Nuveen funds (NYSE: NMAI) year‑end results, JRI rights offering details

Rhea-AI Filing Summary

Nuveen Multi-Asset Income Fund (and affiliated Nuveen closed-end funds) filed its certified shareholder report for the period ended December 31, 2025, disclosing fund performance, distribution sources, portfolio composition, leverage and selected corporate actions.

The report shows NMAI returned 19.23% for the 12-month period (benchmark 15.16%), JRI returned 14.15% (benchmark 10.82%) and JRS returned -1.70% (benchmark 3.44%). The report details distribution rates and sources: NMAI current distribution $0.1160 per share, JRI current distribution $0.1335, and JRS quarterly distribution $0.1700, with material portions estimated as a return of capital (JRS estimates ~78.3% as of Nov 30, 2025, and ~69.2% fiscal YTD as of Dec 31, 2025). The Board authorized a repurchase program of up to ~10% of outstanding shares; cumulative repurchases shown: NMAI 0, JRI 243,500, JRS 0. The report also discloses a JRI Rights offering (Record Date Feb 6, 2026, 1-for-4 subscription, Subscription Price = 95% of a five-day average with a 90% NAV floor, Expiration Date March 9, 2026), and portfolio manager updates effective Jan 7, 2026 and earlier 2025 changes.

Insights

Portfolio Strategist

NMAI and JRI outperformed their blended benchmarks for the year, while JRS lagged its real‑estate benchmark.

NMAI returned 19.23% versus its blended benchmark 15.16%, driven by equity and high‑yield allocations; leverage (Effective Leverage 30.48%) magnified results. JRI returned 14.15% with Effective Leverage 31.78%. JRS returned -1.70%, underperforming a 3.44% benchmark.

Outcomes depend on future market direction and funding costs: higher short‑term rates increase leverage expense and may compress net common share income. Subsequent filings and quarterly updates will show whether distributions and leverage levels are maintained.

Distribution & Tax Analyst

Distributions include notable estimated return‑of‑capital amounts, especially for JRS.

JRS distribution estimates show a high ROC component: approximately 78.3% of the current quarter per‑share distribution was estimated as return of capital (data as of Nov 30, 2025); fiscal YTD figures as of Dec 31, 2025 show ROC at ~69.2%. NMAI and JRI also report distribution source tables with material ROC portions for fiscal YTD.

Shareholders should refer to the eventual Form 1099‑DIV for tax treatment; the report states estimates may differ from final tax reporting and that distribution composition is updated through the fiscal year.

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  811-23669                                

Nuveen Multi-Asset Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

      Closed-End Funds       December 31, 2025   

Nuveen

Closed-End Funds

Nuveen Multi-Asset Income Fund		NMAI
Nuveen Real Asset Income and Growth Fund		JRI
Nuveen Real Estate Income Fund		JRS

Annual

Report

IMPORTANT DISTRIBUTION NOTICE

for Shareholders of the Nuveen Real Estate Income Fund (JRS)

Annual Shareholder Report for the period ending December 31, 2025

The Nuveen Real Estate Income Fund (JRS) seek to offer attractive cash flow to its shareholders, by converting the expected long-term total return potential of the Fund’s investments in REITs into regular quarterly distributions. Following is a discussion of the Managed Distribution Policy the Fund uses to achieve this.

The Fund pays quarterly common share distributions that seek to convert the Fund’s expected long-term total return potential into regular cash flow. As a result, the Fund’s regular common share distributions (presently $0.1700 per share) may be derived from a variety of sources, including:

• distributions from portfolio companies (REITs),

• realized capital gains or,

• Possibly, returns of capital representing in certain cases unrealized capital appreciation.

Such distributions are sometimes referred to as “managed distributions.” The Fund seeks to establish a distribution rate that roughly corresponds to the Adviser’s projections of the total return that could reasonably be expected to be generated by the Fund over an extended period of time. The Adviser may consider many factors when making such projections, including, but not limited to, long-term historical returns for the asset classes in which the Fund invests. As portfolio and market conditions change, the distribution amount and distribution rate on the Common Shares under the Fund’s Managed Distribution Policy could change.

When it pays a distribution, the Fund provides holders of its Common Shares a notice of the estimated sources of the Fund’s distributions (i.e., what percentage of the distributions is estimated to constitute ordinary income, short-term capital gains, long-term capital gains, and/or a non-taxable return of capital) on a year-to-date basis. It does this by posting the notice on its website (www.nuveen.com/cef), and by sending it in written form.

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. The Fund’s actual financial performance will likely vary from month-to-month and from year-to-year, and there may be extended periods when the distribution rate will exceed the Fund’s actual total returns. The Managed Distribution Policy provides that the Board may amend or terminate the Policy at any time without prior notice to Fund shareholders. There are presently no reasonably foreseeable circumstances that might cause the Fund to terminate its Managed Distribution Policy.

2

Table

of Contents

Important Notices			4
Discussion of Fund Performance			5
Common Share Information			10
About the Funds’ Benchmarks			13
Fund Performance, Leverage and Holdings Summaries			14
Report of Independent Registered Public Accounting Firm			22
Portfolios of Investments			23
Statement of Assets and Liabilities			71
Statement of Operations			72
Statement of Changes in Net Assets			73
Statement of Cash Flows			75
Financial Highlights			78
Notes to Financial Statements			81
Shareholder Update			97
Important Tax Information			135
Additional Fund Information			137
Glossary of Terms Used in this Report			138
Board Members & Officers			139

3

Important Notices

NMAI - Portfolio manager updates: Effective January 7, 2026, Mark Zheng, CFA, James Kim and John Tribolet were added as portfolio managers of the Fund and Nathan Shetty and Anurag Dugar were removed as portfolio manager of the Fund.

JRI - Portfolio manager updates: Effective February 11, 2025, James Kim has been added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.

JRI – Rights Offering: On January 15, 2026, the Board approved the terms of the issuance of Rights to the holders of the Fund’s Common Shares as of February 6, 2026 (the “Record Date”). Holders of Rights will be entitled to subscribe for additional Common shares (the “Offer”) at a discount to the market price of the Common Shares.

After considering a number of factors, including potential benefits and costs, the Board and the Adviser, determined that the Offer will benefit both the Fund and its common shareholders and increase the assets of the Fund available to take advantage of existing investment opportunities, consistent with the Fund’s investment objective of providing shareholders with a high level of current income and long-term capital appreciation.

Certain key terms of the Offer include:

• Holders of Common Shares on the Record Date (“Record Date Shareholders”) will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle the holders to purchase one new Common Share for every four Rights held (1-for-4).

• The subscription price per Common Share (the “Subscription Price”) will be determined based upon a formula equal to 95% of the average of the last reported sales price of the Common Shares on the NYSE on the Expiration Date and each of the four preceding trading days (the “Formula Price”). If, however, the Formula Price is less than 90% of the net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be 90% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. The Rights offering will expire at 5:00 p.m., Eastern time, on March 9, 2026 (the “Expiration Date”).

• Record Date Shareholders who fully exercise all Rights issued to them can subscribe, subject to certain limitations and allotment, for any additional Common Shares which were not subscribed for by other holders of Rights at the Subscription Price, subject to the right of the Board to eliminate this over-subscription privilege. Investors who are not Record Date Shareholders but who otherwise acquire Rights in the secondary market are not entitled to participate in the over-subscription privilege. If these requests exceed available Common Shares, they will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund.

• Rights are transferable and were admitted for trading on the NYSE under the symbol “JRI RTWI” initially trading “when-issued” on February 5, 2026. The Rights then began trading with regular settlement under the symbol “JRI RT” on February 10, 2026, and will cease trading at the close on March 6, 2026, one day before the Offer’s Expiration Date. During this time, Record Date Shareholders may also choose to sell their Rights.

More details about the Fund’s rights offering are available on www.nuveen.com/cef.

4

Discussion of Fund Performance

Nuveen Multi-Asset Income Fund (NMAI)

Nuveen Real Asset Income and Growth Fund (JRI)

Nuveen Real Estate Income Fund (JRS)

The Nuveen Multi-Asset Income Fund (NMAI) features features portfolio management by Nuveen Asset Management, LLC (NAM), Teachers Advisors, LLC (TAL) and Winslow Capital Management LLC (Winslow). NAM, TAL and Winslow each serve as a sub-adviser to the Fund and are each an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. Subsequent to the close of the reporting period, effective January 7, 2026, the Fund’s portfolio managers are Mark Zheng, CFA, FRM, James Kim and John Tribolet.

The Nuveen Real Asset Income and Growth Fund (JRI) features portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Tryg Sarsland, Brenda Langenfeld, CFA, Benjamin Kerl, Noah Hauser, CFA and James Kim.

The Nuveen Real Estate Income Fund (JRS) features portfolio management by a team of real estate investment professionals at Security Capital Research & Management Incorporated (Security Capital), a wholly owned subsidiary of JPMorgan Chase & Company. Anthony Manno Jr., Kevin Bedell and Nathan Gear, CFA, lead the investment and portfolio management team.

Below is a discussion of Fund performance and the factors that contributed and detracted during the 12-month reporting period ended December 31, 2025. For more information on each Fund’s investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

Nuveen Multi-Asset Income Fund (NMAI)

What factors affected markets during the reporting period?

• Global equities posted healthy gains in 2025, led by non-U.S. developed markets, with emerging markets performing nearly as well. Both topped U.S. shares, as measured by the S&P 500 Index, by double digits for the first time since 2006, driven partly by a weaker U.S. dollar. In the U.S., large-cap growth stocks outperformed large-cap value.

• U.S. Treasury yields broadly fell and the yield curve steepened during the reporting period. Intermediate-duration fixed income assets generally outperformed shorter-duration assets of similar credit rating, while very long-dated fixed income instruments underperformed. Additionally, the anticipation and announcements of tariffs by the U.S. on its trading partners contributed to volatility in April 2025 and weakened the U.S. dollar.

• Credit spreads tightened during the reporting period. High-yield bonds, emerging markets debt, and preferred securities outperformed investment-grade bonds, while senior loans lagged.

What key strategies were used to manage the Fund during the reporting period?

• The Fund seeks to provide attractive total return through high current income and capital appreciation. The Fund dynamically invests in a portfolio of equity and debt securities of issuers located around the world.

• During the first quarter 2025, the Fund reduced its interest rates exposure by trimming the allocations to emerging markets debt and TIPS (Treasury inflation-protected securities), while increasing exposure to floating-rate loans. Additionally, after having reduced the equity exposure around mid-February 2025 via real assets and international developed stocks, the Fund added back some equity exposure in March 2025 via U.S. large-cap value and dividend growth stocks.

• Early in the second quarter 2025, the Fund increased exposure to U.S. dividend growth stocks to take advantage of the April sell-off and began to wind down the Fund’s call overwriting overlay. Later in the quarter, the Fund reduced exposure to public real assets – both U.S. real estate investment trusts (REITs) and global infrastructure stocks – and to emerging markets equities, while increasing exposure to core U.S. and international developed market equities. In fixed income, the Fund reduced the floating-rate loans, preferred securities and mortgage-backed securities (MBS) allocations and increased the core bond and high yield bond allocations.

5

Discussion of Fund Performance (continued)

• After September’s strong interest rate rally, the Fund reduced exposure to MBS and added an allocation to energy infrastructure master limited partnerships (MLPs), which helped lower the Fund’s interest rate sensitivity while enhancing the expected portfolio yield.

• In the fourth quarter 2025, the Fund reduced exposure to floating-rate senior loans and increased allocation to equities as the Federal Reserve cut interest rates.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended December 31, 2025, NMAI returned 19.23%. The Fund outperformed the returns of the NMAI Blended Benchmark, which returned 15.16%. The NMAI Blended Benchmark, effective June 17, 2025, consists of 1) 50% MSCI ACWI Index (Net), 2) 35% Bloomberg U.S. Corporate high Yield Bond Index and 3) 15% Bloomberg U.S. Aggregate Bond Index. Prior to June 17, 2025, the NMAI Blended Benchmark consisted of 1) 50% MSCI ACWI (Net), and 2) 50% Bloomberg U.S. Corporate high Yield Bond Index.

Top contributors to relative performance

• The Fund’s use of leverage through bank borrowings and reverse repurchase agreements.

• Within equities, an overweight allocation to international equities.

• Within fixed income, an out-of-benchmark allocation to preferred securities.

Top detractors from relative performance

• Within equities, an overweight allocation to U.S. equities.

• Within fixed income, an overweight allocation to U.S. investment-grade bonds

Nuveen Real Asset Income and Growth Fund (JRI)

What factors affected markets during the reporting period?

• The U.S. economy continued to expand, and pricing pressures generally eased, but inflation remained higher than the central bank’s 2% target. The labor market began to show signs of weakening toward the end of the reporting period.

• Most global central banks continued to ease monetary policy. After holding steady throughout the first eight months of 2025, the Federal Reserve lowered rates by 25 basis points in September, October and December, bringing the federal funds rate to a range of 3.50%-3.75%.

• In the United States, rates fell across all but the longest 30-year segment of the Treasury yield curve, but more so at the short end, causing the yield curve to steepen. The 10-year U.S. Treasury yield ended the reporting period 40 basis points lower at 4.18%.

• Of the five segments within the JRI Blended Benchmark, global infrastructure common equities performed best during the reporting period, followed by the real estate common equity segment.

• High yield bonds also rallied throughout the reporting period due to stronger-than-expected U.S. economic growth and consumer spending that supported credit spreads.

• Despite looser monetary policy, the rate-sensitive real estate preferred securities sector within the JRI Blended Benchmark underperformed during the reporting period.

6

What key strategies were used to manage the Fund during the reporting period?

• The Fund generally maintained a more defensive posture throughout its portfolio given ongoing geopolitical risks, along with uncertainty surrounding global growth, inflation and interest rates. The portfolio management team favored sectors that tend to have more resilient business models and greater earnings visibility, while also maintaining some cyclical exposure.

• In the equity portion of the Fund, global infrastructure common shares represented the Fund’s largest overweight. Exposure increased in the more defensive and essential electric utilities sector because of these companies’ more visible cash flows and earnings, and importance in fulfilling the increased demand for power to develop generative artificial intelligence (AI).

• Real estate common equity exposure also remained a modest overweight. Much of this sector continued to be attractive from a valuation standpoint relative to the broader equity market after underperforming due to higher interest rates.

• The debt portion of the Fund remained an overweight at the end of the reporting period because of the potential for continued stock market volatility following three straight years of strong equity market advances. Additionally, the debt segment of the capital structure continued to offer attractive yields and pricing.

• Within the debt portfolio, the portfolio management team made some opportunistic additions in commercial mortgage-backed securities (CMBS), largely due to relatively attractive spreads in the sector. While the majority of the Fund’s debt exposure remained in high yield bonds, the portfolio management team maintained modest exposure to higher-quality, investment-grade credits to allow for broader sector diversification than what was available in the high yield market.

• The Fund maintained underweight exposures to preferred securities throughout the reporting period. Real estate preferreds remained the Fund’s largest underweight due to much lighter issuance and tight spreads in the sector. Global infrastructure preferreds also remained an underweight, with purchases focused on $1000 par institutional securities and hybrid structures within the group.

• The portfolio management team maintained the Fund’s overweight to U.S. versus non-U.S. exposure throughout the reporting period because it found incrementally more attractive opportunities in the United States.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended December 31, 2025, JRI returned 14.15%. The Fund outperformed the returns of the JRI Blended Benchmark, which returned 10.82%. The JRI Blended Benchmark consists of 1) 25% FTSE EPRA Nareit Developed Index (Net), 2) 22% S&P Global Infrastructure Index (Net), 3) 20% ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 13% FTSE Nareit Preferred Stock Index and 5) 20% Bloomberg U.S. Corporate High Yield Bond Index.

Top contributors to relative performance

• Security selection in real estate common equity, led by industrial companies, including an overweight position in LXP Industrial Trust.

• Security selection in the gas utilities sector within the global infrastructure common equity segment, led by an out-of-benchmark position in Snam S.p.A.

• An overweight to the electric transmission sector within the global infrastructure common equity segment, led by an overweight to National Grid.

• An underweight to real estate preferred securities, including an underweight to hotel real estate investment trust (REIT) preferreds.

7

Discussion of Fund Performance (continued)

• The Fund’s use of leverage through bank borrowings. In addition, the Fund’s use of leverage was accretive to overall common share income.

Top detractors from relative performance

• An underweight to the airport sector within the global infrastructure common equity segment.

• Security selection and an overweight position in real asset debt, including overweights to the rail, pipeline and technology infrastructure sectors.

Nuveen Real Estate Income Fund (JRS)

What factors affected markets during the reporting period?

• The U.S. economy continued to expand, and pricing pressures generally eased, but inflation remained higher than the central bank’s 2% target. The labor market began to show signs of weakening toward the end of the reporting period.

• Most global central banks continued to ease monetary policy. After holding rates steady throughout the first eight months of 2025, the Federal Reserve lowered rates three times between September and December, bringing the federal funds rate to a range of 3.50%-3.75%.

• In the United States, rates fell across all but the longest 30-year segment of the Treasury yield curve, but more so at the short end, causing the curve to steepen over the reporting period. The 10-year U.S. Treasury yield ended the year 40 basis points lower at 4.18%.

• Despite looser monetary policy, the real estate sector underperformed broader equity markets in 2025. Economic uncertainty and still-elevated interest rates hampered new real estate development, while investors favored technology-focused companies more closely tied to artificial intelligence (AI) spending throughout the reporting period.

What key strategies were used to manage the Fund during the reporting period?

• The portfolio management team sought to maintain significant property type and geographic diversification while considering company credit quality and security type allocations.

• Investment decisions were based on a multi-layered analysis of the company, the real estate it owns, its management and the relative price of the security.

• The portfolio management team used fundamental security research to identify securities that it believed would be best positioned to generate sustainable income and potential price appreciation.

• To manage risk at the portfolio level during the reporting period, the team continued to adjust the Fund’s exposures in common equity versus preferred securities, senior unsecured bonds, and cash. In general, during times of strong economic growth, the portfolio management team increased the Fund’s allocation to common equity. In less certain times, the portfolio management team tended to increase the Fund’s allocation toward preferred securities.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended December 31, 2025, JRS returned -1.70%. The Fund underperformed the returns of the JRS Blended Benchmark, which returned 3.44%. The JRS Blended Benchmark consists of 1) 60% FT Wilshire U.S. REIT Index and 2) 40% FTSE Nareit Preferred Stock Index.

8

Top contributors to relative performance

• An overweight to health care company Ventas Inc.

• An overweight to industrial company First Industrial Realty Trust.

Top detractors from relative performance

• An underweight to health care REIT Welltower Inc.

• An overweight to Alexandria Real Estate Equities Inc.

• An overweight to Healthpeak Properties Inc.

• The Fund’s use of leverage through bank borrowings.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Each Fund uses credit quality ratings for its portfolio securities provided by Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s (S&P) and Fitch, Inc. (Fitch). For NMAI, if all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle rating is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. For JRI and JRS, the highest rating given by Moody’s, S&P and Fitch is used. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

9

Common Share Information

NMAI and JRI DISTRIBUTION INFORMATION

The following information regarding the distributions for NMAI and JRI are as of December 31, 2025, the Funds’ fiscal and tax year end, and may differ from previously issued distribution notices.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, Each Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice of maintaining a stable distribution level had no material effect on the Fund’s investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial Statements herein.

The following table provides the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.” The Funds attribute these estimates equally to each regular distribution throughout the year.

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on the Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about the Fund’s distributions are available on www.nuveen.com/en-us/closed-end-funds.

Data as of December 31, 2025

						Per Share Sources of Distribution																Percentage of Distributions
		Per Share Distribution				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital
NMAI (FYE 12/31)
Current Distribution		$	0.1160			$	0.0357			$	0.0000			$	0.0000			$	0.0803				30.80	%			0.00	%			0.00	%			69.20	%
Fiscal YTD		$	1.2895			$	0.3973			$	0.0000			$	0.0000			$	0.8922				30.80	%			0.00	%			0.00	%			69.20	%
JRI (FYE 12/31)
Current Distribution		$	0.1335			$	0.0681			$	0.0000			$	0.0000			$	0.0654				51.00	%			0.00	%			0.00	%			49.00	%
Fiscal YTD		$	1.6020			$	0.8166			$	0.0000			$	0.0000			$	0.7854				51.00	%			0.00	%			0.00	%			49.00	%

JRS DISTRIBUTION INFORMATION

The following 19(a) Notice presents JRS’s most current distribution information as of December 31, 2025 as required by certain exempted regulatory relief the Fund has received.

Because the ultimate tax character of your distributions depends on the Fund’s performance for its entire fiscal year (which is the calendar year for the Fund) as well as certain fiscal year-end (FYE) tax adjustments, estimated distribution source information you receive with each distribution may differ from the tax information reported to you on your Fund’s IRS Form 1099 statement.

10

JRS makes regular cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board of Trustees, the Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of the Fund’s investment strategy through regular distributions (a “Managed Distribution Program”). The practice of maintaining a stable distribution level had no material effect on the Fund’s investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial Statements herein.

DISTRIBUTION INFORMATION - AS OF November 30, 2025

This notice provides shareholders with information regarding fund distributions, as required by current securities laws. 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.

The following table provides estimates of the Fund’s distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. It is estimated that the Fund has distributed more than its income and net realized capital gains; therefore, a portion of the distributions may be (and is shown below as being estimated to be) a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon 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. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.

Data as of November 30, 2025

		Per Share Estimated Sources of Distribution1																				Estimated Percentage of Distributions1
JRS (FYE 12/31)		Per Share Distribution				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital
Current Quarter		$	0.1700			$	0.0369			$	0.0000			$	0.0000			$	0.1331				21.70	%			0.00	%			0.00	%			78.30	%
Fiscal YTD		$	0.6800			$	0.1477			$	0.0000			$	0.0000			$	0.5323				21.70	%			0.00	%			0.00	%			78.30	%

¹ Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year.

The following table provides information regarding the JRS’s distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet its distributions.

Data as of November 30, 2025

														Annualized								Cumulative
JRS (FYE 12/31) Inception Date		Quarterly Distribution				Fiscal YTD Distribution				Net Asset Value (NAV)				5-Year Return on NAV				Fiscal YTD Dist Rate on NAV1				Fiscal YTD Return on NAV				Fiscal YTD Dist Rate on NAV1
Nov 2001		$	0.1700			$	0.6800			$	8.52				5.62	%			7.98	%			(0.06	)%			7.98	%

¹ As a percentage of 11/ 30/25 NAV.

DISTRIBUTION INFORMATION - AS OF December 31, 2025

The following tables provide information regarding the Fund’s common share distributions and total return performance for the fiscal year ended December 31, 2025. This information is intended to help you better understand whether the Fund’s returns for the specified time period were sufficient to meet its distributions.

11

Common Share Information (continued)

Data as of December 31, 2025

		Per Share Sources of Distribution																				Percentage of Distributions
JRS (FYE 12/31)		Per Share Distribution				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital1				Net Investment Income				Long-Term Gains				Short-Term Gains				Return of Capital1
Fiscal YTD			$0.6800				$0.2097				$0.0000				$0.0000				$0.4703				30.80	%			0.00	%			0.00	%			69.20	%

¹ Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year.

Data as of December 31, 2025

		Annualized
JRS (FYE 12/31) Inception Date		Net Asset Value (NAV)				1-Year Return on NAV				5-Year Return on NAV				Fiscal YTD Dist Rate on NAV
Nov 2001			$8.21				(1.70	)%			4.68	%		8.28%

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closedend funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees authorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of December 31, 2025 (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired common shares as shown in the accompanying table.

		NMAI				JRI				JRS
Common shares cumulatively repurchased and retired			0				243,500				0
Common shares authorized for repurchase			3,340,000				2,740,000				2,885,000

12

About the Funds’ Benchmarks

Bloomberg Global Capital Securities Index: An index designed to measure the performance of fixed-rate, investment grade capital securities denominated in USD, EUR and GBP. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Bloomberg U.S. Aggregate Bond Index: An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Bloomberg U.S. Corporate High Yield Bond Index: An index designed to measure the performance of the USD-denominated, fixed rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

FTSE EPRA Nareit (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts) Developed Index (Net): An index designed to measure the performance of listed real estate companies and REITs worldwide. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

FTSE Nareit (Financial Times Stock Exchange National Association of Real Estate Investment Trusts) Preferred Stock Index: An index designed to measure the performance of U.S. publicly traded REITs preferred stocks. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

FT Wilshire U.S. Diversified REIT Index: An index designed to measure the performance of U.S. publicly traded real estate securities. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

FT Wilshire U.S. REIT Index: An index designed to measure the performance of the mainstream US REIT investment universe. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index: An index designed to measure the performance of the energy and utilities subgroups of the ICE BofA U.S. All Capital Securities Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI ACWI Index (Net): An index designed to measure the performance of large and mid-cap stocks across 23 developed and 24 emerging markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500^® Index: An index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Global Infrastructure Index (Net): An index designed to measure the performance of listed infrastructure companies from around the world. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Wells Fargo Hybrid & Preferred Securities REIT Index (discontinued on April 1, 2021): An index designed to measure the performance of preferred securities issued in the U.S. market by REITs (index was discontinued on April 1, 2021). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Wilshire U.S. Real Estate Securities Index (WILRESI) (discontinued on January 1, 2025): An index designed to measure the performance of U.S. publicly-traded real estate securities. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

13

Fund Performance, Leverage and Holdings Summaries

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.

Fund Performance

Performance data for each Fund shown below represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings and reverse repurchase agreements. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. “Regulatory Leverage” consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for individual security information.

For financial reporting purposes NMAI uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group, Moody’s Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

14

For financial reporting purposes JRI and JRS use the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

15

NMAI		Nuveen Multi-Asset Income Fund
		Fund Performance, Leverage and Holdings Summaries December 31, 2025
Performance*

						Total Returns as of December 31, 2025
						Average Annual
		Inception Date				1-Year				Since Inception
NMAI at Common Share NAV			11/22/21				19.23%				3.57%
NMAI at Common Share Price			11/22/21				19.86%				2.75%
S&P 500® Index			—				17.88%				11.32%
NMAI Blended Benchmark			—				15.16%				6.32%
NMAI Blended Benchmark (old)			—				15.35%				6.98%

*For purposes of Fund performance, relative results are measured against the NMAI Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 50% MSCI ACWI Index (Net), 2) 35% Bloomberg U.S. Corporate High Yield Bond Index, and 3) 15% Bloomberg U.S. Aggregate Bond Index. Previously, the NMAI Blended Benchmark (old) consisted of: 1) 50% MSCI ACWI Index (Net) and 2) 50% Bloomberg U.S. Corporate High Yield Bond Index. The Fund’s investment adviser believes the new NMAI Blended Benchmark better reflects the securities in which the Fund primarily invests as well as the principal investment strategies employed by the Fund.

Daily Common Share NAV and Share Price

Common Share NAV				Common Share Price				Premium/(Discount) to NAV				Average Premium/(Discount) to NAV
$14.31				$13.04				(8.87)%				(8.73)%

Growth of an Assumed $10,000 Investment as of December 31, 2025 - Common Share Price

16

Leverage and Holdings

Leverage
Effective Leverage		30.48%
Regulatory Leverage		26.76%

Fund Allocation (% of net assets)
Common Stocks		70.0%
Corporate Bonds		19.3%
Emerging Market Debt and
Foreign Corporate Bonds		14.7%
Mortgage-Backed Securities		12.3%
Variable Rate Senior Loan Interests		10.5%
Exchange-Traded Funds		7.6%
U.S. Government and Agency Obligations		5.8%
Preferred Stock		1.1%
Asset-Backed Securities		0.5%
Investment Companies		0.0%
Repurchase Agreements		2.2%
Other Assets & Liabilities, Net		(0.2)%
Reverse Repurchase
Agreements, including accrued interest		(7.3)%
Borrowings		(36.5)%
Net Assets		100%

Portfolio Credit Quality (% of total investments)
AAA		2.0%
AA		10.7%
A		0.8%
BBB		7.8%
BB or Lower		22.3%
N/R (not rated)		0.9%
N/A (not applicable)		55.5%
Total		100%

Portfolio Composition1 (% of total investments)
Banks		7.6%
Capital Goods		6.8%
Exchange-Traded Funds		5.3%
Semiconductors & Semiconductor Equipment		4.7%
Financial Services		4.6%
Utilities		4.1%
Energy		4.1%
Software & Services		4.1%
Media & Entertainment		3.9%
Materials		3.5%
Technology Hardware & Equipment		3.2%
Pharmaceuticals, Biotechnology & Life Sciences		3.2%
Consumer Discretionary Distribution & Retail		2.8%
Health Care Equipment & Services		2.6%
Food, Beverage & Tobacco		2.3%
Insurance		2.3%
Consumer Durables & Apparel		1.8%
Consumer Services		1.6%
Transportation		1.3%
Consumer Staples Distribution & Retail		1.2%
Other		4.4%
Emerging Market Debt and Foreign Corporate Bonds		10.2%
Mortgage-Backed Securities		8.6%
U.S. Government and Agency Obligations		4.0%
Asset-Backed Securities		0.3%
Investment Companies		0.0%
Repurchase Agreements		1.5%
Total		100%

Country Allocation2 (% of total investments)
United States		73.6%
Japan		3.4%
United Kingdom		3.1%
France		2.4%
Germany		2.0%
Spain		1.9%
Switzerland		1.5%
Canada		1.2%
Netherlands		1.1%
Mexico		1.1%
Other		8.7%
Total		100%

1 See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2 Includes 7.7% (as -a percentage of total investments) in emerging market countries.

17

JRI  Nuveen Real Asset Income and Growth Fund Fund Performance, Leverage & Holdings Summaries December 31, 2025

Performance*

						Total Returns as of December 31, 2025
						Average Annual
		Inception Date				1-Year				5-Year				10-Year
JRI at Common Share NAV			4/25/12				14.15%				5.77%			5.70%
JRI at Common Share Price			4/25/12				26.60%				10.58%			8.20%
MSCI World Index (Net)			—				21.09%				12.15%			12.17%
JRI Blended Benchmark			—				10.82%				4.93%			5.74%

* For purposes of Fund performance, relative results are measured against the JRI Blended Benchmark. Effective April 1, 2021, the JRI Blended benchmark consists of: 1) 25% FTSE EPRA Nareit Developed Index (Net), 2) 22% S&P Global Infrastructure Index (Net), 3) 20% ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 13% FTSE Nareit Preferred Stock Index and 5) 20% Bloomberg U.S. Corporate High Yield Bond Index. Through March 31, 2021, the JRI Blended Benchmark consisted of 1) 21% FTSE EPRA Nareit Developed Index (Net), 2) 28% S&P Global Infrastructure Index (Net), 3) 15% Bloomberg Global Capital Securities Index, 4) 18% Wells Fargo Hybrid & Preferred Securities REIT Index, and 5) 18% Bloomberg U.S. Corporate High Yield Index.

Daily Common Share NAV and Share Price

Common   Share   NAV				Common Share Price				Premium/(Discount)       to NAV				Average Premium/(Discount) to NAV
$13.37				$13.61				1.80%				(1.43)%

Growth of an Assumed $10,000 Investment as of December 31, 2025 - Common Share Price

18

Leverage and Holdings

Leverage
Effective Leverage		31.78%
Regulatory Leverage		31.78%
Fund Allocation (% of net assets)
Common Stocks		70.5%
Corporate Bonds		47.4%
Preferred Stock		15.4%
Variable Rate Senior Loan Interests		3.6%
Convertible Preferred Securities		3.3%
Mortgage-Backed Securities		3.0%
Investment Companies		0.8%
Repurchase Agreements		2.5%
Other Assets & Liabilities, Net		0.1%
Borrowings		(46.6)%
Net Assets		100%
Portfolio Credit Quality (% of total investments)
AA		0.3%
A		2.4%
BBB		22.1%
BB or Lower		20.2%
N/R (not rated)		4.6%
N/A (not applicable)		50.4%
Total		100%

Portfolio Composition (% of total investments)
Utilities		27.6%
Common Stocks		24.0%
Energy		16.4%
Equity Real Estate Investment Trusts (REITs)		11.0%
Transportation		3.5%
Telecommunication Services		2.9%
Mortgage-Backed Securities		2.1%
Real Estate Management & Development		1.8%
Consumer Services		1.7%
Capital Goods		1.6%
Health Care Equipment & Services		1.3%
Financial Services		1.0%
Media & Entertainment		1.0%
Investment Companies		0.5%
Consumer Discretionary Distribution & Retail		0.5%
Preferred Stock		0.5%
Commercial & Professional Services		0.4%
Materials		0.2%
Automobiles & Components		0.2%
Technology Hardware & Equipment		0.1%
Repurchase Agreements		1.7%
Total		100%

Country Allocation1 (% of total investments)
United States		69.1%
Canada		10.0%
United Kingdom		5.2%
France		2.5%
Italy		2.5%
Singapore		1.7%
Australia		1.6%
Japan		1.5%
Mexico		1.2%
Hong Kong		1.1%
Other		3.6%
Total		100%

1 Includes 2.0% (as a percentage of total investments) in emerging market countries

19

JRS  Nuveen Real Estate Income Fund Fund Performance, Leverage & Holdings Summaries December 31, 2025

Performance*

						Total Returns as of    December 31, 2025
						Average Annual
		Inception Date				1-Year				5-Year				10-Year
JRS at Common Share NAV			11/15/01				(1.70)%				4.68%			4.48%
JRS at Common Share Price			11/15/01				(3.39)%				6.70%			5.42%
FT Wilshire U.S. REIT Index			—				2.71%				6.49%			5.73%
FT Wilshire US Diversified REIT Index			—				3.47%				7.04%			5.74%
JRS Blended Benchmark			—				3.44%				4.87%			4.96%

* For purposes of Fund performance, relative results are measured against the JRS Blended Benchmark. Effective January 1, 2025, the JRS Blended Benchmark consisted of: 1) 60% FT Wilshire U.S. REIT Index and 2) 40% FTSE Nareit Preferred Stock Index. Through December 31, 2024, the JRS Blended Benchmark consisted of: 1) 60% Wilshire U.S. Real Estate Securities Index and 2) 40% FTSE Nareit Preferred Stock Index. Through March 31, 2021, the JRS Blended Benchmark consisted of 1) 60% Wilshire U.S. Real Estate Securities Index and 2) 40% Wells Fargo Hybrid & Preferred Securities REIT Index.

Daily Common Share NAV and Share Price

Common   Share   NAV				Common Share Price				Premium/(Discount)       to NAV				Average Premium/(Discount) to NAV
$8.21				$7.66				(6.70)%				(6.74)%

Growth of an Assumed $10,000 Investment as of December 31, 2025 - Common Share Price

20

Leverage and Holdings

Leverage
Effective Leverage		30.15%
Regulatory Leverage		30.15%
Fund Allocation (% of net assets)
Common Stocks		103.5%
Preferred Stock		38.0%
Convertible Preferred Securities		0.7%
Repurchase Agreements		2.6%
Other Assets & Liabilities, Net		(1.6)%
Borrowings		(43.2)%
Net Assets		100%

Portfolio Credit Quality (% of total investments)
A		3.1%
BBB		13.1%
BB or Lower		4.8%
N/R (not rated)		5.7%
N/A (not applicable)		73.3%
Total		100%

Portfolio Composition1 (% of total investments)
Retail REITs		19.3%
Office REITs		12.5%
Industrial REITs		11.8%
Health Care REITs		11.0%
Data Center REITs		10.3%
Multi-Family Residential REITs		9.6%
Self-Storage REITs		8.3%
Hotel & Resort REITs		4.9%
Single-Family Residential REITs		4.9%
Other Specialized REITs		2.0%
Other		3.6%
Repurchase Agreements		1.8%
Total		100%

1 See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

21

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of Nuveen Multi-Asset Income Fund, Nuveen Real Asset Income and Growth Fund and Nuveen Real Estate Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Multi-Asset Income Fund, Nuveen Real Asset Income and Growth Fund and Nuveen Real Estate Income Fund (hereafter collectively referred to as the “Funds”), as of December 31, 2025, the related statements of operations, changes in net assets, and cash flows, including the related notes, and the financial highlights for the year ended December 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of each of their operations, changes in each of their net assets, each of their cash flows and each of the financial highlights for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended December 31, 2024 and the financial highlights for each of the periods ended on or prior to December 31, 2024 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2025 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 27, 2026

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Portfolio of Investments December 31, 2025

NMAI

‘ 

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						LONG-TERM INVESTMENTS - 141.8% (98.5% of Total Investments)
						ASSET-BACKED SECURITIES - 0.5% (0.3% of Total Investments)
$	300,000			(a)		Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A			1.660%				02/20/28			$	293,201
	284,250			(a)		Domino’s Pizza Master Issuer LLC, Series 2018 1A			4.328				07/25/48				283,417
	306,000					Ford Credit Auto Owner Trust, Series 2024 D			4.610				08/15/29				309,367
	250,000			(a)		Hertz Vehicle Financing III LLC, Series 2023 3A			5.940				02/25/28				253,741
	238,999			(a),(b)		Industrial DPR Funding Ltd, Series 2022 1A			5.380				04/15/34				217,130
	107,511			(a)		MVW LLC, Series 2020 1A			1.740				10/20/37				105,912
	39,846			(a)		OneMain Financial Issuance Trust, Series 2022 2A			4.890				10/14/34				39,877
	117,187			(a)		PenFed Auto Receivables Owner Trust, Series 2022 A			4.600				12/15/28				117,220
	300,000			(a)		PFS Financing Corp, Series 2025 B			4.850				02/15/30				305,371
	244,239			(a)		Sierra Timeshare Receivables Funding LLC, Series 2024 3A			4.830				08/20/41				246,363
						TOTAL ASSET-BACKED SECURITIES (Cost $2,170,748)											2,171,599
SHARES						DESCRIPTION										VALUE
						COMMON STOCKS - 70.0% (48.7% of Total Investments)
						AUTOMOBILES & COMPONENTS - 0.3%
	2,474			(c),(d)		Tesla Inc											1,112,607
	23,400					Toyota Motor Corp											502,564
						TOTAL AUTOMOBILES & COMPONENTS											1,615,171
						BANKS - 8.1%
	156,948					Banco Bilbao Vizcaya Argentaria SA											3,681,560
	309,244					Banco Santander SA											3,639,953
	21,667			(c)		Bank of America Corp											1,191,685
	502,000					Bank Rakyat Indonesia Persero Tbk PT											109,941
	453,393					Barclays PLC											2,902,227
	5,200					Citigroup Inc											606,788
	9,044					Commonwealth Bank of Australia											965,348
	7,918					Fifth Third Bancorp											370,642
	68,000					Grupo Financiero Banorte SAB de CV											630,400
	18,530					HDFC Bank Ltd, ADR											677,086
	68,395					ING Groep NV											1,922,462
	196,544					Itau Unibanco Holding SA											1,404,673
	24,239					JPMorgan Chase & Co											7,810,291
	3,150					M&T Bank Corp											634,662
	199,200					Mitsubishi UFJ Financial Group Inc											3,161,517
	43,288					Nordea Bank Abp											814,431
	3,070			(c)		PNC Financial Services Group Inc/The											640,801
	95,800					Sumitomo Mitsui Financial Group Inc											3,081,063
	3,557					UniCredit SpA											294,615
	52,646			(c),(e)		Wells Fargo & Co											4,906,607
						TOTAL BANKS											39,446,752
						CAPITAL GOODS - 7.9%
	22,403					ABB Ltd											1,651,493
	16,247					Airbus SE											3,772,940
	3,853			(c),(d)		Boeing Co/The											836,563
	3,715					Caterpillar Inc											2,128,212
	10,485					Cie de Saint-Gobain SA											1,066,239
	832					Deere & Co											387,354
	3,257					Dover Corp											635,897
	9,043			(c)		Eaton Corp PLC											2,880,286
	9,088			(c)		Emerson Electric Co											1,206,159
	586					Ferrovial SE											37,967
	131,400					Hitachi Ltd											4,120,909
	11,354					Honeywell International Inc											2,215,052
	3,550			(c)		Howmet Aerospace Inc											727,821
	4,780					Masco Corp											303,339
	88,100					Mitsubishi Electric Corp											2,568,718
	1,735					Northrop Grumman Corp											989,314

See Notes to Financial Statements 23

Portfolio of Investments December 31, 2025 (continued)

NMAI

	SHARES					DESCRIPTION											VALUE
						CAPITAL GOODS (continued)
	1,734			(c)		Parker-Hannifin Corp										$	1,524,117
	1,689					Rheinmetall AG											3,081,401
	9,392					RTX Corp											1,722,493
	9,241					Siemens AG											2,588,186
	3,314					Trane Technologies PLC											1,289,809
	883					United Rentals Inc											714,630
	4,817					Vinci SA											677,670
	2,700					Westinghouse Air Brake Technologies Corp											576,315
						TOTAL CAPITAL GOODS											37,702,884
						COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	971			(d)		Casella Waste Systems Inc, Class A											95,100
	22,727					Cleanaway Waste Management Ltd											39,182
	9,000			(d)		Copart Inc											352,350
	2,344			(c)		GFL Environmental Inc											100,675
	3,458					Republic Services Inc											732,854
	5,400					Veralto Corp											538,812
	886					Waste Connections Inc											155,369
	3,131					Waste Management Inc											687,912
						TOTAL COMMERCIAL & PROFESSIONAL SERVICES											2,702,254
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.0%
	6,142			(c)		Alibaba Group Holding Ltd, Sponsored ADR											900,294
	31,402			(c),(d),(e)		Amazon.com Inc											7,248,210
	1			(b),(d)		Belk Inc											8
	6,010			(c)		Home Depot Inc/The											2,068,041
	2,415					Lowe’s Cos Inc											582,401
	22,132			(c),(d)		O’Reilly Automotive Inc											2,018,660
	8,839			(c)		TJX Cos Inc/The											1,357,759
						TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL											14,175,373
						CONSUMER DURABLES & APPAREL - 2.0%
	8,376					Cie Financiere Richemont SA											1,806,292
	2,432					Kering SA											849,832
	2,731					LVMH Moet Hennessy Louis Vuitton SE											2,058,452
	8,038					Moncler SpA											513,790
	11,348					NIKE Inc, Class B											722,981
	73			(d)		NVR Inc											532,372
	116,500					Sony Group Corp											2,988,339
						TOTAL CONSUMER DURABLES & APPAREL											9,472,058
						CONSUMER SERVICES - 0.8%
	364,675(d)					24 Hour Fitness Worldwide Inc											2,553
	105					Booking Holdings Inc											562,310
	17,332			(d)		Crown Finance US Inc											324,975
	3,567					Hilton Worldwide Holdings Inc											1,024,621
	2,481					McDonald’s Corp											758,268
	15,198(c)					Starbucks Corp											1,279,823
						TOTAL CONSUMER SERVICES											3,952,550
						CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%
	825					Casey’s General Stores Inc											455,986
	3,175					Costco Wholesale Corp											2,737,930
	39,621			(c)		Walmart Inc											4,414,175
						TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL											7,608,091
						ENERGY - 3.6%
	95,975					BP PLC											559,723
	4,283			(c)		Cheniere Energy Inc											832,572
	7,444					Chevron Corp											1,134,540
	17,294			(c)		ConocoPhillips											1,618,891
	595					DT Midstream Inc											71,210
	10,315					Enbridge Inc											493,366
	13,309					Energy Transfer LP											219,465
	4,094			(c)		EOG Resources Inc											429,911
	34,397			(c)		Exxon Mobil Corp											4,139,336
	10,355			(c),(e)		Kinder Morgan Inc											284,659

24 See Notes to Financial Statements

SHARES						DESCRIPTION										VALUE
						ENERGY (continued)
	4,924			(c)		ONEOK Inc										$	361,914
	6,136					Pembina Pipeline Corp											233,763
	8,158			(a)		Reliance Industries Ltd, Sponsored GDR											571,060
	3,430			(a)		Reliance Industries Ltd, Sponsored GDR											240,162
	1,101					Rockpoint Gas Storage Inc, Class A											22,460
	78,048					Shell PLC											2,876,245
	1,047					Targa Resources Corp											193,172
	3,763					TC Energy Corp											207,211
	9,415			(c)		Valero Energy Corp											1,532,668
	16,049			(c)		Williams Cos Inc/The											964,705
						TOTAL ENERGY											16,987,033
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
	3,076					American Tower Corp											540,053
	2,318					Crown Castle Inc											206,001
	507					Digital Realty Trust Inc											78,438
	132,713			(d)		NTT DC REIT											135,237
	15,140			(c)		Prologis Inc											1,932,773
	2,039					Simon Property Group Inc											377,439
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)											3,269,941
						FINANCIAL SERVICES - 3.2%
	6,941					American Express Co											2,567,823
	800					Ameriprise Financial Inc											392,272
	3,882					Ares Management Corp, Class A											627,448
	2,482			(c),(d)		Berkshire Hathaway Inc, Class B											1,247,577
	663					Blackrock Inc											709,635
	5,891					Charles Schwab Corp/The											588,570
	950			(d)		Corpay Inc											285,884
	1,071			(c)		Goldman Sachs Group Inc/The											941,409
	14,358					Infratil Ltd											91,621
	4,088			(c)		Intercontinental Exchange Inc											662,092
	7,218					KKR & Co Inc											920,151
	3,823					Mastercard Inc, Class A											2,182,474
	11,613					Nasdaq Inc											1,127,971
	13,500					ORIX Corp											394,838
	2,146					S&P Global Inc											1,121,478
	7,400					SBI Holdings Inc											159,470
	4,347			(c)		Visa Inc, Class A											1,524,536
						TOTAL FINANCIAL SERVICES											15,545,249
						FOOD, BEVERAGE & TOBACCO - 2.3%
	36,717					British American Tobacco PLC											2,081,512
	26,044			(c)		Coca-Cola Co/The											1,820,736
	7,005					Fomento Economico Mexicano SAB de CV, Sponsored ADR											707,995
	6,362					Heineken NV											524,909
	2,897			(d)		Magnum Ice Cream Co NV/The											45,982
	14,982					Mondelez International Inc, Class A											806,481
	14,435			(c),(d)		Monster Beverage Corp											1,106,731
	3,132					Nestle SA											310,880
	2,521					PepsiCo Inc											361,814
	19,362			(c)		Philip Morris International Inc											3,105,664
						TOTAL FOOD, BEVERAGE & TOBACCO											10,872,704
						HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	12,656			(c)		Abbott Laboratories											1,585,670
	23,338			(c),(d)		Boston Scientific Corp											2,225,279
	2,957					Cigna Group/The											813,855
	2,959			(c)		Elevance Health Inc											1,037,277
	2,367					EssilorLuxottica SA											748,440
	960					HCA Healthcare Inc											448,186
	4,421			(e)		Stryker Corp											1,553,849
	2,256					UnitedHealth Group Inc											744,728
	1,300			(d)		Veeva Systems Inc, Class A											290,199
						TOTAL HEALTH CARE EQUIPMENT & SERVICES											9,447,483

