
|
|
President and Principal Executive Officer |
|
| Date: February 6, 2025 |
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: |
|
Kirk C. Lehneis |
|
|
Kirk C. Lehneis |
|
|
President and Principal Executive Officer |
|
| Date: February 6, 2025 |
|
|
| By: |
|
/s/ Jack R. Benintende |
|
|
Jack R. Benintende |
|
|
Treasurer and Principal Financial |
|
|
and Accounting Officer |
|
| Date: February 6, 2025 |
Exhibit (a)
SECTION 302 CERTIFICATIONS
| I, |
Kirk C. Lehneis, President and Principal Executive Officer of NYLI CBRE Global Infrastructure Megatrends Term
Fund, certify that: |
| 1. |
I have reviewed this report on Form N-CSR of NYLI CBRE Global
Infrastructure Megatrends Term Fund; |
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; |
| 4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
| 5. |
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report
financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting.
|
|
|
| By: |
|
/s/ Kirk C. Lehneis |
|
|
Kirk C. Lehneis |
|
|
President and Principal Executive Officer, NYLI CBRE Global Infrastructure Megatrends Term Fund |
|
|
|
|
Date: February 6, 2025 |
SECTION 302 CERTIFICATIONS
| I, |
Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of NYLI CBRE Global Infrastructure
Megatrends Term Fund, certify that: |
| 1. |
I have reviewed this report on Form N-CSR of NYLI CBRE Global
Infrastructure Megatrends Term Fund; |
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; |
| 4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
| 5. |
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
|
|
| By: |
|
/s/ Jack R. Benintende |
|
|
Jack R. Benintende |
|
|
Treasurer and Principal Financial and |
|
|
Accounting Officer, |
|
|
NYLI CBRE Global Infrastructure Megatrends Term Fund |
|
|
|
|
Date: February 6, 2025 |
Exhibit (b)
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and
Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.
|
|
|
| By: |
|
/s/ Kirk C. Lehneis |
|
|
Kirk C. Lehneis |
|
|
President and Principal Executive Officer, NYLI CBRE Global Infrastructure Megatrends Term Fund |
|
|
|
|
Date: February 6, 2025 |
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and
Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.
|
|
|
| By: |
|
/s/ Jack R. Benintende |
|
|
Jack R. Benintende |
|
|
Treasurer and Principal Financial |
|
|
and Accounting Officer, |
|
|
NYLI CBRE Global Infrastructure Megatrends Term Fund |
|
|
|
|
Date: February 6, 2025 |
MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| June 2024 Distribution
Information |
MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for June 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 6/30/2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per
Share |
|
Percent of
Current
Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.1250 |
|
100% |
|
$0.1250 |
|
100% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.1250 |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 5/31/2024 |
|
|
|
|
|
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
–3.32 |
% |
|
|
|
|
|
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 5/31/2024 |
|
|
10.03
|
%2
|
|
|
|
|
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 5/31/2024 |
|
|
2.74 |
% |
|
|
|
|
|
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
5/31/2024 |
|
|
9.80 |
%4 |
|
|
|
|
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 5/31/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 5/31/2024. |
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2023 through
5/31/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2023 through 5/31/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 5/31/2024. |
|
|
| June 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey
City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.
MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| July 2024 Distribution
Information |
MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for July 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 7/31/2024
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per
Share |
|
Percent of
Current
Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.1250 |
|
100% |
|
$0.2500 |
|
100% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.2500 |
|
100% |
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 6/30/2024 |
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
–5.10 |
% |
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 6/30/2024 |
|
|
10.66
|
%2
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 6/30/2024 |
|
|
–5.11 |
% |
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
6/30/2024 |
|
|
0.89 |
%4 |
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 6/30/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 6/30/2024. |
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2024 through
6/30/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2024 through 6/30/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 6/30/2024. |
|
|
| July 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey
City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.
MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| August 2024 Distribution
Information |
MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for August 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 8/31/2024
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per
Share |
|
Percent of
Current
Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.1104 |
|
89% |
|
$0.3604 |
|
96% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0053 |
|
4% |
|
$0.0053 |
|
1% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0093 |
|
7% |
|
$0.0093 |
|
3% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.3750 |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 7/31/2024 |
|
|
|
|
|
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
–2.47 |
% |
|
|
|
|
|
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 7/31/2024 |
|
|
10.01
|
%2
|
|
|
|
|
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 7/31/2024 |
|
|
1.87 |
% |
|
|
|
|
|
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
7/31/2024 |
|
|
1.67 |
%4 |
|
|
|
|
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 7/31/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 7/31/2024. |
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2024 through
7/31/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2024 through 7/31/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 7/31/2024. |
|
|
| August 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
NYLI CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| September 2024 Distribution
Information |
NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for September 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 9/30/2024
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per
Share |
|
Percent of
Current
Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.0903 |
|
72% |
|
$0.4507 |
|
90% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0241 |
|
19% |
|
$0.0294 |
|
6% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0106 |
|
9% |
|
$0.0199 |
|
4% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.5000 |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 8/31/2024 |
|
|
|
|
|
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
–0.76 |
% |
|
|
|
|
|
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 8/31/2024 |
|
|
9.63
|
%2
|
|
|
|
|
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 8/31/2024 |
|
|
6.80 |
% |
|
|
|
|
|
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
8/31/2024 |
|
|
2.41 |
%4 |
|
|
|
|
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 8/31/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 8/31/2024. |
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2024 through
8/31/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2024 through 8/31/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 8/31/2024. |
|
|
| September 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
NYLI CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| October 2024 Distribution
Information |
NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for October 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 10/31/2024
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per Share |
|
Percent of
Current Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.0462 |
|
37% |
|
$0.4969 |
|
80% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0533 |
|
43% |
|
$0.0827 |
|
13% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0255 |
|
20% |
|
$0.0454 |
|
7% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.6250 |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 9/30/2024 |
|
|
|
|
|
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
1.06 |
% |
|
|
|
|
|
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 9/30/2024 |
|
|
9.20
|
%2
|
|
|
|
|
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 9/30/2024 |
|
|
12.59 |
% |
|
|
|
|
|
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
9/30/2024 |
|
|
3.07 |
%4 |
|
|
|
|
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 9/30/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 9/30/2024. |
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2024 through
9/30/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2024 through 9/30/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 9/30/2024. |
|
|
| October 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
NYLI CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI)
|
|
| November 2024 Distribution
Information |
NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) (the “Fund”) is providing this notice to
shareholders with important information concerning the distribution declared for November 2024 in the amount of $0.1250 per common share. This notice is intended for informational purposes; no action is required on your part.
The following table sets forth the estimated sources of income of the current distribution, and the cumulative distributions paid this fiscal year to date from the
following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. All amounts are expressed on a per share of common stock basis and as a percentage
of the distribution amount.
Data as of 11/30/2024
|
|
|
|
|
|
|
|
|
| Source |
|
Current
Distribution per Share |
|
Percent of
Current Distribution |
|
Fiscal YTD
Cumulative
Distribution per Share |
|
Fiscal YTD Percent of
Total Cumulative
Distributions |
|
|
|
|
|
| Net Investment Income |
|
$0.0045 |
|
4% |
|
$0.5014 |
|
67% |
|
|
|
|
|
| Net Realized Short-Term Capital Gains |
|
$0.0896 |
|
71% |
|
$0.1723 |
|
23% |
|
|
|
|
|
| Net Realized Long-Term Capital Gains |
|
$0.0309 |
|
25% |
|
$0.0763 |
|
10% |
|
|
|
|
|
| Return of Capital or Other Capital Sources |
|
$0.0000 |
|
0% |
|
$0.0000 |
|
0% |
|
|
|
|
|
| Total per Share |
|
$0.1250 |
|
100% |
|
$0.7500 |
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Performance and Distribution Rate Information as of 10/31/2024 |
|
|
|
|
|
|
|
|
|
| Average annual total return1 (in relation to the net asset value (NAV)) |
|
|
–1.04 |
% |
|
|
|
|
|
|
|
| Annualized current distribution rate expressed as a percentage of
month end NAV as of 10/31/2024 |
|
|
9.87
|
%2
|
|
|
|
|
|
|
|
| Cumulative total
return3 (in relation to NAV (not annualized)) for the fiscal period ending 10/31/2024 |
|
|
5.78 |
% |
|
|
|
|
|
|
|
| Cumulative fiscal year distribution rate as a percentage of NAV as of
10/31/2024 |
|
|
4.11 |
%4 |
|
|
|
|
| 1. |
Represents the annualized total return in relation to the change in NAV from inception (10/27/2021) through 10/31/2024.
|
| 2. |
Represents the current monthly distribution rate annualized as a percentage of NAV as of 10/31/2024.
|
| 3. |
Represents the cumulative total return in relation to the change in NAV for the current fiscal period 6/1/2024 through
10/31/2024. |
| 4. |
Represents the cumulative distribution rate for the current fiscal period 6/1/2024 through 10/31/2024, which is determined
by dividing the dollar value of distributions in the period by the NAV as of 10/31/2024. |
|
|
| November 2024 Distribution Information |
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution
or from the terms of the Fund’s Managed Distribution Policy.
Please note: The amounts and sources of distributions reported in this 19(a) Notice are
only estimated and are not being provided for tax reporting purposes. The actual amounts and sources of income of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
For questions regarding this notice, or for more information regarding the Fund, please contact your investment advisor, or call New York Life Investments at 855-456-9683.
Neither New York Life Investment Management LLC, its affiliates, nor its representatives provide tax, legal, or accounting advice.
Please contact your own tax advisors.
“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. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
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