NYLI CBRE Global Infrastructure Megatrends Term Fund
Portfolio of Investments February 28, 2026†^(Unaudited)
  Shares Value
Closed-End Funds 4.2%
Guernsey 1.8%  (1.5% of Managed Assets)
Bluefield Solar Income Fund Ltd. (Decarbonization)  3,685,487 $     3,864,129
Renewables Infrastructure Group Ltd. (The) (Decarbonization) 13,945,304    12,591,571
    16,455,700
United Kingdom 2.4%  (2.0% of Managed Assets)
Foresight Solar Fund Ltd. (Decarbonization)  4,888,000      4,189,531
Greencoat UK Wind plc (Decarbonization)  9,550,000     12,226,555
HICL Infrastructure plc (Asset Modernization)  3,340,514     5,573,282
    21,989,368
Total Closed-End Funds
(Cost $58,456,047) 		  38,445,068
Common Stocks 113.5%
Australia 6.3%  (5.2% of Managed Assets)
Atlas Arteria Ltd. (Asset Modernization) 11,126,300     38,006,551
Transurban Group (Asset Modernization)  1,970,000    20,103,970
    58,110,521
Canada 12.4%  (10.2% of Managed Assets)
Brookfield Infrastructure Partners LP (Asset Modernization)    310,500     12,121,920
Canadian National Railway Co. (Asset Modernization) 326,000 36,582,838
Canadian Pacific Kansas City Ltd. (Asset Modernization) 303,300 26,557,789
Enbridge, Inc. (Asset Modernization) 734,750 39,036,203
    114,298,750
China 5.0%  (4.0% of Managed Assets)
Beijing Enterprises Water Group Ltd. (Asset Modernization) 26,500,000 9,585,986
Guangdong Investment Ltd. (Asset Modernization) 36,800,780 35,891,038
    45,477,024
France 5.6%  (4.5% of Managed Assets)
Eutelsat Communications SACA (Digital Transformation) (a) 2,197,657 5,855,675
Vinci SA (Asset Modernization) 272,200 45,269,636
    51,125,311
Germany 3.6%  (2.9% of Managed Assets)
E.ON SE (Decarbonization) 1,414,000 32,880,998
Ireland 0.9%  (0.7% of Managed Assets)
Greencoat Renewables plc (Decarbonization) 9,975,000 7,908,714
Italy 1.9%  (1.5% of Managed Assets)
Infrastrutture Wireless Italiane SpA (Digital Transformation) 1,624,000 17,260,671
Japan 4.0%  (3.2% of Managed Assets)
East Japan Railway Co. (Asset Modernization) 183,000 4,523,293
Kansai Electric Power Co., Inc. (The) (Decarbonization) 596,000 10,773,912
  Shares Value
Common Stocks
Japan  
Kyushu Electric Power Co., Inc. (Decarbonization)    435,200 $     5,612,607
West Japan Railway Co. (Asset Modernization)    726,400    15,601,099
    36,510,911
Mexico 0.4%  (0.3% of Managed Assets)
Grupo Aeroportuario del Centro Norte SAB de CV Class B (Asset Modernization)    242,500     3,704,525
New Zealand 1.2%  (1.0% of Managed Assets)
Auckland International Airport Ltd. (Asset Modernization)  2,023,313    11,117,348
Singapore 3.1%  (2.6% of Managed Assets)
Mapletree Industrial Trust (Digital Transformation)  5,162,000      8,325,148
NetLink NBN Trust (Digital Transformation) 26,300,000    20,584,236
    28,909,384
Spain 6.1%  (5.0% of Managed Assets)
Cellnex Telecom SA (Digital Transformation) (a)    565,800     21,487,174
Enagas SA (Asset Modernization)  1,929,952    34,993,218
    56,480,392
United Kingdom 3.8%  (3.1% of Managed Assets)
Pennon Group plc (Asset Modernization) 2,280,337 18,438,577
SSE plc (Decarbonization) 457,500 16,579,026
    35,017,603
United States 59.2%  (48.4% of Managed Assets)
AES Corp. (The) (Decarbonization) 2,360,436 40,788,334
American Tower Corp. (Digital Transformation) 156,259 29,979,852
California Water Service Group (Asset Modernization) 193,000 8,700,440
Cheniere Energy, Inc. (Asset Modernization) 151,105 35,619,981
Chesapeake Utilities Corp. (Asset Modernization) 59,400 8,076,618
CMS Energy Corp. (Decarbonization) 213,150 16,640,620
Constellation Energy Corp. (Decarbonization) 115,600 38,134,128
Crown Castle, Inc. (Digital Transformation) 376,589 33,719,779
Dominion Energy, Inc. (Decarbonization) 369,494 23,329,851
Entergy Corp. (Decarbonization) 235,844 25,261,251
Equinix, Inc. (Digital Transformation) 7,050 6,868,533
Essential Utilities, Inc. (Asset Modernization) 274,000 10,951,780
Evergy, Inc. (Decarbonization) 80,000 6,692,800
OGE Energy Corp. (Decarbonization) 552,800 27,164,592
ONE Gas, Inc. (Asset Modernization) 81,200 7,100,128
ONEOK, Inc. (Asset Modernization) 292,800 24,235,056
PG&E Corp. (Decarbonization) 1,729,200 32,854,800
PPL Corp. (Decarbonization) 988,711 38,539,955
Public Service Enterprise Group, Inc. (Decarbonization) 474,000 40,797,180
Southern Co. (The) (Decarbonization) 148,200 14,431,716
WEC Energy Group, Inc. (Decarbonization) 111,000 12,982,560
Xcel Energy, Inc. (Decarbonization) 633,000 52,766,880
  Shares Value
Common Stocks
United States  
XPLR Infrastructure LP (Decarbonization) (a)    794,852 $     8,417,483
    544,054,317
Total Common Stocks
(Cost $1,114,019,183) 		  1,042,856,469
 