See Notes to Financial Statements 25

Portfolio of Investments December 31, 2025 (continued)

NMAI

SHARES						DESCRIPTION										VALUE
						HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	11,497			(c)		Procter & Gamble Co/The										$	1,647,635
	1,908					Reckitt Benckiser Group PLC											154,394
	12,877					Unilever PLC											841,347
						TOTAL HOUSEHOLD & PERSONAL PRODUCTS											2,643,376
						INSURANCE - 0.7%
	7,099			(c)		American International Group Inc											607,319
	1,699					Chubb Ltd											530,292
	6,116			(c)		Marsh & McLennan Cos Inc											1,134,641
	1,222					Zurich Insurance Group AG											924,690
						TOTAL INSURANCE											3,196,942
						MATERIALS - 4.2%
	3,230					Air Liquide SA											607,091
	32,504					Anglo American PLC											1,344,447
	23,310					BHP Group Ltd											703,475
	27,564			(c)		CRH PLC											3,439,987
	6,961					DuPont de Nemours Inc											279,832
	36,143			(c)		Freeport-McMoRan Inc											1,835,703
	300,202					Glencore PLC											1,641,102
	10,694					Heidelberg Materials AG											2,772,492
	10,358			(c)		Linde PLC											4,416,549
	1,176					Reliance Inc											339,711
	74,845			(c)		Smurfit WestRock PLC											2,894,256
						TOTAL MATERIALS											20,274,645
						MEDIA & ENTERTAINMENT - 3.7%
	15,810			(c),(e)		Alphabet Inc, Class A											4,948,530
	16,011			(c)		Alphabet Inc, Class C											5,024,252
	13,918					Comcast Corp, Class A											416,009
	96(d)					Crown Finance US Inc											1,800
	5,315			(c)		Meta Platforms Inc											3,508,378
	7,250			(d)		Netflix Inc											679,760
	26,010					Nintendo Co Ltd											1,756,053
	13,685			(c)		Walt Disney Co/The											1,556,942
						TOTAL MEDIA & ENTERTAINMENT											17,891,724
						PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.0%
	5,824			(c)		AbbVie Inc											1,330,726
	14,030					AstraZeneca PLC											2,596,382
	48,200					Daiichi Sankyo Co Ltd											1,023,505
	5,576					Danaher Corp											1,276,458
	2,855					Eli Lilly & Co											3,068,210
	4,200					Gilead Sciences Inc											515,508
	404,270					Haleon PLC											2,042,931
	6,568					Johnson & Johnson											1,359,248
	2,145					Lonza Group AG											1,446,201
	2,247					Novartis AG											309,627
	14,542					Novo Nordisk A/S, Class B											737,548
	1,587					Regeneron Pharmaceuticals Inc											1,224,958
	3,156					Roche Holding AG											1,303,334
	925			(d)		United Therapeutics Corp											450,706
	3,445					Zoetis Inc											433,450
						TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES											19,118,792
						SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.0%
	23,200					Advantest Corp											2,933,589
	2,102					Analog Devices Inc											570,062
	2,722					Applied Materials Inc											699,527
	1,407					ASML Holding NV											1,516,071
	4,217			(d)		Bright Bidco BV											1,476
	3,087			(d)		Bright Bidco BV											1,081
	23,944			(c)		Broadcom Inc											8,287,019
	58,948			(c),(d)		Intel Corp											2,175,181
	6,413					Lam Research Corp											1,097,777
	1,706					Micron Technology Inc											486,909

26 See Notes to Financial Statements

SHARES						DESCRIPTION										VALUE
						SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued)
	51,412			(c)		NVIDIA Corp										$	9,588,339
	1,758					NXP Semiconductors NV											381,591
	2,951					Qnity Electronics Inc											240,949
	17,819			(c)		Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR											5,415,016
						TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT											33,394,587
						SOFTWARE & SERVICES - 3.8%
	4,622			(c)		Accenture PLC, Class A											1,240,083
	21,300					Fujitsu Ltd											585,386
	2,275					International Business Machines Corp											673,878
	26,623			(c)		Microsoft Corp											12,875,414
	3,816			(d)		NEXTDC Ltd											31,772
	3,450			(d)		Palo Alto Networks Inc											635,490
	2,310					SAP SE											561,257
	8,225			(d)		ServiceNow Inc											1,259,988
	1,000			(d)		Synopsys Inc											469,720
						TOTAL SOFTWARE & SERVICES											18,332,988
						TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	8,528			(c)		Amphenol Corp, Class A											1,152,474
	44,299			(c),(e)		Apple Inc											12,043,126
	15,125					Cisco Systems Inc											1,165,079
	312			(d)		MLN US Holdco LLC											3
	1,984					Motorola Solutions Inc											760,507
	4,136			(d)		Riverbed Technology LLC/US											41
	48,420					Samsung Electronics Co Ltd											4,058,317
	2,631					TE Connectivity PLC											598,579
						TOTAL TECHNOLOGY HARDWARE & EQUIPMENT											19,778,126
						TELECOMMUNICATION SERVICES - 0.2%
	2,856			(d)		Altice France Lux 3											50,299
	5,029			(a)		Cellnex Telecom SA											161,942
	5,142			(a)		Infrastrutture Wireless Italiane SpA											47,585
	125,119					Koninklijke KPN NV											584,645
	1,599					T-Mobile US Inc											324,661
						TOTAL TELECOMMUNICATION SERVICES											1,169,132
						TRANSPORTATION - 1.5%
	26,442			(a)		Aena SME SA											738,812
	1,101					Aeroports de Paris SA											143,676
	35,309					Atlas Arteria Ltd											114,844
	64,469					Auckland International Airport Ltd											309,193
	586					Canadian Pacific Kansas City Ltd											43,147
	6,877					CSX Corp											249,291
	22,813					Dalrymple Bay Infrastructure Ltd											76,184
	4,022					DSV A/S											1,012,966
	950					FedEx Corp											274,417
	3,512			(d)		Fraport AG Frankfurt Airport Services Worldwide											287,185
	12,786					Getlink SE											236,017
	1,198					Grupo Aeroportuario del Centro Norte SAB de CV, ADR											130,306
	1,246					Grupo Aeroportuario del Pacifico SAB de CV, ADR											328,483
	1,458					Grupo Aeroportuario del Sureste SAB de CV, ADR											471,517
	14,316					International Container Terminal Services Inc											137,380
	455					Norfolk Southern Corp											131,368
	107,020					Qube Holdings Ltd											339,522
	7,476					Tokyo Metro Co Ltd											76,101
	50,243					Transurban Group											475,479
	6,166					Union Pacific Corp											1,426,320
						TOTAL TRANSPORTATION											7,002,208
						UTILITIES - 4.1%
	8,013					Alliant Energy Corp											520,925
	5,245					AltaGas Ltd											159,924
	9,577			(c)		Ameren Corp											956,359
	13,063			(c)		American Electric Power Co Inc											1,506,295
	239					American Water Works Co Inc											31,190

See Notes to Financial Statements 27

Portfolio of Investments December 31, 2025 (continued)

NMAI

SHARES						DESCRIPTION										VALUE
						UTILITIES (continued)
	12,778			(c)		CenterPoint Energy Inc										$	489,909
	1,413					CMS Energy Corp											98,811
	311					Constellation Energy Corp											109,867
	6,371					Duke Energy Corp											746,745
	50,143					E.ON SE											949,454
	1,557					Elia Group SA/NV											200,359
	46,191					Enel SpA											480,263
	5,332					Engie SA											140,068
	11,653			(c)		Entergy Corp											1,077,087
	4,114					Evergy Inc											298,224
	98,161					Iberdrola SA											2,125,518
	659					IDACORP Inc											83,403
	52,982					National Grid PLC											812,663
	30,266			(c)		NextEra Energy Inc											2,429,753
	15,469			(e)		NiSource Inc											645,985
	1,413					NRG Energy Inc											225,006
	12,156					Pennon Group PLC											86,156
	11,366					PG&E Corp											182,652
	5,103					Redeia Corp SA											90,970
	28,725					RWE AG											1,522,047
	27,807					Sembcorp Industries Ltd											129,987
	9,702					Sempra											856,590
	4,449					Severn Trent PLC											167,065
	2,242					Southern Co/The											195,502
	6,324					SSE PLC											185,406
	7,130					Terna - Rete Elettrica Nazionale											75,854
	2,602					United Utilities Group PLC											41,805
	5,310					Veolia Environnement SA											184,775
	2,746					Vistra Corp											443,012
	5,743					WEC Energy Group Inc											605,657
	13,419			(c)		Xcel Energy Inc											991,127
						TOTAL UTILITIES											19,846,413
						TOTAL COMMON STOCKS (Cost $248,204,989)											335,446,476
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CORPORATE BONDS - 19.3% (13.4% of Total Investments) (f)
						AUTOMOBILES & COMPONENTS - 0.3%
$	105,000			(a)		Clarios Global LP / Clarios US Finance Co			6.750%				02/15/30				109,600
	295,000			(g),(h)		General Motors Financial Co Inc			5.750				N/A				291,329
	177,000			(g),(h)		General Motors Financial Co Inc			5.700				N/A				177,722
	375,000					Goodyear Tire & Rubber Co/The			5.000				07/15/29				370,521
	165,000			(a)		Phinia Inc			6.750				04/15/29				170,772
	255,000			(a)		Phinia Inc			6.625				10/15/32				264,038
						TOTAL AUTOMOBILES & COMPONENTS											1,383,982
						BANKS - 2.7%
	92,000			(g),(h)		Bank of America Corp			4.375				N/A				91,004
	266,000			(g),(h)		Bank of America Corp			6.125				N/A				269,961
	1,163,000			(c),(g),(h)		Bank of America Corp			6.625				N/A				1,211,788
	294,000			(g),(h)		Bank of America Corp			6.250				N/A				298,618
	147,000			(g),(h)		Citigroup Inc			6.250				N/A				147,139
	260,000			(g),(h)		Citigroup Inc			7.375				N/A				272,773
	794,000			(g),(h)		Citigroup Inc			7.625				N/A				832,524
	378,000			(g),(h)		Citigroup Inc			7.125				N/A				389,706
	314,000			(g),(h)		Citigroup Inc			7.000				N/A				331,166
	90,000					Citigroup Inc			4.503				09/11/31				90,279
	80,000					Citigroup Inc			5.174				09/11/36				80,748
	141,000			(g),(h)		Citigroup Inc			6.625				N/A				143,294
	169,000			(g),(h)		Citigroup Inc			6.875				N/A				175,609
	125,000			(g),(h),(i)		Citizens Financial Group Inc (TSFR3M + 3.419%)			7.353				N/A				124,531
	335,000			(g),(h)		Citizens Financial Group Inc			4.000				N/A				333,232

28 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						BANKS (continued)
	$229,000			(g),(h),(i)		Fifth Third Bancorp (TSFR3M + 3.295%)			6.967%				N/A			$	229,453
	163,000			(g),(h)		First Citizens BancShares Inc/NC			7.000				N/A				166,664
	242,000			(g),(h),(i)		First Citizens BancShares Inc/NC (TSFR3M + 4.234%)			7.957				N/A				245,051
	431,000			(g),(h)		Huntington Bancshares Inc/OH			5.625				N/A				438,595
	268,000			(g),(h)		Huntington Bancshares Inc/OH			6.250				N/A				268,226
	351,000			(g),(h)		JPMorgan Chase & Co			6.500				N/A				364,728
	1,103,000			(c),(g),(h)		JPMorgan Chase & Co			6.875				N/A				1,169,748
	270,000			(g),(h)		M&T Bank Corp			5.125				N/A				269,526
	135,000					Morgan Stanley Private Bank NA			4.204				11/17/28				135,422
	905,000					Morgan Stanley Private Bank NA			4.465				11/19/31				907,369
	325,000			(g),(h)		PNC Financial Services Group Inc/The			6.000				N/A				328,508
	253,000			(g),(h)		PNC Financial Services Group Inc/The			3.400				N/A				248,026
	529,000			(g),(h)		PNC Financial Services Group Inc/The			6.250				N/A				546,132
	715,000			(g),(h)		Truist Financial Corp			6.669				N/A				716,956
	152,000			(g),(h)		Truist Financial Corp			5.100				N/A				153,044
	120,000			(h)		Webster Financial Corp			5.784				09/11/35				119,928
	160,000					Wells Fargo & Co			5.150				04/23/31				165,153
	950,000			(g),(h)		Wells Fargo & Co			7.625				N/A				1,013,277
	308,000			(g),(h)		Wells Fargo & Co			3.900				N/A				307,042
	110,000					Wells Fargo & Co			5.605				04/23/36				115,292
	497,000			(g),(h)		Wells Fargo & Co			6.850				N/A				519,372
						TOTAL BANKS											13,219,884
						CAPITAL GOODS. - 0.9%
	220,000			(a)		AECOM			6.000				08/01/33				225,469
	93,000			(g),(h)		Air Lease Corp			4.125				N/A				90,785
	241,000			(g),(h)		Air Lease Corp			6.000				N/A				229,872
	300,000			(a)		Alta Equipment Group Inc			9.000				06/01/29				270,929
	255,000					Boeing Co/The			5.805				05/01/50				250,817
	175,000					Boeing Co/The			6.528				05/01/34				193,613
	150,000			(a)		Camelot Return Merger Sub Inc			8.750				08/01/28				116,234
	100,000			(a)		Carpenter Technology Corp			5.625				03/01/34				101,573
	75,000			(a)		Gates Corp/DE			6.875				07/01/29				77,886
	195,000			(a)		Herc Holdings Inc			6.625				06/15/29				202,429
	315,000			(a)		Herc Holdings Inc			7.000				06/15/30				331,515
	75,000			(a)		Herc Holdings Inc			5.750				03/15/31				76,113
	95,000			(a)		Herc Holdings Inc			6.000				03/15/34				96,266
	45,000					Honeywell International Inc			5.250				03/01/54				42,529
	180,000			(a)		Masterbrand Inc			7.000				07/15/32				186,485
	250,000			(a)		Quikrete Holdings Inc			6.375				03/01/32				260,220
	245,000					Regal Rexnord Corp			6.050				04/15/28				253,443
	120,000			(a)		Standard Building Solutions Inc			6.250				08/01/33				122,584
	450,000			(a)		TransDigm Inc			6.375				03/01/29				464,072
	300,000			(a)		TransDigm Inc			6.375				05/31/33				307,838
	375,000			(a)		TransDigm Inc			6.875				12/15/30				392,441
	200,000			(a)		Windsor Holdings III LLC			8.500				06/15/30				211,272
						TOTAL CAPITAL GOODS											4,504,385
						COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	300,000			(a)		AMN Healthcare Inc			6.500				01/15/31				300,056
	240,000			(a)		ASGN Inc			4.625				05/15/28				235,825
	75,000			(a)		Boost Newco Borrower LLC			7.500				01/15/31				79,714
	105,000			(a)		Clean Harbors Inc			5.750				10/15/33				107,709
	270,000			(a)		Neptune Bidco US Inc			9.290				04/15/29				270,461
	54,000			(a)		Prime Security Services Borrower LLC / Prime Finance Inc			5.750				04/15/26				54,019
	200,000			(a)		Prime Security Services Borrower LLC / Prime Finance Inc			3.375				08/31/27				196,091
	400,000			(a)		RR Donnelley & Sons Co			9.500				08/01/29				412,201
	110,000					Waste Management Inc			4.950				03/15/35				111,720
						TOTAL COMMERCIAL & PROFESSIONAL SERVICES											1,767,796
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6%
	240,000			(a)		Academy Ltd			6.000				11/15/27				240,177
	225,000			(a)		Bath & Body Works Inc			6.625				10/01/30				230,039
	310,000					Kohl’s Corp			5.125				05/01/31				272,684

See Notes to Financial Statements 29

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued)
	$240,000			(a)		LCM Investments Holdings II LLC			4.875	%			05/01/29			$	236,451
	50,000			(a)		Macy’s Retail Holdings LLC			6.125				03/15/32				50,606
	525,000			(a)		Michaels Cos Inc/The			5.250				05/01/28				504,712
	300,000			(a)		Michaels Cos Inc/The			7.875				05/01/29				276,929
	200,000			(a)		Park River Holdings Inc			8.000				03/15/31				206,199
	70,000			(a)		PetSmart Inc / PetSmart Finance Corp			7.500				09/15/32				71,238
	270,000			(a)		QXO Building Products Inc			6.750				04/30/32				281,993
	300,000			(a)		Staples Inc			10.750				09/01/29				298,254
	50,000					Veritiv Operating Co			10.500				11/30/30				53,761
	150,000			(a)		Wayfair LLC			7.250				10/31/29				156,551
						TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL											2,879,594
						CONSUMER DURABLES & APPAREL - 0.3%
	380,000			(a)		CD&R Smokey Buyer Inc / Radio Systems Corp			9.500				10/15/29				309,930
	60,000			(a)		Champ Acquisition Corp			8.375				12/01/31				64,806
	240,000					Newell Brands Inc			6.625				09/15/29				239,126
	360,000			(a)		S&S Holdings LLC			8.375				10/01/31				344,963
	60,000			(a)		TopBuild Corp			5.625				01/31/34				60,695
	345,000			(a)		Wolverine World Wide Inc			4.000				08/15/29				318,901
						TOTAL CONSUMER DURABLES & APPAREL											1,338,421
						CONSUMER SERVICES - 0.7%
	225,000			(a)		Caesars Entertainment Inc			6.000				10/15/32				218,801
	360,000			(a)		Carnival Corp			5.875				06/15/31				371,845
	460,000			(a)		Churchill Downs Inc			5.750				04/01/30				464,481
	285,000			(a)		Cinemark USA Inc			7.000				08/01/32				295,745
	345,000			(a)		Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc			4.625				01/15/29				335,075
	175,000			(a)		Hilton Domestic Operating Co Inc			5.500				03/31/34				176,202
	40,000					Hyatt Hotels Corp			5.400				12/15/35				40,083
	120,000			(a)		Life Time Inc			6.000				11/15/31				122,941
	150,000			(a)		Light & Wonder International Inc			6.250				10/01/33				151,860
	240,000			(a)		Marriott Ownership Resorts Inc			6.500				10/01/33				230,233
	185,000					MGM Resorts International			6.125				09/15/29				190,119
	102,350			(a)		Muvico LLC, (cash 9.000%, PIK 6.000%)			9.000				02/19/29				111,019
	60,000			(a)		NCL Corp Ltd			5.875				01/15/31				59,773
	95,000			(a)		NCL Corp Ltd			6.250				09/15/33				94,960
	150,000			(a)		Six Flags Entertainment Corp / Six Flags Theme Parks Inc			6.625				05/01/32				151,262
	150,000			(a)		Wynn Resorts Finance LLC / Wynn Resorts Capital Corp			6.250				03/15/33				153,371
						TOTAL CONSUMER SERVICES											3,167,770
						CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.1%
	250,000			(a)		Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC			6.250				03/15/33				256,995
	115,000			(a)		Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC			5.750				03/31/34				115,465
	200,000			(a)		Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC			5.875				02/15/28				200,767
						TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL											573,227
						ENERGY - 2.1%
	225,000			(a)		Antero Midstream Partners LP / Antero Midstream Finance Corp			5.750				10/15/33				226,359
	195,000			(a)		Archrock Partners LP / Archrock Partners Finance Corp			6.250				04/01/28				196,119
	250,000			(a)		Archrock Partners LP / Archrock Partners Finance Corp			6.625				09/01/32				257,839
	325,000			(a)		Ascent Resources Utica Holdings LLC / ARU Finance Corp			6.625				10/15/32				335,599
	240,000			(a)		Buckeye Partners LP			6.750				02/01/30				251,940
	85,000			(a)		Chord Energy Corp			6.000				10/01/30				86,042
	300,000			(a)		Chord Energy Corp			6.750				03/15/33				310,235
	295,000			(a)		Civitas Resources Inc			8.750				07/01/31				306,033
	165,000			(a)		Civitas Resources Inc			8.375				07/01/28				170,015
	280,000			(a)		CNX Resources Corp			7.250				03/01/32				292,292
	95,000			(a)		Delek Logistics Partners LP / Delek Logistics Finance Corp			7.375				06/30/33				96,943
	273,000			(h)		Energy Transfer LP			6.750				02/15/56				274,042
	95,000			(h)		Energy Transfer LP			8.000				05/15/54				101,408

30 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						ENERGY (continued)
$	358,000			(g),(h)		Energy Transfer LP			7.125%				N/A			$	366,575
	49,000			(g),(h)		Energy Transfer LP			6.625				N/A				48,752
	91,000			(g),(h)		Energy Transfer LP			6.500				N/A				91,401
	150,000					Genesis Energy LP / Genesis Energy Finance Corp			7.875				05/15/32				156,362
	160,000			(a)		Global Partners LP / GLP Finance Corp			8.250				01/15/32				168,524
	400,000			(a)		Harvest Midstream I LP			7.500				05/15/32				416,953
	495,000			(a)		Hilcorp Energy I LP / Hilcorp Finance Co			5.750				02/01/29				489,738
	100,000			(a)		Hilcorp Energy I LP / Hilcorp Finance Co			6.250				04/15/32				94,138
	130,000			(a)		Hilcorp Energy I LP / Hilcorp Finance Co			8.375				11/01/33				132,737
	345,000			(a)		Kinetik Holdings LP			5.875				06/15/30				348,091
	150,000			(a)		Kodiak Gas Services LLC			7.250				02/15/29				156,053
	50,000			(a)		Kodiak Gas Services LLC			6.500				10/01/33				51,061
	75,000			(a)		Kodiak Gas Services LLC			6.750				10/01/35				77,116
	220,000			(a)		Matador Resources Co			6.250				04/15/33				220,293
	295,000			(a)		Noble Finance II LLC			8.000				04/15/30				306,480
	105,000					ONEOK Inc			5.050				11/01/34				104,062
	400,000			(a)		PBF Holding Co LLC / PBF Finance Corp			7.875				09/15/30				385,215
	70,000			(a)		PBF Holding Co LLC / PBF Finance Corp			9.875				03/15/30				72,012
	150,000			(a)		Rockies Express Pipeline LLC			6.750				03/15/33				158,298
	300,000			(a)		Sunoco LP			6.250				07/01/33				307,295
	225,000			(a),(g),(h)		Sunoco LP			7.875				N/A				231,137
	150,000			(a)		Sunoco LP			5.625				03/31/31				151,099
	150,000			(a)		Sunoco LP			5.875				03/15/34				149,987
	150,000			(a)		Talos Production Inc			9.000				02/01/29				155,796
	100,000					Targa Resources Corp			5.550				08/15/35				102,351
	126,538			(a)		Transocean Aquila Ltd			8.000				09/30/28				129,612
	85,000			(a)		Transocean International Ltd			7.875				10/15/32				88,774
	101,250			(a)		Transocean International Ltd			8.750				02/15/30				105,797
	85,000			(a)		Transocean Titan Financing Ltd			8.375				02/01/28				86,809
	400,000			(a)		USA Compression Partners LP / USA Compression Finance Corp			7.125				03/15/29				414,045
	60,000			(a)		USA Compression Partners LP / USA Compression Finance Corp			6.250				10/01/33				60,719
	680,000			(a)		Venture Global LNG Inc			7.000				01/15/30				654,451
	235,000			(a)		Venture Global LNG Inc			8.125				06/01/28				238,032
	254,000			(a),(g),(h)		Venture Global LNG Inc			9.000				N/A				200,592
	65,000			(a)		Venture Global Plaquemines LNG LLC			6.500				01/15/34				66,576
	75,000			(a)		Venture Global Plaquemines LNG LLC			6.125				12/15/30				76,376
	185,000			(a)		Weatherford International Ltd			6.750				10/15/33				189,461
						TOTAL ENERGY											10,157,636
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4%
	35,000					Healthcare Realty Holdings LP			3.500				08/01/26				34,811
	295,000					Healthcare Realty Holdings LP			3.750				07/01/27				292,987
	245,000					Healthcare Realty Holdings LP			2.400				03/15/30				222,671
	400,000			(a)		Iron Mountain Inc			7.000				02/15/29				410,885
	195,000					MPT Operating Partnership LP / MPT Finance Corp			5.000				10/15/27				188,249
	250,000			(a)		RLJ Lodging Trust LP			3.750				07/01/26				248,609
	350,000			(a)		Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC			4.750				04/15/28				347,848
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)											1,746,060
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
	105,000			(a)		Millrose Properties Inc			6.375				08/01/30				107,439
	190,000			(a)		Millrose Properties Inc			6.250				09/15/32				191,707
	105,000			(a)		MPT Operating Partnership LP / MPT Finance Corp			8.500				02/15/32				112,133
	430,000			(c)		Piedmont Operating Partnership LP			9.250				07/20/28				475,119
	160,000					Ventas Realty LP			5.000				01/15/35				160,196
						TOTAL EQUITY REAL ESTATE INVEaSTMENT TRUSTS (REITS)											1,046,594
						FINANCIAL SERVICES - 2.6%
	144,600			(g),(h)		Ally Financial Inc			4.700				N/A				143,130
	203,000			(g),(h)		Ally Financial Inc			4.700				N/A				193,016
	305,000			(a),(g),(h)		American AgCredit Corp			5.250				N/A				298,900
	750,000			(a)		Azorra FinanceLtd			7.750				04/15/30				52,796

See Notes to Financial Statements 31

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						FINANCIAL SERVICES (continued)
	$150,000			(a)		Azorra Finance Ltd			7.250%				01/15/31			$	157,175
	250,000					Block Inc			6.500				05/15/32				259,965
	200,000			(a)		Burford Capital Global Finance LLC			7.500				07/15/33				190,852
	130,000			(g),(h)		Capital One Financial Corp			5.500				N/A				130,433
	200,000			(g),(h)		Capital One Financial Corp			3.950				N/A				197,596
	307,000			(g),(h)		Charles Schwab Corp/The			4.000				N/A				305,124
	411,748			(a)		Compass Group Diversified Holdings LLC			5.250				04/15/29				381,910
	250,000			(a),(g),(h)		Compeer Financial ACA			7.875				N/A				255,387
	162,000			(g),(h)		Corebridge Financial Inc			6.875				N/A				166,483
	380,000			(a)		Encore Capital Group Inc			8.500				05/15/30				408,479
	180,000			(a)		Encore Capital Group Inc			6.625				04/15/31				180,899
	285,000			(a)		FirstCash Inc			6.875				03/01/32				296,457
	330,000			(a)		Freedom Mortgage Holdings LLC			8.375				04/01/32				347,379
	150,000			(a)		Freedom Mortgage Holdings LLC			7.875				04/01/33				155,334
	150,000			(a)		Freedom Mortgage Holdings LLC			6.875				05/01/31				150,090
	105,000					Global Payments Inc			4.875				11/15/30				105,117
	505,000			(g),(h)		Goldman Sachs Group Inc/The			6.850				N/A				525,157
	179,000			(g),(h)		Goldman Sachs Group Inc/The			5.300				N/A				179,348
	305,000			(g),(h)		Goldman Sachs Group Inc/The			6.125				N/A				309,255
	543,000			(g),(h)		Goldman Sachs Group Inc/The			7.500				N/A				574,796
	294,000			(g),(h)		Goldman Sachs Group Inc/The			7.379				N/A				294,516
	338,000			(g),(h)		Goldman Sachs Group Inc/The			7.500				N/A				359,865
	300,000			(a)		Hunt Cos Inc			5.250				04/15/29				292,848
	300,000			(a)		Icahn Enterprises LP / Icahn Enterprises Finance Corp			10.000				11/15/29				299,788
	500,000					Icahn Enterprises LP / Icahn Enterprises Finance Corp			5.250				05/15/27				493,128
	400,000			(a)		Jane Street Group / JSG Finance Inc			6.125				11/01/32				407,024
	395,000					JPMorgan Chase & Co			5.103				04/22/31				407,828
	375,000					JPMorgan Chase & Co			5.572				04/22/36				393,435
	365,000					Morgan Stanley			5.664				04/17/36				383,128
	600,000					Navient Corp			5.500				03/15/29				595,594
	125,000					OneMain Finance Corp			6.750				09/15/33				126,579
	115,000					OneMain Finance Corp			6.125				05/15/30				117,253
	690,000					OneMain Finance Corp			6.625				05/15/29				714,662
	140,000			(a)		Osaic Holdings Inc			6.750				08/01/32				146,247
	180,000			(a)		PennyMac Financial Services Inc			7.875				12/15/29				191,529
	300,000			(a)		PennyMac Financial Services Inc			7.125				11/15/30				315,369
	175,000			(a)		Rocket Cos Inc			6.125				08/01/30				180,894
	60,000			(a)		Starwood Property Trust Inc			6.500				07/01/30				62,586
	375,000			(a)		Starwood Property Trust Inc			6.000				04/15/30				384,901
	177,000			(g),(h)		State Street Corp			6.700				N/A				184,669
	170,000			(a)		UWM Holdings LLC			6.625				02/01/30				172,138
	229,000			(g),(h)		Voya Financial Inc			7.758				N/A				241,530
	240,000			(a)		WEX Inc			6.500				03/15/33				245,679
	90,000			(a)		Wynnton Funding Trust II			5.991				08/15/55				90,549
						TOTAL FINANCIAL SERVICES											13,066,817
						FOOD, BEVERAGE & TOBACCO - 0.7%
	165,000					Constellation Brands Inc			4.800				05/01/30				167,756
	345,000			(a)		Darling Ingredients Inc			6.000				06/15/30				350,634
	45,000					Kraft Heinz Foods Co			5.200				07/15/45				41,266
	145,000					Kraft Heinz Foods Co			3.875				05/15/27				144,610
	75,000					Kraft Heinz Foods Co			5.500				06/01/50				70,166
	1,000,000			(a),(g),(h)		Land O’ Lakes Inc			8.000				N/A				983,791
	110,000			(a)		Mars Inc			4.600				03/01/28				111,507
	180,000			(a)		Mars Inc			5.200				03/01/35				185,009
	35,000			(a)		Mars Inc			5.650				05/01/45				35,281
	220,000			(a)		Mars Inc			5.700				05/01/55				219,148
	300,000			(a)		Post Holdings Inc			6.375				03/01/33				303,000
	120,000			(a)		Post Holdings Inc			6.500				03/15/36				120,162
	300,000			(a)		Primo Water Holdings Inc / Triton Water Holdings Inc			6.250				04/01/29				301,450
	390,000			(a)		Viking Baked Goods Acquisition Corp			8.625				11/01/31				391,253
						TOTAL FOOD, BEVERAGE & TOBACCO											3,425,033

32 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	$95,000					Baxter International Inc			4.450%				02/15/29			$	95,234
	150,000			(a)		CHS/Community Health Systems Inc			5.250				05/15/30				140,879
	243,000			(a)		CHS/Community Health Systems Inc			10.875				01/15/32				265,220
	150,000			(a)		CHS/Community Health Systems Inc			9.750				01/15/34				157,549
	175,000					CVS Health Corp			5.050				03/25/48				154,271
	142,000			(h)		CVS Health Corp			6.750				12/10/54				148,301
	80,000			(h)		CVS Health Corp			7.000				03/10/55				83,924
	145,000					CVS Health Corp			5.450				09/15/35				148,424
	285,000			(a)		DaVita Inc			4.625				06/01/30				277,131
	300,000			(a)		DaVita Inc			6.875				09/01/32				312,290
	85,000			(a)		Global Medical Response Inc			7.375				10/01/32				88,347
	42,000			(a)		Heartland Dental LLC / Heartland Dental Finance Corp			10.500				04/30/28				44,038
	180,000			(a)		IQVIA Inc			6.250				06/01/32				188,085
	150,000			(a)		LifePoint Health Inc			8.375				02/15/32				162,820
	150,000			(a)		LifePoint Health Inc			9.875				08/15/30				161,504
	250,000			(a)		Medline Borrower LP			3.875				04/01/29				244,077
	80,000			(a)		Molina Healthcare Inc			6.250				01/15/33				81,557
	175,000			(a)		Molina Healthcare Inc			6.500				02/15/31				179,730
	225,000			(a)		National Mentor Holdings Inc			10.500				12/15/30				226,192
	230,000			(a)		Prime Healthcare Services Inc			9.375				09/01/29				241,500
	375,000			(a)		Radiology Partners Inc			8.500				07/15/32				391,739
	105,000			(a)		Surgery Center Holdings Inc			7.250				04/15/32				106,204
	466,906			(a)		Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)			9.000				06/30/28				492,586
	195,000			(a)		Team Health Holdings Inc			8.375				06/30/28				197,350
	175,000					Tenet Healthcare Corp			6.125				10/01/28				175,783
	145,000					UnitedHealth Group Inc			5.050				04/15/53				130,786
	115,000					UnitedHealth Group Inc			5.500				07/15/44				114,146
						TOTAL HEALTH CARE EQUIPMENT & SERVICES											5,009,667
						HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	45,000					Haleon US Capital LLC			3.625				03/24/32				42,808
						TOTAL HOUSEHOLD & PERSONAL PRODUCTS											42,808
						INSURANCE - 1.5%
	400,000			(a)		Acrisure LLC / Acrisure Finance Inc			6.750				07/01/32				412,043
	475,000			(a)		Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer			4.250				10/15/27				471,981
	500,000			(a)		Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer			6.500				10/01/31				515,343
	214,000			(h)		American National Group Inc			7.000				12/01/55				214,230
	50,000			(a)		APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves			7.875				11/01/29				50,499
	393,000			(h)		Assurant Inc			7.000				03/27/48				403,505
	135,000			(a)		Asurion, LLC			8.000				12/31/32				140,078
	244,000			(h)		Corebridge Financial Inc			6.375				09/15/54				245,865
	235,000			(h)		Enstar Finance LLC			5.500				01/15/42				231,447
	184,000			(a),(h)		Enstar Group Ltd			7.500				04/01/45				192,542
	375,000			(a)		HUB International Ltd			7.250				06/15/30				393,722
	207,000			(h)		MetLife Inc			6.350				03/15/55				218,293
	354,000			(a),(h)		MetLife Inc			9.250				04/08/38				424,858
	474,000			(a)		Omnis Funding Trust			6.722				05/15/55				492,890
	600,000			(a)		Panther Escrow Issuer LLC			7.125				06/01/31				621,749
	50,000			(a)		Protective Life Corp			4.700				01/15/31				50,158
	360,000			(h)		Provident Financing Trust I			7.405				03/15/38				389,102
	210,000			(h)		Prudential Financial Inc			5.125				03/01/52				208,080
	150,000			(h)		Prudential Financial Inc			6.500				03/15/54				158,539
	150,000			(a)		Ryan Specialty LLC			5.875				08/01/32				153,265
	600,000			(a),(g),(h)		SBL Holdings Inc			9.508				N/A				611,999
	575,000			(a),(g),(h)		SBL Holdings Inc			6.500				N/A				545,495
						TOTAL INSURANCE											7,145,683
						MATERIALS - 0.6%
	110,000					Amcor Group Finance PLC			5.450				05/23/29				113,711
	200,000			(a)		Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC			6.250				01/30/31				204,555
	180,000			(a)		Arsenal AIC Parent LLC			8.000				10/01/30				191,009

See Notes to Financial Statements 33

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MATERIALS (continued)
	$420,000			(a)		Avient Corp			6.250%				11/01/31			$	431,700
	75,000					Ball Corp			6.000				06/15/29				77,092
	200,000			(a)		Clydesdale Acquisition Holdings Inc			8.750				04/15/30				203,336
	80,000			(a)		Commercial Metals Co			6.000				12/15/35				82,012
	200,000			(a)		Compass Minerals International Inc			8.000				07/01/30				209,267
	420,000			(a)		Olin Corp			6.625				04/01/33				416,837
	60,000			(a)		Owens-Brockway Glass Container Inc			7.250				05/15/31				61,247
	170,000			(a)		Qnity Electronics Inc			5.750				08/15/32				173,816
	55,000			(a)		Qnity Electronics Inc			6.250				08/15/33				57,010
	300,000			(a)		SK Invictus Intermediate II Sarl			5.000				10/30/29				297,059
	50,000			(a)		Solstice Advanced Materials Inc			5.625				09/30/33				50,440
	200,000			(a)		WR Grace Holdings LLC			6.625				08/15/32				202,554
						TOTAL MATERIALS											2,771,645
						MEDIA & ENTERTAINMENT - 1.2%
	195,000			(a)		Arches Buyer Inc			4.250				06/01/28				191,376
	575,000			(a)		CCO Holdings LLC / CCO Holdings Capital Corp			4.500				08/15/30				541,369
	855,000			(a),(c)		CCO Holdings LLC / CCO Holdings Capital Corp			4.250				02/01/31				785,616
	200,000					CCO Holdings LLC / CCO Holdings Capital Corp			4.500				05/01/32				179,507
	80,000					Charter Communications Operating LLC / Charter Communications Operating Capital			6.550				06/01/34				84,140
	155,000			(a)		Directv Financing LLC			8.875				02/01/30				156,828
	360,000			(a)		Directv Financing LLC / Directv Financing Co-Obligor Inc			5.875				08/15/27				362,113
	225,000			(a)		DISH Network Corp			11.750				11/15/27				234,176
	152,000			(a),(g),(h)		Farm Credit Bank of Texas			7.750				N/A				159,105
	180,000			(a)		Gray Media Inc			10.500				07/15/29				193,561
	210,000			(a)		Gray Media Inc			7.250				08/15/33				214,584
	200,000			(a)		Gray Media Inc			4.750				10/15/30				155,129
	69,000			(a)		McGraw-Hill Education Inc			5.750				08/01/28				69,356
	225,000			(a)		McGraw-Hill Education Inc			7.375				09/01/31				237,388
	120,000					Meta Platforms Inc			5.625				11/15/55				115,173
	125,000			(a)		Neptune Bidco US Inc			10.375				05/15/31				128,168
	250,000			(a)		Outfront Media Capital LLC / Outfront Media Capital Corp			5.000				08/15/27				250,361
	165,000			(a)		Scripps Escrow II Inc			3.875				01/15/29				151,823
	150,000			(a)		Sirius XM Radio LLC			3.875				09/01/31				138,140
	300,000			(a)		Univision Communications Inc			8.500				07/31/31				313,389
	225,000			(a)		Univision Communications Inc			4.500				05/01/29				216,130
	40,000			(a)		Univision Communications Inc			9.375				08/01/32				42,993
	150,000					Warnermedia Holdings Inc			4.279				03/15/32				131,673
	150,000					Warnermedia Holdings Inc			5.141				03/15/52				98,828
	225,000					Warnermedia Holdings Inc			5.050				03/15/42				158,344
	240,000			(a)		Ziff Davis Inc			4.625				10/15/30				227,941
						TOTAL MEDIA & ENTERTAINMENT											5,537,211
						PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	200,000			(a)		1261229 BC Ltd			10.000				04/15/32				208,003
	55,000					AbbVie Inc			4.950				03/15/31				56,870
	100,000					Amgen Inc			5.650				03/02/53				97,920
	200,000			(a)		Bausch Health Cos Inc			4.875				06/01/28				179,000
	410,000			(a)		Organon & Co / Organon Foreign Debt Co-Issuer BV			7.875				05/15/34				333,712
	250,000			(a)		Organon & Co / Organon Foreign Debt Co-Issuer BV			5.125				04/30/31				207,049
						TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES											1,082,554
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
	330,000			(a)		Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp			7.000				04/15/30				328,579
	295,000					Kennedy-Wilson Inc			5.000				03/01/31				277,442
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT											606,021
						SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	90,000					Broadcom Inc			5.200				07/15/35				92,211
	195,000					Broadcom Inc			4.200				10/15/30				194,852
						TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT											287,063

34 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						SOFTWARE & SERVICES - 0.2%
$	450,000			(a)		Ahead DB Holdings LLC			6.625%				05/01/28			$	452,915
	25,000			(a)		Amentum Holdings Inc			7.250				08/01/32				26,352
	70,000			(a)		CoreWeave Inc			9.250				06/01/30				65,084
	165,000			(a)		Fair Isaac Corp			6.000				05/15/33				169,479
	105,000					Oracle Corp			5.200				09/26/35				100,598
	25,000					Oracle Corp			5.950				09/26/55				22,150
						TOTAL SOFTWARE & SERVICES											836,578
						TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	300,000			(a)		Imola Merger Corp			4.750				05/15/29				296,106
						TOTAL TECHNOLOGY HARDWARE & EQUIPMENT											296,106
						TELECOMMUNICATION SERVICES - 0.6%
	55,000					AT&T Inc			3.650				06/01/51				38,649
	105,000					AT&T Inc			3.500				09/15/53				70,269
	245,000					AT&T Inc			3.800				12/01/57				168,521
	270,000			(a)		CIPHER COMPUTE LLC			7.125				11/15/30				274,990
	90,000					EchoStar Corp, (cash 6.750%, PIK 6.750%)			6.750				11/30/30				92,202
	104,000					EchoStar Corp			10.750				11/30/29				115,003
	375,000			(a)		Frontier Communications Holdings LLC			5.875				10/15/27				376,211
	275,000			(a)		Level 3 Financing Inc			4.875				06/15/29				267,438
	300,000			(a)		Level 3 Financing Inc			6.875				06/30/33				306,983
	130,000			(a)		Level 3 Financing Inc			8.500				01/15/36				133,118
	75,000					T-Mobile USA Inc			5.300				05/15/35				76,899
	195,000			(a)		Windstream Services LLC			7.500				10/15/33				199,896
	310,000			(a)		Windstream Services LLC / Windstream Escrow Finance Corp			8.250				10/01/31				325,429
	70,000			(a)		WULF Compute LLC			7.750				10/15/30				72,117
	244,744			(a)		Zayo Group Holdings Inc			9.250				03/09/30				232,507
						TOTAL TELECOMMUNICATION SERVICES											2,750,232
						TRANSPORTATION - 0.2%
	295,000			(a)		American Airlines Inc			7.250				02/15/28				301,579
	195,000			(a)		Genesee & Wyoming Inc			6.250				04/15/32				201,094
	180,000			(a)		Stonepeak Nile Parent LLC			7.250				03/15/32				190,493
	250,000			(a)		United Airlines Inc			4.375				04/15/26				249,688
						TOTAL TRANSPORTATION											942,854
						UTILITIES - 1.5%
	192,000			(h)		AES Corp/The			6.950				07/15/55				189,565
	143,000			(h)		AES Corp/The			7.600				01/15/55				145,632
	110,000					Atmos Energy Corp			5.200				08/15/35				113,373
	192,000			(h)		CMS Energy Corp			6.500				06/01/55				197,428
	110,000					Consumers Energy Co			4.500				01/15/31				111,212
	115,000			(h)		Dominion Energy Inc			7.000				06/01/54				124,516
	240,000					DTE Electric Co			5.200				03/01/34				247,582
	110,000					Duke Energy Carolinas LLC			4.250				12/15/41				96,676
	130,000					Duke Energy Carolinas LLC			5.350				01/15/53				124,712
	300,000					Duke Energy Carolinas Nc Storm Funding II LLC			4.226				07/01/35				299,366
	101,000			(h)		Duke Energy Corp			6.450				09/01/54				106,007
	139,000			(h)		Edison International			8.125				06/15/53				144,632
	314,000			(h)		Entergy Corp			7.125				12/01/54				329,685
	193,000			(h)		EUSHI Finance Inc			7.625				12/15/54				202,891
	550,000			(a)		Ferrellgas LP / Ferrellgas Finance Corp			5.875				04/01/29				528,498
	100,000			(a)		Ferrellgas LP / Ferrellgas Finance Corp			9.250				01/15/31				102,994
	65,000					Florida Power & Light Co			5.700				03/15/55				65,860
	150,000					Interstate Power and Light Co			5.600				06/29/35				156,107
	262,000			(h)		NextEra Energy Capital Holdings Inc			6.750				06/15/54				279,707
	150,000			(a)		NRG Energy Inc			5.750				01/15/34				151,526
	225,000			(a)		NRG Energy Inc			6.000				02/01/33				229,455
	180,000			(a)		NRG Energy Inc			6.250				11/01/34				184,863
	128,000			(h)		PG&E Corp			7.375				03/15/55				133,311
	269,000			(h)		Sempra			6.550				04/01/55				274,202
	121,000			(h)		Sempra			6.375				04/01/56				123,520
	445,000			(a)		Talen Energy Supply LLC			8.625				06/01/30				471,147
	215,000			(a)		Talen Energy Supply LLC			6.250				02/01/34				219,281

See Notes to Financial Statements 35

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						UTILITIES (continued)
$	190,000			(a)		Talen Energy Supply LLC			6.500%				02/01/36			$	196,477
	390,000			(a)		TerraForm Power Operating LLC			5.000				01/31/28				389,642
	185,000			(a),(g),(h)		Vistra Corp			8.000				N/A				189,651
	217,000			(a),(g),(h)		Vistra Corp			8.875				N/A				239,089
	255,000			(a)		Vistra Operations Co LLC			7.750				10/15/31				270,090
	160,000			(a)		VoltaGrid LLC			7.375				11/01/30				158,519
	60,000			(a)		XPLR Infrastructure Operating Partners LP			8.375				01/15/31				62,978
	120,000			(a)		XPLR Infrastructure Operating Partners LP			8.625				03/15/33				126,242
						TOTAL UTILITIES											6,986,436
						TOTAL CORPORATE BONDS (Cost $91,006,470)											92,572,057
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.7% (10.2% of Total Investments)
						ARGENTINA - 0.3%
	140,000			(a)		Arcor SAIC			7.600				07/31/33				141,260
	100,000					Argentine Republic Government International Bond			0.750				07/09/30				85,000
	475,000					Argentine Republic Government International Bond			4.125				07/09/35				353,400
	200,000					Argentine Republic Government International Bond			5.000				01/09/38				155,200
	298,480			(a)		Provincia de Buenos Aires/Government Bonds			6.625				09/01/37				228,764
	150,000			(a)		Transportadora de Gas del Sur SA			7.750				11/20/35				148,179
	250,000			(a)		YPF SA			8.250				01/17/34				255,491
						TOTAL ARGENTINA											1,367,294
						AUSTRALIA - 0.2%
	200,000					AngloGold Ashanti Holdings PLC			3.750				10/01/30				191,512
	255,000			(a)		Mineral Resources Ltd			8.000				11/01/27				260,432
	285,000			(a)		Mineral Resources Ltd			9.250				10/01/28				299,108
	35,000			(a)		Mineral Resources Ltd			7.000				04/01/31				36,498
						TOTAL AUSTRALIA											787,550
						BARBADOS - 0.0%
	150,000			(a)		Barbados Government International Bond			8.000				06/26/35				157,650
						TOTAL BARBADOS											157,650
						BELGIUM - 0.0%
	89,000					Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc			4.900				02/01/46				82,315
						TOTAL BELGIUM											82,315
						BENIN - 0.0%
	EUR 190,000			(a)		Benin Government International Bond			4.950				01/22/35				206,914
						TOTAL BENIN											206,914
						BRAZIL - 0.6%
	BRL 285,000					Brazil Notas do Tesouro Nacional Serie F			10.000				01/01/27				50,361
	BRL 1,575,000					Brazil Notas do Tesouro Nacional Serie F			10.000				01/01/31				252,292
	340,000					Brazilian Government International Bond			6.000				10/20/33				343,571
	200,000					Brazilian Government International Bond			7.250				01/12/56				197,820
	200,000			(a)		Caixa Economica Federal			5.625				05/13/30				203,090
	200,000			(a)		Corp Quiport SA			9.000				12/15/37				214,051
	200,000			(a)		LD Celulose International GmbH			7.950				01/26/32				208,362
	200,000			(a)		Minerva Luxembourg SA			8.875				09/13/33				218,429
	145,000					Petrobras Global Finance BV			6.750				06/03/50				138,663
	115,000					Petrobras Global Finance BV			5.500				06/10/51				94,668
	200,000			(a)		Raizen Fuels Finance SA			5.700				01/17/35				153,013
	200,000			(a)		Rede D’or Finance Sarl			6.450				09/09/35				205,700
						TOTAL BRAZIL											2,280,020
						CANADA - 1.4%
	75,000			(a)		1011778 BC ULC / New Red Finance Inc			4.000				10/15/30				71,430
	150,000			(a)		Air Canada			3.875				08/15/26				149,285
	120,000			(a)		AltaGas Ltd			7.200				10/15/54				124,409
	200,000					Bank of Montreal			7.700				05/26/84				212,342
	314,000					Bank of Montreal			7.300				11/26/84				334,791

36 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CANADA
$	274,000					Bank of Montreal			6.875%				11/26/85			$	281,930
	200,000					Bank of Nova Scotia/The			8.000				01/27/84				214,164
	200,000					Bank of Nova Scotia/The			6.875				10/27/85				205,054
	278,000					Bell Telephone Co of Canada or Bell Canada			7.000				09/15/55				292,132
	285,000					Canadian Imperial Bank of Commerce			6.950				01/28/85				292,439
	200,000					Canadian Imperial Bank of Commerce			7.000				10/28/85				208,491
	293,000					Emera Inc			6.750				06/15/76				294,341
	688,000					Enbridge Inc			8.500				01/15/84				788,908
	305,000					Enbridge Inc			7.625				01/15/83				331,005
	175,000					Enbridge Inc			5.500				07/15/77				173,404
	85,000			(a)		Garda World Security Corp			6.500				01/15/31				86,979
	200,000			(a)		New Flyer Holdings Inc			9.250				07/01/30				214,964
	150,000			(a)		Open Text Corp			3.875				12/01/29				142,355
	75,000			(a)		Open Text Holdings Inc			4.125				12/01/31				69,968
	177,000					Rogers Communications Inc			7.125				04/15/55				186,380
	242,000					Royal Bank of Canada			6.750				08/24/85				251,142
	144,000					South Bow Canadian Infrastructure Holdings Ltd			7.500				03/01/55				153,917
	250,000			(a)		Superior Plus LP / Superior General Partner Inc			4.500				03/15/29				244,040
	152,000					TELUS Corp			7.000				10/15/55				158,229
	425,000					Toronto-Dominion Bank/The			6.350				10/31/85				430,910
	200,000					Toronto-Dominion Bank/The			8.125				10/31/82				210,909
	75,000					Transcanada Trust			5.875				08/15/76				75,092
	219,000					Transcanada Trust			5.600				03/07/82				216,301
						TOTAL CANADA											6,415,311
						CHILE - 0.5%
	400,000			(a)		AES Andes SA			8.150				06/10/55				418,556
	196,896			(a)		Alfa Desarrollo SpA 2021 1			4.550				09/27/51				158,410
	200,000			(a),(j)		Banco de Credito e Inversiones SA			8.750				08/08/74				216,180
	200,000			(a),(j)		Banco del Estado de Chile			7.950				11/02/74				212,000
	CLP 70,000,000			(a)		Bonos de la Tesoreria de la Republica en pesos, Reg S			5.000				10/01/28				78,339
	CLP 110,000,000			(a)		Bonos de la Tesoreria de la Republica en pesos, Reg S			6.000				04/01/33				127,253
	200,000			(a)		Celulosa Arauco y Constitucion SA			6.180				05/05/32				206,410
	EUR 50,000					Chile Government International Bond			3.800				07/01/35				58,747
	175,000			(a)		Cia Cervecerias Unidas SA			3.350				01/19/32				158,752
	200,000			(a)		Corp Nacional del Cobre de Chile			6.440				01/26/36				216,875
	200,000			(a)		Empresa Nacional del Petroleo			6.150				05/10/33				211,635
						TOTAL CHILE											2,063,157
						CHINA - 0.0%
	200,000			(a)		Lenovo Group Ltd			3.421				11/02/30				190,237
						TOTAL CHINA											190,237
						COLOMBIA - 0.4%
	200,000			(a),(j)		Banco Davivienda SA			8.125				07/02/35				209,476
	200,000			(j)		Bancolombia SA			8.625				12/24/34				214,358
	EUR 100,000					Colombia Government International Bond			5.000				09/19/32				111,759
	350,000					Colombia Government International Bond			3.125				04/15/31				303,100
	200,000					Colombia Government International Bond			8.000				11/14/35				213,100
	COP 725,000,000					Colombian TES			7.750				09/18/30				157,248
	200,000					Ecopetrol SA			4.625				11/02/31				179,162
	200,000					Ecopetrol SA			5.875				11/02/51				143,657
	200,000			(a)		Grupo Aval Ltd			4.375				02/04/30				187,411
						TOTAL COLOMBIA											1,719,271
						COSTA RICA - 0.0%
	200,000			(a)		Costa Rica Government International Bond			7.000				04/04/44				219,000
						TOTAL COSTA RICA											219,000
						COTE D’IVOIRE - 0.1%
	395,000					Ivory Coast Government International Bond, Reg S			6.125				06/15/33				394,701
						TOTAL COTE D’IVOIRE											394,701
						CZECH REPUBLIC - 0.0%
	CZK 2,150,000					Czech Republic Government Bond			1.750				06/23/32				89,736
	CZK 1,200,000					Czech Republic Government Bond, Reg S			0.950				05/15/30				51,193
						TOTAL CZECH REPUBLIC											140,929

See Notes to Financial Statements 37

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						DENMARK - 0.0%
$	80,000			(a)		GENMAB A/S/GENMAB FIN			7.250%				12/15/33			$	84,033
						TOTAL DENMARK											84,033
						DOMINICAN REPUBLIC - 0.1%
	200,000			(a)		Aeropuertos Dominicanos Siglo XXI SA			7.000				06/30/34				210,000
	125,000					Dominican Republic International Bond, Reg S			7.450				04/30/44				137,806
	150,000			(a)		Dominican Republic International Bond			7.050				02/03/31				160,950
	200,000			(a)		Dominican Republic International Bond			5.875				10/28/35				200,340
						TOTAL DOMINICAN REPUBLIC											709,096
						ECUADOR - 0.0%
	260,000			(a)		Ecuador Government International Bond			1.000				07/31/35				229,190
						TOTAL ECUADOR											229,190
						EGYPT - 0.2%
	220,000			(a)		Egypt Government International Bond			7.300				09/30/33				226,184
	200,000			(a)		Egypt Government International Bond			7.600				03/01/29				212,864
	205,000			(a)		Egypt Government International Bond			8.875				05/29/50				207,469
	225,000			(a)		Egypt Government International Bond			8.500				01/31/47				220,721
						TOTAL EGYPT											867,238
						EL SALVADOR - 0.1%
	200,000			(a)		Comision Ejecutiva Hidroelectrica del Rio Lempa			8.650				01/24/33				214,500
	150,000			(a)		El Salvador Government International Bond			0.250				04/17/30				3,938
	150,000			(a)		El Salvador Government International Bond			9.650				11/21/54				171,375
						TOTAL EL SALVADOR											389,813
						FINLAND - 0.1%
	400,000			(a),(j)		Nordea Bank Abp			6.750				11/10/74				410,704
						TOTAL FINLAND											410,704
						FRANCE - 1.2%
	502,000			(a),(j)		BNP Paribas SA			7.750				02/16/71				530,202
	200,000			(a),(j)		BNP Paribas SA			9.250				05/17/74				213,336
	610,000			(a),(j)		BNP Paribas SA			8.500				02/14/74				647,330
	625,000			(a),(j)		BNP Paribas SA			8.000				08/22/74				674,425
	409,000			(a),(j)		BNP Paribas SA			7.375				03/10/74				427,181
	200,000			(a),(j)		BNP Paribas SA			7.450				12/27/74				209,264
	507,000			(a),(j)		Credit Agricole SA			6.700				12/23/73				516,427
	403,000			(a),(j)		Credit Agricole SA			7.125				12/23/74				419,633
	525,000			(a)		Holdco II SAS			8.500				04/15/31				565,031
	454,000			(a),(j)		Societe Generale SA			9.375				05/22/74				484,943
	205,000			(a),(j)		Societe Generale SA			8.500				09/25/74				223,899
	495,000			(a),(j)		Societe Generale SA			10.000				05/14/74				550,188
						TOTAL FRANCE											5,461,859
						GERMANY - 0.4%
	600,000			(j)		Deutsche Bank AG, Reg S			8.130				04/30/73				640,708
	480,000			(a)		IHO Verwaltungs GmbH			8.000				11/15/32				505,584
	450,000			(a)		ZF North America Capital Inc			6.750				04/23/30				444,677
	150,000			(a)		ZF North America Capital Inc			7.500				03/24/31				151,614
						TOTAL GERMANY											1,742,583
						GHANA - 0.1%
	118,280			(a)		Ghana Government International Bond			5.000				07/03/29				115,994
	367,320			(a)		Ghana Government International Bond			5.000				07/03/35				335,585
	200,000			(a)		Kosmos Energy Ltd			7.500				03/01/28				135,124
						TOTAL GHANA											586,703
						GUATEMALA - 0.1%
	200,000			(a)		CT Trust			5.125				02/03/32				192,355
	200,000			(a)		Guatemala Government Bond			3.700				10/07/33				178,700
	200,000			(a)		Guatemala Government Bond			6.250				08/15/36				209,000
						TOTAL GUATEMALA											580,055
						HUNGARY - 0.2%
	HUF 50,000,000					Hungary Government Bond			4.500				03/23/28				147,458
	210,000			(a)		Hungary Government International Bond			5.500				03/26/36				209,439
	200,000			(a)		Hungary Government International Bond			5.375				09/26/30				205,391

38 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						HUNGARY
$	200,000			(a)		Magyar Export-Import Bank Zrt			6.125%				12/04/27			$	205,632
						TOTAL HUNGARY											767,920
						INDIA - 0.2%
	200,000			(a)		Adani Ports & Special Economic Zone Ltd			3.100				02/02/31				177,258
	200,000			(a)		Indian Railway Finance Corp Ltd			3.570				01/21/32				189,835
	200,000			(a)		IRB Infrastructure Developers Ltd			7.110				03/11/32				206,403
	200,000			(a)		Muthoot Finance Ltd			6.375				04/23/29				203,030
	200,000			(a)		ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries			4.500				07/14/28				191,881
						TOTAL INDIA											968,407
						INDONESIA - 0.2%
	200,000			(a)		Indika Energy Tbk PT			8.750				05/07/29				197,892
	IDR 2,702,000,001					Indonesia Treasury Bond			7.000				09/15/30				170,489
	IDR 1,110,000,000					Indonesia Treasury Bond			6.625				02/15/34				68,700
	200,000			(a)		Medco Maple Tree Pte Ltd			8.960				04/27/29				208,552
	200,000					Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S			5.250				05/15/47				182,054
	335,000					Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S			3.875				07/17/29				327,037
						TOTAL INDONESIA											1,154,724
						IRAQ - 0.0%
	125,000			(a)		Iraq International Bond			5.800				01/15/28				124,496
						TOTAL IRAQ											124,496
						IRELAND - 0.2%
	636,000					AerCap Ireland Capital DAC / AerCap Global Aviation Trust			6.950				03/10/55				666,424
	450,000					AerCap Ireland Capital DAC / AerCap Global Aviation Trust			6.500				01/31/56				464,167
						TOTAL IRELAND											1,130,591
						ISRAEL - 0.1%
	200,000			(a),(j)		Bank Hapoalim BM, Reg S			3.255				01/21/32				196,100
	200,000			(a)		Israel Electric Corp Ltd, Reg S			4.250				08/14/28				197,563
						TOTAL ISRAEL											393,663
						JAMAICA - 0.1%
	150,000			(a)		Digicel International Finance Ltd / Difl US LLC			8.625				08/01/32				155,617
	225,000			(a)		Montego Bay Airport Revenue Finance Ltd			6.600				06/15/35				224,168
						TOTAL JAMAICA											379,785
						JAPAN - 0.0%
	200,000			(j)		Nomura Holdings Inc			7.000				01/15/74				205,311
						TOTAL JAPAN											205,311
						JORDAN - 0.0%
	200,000			(a)		Jordan Government International Bond			5.850				07/07/30				201,450
						TOTAL JORDAN											201,450
						KAZAKHSTAN - 0.1%
	200,000			(a)		Baiterek National Managing Holding JSC			5.450				05/08/28				202,894
	200,000			(a)		Development Bank of Kazakhstan JSC			5.500				04/15/27				202,429
	200,000			(a)		KazMunayGas National Co JSC			3.500				04/14/33				180,402
						TOTAL KAZAKHSTAN											585,725
						LUXEMBOURG - 0.1%
	300,000			(a)		Albion Financing 1 SARL / Aggreko Holdings Inc			7.000				05/21/30				313,113
						TOTAL LUXEMBOURG											313,113
						MACAU - 0.0%
	200,000			(a)		MGM China Holdings Ltd			7.125				06/26/31				211,677
						TOTAL MACAU											211,677
						MALAYSIA - 0.1%
	MYR 200,000					Malaysia Government Bond			4.762				04/07/37				54,266
	MYR 400,000					Malaysia Government Bond			4.254				05/31/35				104,268
	240,000			(a)		Petronas Capital Ltd			5.340				04/03/35				249,592
	205,000			(a)		Petronas Capital Ltd			3.404				04/28/61				139,289
						TOTAL MALAYSIA											547,415

See Notes to Financial Statements 39

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MEXICO - 1.1%
$	300,000			(a),(j)		Banco Mercantil del Norte SA/Grand Cayman			7.625%				10/06/74			$	308,397
	509,800			(a),(j)		Banco Mercantil del Norte SA/Grand Cayman			8.750				02/20/73				545,494
	200,000			(a),(j)		Banco Mercantil del Norte SA/Grand Cayman			8.375				02/20/74				210,000
	200,000			(a)		Banco Nacional de Comercio Exterior SNC/Cayman Islands			2.720				08/11/31				196,286
	200,000			(a)		Banco Nacional de Comercio Exterior SNC/Cayman Islands			5.875				05/07/30				206,740
	170,732			(a)		Borr IHC Ltd / Borr Finance LLC			10.000				11/15/28				171,529
	298,000			(a)		Cemex SAB de CV			7.200				09/10/74				310,784
	200,000			(a)		Comision Federal de Electricidad			6.125				06/16/45				189,595
	198,101			(a)		FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple			7.250				01/31/41				208,211
	200,000			(a)		Gruma SAB de CV			5.761				12/09/54				200,649
	200,000			(a)		Grupo Aeromexico SAB de CV			8.625				11/15/31				204,186
	MXN 5,610,000					Mexican Bonos			8.500				11/18/38				291,963
	MXN 1,000,000					Mexican Bonos			7.750				05/29/31				53,497
	200,000					Mexico Government International Bond			4.280				08/14/41				160,600
	250,000					Mexico Government International Bond			6.400				05/07/54				240,125
	250,000					Mexico Government International Bond			5.625				09/22/35				246,500
	200,000			(a)		Nemak SAB de CV			3.625				06/28/31				173,437
	200,000					Petroleos Mexicanos			6.750				09/21/47				164,441
	275,000					Petroleos Mexicanos			6.840				01/23/30				279,263
	245,000					Petroleos Mexicanos			5.950				01/28/31				237,121
	200,000					Petroleos Mexicanos			6.950				01/28/60				162,820
	200,000			(a)		Trust 2401			4.869				01/15/30				197,000
						TOTAL MEXICO											4,958,638
						MOROCCO - 0.1%
	200,000			(a)		Morocco Government International Bond			5.500				12/11/42				190,302
	200,000			(a)		OCP SA			5.125				06/23/51				165,250
						TOTAL MOROCCO											355,552
						NETHERLANDS - 0.4%
	765,000			(j)		ING Groep NV			7.000				11/16/74				798,000
	526,000			(j)		ING Groep NV, Reg S			7.500				05/16/72				548,313
	450,000			(a)		Sunrise FinCo I BV			4.875				07/15/31				428,625
	310,000			(a)		VZ Secured Financing BV			5.000				01/15/32				280,535
						TOTAL NETHERLANDS											2,055,473
						NIGERIA - 0.2%
	200,000			(a)		IHS Holding Ltd			7.875				05/29/30				206,000
	275,000			(a)		Nigeria Government International Bond			10.375				12/09/34				326,229
	200,000			(a)		Nigeria Government International Bond			8.631				01/13/36				214,743
						TOTAL NIGERIA											746,972
						PANAMA - 0.1%
	200,000			(a)		Aeropuerto Internacional de Tocumen SA			5.125				08/11/61				162,600
	200,000			(a)		Empresa de Transmision Electrica SA			5.125				05/02/49				153,698
	200,000					Panama Government International Bond			8.000				03/01/38				233,520
	155,644			(a)		UEP Penonome II SA 2020 1			6.500				10/01/38				138,601
						TOTAL PANAMA											688,419
						PARAGUAY - 0.0%
	200,000			(a)		Paraguay Government International Bond			6.000				02/09/36				214,298
						TOTAL PARAGUAY											214,298
						PERU - 0.2%
	200,000			(a)		Auna SA			8.750				11/06/32				201,756
	200,000			(a)		Banco Internacional del Peru SAA Interbank			6.397				04/30/35				210,000
	PEN 250,000			(a)		Peruvian Government International Bond			5.400				08/12/34				74,073
	150,000					Peruvian Government International Bond			3.000				01/15/34				130,478
	165,000			(a)		Volcan Cia Minera SAA			8.500				10/28/32				169,765
						TOTAL PERU											786,072
						PHILIPPINES - 0.0%
	200,000					Philippine Government International Bond			4.200				03/29/47				167,441
						TOTAL PHILIPPINES											167,441

40 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						POLAND - 0.2%
$	200,000			(a)		Bank Gospodarstwa Krajowego			5.375%				05/22/33			$	205,501
	PLN 525,000					Republic of Poland Government Bond			2.750				10/25/29				138,441
	PLN 375,000					Republic of Poland Government Bond			6.000				10/25/33				111,538
	PLN 550,000					Republic of Poland Government Bond			5.000				10/25/34				152,348
	90,000					Republic of Poland Government International Bond			5.500				04/04/53				86,365
	100,000					Republic of Poland Government International Bond			5.375				02/12/35				103,665
						TOTAL POLAND											797,858
						REPUBLIC OF SERBIA - 0.0%
	200,000			(a)		Serbia International Bond			6.500				09/26/33				213,997
						TOTAL REPUBLIC OF SERBIA											213,997
						ROMANIA - 0.1%
	RON 320,000					Romania Government Bond			4.150				01/26/28				70,632
	EUR 185,000			(a)		Romanian Government International Bond			5.250				05/30/32				221,879
	102,000			(a)		Romanian Government International Bond			5.875				01/30/29				105,247
	210,000			(a)		Romanian Government International Bond			5.750				03/24/35				208,069
						TOTAL ROMANIA											605,827
						RWANDA - 0.1%
	300,000			(a)		Rwanda International Government Bond			5.500				08/09/31				278,121
						TOTAL RWANDA											278,121
						SAUDI ARABIA - 0.2%
	200,000					Saudi Arabian Oil Co, Reg S			4.250				04/16/39				182,128
	200,000					Saudi Awwal Bank, Reg S			5.947				09/04/35				202,863
	385,000					Saudi Government International Bond, Reg S			3.750				01/21/55				272,045
	200,000			(a)		Saudi Government International Bond			5.625				01/13/35				212,005
	200,000					SNB Funding Ltd, Reg S			6.000				06/24/35				205,858
						TOTAL SAUDI ARABIA											1,074,899
						SENEGAL - 0.0%
	215,000					Senegal Government International Bond, Reg S			6.750				03/13/48				115,336
	200,000			(a)		Senegal Government International Bond			6.750				03/13/48				107,289
						TOTAL SENEGAL											222,625
						SOUTH AFRICA - 0.3%
	200,000			(a)		Bidvest Group UK PLC/The			6.200				09/17/32				203,773
	250,000			(a)		Eskom Holdings			8.450				08/10/28				268,024
	ZAR 1,050,000					Republic of South Africa Government Bond			8.500				01/31/37				62,721
	ZAR 3,875,000					Republic of South Africa Government Bond			8.875				02/28/35				243,205
	200,000					Republic of South Africa Government International Bond			5.375				07/24/44				170,579
	200,000			(a)		Republic of South Africa Government International Bond			7.100				11/19/36				214,768
	250,000			(a)		Transnet/South Africa			8.250				02/06/28				263,898
	200,000			(a)		Windfall Mining Group Inc / Groupe Minier Windfall Inc			5.854				05/13/32				208,882
						TOTAL SOUTH AFRICA											1,635,850
						SPAIN - 0.7%
	440,000			(j)		Banco Bilbao Vizcaya Argentaria SA			6.125				02/16/74				443,425
	473,000			(j)		Banco Bilbao Vizcaya Argentaria SA			9.375				12/19/74				527,867
	200,000			(j)		Banco Bilbao Vizcaya Argentaria SA			7.750				04/14/74				214,122
	800,000			(j)		Banco Santander SA			8.000				11/01/73				883,100
	600,000			(j)		Banco Santander SA			9.625				02/21/74				722,360
						TOTAL SPAIN											2,790,874
						SRI LANKA - 0.0%
	129,323			(a)		Sri Lanka Government International Bond			3.350				03/15/33				111,142
	79,065			(a)		Sri Lanka Government International Bond			3.600				02/15/38				72,049
	56,938			(a)		Sri Lanka Government International Bond			3.600				06/15/35				43,273
						TOTAL SRI LANKA											226,464
						SUPRANATIONAL - 0.0%
	INR 12,500,000					European Bank for Reconstruction & Development			6.300				10/26/27				138,984
	KZT 30,000,000					International Bank for Reconstruction & Development			13.750				06/11/26				58,099
						TOTAL SUPRANATIONAL											197,083
						SWITZERLAND - 0.8%
	1,000,000			(b)		Credit Suisse Group AG			0.000				01/17/72				340,000
	1,645,000			(b)		Credit Suisse Group AG			7.250				03/12/72				559,301
	-300,000			(b)		Credit Suisse Group AG			6.380				02/21/72				102,000

See Notes to Financial Statements 41

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						SWITZERLAND
$	575,000			(b)		Credit Suisse Group AG			7.500%				06/11/72			$	195,500
	735,000			(b)		Credit Suisse Group AG			7.500				01/17/72				249,900
	521,000			(a),(j)		UBS Group AG			9.250				05/13/74				611,007
	499,000			(a),(j)		UBS Group AG			9.250				05/13/74				547,527
	484,000			(a),(j)		UBS Group AG			7.750				04/12/74				521,767
	480,000			(a),(c)		VistaJet Malta Finance PLC / Vista Management Holding Inc			6.375				02/01/30				456,791
						TOTAL SWITZERLAND											3,583,793
						THAILAND - 0.0%
	200,000			(a),(j)		Bangkok Bank PCL/Hong Kong			3.466				09/23/36				181,964
						TOTAL THAILAND											181,964
						TOGO - 0.0%
	200,000			(a)		Ecobank Transnational Inc			10.125				10/15/29				212,084
						TOTAL TOGO											212,084
						TRINIDAD AND TOBAGO - 0.0%
	200,000			(a)		Trinidad Generation UnLtd			7.750				06/16/33				207,250
						TOTAL TRINIDAD AND TOBAGO											207,250
						TURKEY - 0.4%
	200,000			(a)		Limak Cimento Sanayi ve Ticaret AS			9.750				07/25/29				201,684
	225,000			(a)		Turk Telekomunikasyon AS			6.950				10/07/32				229,913
	200,000			(a)		Turkcell Iletisim Hizmetleri AS			7.650				01/24/32				212,654
	TRY 1,800,000					Turkiye Government Bond			37.000				02/18/26				41,895
	EUR 225,000					Turkiye Government International Bond			5.200				08/17/31				274,892
	250,000					Turkiye Government International Bond			6.000				01/14/41				225,427
	200,000					Turkiye Government International Bond			7.125				07/17/32				211,619
	200,000			(a)		Ulker Biskuvi Sanayi AS			7.875				07/08/31				210,578
	200,000			(a)		Yapi ve Kredi Bankasi AS			9.250				01/17/34				213,260
						TOTAL TURKEY											1,821,922
						UGANDA - 0.0%
	UGX 353,000,000					Republic of Uganda Government Bonds			14.250				06/22/34				87,006
						TOTAL UGANDA											87,006
						UKRAINE - 0.1%
	118,699			(a)		Ukraine Government International Bond			1.750				02/01/29				88,728
	150,000			(a)		Ukraine Government International Bond			1.750				02/01/36				87,750
	311,275			(a)		Ukraine Government International Bond			0.000				02/01/35				175,870
	67,730			(a)		Ukraine Government International Bond			0.000				02/01/36				38,098
						TOTAL UKRAINE											390,446
						UNITED ARAB EMIRATES - 0.2%
	400,000					Emirate of Dubai Government International Bonds, Reg S			3.900				09/09/50				302,155
	235,000			(a)		Galaxy Pipeline Assets Bidco Ltd			2.625				03/31/36				207,105
	207,931			(a)		Galaxy Pipeline Assets Bidco Ltd 2022 2022			2.940				09/30/40				176,876
	183,220			(a)		Sweihan PV Power Co PJSC 2022 1			3.625				01/31/49				157,498
						TOTAL UNITED ARAB EMIRATES											843,634
						UNITED KINGDOM - 2.2%
	450,000			(a)		Ardonagh Finco Ltd			7.750				02/15/31				471,760
	388,000			(j)		Barclays PLC			8.000				12/15/74				413,985
	1,092,000			(j)		Barclays PLC			9.625				03/15/73				1,237,014
	200,000			(j)		Barclays PLC			7.625				06/15/74				213,394
	300,000			(a)		California Buyer Ltd / Atlantica Sustainable Infrastructure PLC			6.375				02/15/32				300,495
	300,000			(a)		ContourGlobal Power Holdings SA			6.750				02/28/30				309,333
	200,000			(j)		HSBC Holdings PLC			6.500				09/23/73				203,915
	453,000			(j)		HSBC Holdings PLC			8.000				09/07/74				477,412
	394,000			(j)		HSBC Holdings PLC			6.875				03/11/74				407,377
	695,000			(j)		HSBC Holdings PLC			6.950				03/11/74				728,917
	275,000			(j)		HSBC Holdings PLC			6.950				08/27/74				285,446
	221,000			(j)		Lloyds Banking Group PLC			6.750				12/27/73				228,898
	771,000			(j)		Lloyds Banking Group PLC			8.000				06/27/74				834,087
	300,000			(a)		Merlin Entertainments Group US Holdings Inc			7.375				02/15/31				267,233
	300,000			(a)		Motion Finco Sarl			8.375				02/15/32				269,403
	882,000			(j)		NatWest Group PLC			8.125				06/30/74				992,374

42 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						UNITED KINGDOM
$	442,000			(j)		NatWest Group PLC			7.300%				12/31/73			$	468,878
	200,000			(j)		Phoenix Group Holdings PLC, Reg S			8.500				12/12/72				213,651
	343,000			(a),(j)		Standard Chartered PLC			7.750				02/15/74				356,366
	550,000			(a)		Virgin Media Secured Finance PLC			5.500				05/15/29				541,836
	120,000			(a)		Vmed O2 UK Financing I PLC			6.750				01/15/33				118,924
	365,000					Vodafone Group PLC			7.000				04/04/79				386,649
	233,000			(a)		Zegona Finance PLC			8.625				07/15/29				247,139
						TOTAL UNITED KINGDOM											9,974,486
						URUGUAY - 0.1%
	175,000					Uruguay Government International Bond			5.442				02/14/37				181,833
	UYU 6,200,000					Uruguay Government International Bond			8.250				05/21/31				163,112
						TOTAL URUGUAY											344,945
						UZBEKISTAN - 0.0%
	200,000			(a)		Republic of Uzbekistan International Bond			6.900				02/28/32				214,951
						TOTAL UZBEKISTAN											214,951
						ZAMBIA - 0.1%
	122,524			(a)		Zambia Government International Bond			5.750				06/30/33				120,646
	197,169			(a)		Zambia Government International Bond			0.500				12/31/53				137,845
						TOTAL ZAMBIA											258,491
						TOTAL EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS (Cost $71,226,630)											70,207,335
SHARES						DESCRIPTION										VALUE
						EXCHANGE-TRADED FUNDS - 7.6% (5.3% of Total Investments)
	253,147					Alerian MLP ETF											11,902,972
	364,718			(c)		iShares Core MSCI Emerging Markets ETF											24,516,344
						TOTAL EXCHANGE-TRADED FUNDS (Cost $28,915,761)											36,419,316
SHARES						DESCRIPTION										VALUE
						INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments)
	13,224					3i Infrastructure PLC											66,548
						TOTAL INVESTMENT COMPANIES (Cost $51,850)											66,548
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MORTGAGE-BACKED SECURITIES - 12.3% (8.6% of Total Investments)
	100,000			(a),(i)		ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M + 1.750%)			5.500				06/15/35				100,325
	420,000			(i)		BANK 2019-BNK24, Series 2019 BN24			3.283				11/15/62				395,201
	71,242			(a),(i)		Bayview MSR Opportunity Master Fund Trust 2021-INV4, Series 2021 4			2.500				10/25/51				59,075
	307,876			(a),(i)		BX Commercial Mortgage Trust, Series 2021 CIP, (TSFR1M + 1.035%)			4.785				12/15/38				307,993
	130,000					CD 2017-CD5 Mortgage Trust, Series 2017 CD5			3.431				08/15/50				128,347
	52,138			(i)		Citigroup Commercial Mortgage Trust, Series 2015 GC29			3.758				04/10/48				50,489
	250,000			(i)		Citigroup Commercial Mortgage Trust, Series 2018 B2			4.179				03/10/51				245,789
	935,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2023 R05, (SOFR30A + 3.100%)			7.456				06/25/43				970,676
	500,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2023 R01, (SOFR30A + 3.750%)			8.106				12/25/42				522,750
	210,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2023 R06, (SOFR30A + 3.900%)			9.188				07/25/43				221,393
	475,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2022 R05, (SOFR30A + 7.000%)			10.874				04/25/42				506,455
	105,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2022 R09, (SOFR30A + 4.750%)			8.624				09/25/42				111,402
	695,000			(a),(i)		Connecticut Avenue Securities Trust, Series 2023 R06, (SOFR30A + 2.700%)			6.574				07/25/43				714,997
	240,766					Fannie Mae Pool, FN MA4805, Series 2022 1			4.500				11/01/52				235,928

See Notes to Financial Statements 43

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MORTGAGE-BACKED SECURITIES (continued)
$	1,728,007			(k)		Fannie Mae Pool, FN MA4700, Series 2022 1			4.000%				08/01/52			$	1,640,925
	692,904					Fannie Mae Pool, FN MA4732			4.000				09/01/52				660,149
	2,034,464			(k)		Fannie Mae Pool, FN MA4733			4.500				09/01/52				1,994,209
	1,540,957			(k)		Fannie Mae Pool, FN MA4737, Series 2022 1			5.000				08/01/52				1,543,329
	1,288,594					Fannie Mae Pool, FN MA4783			4.000				10/01/52				1,227,880
	584,724			(k)		Fannie Mae Pool, FN MA4785			5.000				10/01/52				586,529
	913,642			(k)		Fannie Mae Pool, FN MA4918			5.000				02/01/53				914,860
	2,397,972			(k)		Fannie Mae Pool, FN MA5165			5.500				10/01/53				2,438,013
	655,867					Fannie Mae Pool, FN MA4942			6.000				03/01/53				675,946
	908,748			(k)		Fannie Mae Pool, FN MA4978			5.000				04/01/53				909,866
	736,525			(k)		Fannie Mae Pool, FN MA5039			5.500				06/01/53				749,333
	266,025					Fannie Mae Pool, FN MA5106			5.000				08/01/53				266,147
	108,518					Fannie Mae Pool, FN MA5107			5.500				08/01/53				110,355
	2,369,944			(k)		Fannie Mae Pool, FN MA4655			4.000				07/01/52				2,261,766
	1,783,466			(k)		Fannie Mae Pool, FN MA5353			5.500				05/01/54				1,809,802
	1,173,607			(k)		Fannie Mae Pool, FN MA5497			5.500				10/01/54				1,190,518
	360,076					Fannie Mae Pool, FN MA4919			5.500				02/01/53				365,423
	783,356			(k)		Fannie Mae Pool, FN MA4644, Series 2022 1			4.000				05/01/52				746,664
	202,021					Fannie Mae Pool, FN MA5247			6.000				01/01/54				207,722
	768,936					Fannie Mae Pool, FN MA4600, Series 2022 2			3.500				05/01/52				712,625
	237,762					Fannie Mae Pool, FN MA4578			2.500				04/01/52				202,142
	438,224			(k)		Fannie Mae Pool, FN FS7299			3.000				05/01/52				392,499
	1,486,589			(k)		Fannie Mae Pool, FN FS1535			3.000				04/01/52				1,330,704
	1,110,836			(k)		Fannie Mae Pool, FN FS1533			3.000				04/01/52				995,111
	750,059					Fannie Mae Pool, FN FS0522			2.500				02/01/52				642,842
	1,192,842			(k)		Fannie Mae Pool, FN CB3905			3.500				06/01/52				1,105,811
	165,197					Fannie Mae Pool, FN CB2795			3.000				02/01/52				146,430
	1,305,503			(k)		Fannie Mae Pool, FN CB1301			2.500				08/01/51				1,124,991
	427,802			(k)		Fannie Mae Pool, FN BW3383			4.500				07/01/52				419,204
	4,291,819			(k)		Fannie Mae Pool, FN BW3382			4.500				07/01/52				4,209,116
	1,236,635			(k)		Fannie Mae Pool, FN MA4626			4.000				06/01/52				1,180,189
	91,368			(a),(i)		Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN			3.498				10/25/51				76,338
	28,524					Freddie Mac Gold Pool, FG U99084			4.500				02/01/44				28,523
	50,778					Freddie Mac Pool, FR SD4999			5.000				08/01/53				50,841
	177,822					Freddie Mac Pool, FR SD8329			5.000				06/01/53				177,995
	719,516			(k)		Freddie Mac Pool, FR SD8288			5.000				01/01/53				720,512
	1,276,618			(k)		Freddie Mac Pool, FR RA6766			2.500				02/01/52				1,097,300
	1,478,730			(k)		Freddie Mac Pool, FR RA9629			5.500				08/01/53				1,504,218
	818,658			(k)		Freddie Mac Pool, FR QE5382			4.500				07/01/52				802,798
	1,258,446					Freddie Mac REMICS, Series 2021 5160			3.000				09/25/50				932,423
	500,000			(a),(i)		Freddie Mac STACR REMIC Trust, Series 2022 DNA6, (SOFR30A + 5.750%)			9.624				09/25/42				539,065
	285,000			(a),(i)		Freddie Mac STACR REMIC Trust, Series 2023 DNA1, (SOFR30A + 3.100%)			8.444				03/25/43				295,621
	80,000			(a),(i)		Freddie Mac STACR REMIC Trust, Series 2022 DNA4, (SOFR30A + 3.350%)			7.224				05/25/42				82,593
	1,056,349					Ginnie Mae II Pool, G2 MA8149			3.500				07/20/52				971,343
	270,113			(k)		Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE			3.000				06/20/51				243,021
	344,224			(k)		Ginnie Mae II Pool, G2 MA7768, Series 2021 1			3.000				12/20/51				309,698
	427,601			(k)		Ginnie Mae II Pool, G2 MA7871, Series 2022 1			2.500				02/20/52				360,571
	616,220					Ginnie Mae II Pool, G2 MA8200			4.000				08/20/52				586,189
	587,117			(k)		Ginnie Mae II Pool, G2 MA8428			5.000				11/20/52				588,074
	260,558					Ginnie Mae II Pool, G2 MA8724			4.500				03/20/53				255,424
	249,815					Government National Mortgage Association, Series 2021 209			3.000				11/20/51				184,595
	269,354					Government National Mortgage Association, Series 2022 124			4.000				07/20/52				230,300
	428,966					Government National Mortgage Association, Series 2023 111			3.000				02/20/52				301,477
	484,195					Government National Mortgage Association, Series 2022 174			4.500				09/20/52				453,489
	710,914					Government National Mortgage Association, Series 2013 188			2.500				12/20/43				642,129
	250,000					GS Mortgage Securities Trust, Series 2019 GC42			3.001				09/10/52				236,025
	751,590			(a),(i)		GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2			3.000				06/25/52				652,066
	445,625			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2022 INV1			3.000				07/25/52				387,612
	230,221			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2023 PJ1			3.500				02/25/53				207,812

44 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MORTGAGE-BACKED SECURITIES (continued)
$	392,506			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2022 GR2			3.000%				08/26/52			$	340,796
	278,541			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2022 HP1			3.000				09/25/52				241,845
	266,488			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2021 PJ10			2.500				03/25/52				220,977
	230,202			(a),(i)		GS Mortgage-Backed Securities Trust, Series 2022 PJ5			3.000				10/25/52				199,719
	250,000			(a),(i)		Houston Galleria Mall Trust, Series 2025 HGLR			5.462				02/05/45				259,496
	250,000			(a)		ICNQ 2024-MF Mortgage Trust, Series 2024 MF			5.778				12/10/34				258,257
	250,000			(a),(i)		IP 2025-IP Mortgage Trust, Series 2025 IP			5.425				06/10/42				254,688
	535,934			(a),(i)		J.P. Morgan Mortgage Trust, Series 2024 3			3.000				05/25/54				464,967
	115,070			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 LTV2			3.500				09/25/52				103,724
	628,290			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 6			3.000				11/25/52				545,516
	1,068,748			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 2			3.000				08/25/52				927,948
	306,873			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 4			3.000				10/25/52				266,238
	373,400			(a),(i)		J.P. Morgan Mortgage Trust, Series 2021 15			2.500				06/25/52				309,515
	1,384,343			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 LTV1			3.250				07/25/52				1,243,085
	476,790			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 INV3			3.000				09/25/52				414,125
	673,634			(a),(i)		J.P. Morgan Mortgage Trust, Series 2022 3			3.000				08/25/52				584,433
	250,000			(a)		JP Morgan Chase Commercial Mortgage Securities Trust, Series 2025 NSLB			6.234				06/05/42				261,637
	80,707					JPMDB Commercial Mortgage Securities Trust, Series 2018 C8			3.944				06/15/51				80,179
	267,884			(a),(i)		OBX 2022-INV5 Trust, Series 2022 INV5			4.000				10/25/52				247,760
	605,785			(a),(i)		RCKT Mortgage Trust 2022-2, Series 2022 2			2.500				02/25/52				502,329
	78,624			(a),(i)		RCKT Mortgage Trust 2022-3, Series 2022 3			3.000				05/25/52				68,265
	162,645			(a),(i)		RCKT Mortgage Trust 2022-4, Series 2022 4			3.500				06/25/52				146,812
	109,438			(a),(i)		Sequoia Mortgage Trust 2025-S2, Series 2025 S2			4.000				11/25/55				102,586
	150,000			(a),(i)		Verus Securitization Trust 2025-12, Series 2025 12			5.760				12/25/70				151,036
	104,437			(a),(i)		Wells Fargo Mortgage Backed Securities 2021-2 Trust, Series 2021 2			2.500				06/25/51				86,732
	161,932			(a),(i)		Wells Fargo Mortgage Backed Securities 2022-2 Trust, Series 2022 2			2.500				12/25/51				134,075
	190,093			(a),(i)		Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1			3.500				03/25/52				171,692
	114,056			(a),(i)		Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1			3.000				03/25/52				99,100
						TOTAL MORTGAGE-BACKED SECURITIES (Cost $59,554,277)											58,937,504
SHARES						DESCRIPTION		RATE								VALUE
						PREFERRED STOCK - 1.1% (0.7% of Total Investments)
						BANKS - 0.1%
	6,772					Fifth Third Bancorp			7.973								173,295
	8,825					KeyCorp			6.125								218,684
	18,675					KeyCorp			6.200								473,971
	2,425					KeyCorp			5.625								51,556
	2,238					KeyCorp			5.650								47,490
	350					Synovus Financial Corp			8.397								9,048
						TOTAL BANKS											974,044
						FINANCIAL SERVICES - 0.5%
	12,675					Bank of New York Mellon Corp/The			6.150								325,113
	7,550					Equitable Holdings Inc			5.250								152,510
	4,206					Morgan Stanley			7.125								106,202
	11,750					Morgan Stanley			6.625								307,028
	11,775					Morgan Stanley			6.500								299,909
	16,725					Morgan Stanley			6.875								419,964
	4,923					Synchrony Financial			5.625								96,442
	10,218					Voya Financial Inc			5.350								252,691
						TOTAL FINANCIAL SERVICES											1,959,859
						FOOD, BEVERAGE & TOBACCO - 0.2%
	10,571					CHS Inc			7.100								263,324
	12,518					CHS Inc			6.750								309,320
						TOTAL FOOD, BEVERAGE & TOBACCO											572,644

See Notes to Financial Statements 45

Portfolio of Investments December 31, 2025 (continued)

