MEGI - NYLI CBRE Global Infrastructure Megatrends Term Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 20, 2026

   Saba sold down below 5% and stopped reporting.

   Original document →

2. Aug 18, 2026

   Saba cut its stake to 5.6% (from 6.7%). It has said it may push for changes.

   Original document →

3. Aug 13, 2026

   Morgan Stanley cut its stake to 6.2% (from 6.5%), as a passive investor.

   Original document →

4. Aug 12, 2026

   Morgan Stanley raised its stake to 6.5% (from 5.4%), as a passive investor.

   Original document →

5. June 29, 2026

   Saba cut its stake to 6.7% (from 7.7%). It has said it may push for changes.

   Original document →

About this fund

• Run by New York Life Investment Management LLC. Part of the NYLI Group of Funds fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $840 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 22% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 2.9% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in utilities and infrastructure, 6 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $1.50 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $16.82. The shares traded at $15.25, about 9.3% below that. As of May 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.8% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2021.

How this has changed

• Payouts per share: $1.50 in the fiscal year ended May 31, 2026; $1.50 in the year ended May 31, 2025; $1.47 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended May 31, 2026; $0.50 in the year ended May 31, 2025; $0.38 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.85% a year in the fiscal year ended May 31, 2026; 3.43% a year in the year ended May 31, 2025; 3.73% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $875 million at May 31, 2026; $792 million at May 31, 2025; $779 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 31, 2026 →, May 31, 2025 →, May 31, 2024 →.
• Borrowing: about 21% on top of its own money at May 31, 2026; 25% at May 31, 2025; 26% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 31, 2026 →, May 31, 2025 →, May 31, 2024 →.
• The fund had about 52 million shares at May 31, 2026, about the same as at May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned +20%, counting payouts; the holdings +21.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned +20.9%, counting payouts; the holdings +12.5%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned +7%, counting payouts; the holdings +2.7%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -19.8%, counting payouts; the holdings -16.1%. As of May 31, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +24.4%. $10,000 of shares bought at the start (June 1, 2022) would have become about $12,400 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +13.6%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 7 funds that invest in utilities and infrastructure with a fiscal year ending within six months of this one, 4 reported a higher share return for that year and 2 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (93%), the rest other holdings, preferred shares and bonds. About 50% issued in the U.S.

1. PPL Corp. - 5.9%
2. Xcel Energy, Inc. - 5.4%
3. Williams Cos., Inc. - 5.1%
4. Guangdong Investment Ltd. - 4.9%
5. American Electric Power Co., Inc. - 4.7%
6. Enagas SA - 4.5%
7. Constellation Energy Corp. - 4.4%
8. Vinci SA - 4.2%
9. Enbridge, Inc. - 4.1%
10. E.On SE - 4%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →