UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

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NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND

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September 2, 2024

Dear Shareholder:

I am writing to ask you to vote on your nominees for Trustees for NYLI CBRE Global Infrastructure Megatrends Term Fund (the “Fund” or “MEGI”), formerly known as the MainStay CBRE Global Infrastructure Megatrends Term Fund, at the September 27, 2024 Annual Meeting of Shareholders. Please vote in favor of your Incumbent Nominees using your Fund’s WHITE proxy card. The Board of Trustees of the Fund unanimously recommends that shareholders vote for the Fund’s nominated Incumbent Trustees.

The Fund is under attack by New York City based hedge fund firm, Saba Capital Management, L.P. (“Saba”), which also sent you proxy materials asking for your vote on an opposing trustee which Saba has nominated. Saba is a hedge fund that has a history of implementing initiatives that are intended to generate short-term profits to the benefit of Saba and its investors. The Fund’s Trustees oppose the Saba proxy solicitation and trustee. Please discard any GOLD proxy cards you receive from Saba.

If Saba’s solicitation is successful, it could disrupt MEGI’s operation and Saba’s nominee may propose a liquidity event that could adversely impact the Fund. Your Fund’s Board of Trustees urges you NOT to sign any proxy cards sent to you by Saba and sign and return all WHITE proxy cards that you receive from MEGI.

Please vote your shares by following the instructions on your Fund’s WHITE proxy card. Regardless of the number of shares you own, it is important that your shares be represented at the meeting by voting your proxy.

I ask that you vote all WHITE proxy cards you receive and discard any GOLD proxy cards.

If you have any questions, please contact our Proxy Solicitor, EQ Fund Solutions, at 800-848- 3374, Monday through Friday between the hours of 9:00 AM and 10:00 PM Eastern Time.

Thank you for voting.

Sincerely,

/s/ Kirk C. Lehneis

Kirk C. Lehneis

President

NYLI CBRE Global Infrastructure Megatrends Term Fund

“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.