NMAI

SHARES						DESCRIPTION		RATE								VALUE
						INSURANCE - 0.3%
	6,075					American National Group Inc			7.375%							$	151,936
	8,200					Aspen Insurance Holdings Ltd			5.625								160,720
	4,550					Aspen Insurance Holdings Ltd			7.125								112,704
	2,875					Assurant Inc			5.250								55,919
	19,836					Athene Holding Ltd			6.350								487,965
	10,532					Enstar Group Ltd			7.000								248,555
	9,837					Reinsurance Group of America Inc			5.750								244,154
	5,959					Reinsurance Group of America Inc			7.125								151,597
						TOTAL INSURANCE											1,613,550
						TOTAL PREFERRED STOCK (Cost $5,261,823)											5,120,097
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.8% (4.0% of Total Investments)
$	325,000			(g)		CoBank ACB			6.250				N/A				326,170
	445,000			(g)		CoBank ACB			6.450				N/A				446,265
	93,000			(g)		CoBank ACB			7.250				N/A				95,550
	152,000			(a),(g)		Farm Credit Bank of Texas			6.200				N/A				150,535
	136,000			(g)		Farm Credit Bank of Texas			7.000				N/A				140,193
	407,040			(l)		United States Treasury Inflation Indexed Bonds			1.250				04/15/28				405,376
	407,364			(l)		United States Treasury Inflation Indexed Bonds			1.375				07/15/33				397,042
	286,385			(k),(l)		United States Treasury Inflation Indexed Bonds			0.250				07/15/29				275,899
	270,088			(l)		United States Treasury Inflation Indexed Bonds			1.750				01/15/34				268,540
	394,725			(l)		United States Treasury Inflation Indexed Bonds			2.125				04/15/29				403,043
	606,990			(l)		United States Treasury Inflation Indexed Bonds			1.875				07/15/34				609,377
	398,363			(l)		United States Treasury Inflation Indexed Bonds			1.625				10/15/29				402,270
	928,494			(k),(l)		United States Treasury Inflation Indexed Bonds			2.125				01/15/35				944,885
	946,062			(k),(l)		United States Treasury Inflation Indexed Bonds			1.625				04/15/30				950,700
	80,522			(l)		United States Treasury Inflation Indexed Bonds			1.125				10/15/30				79,289
	874,400			(k),(l)		United States Treasury Inflation Indexed Bonds			1.125				01/15/33				838,952
	404,346			(l)		United States Treasury Inflation Indexed Bonds			0.375				01/15/27				399,346
	408,568			(l)		United States Treasury Inflation Indexed Bonds			0.750				07/15/28				403,672
	838,101			(l)		United States Treasury Inflation Indexed Bonds			0.125				07/15/30				790,901
	316,360			(l)		United States Treasury Inflation Indexed Bonds			0.125				01/15/30				300,034
	399,288			(l)		United States Treasury Inflation Indexed Bonds			0.375				07/15/27				394,625
	428,974			(l)		United States Treasury Inflation Indexed Bonds			0.500				01/15/28				421,395
	709,176			(l)		United States Treasury Inflation Indexed Bonds			0.875				01/15/29				698,141
	735,114			(k),(l)		United States Treasury Inflation Indexed Bonds			1.875				07/15/35				733,146
	714,402			(k),(l)		United States Treasury Inflation Indexed Bonds			1.625				10/15/27				719,747
	770,646			(k),(l)		United States Treasury Inflation Indexed Bonds			2.375				10/15/28				793,576
	172,968			(l)		United States Treasury Inflation Indexed Bonds			0.125				04/15/27				169,825
	763,432			(k),(l)		United States Treasury Inflation Indexed Bonds			0.125				01/15/32				697,535
	503,243			(l)		United States Treasury Inflation Indexed Bonds			3.625				04/15/28				527,924
	119,147			(l)		United States Treasury Inflation Indexed Bonds			0.125				10/15/26				118,039
	297,072			(k),(l)		United States Treasury Inflation Indexed Bonds			3.875				04/15/29				319,963
	366,848			(l)		United States Treasury Inflation Indexed Bonds			3.375				04/15/32				404,889
	194,263			(l)		United States Treasury Inflation Indexed Bonds			1.750				01/15/28				195,671
	971,800			(k),(l)		United States Treasury Inflation Indexed Bonds			0.125				07/15/31				900,364
	1,000,559			(k),(l)		United States Treasury Inflation Indexed Bonds			0.125				01/15/31				932,615
	454,929			(l)		United States Treasury Inflation Indexed Bonds			2.500				01/15/29				469,518
	560,280			(l)		United States Treasury Inflation Indexed Bonds			0.625				07/15/32				525,596
	280,000					United States Treasury Note/Bond			4.125				06/30/32				281,608
	1,324,999					United States Treasury Note/Bond			3.750				06/30/27				1,330,125
	370,000					United States Treasury Note/Bond			3.875				07/31/30				372,732
	449,400					United States Treasury Note/Bond			3.875				05/15/43				403,143
	445,700					United States Treasury Note/Bond			2.875				05/15/49				319,738
	385,000					United States Treasury Note/Bond			3.750				10/31/32				380,729
	210,100					United States Treasury Note/Bond			3.625				05/15/53				169,959
	130,000					United States Treasury Note/Bond			4.000				11/15/35				128,131
	490,000					United States Treasury Note/Bond			3.875				06/15/28				494,211
	200,000					United States Treasury Note/Bond			4.375				11/15/39				197,305
	280,000					United States Treasury Note/Bond			4.250				08/15/35				282,013

46 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
$	785,000					United States Treasury Note/Bond			4.000%				05/31/30			$	794,996
	60,000					United States Treasury Note/Bond			4.625				05/15/54				57,785
	285,000					United States Treasury Note/Bond			4.250				05/15/35				287,360
	105,000					United States Treasury Note/Bond			3.750				06/30/30				105,250
	313,500					United States Treasury Note/Bond			4.125				07/31/28				318,178
	212,700					United States Treasury Note/Bond			3.875				08/15/33				210,930
	235,000					United States Treasury Note/Bond			4.875				10/31/30				246,860
	106,200					United States Treasury Note/Bond			4.000				02/15/34				105,868
	190,000					United States Treasury Note/Bond			4.625				11/15/55				183,053
	50,000					United States Treasury Note/Bond			4.625				05/31/31				52,043
	555,000					United States Treasury Note/Bond			4.750				08/15/45				560,377
	215,000					United States Treasury Note/Bond			3.875				08/15/34				211,691
	80,000					United States Treasury Note/Bond			3.750				08/31/31				79,734
	545,000					United States Treasury Note/Bond			5.000				05/15/45				559,477
	55,000					United States Treasury Note/Bond			4.000				12/15/27				55,533
	465,000					United States Treasury Note/Bond			4.750				05/15/55				456,935
	105,000					United States Treasury Note/Bond			4.000				03/31/30				106,337
	160,000					United States Treasury Note/Bond			3.875				04/30/30				161,250
	925,000					United States Treasury Note/Bond			4.125				05/31/32				937,141
	175,000					United States Treasury Note/Bond			3.750				11/30/32				173,763
						TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $27,463,182)											27,674,863
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						VARIABLE RATE SENIOR LOAN INTERESTS - 10.5% (7.3% of Total Investments)
						AUTOMOBILES & COMPONENTS - 0.1%
	34,492			(i)		Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)			5.966				01/29/31				34,671
	335,261			(i)		Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)			6.216				05/06/30				336,134
	221,445			(i)		Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)			6.466				01/28/32				222,863
	68,466			(i)		DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)			7.581				10/04/28				68,103
						TOTAL AUTOMOBILES & COMPONENTS											661,771
						CAPITAL GOODS - 0.9%
	209,541			(i)		ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)			8.184				05/17/28				171,841
	2,885			(i),(m)		Air Comm Corporation, LLC, Delayed Draw Term Loan			1.000				12/11/31				2,899
	59,174			(i)		Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)			6.506				12/11/31				59,466
	117,000			(i),(n)		Allison Transmission Inc, Term Loan, (TBD)			TBD				TBD				117,756
	26,931			(i),(n)		Artera Services LLC, Term Loan, (TBD)			TBD				TBD				21,927
	211,404			(i)		Barnes Group Inc, Term Loan B, (TSFR1M + 2.750%)			6.466				01/27/32				212,178
	43,450			(i)		Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.500%)			6.172				10/17/30				43,712
	86,628			(i)		Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)			8.354				08/01/30				79,176
	53,900			(i)		Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)			6.123				07/09/32				54,170
	284,963			(i)		Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)			6.466				09/08/32				285,884
	81,578			(i)		Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)			6.476				03/18/30				82,068
	65,434			(i),(o)		Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)			7.581				05/17/28				34,435
	22,246			(i)		Core & Main LP, Term Loan B, (TSFR3M + 2.000%)			5.690				07/27/28				22,343
	25,867			(i)		Cornerstone Building Brands, Inc., Term Loan, (TSFR1M + 5.625%)			9.375				08/01/28				20,564
	169,163			(i)		Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M + 3.250%)			7.100				04/12/28				133,385
	140,648			(i)		CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)			8.966				07/08/30				136,428
	109,880			(i)		Filtration Group Corporation, Term Loan, (TSFR1M + 2.750%)			6.466				10/23/28				110,601
	96,933			(i)		Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)			5.466				06/04/31				97,286
	38,000			(i)		Green Infrastructure Partners Inc, Term Loan B, (TSFR3M + 2.750%)			6.422				09/24/32				38,143
	49,535			(i),(m)		Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M + 1.750%)			3.930				02/26/32				49,796
	523,683			(i)		Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M + 2.500%)			6.433				02/26/32				526,435
	124,029			(i)		Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)			6.702				06/21/28				124,768
	57,866			(i)		Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M + 2.500%)			6.227				09/26/31				58,348
	71,924			(i)		MI Windows and Doors, LLC, Term Loan B2, (TSFR1M + 2.750%)			6.466				03/28/31				72,082

See Notes to Financial Statements 47

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CAPITAL GOODS (continued)
$	93,341			(i)		Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)			8.140%				10/15/29			$	67,392
	48,000			(i)		Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)			9.228				10/15/29				49,005
	10,484			(i),(m)		Pinnacle Buyer LLC, Delayed Draw Term Loan			1.250				10/01/32				10,536
	54,380			(i)		Pinnacle Buyer LLC, Term Loan, (CME Term SOFR 1 Month + 2.500%)			6.485				10/01/32				54,652
	160,785			(i)		Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)			5.966				01/31/32				161,463
	37,490			(i)		Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)			5.966				04/14/31				37,641
	68,000			(i)		QXO Inc, Term Loan B, (TSFR1M + 2.000%)			5.716				04/30/32				68,321
	104,738			(i)		Resideo Funding Inc., Incremental Term Loan, (TSFR3M + 2.000%)			5.723				08/13/32				105,130
	514,270			(i)		TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 2.750%)			6.947				04/30/30				518,053
	154,050			(i)		TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)			6.216				01/20/32				154,841
	284,961			(i)		TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)			6.216				02/28/31				286,353
	174,563			(i)		TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)			6.216				08/19/32				175,487
	263,877			(i)		Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)			7.581				11/20/28				265,608
						TOTAL CAPITAL GOODS											4,510,173
						COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	279,300			(i)		Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)			6.966				08/20/32				281,089
	68,335			(i)		Amentum Government Services Holdings LLC, Term Loan B, (TSFR1M + 2.000%)			5.716				09/29/31				68,613
	275,923			(i)		Anticimex International AB, Term Loan, (TSFR3M + 2.900%)			7.310				11/21/31				277,647
	10,345			(i),(m)		Archkey Solutions LLC, Delayed Draw Term Loan B			4.250				11/03/31				10,474
	88,984			(i)		Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)			7.922				11/03/31				90,097
	196,505			(i)		CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)			7.331				06/02/28				196,951
	122,235			(i)		Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M + 2.500%)			6.216				10/01/31				122,846
	155,930			(i)		Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)			6.840				08/01/29				156,877
	291,963			(i)		Garda World Security Corporation, Term Loan B, (TSFR1M + 3.000%)			6.750				02/01/29				293,569
	94,763			(i)		GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)			6.273				03/03/32				95,284
	133,656			(i)		Medical Solutions Holdings Inc, Term Loan, (CME Term SOFR 3 Month + 3.500%)			7.440				11/01/28				96,232
	67,824			(i)		OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)			6.455				07/25/30				68,175
	61,000			(i)		Openlane Inc, Term Loan B, (TSFR3M + 2.500%)			6.365				10/08/32				61,153
	44,505			(i)		PG Investment Company 59 S.a r.l., Repriced Term Loan B, (TSFR3M + 2.250%)			5.922				03/26/31				44,710
	48,784			(i)		Prime Security Services Borrower, LLC, First Lien Term Loan B, (TSFR6M + 2.000%)			6.129				10/15/30				48,916
	324,183			(i)		Prime Security Services Borrower, LLC, Incremental Term Loan B, (TSFR1M + 1.750%)			5.585				03/08/32				323,757
	17,160			(i),(m)		Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan			1.250				12/16/32				17,287
	114,840			(i)		Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)			6.205				12/16/32				115,689
	19,570			(i)		Reworld Holding Corp, First Lien Term Loan C, (TSFR1M + 2.250%)			5.984				01/15/31				19,611
	81,047			(i)		Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)			5.984				11/30/28				81,279
	120,430			(i)		Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)			5.984				01/15/31				120,681
	30,035			(i)		Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)			7.440				04/03/28				21,675
	353,000			(i),(n)		United States, Term Loan, (TBD)			TBD				TBD				352,371
	140,474			(i)		West Corporation, Term Loan B3, (TSFR3M + 4.000%)			8.090				04/12/27				45,391
	570,693			(i)		WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)			6.581				03/27/28				572,953
	118,503			(i)		XPLOR T1 LLC, Term Loan, (TSFR3M + 3.500%)			7.292				12/01/32				118,799
						TOTAL COMMERCIAL & PROFESSIONAL SERVICES											3,702,126
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
	118,505			(i)		Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)			6.120				10/16/31				119,319
	249,237			(i)		CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)			6.090				11/08/32				250,107
	44,444			(i)		Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)			6.672				06/17/31				43,917
	241,936			(i)		Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)			6.230				06/09/31				243,582
	65,694			(i),(o)		LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M + 3.750%)			7.584				06/06/31				61,800
	151,118			(i)		Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M + 2.500%)			6.269				04/23/31				151,508

48 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued)
$	174,784			(i)		Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)			8.184%				04/17/28			$	169,425
	56,221			(i)		Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M + 2.500%)			6.216				03/27/31				56,508
	32,000			(i),(o)		Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)			8.485				03/17/31				32,228
	80,000			(i)		PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)			7.734				08/18/32				79,775
	135,517			(i)		Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)			6.331				10/20/28				133,944
	351,203			(i)		Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M + 2.500%)			6.216				01/30/31				351,972
	125,465			(i)		White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)			6.966				10/29/29				126,118
						TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL											1,820,203
						CONSUMER DURABLES & APPAREL - 0.3%
	133,250			(i)		ABG Intermediate Holdings 2 LLC, First Lien Term Loan B, (TSFR1M + 2.250%)			5.966				12/21/28				133,617
	292,048			(i)		AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M + TSFR3M + 3.000%)			6.863				07/31/28				293,020
	121,475			(i)		Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)			6.331				05/30/28				122,310
	15,958			(i),(n)		MajorDrive Holdings IV LLC, Term Loan, (TBD)			TBD				TBD				14,531
	2,911			(i)		Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M + 7.500%)			11.286				06/29/28				2,753
	96,467			(i)		Somnigroup International Inc, Term Loan B, (SOFR30A + 2.250%)			5.910				10/24/31				97,231
	60,613			(i)		Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M + 3.000%)			6.716				03/18/30				60,861
	248,750			(i)		Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)			6.672				08/26/31				249,955
	215,000			(i)		Weber-Stephen Products LLC, Term Loan B, (TSFR3M + 3.750%)			7.735				10/01/32				215,591
	104,475			(i)		WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)			8.389				02/20/32				105,103
						TOTAL CONSUMER DURABLES & APPAREL											1,294,972
						CONSUMER SERVICES - 0.7%
	51,859			(i)		101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%)			5.466				09/23/30				51,989
	44,267			(i)		Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M + 2.000%)			5.912				06/11/31				42,773
	357,232			(i)		Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)			6.216				05/31/30				359,467
	191,238			(i)		Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)			6.216				08/17/28				192,194
	46,768			(i)		Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)			5.966				02/06/30				46,523
	243,144			(i)		Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)			5.966				02/06/31				241,321
	140,125			(i)		Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)			6.466				01/31/31				138,528
	70,000			(i)		Catawba Nation Gaming Authority, Term Loan B, (TSFR1M + 4.750%)			8.466				03/29/32				71,808
	89,608			(i)		Churchill Downs Incorporated, Incremental Term Loan B1, (TSFR1M + 1.750%)			5.466				03/17/28				89,804
	184,250			(i)		Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)			5.422				09/19/31				185,125
	55,897			(i)		Element Materials Technology Group US Holdings Inc., Term Loan, (TSFR3M + 3.675%)			7.347				06/25/29				56,455
	173,420			(i)		Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)			6.966				01/29/29				173,578
	64,675			(i)		Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)			5.672				06/04/32				64,776
	242,874			(i)		Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)			5.422				11/29/30				242,976
	93,943			(i)		GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)			6.358				07/28/31				94,381
	131,651			(i)		GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TSFR3M + 2.250%)			5.922				10/31/29				131,044
	64,675			(i)		Herschend Entertainment Company, LLC, Term Loan B, (TSFR1M + 3.250%)			6.966				05/27/32				65,207
	91,467			(i)		Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M + 2.000%)			5.716				08/02/28				91,833
	118,324			(i)		IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)			6.216				12/16/30				118,733
	236,049			(i)		Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%)			5.986				04/16/29				237,303
	137,888			(i)		Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)			6.934				04/04/29				135,648
	79,025			(i)		SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M + 2.000%)			5.716				12/04/31				78,695
	291,654			(i)		Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)			8.022				03/06/28				226,396

See Notes to Financial Statements 49

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CONSUMER SERVICES (continued)
$	158,553			(i)		TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)			5.868%				11/21/31			$	159,456
						TOTAL CONSUMER SERVICES											3,296,013
						ENERGY - 0.2%
	150,638			(i)		EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)			7.322				02/07/28				151,407
	511,196			(i)		Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M + 3.000%)			7.146				11/16/26				513,220
	161,000			(i),(o)		New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M + 5.500%)			9.238				10/30/28				68,667
	86,046			(i)		TransMontaigne Operating Company L.P., Term Loan B, (TSFR1M + 2.500%)			6.216				11/17/28				86,763
						TOTAL ENERGY											820,057
						FINANCIAL SERVICES - 0.1%
	29,849			(i)		AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)			6.466				07/30/31				30,041
	68,963			(i)		Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M + 3.500%)			7.216				12/15/28				69,531
	105,000			(i)		Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)			6.922				09/13/32				105,985
	39,900			(i)		Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)			5.410				07/30/32				39,918
	61,535			(i)		Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M + 3.250%)			7.447				01/27/32				62,064
	167,887			(b),(i),(p)		Ditech Holding Corporation, Term Loan			0.000				06/30/27				17
	121,466			(i)		Kestra Advisor Services Holdings A, Inc., Repriced Term Loan, (TSFR1M + 3.000%)			6.716				03/24/31				121,845
	32,000			(i)		NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)			6.701				04/16/29				32,180
	56,000			(i)		Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)			7.427				10/12/32				56,328
	71,190			(i)		Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)			5.466				06/24/31				71,440
	91,309			(i)		WEX Inc., Term Loan B2, (TSFR1M + 1.750%)			5.466				04/03/28				91,638
						TOTAL FINANCIAL SERVICES											680,987
						FOOD, BEVERAGE & TOBACCO - 0.2%
	44,550			(i)		Aspire Bakeries Holdings LLC, Term Loan B, (TSFR1M + 3.500%)			7.221				12/23/30				44,862
	22,884			(i),(o)		B&G Foods, Inc., Term Loan B, (TSFR1M + 3.500%)			7.216				10/10/29				22,140
	121,325			(i)		CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)			6.831				12/08/28				121,932
	36,476			(i)		City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)			10.822				09/30/30				14,955
	8,285			(i)		City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)			10.822				09/30/30				7,125
	89,287			(i)		Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)			6.466				02/12/31				89,364
	201,000			(i),(o)		Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.250%)			6.122				09/30/32				201,280
	99,000			(i)		Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)			9.172				01/24/29				98,753
	203,376			(i)		Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)			6.602				07/12/29				204,393
	8,621			(i),(m)		Sauer Brands Inc, Delayed Draw Term Loan			3.000				02/19/32				8,667
	90,922			(i)		Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)			6.782				02/19/32				91,415
	238,929			(i)		Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)			5.922				03/31/28				239,885
	42,621			(i)		Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M + 2.000%)			5.732				05/21/32				42,994
						TOTAL FOOD, BEVERAGE & TOBACCO											1,187,765
						HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	72,134			(i)		ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)			9.466				12/23/27				69,357
	188,313			(i)		AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)			5.966				09/20/32				188,637
	228,239			(i)		Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)			7.772				10/01/27				224,645
	305,879			(i)		Global Medical Response, Inc., Term Loan B, (TSFR3M + 3.500%)			7.384				09/20/32				308,150
	89,000			(i),(o)		Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)			6.705				12/17/32				89,724
	87,596			(i)		MedAssets Software Intermediate Holdings, Inc., First Out Term Loan, (TSFR3M + 4.000%)			7.695				12/18/28				79,295
	8,977			(i)		Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M + 3.500%)			7.440				11/01/28				2,100
	167,856			(i)		Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)			5.466				10/23/28				168,543
	33,900			(i),(m)		National Mentor Holdings, Inc., Delayed Draw Term Loan			6.000				12/12/30				34,011
	79,100			(i)		National Mentor Holdings, Inc., First Lien Term Loan B, (TSFR1M + 6.000%)			9.716				12/12/30				79,360

50 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						HEALTH CARE EQUIPMENT & SERVICES (continued)
$	71,000			(i)		Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 3.750%)			7.590%				08/06/32			$	71,566
	219,450			(i)		Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)			6.686				04/23/32				221,096
	170,966			(i)		Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)			6.236				03/17/31				171,826
	310,540			(i)		Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)			6.216				02/21/31				312,411
	109,725			(i)		Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)			8.172				06/30/32				109,665
	69,128			(i)		Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)			6.593				06/18/31				69,352
	16,002			(i)		Sound Inpatient Physicians, Tranche A Term Loan (First Out), (TSFR3M + 3.250%), (cash 9.433%, PIK 1.000%)			5.217				06/28/28				16,643
	176,799			(i)		Sound Inpatient Physicians, Tranche B Term Loan (Second Out), (TSFR3M + 3.500%), (cash 7.433%, PIK 1.500%)			7.433				06/28/28				173,190
	115,121			(i)		Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)			7.672				09/30/30				115,387
	603,253			(i)		Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.500%)			6.216				12/19/30				606,322
	447,625			(i)		Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)			8.340				06/30/28				449,688
	61,000			(i),(n)		Upstream Newco Inc, Term Loan, (TBD)			TBD				TBD				54,642
	68,594			(i)		Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)			7.716				10/29/31				68,019
						TOTAL HEALTH CARE EQUIPMENT & SERVICES											3,683,629
						HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	73,426			(i)		VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M + 3.500%)			7.434				05/16/28				73,844
						TOTAL HOUSEHOLD & PERSONAL PRODUCTS											73,844
						INSURANCE - 0.8%
	106,552			(i)		Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)			6.716				11/06/30				106,602
	209,475			(i)		Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)			6.966				05/28/32				210,720
	648,744			(i)		Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M + 2.500%)			6.216				09/19/31				650,941
	275,029			(i)		AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)			5.966				01/30/32				276,130
	327,000			(i),(o)		Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)			9.081				02/03/28				326,439
	117,696			(i)		Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)			7.816				08/21/28				117,976
	90,477			(i)		Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)			8.066				08/21/28				90,747
	183,920			(i)		Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)			7.966				09/19/30				184,078
	618,508			(i)		Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)			6.466				06/16/31				621,263
	76,500			(i)		Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)			5.966				10/15/30				76,755
	90,592			(i)		HUB International Limited, Term Loan B, (TSFR3M + 2.250%)			6.120				06/20/30				91,165
	266,206			(i)		Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)			5.716				09/15/31				267,012
	308,811			(i)		Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR1M + 2.500%)			6.216				07/31/31				310,131
	169,575			(i)		Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M + 3.250%)			6.966				06/17/32				168,727
	274,960			(i)		Truist Insurance Holdings LLC, Term Loan B, (TSFR3M + 2.750%)			6.422				05/06/31				275,763
	28,219			(i)		USI, Inc., Term Loan C, (TSFR3M + 2.250%)			5.922				09/27/30				28,303
	195,703			(i)		USI, Inc., Term Loan D, (TSFR3M + 2.250%)			5.922				11/23/29				196,366
						TOTAL INSURANCE											3,999,118
						MATERIALS - 0.3%
	14,296			(i)		Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)			6.466				08/19/30				14,354
	112,000			(i)		BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)			7.172				12/29/32				110,996
	316,165			(i)		Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%)			6.891				04/13/29				316,785
	118,367			(i)		Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.250%)			6.966				03/29/32				118,409
	64,563			(i)		Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)			7.172				04/02/32				64,111
	142,718			(i)		Klockner-Pentaplast of America, Inc., PIK DIP New Money Term Loan, (TSFR1M + 6.000%)			9.779				08/05/26				128,269
	214,295			(i)		Klockner-Pentaplast of America, Inc., PIK DIP Roll-Up Term Loan, (TSFR3M + 3.000%)			6.686				08/05/26				192,598
	233,271			(i),(p)		Klockner-Pentaplast of America, Inc., Term Loan B, (CME Term SOFR 6 Month + 4.725%)			0.000				02/09/26				34,991
	116,676			(i)		Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)			7.036				04/03/28				116,919
	14,702			(i)		Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)			7.162				04/03/28				14,734
	93,104			(i)		Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)			7.891				09/15/28				93,414

See Notes to Financial Statements 51

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MATERIALS (continued)
$	163,000			(i)		Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)			5.804%				11/01/32			$	163,942
	54,042			(i)		SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)			7.216				04/21/31				54,220
	139,628			(i)		TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)			6.966				03/03/31				135,562
	7,600			(i),(m)		USALCO, LLC, Delayed Draw Term Loan			1.000				09/30/31				7,640
	73,029			(i)		USALCO, LLC, Term Loan, (TSFR1M + 3.500%)			7.216				09/30/31				73,417
						TOTAL MATERIALS											1,640,361
						MEDIA & ENTERTAINMENT - 0.8%
	110,615			(i),(o)		Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M + 4.250%)			8.446				10/28/27				92,529
	84,302			(i)		Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)			8.110				04/28/28				83,501
	98,753			(i)		Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)			9.048				10/31/28				97,797
	142,306			(i)		Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)			9.360				05/14/29				141,417
	280,851			(i),(o)		Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)			10.860				05/15/31				281,143
	692,863			(i),(o)		AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M + 7.000%)			10.731				01/04/29				695,295
	286,337			(i)		Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M + TSFR3M + 3.500%)			7.275				03/24/31				287,851
	123,444			(i)		Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)			6.840				10/30/30				123,386
	121,587			(i)		Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.250%)			5.944				05/24/30				121,849
	287,605			(i)		Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M + 4.000%)			7.831				08/23/28				288,736
	84,967			(i)		CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)			7.272				06/18/29				79,546
	611,835			(i)		Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)			8.343				12/02/31				604,570
	27,753			(i)		CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)			8.250				04/15/27				24,324
	12,406			(i)		E.W. Scripps Company (The), Term Loan B2, (TSFR1M + 5.750%)			9.600				06/30/28				12,579
	25,870			(i)		E.W. Scripps Company (The), Term Loan B3, (TSFR1M + 3.350%)			7.200				11/30/29				25,029
	103,738			(i),(n)		iHeartCommunications Inc, Term Loan, (TBD)			TBD				TBD				95,254
	67,865			(i)		McGraw-Hill Global Education Holdings, LLC, First Lien Term Loan B, (TSFR1M + 2.750%)			6.466				08/06/31				68,526
	32,000			(i),(n)		NEP Group Inc, Term Loan, (TBD)			TBD				TBD				29,480
	136,892			(i)		Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)			6.822				02/10/31				137,955
	51,739			(i)		Sinclair Television Group Inc., Term Loan B6, (TSFR3M + 3.300%)			7.402				12/31/29				47,510
	82,134			(i)		Sunrise Financing Partnership, Term Loan AAA, (TSFR6M + 2.500%)			6.691				02/17/32				82,528
	100,000			(i)		Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)			7.052				03/31/31				99,233
	164,169			(i)		WideOpenWest Finance LLC, Super Senior 2nd Out Term Loan, (TSFR3M + 3.000%)			7.173				12/11/28				149,804
						TOTAL MEDIA & ENTERTAINMENT											3,669,842
						PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	124,688			(i)		Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)			7.216				08/02/32				125,934
	286,281			(i),(o)		Bausch Health Companies Inc., Term Loan B, (TSFR1M + 6.250%)			9.966				10/08/30				280,342
	102,000			(i)		Genmab AS, Term Loan B, (TSFR3M + 3.000%)			6.733				11/12/32				102,606
	211,423			(i)		Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)			5.966				05/05/28				212,583
	268,452			(i)		Organon & Co, Term Loan, (TSFR1M + 2.250%)			5.966				05/19/31				259,324
	578,540			(i)		Parexel International Corporation, Repriced Term Loan B, (TSFR1M + 2.750%)			6.466				12/12/31				581,193
	108,061			(i)		Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)			5.716				04/20/29				108,737
						TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES											1,670,719
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
	293,517			(i)		Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M + 2.500%)			6.216				01/31/30				296,821
	40,578			(i)		Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3, (TSFR1M + 2.750%)			6.466				01/31/30				40,871
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT											337,692

52 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
$	311,365			(i)		Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M + 2.750%)			6.445%				11/13/31			$	312,280
						TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT											312,280
						SOFTWARE & SERVICES - 1.8%
	124,000			(i)		Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)			9.081				01/22/29				122,123
	149,251			(i)		Avalara, Inc, Term Loan, (TSFR3M + 2.750%)			6.422				03/29/32				150,070
	160,550			(i)		Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.216%, PIK 7.500%)			11.216				08/01/28				144,668
	109,451			(i)		BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)			6.716				11/25/31				109,827
	535,536			(i)		Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)			5.672				01/31/31				537,044
	633,366			(i)		Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)			6.822				07/30/31				632,463
	112,718			(i)		Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.000%)			6.210				04/21/32				112,929
	65,800			(i),(o)		Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M + 3.250%)			6.922				03/24/31				65,959
	60,000			(i),(n)		Cloud Software Group, Inc., Term Loan B (2032), (TBD)			TBD				TBD				60,146
	93,453			(i)		Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M + 2.750%)			6.623				03/29/32				89,949
	212,304			(i)		Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)			6.623				05/01/31				204,520
	272,688			(i)		Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)			7.185				10/09/31				274,028
	20,000			(i)		Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)			7.072				08/06/32				20,150
	18,950			(i)		Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)			7.922				06/26/31				18,665
	168,654			(i)		Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M + 2.750%)			6.466				10/09/29				169,813
	424,859			(i)		Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)			6.216				05/30/31				426,728
	98,012			(i)		Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)			6.784				06/27/31				98,227
	743,933			(i)		Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M + 2.500%)			6.216				01/30/32				743,353
	116,124			(i)		Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)			6.590				12/08/31				116,644
	83,370			(i)		Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)			6.716				03/22/32				83,542
	39,602			(i)		Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)			6.930				11/13/30				39,849
	423,462			(i)		McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)			6.716				03/01/29				392,183
	323,458			(i)		Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%)			6.966				06/17/31				324,915
	320,141			(i),(o)		Peraton Corp., Term Loan B, (TSFR3M + 3.750%)			7.690				02/01/28				297,789
	45,573			(i)		Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)			8.466				03/24/31				38,690
	42,000			(i)		Ping Identity Corporation, Term Loan, (TSFR3M + 2.750%)			6.625				11/15/32				42,158
	114,139			(i)		PointClickCare Technologies, Inc., Term Loan B, (TSFR3M + 2.750%)			6.422				11/03/31				114,520
	247,192			(i)		Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M + 3.000%)			6.716				04/30/31				247,965
	131,500			(i)		Project Alpha Intermediate Holding, Inc., First Lien Term Loan B, (TSFR3M + 3.250%)			6.922				10/28/30				131,443
	137,355			(i)		Proofpoint, Inc., Term Loan, (CME Term SOFR 1 Month + 3.000%)			6.672				08/31/28				138,290
	53,477			(i)		Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%)			10.115				05/15/28				54,557
	241,624			(i)		Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%)			6.615				05/15/28				90,340
	192,237			(i)		Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)			7.466				11/28/28				192,436
	57,465			(i)		SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)			5.716				05/09/31				57,868
	87,079			(i)		Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)			7.331				03/05/27				87,240
	106,108			(i)		Synechron Inc, Term Loan B, (TSFR3M + 3.750%)			7.572				10/03/31				105,842
	70,646			(i)		Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M + 1.750%)			5.466				08/31/28				68,097
	529,240			(i)		UKG Inc., Term Loan B, (TSFR3M + 2.500%)			6.338				02/10/31				530,408
	81,642			(i)		Vision Solutions, Inc., Incremental Term Loan, (TSFR3M + 4.000%)			8.102				04/24/28				76,192
	207,906			(i)		VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)			6.090				04/14/31				209,075
	464,296			(i),(o)		X Corp., Term Loan, (TSFR3M + 6.500%)			10.448				10/29/29				457,167
	310,000			(i),(o)		X Corp., Term Loan, (TSFR3M + 6.500%)			9.500				10/29/29				309,501
	128,987			(i)		Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)			6.466				09/28/29				127,913
						TOTAL SOFTWARE & SERVICES											8,315,286

See Notes to Financial Statements 53

Portfolio of Investments December 31, 2025 (continued)

NMAI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
$	855,573			(i)		CommScope, Inc., Term Loan, (TSFR1M + 4.750%)			8.466%				12/17/29			$	858,294
	443,756			(i)		Delta TopCo, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)			6.512				11/30/29				442,199
	74,925			(i)		Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)			5.982				09/22/31				75,440
	33,468			(i)		Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 2.250%), (cash 6.171%, PIK 2.500%)			4.086				07/03/28				15,416
	24,938			(i)		Spectris Plc, Term Loan, (TSFR3M + 2.750%)			6.604				09/30/32				25,093
	207,721			(i)(i)		Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)			9.352				08/21/28				197,306
	20,838			(i)		ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)			8.331				03/05/29				20,810
	196,492			(i)		ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)			8.348				05/30/30				196,216
						TOTAL TECHNOLOGY HARDWARE & EQUIPMENT											1,830,774
						TELECOMMUNICATION SERVICES - 0.8%
	243,184			(i)		Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)			5.966				11/24/28				243,812
	124,053			(i)		Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)			8.216				09/28/29				124,036
	201,000			(i),(o)		Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M + 4.250%)			3.740				04/03/31				175,687
	201,761			(b),(i)		Cyxtera DC Holdings, Inc., Term Loan B			0.000				05/01/26				1,110
	178,000			(i)		Digicel International Finance Limited, Term Loan B, (TSFR3M + 5.250%)			9.023				08/09/32				178,127
	652,976			(i)		Frontier Communications Corp., Term Loan B, (TSFR1M + 2.500%)			6.236				07/01/31				654,304
	59,588			(i)		Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)			5.966				09/20/30				58,206
	262,000			(i)		Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M + 3.250%)			6.966				03/29/32				263,081
	106,727			(i),(o)		Lumen Technologies, Inc., Extended Term Loan B1, (TSFR1M + 2.350%)			6.181				04/16/29				106,320
	573,341			(i)		Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)			6.181				04/15/30				570,965
	258,091			(i)		Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)			9.716				06/01/28				260,349
	184,000			(i)		Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)			6.834				12/07/26				145,524
	110,000			(i)		Windstream Services LLC, Term Loan B, (CME Term SOFR 1 Month + 4.000%)			7.716				10/06/32				110,550
	1,022,509			(i),(o)		Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%)			3.665				03/11/30				973,245
						TOTAL TELECOMMUNICATION SERVICES											3,865,316
						TRANSPORTATION - 0.3%
	161,815			(i)		Air Canada, Term Loan B, (TSFR1M + 2.000%)			5.716				03/21/31				163,079
	105,022			(i)		American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)			6.134				04/20/28				105,403
	121,096			(i)		Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M + TSFR3M + 2.688%)			6.524				07/01/31				121,840
	185,047			(i)		Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)			6.216				07/01/31				186,183
	98,315			(i)		First Student Bidco Inc, Term Loan B, (TSFR3M + 2.500%)			6.172				08/15/30				98,770
	17,989			(i)		First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)			6.172				08/15/30				18,060
	289,152			(i)		KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)			6.216				09/23/31				290,970
	88,086			(i)		PODS, LLC, Term Loan B, (TSFR1M + 3.000%)			6.831				03/31/28				87,222
	156,000			(i)		Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)			6.162				04/09/32				156,195
	97,627			(i)		United Airlines, Inc., First Lien Term Loan B, (TSFR1M + 2.000%)			5.732				02/24/31				98,207
	82,800			(i)		WestJet Loyalty LP, Term Loan B, (TSFR3M + 3.250%)			6.922				02/14/31				83,279
						TOTAL TRANSPORTATION											1,409,208
						UTILITIES - 0.3%
	116,708			(i)		Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)			7.093				10/28/31				117,969
	74,488			(i)		Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A + 2.750%)			6.410				05/06/32				74,972
	4,688			(i)		Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A + 2.750%)			6.410				05/06/32				4,718
	62,184			(i)		NRG Energy, Inc., Term Loan, (TSFR3M + 1.750%)			5.593				04/16/31				62,443
	648,075			(i)		Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%)			6.353				12/15/31				651,921
	218,006			(i)		Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)			6.353				05/17/30				219,165
	192,000			(i),(o)		Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)			5.672				11/26/32				192,271

54 See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES (continued)

$

2,819

(i)

Vistra Operations Company LLC, First Lien Term Loan B3, (TSFR1M + 1.750%)

5.466%

12/20/30

$

2,837

TOTAL UTILITIES

1,326,296

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $50,361,716)

50,108,432

TOTAL LONG-TERM INVESTMENTS (Cost $584,217,446)

678,724,227

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.2%(1.5% of Total Investments)

REPURCHASE AGREEMENTS - 2.2% (1.5% of Total Investments)

10,300,000

(q)

Fixed Income Clearing Corporation

3.780

01/02/26

10,300,000

TOTAL REPURCHASE AGREEMENTS (Cost $10,300,000)

10,300,000

TOTAL SHORT-TERM INVESTMENTS (Cost $10,300,000)

10,300,000

TOTAL INVESTMENTS - 144.0% (Cost $594,517,446)

689,024,227

BORROWINGS - (36.5)% (r),(s)

(174,786,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (7.3)%(t)

(35,122,150)

OTHER ASSETS & LIABILITIES, NET - (0.2)%

(640,316)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

478,475,761

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

ADR American Depositary Receipt

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Koruna

ETF Exchange-Traded Fund

EUR Euro

GDR Global Depositary Receipt

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KZT Kazakhstani Tenge

MSCI Morgan Stanley Capital International

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian Sol

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

PLN Polish Zloty

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

REIT Real Estate Investment Trust

RON Romanian Leu

S&P Standard & Poor’s

SOFR30A 30 Day Average Secured Overnight Financing Rate

SOFR90A 90 Day Average Secured Overnight Financing Rate

TBD Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

TRY Turkish Lira

TSFR1M CME Term Secured Overnight Financing Rate 1 Month

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

See Notes to Financial Statements 55

Portfolio of Investments December 31, 2025 (continued)

NMAI

TSFR6M CME Term Secured Overnight Financing Rate 6 Month

UGX Ugandan Shilling

UYU Uruguayan Peso

ZAR South African Rand

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the fiscal period, the aggregate value of these securities is $114,263,539 or 16.6% of Total Investments.

(b) For fair value measurement disclosure purposes, investment classified as Level 3.

(c) Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the fiscal period was $153,946,639.

(d) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(f) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(g) Perpetual security. Maturity date is not applicable.

(h) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was 3.8% of Total Investments.

(i) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(j) Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was 3.1% of Total Investments.

(k) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the fiscal period, investments with a value of $37,802,647 have been pledged as collateral for reverse repurchase agreements.

(l) Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

(m) Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.

(n) When-issued or delayed delivery security.

(o) Portion of investment purchased on a delayed delivery basis.

(p) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(q) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $10,302,163 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $10,506,122.

(r) Borrowings as a percentage of Total Investments is 25.4%.

(s) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $327,912,626 have been pledged as collateral for borrowings.

(t) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 5.1%.

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

Forward Foreign Currency Contracts

Currency Purchased

Notional Amount (Local Currency)

Currency Sold

Notional Amount (Local Currency)

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

$

882,331

EUR

752,159

Citibank N.A.

