SEC Form N-CSRS filed by NYLI CBRE Global Infrastructure Megatrends Term Fund
$MEGI
Investment Managers
Finance
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
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| 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.
Table of Contents
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)
| † | 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)
5
Portfolio of
Investments November 30, 2024†^
(Unaudited)
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 |
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
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)
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) (continued)
| 16 | NYLI CBRE Global Infrastructure Megatrends Term Fund |
Notes to Financial
Statements (Unaudited) (continued)
| 18 | NYLI CBRE Global Infrastructure Megatrends Term Fund |
Notes to Financial
Statements (Unaudited) (continued)
| 20 | NYLI CBRE Global Infrastructure Megatrends Term Fund |
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 |
FORM N-CSR
| Item 2. | Code of Ethics. |
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Investments. |
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
| Item 19. | Exhibits. |
| (a) |
| (b) |
| (c) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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 | ||