  Principal
Amount 		 
 
Corporate Bond 1.2%
United States 1.2%  (1.0% of Managed Assets)
Vistra Corp. (Decarbonization)    
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (b)(c) $ 11,000,000 11,181,126
Total Corporate Bond
(Cost $11,087,509) 		  11,181,126
 
  Shares  
 
Preferred Stocks 3.4%
Canada 2.2%  (1.8% of Managed Assets)
Brookfield BRP Holdings Canada, Inc. (Decarbonization)    
4.875% (c) 771,119 12,206,814
Enbridge, Inc. (Asset Modernization) (c)    
5.412% 221,400 3,557,852
6.112% 244,400 4,181,882
    19,946,548
United States 1.2%  (1.0% of Managed Assets)
Digital Realty Trust, Inc. (Digital Transformation) (c)    
5.20% 238,488 4,934,317
5.25% 206,791 4,348,815
DTE Energy Co. (Decarbonization)    
5.25% 66,307 1,474,004
Sempra (Decarbonization)    
5.75% 37,043 833,467
    11,590,603
Total Preferred Stocks
(Cost $36,691,705) 		  31,537,151
  Shares   Value
Short-Term Investment 0.1%
Affiliated Investment Company 0.1% 
United States 0.1%  (0.1% of Managed Assets)
NYLI U.S. Government Liquidity Fund, 3.524% (d)    922,835   $       922,835
Total Short-Term Investment
(Cost $922,835) 		    922,835
Total Investments
(Cost $1,221,177,279) 		122.4%   1,124,942,649
Line of Credit Borrowing       (22.1)     (202,800,000)
Other Assets, Less Liabilities (0.3)   (2,813,476)
Net Assets 100.0%   $ 919,329,173
    
† 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 February 28, 2026.
(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 February 28, 2026.
"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 $1,123,882,936 as of February 28, 2026.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 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 $ — $ 65,744 $ (64,821) $ — $ — $ 923 $ 15 $ — 923
    
The following is a summary of the fair valuations according to the inputs used as of February 28, 2026, 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     $ 38,445,068            $ —   $ —       $ 38,445,068
Common Stocks  1,042,856,469            —   —    1,042,856,469
Corporate Bond             —    11,181,126   —       11,181,126
Preferred Stocks     31,537,151            —   —       31,537,151
Short-Term Investment              
Affiliated Investment Company        922,835            —   —          922,835
Total Investments in Securities $ 1,113,761,523   $ 11,181,126   $ —   $ 1,124,942,649
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
NYLI CBRE Global Infrastructure Megatrends Term Fund
Notes to Portfolio of Investments February 28, 2026 (Unaudited)
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 of Trustees (the "Board") of the NYLI CBRE Global Infrastructure Megatrends Term Fund (the "Fund") has designated New York Life Investment Management LLC 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.
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 methodologies 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 February 28, 2026, is included at the end of the Portfolio of Investments.
The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:
• Broker/dealer quotes • Benchmark securities
• Two-sided markets • Reference data (corporate actions or material event notices)
• Bids/offers • Monthly payment information
• Industry and economic events • Reported trades
An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended February 28, 2026, 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 NAV is 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 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. In such cases, 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.