1/08/26

$(1,732)

Total

$(1,732)

Total unrealized appreciation on forward foreign currency contracts

$-

Total unrealized depreciation on forward foreign currency contracts

$(1,732)

56 See Notes to Financial Statements

Portfolio of Investments December 31, 2025

JRI

SHARES						DESCRIPTION		VALUE
						LONG-TERM INVESTMENTS - 144.0% (98.3% of Total Investments)
						COMMON STOCKS - 70.5% (48.2% of Total Investments)
						CAPITAL GOODS - 0.6%
	14,491					Vinci SA		$	2,038,638
						TOTAL CAPITAL GOODS			2,038,638
						ENERGY - 10.7%
	112,626					Enbridge Inc			5,386,902
	482,219					Energy Transfer LP			7,951,791
	55,373					Enterprise Products Partners LP			1,775,258
	214,189					Kinder Morgan Inc			5,888,056
	61,842					MPLX LP			3,300,508
	68,839					ONEOK Inc			5,059,666
	122,810					Pembina Pipeline Corp			4,678,689
	106,424					Plains All American Pipeline LP			1,911,375
	36,408					TC Energy Corp			2,004,821
	37,978					Western Midstream Partners LP			1,500,131
						TOTAL ENERGY			39,457,197
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 34.1%
	98,659					Apple Hospitality REIT Inc			1,169,109
	106,227					Armada Hoffler Properties Inc			703,223
	65,292					Brixmor Property Group Inc			1,711,956
	346,922					Broadstone Net Lease Inc			6,026,035
	306,901					CapitaLand Ascendas REIT			674,744
	409,875					CapitaLand Integrated Commercial Trust			760,746
	88,597					Carmila SA			1,767,437
	263,847					Charter Hall Long Wale REIT			716,557
	257,455					Charter Hall Retail REIT			698,284
	104,026					Community Healthcare Trust Inc			1,708,107
	83,382					Crombie Real Estate Investment Trust			927,648
	57,078					Crown Castle Inc			5,072,522
	112,230					CT Real Estate Investment Trust			1,330,357
	54,731					CubeSmart			1,973,053
	476					Daiwa Securities Living Investments Corp			346,299
	30,421					Derwent London PLC			709,703
	22,607					Douglas Emmett Inc			248,451
	276,593					Dream Industrial Real Estate Investment Trust			2,535,092
	15,894					EPR Properties			793,111
	46,131					Equity Residential			2,908,098
	5,093					Extra Space Storage Inc			663,210
	2,713					Federal Realty Investment Trust			273,470
	571,267			(a)		FIBRA Macquarie Mexico			1,076,390
	159,833					Four Corners Property Trust Inc			3,685,749
	1,714,436					Frasers Centrepoint Trust			3,103,801
	156,440					Gaming and Leisure Properties Inc			6,991,304
	16,692					Gecina SA			1,585,283
	525					GLP J-REIT			499,058
	81,629					GO Residential Real Estate Investment Trust			956,692
	9,653					Granite Real Estate Investment Trust			574,658
	108,753					Highwoods Properties Inc			2,808,002
	1,566					Invincible Investment Corp			643,046
	29,487					Iron Mountain Inc			2,445,947
	666					Japan Metropolitan Fund Invest			526,931
	1,350					KDX Realty Investment Corp			1,515,178
	69,860					Kimco Realty Corp			1,416,062
	10,528					Lamar Advertising Co, Class A			1,332,634
	1,647					LaSalle Logiport REIT			1,667,280
	2,055,055					Lendlease Global Commercial REIT			990,435
	2,153					Lineage Inc			75,355
	67,206					Link REIT			300,076
	1,633,478					LondonMetric Property PLC			4,164,469
	76,274					LXP Industrial Trust			3,781,665
	405,085					Mapletree Logistics Trust			415,117

See Notes to Financial Statements 57

Portfolio of Investments December 31, 2025 (continued)

JRI

SHARES						DESCRIPTION		VALUE
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
	23,101					Mid-America Apartment Communities Inc		$	3,208,960
	57,175					Millrose Properties Inc			1,707,817
	28,848					Montea NV			2,477,221
	119,371					NETSTREIT Corp			2,105,704
	26,145					Nexus Industrial REIT			150,483
	16,149					NNN REIT Inc			639,985
	2,368,097			(b)		NTT DC REIT			2,413,134
	91,226					Omega Healthcare Investors Inc			4,044,961
	356					Orix JREIT Inc			241,312
	54,585					Postal Realty Trust Inc, Class A			881,002
	231,041					Primaris Real Estate Investment Trust			2,624,261
	36,679					Realty Income Corp			2,067,595
	1,288					Regency Centers Corp			88,911
	3,771					Ryman Hospitality Properties Inc			356,812
	240,345					Sabra Health Care REIT Inc			4,552,134
	262,818					Scentre Group			734,678
	71,024					Segro PLC			688,089
	33,162					Simon Property Group Inc			6,138,618
	378,073					SITE Centers Corp			2,427,229
	27,129					SL Green Realty Corp			1,244,407
	50,452					Smartstop Self Storage REIT Inc			1,560,985
	2,926					Star Asia Investment Corp			1,151,686
	745,491					Tritax Big Box REIT PLC			1,523,367
	42,432					UDR Inc			1,556,406
	227,326					UNITE Group PLC/The			1,711,494
	1,237					United Urban Investment Corp			1,442,666
	56,878					VICI Properties Inc			1,599,409
	490,884					Waypoint REIT Ltd			833,634
	13,264					WP Carey Inc			853,671
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)			125,298,975
						FINANCIAL SERVICES - 0.6%
	46,999					Apollo Commercial Real Estate Finance Inc			454,950
	22,037					KKR Real Estate Finance Trust Inc			181,144
	91,911					Starwood Property Trust Inc			1,655,317
						TOTAL FINANCIAL SERVICES			2,291,411
						HEALTH CARE EQUIPMENT & SERVICES - 1.3%
	327,341					Sienna Senior Living Inc			4,872,374
						TOTAL HEALTH CARE EQUIPMENT & SERVICES			4,872,374
						MATERIALS - 0.2%
	1,839,954					Keppel Infrastructure Trust			700,753
						TOTAL MATERIALS			700,753
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.4%
	356,720					Capitaland India Trust			338,290
	166,738					Cibus Nordic Real Estate AB publ			2,661,397
	225,571					Hongkong Land Holdings Ltd			1,566,978
	1,430,809					Sirius Real Estate Ltd			1,857,299
	842,696					Swire Properties Ltd			2,275,648
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			8,699,612
						TELECOMMUNICATION SERVICES - 1.3%
	553,291					HKT Trust & HKT Ltd			819,290
	409,300					Infrastrutture Wireless Italiane SpA			3,787,741
						TOTAL TELECOMMUNICATION SERVICES			4,607,031
						TRANSPORTATION - 3.9%
	85,427			(a)		Aena SME SA			2,386,904
	703,056					Atlas Arteria Ltd			2,286,710
	697,153					Dalrymple Bay Infrastructure Ltd			2,328,127
	167,234			(a)		Enav SpA			924,198
	6,865					Grupo Aeroportuario del Pacifico SAB de CV, ADR			1,809,820
	11,787					Grupo Aeroportuario del Sureste SAB de CV, ADR			3,811,916
	91,028					Transurban Group			861,452
						TOTAL TRANSPORTATION			14,409,127

58 See Notes to Financial Statements

SHARES						DESCRIPTION										VALUE
						UTILITIES - 15.4%
	3,270					American Electric Power Co Inc										$	377,064
	54,283					Capital Power Corp											2,315,595
	115,027					CK Infrastructure Holdings Ltd											852,376
	121,948					Clearway Energy Inc, Class A											3,831,606
	61,548					Dominion Energy Inc											3,606,097
	6,320					DTE Energy Co											815,154
	6,166					Duke Energy Corp											722,717
	140,327					E.ON SE											2,657,080
	582,949					Enel SpA											6,061,115
	75,871					Engie SA											1,993,081
	8,139					Entergy Corp											752,288
	73,315					Evergy Inc											5,314,604
	53,589					Exelon Corp											2,335,944
	49,032					Iberdrola SA											1,061,709
	23,776					Italgas SpA											265,188
	381,892					National Grid PLC											5,857,642
	47,892					National Grid PLC, Sponsored ADR											3,704,446
	7,737					Northwestern Energy Group Inc											499,346
	56,147					OGE Energy Corp											2,397,477
	342,080					Pennon Group PLC											2,424,497
	66,760					Redeia Corp SA											1,190,115
	20,720					Severn Trent PLC											778,058
	283,618					Snam SpA											1,884,605
	37,435					Terna - Rete Elettrica Nazionale											398,260
	32,582					United Utilities Group PLC											523,476
	35,917					Veolia Environnement SA											1,249,821
	19,041					WEC Energy Group Inc											2,008,064
	8,309					Xcel Energy Inc											613,703
						TOTAL UTILITIES											56,491,128
						TOTAL COMMON STOCKS (Cost $228,889,553)											258,866,246

SHARES						DESCRIPTION		RATE								VALUE
						CONVERTIBLE PREFERRED SECURITIES - 3.3% (2.2% of Total Investments)
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
	12,763					Kimco Realty Corp			7.250%								747,529
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)											747,529
						UTILITIES - 3.1%
	7,950					NextEra Energy Inc			4.635								387,562
	44,500					NextEra Energy Inc			7.299								2,303,765
	38,500					PG&E Corp			6.000								1,578,500
	138,355					Southern Co/The			7.125								6,967,558
						TOTAL UTILITIES											11,237,385
						TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $11,886,036)											11,984,914
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CORPORATE BONDS - 47.4% (32.4% of Total Investments) (c)
						AUTOMOBILES & COMPONENTS - 0.1%
	$380,000			(a)		Clarios Global LP / Clarios US Finance Co			6.750				02/15/30				396,648
						TOTAL AUTOMOBILES & COMPONENTS											396,648
						CAPITAL GOODS - 1.7%
	1,600,000			(a)		Advanced Drainage Systems Inc			6.375				06/15/30				1,636,114
	1,125,000			(a)		Albion Financing 1 SARL / Aggreko Holdings Inc			7.000				05/21/30				1,174,174
	450,000			(a)		AmeriTex HoldCo Intermediate LLC			7.625				08/15/33				474,144
	675,000			(a)		Herc Holdings Inc			7.250				06/15/33				715,759
	450,000			(a)		Herc Holdings Inc			5.750				03/15/31				456,680
	250,000			(a)		Quikrete Holdings Inc			6.750				03/01/33				261,073
	300,000			(a)		Terex Corp			6.250				10/15/32				307,785

See Notes to Financial Statements 59

Portfolio of Investments December 31, 2025 (continued)

JRI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						CAPITAL GOODS (continued)
	$1,150,000			(a)		United Rentals North America Inc			5.375%				11/15/33			$	1,149,186
						TOTAL CAPITAL GOODS											6,174,915
						CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.8%
	670,000			(a)		Asbury Automotive Group Inc			5.000				02/15/32				651,105
	715,000			(a)		Cougar JV Subsidiary LLC			8.000				05/15/32				764,386
	600,000			(a)		Kohl’s Corp			10.000				06/01/30				660,757
	705,000			(a)		LCM Investments Holdings II LLC			4.875				05/01/29				694,574
						TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL											2,770,822
						CONSUMER SERVICES - 2.1%
	EUR 300,000			(d),(e)		Accor SA, Reg S			7.250				N/A				386,246
	360,000					Choice Hotels International Inc			5.850				08/01/34				367,042
	1,400,000			(a)		Churchill Downs Inc			5.750				04/01/30				1,413,635
	350,000			(a)		Hilton Domestic Operating Co Inc			5.875				03/15/33				360,075
	580,000					Hyatt Hotels Corp			5.400				12/15/35				581,197
	600,000			(a)		Light & Wonder International Inc			6.250				10/01/33				607,439
	450,000			(a)		Marriott Ownership Resorts Inc			6.500				10/01/33				431,687
	190,000			(a)		Merlin Entertainments Group US Holdings Inc			7.375				02/15/31				169,247
	995,000					MGM Resorts International			6.500				04/15/32				1,025,154
	250,000			(a)		Motion Bondco DAC			6.625				11/15/27				242,745
	675,000			(a)		NCL Corp Ltd			5.875				01/15/31				672,446
	625,000			(a)		Six Flags Entertainment Corp / Six Flags Theme Parks Inc			6.625				05/01/32				630,259
	295,000			(a)		Vail Resorts Inc			5.625				07/15/30				299,797
	690,000			(a)		Wynn Resorts Finance LLC / Wynn Resorts Capital Corp			6.250				03/15/33				705,508
						TOTAL CONSUMER SERVICES											7,892,477
						ENERGY—13.2%
	900,000			(a)		Antero Midstream Partners LP / Antero Midstream Finance Corp			5.750				10/15/33				905,435
	485,000			(a)		Archrock Partners LP / Archrock Partners Finance Corp			6.250				04/01/28				487,783
	1,190,000			(a)		Archrock Partners LP / Archrock Partners Finance Corp			6.625				09/01/32				1,227,312
	700,000			(a)		Buckeye Partners LP			6.875				07/01/29				728,148
	450,000					Buckeye Partners LP			5.850				11/15/43				422,000
	500,000			(a)		CITGO Petroleum Corp			8.375				01/15/29				519,912
	675,000			(a)		CNX Midstream Partners LP			4.750				04/15/30				654,377
	300,000			(a)		CQP Holdco LP / BIP-V Chinook Holdco LLC			7.500				12/15/33				321,441
	235,000			(a)		CQP Holdco LP / BIP-V Chinook Holdco LLC			5.500				06/15/31				232,490
	1,425,000			(a)		DBR Land Holdings LLC			6.250				12/01/30				1,457,604
	900,000			(a)		Delek Logistics Partners LP / Delek Logistics Finance Corp			7.375				06/30/33				918,404
	1,488,000			(e)		Enbridge Inc			5.500				07/15/77				1,474,434
	2,025,000			(e)		Enbridge Inc			6.000				01/15/77				2,028,260
	1,425,000			(e)		Enbridge Inc			6.250				03/01/78				1,441,172
	1,228,000			(e)		Enbridge Inc			7.625				01/15/83				1,332,701
	1,411,000			(e)		Enbridge Inc			8.500				01/15/84				1,617,949
	1,117,000			(e),(f)		Energy Transfer LP (TSFR3M + 3.279%)			7.133				11/01/66				1,121,302
	1,799,000			(d),(e)		Energy Transfer LP			7.125				N/A				1,842,091
	683,000			(d),(e)		Energy Transfer LP			6.500				N/A				686,008
	493,000			(e)		Energy Transfer LP			8.000				05/15/54				526,255
	648,000			(e)		Energy Transfer LP			7.125				10/01/54				664,869
	1,002,000			(e)		Energy Transfer LP			6.750				02/15/56				1,005,826
	1,436,000			(e)		Enterprise Products Operating LLC			5.375				02/15/78				1,426,601
	1,491,000			(e)		Enterprise Products Operating LLC			5.250				08/16/77				1,488,448
	CAD 515,000			(e)		Gibson Energy Inc			5.250				12/22/80				374,576
	1,245,000			(a)		Global Partners LP / GLP Finance Corp			8.250				01/15/32				1,311,329
	450,000			(a)		Harvest Midstream I LP			7.500				05/15/32				469,073
	CAD 660,000			(e)		Inter Pipeline Ltd/AB			6.625				11/19/79				503,539
	CAD 670,000			(e)		Keyera Corp			6.875				06/13/79				519,349
	CAD 1,026,000			(e)		Keyera Corp			5.950				03/10/81				769,274
	225,000			(a)		Kodiak Gas Services LLC			6.500				10/01/33				229,773
	1,135,000					ONEOK Inc			5.050				11/01/34				1,124,865
	190,000					PBF Holding Co LLC / PBF Finance Corp			6.000				02/15/28				188,192
	665,000			(d),(e),(f)		Plains All American Pipeline LP (TSFR3M + 4.372%)			8.223				N/A				666,887
	225,000			(a)		Rockies Express Pipeline LLC			6.750				03/15/33				237,447

60 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						ENERGY (continued)
	$350,000			(a)		Rockies Express Pipeline LLC			4.800%				05/15/30			$	344,203
	378,000			(e)		South Bow Canadian Infrastructure Holdings Ltd			7.500				03/01/55				404,033
	654,000			(e)		South Bow Canadian Infrastructure Holdings Ltd			7.625				03/01/55				681,711
	840,000					South Bow USA Infrastructure Holdings LLC			5.584				10/01/34				848,318
	950,000			(a),(d),(e)		Sunoco LP			7.875				N/A				975,911
	1,175,000			(a)		Sunoco LP			6.250				07/01/33				1,203,573
	675,000			(a)		Sunoco LP			7.250				05/01/32				713,702
	450,000			(a)		Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp			6.000				09/01/31				447,896
	330,000					Targa Resources Corp			6.150				03/01/29				347,396
	840,000					Targa Resources Corp			6.125				03/15/33				898,529
	1,386,000			(e)		TransCanada PipeLines Ltd			7.590				05/15/67				1,225,999
	1,151,000			(e)		Transcanada Trust			5.600				03/07/82				1,136,813
	1,038,000			(e)		Transcanada Trust			5.500				09/15/79				1,030,194
	286,000			(e)		Transcanada Trust			5.300				03/15/77				285,978
	1,130,000			(e)		Transcanada Trust			5.875				08/15/76				1,131,383
	555,000			(a)		TransMontaigne Partners LLC			8.500				06/15/30				560,320
	260,000			(a)		Transocean International Ltd			7.875				10/15/32				271,544
	546,429			(a)		Transocean Titan Financing Ltd			8.375				02/01/28				558,058
	720,000			(a)		USA Compression Partners LP / USA Compression Finance Corp			7.125				03/15/29				745,280
	3,723,000			(a),(d),(e)		Venture Global LNG Inc			9.000				N/A				2,940,167
	450,000			(a)		Venture Global LNG Inc			9.875				02/01/32				464,883
	450,000			(a)		Venture Global Plaquemines LNG LLC			6.500				01/15/34				460,908
						TOTAL ENERGY											48,601,925
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.4%
	1,170,000					Agree LP			4.800				10/01/32				1,177,258
	735,000					American Assets Trust LP			6.150				10/01/34				745,571
	1,000,000					American Homes 4 Rent LP			5.500				02/01/34				1,032,594
	900,000			(a)		Diversified Healthcare Trust			7.250				10/15/30				920,239
	1,080,000					Essex Portfolio LP			5.500				04/01/34				1,118,626
	730,000					Extra Space Storage LP			5.700				04/01/28				754,210
	820,000					Federal Realty OP LP			5.375				05/01/28				840,469
	480,000					GLP Capital LP / GLP Financing II Inc			6.750				12/01/33				521,700
	575,000					Highwoods Realty LP			5.350				01/15/33				574,569
	1,540,000			(a)		Iron Mountain Inc			6.250				01/15/33				1,552,885
	750,000					Kite Realty Group LP			5.500				03/01/34				774,041
	823,000					Kite Realty Group LP			4.000				10/01/26				821,620
	585,000			(a)		Lineage OP LP			5.250				07/15/30				590,170
	575,000					Mid-America Apartments LP			5.300				02/15/32				600,221
	750,000			(a)		Millrose Properties Inc			6.375				08/01/30				767,418
	450,000			(a)		Millrose Properties Inc			6.250				09/15/32				454,043
	1,255,000			(a)		MPT Operating Partnership LP / MPT Finance Corp			8.500				02/15/32				1,340,256
	420,000					National Health Investors Inc			5.350				02/01/33				419,415
	1,215,000					Piedmont Operating Partnership LP			9.250				07/20/28				1,342,488
	1,665,000			(a)		RHP Hotel Properties LP / RHP Finance Corp			6.500				04/01/32				1,726,747
	385,000			(a)		RHP Hotel Properties LP / RHP Finance Corp			6.500				06/15/33				400,222
	380,000			(a)		Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC			6.500				02/15/29				364,920
	995,000					Ventas Realty LP			5.000				01/15/35				996,219
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)											19,835,901
						FINANCIAL SERVICES - 1.4%
	500,000			(a)		Azorra Finance Ltd			7.750				04/15/30				527,959
	225,000			(a)		Azorra Finance Ltd			7.250				01/15/31				235,762
	350,000			(a)		Freedom Mortgage Holdings LLC			8.375				04/01/32				368,433
	250,000			(a)		Freedom Mortgage Holdings LLC			7.875				04/01/33				258,891
	524,000			(e)		HA Sustainable Infrastructure Capital Inc			8.000				06/01/56				547,611
	1,150,000			(a)		Hunt Cos Inc			5.250				04/15/29				1,122,585
	580,000			(e)		National Rural Utilities Cooperative Finance Corp			7.125				09/15/53				608,349
	1,360,000			(a)		Starwood Property Trust Inc			6.000				04/15/30				1,395,907
						TOTAL FINANCIAL SERVICES											5,065,497

See Notes to Financial Statements 61

Portfolio of Investments December 31, 2025 (continued)

JRI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	$500,000			(a)		CHS/Community Health Systems Inc			5.250%				05/15/30			$	469,596
	510,000			(a)		Global Medical Response Inc			7.375				10/01/32				530,081
	275,000			(a)		LifePoint Health Inc			11.000				10/15/30				301,575
	625,000			(a)		Prime Healthcare Services Inc			9.375				09/01/29				656,250
	395,000			(a)		Tenet Healthcare Corp			6.000				11/15/33				406,690
						TOTAL HEALTH CARE EQUIPMENT & SERVICES											2,364,192
						MATERIALS - 0.1%
	335,000			(a)		Mineral Resources Ltd			7.000				04/01/31				349,339
						TOTAL MATERIALS											349,339
						MEDIA & ENTERTAINMENT - 0.7%
	750,000			(a)		Cablevision Lightpath LLC			5.625				09/15/28				733,013
	885,000			(a)		CCO Holdings LLC / CCO Holdings Capital Corp			4.250				01/15/34				752,493
	615,000			(a)		Directv Financing LLC			8.875				02/01/30				622,253
	296,000			(a)		Directv Financing LLC / Directv Financing Co-Obligor Inc			5.875				08/15/27				297,738
						TOTAL MEDIA & ENTERTAINMENT											2,405,497
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
	900,000					Kennedy-Wilson Inc			5.000				03/01/31				846,433
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT											846,433
						TELECOMMUNICATION SERVICES - 2.7%
	675,000			(a)		Altice France SA			6.500				04/15/32				647,110
	330,000			(a)		Digicel International Finance Ltd / Difl US LLC			8.625				08/01/32				342,358
	450,000					EchoStar Corp, (cash 6.750%, PIK 6.750%)			6.750				11/30/30				461,011
	300,000					EchoStar Corp			10.750				11/30/29				331,740
	865,000			(a)		Holdco II SAS			8.500				04/15/31				930,956
	645,000			(a)		Holdco II SAS			7.000				04/15/32				664,771
	385,000			(a)		Level 3 Financing Inc			8.500				01/15/36				394,233
	450,000			(a)		Level 3 Financing Inc			7.000				03/31/34				463,758
	450,000			(a)		Level 3 Financing Inc			6.875				06/30/33				460,475
	275,000			(a)		Lumen Technologies Inc			4.500				01/15/29				254,375
	865,000			(a)		Sable International Finance Ltd			7.125				10/15/32				875,308
	720,000			(a)		Vmed O2 UK Financing I PLC			6.750				01/15/33				713,545
	385,000			(a)		Windstream Services LLC			7.500				10/15/33				394,667
	570,000			(a)		Windstream Services LLC / Windstream Escrow Finance Corp			8.250				10/01/31				598,369
	217,514			(a)		Zayo Group Holdings Inc			13.750				09/09/30				199,569
	1,283,113			(a)		Zayo Group Holdings Inc			9.250				03/09/30				1,218,957
	818,000			(a)		Zegona Finance PLC			8.625				07/15/29				867,638
						TOTAL TELECOMMUNICATION SERVICES											9,818,840
						TRANSPORTATION - 0.6%
	225,000			(a)		Rand Parent LLC			8.500				02/15/30				234,417
	700,000			(a)		Stonepeak Nile Parent LLC			7.250				03/15/32				740,807
	550,000			(a)		VistaJet Malta Finance PLC / Vista Management Holding Inc			9.500				06/01/28				568,855
	590,000			(a)		XPO Inc			7.125				06/01/31				615,187
						TOTAL TRANSPORTATION											2,159,266
						UTILITIES - 17.8%
	575,000					AEP Transmission Co LLC			5.150				04/01/34				586,206
	950,000			(a),(e)		AES Andes SA			8.150				06/10/55				994,071
	1,685,000			(e)		AES Corp/The			7.600				01/15/55				1,716,018
	731,000			(e)		AES Corp/The			6.950				07/15/55				721,730
	1,658,000			(e)		Alliant Energy Corp			5.750				04/01/56				1,654,979
	680,000			(a)		Alpha Generation LLC			6.250				01/15/34				686,104
	CAD 1,210,000			(e)		AltaGas Ltd			7.350				08/17/82				924,177
	1,957,000			(a),(e)		AltaGas Ltd			7.200				10/15/54				2,028,904
	CAD 625,000			(e)		AltaGas Ltd			8.900				11/10/83				505,669
	1,295,000			(a)		California Buyer Ltd / Atlantica Sustainable Infrastructure PLC			6.375				02/15/32				1,297,135
	CAD 675,000			(e)		Capital Power Corp			7.950				09/09/82				549,373
	1,350,000			(a)		Clearway Energy Operating LLC			3.750				01/15/32				1,227,051
	2,234,000			(e)		CMS Energy Corp			6.500				06/01/55				2,297,155
	545,000			(a)		ContourGlobal Power Holdings SA			6.750				02/28/30				561,955
	4,010,000			(e)		Dominion Energy Inc			6.625				05/15/55				4,132,133
	1,537,000			(e)		Dominion Energy Inc			7.000				06/01/54				1,664,188
	2,380,000			(e)		Duke Energy Corp			6.450				09/01/54				2,497,996

62 See Notes to Financial Statements

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						UTILITIES (continued)
	$390,000					Duke Energy Progress LLC			5.100%				03/15/34			$	401,838
	261,000			(e)		Edison International			7.875				06/15/54				273,985
	383,000			(e)		Edison International			8.125				06/15/53				398,520
	GBP 800,000			(d),(e)		Electricite de France SA, Reg S			5.875				N/A				1,083,019
	1,013,000			(a),(d),(e)		Electricite de France SA			9.125				N/A				1,178,072
	760,000			(e)		Emera Inc			6.750				06/15/76				763,479
	1,547,000			(e)		Entergy Corp			7.125				12/01/54				1,624,278
	733,000			(e)		EUSHI Finance Inc			7.625				12/15/54				770,566
	1,513,000			(e)		Evergy Inc			6.650				06/01/55				1,546,495
	2,319,000			(e)		Exelon Corp			6.500				03/15/55				2,413,018
	1,125,000			(a)		Ferrellgas LP / Ferrellgas Finance Corp			5.875				04/01/29				1,081,016
	825,000					Interstate Power and Light Co			5.600				06/29/35				858,587
	581,000			(e)		NextEra Energy Capital Holdings Inc			6.750				06/15/54				620,267
	943,000			(e)		NextEra Energy Capital Holdings Inc			5.650				05/01/79				952,205
	1,892,000			(e)		NextEra Energy Capital Holdings Inc			6.375				08/15/55				1,953,011
	2,340,000			(e)		NiSource Inc			6.950				11/30/54				2,435,477
	1,800,000			(a)		NRG Energy Inc			5.750				01/15/34				1,818,306
	385,000					OGE Energy Corp			5.450				05/15/29				398,747
	955,000			(a)		Pattern Energy Operations LP / Pattern Energy Operations Inc			4.500				08/15/28				941,901
	1,458,000			(e)		PG&E Corp			7.375				03/15/55				1,518,494
	741,000			(e)		PPL Capital Funding Inc			6.612				03/30/67				724,153
	1,276,000			(e)		Sempra			6.875				10/01/54				1,312,726
	2,119,000			(e)		Sempra			6.400				10/01/54				2,155,297
	1,495,000			(e)		Sempra			6.550				04/01/55				1,523,910
	608,000			(e)		Sempra			6.375				04/01/56				620,662
	1,679,000			(e)		Southern Co/The			6.375				03/15/55				1,752,340
	980,000			(e)		Spire Inc			6.450				06/01/56				976,214
	275,000			(a)		Superior Plus LP / Superior General Partner Inc			4.500				03/15/29				268,444
	770,000			(a)		Talen Energy Supply LLC			6.250				02/01/34				785,334
	675,000			(a)		Talen Energy Supply LLC			6.500				02/01/36				698,011
	1,435,000			(a)		TerraForm Power Operating LLC			4.750				01/15/30				1,394,226
	2,348,000			(a),(d),(e)		Vistra Corp			8.875				N/A				2,587,005
	537,000			(a),(d),(e)		Vistra Corp			8.000				N/A				550,501
	333,000			(a),(d),(e)		Vistra Corp			7.000				N/A				338,815
	375,000			(a)		VoltaGrid LLC			7.375				11/01/30				371,530
	1,158,000			(e)		WEC Energy Group Inc			5.625				05/15/56				1,165,293
	900,000			(a)		XPLR Infrastructure Operating Partners LP			7.250				01/15/29				922,150
						TOTAL UTILITIES											65,222,736
						TOTAL CORPORATE BONDS (Cost $170,195,393)											173,904,488
SHARES						DESCRIPTION										VALUE
						INVESTMENT COMPANIES - 0.8% (0.5% of Total Investments)
	1,219,584					Foresight Environmental Infrastructure Ltd											1,081,712
	447,539					Greencoat UK Wind PLC/Funds											590,901
	713,767					Sdcl Efficiency Income Trust PLC											504,152
	579,501					Sequoia Economic Infrastructure Income Fund Ltd											616,321
	16,768					Starwood European Real Estate Finance Ltd											19,664
						TOTAL INVESTMENT COMPANIES (Cost $3,681,483)											2,812,750
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MORTGAGE-BACKED SECURITIES - 3.0% (2.1% of Total Investments)
	500,000			(a),(f)		ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M + 4.500%)			8.250				06/15/35				502,031
	100,000			(f)		BANK 2017-BNK6, Series 2017 BNK6			3.964				07/15/60				95,593
	150,000			(a),(f)		BLP Commercial Mortgage Trust, Series 2025 IND2, (TSFR1M + 2.050%)			5.800				12/15/42				150,511
	650,000			(a),(f)		BMP 2024-MF23, Series 2024 MF23, (TSFR1M + 2.390%)			7.194				06/15/41				652,768
	490,000			(a),(f)		BX Commercial Mortgage Trust 2021-21M, Series 2021 21M, (TSFR1M + 2.285%)			6.607				10/15/36				489,779

See Notes to Financial Statements 63

Portfolio of Investments December 31, 2025 (continued)

JRI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						MORTGAGE-BACKED SECURITIES (continued)
$	600,000			(a),(f)		BX Commercial Mortgage Trust 2022-AHP, Series 2022 AHP, (TSFR1M + 2.090%)			5.840%				01/17/39			$	599,778
	556,786			(a),(f)		BX Trust 2021-SDMF, Series 2021 SDMF, (TSFR1M + 1.701%)			2.911				09/15/34				555,002
	500,000			(a),(f)		BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)			8.036				06/15/36				500,002
	250,000			(a),(f)		BX Trust 2022-LBA6, Series 2022 LBA6, (TSFR1M + 2.000%)			4.845				01/15/39				250,013
	322,095			(a),(f)		BX Trust 2024-FNX, Series 2024 FNX, (TSFR1M + 2.291%)			6.603				11/15/41				323,507
	443,840			(a),(f)		BX Trust 2025-LUNR, Series 2025 LUNR, (TSFR1M + 2.000%)			5.750				06/15/40				446,084
	500,000			(a),(f)		DBGS 2024-SBL, Series 2024 SBL, (TSFR1M + 2.740%)			7.062				08/15/34				501,082
	500,000			(a),(f)		GSAT Trust 2025-BMF, Series 2025 BMF, (TSFR1M + 2.500%)			6.250				07/15/40				500,223
	500,000			(a),(f)		ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2			6.508				07/13/42				513,396
	500,000			(a),(f)		IP 2025-IP Mortgage Trust, Series 2025 IP			5.831				06/10/42				509,890
	303,276			(a),(f)		LBA Trust 2024-7IND, Series 2024 7IND, (TSFR1M + 2.641%)			6.391				10/15/41				304,396
	350,000			(a),(f)		MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025 MHIL2, (TSFR1M + 2.650%)			6.400				09/15/40				350,925
	500,000			(a),(f)		MILE Trust 2025-STNE, Series 2025 STNE, (TSFR1M + 1.700%)			5.450				07/15/42				501,161
	150,000			(a),(f)		MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL, (TSFR1M + 2.394%)			3.673				03/15/39				150,316
	310,000			(a),(f)		Natixis Commercial Mortgage Securities Trust 2019-MILE, Series 2019 MILE, (TSFR1M + 2.829%)			6.580				07/15/36				253,370
	525,000			(a),(f)		Natixis Commercial Mortgage Securities Trust 2019-MILE, Series 2019 MILE, (TSFR1M + 4.329%)			8.080				07/15/36				366,297
	500,000			(a),(f)		SCG Commercial Mortgage Trust 2025-FLWR, Series 2025 FLWR, (TSFR1M + 1.750%)			5.500				08/15/42				501,491
	500,000			(a),(f)		SYCA Commercial Mortgage Trust 2025-WAG, Series 2025 WAG			6.806				11/10/30				503,325
	525,000			(a),(f)		WCORE Commercial Mortgage Trust 2024-CORE, Series 2024 CORE, (TSFR1M + 2.241%)			5.991				11/15/41				528,549
	500,000			(a),(f)		Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series 2025 AGLN, (TSFR1M + 2.292%)			6.042				07/15/37				500,821
	300,000			(a),(f)		Wells Fargo Commercial Mortgage Trust 2025-AURA, Series 2025 AURA, (TSFR1M + 2.292%)			6.042				10/15/42				299,861
	390,000			(a),(f)		Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series 2025 B33RP, (TSFR1M + 2.500%)			6.850				08/15/42				390,180
						TOTAL MORTGAGE-BACKED SECURITIES (Cost $11,404,860)											11,240,351
SHARES						DESCRIPTION		RATE								VALUE
						PREFERRED STOCK - 15.4% (10.5% of Total Investments)
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 11.2%
	149,615					Agree Realty Corp			4.250								2,561,409
	52,250					Alpine Income Property Trust Inc			0.000								1,298,935
	74,697					American Homes 4 Rent			5.875								1,724,754
	41,901					American Homes 4 Rent			6.250								1,018,613
	59,921					Armada Hoffler Properties Inc			6.750								1,266,131
	77,494					Digital Realty Trust Inc			5.250								1,604,901
	79,932					Digital Realty Trust Inc			5.200								1,636,208
	69,938					Digital Realty Trust Inc			5.850								1,669,420
	74,662					Federal Realty Investment Trust			5.000								1,500,706
	61,308					Kimco Realty Corp			5.125								1,238,422
	83,318					Kimco Realty Corp			5.250								1,720,517
	7,927					LXP Industrial Trust			6.500								373,362
	2,301					Mid-America Apartment Communities Inc			8.500								123,104
	78,033					National Storage Affiliates Trust			6.000								1,642,595
	60,325					Pebblebrook Hotel Trust			6.300								1,149,191
	40,817					Pebblebrook Hotel Trust			6.375								763,278
	49,270					Pebblebrook Hotel Trust			5.700								871,093
	13,419					Public Storage			5.050								270,527
	11,879					Public Storage			4.700								221,662
	30,250					Public Storage			4.750								574,750
	31,013					Public Storage			4.625								573,741
	34,150					Public Storage			4.125								559,718
	26,493					Public Storage			4.000								421,504

64 See Notes to Financial Statements

SHARES						DESCRIPTION		RATE								VALUE
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
	26,845					Public Storage			4.000%							$	428,446
	35,168					Public Storage			4.875								679,094
	22,989					Public Storage			4.100								373,801
	66,178					Regency Centers Corp			5.875								1,493,637
	73,690					Regency Centers Corp			6.250								1,736,136
	88,853					Rexford Industrial Realty Inc			5.625								1,903,231
	37,466					Rexford Industrial Realty Inc			5.875								860,969
	10,819					RLJ Lodging Trust			1.950								269,393
	35,516					Summit Hotel Properties Inc			6.250								642,840
	18,926					Summit Hotel Properties Inc			5.875								342,561
	37,644					Sunstone Hotel Investors Inc			6.125								750,998
	48,737					Sunstone Hotel Investors Inc			5.700								940,137
	15,499					UMH Properties Inc			6.375								338,188
	104,858					Vornado Realty Trust			4.450								1,494,226
	70,952					Vornado Realty Trust			5.250								1,199,089
	82,966					Vornado Realty Trust			5.250								1,406,274
	82,900					Vornado Realty Trust			5.400								1,464,843
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)											41,108,404
						FINANCIAL SERVICES - 0.1%
	23,251					Brookfield Finance Inc			4.625								382,711
						TOTAL FINANCIAL SERVICES											382,711
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
	25,270					Brookfield Property Partners LP			6.500								368,942
	10,309					Brookfield Property Partners LP			6.375								147,213
	31,178					Brookfield Property Partners LP			5.750								414,667
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT											930,822
						UTILITIES - 3.9%
	25,854					BIP Bermuda Holdings I Ltd			5.125								427,367
	38,627					Brookfield BRP Holdings Canada Inc			4.625								594,083
	13,470					Brookfield Infrastructure Finance ULC			5.000								219,426
	60,551					Brookfield Infrastructure Partners LP			5.125								1,014,229
	18,594					Brookfield Infrastructure Partners LP			5.000								304,570
	73,684					Brookfield Renewable Partners LP			5.250								1,344,733
	11,638					CMS Energy Corp			5.625								255,571
	18,332					CMS Energy Corp			5.875								415,220
	18,823					CMS Energy Corp			5.875								435,752
	15,538					DTE Energy Co			5.250								328,473
	14,608					DTE Energy Co			4.375								249,066
	16,486					DTE Energy Co			4.375								283,065
	47,762					DTE Energy Co			6.250								1,188,796
	42,195					Duke Energy Corp			5.750								1,053,609
	35,754					Duke Energy Corp			5.625								879,548
	28,928					Georgia Power Co			5.000								647,987
	22,463					SCE Trust VII			7.500								567,865
	20,225					SCE Trust VIII			6.950								480,748
	12,974					Southern Co/The			4.200								230,159
	36,525					Southern Co/The			6.500								927,735
	15,426					Southern Co/The			4.950								312,222
	16,742					Southern Co/The			5.250								361,795
	61,875					Xcel Energy Inc			6.250								1,544,400
						TOTAL UTILITIES											14,066,419
						TOTAL PREFERRED STOCK (Cost $64,600,303)											56,488,356
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						VARIABLE RATE SENIOR LOAN INTERESTS - 3.6% (2.4% of Total Investments)
						AUTOMOBILES & COMPONENTS - 0.2%
$	598,500			(f)		Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)			6.466				01/28/32				602,333
						TOTAL AUTOMOBILES & COMPONENTS											602,333

See Notes to Financial Statements 65

Portfolio of Investments December 31, 2025 (continued)

JRI

PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
$	1,065,000			(f)		Wash Multifamily Parent Inc, Term Loan B, (TSFR1M + 3.250%)			6.966%				09/10/32			$	1,075,426
	981,778			(f)		WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)			6.581				03/27/28				985,667
						TOTAL COMMERCIAL & PROFESSIONAL SERVICES											2,061,093
						CONSUMER SERVICES - 0.2%
	949,974			(f)		Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)			5.966				02/06/30				944,987
						TOTAL CONSUMER SERVICES											944,987
						MEDIA & ENTERTAINMENT - 0.7%
	1,485,000			(f)		Charter Communications Operating, LLC, Term Loan B5, (TSFR3M + 2.250%)			6.235				12/15/31				1,487,784
	1,000,000			(f)		Sunrise Financing Partnership, Term Loan AAA, (TSFR6M + 2.500%)			6.691				02/17/32				1,004,805
	224,432			(f),(g)		WideOpenWest Finance LLC, Super Senior 2nd Out Term Loan, (TBD)			TBD				TBD				204,794
						TOTAL MEDIA & ENTERTAINMENT											2,697,383
						REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
	641,109			(f)		Hill Top Energy Center LLC, Term Loan B, (TSFR3M + 3.250%)			6.922				06/28/32				648,055
						TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT											648,055
						TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	435,000			(f)		CommScope, Inc., Term Loan, (TSFR1M + 4.750%)			8.466				12/17/29				436,383
						TOTAL TECHNOLOGY HARDWARE & EQUIPMENT											436,383
						TELECOMMUNICATION SERVICES - 0.3%
	225,000			(f)		Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M + 4.250%)			3.740				04/03/31				196,665
	236,000			(f)		GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M + 3.750%)			7.581				04/28/28				216,382
	542,151			(f)		Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)			6.181				04/15/30				539,904
	250,000			(f)		Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)			6.834				12/07/26				197,723
						TOTAL TELECOMMUNICATION SERVICES											1,150,674
						TRANSPORTATION - 0.6%
	605,611			(f)		Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M + 1.750%)			5.422				04/10/31				606,269
	1,492,500			(f)		NA Rail HoldCo. LLC, Term Loan B, (TSFR3M + 3.000%)			6.738				03/08/32				1,507,425
						TOTAL TRANSPORTATION											2,113,694
						UTILITIES - 0.7%
	1,000,000			(f)		Calpine Corporation, Term Loan B10, (TSFR1M + 1.750%)			5.466				01/31/31				1,001,055
	496,250			(f)		Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)			8.172				02/19/32				492,218
	999,156			(f)		Vistra Operations Company LLC, First Lien Term Loan B3, (TSFR1M + 1.750%)			5.466				12/20/30				1,005,405
						TOTAL UTILITIES											2,498,678
						TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $13,120,561)											13,153,280
						TOTAL LONG-TERM INVESTMENTS (Cost $503,778,189)											528,450,385
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						SHORT-TERM INVESTMENTS - 2.5%(1.7% of Total Investments)
						REPURCHASE AGREEMENTS - 2.5% (1.7% of Total Investments)
	9,125,000			(h)		Fixed Income Clearing Corporation			3.780				01/02/26				9,125,000
						TOTAL REPURCHASE AGREEMENTS (Cost $9,125,000)											9,125,000
						TOTAL SHORT-TERM INVESTMENTS (Cost $9,125,000)											9,125,000
						TOTAL INVESTMENTS - 146.5% (Cost $512,903,189)											537,575,385
						BORROWINGS - (46.6)% (i),(j)											(170,945,000	)
						OTHER ASSETS & LIABILITIES, NET - 0.1%											366,907
						NET ASSETS APPLICABLE TO COMMON SHARES - 100%										$	366,997,292

66 See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

ADR American Depositary Receipt

CAD Canadian Dollar

EUR Euro

GBP Pound Sterling

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

REIT Real Estate Investment Trust

TBD Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

TSFR1M CME Term Secured Overnight Financing Rate 1 Month

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

TSFR6M CME Term Secured Overnight Financing Rate 6 Month

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the fiscal period, the aggregate value of these securities is $97,855,797 or 18.2% of Total Investments.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(d) Perpetual security. Maturity date is not applicable.

(e) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was 15.2% of Total Investments.

(f) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(g) When-issued or delayed delivery security.

(h) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $9,126,916 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 3.500% and maturity date 11/30/30, valued at $9,307,720.

(i) Borrowings as a percentage of Total Investments is 31.8%.

(j) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $294,830,992 have been pledged as collateral for borrowings.

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

Futures Contracts - Short

Description			Number of Contracts				Expiration Date				Notional  Amount				Value				Unrealized   Appreciation (Depreciation)
U.S. Treasury Ultra 10-Year Note			(52	)			3/26			$	(5,999,295	)		$	(5,980,812	)		$	18,483

See Notes to Financial Statements 67

Portfolio of Investments December 31, 2025

JRS

SHARES						DESCRIPTION						VALUE
						LONG-TERM INVESTMENTS - 142.2% (98.2% of Total Investments)
						COMMON STOCKS - 103.5% (71.5% of Total Investments)
						DATA CENTER REITS - 11.2%
	87,707					Digital Realty Trust Inc						$	13,569,150
	16,936					Equinix Inc							12,975,686
						TOTAL DATA CENTER REITS							26,544,836
						DIVERSIFIED REITS - 0.7%
	24,140					WP Carey Inc							1,553,650
						TOTAL DIVERSIFIED REITS							1,553,650
						HEALTH CARE REITS - 15.9%
	76,059					Alexandria Real Estate Equities Inc							3,722,327
	434,918					Healthpeak Properties Inc							6,993,481
	202,960					Ventas Inc							15,705,045
	61,286					Welltower Inc							11,375,294
						TOTAL HEALTH CARE REITS							37,796,147
						HOTEL & RESORT REITS - 3.3%
	255,096					Host Hotels & Resorts Inc							4,522,852
	239,955					Pebblebrook Hotel Trust							2,716,291
	82,330					Sunstone Hotel Investors Inc							736,030
						TOTAL HOTEL & RESORT REITS							7,975,173
						INDUSTRIAL REITS - 14.1%
	150,940					First Industrial Realty Trust Inc							8,644,334
	35,857					LXP Industrial Trust							1,777,790
	180,297					Prologis Inc							23,016,715
						TOTAL INDUSTRIAL REITS							33,438,839
						MULTI-FAMILY RESIDENTIAL REITS - 12.8%
	29,742					AvalonBay Communities Inc							5,392,522
	84,444					Camden Property Trust							9,295,596
	90,779					Equity Residential							5,722,708
	22,020					Essex Property Trust Inc							5,762,194
	73,990					UDR Inc							2,713,953
	116,055					Veris Residential Inc							1,726,898
						TOTAL MULTI-FAMILY RESIDENTIAL REITS							30,613,871
						OFFICE REITS - 6.1%
	56,295					BXP Inc							3,798,787
	104,905					Cousins Properties Inc							2,704,451
	158,225					Douglas Emmett Inc							1,738,893
	105,350					Kilroy Realty Corp							3,936,929
	50,850					SL Green Realty Corp							2,332,490
						TOTAL OFFICE REITS							14,511,550
						OTHER SPECIALIZED REITS - 2.8%
	237,785					VICI Properties Inc							6,686,514
						TOTAL OTHER SPECIALIZED REITS							6,686,514
						RETAIL REITS - 21.1%
	93,355					Acadia Realty Trust							1,917,512
	72,955					Agree Realty Corp							5,254,949
	75,055					Federal Realty Investment Trust							7,565,544
	159,400					Kimco Realty Corp							3,231,038
	308,531					Kite Realty Group Trust							7,395,488
	268,494					Macerich Co/The							4,956,399
	116,005					NNN REIT Inc							4,597,278
	107,880					Realty Income Corp							6,081,196
	48,794					Simon Property Group Inc							9,032,257
						TOTAL RETAIL REITS							50,031,661
						SELF-STORAGE REITS - 7.4%
	188,452					CubeSmart							6,793,695
	32,639					Extra Space Storage Inc							4,250,251
	24,475					Public Storage							6,351,262
						TOTAL SELF-STORAGE REITS							17,395,208

68 See Notes to Financial Statements

SHARES						DESCRIPTION										VALUE
						SINGLE-FAMILY RESIDENTIAL REITS - 5.6%
	156,307					American Homes 4 Rent, Class A										$	5,017,455
	130,935					Invitation Homes Inc											3,638,684
	37,385					Sun Communities Inc											4,632,375
						TOTAL SINGLE-FAMILY RESIDENTIAL REITS											13,288,514
						TELECOM TOWER REITS - 2.5%
	30,135					SBA Communications Corp											5,829,013
						TOTAL TELECOM TOWER REITS											5,829,013
						TOTAL COMMON STOCKS (Cost $191,267,902)											245,664,976
SHARES						DESCRIPTION		RATE								VALUE
						CONVERTIBLE PREFERRED SECURITIES - 0.7% (0.5% of Total Investments)
						EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
	30,155					Kimco Realty Corp			7.250%								1,766,178
						TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)			1,766,178
						TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $1,495,538)			1,766,178
SHARES						DESCRIPTION		RATE								VALUE
						PREFERRED STOCK - 38.0% (26.2% of Total Investments)
						DATA CENTER REITS - 3.5%
	194,120					Digital Realty Trust Inc			5.200								3,973,636
	96,245					Digital Realty Trust Inc			5.850								2,297,368
	95,960					Digital Realty Trust Inc			5.250								1,987,332
						TOTAL DATA CENTER REITS											8,258,336
						DIVERSIFIED REITS - 1.3%
	34,560					Armada Hoffler Properties Inc			6.750								730,253
	10,000					CTO Realty Growth Inc			6.375								205,000
	44,840					DigitalBridge Group Inc			7.125								994,999
	52,815					DigitalBridge Group Inc			7.150								1,172,493
						TOTAL DIVERSIFIED REITS											3,102,745
						HOTEL & RESORT REITS - 3.8%
	90,130					Chatham Lodging Trust			6.625								1,774,660
	21,740					Pebblebrook Hotel Trust			6.300								414,147
	151,610					Pebblebrook Hotel Trust			6.375								2,835,107
	88,100					Pebblebrook Hotel Trust			5.700								1,557,608
	55,820					Sunstone Hotel Investors Inc			6.125								1,113,609
	69,935					Sunstone Hotel Investors Inc			5.700								1,349,046
						TOTAL HOTEL & RESORT REITS											9,044,177
						INDUSTRIAL REITS - 3.0%
	56,719					Prologis Inc			8.540								3,227,311
	22,741					Rexford Industrial Realty Inc			5.875								522,588
	158,030					Rexford Industrial Realty Inc			5.625								3,385,003
						TOTAL INDUSTRIAL REITS											7,134,902
						MULTI-FAMILY RESIDENTIAL REITS - 0.8%
	34,353					Mid-America Apartment Communities Inc			8.500								1,837,885
						TOTAL MULTI-FAMILY RESIDENTIAL REITS											1,837,885
						OFFICE REITS - 12.1%
	12,713					Highwoods Properties Inc			8.625								13,214,955
	144,320					SL Green Realty Corp			6.500								3,030,720
	176,330					Vornado Realty Trust			4.450								2,512,702
	226,090					Vornado Realty Trust			5.250								3,820,921
	222,827					Vornado Realty Trust			5.250								3,776,918
	126,524					Vornado Realty Trust			5.400								2,235,679
						TOTAL OFFICE REITS											28,591,895
						OTHER SPECIALIZED REITS - 0.1%
	12,465					EPR Properties			5.750								244,813
						TOTAL OTHER SPECIALIZED REITS											244,813

See Notes to Financial Statements 69

Portfolio of Investments December 31, 2025 (continued)

JRS

SHARES						DESCRIPTION		RATE								VALUE
						RETAIL REITS - 7.0%
	99,265					Agree Realty Corp			4.250%							$	1,699,417
	134,110					Federal Realty Investment Trust			5.000								2,695,611
	156,704					Kimco Realty Corp			5.250								3,235,938
	124,919					Kimco Realty Corp			5.125								2,523,364
	51,590					Regency Centers Corp			5.875								1,164,386
	73,095					Regency Centers Corp			6.250								1,722,118
	19,725					Saul Centers Inc			6.125								410,477
	127,775					Saul Centers Inc			6.000								2,915,825
	3,184					Simon Property Group Inc			8.375								169,378
						TOTAL RETAIL REITS											16,536,514
						SELF-STORAGE REITS - 4.9%
	44,661					National Storage Affiliates Trust			6.000								940,114
	3,225					Public Storage			4.000								51,471
	76,355					Public Storage			4.000								1,214,808
	2,940					Public Storage			3.900								46,011
	94,460					Public Storage			4.625								1,747,510
	26,125					Public Storage			4.750								496,375
	16,700					Public Storage			4.700								311,622
	83,290					Public Storage			4.875								1,608,330
	142,370					Public Storage			5.600								3,254,578
	102,599					Public Storage			5.050								2,068,396
						TOTAL SELF-STORAGE REITS											11,739,215
						SINGLE-FAMILY RESIDENTIAL REITS - 1.5%
	102,970					American Homes 4 Rent			6.250								2,503,201
	34,615					American Homes 4 Rent			5.875								799,260
	12,175					UMH Properties Inc			6.375								265,659
						TOTAL SINGLE-FAMILY RESIDENTIAL REITS											3,568,120
						TOTAL PREFERRED STOCK (Cost $105,583,840)											90,058,602
						TOTAL LONG-TERM INVESTMENTS (Cost $298,347,280)											337,489,756
PRINCIPAL						DESCRIPTION		RATE				MATURITY				VALUE
						SHORT-TERM INVESTMENTS - 2.6%(1.8% of Total Investments)
						REPURCHASE AGREEMENTS - 2.6% (1.8% of Total Investments)
$	6,100,000			(a)		Fixed Income Clearing Corporation			3.780				01/02/26				6,100,000
						TOTAL REPURCHASE AGREEMENTS (Cost $6,100,000)											6,100,000
						TOTAL SHORT-TERM INVESTMENTS (Cost $6,100,000)											6,100,000
						TOTAL INVESTMENTS - 144.8% (Cost $304,447,280)											343,589,756
						BORROWINGS - (43.2)% (b),(c)											(102,400,000)
						OTHER ASSETS & LIABILITIES, NET - (1.6)%											(3,943,608)
						NET ASSETS APPLICABLE TO COMMON SHARES - 100%										$	237,246,148

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

REIT Real Estate Investment Trust

(a) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $6,101,281 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $6,222,131.

(b) Borrowings as a percentage of Total Investments is 29.8%.

(c) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $204,342,798 have been pledged as collateral for borrowings.

70 See Notes to Financial Statements

Statement of Assets and Liabilities

December 31, 2025		NMAI				JRI				JRS
ASSETS
Long-term investments, at value†		$	678,724,227			$	528,450,385			$	337,489,756
Short-term investments, at valueà			10,300,000				9,125,000				6,100,000
Cash denominated in foreign currencies^			28,534				889,782				–
Cash collateral at broker for investments in futures contracts(1)			–				142,769				–
Receivables:
Dividends			222,158				1,183,392				1,496,088
Interest			3,253,347				3,109,907				641
Investments sold			1,856,995				447,478				–
Reclaims			626,012				134,218				–
Reimbursement from Adviser			4,234				81,663				–
Variation margin on futures contracts			–				9,750				–
Other			71,191				23,839				36,682
Total assets			695,086,698				543,598,183				345,123,167
LIABILITIES
Cash overdraft			3,049,665				3,181,402				4,623,102
Borrowings			174,786,000				170,945,000				102,400,000
Reverse repurchase agreements, including accrued interest			35,122,150				–				–
Unrealized depreciation on forward foreign currency contracts			1,732				–				–
Payables:
Management fees			496,139				435,189				248,618
Capital gain taxes			891				–				–
Interest			604,050				744,703				434,092
Investments purchased - regular settlement			32,608				750,118				–
Investments purchased - when-issued/delayed-delivery settlement			1,818,425				206,477				–
Unfunded senior loans			135,795				–				–
Accrued expenses:
Custodian fees			413,217				260,343				47,371
Investor relations fees			34,147				9,911				53,412
Trustees fees			70,167				26,535				37,618
Professional fees			3,707				3,828				4,921
Shareholder reporting expenses			31,083				33,123				27,633
Shareholder servicing agent fees			308				2,619				252
Other			10,853				1,643				–
Total liabilities			216,610,937				176,600,891				107,877,019
Net assets applicable to common shares		$	478,475,761			$	366,997,292			$	237,246,148
Common shares outstanding			33,425,645				27,440,071				28,892,471
Net asset value (“NAV”) per common share outstanding		$	14.31			$	13.37			$	8.21
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share		$	334,256			$	274,401			$	288,925
Paid-in capital			391,479,465				533,129,317				205,269,874
Total distributable earnings (loss)			86,662,040				(166,406,426	)			31,687,349
Net assets applicable to common shares		$	478,475,761			$	366,997,292			$	237,246,148
Authorized shares:
Common			Unlimited				Unlimited				Unlimited
Preferred			Unlimited				Unlimited				Unlimited
† Long-term investments, cost		$	584,217,446			$	503,778,189			$	298,347,280
à Short-term investments, cost		$	10,300,000			$	9,125,000			$	6,100,000
^ Cash denominated in foreign currencies, cost		$	29,781			$	891,672			$	–
(1)  Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See Notes to Financial Statements

71

Statement of Operations

Year Ended December 31, 2025		NMAI				JRI				JRS
INVESTMENT INCOME
Affiliated income		$	60,834			$	386,660			$	—
Dividends			8,364,301				17,748,619				13,414,970
Interest			20,252,609				13,903,671				214,085
Rehypothecation income			48,092				—				—
Tax withheld			(352,234	)			(719,766	)			—
Total investment income			28,373,602				31,319,184				13,629,055
EXPENSES
Management fees			5,554,497				5,156,401				3,027,988
Shareholder servicing agent fees			1,375				18,920				—
Interest expense			9,240,970				8,598,323				5,147,839
Trustees fees			22,969				19,045				12,425
Custodian expenses			383,759				240,526				48,120
Investor relations expenses			86,021				127,085				75,690
Professional fees			111,677				70,736				58,174
Shareholder reporting expenses			61,069				58,768				56,186
Stock exchange listing fees			10,567				8,671				9,130
Other			24,010				10,112				6,413
Total expenses			15,496,914				14,308,587				8,441,965
Net investment income (loss)			12,876,688				17,010,597				5,187,090
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments*			23,387,621				10,506,081				9,579,927
Forward foreign currency contracts			(21,494	)			—				—
Futures contracts			—				122,842				—
Written options			462,943				—				—
Swap contracts			—				1,652,687				1,063,133
Foreign currency transactions			(197,421	)			125,383				(17,209	)
Net realized gain (loss)			23,631,649				12,406,993				10,625,851
Change in unrealized appreciation (depreciation) on:
Investments **			44,873,684				21,522,783				(19,108,883	)
Forward foreign currency contracts			(60,225	)			—				—
Futures contracts			—				(323,497	)			—
Written options			(115,914	)			—				—
Swap contracts			—				(1,577,197	)			(1,015,917	)
Foreign currency translations			59,390				71,538				—
Net change in unrealized appreciation (depreciation)			44,756,935				19,693,627				(20,124,800)
Net realized and unrealized gain (loss)			68,388,584				32,100,620				(9,498,949)
Net increase (decrease) in net assets applicable to common shares from operations		$	81,265,272			$	49,111,217			$	(4,311,859	)
* Net of foreign capital gains tax		$	(32	)		$	—			$	—
* Net of change in foreign capital gains tax		$	(891	)		$	—			$	—

See Notes to Financial Statements

72

Statement of Changes in Net Assets

		NMAI										JRI
		Year Ended 12/31/25				Year Ended 12/31/24						Year Ended 12/31/25				Year Ended 12/31/24
OPERATIONS
Net investment income (loss)		$	12,876,688			$	12,289,623					$	17,010,597			$	14,857,796
Net realized gain (loss)			23,631,649				2,139,980						12,406,993				11,025,082
Net change in unrealized appreciation (depreciation)			44,756,935				21,345,470						19,693,627				(375,263	)
Net increase (decrease) in net assets applicable to common shares from operations			81,265,272				35,775,073						49,111,217				25,507,615
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends			(13,281,245	)			(12,673,637	)					(22,392,838	)			(18,052,526	)
Return of Capital			(29,821,124	)			(42,562,242	)					(21,534,905	)			(21,276,701	)
Total distributions			(43,102,369	)			(55,235,879	)					(43,927,743	)			(39,329,227	)
CAPITAL SHARE TRANSACTIONS
Common shares:
Reinvestments of distributions			—				—						316,245				—
Net increase (decrease) applicable to common shares from capital share transactions			—				—						316,245				—
Net increase (decrease) in net assets applicable to common shares			38,162,903				(19,460,806	)					5,499,719				(13,821,612	)
Net assets applicable to common shares at the beginning of period			440,312,858				459,773,664						361,497,573				375,319,185
Net assets applicable to common shares at the end of period		$	478,475,761			$	440,312,858					$	366,997,292			$	361,497,573

See Notes to Financial Statements

73

Statement of Changes in Net Assets (continued)

		JRS
		Year Ended 12/31/25				Year Ended 12/31/24
OPERATIONS
Net investment income (loss)		$	5,187,090			$	2,420,053
Net realized gain (loss)			10,625,851				8,991,450
Net change in unrealized appreciation (depreciation)			(20,124,800	)			13,892,645
Net increase (decrease) in net assets applicable to common shares from operations			(4,311,859	)			25,304,148
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends			(6,058,316	)			(7,022,713	)
Return of Capital			(13,588,564	)			(12,624,167	)
Total distributions			(19,646,880	)			(19,646,880	)
Net increase (decrease) in net assets applicable to common shares			(23,958,739	)			5,657,268
Net assets applicable to common shares at the beginning of period			261,204,887				255,547,619
Net assets applicable to common shares at the end of period		$	237,246,148			$	261,204,887

See Notes to Financial Statements

74

Statement of Cash Flows

Year Ended December 31, 2025		NMAI				JRI				JRS
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations		$	81,265,272			$	49,111,217			$	(4,311,859	)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments			(435,805,516	)			(383,961,249	)			(78,351,665	)
Proceeds from sale and maturities of investments			445,065,985				413,716,250				95,668,689
Proceeds from (Purchase of) short-term investments, net			15,575,000				3,300,000				4,200,000
Proceeds from (Purchase of) closed foreign currency spot transactions			(43,533	)			131,993				(17,209	)
Proceeds from litigation settlement			658				3,857				59
Capital gains and return of capital distributions from investments			152,361				2,820,166				3,646,371
Amortization (Accretion) of premiums and discounts, net			(616,321	)			(158,222	)			(12,052	)
(Increase) Decrease in:
Receivable for dividends			192,428				59,522				16,663
Receivable for interest			(353,908	)			249,939				73,251
Receivable for reclaims			75,473				(4,936	)			—
Receivable for investments sold			(471,728	)			(279,653	)			—
Receivable for reimbursement from Adviser			12,709				45,716				—
Receivable for variation margin on futures contracts			—				18,625				—
Other assets			12,625				4,979				4,249
Increase (Decrease) in:
Payable for interest			81,425				(96,637	)			(94,808	)
Payable for investments purchased—regular settlement			(60,907	)			519,977				(888,933	)
Payable for investments purchased—when-issued/delayed-delivery settlement			(3,347,008	)			(2,294,788	)			—
Payable for unfunded senior loans			96,537				—				—
Payable for management fees			43,328				(8,798	)			(30,068	)
Accrued custodian fees			177,256				121,331				22,575
Accrued investor relations fees			3,511				2,602				31,465
Accrued Trustees fees			(10,339	)			(3,465	)			(6,119	)
Accrued professional fees			(16,547	)			(1,324	)			(339	)
Accrued shareholder reporting expenses			(11,310	)			(12,053	)			(3,683	)
Accrued shareholder servicing agent fees			203				1,255				(565	)
Accrued other expenses			10,853				1,643				—
Net realized (gain) loss from investments			(23,387,621	)			(10,506,081	)			(9,579,927	)
Net realized (gain) loss from foreign currency transactions			197,421				(125,383	)			17,209
Net realized (gain) loss from written options			(462,943	)			—				—
Net realized (gain) loss from paydowns			(264,964	)			274				—
Net change in unrealized (appreciation) depreciation of investments			(44,873,684	)			(21,522,783	)			19,108,883
Net change in unrealized (appreciation) depreciation of forward foreign currency			60,225				—				—
Net change in unrealized (appreciation) depreciation of swap contracts			—				1,577,197				1,015,917
Net change in unrealized (appreciation) depreciation of written options			115,914				—				—
Net change in unrealized (appreciation) depreciation on foreign currency translations			(59,390	)			(71,538	)			—
Net cash provided by (used in) operating activities			33,353,465				52,639,633				30,508,104
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings			63,950,000				—				—
(Repayments) of borrowings			(11,500,000	)			(8,000,000	)			(10,000,000	)
Proceeds from reverse repurchase agreements			372,436,800				—				—
(Repayments of) reverse repurchase agreements			(405,474,960	)			—				—
Increase (Decrease) in:
Cash overdraft			(9,678,340	)			(896,116	)			205,975
Cash collateral due to broker			—				(1,225,766	)			(1,067,199	)
Cash distributions paid to common shareholders			(43,102,369	)			(43,611,498	)			(19,646,880	)
Net cash provided by (used in) financing activities			(33,368,869	)			(53,733,380	)			(30,508,104	)
Net increase (decrease) in cash, cash denominated in foreign currencies and cash collateral at brokers			(15,404	)			(1,093,747	)			–
Cash and cash denominated in foreign currencies at the beginning of period			43,938				2,126,298				—
Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of period		$	28,534			$	1,032,551			$	—

See Notes to Financial Statements

75

The following table provides a reconciliation of cash, cash denominated in foreign currencies and cash collateral at brokers to the Statement of Assets and Liabilities:

		NMAI				JRI				JRS
Cash denominated in foreign currencies		$	28,534			$	889,782			$	—
Cash collateral at broker for investments in futures contracts			—				142,769				—
Total cash, cash denominated in foreign currencies and cash collateral at brokers		$	28,534			$	1,032,551			$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION		NMAI				JRI				JRS
Cash paid for interest		$	9,135,518			$	8,650,410			$	5,236,104
Non-cash financing activities not included herein consists of reinvestments of common share distributions			—				316,245				—

See Notes to Financial Statements

76

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77

Financial Highlights

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

						Investment Operations																Less Distributions to Common Shareholders																				Common Share
		Common Share Net Asset Value, Beginning of Period				Net Investment Income (NII) (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Total				From NII								From Net Realized Gains				Return of Capital								Total				Discount Per Share Repurchased and Retired				Net Asset Value, End of Period				Share Price,  End of Period
NMAI
12/31/25			$13.17				$0.39				$2.04				$2.43				$(0.40)								$—				$(0.89)								$(1.29)				$—				$14.31			$13.04
12/31/24			13.76				0.37				0.69				1.06				(0.38	)							—				(1.27)								(1.65	)			—				13.17			12.04
12/31/23			13.41				0.39				1.26				1.65				(0.62	)							—				(0.68)								(1.30	)			—				13.76			12.30
12/31/22			20.03				0.47				(4.86)				(4.39)				(1.40	)							(0.83)				—								(2.23	)			—				13.41			11.49
12/31/21(e)			20.00				0.07				0.31				0.38				(0.06	)							(0.29)				—								(0.35	)			—				20.03			18.65
JRI
12/31/25			13.19				0.62				1.16				1.78				(0.81	)							—				(0.79)								(1.60	)			—				13.37			13.61
12/31/24			13.69				0.54				0.39				0.93				(0.65	)							—				(0.78)								(1.43	)			—				13.19			12.13
12/31/23			13.57				0.55				0.65				1.20				(0.66	)							—				(0.42)								(1.08	)			—	(g)			13.69			11.72
12/31/22			17.41				0.78				(3.46)				(2.68)				(0.77	)							—				(0.39)								(1.16	)			—				13.57			11.70
12/31/21			15.84				1.00				1.73				2.73				(1.09	)							—				(0.07)								(1.16	)			—				17.41			16.12
JRS
12/31/25			9.04				0.18				(0.33)				(0.15)				(0.21	)							—				(0.47)								(0.68	)			—				8.21			7.66
12/31/24			8.84				0.08				0.80				0.88				(0.24	)							—				(0.44)								(0.68	)			—				9.04			8.63
12/31/23			8.12				0.16				1.24				1.40				(0.23	)							—				(0.45)								(0.68	)			—				8.84			7.82
12/31/22			13.22				0.27				(4.54)				(4.27)				(0.26	)							(0.30	)			(0.27	)							(0.83	)			—				8.12			7.56
12/31/21			9.63				0.25				4.10				4.35				(0.20	)							(0.56	)			—								(0.76	)			—				13.22			12.82

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

78

						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns										Ratios to Average Net Assets
Based on Net Asset Value(b)		Based on Share Price(b)				Net Assets, End of Period (000)				Expenses(c)								Net Investment Income (Loss)(c),(d)				Portfolio Turnover Rate
19.23%			19.86%				$478,476				3.38%								2.81%			68%
7.85			11.46				440,313				3.50								2.66			41
12.87			19.43				459,774				3.68								2.86			46
(21.91)			(26.29)				448,357				2.53								2.88			129
1.90			(5.00)				669,611				1.63(f)								3.35(f)			66
14.15			26.60				366,997				3.90								4.64			72
7.03			16.12				361,498				4.14								3.99			80
9.32			10.02				375,319				4.07								4.15			59
(15.83)			(20.83)				372,451				2.63								5.09			71
17.73			29.09				477,911				1.82								5.94			73
(1.70)			(3.39)				237,246				3.40								2.09			22
10.28			19.66				261,205				3.52								0.93			31
18.14			13.46				255,548				3.64								1.88			33
(32.94)			(35.25)				234,497				2.33								2.58			58
46.38			62.73				381,815				1.54								2.16			92

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as follows:

				Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
		NMAI
		12/31/25			2.02	%
		12/31/24			2.06
		12/31/23			2.32
		12/31/22			1.04
		12/31/21			0.12	(e),(f)
			JRI
		12/31/25			2.34
		12/31/24			2.48
		12/31/23			2.53
		12/31/22			1.04
		12/31/21			0.34
		JRS
		12/31/25			2.07
		12/31/24			2.25
		12/31/23			2.31
		12/31/22			1.01
		12/31/21			0.27

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

(e) For the period November 22, 2021 (commencement of operations) through December 31, 2021.

(f) Annualized.

(g) Value rounded to zero.

See Notes to Financial Statements

79

Financial Highlights

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.

		Borrowings
						Aggregate Amount Outstanding (000)(a)				Asset Coverage Per $1,000(b)
NMAI
12/31/25						$	174,786			$	3,737
12/31/24							122,336				4,599
12/31/23							85,416				6,383
12/31/22							175,601				3,553
12/31/21(c)							178,550				4,750
JRI
12/31/25							170,945				3,147
12/31/24							178,945				3,020
12/31/23							151,695				3,474
12/31/22							166,985				3,230
12/31/21							197,935				3,414
JRS
12/31/25							102,400				3,317
12/31/24							112,400				3,324
12/31/23							94,400				3,707
12/31/22							104,400				3,246
12/31/21							144,000				3,651

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s borrowings (excluding temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts presented would be lower.

(c) For the period November 22, 2021 (commencement of operations) through December 31, 2021.

80

Notes to Financial Statements

1. General Information

Fund Information: The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

 • Nuveen Multi-Asset Income Fund (NMAI)

 • Nuveen Real Asset Income and Growth Fund (JRI)

 • Nuveen Real Estate Income Fund (JRS)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as closed-end management investment companies. NMAI, JRI and JRS were organized as Massachusetts business trusts on April 22, 2021, January 10, 2012 and August 27, 2001, respectively.

Current Fiscal Period: The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 2025 (the “current fiscal period”).

Investment Adviser and Sub-Adviser: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolio, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. For NMAI, the Adviser has entered into sub-advisory agreements (each a “Sub-Advisory Agreement”) with each of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and Winslow Capital Management LLC (“Winslow”), each of which are affiliates of the Adviser. Pursuant to the Sub-Advisory Agreement with NAM, NAM is responsible for the Fund’s dynamic asset allocation strategy and for allocating the Fund’s assets among each of the various Sub-Advisers. NAM, TAL and Winslow under each Sub-Advisory Agreement manages the investment portfolios of the Fund allocated to it. For JRI, the Adviser has entered into a sub-advisory agreement with NAM under which NAM manages the investment portfolio of JRI. For JRS, the Adviser has entered into sub-advisory agreements with Security Capital Research & Management Incorporated (“Security Capital”), under which Security Capital manages JRS’s investment portfolio. The Adviser is responsible for managing the Funds’ investments in swap contracts. NAM, TAL, Winslow and Security Capital are each a “Sub-Adviser”.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

NMAI and JRI make monthly cash distributions, while JRS makes quarterly cash distributions to common shareholders of a stated dollar amount per share. Prior to the June 2025 distribution, NMAI made quarterly cash distribution. Subject to approval and oversight by the Board, JRS seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund’s investment strategy through regular quarterly distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from each Fund’s net investment income, net realized capital gains and net unrealized capital gains in the Fund’s portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund’s assets and is treated by common shareholders as a non-taxable distribution (“return of capital”) for tax purposes. In the event that total distributions during a calendar year exceed a Fund’s total return on NAV, the difference will reduce NAV per share. If a Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all distributions paid by a Fund during the fiscal year is made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of December 31 each year.

The distribution policy for NMAI and JRI, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, Each Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return

81

Notes to Financial Statements (continued)

of capital the NAV per share may erode. The practice of maintaining a stable distribution level had no material effect on each Fund’s investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in a Fund’s portfolio. Distributions received from certain securities in which a Fund invests, most notably real estate investment trust securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The distribution is included in a Fund’s ordinary income until such time a Fund is notified by the issuer of the actual tax character. Dividend income, net realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities for distributions during the current fiscal period.

Foreign Currency Transactions and Translation: To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing “offshore” rates that apply to non-local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or “onshore” foreign currency exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of foreign currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

As of the end of the current fiscal period, NMAI’s and JRI’s investments in non-U.S. securities were as follows:

NMAI		Value				% of Total Investments
Country:
Japan		$	23,557,362			3.4%
United Kingdom			21,247,823			3.1
France			16,601,217			2.4
Germany			14,062,508			2.0
Spain			13,229,630			1.9
Switzerland			10,011,048			1.5
Canada			8,465,285			1.2
Netherlands			7,369,736			1.1
Mexico			7,227,339			1.1
Other			60,149,827			8.7
Total non-U.S. Securities		$	181,921,775			26.4%

82

JRI		Value				% of Total Investments
Country:
Canada		$	53,731,450			10.0%
United Kingdom			28,114,275			5.2
France			13,524,433			2.5
Italy			13,321,106			2.5
Singapore			9,397,019			1.7
Australia			8,808,782			1.6
Japan			8,033,456			1.5
Mexico			6,698,126			1.2
Hong Kong			5,814,369			1.1
Other			18,882,476			3.6
Total non-U.S. Securities		$	166,325,492			30.9%

Foreign Taxes: The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications: Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in kind (“PIK”) interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Rehypothecation income when applicable, is comprised of fees earned in connection with the rehypothecation of pledged collateral as further described later in these Notes to Financial Statements

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

The Funds’ investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker (“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09): In December 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more information.

83

Notes to Financial Statements (continued)

New Accounting Pronouncement (ASU No. 2025-11): In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Adviser, subject to the oversight of the Board, and are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

Purchased and written options traded and listed on a national market or exchange are valued at the mean of the closing bid and asked prices and are generally classified as Level 1.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

84

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to value them:

NMAI		Level 1				Level 2				Level 3				Total
Long-Term Investments:
Asset-Backed Securities		$	–			$	1,954,469			$	217,130			$	2,171,599
Common Stocks			235,199,801				100,246,667				8				335,446,476
Corporate Bonds			–				92,572,057				–				92,572,057
Emerging Market Debt and Foreign Corporate Bonds			–				68,760,634				1,446,701				70,207,335
Exchange-Traded Funds			36,419,316				–				–				36,419,316
Investment Companies			66,548				–				–				66,548
Mortgage-Backed Securities			–				58,937,504				–				58,937,504
Preferred Stock			5,120,097				–				–				5,120,097
U.S. Government and Agency Obligations			–				27,674,863				–				27,674,863
Variable Rate Senior Loan Interests			–				50,107,305				1,127				50,108,432
Short-Term Investments:
Repurchase Agreements			–				10,300,000				–				10,300,000
Investments in Derivatives:
Forward Foreign Currency Contracts*			–				(1,732	)			–				(1,732	)
Total		$	276,805,762			$	410,551,767			$	1,664,966			$	689,022,495

JRI		Level 1				Level 2				Level 3				Total
Long-Term Investments:
Common Stocks		$	177,551,827			$	81,314,419			$	–			$	258,866,246
Convertible Preferred Securities			11,984,914				–				–				11,984,914
Corporate Bonds			–				173,904,488				–				173,904,488
Investment Companies			2,812,750				–				–				2,812,750
Mortgage-Backed Securities			–				11,240,351				–				11,240,351
Preferred Stock			56,488,356				–				–				56,488,356
Variable Rate Senior Loan Interests			–				13,153,280				–				13,153,280
Short-Term Investments:
Repurchase Agreements			–				9,125,000				–				9,125,000
Investments in Derivatives:
Futures Contracts*			18,483				–				–				18,483
Total		$	248,856,330			$	288,737,538			$	–			$	537,593,868
JRS		Level 1				Level 2				Level 3				Total
Long-Term Investments:
Common Stocks		$	245,664,976			$	–			$	–			$	245,664,976
Convertible Preferred Securities			1,766,178				–				–				1,766,178
Preferred Stock			90,058,602				–				–				90,058,602
Short-Term Investments:
Repurchase Agreements			–				6,100,000				–				6,100,000
Total		$	337,489,756			$	6,100,000			$	–			$	343,589,756

*Represents net unrealized appreciation (depreciation).

4. Portfolio Securities

Unfunded Commitments: Pursuant to the terms of certain of the variable rate senior loan agreements, NMAI and JRI may have unfunded senior loan commitments. The Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the current fiscal period, JRI had no value in outstanding unfunded senior loan commitments, whereas NMAI’s outstanding unfunded senior loan commitments were as follows:

85

Notes to Financial Statements (continued)

Fund		Outstanding Unfunded Senior Loan Commitments
NMAI			$135,795

Participation Commitments: With respect to the senior loans held in NMAI and JRI portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the Funds purchases a participation of a senior loan interest, the Funds would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Funds not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the current fiscal period, the Funds had no such outstanding participation commitments.

Repurchase Agreements: In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal period, and the collateral delivered related to those repurchase agreements.

Fund		Counterparty				Short-term Investments, at Value				Collateral Pledged (From) Counterparty
NMAI			Fixed Income Clearing Corporation			$	10,300,000			$	(10,506,122	)
JRI			Fixed Income Clearing Corporation				9,125,000				(9,307,720	)
JRS			Fixed Income Clearing Corporation				6,100,000				(6,222,131	)

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

Fund		Non-U.S. Government Purchases				U.S. Government Purchases				Non-U.S. Government Sales and Maturities				U.S. Government Sales
NMAI		$	407,951,674			$	27,853,842			$	390,957,707			$	54,108,278
JRI			383,961,249				—				413,716,250				—
JRS			78,351,665				—				95,668,689				—

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Forward Foreign Currency Contracts: During the current fiscal period, NMAI used foreign exchange forwards partially hedge its exposure to non-U.S. dollar denominated positions.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets and Liabilities.

86

The average notional amount of forward foreign currency contracts outstanding during the current fiscal period was as follows:

Fund		Average Notional Amount of Forward Contracts Outstanding*
NMAI		$1,868,586

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those forward foreign currency contracts as of the end of the current fiscal period.

Fund		Counterparty				Gross Unrealized Appreciation on Forward Foreign Currency Contracts*				Gross Unrealized (Depreciation) on Forward Foreign Currency Contracts*				Net Unrealized				Collateral Pledged to (from) Counterparty				Net Exposure
NMAI			Citibank, N.A			$	-			$	(1,732	)		$	(1,732	)		$	-			$	(1,732	)

* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds’ Portfolio of Investments.

Futures Contracts: During the current fiscal period, JRI continued to use interest rate futures to partially hedge the portfolio against movements in interest rates.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

Fund		Average Notional Amount of Futures Contracts Outstanding*
JRI		$8,110,899

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Options Transactions: During the current fiscal period, NMAI purchased and wrote call and put options as part of its overwrite strategy.

The Funds may purchase (buy) or write (sell) put and call options on specific securities (including groups or “baskets” of specific securities), interest rates, stock indices and/or bond indices (each a “financial instrument”). Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a financial instrument at a specified exercise price at any time during the period of the option.

When a Fund purchases an option, an amount equal to the premium paid (the premium plus commission) is recognized as an asset on the Statement of Asset and Liabilities. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a liability on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during the fiscal period are recognized as in unrealized appreciation (depreciation) on the Statement of Operations. When an option expires, the premiums

87

Notes to Financial Statements (continued)

received or paid are recognized as realized gains or losses on the Statement of Operations. When an option is exercised or a closing purchase transaction is entered into, the difference between the premium and the amount received or paid in a closing transaction is recognized as a realized gain or loss on the Statement of Operations.

The market risk associated with purchasing options is limited to the premium paid. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The average notional amount of outstanding options purchased during the current fiscal period, was as follows:

Fund		Average Notional Amount of Purchased Options Contracts Outstanding*
NMAI		$7,000

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The average notional amount of outstanding options written during the current fiscal period, was as follows:

Fund		Average Notional Amount of Written Options Contracts Outstanding*
NMAI		$20,300,000

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Interest Rate Swap Contracts: During the current fiscal period, JRI and JRS continued to use interest rate swap contracts to partially hedge its interest cost of leverage, which the Funds employed through the use if bank borrowings.

Interest rate swap contracts involve the Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve the Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss on such transactions is limited to the net amount of interest payments that the Fund is to receive from the counterparty. Payments paid (received) at the beginning of the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Interest rate swaps can be settled either directly with the counterparty (“OTC”) or through a central clearinghouse (“centrally cleared”). For OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation) on interest rate swaps contracts on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on interest rate swaps contracts.

Changes in the value of the swap contracts during the fiscal period are recognized as net unrealized appreciation (depreciation) of swaps contracts on the Statement of Operations. The net amount of periodic payments settled in cash are recognized as net realized gain (loss) from swaps on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

Fund		Average Notional Amount of Interest Rate Swap Contracts Outstanding*
JRI		$67,440,000
JRS		43,440,000

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

88

As of the end of the current fiscal period, the Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NMAI

Forward Foreign Currency Contracts

Foreign currency exchange rate

-

$–

Unrealized depreciation on forward contracts

$(1,732)

JRI

Futures Contracts

Interest rate

Unrealized appreciation on futures contracts*

18,483

-

–

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

During the current fiscal period, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative Instrument		Risk Exposure		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
NMAI
Forward foreign currency contracts		Foreign currency exchange rate		$(21,494)		$(60,225)
Purchased options		Equity		1,410*		1,596*
Written options		Equity		462,943		(115,914)
JRI
Futures contracts		Interest rate		122,842		(323,497)
Swap contracts		Interest rate		1,652,687		(1,577,197)
JRS
Swap contracts		Interest rate		1,063,133		(1,015,917)

* Shown as a component of Realized gain (loss) from Investments on the Statement of Operations.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

89

Notes to Financial Statements (continued)

6. Fund Shares

Common Share Transactions: Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:

		JRI
		Year Ended 12/31/25				Year Ended 12/31/24
Common Shares:
Issued to shareholders due to reinvestment of distributions			23,392				—
Total			23,392				—

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character adjustments, deemed dividend due to corporate actions, foreign currency transactions, foreign taxes paid, investments in partnerships, investments in passive foreign investment companies, paydowns, return of capital and long-term capital gain distributions received from portfolio investments, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

Fund		Tax Cost				Gross Unrealized Appreciation				Gross Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
NMAI		$	596,724,777			$	108,200,363			$	(15,902,645)			$	92,297,718
JRI			517,478,794				39,417,297				(19,302,223)				20,115,074
JRS			311,549,612				61,674,178				(29,634,034)				32,040,144

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund		Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Unrealized Appreciation (Depreciation)				Capital Loss Carryforwards				Late-Year Loss Deferrals				Other Book-to-Tax Differences				Total
NMAI		$	—			$	—			$	92,325,152			$	(5,663,112)			$	—			$	—			$	86,662,040
JRI			—				—				20,119,979				(186,526,405)				—				—				(166,406,426)
JRS			—				—				32,040,143				(316,032)				—				(36,762)				31,687,349

The tax character of distributions paid was as follows:

						12/31/25								12/31/24
Fund		Ordinary Income				Long-Term Capital Gains				Return of Capital				Ordinary Income				Long-Term Capital Gains				Return of Capital
NMAI		$	13,281,245			$	—			$	29,821,124			$	12,673,637			$	—			$	42,562,242
JRI			22,392,838				—				21,534,905				18,052,526				—				21,276,701
JRS			6,058,316				—				13,588,564				7,022,713				—				12,624,167

90

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund		Short-Term				Long-Term				Total
NMAI		$	—			$	5,663,112			$	5,663,112
JRI			52,614,366				133,912,039				186,526,405
JRS			316,032				—				316,032

As of year end, the Funds utilized the following capital loss carryforwards:

Fund		Utilized
NMAI		$16,330,789
JRI		7,553,244
JRS		7,418,362

The following table presents income taxes paid by the Funds in foreign jurisdictions during the current fiscal period. The Funds did not pay any other income taxes.

Fund		NMAI				JRI				JRS
Income taxes by foreign jurisdictions:
Australia			3,903				65,799				—
Belgium			(4,249	)			29,108				—
Bermuda			—				13,886				—
Brazil			11,102				—				—
Canada			19,713				228,000				—
Chile			351				—				—
China			2,322				—				—
Colombia			701				—				—
Denmark			(13,348	)			—				—
Finland			6,714				—				—
France			(41,568	)			51,588				—
Germany			42,887				—				—
India			1,337				—				—
Indonesia			11,811				—				—
Italy			8,230				110,131				—
Japan			35,983				58,509				—
Mexico			26,838				67,153				—
Netherlands			28,208				14,030				—
New Zealand			2,727				1,842				—
Philippines			2,119				—				—
Portugal			—				(19,071	)			—
Singapore			121				23,412				—
South Africa			(159	)			—				—
South Korea			15,393				—				—
Spain			39,495				28,528				—
Sweden			—				16,781				—
Switzerland			27,283				—				—
Taiwan			19,140				—				—
Uganda			1,343				—				—
United Kingdom			—				78,998				—
Total income taxes paid, net of refunds		$	248,397			$	768,694			$	—

8. Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Advisers are compensated for their services to the Fund from the management fees paid to the advisor.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund

91

Notes to Financial Statements (continued)

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Average Daily Managed Assets*		NMAI Fund-Level Fee Rate				JRI Fund-Level Fee Rate				JRS Fund-Level Fee Rate
For the first $500 million			0.7000	%			0.8000	%			0.7000	%
For the next $500 million			0.6750				0.7750				0.6750
For the next $500 million			0.6500				0.7500				0.6500
For the next $500 million			0.6250				0.7250				0.6250
For managed assets over $2 billion			0.6000				0.7000				0.6000

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Asset Breakpoint Level*		Complex-Level Fee
For the first $124.3 billion			0.1600	%
For the next $75.7 billion			0.1350
For the next $200 billion			0.1325
For eligible assets over $400 billion			0.1300

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the current fiscal period, the annual complex-level fee for each Fund was as follows:

Fund		Complex-Level Fee
NMAI			0.1560	%
JRI			0.1560
JRS			0.1560

Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized in “Affiliated income” on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period is recognized in “Reimbursement from Adviser” on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

Fund		Value
NMAI		$	60,834
JRI			386,660
JRS			—

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

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Fund		Purchases				Sales				Realized Gain (Loss)
NMAI		$	21,825,347			$	219,209				$   (45,397	)
JRI			—				—				—
JRS			—				—				—

9. Fund Leverage

Borrowings: Each Fund entered into a borrowing arrangement (“Borrowings”) as a means of leverage. As of the end of the current fiscal period, each Fund’s maximum commitment amount under these Borrowings is as follows:

Fund		Commitment Amount
NMAI		$	215,000,000
JRI			200,000,000
JRS			150,000,000

As of the end of the current fiscal period, each Fund’s outstanding balance on its Borrowings was as follows:

Fund		Outstanding balance on Borrowings
NMAI		$	174,786,000
JRI			170,945,000
JRS			102,400,000

For NMAI interest is charged on the Borrowings at a rate per annum equal to OBFR (Overnight Bank Funding Rate) plus a spread that is determined by a portion of the underlying collateral pledged to secure the amount borrowed. The Fund is charged an undrawn fee of 0.50% per annum if the undrawn portion of the Borrowings on that day is more than 20% of the maximum commitment amount, however this fee was waived during the current fiscal period.

For JRI interest is charged on these Borrowings at Daily SOFR plus 0.600% per annum on the amounts borrowed. For JRS interest is charged on these Borrowings at 1-Month Term SOFR plus 0.610% per annum on the amounts borrowed.

During the current fiscal period, the average daily balance outstanding and average annual interest rate on each Fund’s Borrowings were as follows:

Fund		Utilization Period (Days Outstanding)				Average Daily Balance Outstanding				Average Annual Interest Rate
NMAI			365			$	148,105,452				4.77	%
JRI			365				173,136,781				4.94
JRS			365				105,057,534				4.89

Other Borrowings Information for the Funds: In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by eligible securities held in each Fund’s portfolio of investments.

Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense and other fees incurred on the drawn amount and undrawn balance are recognized as a component of “Interest expense” on the Statement of Operations.

Rehypothecation: NMAI has entered into a Rehypothecation Side Letter (“Side Letter”) with its prime brokerage lender, allowing it to re-register the Pledged Collateral in its own name or in a name other than the Fund to pledge, repledge, hypothecate, rehypothecate, sell, lend or otherwise transfer or use the Pledged Collateral (the “Hypothecated Securities”) with all rights of ownership as described in the Side Letter. Subject to certain conditions, the total value of the outstanding Hypothecated Securities shall not exceed the lesser of (i) 98% of the outstanding balance on the Borrowings to which the Pledged Collateral relates and (ii) 33 1/3 % of the Fund total assets. The Fund may designate any Pledged Collateral as ineligible for rehypothecation. The Fund may also recall Hypothecated Securities on demand.

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Notes to Financial Statements (continued)

The Fund also has the right to apply and set-off an amount equal to one-hundred percent (100%) of the then-current fair market value of such Pledged Collateral against the current Borrowings under the Side Letter in the event that the prime brokerage lender fails to timely return the Pledged Collateral and in certain other circumstances. In such circumstances, however, the Fund may not be able to obtain replacement financing required to purchase replacement securities and, consequently, the Fund income generating potential may decrease. Even if the Fund is able to obtain replacement financing, it might not be able to purchase replacement securities at favorable prices.

The Fund will receive a fee in connection with the Hypothecated Securities (“Rehypothecation Fees”) in addition to any principal, interest, dividends and other distributions paid on the Hypothecated Securities.

As of the end of the current fiscal period, NMAI had Hypothecated Securities as follows:

		NMAI
Hypothecated Securities		$	153,946,639

NMAI earns Rehypothecation Fees, which are recognized as “Rehypothecation income” on the Statement of Operations. During the current fiscal period, the Rehypothecation Fees earned by NMAI was as follows:

		NMAI
Rehypothecation Fees		$	48,092

Reverse Repurchase Agreements: During the current fiscal period, NMAI utilized reverse repurchase agreements as a means of leverage.

Each Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense” on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed.

As of the end of the current fiscal period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:

Fund		Counterparty		Rate				Principal Amount				Maturity				Value				Value and Accrued Interest
NMAI		BNP Paribas SA			4.18	%		$	(21,225,000	)			35-day Evergreen			$	(21,225,000	)		$	(21,367,603	)
NMAI		Royal Bank of Canada			4.05	%			(13,753,000	)			On-Demand				(13,753,000	)			(13,754,547	)
Total								$	(34,978,000	)						$	(34,978,000	)		$	(35,122,150	)

During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Funds’ reverse repurchase agreements were as follows:

Fund		Utilization Period (Days Outstanding)				Average Daily Balance Outstanding				Weighted Average Interest rate
NMAI			365			$	(45,941,642	)			4.13	%

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The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

Fund		Counterparty		Reverse Repurchase Agreements*				Collateral Pledged to Counterparty
NMAI		BNP Paribas SA			$   (21,367,603)			$	23,252,704
NMAI		RBC Capital Markets, LLC			(13,754,547	)			14,549,943
Total					(35,122,150	)			37,802,647

* Represents gross value and accrued interest for the counterparty as reported in the preceding table.

Inter-Fund Lending Program: The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

10. Subsequent Events

JRI – Rights Offering: On January 15, 2026, the Board approved the terms of the issuance of Rights to the holders of the Fund’s Common Shares as of February 6, 2026 (the “Record Date”). Holders of Rights will be entitled to subscribe for additional Common shares (the “Offer”) at a discount to the market price of the Common Shares.

After considering a number of factors, including potential benefits and costs, the Board and the Adviser, determined that the Offer will benefit both the Fund and its common shareholders and increase the assets of the Fund available to take advantage of existing investment opportunities, consistent with the Fund’s investment objective of providing shareholders with a high level of current income and long-term capital appreciation.

Certain key terms of the Offer include:

• Holders of Common Shares on the Record Date (“Record Date Shareholders”) will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle the holders to purchase one new Common Share for every four Rights held (1-for-4).

• The subscription price per Common Share (the “Subscription Price”) will be determined based upon a formula equal to 95% of the average of the last reported sales price of the Common Shares on the NYSE on the Expiration Date and each of the four preceding trading days (the “Formula Price”). If, however, the Formula Price is less than 90% of the net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be 90% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. The Rights offering will expire at 5:00 p.m., Eastern time, on March 9, 2026 (the “Expiration Date”).

• Record Date Shareholders who fully exercise all Rights issued to them can subscribe, subject to certain limitations and allotment, for any additional Common Shares which were not subscribed for by other holders of Rights at the Subscription Price, subject to the right of the Board to eliminate this over-subscription privilege. Investors who are not Record Date Shareholders but who otherwise acquire Rights in the secondary market are not entitled to participate in the over-subscription privilege. If these requests exceed available Common Shares, they will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund.

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Notes to Financial Statements (continued)

• Rights are transferable and were admitted for trading on the NYSE under the symbol “JRI RTWI” initially trading “when-issued” on February 5, 2026. The Rights then began trading with regular settlement under the symbol “JRI RT” on February 10, 2026, and will cease trading at the close on March 6, 2026, one day before the Offer’s Expiration Date. During this time, Record Date Shareholders may also choose to sell their Rights.

More details about the Fund’s rights offering are available on www.nuveen.com/cef.

96

Shareholder Update

(Unaudited)

CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUND

NUVEEN MULTI-ASSET INCOME FUND (NMAI)

Investment Objective

The Fund’s investment objective is to provide total return through high current income and capital appreciation.

Investment Policies

Under normal circumstances, the Fund will dynamically invest in a portfolio of equity and debt securities of issuers located around the world. This dynamic investment strategy uses a risk-based framework in which any amount can be allocated to an asset-class at any time. The Fund may invest in equity and debt securities of any type. The Fund may use derivatives for a variety of reasons, including but not limited to, adjusting its exposures to markets, sectors, asset classes and securities, and may utilize derivatives of any type.

As part of its investment strategy, the Fund may employ an options strategy whereby the Fund sells (writes) call options on a percentage of the market value of the Fund’s equity portfolio. The Fund is not required to allocate its investments among asset classes, issuer jurisdiction, or any other investment parameter in any fixed proportion except as specifically described herein.

The Fund will employ a dynamic asset allocation strategy in seeking to achieve the Fund’s investment objective. Nuveen Asset Management, LLC (“Nuveen Asset Management”) will implement the Fund’s dynamic multi-asset income strategy by allocating the Fund’s assets among equity and debt investments.

The relative allocations of the Fund’s Managed Assets (as defined below) for investment between equity and debt securities, and relative allocations to the different types of equity and income strategies, will vary from time to time consistent with the Fund’s investment objective.

Under normal market conditions:

• The Fund may invest in equity securities of any type and across various investment styles (e.g., growth- or value-oriented styles), sectors, market capitalizations (e.g., large-, mid-, and small-cap) and geographic regions throughout the world (including the United States (“U.S.”), non-U.S. developed markets, and emerging markets) without limit.

• The Fund may invest in debt securities of any type without limit. The Fund may invest in debt securities paying a fixed or fluctuating rate of interest, and with any maturity or duration. The Fund may invest in debt securities across various geographic regions throughout the world (including the U.S., non-U.S. developed markets, and emerging markets) without limit.

• The Fund may invest in debt securities of any rating (including below-investment-grade debt securities, commonly known as “high yield” or “junk” bonds), distressed securities, and in debt securities that are unrated.

• The Acquiring Fund may invest in the securities of companies of any market capitalization.

• The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933 Act, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.

• The Fund may invest in inverse floating rate securities.

The foregoing policies apply only at the time of any new investment.

“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote.

Portfolio Contents

The Fund may invest in equity securities of any type and across various investment styles (e.g., growth- or value-oriented styles), sectors, market capitalizations (e.g., large-, mid-, and small-cap) and geographic regions throughout the world (including the U.S. and emerging markets) without limit. These securities may include, but are not limited to, common stock, preferred stock, securities convertible into common, depositary receipts, stock, master-limited partnership (“MLPs”) and other partnership interests, real estate investment trusts (“REITs”), rights and warrants, or securities or other instruments whose price is linked to (or derived from) the value of common stock.

97

Shareholder Update (continued)

Common stocks generally represent an ownership interest in an issuer, without preference over any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks are entitled to the income and increase in the value of the assets and business of the issuer after all its debt obligations and obligations to preferred stockholders are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors, including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.

Equity securities in which the Fund may invest include MLPs. An MLP is an entity, most commonly a limited partnership, that is taxed as a partnership, publicly traded and listed on a national securities exchange. Holders of common units of MLPs typically have limited control and limited voting rights as compared to holders of a corporation’s common shares.

The Fund may invest in all types of preferred securities, including both traditional preferred securities and non-traditional preferred securities. Traditional preferred securities are generally equity securities of the issuer that have priority over the issuer’s common shares as to the payment of dividends (i.e., the issuer cannot pay dividends on its common shares until the dividends on the preferred shares are current) and as to the payout of proceeds of a bankruptcy or other liquidation, but are subordinate to an issuer’s senior debt and junior debt as to both types of payments. Additionally, in a bankruptcy or other liquidation, traditional preferred securities are generally subordinate to an issuer’s trade creditors and other general obligations. Traditional preferred securities may be perpetual or have a term, and typically have a fixed liquidation (or “par”) value.

The Fund may invest in contingent capital securities (sometimes referred to as “CoCos”). CoCos are hybrid securities, issued primarily by non-U.S. financial institutions, which have loss absorption mechanisms benefitting the issuer built into their terms. CoCos generally provide for mandatory conversion into the common stock of the issuer or a write-down of the principal amount or value of the CoCos upon the occurrence of certain triggers linked to regulatory capital thresholds. In addition, they may provide for mandatory conversion or a principal write-down upon the occurrence of certain events such as regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. Equity conversion or principal write-down features are tailored to the issuer and its regulatory requirements and, unlike traditional convertible securities, conversions are not voluntary.

The Fund may invest in REITs. REITs are publicly traded corporations or trusts that specialize in acquiring, holding, and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 90% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

The Fund may invest in equity securities of special purpose acquisition companies (“SPACs”). Also known as a “blank check company,” a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. SPACs often have pre-determined time frames to make an acquisition (typically two years), or the SPAC will liquidate.

The Fund may invest in debt securities of any type without limit, including but not limited to debt securities of the U.S. government and other governments throughout the world (including emerging markets) as well as their agencies and instrumentalities and government-sponsored enterprises, municipal securities, domestic and foreign corporate debt obligations, convertible bonds, municipal bonds, structured notes, credit-linked notes, loan assignments and participations, repurchase agreements, residential and commercial mortgage-backed securities, asset-backed securities, debt obligations of MLPs, and securities issued or guaranteed by certain international organizations such as the World Bank.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may invest in payment-in-kind securities (“PIKs”). PIKs pay dividends or interest in the form of additional securities of the issuer, rather than in cash. Each of these instruments is typically issued and traded at a deep discount from its face amount. The amount of the discount varies depending on such factors as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer.

The debt obligations in which the Fund may invest may have variable, floating, or fixed interest rates. Variable rate securities provide for periodic adjustments in the interest rate. Floating rate securities are generally offered at an initial interest rate which is at or above prevailing market rates. The interest rate paid on floating rate securities is then reset periodically (commonly every 90 days) to an increment over some predetermined interest rate index. Commonly utilized indices include the three-month Treasury bill rate, the 180-day Treasury bill rate, the prime rate of a bank, the commercial paper rates, or the longer-term rates on U.S. Treasury securities. Variable and floating rate securities are relatively long-term instruments that often carry demand features permitting the holder to demand payment of principal at any time or at specified intervals prior to maturity plus accrued interest. In order to most effectively use these securities, the Fund must correctly assess probable movements in interest rates.

The Fund may invest in debt securities paying a fixed or fluctuating rate of interest, including senior loans and secured and unsecured junior loans, and with any maturity or duration.

The Fund may invest in debt securities across various geographic regions throughout the world (including the U.S., non-U.S. developed markets, and emerging markets) without limit.

The Fund may invest in foreign securities payable in either U.S. dollars or foreign currencies. These securities may include securities issued or guaranteed by (i) the Government of Canada, any Canadian Province or any instrumentality and political subdivision thereof; (ii) any other foreign government agency or instrumentality; (iii) foreign subsidiaries of U.S. corporations; and (iv) other foreign issuers.

98

The Fund has no geographic limits on where it may invest, and therefore may invest in the securities of corporate and governmental issuers in both developed and emerging markets around the world. The Fund may emphasize foreign securities when the Fund’s applicable sub-adviser expects these investments to outperform U.S. securities. In addition to investing in foreign securities, the Fund may actively manage its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives.

The Fund will classify an issuer of a security as being a U.S. or non-U.S. issuer based on the determination of an unaffiliated, recognized financial data provider. Such determinations are based on a number of criteria, such as the issuer’s country of domicile, the primary exchange on which the security predominately trades, the location from which the majority of the issuer’s revenue comes, and the issuer’s reporting currency. Furthermore, a country is considered to be an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies and the potential for rapid economic growth. The Fund considers a country an emerging market country based on the determination of an international organization, such as the International Monetary Fund (“IMF”), or an unaffiliated, recognized financial data provider.

The Fund may invest in debt securities of any rating (including below-investment-grade debt securities, commonly known as “high yield” or “junk” bonds), distressed securities, and in debt securities that are unrated. The Fund may invest in junk bonds and distressed securities when the Fund’s applicable sub-adviser believes that they will provide an attractive total return, relative to their risk, as compared to higher quality debt securities. The Fund may invest in distressed securities when the Fund’s applicable sub-adviser believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential.

The Fund may invest in debt securities of governmental issuers in all countries, including emerging market countries. These debt securities may include: debt securities issued or guaranteed by governments and governmental agencies or instrumentalities; debt securities issued by government owned, controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between governments and financial institutions; or debt securities issued by supranational entities such as the World Bank or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development.

The Fund may invest in U.S. dollar-denominated “Brady Bonds.” Brady Bonds are created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new obligations in connection with debt restructurings. These foreign debt obligations, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to repayment of principal at maturity by U.S. Treasury zero-coupon obligations that have the same maturity as the Brady Bonds. Brady Bonds can be viewed as having three or four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity.

The Fund may invest in convertible securities, which may include convertible debt, convertible preferred stock, synthetic convertible securities and may also include secured and unsecured debt, based upon the judgment of the Fund’s applicable sub-adviser. Convertible securities may pay interest or dividends that are based on a fixed or floating rate. A convertible security is a preferred stock, warrant or other security that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash within a particular period of time at a specified price or formula.

The Fund may invest in corporate debt securities. Corporate debt securities are bonds, senior loans and notes issued by corporations or other business entities.

Corporate debt securities are fully taxable debt obligations that fund capital improvements, expansions, debt refinancing or acquisitions that require more capital than would ordinarily be available from a single lender. Investors in corporate debt securities lend money to the issuing corporation in exchange for interest payments and repayment of the principal at a set maturity date. Rates on corporate debt securities are set according to prevailing interest rates at the time of the issue, the credit rating of the issuer, the length of the maturity and other terms of the security, such as a call feature. Corporate debt securities are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. In addition, corporate restructurings, such as mergers, leveraged buyouts, takeovers or similar corporate transactions are often financed by an increase in a corporate issuer’s debt securities. As a result of the added debt burden, the credit quality and market value of an issuer’s existing debt securities may decline significantly.

The Fund may invest in exchange-traded notes (“ETNs”). ETNs are a type of senior, unsecured, unsubordinated debt security issued by financial institutions that combine aspects of both bonds and exchange-traded fund (“ETFs”). An ETN’s returns are based on the performance of a market index minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN has a maturity date, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees.

The Fund may invest in the securities of companies of any market capitalization. The Fund will generally seek diversification across markets and industries.

The Fund may invest in senior loans. Senior loans typically hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the assets and/or stock of the issuer that is senior to that held by subordinated debt holders and stockholders of the issuer.

Senior loans generally include: (i) senior loans made by banks or other financial institutions to U.S. and non-U.S. corporations, partnerships and other business entities (each a “Borrower” and, collectively, “Borrowers”), (ii) assignments of such interests in senior loans, or (iii) participation interests in senior loans. Generally, an assignment is the actual sale of the loan, in whole or in part. A participation, on the other hand, means that the original

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Shareholder Update (continued)

lender maintains ownership over the loan and the participant has only a contract right against the original lender, not a credit relationship with the Borrower. Senior loans typically hold the most senior position in the capital structure of a Borrower, are typically secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debt holders and stockholders of the Borrower. The capital structure of a Borrower may include senior loans, senior and junior subordinated debt, preferred stock and common stock issued by the Borrower, typically in descending order of seniority with respect to claims on the Borrower’s assets. The proceeds of senior loans primarily are used by Borrowers to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancings, internal growth and for other corporate purposes. A senior loan is typically originated, negotiated and structured by a U.S. or non-U.S. commercial bank, insurance company, finance company or other financial institution (“Agent”) for a lending syndicate of financial institutions which typically includes the Agent (“Lenders”). The Agent typically administers and enforces the senior loan on behalf of the other Lenders in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Lenders. The Fund normally will rely primarily on the Agent to collect principal of and interest on a senior loan. Also, the Fund usually will rely on the Agent to monitor compliance by the Borrower with the restrictive covenants in a loan agreement.

Senior loans typically have rates of interest that are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate plus a premium or credit spread. These base lending rates are primarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. The base rate for senior loans are generally based on the Secured Overnight Financing Rate (“SOFR”), a U.S. bank’s prime or base rate, the overnight federal funds rate or another rate. As adjustable rate loans, the frequency of how often a senior loan resets its interest rate will impact how closely such senior loans track current market interest rates.

The Fund may purchase participation interests in the original syndicate making senior loans. Loan participation interests typically represent direct participations in a loan to a corporate Borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a senior loan, becoming a Lender. When purchasing a participation interest, the Fund assumes the credit risk associated with the corporate Borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which the Fund may invest may not be rated by any nationally recognized statistical rating organization.

The Fund may invest in second lien loans and unsecured loans. Such loans are made by public and private corporations and other non-governmental Borrowers for a variety of purposes. As in the case of senior loans, the Fund may purchase interests in second lien loans and unsecured loans through assignments or participations. Second lien loans have similar characteristics as senior loans except that such interests are junior in priority to debt secured with a first lien. Second lien loans are second in priority of payment to one or more senior loans of the related Borrower and are typically secured by a second priority security interest or lien to or on specified collateral securing the Borrower’s obligation under the indebtedness. They typically have similar protections and rights as senior loans. Second lien loans are not (and by their terms cannot become) subordinate in priority of payment to any obligation of the related Borrower other than senior loans of such Borrower. Second lien loans may feature fixed or floating rate interest payments. Because second lien loans are junior to senior loans, they present a greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. In addition, second lien loans of below investment grade quality share many of the risk characteristics of other below investment grade debt instruments.

Unsecured loans generally have lower priority in right of payment compared to holders of secured interests of the Borrower. Unsecured loans are not secured by a security interest or lien to or on specified collateral securing the Borrower’s obligation under the indebtedness. Unsecured loans by their terms may be or may become subordinate in right of payment to other obligations of the Borrower, including senior loans, second lien loans and other interests. Unsecured loans may have fixed or adjustable floating rate interest payments. Because unsecured loans are subordinate to senior loans and other secured debt of the Borrower, they present a greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. Such investments generally are of below investment grade quality. Unsecured loans of below investment grade quality share many of the same risks of other below investment grade debt instruments.

The Fund may invest in subordinated loans that are primarily unsecured and that provide for relatively high, adjustable rates of interest, providing the Fund with significant current interest income. The subordinated loans in which the Fund may invest may have interest-only payments in the early years, with amortization of principal deferred to the later years of the subordinated loans. In some cases, the Fund may acquire subordinated loans that, by their terms, convert into equity or additional debt instruments or defer payments of interest for the first few years after issuance. Also, in some cases the subordinated loans in which the Fund may invest will be collateralized by a subordinated lien on some or all of the assets of the Borrower.

The Fund may invest in asset-backed securities (“ABS”). ABS are securities that are secured or “backed” by pools of various types of assets on which cash payments are due at fixed intervals over set periods of time. ABS are created in a process called securitization.

In a securitization transaction, an originator of loans or an owner of accounts receivables of a certain type of asset class sells such underlying assets in a “true sale” to a special purpose entity, so that there is no recourse to such originator or owner. Payments of principal and interest on asset-backed securities typically are tied to payments made on the pool of underlying assets in the related securitization. Such payments on the underlying assets are effectively “passed through” to the asset-backed security holders on a monthly or other regular, periodic basis. The level of seniority of a particular asset-backed security will determine the priority in which the holder of such asset-backed security is paid, relative to other security holders and parties in such securitization.

The Fund may invest in mortgage-backed securities (“MBS”). MBS are structured debt obligations collateralized by pools of commercial or residential mortgages. Pools of mortgage loans and mortgage-related loans, such as mezzanine loans, are assembled into pools of assets that secure or back securities sold to investors by various governmental, government-related and private organizations. MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest.

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The Fund may invest in residential mortgage-backed securities (“RMBS”). RMBS are securities with payments which depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities) primarily on the cash flow from residential mortgage loans made to borrowers that are secured on a first priority basis or second priority basis, subject to permitted liens, easements and other encumbrances by residential real estate (one-to four-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously so used). Residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair borrowers’ abilities to repay their loans.

The Fund may invest in commercial mortgage-backed securities (“CMBS”). CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, cross-collateralization and over-collateralization. The Fund may invest in CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. CMBS have no governmental guarantee.

The Fund may purchase event-linked bonds or “catastrophe bonds.” Event-linked bonds are asset-backed securities generally issued by special purpose vehicles organized by insurance companies, with interest payments tied to the insurance losses of casualty insurance contracts. Large insurance losses, such as those caused by a trigger event, such as a hurricane, earthquake or other physical or weather related phenomenon, will reduce the interest payments and, accordingly, the Fund may lose a portion or all of its principal invested in the bond or suffer a reduction in credited interest. Small losses will lead to above-market interest payments. Generally, event-linked bonds are issued as Rule 144A securities (i.e., securities which are not registered under the Securities Act of 1933, as amended (the “1933 Act”), but which can be sold to certain institutional buyers in accordance with Rule 144A under the Securities Act). If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, liability under the terms of the bond is limited to the principal and accrued interest of the bond. If no trigger event occurs, the Fund will recover its principal plus interest. Often, event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility.

The Fund may invest in Collateralized Debt Obligations (“CDOs”) and Collateralized Loan Obligations (“CLOs”). CDOs are debt obligations typically issued by a private special-purpose entity and collateralized principally by debt securities, including, for example, high yield, high-risk bonds, structured finance securities including ABS, mortgage-backed securities and REITs. CLOs are similar to CDOs, but are typically collateralized principally by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade (commonly known as “high yield” or “junk” bonds). The special purpose entity typically issues one or more classes (sometimes referred to as “tranches”) of rated debt securities, one or more unrated classes of debt securities that are generally treated as equity interests, and a residual equity interest. The tranches of CDOs and CLOs typically have different interest rates, projected weighted average lives and ratings, with the higher rated tranches paying lower interest rates. One or more forms of credit enhancement are almost always necessary in a CDO/CLO structure to obtain the desired credit ratings for the most highly rated debt securities issued by a CDO or CLO. The types of credit enhancement used include “internal” credit enhancement provided by the underlying assets themselves, such as subordination, excess spread and cash collateral accounts, hedges provided by interest rate swaps, and “external” credit enhancement provided by third parties, principally financial guaranty insurance issued by monoline insurers. Despite this credit enhancement, CDO and CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of lower rated protecting tranches, market anticipation of defaults, as well as aversion to CDO and CLO securities as a class.

The Fund may invest in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may invest in tobacco settlement bonds, which are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement.

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.

The Fund’s investments in foreign securities may include investment in depositary receipts, including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter, are issued by domestic banks. ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a correspondent bank. In general, there is a large, liquid market in the United States for many ADRs. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject.

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Shareholder Update (continued)

The Fund may also invest in EDRs, GDRs and in other similar instruments representing securities of foreign companies. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets and are not necessarily denominated in the currency of the underlying security.

The Fund may invest in inflation protected securities. Inflation protected securities are debt securities designed to provide protection against the negative effects of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

The Fund may invest a portion of their assets in securities of companies offering shares in initial public offerings (“IPOs”). IPOs may have a magnified performance impact on the Fund with a small asset base. The impact of IPOs on the Fund’s performance likely will decrease as the Fund’s asset size increases, which could reduce the Fund’s total returns. IPOs may not be consistently available to the Fund for investing, particularly as the Fund’s asset base grows. Because IPO shares frequently are volatile in price, the Fund may hold IPO shares for a very short period of time.

The Fund may invest in participatory notes issued by banks or broker-dealers that are designed to replicate the performance of certain non-U.S. companies traded on a non-U.S. exchange. Participatory notes are a type of equity-linked derivative which generally are traded over-the-counter.

The Fund may invest in debentures the interest on which may be paid in other securities rather than cash (“PIKs”) or may be delayed (“delayed interest securities”).

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may hold a portion of its assets in cash or cash equivalents, including foreign cash equivalents or foreign bank deposits.

As part of its investment strategy, the Fund may employ an options strategy whereby the Fund sells (writes) call options on a varying percentage of the market value of the Fund’s equity portfolio. The Fund may also buy calls, buy puts, and sell puts as a secondary emphasis of the options strategy. This may also include certain uncovered options positions. The options may be on indexes, custom baskets of securities and individual securities.

The Fund’s options strategy may include options traded in the over-the-counter (“OTC”) market and exchange-traded options.

An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

The Fund may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly-traded equity securities of the same class (“private investments in public equity” or “PIPES”). Shares in PIPES generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPES are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPES to be illiquid during this time.

The Fund may use certain derivative instruments in pursuit of its investment objective. Such instruments include financial futures contracts, forward contracts, swap contracts (including interest rate, total return and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments. The credit default swaps in which the Fund may invest include credit default swap indexes and single-name credit default swaps. A credit default swap index is a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. The Fund will usually enter into interest rate swaps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940 Act, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).

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Use of Leverage

The Fund may use leverage to seek to achieve its investment objective. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). In addition, the Fund may also use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities and reverse repurchase agreements. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods the Fund may invest any percentage of its total assets in short-term high quality debt securities. The Fund may not achieve its investment objective during such periods.

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Shareholder Update (continued)

NUVEEN REAL ESTATE INCOME FUND (JRS)

Investment Objectives

The Fund’s primary investment objective is to provide high current income. The Fund’s secondary investment objective is capital appreciation.

Investment Policies

Under normal market conditions, the Fund will invest at least 90% of its total assets in income-producing common stocks, preferred stocks, convertible securities and debt securities issued by real estate companies. The Fund has a fundamental policy of concentrating its investments in the United States (“U.S.”) real estate industry and not in any other industry.

Under normal market conditions:

• The Fund will invest at least 80% of its total assets in income producing equity securities issued by Real Estate Investment Trusts (“REITs”), excluding convertible securities.

• The Fund will not invest more than 25% of its total assets in non-investment grade preferred stocks, convertible preferred stocks and debt securities. Investment grade quality preferred stocks, convertible preferred stocks and debt securities are those that, at the time of investment, are rated within the four highest letter grades (BBB or Baa or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rates such instrument (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the portfolio managers.

• The Fund may invest up to 20% of its total assets in debt securities, including convertible debt securities, issued or guaranteed by real estate companies.

• The Fund will invest at least 25% of its Managed Assets in securities of companies in the financial services sector.

• The Fund will not invest more than 10% of its total assets in the securities of any one issuer.

• The Fund will not enter into short sales or invest in derivatives, except as described below in connection with the interest rate swap or interest rate cap transactions.

The foregoing policies apply only at the time of any new investment.

“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 90% of its total assets in income-producing securities issued by real estate companies, such policy may not be changed without 60 days’ prior written notice to shareholders.

The Fund has a fundamental policy of concentrating its investments in the U.S. real estate industry and not in any other industry. This policy may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund’s investments are concentrated in the U.S. real estate industry. A real estate company generally derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate (or that has at least 50% of its assets invested in such real estate). A common type of real estate company, a REIT, is a company that pools investors’ funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. Therefore, a REIT normally derives its income from rents or from interest payments, and may realize capital gains by selling properties that have appreciated in value. REITs generally pay relatively high dividends (as compared to other types of companies) and the Fund intends to use these REIT dividends in an effort to meet its primary objective of high current income.

The Fund may invest in common stocks. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

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The Fund may invest in preferred stocks. Preferred stock, which generally pays fixed or adjustable rate dividends or interest to investors, has preference over common stock in the payment of dividends or interest and the liquidation of a company’s assets, which means that a company typically must pay dividends or interest on its preferred stock before paying any dividends on its common stock. On the other hand, preferred stock is junior to all forms of the company’s debt, including both senior and subordinated debt. Because of its subordinated position in the capital structure of an issuer, the ability to defer dividend or interest payments for extended periods of time without adverse consequences to the issuer, and certain other features, preferred stock is often treated as an equity-like instrument by both issuers and investors, as its quality and value is heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets.

The Fund may invest in convertible securities, which may include convertible debt, convertible preferred stock, synthetic convertible securities and may also include secured and unsecured debt, based upon the judgment of the Fund’s sub-adviser. Convertible securities may pay interest or dividends that are based on a fixed or floating rate. A convertible security is a preferred stock, warrant or other security that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash within a particular period of time at a specified price or formula.

The Fund may invest in debt securities, including convertible debt securities, issued or guaranteed by real estate companies.

The Fund’s may invest in below investment grade preferred stocks, convertible preferred stocks and debt securities. Below investment grade preferred stocks, convertible preferred stocks and debt securities (such securities are commonly referred to as “high yield” or “junk”) generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments.

The Fund will invest in securities of companies in the financial services sector. For purposes of identifying companies in the financial services sector, the Fund will use sector and industry classifications such as those provided by MSCI and Standard & Poor’s (The Global Industry Classification Standard (GICS)), Bloomberg, Barclays or similar sources commonly used in the financial industry. As a result, if one or more of these classifications include a company “in” the financial services sector, the Fund will consider such company as “in” the financial services sector.

The Fund may invest directly or indirectly in foreign securities, including securities denominated in foreign currencies or in multinational currency units. Since foreign securities often are purchased with and payable in currencies of foreign countries, the value of these assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

The Fund may enter into interest rate swap transactions that are intended to hedge the Fund’s payment obligations. Interest rate swaps involve the Fund’s agreement with the swap counterparty to pay a fixed rate payment in exchange for the counterparty paying the Fund a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on Borrowings or any preferred shares. The payment obligation is based on the notional amount of the swap.

The Fund may also enter into interest rate cap transactions, which would require it to pay a premium to the cap counterparty and would entitle it, to the extent that a specified variable rate index exceeds a predetermined fixed rate, to receive from the counterparty payment of the difference based on the notional amount.

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”). In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in securities of the types in which the Fund may invest directly.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). In addition, the Fund may also use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in reverse repurchase agreements. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods the Fund may deviate from investment objectives and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its net assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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Shareholder Update (continued)

NUVEEN REAL ASSET INCOME AND GROWTH FUND (JRI)

Investment Objective

The Fund’s investment objective is to provide a high level of current income and long-term capital appreciation.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Managed Assets (as defined below) in equity and debt securities issued by real asset-related companies located anywhere in the world.

Real asset-related companies are defined as: (i) companies that are in the energy, telecommunications, utilities or materials sectors; (ii) companies in the real estate or transportation industry groups; (iii) companies that, if not in one of these sectors or industry groups (a) derive at least 50% of their revenues or profits from the ownership, management, operation, development, construction, financing or sale of real assets or (b) have at least 50% of the fair market value of their assets invested in real assets; or (iv) pooled investment vehicles that primarily invest in the foregoing companies or that are otherwise designed primarily to provide investment exposure to real assets.

The Fund also employs an option strategy focused on securities issued by real asset-related companies that seeks to generate option premiums for the purpose of enhancing the Fund’s risk-adjusted total returns over time.

Under normal market conditions:

• The Fund’s investments will be concentrated in the infrastructure and real estate sectors.

• The Fund will not have more than 40% of its Managed Assets, at the time of purchase, in debt securities. All of the Fund’s debt securities may be rated lower than investment grade quality (BB+/Ba1 or lower); however, no more than 10% of its Managed Assets may be invested in debt securities rated CCC+/Caa1 or lower at any time.

• The Fund may invest up to 5% of its Managed Assets in senior loans.

• The Fund will invest at least 25% and no more than 75% of its Managed Assets in securities of non-United States (“U.S.”) issuers through the direct investment in securities of non-U.S. companies and depository receipts.

• The Fund may invest up to 50% of its Managed Assets in securities of emerging markets issuers.

• The Fund may write (sell) options with a notional value of options ranging from 0% to 25% of its Managed Assets.

• The Fund may invest up to 10% of is Managed Assets in securities of other open- or closed-end investment companies (including exchange-traded fund (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly. In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in securities of the types in which the Fund may invest directly.

The foregoing policies apply only at the time of any new investment.

“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Managed Assets in equity and debt securities issued by real asset-related companies located anywhere in the world, such policy may not be changed without 60 days’ prior written notice to shareholders.

Portfolio Contents

The Fund generally invests in equity and debt securities issued by real asset-related companies located anywhere in the world in the infrastructure and real estate sectors. The infrastructure sector includes investments related to the energy, telecommunications, utilities and materials sectors. The real estate sector includes investments in real estate companies.

Debt securities in which the Fund may invest include: corporate debt, high yield debt, mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”), debt securities issued by master-limited partnerships (“MLPs”) and REITs, exchange-traded notes (“ETNs”), commercial paper & repurchase agreements, asset-backed securities (“ABS”) and senior loans.

The Fund may invest in common stocks issued by real asset-related companies. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor

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perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

The Fund may invest in rights and warrants of common stock. Rights and warrants are pure speculation in that they have no voting rights, pay no dividends and have no rights with respect to the assets of the entity issuing them. They do not represent ownership of the securities, but only the right to buy them. The prices of rights (if traded independently) and warrants do not necessarily move parallel to the prices of the underlying securities.

The Fund may invest in the securities of less seasoned companies, which may include start-up companies that have insubstantial operational or earnings history or limited products, markets, financial resources or management depth. These companies may also include emerging companies at the research and development stage with no products or technologies to market or that are approved for marketing.

The Fund may invest in preferred stocks issued by real asset-related companies. Preferred stock, which generally pays fixed or adjustable rate dividends or interest to investors, has preference over common stock in the payment of dividends or interest and the liquidation of a company’s assets, which means that a company typically must pay dividends or interest on its preferred stock before paying any dividends on its common stock. On the other hand, preferred stock is junior to all forms of the company’s debt, including both senior and subordinated debt. Because of its subordinated position in the capital structure of an issuer, the ability to defer dividend or interest payments for extended periods of time without adverse consequences to the issuer, and certain other features, preferred stock is often treated as an equity-like instrument by both issuers and investors, as its quality and value is heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets.

The Fund may invest in convertible securities issued by real asset-related companies, which may include convertible debt, convertible preferred stock, synthetic convertible securities and may also include secured and unsecured debt, based upon the judgment of the Fund’s sub-adviser. Convertible securities may pay interest or dividends that are based on a fixed or floating rate. A convertible security is a preferred stock, warrant or other security that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash within a particular period of time at a specified price or formula.

The Fund may invest in securities of non-U.S. issuers, including emerging market issuers. The Fund will classify an issuer of a security as being a U.S. or non-U.S. issuer based on the determination of an unaffiliated, recognized financial data provider. Such determinations are based on a number of criteria, such as the issuer’s country of domicile, the primary exchange on which the security predominately trades, the location from which the majority of the issuer’s revenue comes, and the issuer’s reporting currency. Furthermore, a country is considered to be an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies and the potential for rapid economic growth. The Fund considers a country an emerging market country based on the determination of an international organization, such as the International Monetary Fund (“IMF”), or an unaffiliated, recognized financial data provider.

The Fund may invest in debt securities issued or guaranteed by real asset-related companies.

The Fund’s investments in debt securities may include investment grade and below investment grade securities. Below investment grade securities (such securities are commonly referred to as “high yield” or “junk”) generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments.

The Fund may invest in corporate debt securities, including corporate bonds. Corporate debt securities are fully taxable debt obligations issued by corporations. These securities fund capital improvements, expansions, debt refinancing or acquisitions that require more capital than would ordinarily be available from a single lender. Investors in corporate debt securities lend money to the issuing corporation in exchange for interest payments and repayment of the principal at a set maturity date. Rates on corporate debt securities are set according to prevailing interest rates at the time of the issue, the credit rating of the issuer, the length of the maturity and other terms of the security, such as a call feature. Corporate debt securities are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. In addition, corporate restructurings, such as mergers, leveraged buyouts, takeovers or similar corporate transactions are often financed by an increase in a corporate issuer’s debt securities. As a result of the added debt burden, the credit quality and market value of an issuer’s existing debt securities may decline significantly.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may invest in PIKs. PIKs pay dividends or interest in the form of additional securities of the issuer, rather than in cash. Each of these instruments is typically issued and traded at a deep discount from its face amount. The amount of the discount varies depending on such factors as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer.

The Fund may invest in senior loans. Senior loans typically hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the assets and/or stock of the issuer that is senior to that held by subordinated debt holders and stockholders of the issuer.

Senior loans generally include: (i) senior loans made by banks or other financial institutions to U.S. and non-U.S. corporations, partnerships and other business entities (each a “Borrower” and, collectively, “Borrowers”), (ii) assignments of such interests in senior loans, or (iii) participation interests in senior loans. Generally, an assignment is the actual sale of the loan, in whole or in part. A participation, on the other hand, means that the original lender maintains ownership over the loan and the participant has only a contract right against the original lender, not a credit relationship with the Borrower. Senior loans typically hold the most senior position in the capital structure of a Borrower, are typically secured with specific collateral and

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Shareholder Update (continued)

have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debt holders and stockholders of the Borrower. The capital structure of a Borrower may include senior loans, senior and junior subordinated debt, preferred stock and common stock issued by the Borrower, typically in descending order of seniority with respect to claims on the Borrower’s assets. The proceeds of senior loans primarily are used by Borrowers to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancings, internal growth and for other corporate purposes. A senior loan is typically originated, negotiated and structured by a U.S. or non-U.S. commercial bank, insurance company, finance company or other financial institution (“Agent”) for a lending syndicate of financial institutions which typically includes the Agent (“Lenders”). The Agent typically administers and enforces the senior loan on behalf of the other Lenders in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Lenders. The Fund normally will rely primarily on the Agent to collect principal of and interest on a senior loan. Also, the Fund usually will rely on the Agent to monitor compliance by the Borrower with the restrictive covenants in a loan agreement.

Senior loans typically have rates of interest that are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate plus a premium or credit spread. These base lending rates are the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. The base rate for senior loans are generally based on SOFR, a U.S. bank’s prime or base rate, the overnight federal funds rate or another rate. As adjustable rate loans, the frequency of how often a senior loan resets its interest rate will impact how closely such senior loans track current market interest rates.

The Fund may invest in MBS. MBS are structured debt obligations collateralized by pools of commercial or residential mortgages. Pools of mortgage loans and mortgage-related loans, such as mezzanine loans, are assembled into pools of assets that secure or back securities sold to investors by various governmental, government-related and private organizations. MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest.

The Fund may invest in CMBS. CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, cross-collateralization and over-collateralization. The Fund may invest in CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. CMBS have no governmental guarantee.

The Fund may also invest in ABS. ABS are securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period. Asset-backed securitization is a financing technique in which financial assets, in many cases themselves less liquid, are pooled and converted into instruments that may be offered and sold in the capital markets. While residential mortgages were the first financial assets to be securitized in the form of MBS, non-mortgage related securitizations have grown to include many other types of financial assets, such as credit card receivables, auto loans and student loans.

The Fund may invest in ETNs. ETNs are a type of senior, unsecured, unsubordinated debt security issued by financial institutions that combine aspects of both bonds and ETFs. An ETN’s returns are based on the performance of a market index minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN has a maturity date, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees.

The Fund may invest in REITs. A common type of real estate company, a REIT is a company that pools investors’ funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. Therefore, a REIT normally derives its income from rents or from interest payments, and may realize capital gains by selling properties that have appreciated in value. REITs generally pay relatively high dividends (as compared to other types of companies) and the Fund intends to use these REIT dividends in an effort to meet its primary objective of high current income. REITs generally can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and derives its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although each Fund can invest in all three kinds of REITs, the emphasis of each Fund is expected to be on investments in the common stock and preferred stock of Equity REITs.

The Fund may invest in MLPs. MLPs are publicly traded limited partnerships. The partnership units are registered with the SEC and are freely exchanged on a securities exchange or in the over-the-counter (“OTC”) market. MLPs that are taxed as partnerships for federal income tax purposes are limited by the Code to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction and transportation. Some real estate enterprises also may qualify as MLPs taxed as partnerships.

The Fund may enter into repurchase agreements (the purchase of a security coupled with an agreement to resell that security at a higher price) with respect to its permitted investments. The Fund’s repurchase agreements will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement, and will be marked-to-market daily.

The Fund may invest in commercial paper. Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies and finance companies. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

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The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may opportunistically employ an option strategy by writing (selling) call options on custom baskets of real estate securities not owned by the Fund. The Fund may also write (sell) covered call options on individual real estate and/or infrastructure securities owned by the Fund. The Fund also may write (sell) covered call options on individual securities issued by real asset-related companies.

An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but generally are subject to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited. The staff of the SEC takes the position that certain purchased OTC options, and assets used as cover for certain written OTC options, are illiquid.

The Fund may also write call options on custom baskets of real estate securities. A custom basket call option is an OTC option with a counterparty whose value is linked to the market value of a portfolio of underlying securities and is collateralized by a portion of the Fund’s portfolio. In order to minimize the difference between the returns of the underlying securities in the custom basket (commonly referred to as a tracking error), the sub-adviser will use optimization calculations when selecting the individual securities for inclusion in the custom basket.

In selecting real estate securities for each custom basket, the Fund seeks to minimize the difference between the returns of the underlying stocks of the custom basket and an index of real estate securities (commonly referred to as tracking error) and, at the same time, maximize exposure to securities that the portfolio managers believe are less likely to outperform the relevant market benchmarks over time. Securities selected for each custom basket will primarily consist of underweighted positions relative to the relevant market benchmarks, and may include securities held and not held in the Fund’s portfolio. The objective in structuring these custom baskets is to produce option premiums without limiting the upside potential for specific securities that the portfolio managers believe may outperform over time.

In addition to the use of call options as described above, the Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate, credit default swaps and credit default swap indices), options on financial futures, options on swap contracts or other derivative instruments.

Use of Leverage

The Fund uses leverage to pursue its investment objective. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). In addition, the Fund may also use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in reverse repurchase agreements. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods the Fund may deviate from its investment objective and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its Managed Assets in short-term investments, including high quality, short-term securities or may invest in short-, intermediate-, or long-term U.S. Treasury Bonds. The Fund may not achieve its investment objective during such periods.

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Shareholder Update (continued)

PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. The Fund may be subject to additional risks other than those identified and described below because the types of investments made by the Fund can change over time.

Risk		NMAI		JRS		JRI
Portfolio Level Risks
Basis Risk		X		-		-
Below Investment Grade Risk		X		X		X
Call Option Risk		X		-		X
Call Risk		X		X		X
Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk		X		-		-
Common Stock Risk		X		X		X
Contingent Capital Security (“CoCos”) Risk		X		-		-
Convertible Securities Risk		X		X		X
Counterparty Risk		X		X		X
Credit Risk		X		X		X
Credit Spread Risk		X		X		X
Debt Securities Risk		X		X		X
Deflation Risk		X		X		X
Depositary Receipts Risk		X		-		-
Derivatives Risk		X		X		X
Dividend-Paying Securities Risk		X		X		X
Distressed or Defaulted Securities Risk		X		-		-
Duration Risk		X		X		X
Exchange-Traded Notes (“ETNs”) Risk		X		-		X
Extension Risk		X		-		-
Financial Futures and Options Transactions Risk		X		-		X
Financial Services Sector Risk		-		X		-
Floating and Variable Rate Securities Risk		X		-		-
Foreign Currency Risk		X		X		X
Foreign Currency Contracts Risk		X		-		-
Foreign Debt Investment Risk		X		-		X
Foreign/Emerging Markets Issuer Risk		X		X		X
Frequent Trading Risk		X		-		X
Growth Stock Risk		X		-		-
Hedging Risk		X		X		X
Income Risk		X		X		X
Inflation Risk		X		X		X
Infrastructure Related Securities Risk		X		-		X
Interest Rate Risk		X		X		X
Inverse Floating Rate Securities Risk		X		-		-
Large-Cap Company Risk		X		-		X
Loan Risk		X		-		-

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Risk		NMAI		JRS		JRI
Portfolio Level Risks
Master Limited Partnerships (“MLPs”) Risk		X		-		X
Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk		X		-		X
Mortgage Roll Risk		X		-		-
Municipal Securities Risk		X		-		-
Natural Resource Related Securities Risk		-		-		X
Options Strategy Risk		X		-		X
Other Investment Companies Risk		X		X		X
Preferred Securities Risk		X		X		X
Prepayment Risk		X		-		-
Put Options Risk		X		-		-
Real Estate Related Securities Risk		X		X		X
Reinvestment Risk		X		X		X
Restricted and Illiquid Investments Risk		X		X		X
Rights and Warrants Risk		X		-		X
Senior Loan Risk		X		-		X
Senior Loan Agent Risk		X		-		X
Small and Mid-Cap Company Risk		X		-		X
Sovereign Government and Supranational Debt Risk		X		-		-
Special Purpose Acquisition Companies (“SPACs”) Risk		X		-		-
Special Risks for Inflation-Indexed Bonds		X		-		-
Swap Transactions Risk		X		X		X
Unrated Securities Risk		X		X		X
U.S. Government Securities Risk		X		-		-
Unseasoned Company Risk		-		-		X
Valuation Risk		X		X		X
Value Stock Risk		X		-		-
When-Issued and Delayed-Delivery Transactions Risk		X		-		X
Whole Loans, Loan Participations and Other Mortgage-Related Interests Risk		-		-		X
Zero Coupon or Pay-In-Kind Securities Risk		X		-		X

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Shareholder Update (continued)

Risk		NMAI		JRS		JRI
Fund Level and Other Risks
Allocation Risk		X		-		-
Anti-Takeover Provisions		X		X		X
Borrowing Risk		X		X		X
Cybersecurity Risk		X		X		X
Distribution Risk		-		-		X
Global Economic Risk		X		X		X
Investment and Market Risk		X		X		X
Legislation and Regulatory Risk		X		X		X
Leverage Risk		X		X		X
Market Discount from Net Asset Value		X		X		X
Multi-Manager Risk		X		-		-
Recent Market Conditions		X		X		X
Reverse Repurchase Agreement Risk		X		X		X
Fund Tax Risk		X		X		X

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Portfolio Level Risks:

Basis Risk. As short-term rates change, interest income from floating rate loans may not increase in concert with increases in the costs of floating rate leverage or other borrowings, introducing basis or imperfect hedging risk.

Below Investment Grade Risk. Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Issuers of lower grade investments may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade investments are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated investments may not be as liquid as the secondary market for more highly rated investments, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular investment. If a below investment grade security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

Call Risk. The Fund may invest in securities that are subject to call risk. Such securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Call Option Risk. As the writer of a call option, the Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the instrument underlying the call option above the sum of the premium and the strike price of the option, but will retain the risk of loss should the market value of the instrument underlying the call option decline. The purchaser of the call option has the right to any appreciation in the value of the underlying instrument over the exercise price upon the exercise of the call option or the expiration date. As the Fund increases the option overlay percentage, its ability to benefit from capital appreciation becomes more limited and the risk of net asset value (“NAV”) erosion increases. If the Fund experiences NAV erosion, which itself may have a negative effect on the market price of the Fund’s shares, the Fund will have a reduced asset base over which to write call options, which may eventually lead to reduced distributions to shareholders.

In addition, because the exercise of index options is settled in cash, sellers of index call options, such as the Fund, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Fund bears a risk that the value of the securities held by the Fund will vary from the value of the underlying index and relative to the written index call option positions. Accordingly, the Fund may incur losses on the index call options that it has sold that exceed gains on the Fund’s equity portfolio. The value of index options written by the Fund, which will be priced daily, will be affected by changes in the value of and dividend rates of the underlying common stocks in the index, changes in the actual or perceived volatility of the stock market and the remaining time to the options’ expiration. The value of the index options also may be adversely affected if the market for the index options becomes less liquid or smaller.

Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk. The risks of an investment in CDOs, including CLOs, depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed-income investments, CDOs and CLOs carry additional risks including, but not limited to, the risk that: (1) distributions from collateral assets may not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the fact that the CDOs or CLOs may be subordinate to other classes; and (4) the complex structure of the investment may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CDOs and CLOs may also charge management and other administrative fees, which are in addition to those charged by the Fund.

Common Stock Risk. Common stocks have experienced significantly more volatility in returns and may significantly underperform relative to fixed-income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the prices of common stocks are sensitive to general movements in the stock market, and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer, the general condition of the relevant stock market or the current and expected future conditions of the broader economy, or when political or economic events affecting the issuer in particular or the stock market in general occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.

Contingent Capital Securities (“CoCos”) Risk. A loss absorption mechanism trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by the Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s NAV. Further, the issuer’s common stock would be subordinate to the issuer’s other classes of securities and therefore would worsen the Fund’s standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment grade and are subject to the risks of below investment grade securities.

CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the

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Shareholder Update (continued)

dividend or interest payment is based on the security’s par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer’s regulator and may be suspended in the event there are insufficient distributable reserves.

In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos.

The prices of CoCos may be volatile. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo may cause a decline in value of one or more CoCos held by a fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other similarly structured securities.

CoCos are issued primarily by financial institutions. Therefore, CoCos present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries.

Convertible Securities Risk. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks that are typically associated with debt, including but not limited to Interest Rate Risk, Credit Risk, Below Investment Grade Risk and Unrated Securities Risk. The value of a convertible security is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar credit quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated common stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, the convertible security may not decline in price to the same extent as the underlying common stock. Convertible securities fall below debt obligations of the same issuer in order of preference or priority in the event of a liquidation and are typically unrated or rated lower than such debt obligations.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

Credit Risk. Issuers of securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a security experiencing non-payment and potentially a decrease in the NAV of the Fund. With respect to the Fund’s investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of non-payment of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing an investment. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

Debt Securities Risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a debt instrument experiencing non-payment and, potentially, a decrease in the NAV of the Fund. There can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a security. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. In addition, decreased market making capacity has the potential to decrease liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. Decreased liquidity may result in the Fund having to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Depositary Receipts Risk. Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track

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the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.

It is possible that regulatory or other developments in the derivatives market, including changes in government regulation could adversely impact the Fund’s ability to invest in certain derivatives or successfully use derivative instruments.

Distressed or Defaulted Securities Risk. Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time the security is acquired, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.

Dividend-Paying Securities Risk. The Fund’s investment in dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time. The Fund may also be harmed by changes to the favorable federal income tax treatment generally afforded to dividends.

Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Exchange-Traded Notes (“ETNs”) Risk. Like other index-tracking instruments, ETNs are subject to the risk that the value of the index may decline, at times sharply and unpredictably. In addition, ETNs—which are debt instruments—are subject to risk of default by the issuer. ETNs differ from ETFs. While ETFs are subject to market risk, ETNs are subject to both market risk and the risk of default by the issuer. ETNs are also subject to the risk that a liquid secondary market for any particular ETN might not be established or maintained.

Extension Risk. Extension risk is the flip side of call or prepayment risk. Extension, or slower prepayments of the underlying mortgage loans, would extend the time it would take to receive cash flows and would generally compress the yield on non-agency RMBS and CMBS. Rising interest rates can cause the average maturity of the Fund to lengthen due to a drop in mortgage prepayments. This will increase both the sensitivity to rising interest rates and the potential for price declines of the Fund.

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Financial Services Sector Risk. The Fund’s investment in securities issued by financial services companies makes the Fund more susceptible to adverse economic or regulatory occurrences affecting those companies. Investments in financial services companies includes the following risks:

• financial services companies may suffer a setback if regulators change the rules under which they operate;

• unstable interest rates can have a disproportionate effect on the financial services sector;

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• financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that sector;

• financial services companies have been affected by increased competition, which could adversely affect the profitability or viability of such companies; and

• financial services companies have been significantly and negatively affected by the downturn in the subprime mortgage lending market and the resulting impact on the world’s economies.

Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.

Foreign Currency Risk. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

Forward Currency Contracts Risk. Forward currency contracts are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward currency markets are not required to continue to make markets in the securities they trade and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain securities or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. Market illiquidity or disruption could result in major losses to the Fund. In addition, trading forward currency contracts can have the effect of financial leverage by creating additional investment exposure.

Foreign Debt Investment Risk. Foreign investments, which may include debt securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent the Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in the Fund may be more exposed to a single country or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country or region’s securities and thus the holdings of the Fund.

Foreign/Emerging Markets Issuer Risk. Investments in foreign issuers involve special risks not presented by investments in U.S. issuers, including the following: (i) less publicly available information about foreign issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices; (ii) many foreign markets are smaller, less liquid and more volatile; (iii) potential adverse effects of fluctuations in currency exchange rates or controls on the value of the Fund’s investments; (iv) the economies of foreign countries may grow at slower rates than expected or may experience a downturn or recession; (v) the impact of economic, political, social or diplomatic events; (vi) possible seizure of a company’s assets; (vii) restrictions imposed by foreign countries limiting the ability of foreign issuers to make payments of principal and/or interest due to blockages of foreign currency exchanges or otherwise and (viii) withholding and other foreign taxes may decrease the Fund’s return. These risks are more pronounced to the extent that the Fund invests a significant amount of its assets in issuers located in one foreign country or geographic region. In addition, investing in securities of foreign issuers located in emerging markets involves greater risks, including smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital.

Frequent Trading Risk. The Fund’s portfolio turnover rate may exceed 100%. Frequent trading of portfolio securities may produce capital gains, which are taxable to shareholders when distributed. Frequent trading may also increase the amount of commissions or mark-ups to broker-dealers that the Fund pays when it buys and sells securities, which may detract from the Fund’s performance.

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Growth Stock Risk. The growth stocks in which the Fund may invest tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. Growth stocks may be more expensive relative to their earnings or assets compared to other types of equity securities. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general, and may be out of favor with investors for varying periods of time. Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development or investments in capital assets.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/ or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the applicable sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Income Risk. The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase.

Infrastructure Related Securities Risk.

General. The Fund invests significantly in infrastructure related securities, which will expose the Fund to the consequences of any adverse economic, regulatory, political, legal and other changes affecting the issuers of such securities. Infrastructure related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure related businesses may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption and/or legal challenges due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. There is also the risk that corruption may negatively affect publicly funded infrastructure projects, especially in emerging markets, resulting in delays and cost overruns.

Technological Risk. Technological changes in the way a service or product is delivered may render existing technologies obsolete. Infrastructure assets have very few alternative uses should they become obsolete. Communications utilities may be particularly sensitive to these risks, as telecommunications products and services also may be subject to rapid obsolescence resulting from changes in consumer tastes, intense competition and strong market reactions to technological development.

Developing Industries Risk. Some infrastructure companies are focused on developing new technologies and are strongly influenced by technological changes. Product development efforts by infrastructure companies may not result in viable commercial products. Infrastructure companies may bear high research and development costs, which can limit their ability to maintain operations during periods of organizational growth or instability. Some infrastructure companies may be in the early stages of operations and may have limited operating histories and smaller market capitalizations on average than companies in other sectors. As a result of these and other factors, the value of investments in such infrastructure issuers may be considerably more volatile than those in more established segments of the economy.

Regional Risk. Should an event that impairs assets occur in a region where an infrastructure company operates, the performance of such infrastructure company may be adversely affected. As many infrastructure assets are not moveable, such an event may have enduring effects on the infrastructure company that are difficult to mitigate.

Strategic Asset Risk. Infrastructure companies may control significant strategic assets. Strategic assets are assets that have a national or regional profile, and may have monopolistic characteristics. Given the national or regional profile and/or their irreplaceable nature, strategic assets may constitute a higher risk target for terrorist acts or adverse political actions.

Environmental Risk. Infrastructure companies, in particular those in the electrical utility industry, can have substantial environmental impacts. Ordinary operations or operational accidents may cause major environmental damage, which could cause infrastructure companies significant financial distress. Community and environmental groups may protest the development or operation of assets or facilities of infrastructure companies, and these protests may induce government action to the detriment of infrastructure companies.

Political and Expropriation Risk. Governments may attempt to influence the operations, revenue, profitability or contractual relationships of infrastructure companies or expropriate infrastructure companies’ assets. The public interest aspect of the products and services provided by infrastructure companies means political oversight will remain pervasive.

Operational Risk. The long-term profitability of infrastructure companies is partly dependent on the efficient operation and maintenance of their assets. Infrastructure companies may be subject to service interruptions due to environmental disasters, operational accidents or terrorist activities, which may impair their ability to maintain payments of dividends or interest to investors. The destruction or loss of an asset or facility may have a major adverse impact on an infrastructure company. Failure by the infrastructure company to operate and maintain its assets or facilities appropriately or to carry appropriate, enforceable insurance could lead to significant losses.

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Shareholder Update (continued)

Regulatory Risk. Many infrastructure companies are subject to significant national, regional and local government regulation, which may include how facilities are constructed, maintained and operated, environmental and safety controls and the prices they may charge for the products and services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the operations and financial performance of infrastructure issuers. Regulators that have the power to set or modify the prices infrastructure issuers can charge for their products or services can have a significant impact on the profitability of such infrastructure issuers. The returns on regulated assets or services are usually stable during regulated periods, but may be volatile during any period that rates are reset by the regulator.

Infrastructure companies may be adversely affected by additional regulatory requirements enacted in response to environmental disasters or to address ongoing environment concerns, which may impose additional costs or limit certain operations by such companies operating in various sectors. Non-U.S. infrastructure companies are also subject to regulation, although such regulations may or may not be comparable to those in the United States. Non-U.S. infrastructure companies may be more heavily regulated by their respective governments than companies in the United States and, as in the United States, may be required to seek government approval for rate increases. In addition, non-U.S. infrastructure companies in the electrical utility industry may use fuels that may cause more pollution than those used in the United States, which may require such companies to invest in pollution control equipment to meet any proposed pollution restrictions. Non-U.S. regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.

Interest Rate Risk. Due to the high costs of developing, constructing, operating and distributing assets and facilities, many infrastructure companies are highly leveraged. As such, movements in the level of interest rates may affect the returns from these assets. The structure and nature of the debt is therefore an important element to consider in assessing the interest rate risk posed by infrastructure companies. In particular, the type of facilities, maturity profile, rates being paid, fixed versus variable components and covenants in place (including how they impact returns to equity holders) are crucial factors in assessing the degree of interest rate risk.

Inflation Risk. Many infrastructure companies may have fixed income streams and, therefore, may be unable to increase their dividends during inflationary periods. The market value of infrastructure companies may decline in value in times of higher inflation rates. The prices that an infrastructure company is able to charge users of its assets may not always be linked to inflation. In this case, changes in the rate of inflation may affect the forecast profitability of the infrastructure company.

Interest Rate Risk. Interest rate risk is the risk that debt securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of debt securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of debt securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term debt securities generally fluctuate more than prices of shorter-term debt securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating-rate securities.

Inverse Floating Rate Securities Risk. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.

The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.

The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

• If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;

• If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and

• If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

Large-Cap Company Risk. While large-cap companies may be less volatile than those of mid-and small-cap companies, they still involve risk. To the extent the Fund invests in large-capitalization securities, the Fund may underperform funds that invest primarily in securities of smaller capitalization companies during periods when the securities of such companies are in favor. Large-capitalization companies may be unable to respond as quickly as smaller capitalization companies to competitive challenges or to changes in business, product, financial or other market conditions.

Loan Risk. The lack of an active trading market for certain loans may impair the ability of the Fund to realize full value in the event of the need to sell a loan and may make it difficult to value such loans. Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. As a result of these extended settlement periods, the Fund may incur losses if it is required to sell other investments or temporarily borrow to meet its cash needs. The risks associated with unsecured loans, which are not backed by a security interest in any specific collateral, are higher than those for comparable loans that are secured by specific collateral. For secured loans, there is a risk

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that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. Interests in loans made to finance highly leveraged companies or transactions such as corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like the Fund for loan investments, borrowers may limit these covenants and weaken a lender’s ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. The Fund may experience relatively greater realized or unrealized losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants. Additionally, loans may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections of the securities laws. Because junior loans have a lower place in an issuer’s capital structure and may be unsecured, junior loans involve a higher degree of overall risk than senior loans of the issuer.

Master Limited Partnerships (“MLPs”) Risk. An MLP is an investment that combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. Entities commonly referred to as MLPs are generally organized under state law as limited partnerships or limited liability companies. An investment in MLP units involves risks that differ from a similar investment in equity securities, such as common stock, of a corporation. Holders of MLP units have the rights typically afforded to limited partners in a limited partnership. As compared to common stockholders of a corporation, holders of MLP units have significantly more limited rights to exercise control over the partnership and to vote on matters affecting the partnership. In addition, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources and their securities may trade infrequently and in limited volumes and be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund’s investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Additionally, since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund’s return on its investment in MLPs. The value of any investment by the Fund in MLP units will depend on the MLP’s ability to qualify as a partnership for federal income tax purposes. If an MLP fails to meet the requirements for partnership status under the Code, or if the MLP is unable to do so because of changes in tax law or regulation, the MLP could be taxed as a corporation. In that case, the MLP would be obligated to pay federal income tax at the entity level, and distributions received by the Fund would be taxed as dividend income. The Fund may also invest in debt securities issued by MLPs.

Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk. These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. The Fund may invest in MBS and ABS that are subordinate in right of payment and rank junior to other securities that are secured by or represent an ownership interest in the same pool of assets. In addition, many of the transactions in which such securities are issued have structural features that divert payments of interest and/or principal to more senior classes when the delinquency or loss experience of the pool exceeds certain levels. As a result, such securities may be more sensitive to risk of loss, write-downs, the non-fulfillment of repurchase obligations, over-advancing on a pool of loans and the costs of transferring servicing than senior classes of securities. Further, some of the MBS and ABS in which the Fund invests may be comprised of subprime loans. Subprime loans are those made to borrowers with lower credit ratings and/or shorter credit history, who are more likely to default on their loan obligations as compared to more credit-worthy borrowers. As a result, liquidity risk is even greater for MBS and ABS comprised of subprime loans.

MBS, including CMBS and RMBS, may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of MBS and will result in losses to the Fund. Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics.

Certain non-agency MBS are only entitled to payments provided for in the underlying agreement when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of such non-agency MBS may not have the legal status of secured creditors, and therefore may not be able to accelerate a claim for payment on their securities or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of such non-agency MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. In addition, there can be no assurance that originators and servicers of mortgage loans for non-agency MBS will not experience financial difficulties, which may increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt, thus increasing the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of such non-agency MBS. Further, the prices of non-agency MBS may decline substantially, for reasons that may not be attributable to any of the other risks described herein. In particular, purchasing assets at what may appear to be “undervalued” levels is no guarantee that these assets will not be trading at even more “undervalued” levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such “spread widening” risk.

Mortgage Roll Risk. The risk that the Fund’s adviser or an applicable sub-adviser will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of the Fund compared with what such performance would have been without the use of the strategy.

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Municipal Securities Risk. The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or worsen. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s sub-adviser than funds that invest in stock or other corporate investments.

To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio.

Natural Resource Related Securities Risk. During periods of financial or economic instability, the securities of companies engaged in the ownership, development, exploration, production, distribution or processing of natural resources, as well as the securities of companies that are suppliers to firms producing natural resources, instruments with economic characteristics similar to natural resources securities or direct holdings of natural resources, may be subject to extreme price fluctuations, reflecting the high volatility of natural resources’ prices. In addition, the instability of the prices of particular natural resources may result in volatile earnings of natural resource companies, which could lead to volatility in their financial condition and in the value of their securities. Additionally, due to the close connection between natural resources and where they are located, securities of natural resource companies may be particularly affected by events occurring in the countries or regions where such natural resources are found. This is heightened with respect to natural resources that are scarce or that are predominantly located in particular areas.

Options Strategy Risk. The value of call options sold (written) by the Fund will fluctuate. The Fund may not participate in any appreciation of its portfolio as fully as it would if the Fund did not sell call options. In addition, the Fund will continue to bear the risk of declines in the value of its portfolio. In employing the Fund’s option strategy, the sub-adviser seeks to reduce downside risk and volatility of the Fund’s equity portfolio. This strategy may not protect against market declines and may limit the Fund’s participation in market gains, particularly during periods when market values are increasing. This strategy may increase the Fund’s portfolio transaction costs, which could result in losses or reduce gains, and may not be successful.

Other Investment Companies Risk. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Preferred Securities Risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. In addition, preferred stockholders (such as the Fund, to the extent it invests in preferred stocks of other issuers) generally have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred stockholders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred stockholders no longer have voting rights. In the case of certain taxable preferred stocks, holders generally have no voting rights, except (i) if the issuer fails to pay dividends for a specified period of time or (ii) if a declaration of default occurs and is continuing. In such an event, rights of preferred stockholders generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company. In certain varying circumstances, an issuer of preferred stock may redeem the securities prior to a specified date. For instance, for certain types of preferred stock, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Fund.

Prepayment Risk. The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing the Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in MBS and other ABS. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of debt securities held by the Fund can result in losses to investors in the Fund.

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Put Options Risk. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

Real Estate Related Securities Risk. Real estate companies have been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and incomes from real property may decline due to general and local economic conditions, overbuilding and increased competition for tenants, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to them, and companies that service the real estate industry. Equity REITs may be affected by changes in the values of and incomes from the properties they own, while mortgage REITs may be affected by the credit quality of the mortgage loans they hold. REITs are subject to other risks as well, including the fact that REITs are dependent on specialized management skills, which may affect their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to the risks associated with obtaining financing for real property. A U.S. domestic REIT can pass its income through to shareholders or unitholders without any U.S. federal income tax at the entity level if it complies with various requirements under the Code. There is the risk that a REIT held by the Fund will fail to qualify for this tax-free pass-through treatment of its income, in which case the REIT would become subject to U.S. federal income tax. Similarly, REITs formed under the laws of non-U.S. countries may fail to qualify for corporate tax benefits made available by the governments of such countries. The Fund, as a holder of a REIT, will bear its pro rata portion of the REIT’s expenses.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Restricted and Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell the investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Rights and Warrants Risk. Rights and warrants are subject to the same market risks as common stocks, but are more volatile in price. Rights and warrants do not carry the right to dividends or voting rights with respect to their underlying securities, and they do not represent any rights in the assets of the issuer. An investment in rights or warrants may be considered speculative. In addition, the value of a right or warrant does not necessarily change with the value of the underlying security and a right or warrant ceases to have value if it is not exercised prior to its expiration date. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe for additional shares is not exercised prior to the rights’ or warrants’ expiration. Also, the purchase of rights and warrants involves the risk that the effective price paid for the right or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the price of the underlying security.

Senior Loan Risk. Senior loans typically hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the assets and/or stock of the issuer that is senior to that held by subordinated debt holders and stockholders of the issuer. Senior loans are usually rated below investment grade, and share the same risks of other below investment grade debt instruments.

Although the Fund may invest in senior loans that are secured by specific collateral, there can be no assurance that the liquidation of such collateral would satisfy an issuer’s obligation to the Fund in the event of issuer default or that such collateral could be readily liquidated under such circumstances. If the terms of a senior loan do not require the issuer to pledge additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the issuer’s obligations under the senior loan.

In the event of bankruptcy of an issuer, the Fund could also experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a senior loan. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the issuer or take other action detrimental to lenders, including the Fund. Such court action could, under certain circumstances, include invalidation of senior loans.

Senior Loan Agent Risk. A financial institution’s employment as an agent under a senior loan might be terminated if it fails to observe a requisite standard of care or becomes insolvent. A successor agent would generally be appointed to replace the terminated agent, and assets held by the agent under the loan agreement would likely remain available to holders of such indebtedness. However, if assets held by the terminated agent for the benefit of the Fund were determined to be subject to the claims of the agent’s general creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or government agency) similar risks may arise.

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Small and Mid-Cap Company Risk. Smaller and medium-sized company stocks can be more volatile than, and perform differently from, larger company stocks. There may be less trading in the stock of a smaller or medium-sized company, which means that buy and sell transactions in that stock could have a larger impact on the stock’s price than is typically the case with larger company stocks. Smaller and medium-sized companies may have fewer business lines; changes in any one line of business, therefore, may have a greater impact on a smaller or medium-sized company’s stock price than is the case for a larger company. As a result, the purchase or sale of more than a limited number of shares of a small or medium-sized company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium-sized company stocks may not be well known to the investing public.

Sovereign Government and Supranational Debt Risk. Investments in sovereign debt, including supranational debt, involves special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity’s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer’s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. If a sovereign issuer cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks, and multinational organizations. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. There are no bankruptcy proceedings similar to those in the U.S. by which defaulted sovereign debt may be collected.

Special Purpose Acquisition Companies (“SPACs”) Risk. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund’s other investments. If an acquisition that meets the requirements for the SPAC is not completed within the pre-established period of time, the invested funds are returned to the SPAC’s shareholders, less certain permitted expenses, and any warrants issued by the SPAC will expire worthless. SPACs have no operating history or ongoing business other than seeking acquisitions. The value of a SPAC’s securities is particularly dependent on the ability of its management to identify and complete a profitable acquisition. There is no guarantee that any SPAC which the Fund invests may will complete an acquisition or that any acquisitions completed by such SPAC will be profitable. Public stockholders of SPACs, such as the Fund, may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a transaction even though a majority of its public stockholders do not support such a business combination. Some SPACs may pursue acquisitions or mergers only within certain industries or regions, which may lead to an increase in the volatility of their prices following completion of a business combination. An investment in SPACs, which are typically traded in the over-the-counter market, may also have little or no liquidity and may be subject to restrictions on resale.

Special Risks for Inflation-Indexed Bonds. The risk that market values of inflation-indexed investments held by the Fund may be adversely affected by a number of factors, including changes in the market’s inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the Consumer Price Index for All Urban Consumers (“CPI-U”) may not accurately reflect the true rate of inflation. If the market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.

Swap Transactions Risk. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the applicable sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the applicable sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Unrated Securities Risk. Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.

U.S. Government Securities Risk. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

Unseasoned Company Risk. Investments in unseasoned companies may involve greater risks than customarily are associated with investments in securities of more established companies. Securities of unseasoned companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Less seasoned companies may seek to compete in markets and industries in which there are more established companies with substantially greater financial resources than they have, which could place such less seasoned companies at a significant competitive disadvantage and make it difficult for them to gain market share.

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Valuation Risk. Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

Value Stock Risk. Value stocks are securities of companies that typically trade at a perceived discount to their intrinsic value and at valuation discounts relative to companies in the same industry. Value stocks are often also in sectors that trade at a discount to the broader market. The reasons for their discount may vary greatly, but some examples may include adverse business, industry or other developments that may cause the company to be subject to special risks. The intrinsic value of a stock with value characteristics may be difficult to identify and may not be fully recognized by the market for a long time or a stock identified to be undervalued may actually be appropriately priced at a low level.

When-Issued and Delayed-Delivery Transactions Risk. When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

Whole Loans, Loan Participations and Other Mortgage-Related Interests Risk. Whole loans and loan participations represent undivided (in the case of the whole loans) and fractional (in the case of loan participations) interests in individual loans secured by residential real estate, including multi-family and/or single family residences, or commercial real estate, including shopping malls, retail space, office buildings and/or industrial or warehouse properties. The market values of and cash flows to these instruments are highly dependent on creditworthiness and economic situation of the particular borrowers under each loan, and therefore the performance of individual whole loans and loan participations may suffer even when general economic conditions are favorable. Whole loans and loan participations also may subject the Fund to a greater risk of loss arising from defaults by borrowers under the related loans than do mortgage-backed securities because whole loans and loan participations, unlike most mortgage-backed securities, generally are not backed by any government guarantee or private credit enhancement. Such risks may be greater during a period of declining or stagnant real estate values. The individual loans underlying whole loans and loan participations may be larger than those underlying mortgage-backed securities. There may be certain costs and delays in the event of a foreclosure, and there is no assurance that the subsequent sale of the property will produce an amount equal to the sum of the unpaid principal balance of the loan as of the date the borrower went into default, accrued but unpaid interest and all foreclosure expenses, in which case the Fund may suffer a loss. In addition to the foregoing, with respect to loan participations, the Fund generally will not be able to unilaterally enforce its rights in the event of a default, but rather will be dependent upon the cooperation of the other participation holders.

Investment in whole loans and loan participations relating to multi-family residential properties may subject the Fund to a higher level of risk than investment in whole loans and loan participations relating to other residential properties. Multi-family lending is generally viewed as involving a greater risk of loss than one- to four-family residential lending. Multi-family lending typically involves larger loans to single borrowers or groups of related borrowers than residential one- to four-family mortgage loans. Furthermore, the repayment of loans secured by income-producing multifamily properties is typically dependent upon the successful operation of the underlying real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed), the borrower’s ability to repay the multi-family loan may be impaired. The market values of and cash flow to multi-family real estate can be affected significantly by supply and demand in the local market for the residential rental property and, therefore, the value to the Fund of any whole loans or loan participations relating to multi-family properties will be highly sensitive to changes in the local economic conditions where such multi-family properties are located. In addition, market values may vary as a result of economic events or governmental regulations outside the control of the borrower or lender, such as rent control laws, which impact the future cash flow to the property.

Investment in whole loans and loan participations relating to commercial properties may subject the Fund to certain risks that do not typically apply to investment in whole loans and loan participations relating to residential properties. Market values of and cash flows to commercial real estate may be adversely affected by declines in rental or occupancy rates and extended vacancies, the management skills of the borrower or third-party manager operating a business at the commercial property, overbuilding and changes in zoning laws and other environmental and land use regulations. Mortgage loans relating to commercial properties are also generally not fully amortizing, meaning they may have a significant “balloon” payment due at maturity. Loans with a balloon payment may be riskier than fully amortizing loans because the ability of a borrower to make a balloon payment will typically depend on its ability to either refinance the loan or sell the property, which the borrower may not be able to accomplish on commercially acceptable terms, if at all. In addition, mortgage loans relating to commercial properties are typically non-recourse to the borrowers, resulting in a higher risk of loss in the event of a foreclosure.

Certain loan participations held by the Fund may continue to have the mortgage servicers reflected as record owners of the underlying mortgages. Accordingly, if the mortgage servicer under a particular loan participation were to become insolvent, to have a receiver, conservator or similar official appointed for it by an appropriate regulatory authority or to become a debtor in a bankruptcy proceeding, there is a risk that the Fund’s rights to payments under the loan participation could become subject to the claims of the mortgage servicer’s creditors, which would adversely affect the value of the loan participation to the Fund. The Fund could also incur costs and delays in enforcing its rights to such payments.

Whole loans and loan participations are illiquid and may be difficult to sell when the sub-adviser deems it advisable to do so. See “Illiquid Securities Risk” above. Whole loans and loan participations, like mortgage-backed securities, are also subject to pre-payment risk, which is the risk that the borrowers under the mortgage loans might pay off their mortgage loans sooner than expected, which could happened when interest rates fall or for other reasons, which could cause the value of the Fund’s whole loans and loan participations to fall. Moreover, if the mortgage loans are paid off sooner than expected, the Fund may have to reinvest the proceeds in other securities that have lower yields.

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Shareholder Update (continued)

Zero Coupon or Pay-In-Kind Securities Risk. Zero coupon and pay-in-kind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices on non-cash-paying instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative.

Fund Level and Other Risks:

Allocation Risk. The Fund’s ability to achieve its investment objective depends upon Nuveen Asset Management’s skill in determining the Fund’s allocation to different sub-advisers and strategies. There is the risk that Nuveen Asset Management’s evaluations and assumptions used in making such allocations may be incorrect.

Anti-Takeover Provisions. The Declaration of Trust and the Fund’s by-laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares.

Borrowing Risk. In addition to borrowing for leverage, the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Distribution Risk. The Fund’s distributions will be composed of net investment income and a supplemental amount generally representing the potential for capital appreciation, which will take the form of realized capital gains and/or a return of capital. The return of capital component of a Fund distribution may (but will not necessarily) represent unrealized capital gains. A return of capital is a non-taxable distribution of a portion of the Fund’s capital. If over the life of a shareholder’s investment, the total return of the Fund’s overall strategy is less than the distribution rate, a return of capital will represent a portion of a shareholder’s original principal (in effect a partial return of the amount a shareholder invested in the Fund). A return of capital reduces a shareholder’s tax cost basis (but not below zero) in Fund shares, which could result in more taxable gain or less taxable loss when the shareholder sells their shares. This may cause the shareholder to pay taxes even if he or she sells shares for less than the original price. The Fund’s distribution policy, rate of distributions on the Common Shares and the portion of distributions composed of net investment income, realized capital gain and return of capital may vary over time. Shareholders who periodically receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net income or profits when they are not. Shareholders should not assume that the source of a return of capital distribution from the Fund is net income or profit.

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

124

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.

The amount of fees paid to the investment adviser and the applicable sub-adviser for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the applicable sub-adviser to leverage the Fund or increase the Fund’s leverage.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

Multi-Manager Risk. The interplay of the various strategies employed by portfolio managers of Nuveen and its affiliates may result in the Fund holding a significant amount of certain types of securities. This may be beneficial or detrimental to the Fund’s performance depending upon the performance of those securities and the overall economic environment. The portfolio managers may make investment decisions which conflict with each other; for example, at any particular time, portfolio managers of one strategy may be purchasing shares of an issuer whose shares are being sold by portfolio managers of another strategy. Consequently, the Fund could indirectly incur transaction costs without accomplishing any net investment result. In addition, the multi-manager approach could increase the Fund’s portfolio turnover rate which may result in higher transaction costs and a greater amount of tax on the Fund’s shareholders.

Recent Market Conditions. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and

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Shareholder Update (continued)

markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would are vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance.

The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels re-align with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.

Fund Tax Risk. The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.

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EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund’s (i) continued use of leverage as of December 31, 2025 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended December 31, 2025) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of certain derivative instruments.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.

		NMAI				JRI		JRS
Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)			30.48%			31.78%		30.15%
Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage			4.75%			4.94%		4.89%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage			1.45%			1.57%		1.48%
Common Share Total Return for (10.00)% Assumed Portfolio Total Return			(16.47)%			(16.96)%		(16.43)%
Common Share Total Return for (5.00)% Assumed Portfolio Total Return			(9.27)%			(9.63)%		(9.27)%
Common Share Total Return for 0.00% Assumed Portfolio Total Return			(2.08)%			(2.30)%		(2.11)%
Common Share Total Return for 5.00% Assumed Portfolio Total Return			5.11%			5.03%		5.05%
Common Share Total Return for 10.00% Assumed Portfolio Total Return			12.30%			12.36%		12.20%

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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Shareholder Update (continued)

DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment adviser if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

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CHANGES OCCURRING DURING THE FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes required to be reported in connection with: (i) the Fund’s investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Fund; or (iv) the Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders, except as follows:

Principal Risks

The following risk factor was added as a principal risk for Nuveen Real Estate Income Fund (“JRS”):

Dividend-Paying Securities Risk. The Fund’s investment in dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time. The Fund may also be harmed by changes to the favorable federal income tax treatment generally afforded to dividends.

The following risk factor was added as a principal risk for Nuveen Real Asset Income and Growth Fund (“JRI”):

Foreign Debt Investment Risk. Foreign investments, which may include debt securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent the Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in the Fund may be more exposed to a single country or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country or region’s securities and thus the holdings of the Fund.

Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk. These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. The Fund may invest in MBS and ABS that are subordinate in right of payment and rank junior to other securities that are secured by or represent an ownership interest in the same pool of assets. In addition, many of the transactions in which such securities are issued have structural features that divert payments of interest and/or principal to more senior classes when the delinquency or loss experience of the pool exceeds certain levels. As a result, such securities may be more sensitive to risk of loss, write-downs, the non-fulfillment of repurchase obligations, over-advancing on a pool of loans and the costs of transferring servicing than senior classes of securities. Further, some of the MBS and ABS in which the Fund invests may be comprised of subprime loans. Subprime loans are those made to borrowers with lower credit ratings and/or shorter credit history, who are more likely to default on their loan obligations as compared to more credit-worthy borrowers. As a result, liquidity risk is even greater for MBS and ABS comprised of subprime loans.

MBS, including CMBS and RMBS, may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of MBS and will result in losses to the Fund. Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics.

Certain non-agency MBS are only entitled to payments provided for in the underlying agreement when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of such non-agency MBS may not have the legal status of secured creditors, and therefore may not be able to accelerate a claim for payment on their securities or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of such non-agency MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. In addition, there can be no assurance that originators and servicers of mortgage loans for non-agency MBS will not experience financial difficulties, which may increase the chances that these entities may default on their warehousing or other credit lines or become

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Shareholder Update (continued)

insolvent or bankrupt, thus increasing the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of such non-agency MBS. Further, the prices of non-agency MBS may decline substantially, for reasons that may not be attributable to any of the other risks described herein. In particular, purchasing assets at what may appear to be “undervalued” levels is no guarantee that these assets will not be trading at even more “undervalued” levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such “spread widening” risk.

The following principal risks are no longer included as stand-alone risks because they were consolidated into other principal risk factors as indicated below:

Stand-Alone Risk Removed		Consolidated Into the Following Risk
Emerging Markets Risk		Foreign/Emerging Market Issuer Risk
Non-U.S. Securities Risk		Foreign/Emerging Market Issuer Risk

Portfolio Managers

Nuveen Real Asset Income and Growth Fund (“JRI” or the “Fund”)

Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund. The biography of James Kim is presented below:

James is a portfolio manager for Nuveen’s leveraged finance team with a focus on the management of high yield mandates. James is the lead manager of the High Yield Income strategy and a co-manager on the High Yield, Real Asset Income and Credit Income strategies. He has also been the head of special situations, leading workouts and opportunistic investing for the leveraged finance platform for over five years.

Previously, James was co-head of global fixed income research and head of the leveraged finance research team, overseeing its daily investment process. He also served as the co-head of research at Nuveen affiliate Symphony Asset Management, leading the firm’s research team, daily investment process and opportunistic investments across its various mandates. Prior to this, he was a distressed generalist and an industry analyst responsible for a number of different industries, including energy, power, metals & mining and chemicals, providing long and short ideas across the capital structure. Prior to joining the firm, James was an associate at Greywolf Capital in its special situations group and an analyst at Watershed Asset Management. He began his career at Goldman Sachs, as an investment banking analyst both in the Strategy Group and Energy & Power Group.

James graduated with a B.S. in Economics from the University of Pennsylvania’s Wharton School of Business.

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CHANGES OCCURRING AFTER THE FISCAL YEAR END

Portfolio Managers

Nuveen Multi-Asset Income Fund (“NMAI” or the “Fund”)

Effective January 7, 2026, Mark Zheng, James Kim and John Tribolet became portfolio managers of the Fund. Nathan Shetty and Anurag Dugar are no longer managers of the Fund. The biographies of Nathan Shetty and Anurag Dugar are presented below:

Mark Zheng

Mark Zheng is a portfolio manager for Nuveen, focused on Multi-Sector portfolio management. He is currently lead manager of a diversified, total return component portfolio for the CREF Real Estate Account. He is also a co-manager for the Stable Value Account. Mark is a member of the Core and Core-Plus Strategy teams. Mark provides strategic and quantitative analysis across a broad set of Multi-Sector Fixed Income strategies incorporating emerging markets, mortgage-backed securities, high yield bond and loans and non-agency structured products. Since joining the firm in 2010, he has held several positions, including co-manager of fixed income ETFs. He also served as a research analyst for investments in mortgage-backed securities and as a business analyst for fixed income business applications.

Prior to working in the financial services industry, Mark worked in the engineering industry, providing consulting services for global pharmaceutical, chemical, and manufacturing firms.

Mark graduated with a Bachelor’s degree in Chemical Engineering and Master’s degree in Engineering from The Cooper Union and an M.S. in Computational Finance from the Carnegie Mellon Tepper School of Business. He is a CFA charter holder and certified Financial Risk Manager (FRM), with membership in the CFA Institute and Global Association of Risk Professionals, respectively.

James Kim

James is a portfolio manager for Nuveen’s leveraged finance team with a focus on the management of high yield mandates. James is the lead manager of the High Yield Income strategy and a co-manager on the High Yield, Real Asset Income and Credit Income strategies. He has also been the head of special situations, leading workouts and opportunistic investing for the leveraged finance platform for over five years.

Previously, James was co-head of global fixed income research and head of the leveraged finance research team, overseeing its daily investment process. He also served as the co-head of research at Nuveen affiliate Symphony Asset Management, leading the firm’s research team, daily investment process and opportunistic investments across its various mandates. Prior to this, he was a distressed generalist and an industry analyst responsible for a number of different industries, including energy, power, metals & mining and chemicals, providing long and short ideas across the capital structure. Prior to joining the firm, James was an associate at Greywolf Capital in its special situations group and an analyst at Watershed Asset Management. He began his career at Goldman Sachs, as an investment banking analyst both in the Strategy Group and Energy & Power Group.

James graduated with a B.S. in Economics from the University of Pennsylvania’s Wharton School of Business.

John Tribolet

John is a portfolio manager for Nuveen’s equities team and has lead portfolio management responsibilities for several global and international strategies. He is also a member of the Equities Investment Council (EIC) with a focus on international investing.

Prior to his current role and since joining Nuveen in 2005, John has served as head of global equities research for Nuveen as well as a lead international and global portfolio manager on multiple strategies. Prior to joining Nuveen, John was co-head of the Loomis Sayles International Equity Fund and an international portfolio manager at Nicholas Applegate.

John graduated with a B.A. in Economics from Columbia University and an M.B.A., with honors, in Finance from the University of Chicago.

131

Shareholder Update (continued)

ADDITIONAL DISCLOSURES FOR THE FUND AS OF THE FISCAL YEAR ENDED DECEMBER 31, 2025

This annual report includes additional disclosures for certain Funds that have, or intend to have, an effective shelf offering registration statement on file with the Securities and Exchange Commission (SEC) at the time this report was prepared. Refer to Note 6, Fund Shares of the Notes to Financial Statements for further details on the shelf offering program.

NUVEEN REAL ASSET INCOME AND GROWTH FUND (JRI)

SUMMARY OF FUND EXPENSES

The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of the Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets.

Shareholder Transaction Expenses				JRI
Maximum Sales Charge (as a percentage of offering price) (1)				1.00%
Dividend Reinvestment Plan Fees (2)				$2.50

(1) The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders.

(2) You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.

Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1)				JRI
Management Fees				1.41%
Interest and Other Related Expenses (2)				2.34%
Other Expenses (3)				0.15%
Total Annual Expenses				3.90%

(1) Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended December 31, 2025.

(2) Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended December 31, 2025. The types of leverage used by the Fund during the fiscal year ended December 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).

(3) Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

Example

The following example illustrates the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The example also assume a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

Example # 1 (At-the-Market Transaction)

The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.

		1 Year		3 Years		5 Years		10 Years
JRI		$49		$128		$208		$418

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.

132

TRADING AND NET ASSET VALUE INFORMATION

The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share; and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date.

JRI		Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End		High		Low		High		Low		High		Low
December 2025		$14.33		$13.16		$13.76		$13.15		4.14%		0.08%
September 2025		$14.25		$13.03		$13.71		$13.38		3.94%		(2.62)%
June 2025		$13.50		$11.26		$13.56		$12.32		(0.44)%		(8.60)%
March 2025		$13.14		$12.04		$13.36		$12.91		(1.65)%		(6.74)%
December 2024		$13.61		$11.95		$14.02		$12.97		(2.92)%		(7.86)%
September 2024		$13.67		$12.21		$14.54		$13.21		(5.98)%		(7.57)%
June 2024		$12.21		$10.86		$13.18		$12.66		(7.36)%		(14.22)%
March 2024		$12.12		$11.35		$13.68		$13.25		(11.40)%		(14.34)%

The following table shows, as of December 31, 2025 the Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares.

December 31, 2025		JRI
NAV per Common Share			$ 13.37
Market Price			$ 13.61
Percentage of Premium/(Discount) to NAV per Common Share			1.80%
Net Assets Attributable to Common Shares			$ 366,997,292

Shares of closed-end investment companies, including the Fund, may frequently trade at prices lower than NAV, the Fund’s Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

133

Shareholder Update (continued)

SENIOR SECURITIES

The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table is derived from the financial statements. The financial statements for the year ended December 31, 2025 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Funds’ audited financial statements for the year ended December 31, 2025, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report.

JRI

		Borrowings Outstanding at the End of Period
Year Ended 12/31:		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $1,000 (2)
2025		$170,945		$3,147
2024		$178,945		$3,020
2023		$151,695		$3,474
2022		$166,985		$3,230
2021		$197,935		$3,414
2020		$166,035		$3,618
2019		$222,225		$3,477
2018		$215,225		$3,103
2017		$225,225		$3,406
2016		$73,275		$3,408

(1) Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year.

(2) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of Fund’s borrowings (excluding temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts presented would be lower.

UNRESOLVED STAFF COMMENTS

The Fund believes that there are no material unresolved written comments, received 180 days or more before December 31, 2025, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or the Investment Company Act of 1940, or its registration statement.

134

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund		Net Long-Term Capital Gains
NMAI			$–
JRI			–
JRS			–

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund		Percentage
NMAI			32.3	%
JRI			17.9
JRS			9.9

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Fund		Percentage
NMAI			75.4	%
JRI			46.8
JRS			9.9

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code:

Fund		1/1 to Current Year End Percentage
NMAI			44.4	%
JRI			28.4
JRS			1.5

135

Important Tax Information (continued)

Qualified Business Income (QBI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:

Fund		Percentage
NMAI			2.5	%
JRI			17.3
JRS			82.2

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund		Percentage
NMAI			56.0	%
JRI			33.0
JRS			1.5

136

Additional Fund Information

(Unaudited)

Board of Trustees

Joseph A. Boateng

Michael A. Forrester

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Custodian State Street Bank & Trust Company One Congress Street Suite 1 Boston, MA 02114-2016 Legal Counsel Chapman and Cutler LLP Chicago, IL 60606 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606 Transfer Agent and Shareholder Services Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787

Portfolio of Investments Information Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

		NMAI				JRI				JRS
Common shares repurchased			0				0				0

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

137

Glossary of Terms Used in this Report

(Unaudited)

19(a) Notice: Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment.

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

138

Board Members & Officers

(Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years		Number of Portfolios in Fund Complex Overseen By Board Member
Independent Trustees:
Joseph A. Boateng 1963 333 W. Wacker Drive Chicago, IL 60606		Board Member		2019 Class II		Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002–2006); Board Member, Lumina Foundation (since 2019) and Waterside School (since 2021); Board Member (2012–2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees’ Retirement System; Investment Committee Member (since 2019), The Seattle Foundation; Trustee (2018–2023), the College Retirement Equities Fund; Manager (2019–2023), TIAA Separate Account VA-1.		216
Michael A. Forrester 1967 333 W. Wacker Drive Chicago, IL 60606		Board Member		2007 Class I		Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Director, Aflac Incorporated (since 2025); Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007–2023).		216
Thomas J. Kenny 1963 333 W. Wacker Drive Chicago, IL 60606		Board Member		2011 Class I		Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021–2022) and Finance Committee Chair (2016–2022), Sansum Clinic; formerly, Advisory Board Member (2017–2019), B’Box; formerly, Member (2011–2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012–2020), Cottage Health System; formerly, Board member (2009–2019) and President of the Board (2014–2018), Crane Country Day School; Trustee (2011–2023) and Chairman (2017–2023), the College Retirement Equities Fund; Manager (2011–2023) and Chairman (2017–2023), TIAA Separate Account VA-1.		217
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606		Board Member		2021 Class II		Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA).		217

139

Board Members & Officers (continued)

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years		Number of Portfolios in Fund Complex Overseen By Board Member
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606		Board Member		2021 Class III		Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019).		217
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606		Board Member		2016 Class III		Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).		217
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606		Board Member		2013 Class II		Formerly, Member of Board of Directors of Core12 LLC (2008–2023) (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of The President’s Council of Fordham University (2010–2019); formerly, Director of the Curran Center for Catholic American Studies (2009–2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012–2014); formerly, Trustee and Chairman of the Board of Trustees of Marian University (2010–2013); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007–2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007.		217

140

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years		Number of Portfolios in Fund Complex Overseen By Board Member
Loren M. Starr 1961 333 W. Wacker Drive Chicago, IL 60606		Board Member		2022 Class III		Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd.; Director (since 2023) and Chair of the Board (since 2025), formerly, Chair of the Audit Committee (2024-2025), AMG; formerly, Chair and Member of the Board of Directors (2014–2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014–2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022–2023).		216
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606		Board Member		2020 Class III		Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure).		217
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606		Board Member		2008 Class II		Formerly, a Co–Founding Partner, Promus Capital (investment advisory firm) (2008–2017); formerly, Director, Quality Control Corporation (manufacturing) (2012–2021); formerly, Chair and Member of the Board of Directors (2021–2024), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017–2022), Mather Foundation Board (philanthropy); formerly, Member (2005–2016), Chicago Fellowship Board (philanthropy); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010–2019); formerly, Director, LogicMark LLC (health services) (2012–2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008–2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004–2007); Executive Vice President, Quantitative Management & Securities Lending (2000–2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005–2007), Northern Trust Global Investments Board (2004–2007), Northern Trust Japan Board (2004–2007), Northern Trust Securities Inc. Board (2003–2007) and Northern Trust Hong Kong Board (1997–2004).		217

141

Board Members & Officers (continued)

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years		Number of Portfolios in Fund Complex Overseen By Board Member
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606		Board Member		2016 Class I		Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022) of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.		217
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606		Chair and Board Member		2017 Class I		Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017).		217

142

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed(2)		Principal Occupation(s) Including other Directorships During Past 5 Years
Officers of the Funds:
David J. Lamb 1963 333 W. Wacker Drive Chicago, IL 60606		Chief Administrative Officer (Principal Executive Officer)		2015		Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen.
Brett E. Black 1972 333 W. Wacker Drive Chicago, IL 60606		Vice President and Chief Compliance Officer		2022		Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc.
Marc Cardella 1984 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Controller (Principal Financial Officer)		2024		Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund; Senior Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Joseph T. Castro 1964 333 W. Wacker Drive Chicago, IL 60606		Vice President		2025		Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior Managing Director and Head of Compliance, Nuveen; Executive Vice President and Chief Risk and Compliance Officer, formerly, Senior Managing Director, Nuveen Securities, LLC and Nuveen, LLC; formerly, Senior Managing Director, Nuveen Fund Advisors, LLC.
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402		Vice President and Assistant Secretary		2013		Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Jeremy D. Franklin 1983 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Assistant Secretary		2024		Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund.
Diana R. Gonzalez 1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Assistant Secretary		2017		Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen.
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606		Vice President		2016		Senior Managing Director, Head of Public Product of Nuveen; President. formerly, Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst.
Brian H. Lawrence 1982 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Assistant Secretary		2023		Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022).
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606		Vice President		2002		Managing Director of Nuveen Securities, LLC.

143

Board Members & Officers (continued)

Name, Year of Birth & Address		Position(s) Held with the Funds		Year First Elected or Appointed(2)		Principal Occupation(s) Including other Directorships During Past 5 Years
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606		Vice President		2019		Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager.
John M. McCann 1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Assistant Secretary		2022		Senior Managing Director, Division General Counsel of Nuveen; Senior Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America and Nuveen Alternative Advisors LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; has previously held various positions with Nuveen/TIAA.
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606		Vice President and Assistant Secretary		2007		Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen; Vice President and Secretary of Winslow Capital Management, LLC; Executive Vice President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC.
R. Tanner Page 1985 333 W. Wacker Drive Chicago, IL 60606		Vice President and Treasurer		2025		Managing Director, formerly, Vice President of Nuveen; has previously held various positions with Nuveen.
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606		Vice President		2017		Senior Managing Director of Nuveen.
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606		Vice President and Secretary		2008		Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Rachael Zufall 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262		Vice President and Assistant Secretary		2022		Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA.

(1) The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2) Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

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Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC   333 West Wacker Drive   Chicago, IL 60606   www.nuveen.com  EAN-C-1225P 5093099

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Item 4. Principal Accountant Fees and Services.

Nuveen Multi-Asset Income Fund

The following tables show the amount of fees that PricewaterhouseCoopers LLP (“PwC”), the Registrant’s current independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended December 31, 2025, and the amount of fees that KPMG LLP (“KPMG”), the Registrant’s former independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended December 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

Fiscal Year Ended5		Audit Fees Billed to Registrant1				Audit-Related Fees Billed to  Registrant2				Tax Fees Billed to Registrant3				All Other Fees Billed to Registrant4
December 31, 2025 (PwC)			$42,795				$0				$0				$0
Percentage approved pursuant to pre-approval exception			0%				0%				0%				0%
December 31, 2024 (KPMG)			$42,800				$0				$0				$0
Percentage approved pursuant to pre-approval exception			0%				0%				0%				0%

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Registrant’s annual financial statements and services provided in connection with statutory and regulatory filings.

2 “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Registrant’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended December 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended December 31, 2024.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.

Fiscal Year Ended		Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers				Tax Fees Billed to Adviser and Affiliated Fund Service Providers				All Other Fees Billed to Adviser and Affiliated Fund Service Providers
December 31, 2025 (PwC)			$0				$0				$0
Percentage approved pursuant to pre-approval exception			0%				0%				0%
December 31, 2024 (KPMG)			$0				$0				$0
Percentage approved pursuant to pre-approval exception			0%				0%				0%

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant’s fiscal year ended December 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant’s fiscal year ended December 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s and KPMG’s independence.

Fiscal Year Ended		Total Non-Audit Fees Billed to Registrant				Total Non-Audit Fees Billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Registrant)				Total Non-Audit Fees Billed to Adviser and Affiliated Fund  Service Providers (all other engagements)				Total
December 31, 2025 (PwC)			$0				$0				$11,542,000				$11,542,000
December 31, 2024 (KPMG)			$0				$0				$0				$0

“Non-Audit Fees billed to Registrant” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Terence J. Toth, Matthew Thornton III and Margaret L. Wolff.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management”), Teachers Advisors LLC (“Teachers Advisors”) and Winslow Capital Management, LLC (“Winslow”), as Sub-Advisers to provide discretionary investment advisory services, respectively (Nuveen Asset Management, Teachers Advisors and Winslow are also collectively referred to as “Sub-Advisers”). As part of these services, the Adviser has also delegated to the Sub-Advisers the full responsibility for proxy voting on securities held in its portfolio and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Advisers’ voting to ensure that it is carrying out its duties. The Sub-Advisers’ proxy voting policies and procedures are attached to this filing as exhibits.

Teachers Advisors LLC (“Teachers Advisors”)

Proxy Voting Guidelines

The Fund has adopted policies and procedures to govern the Fund’s voting of proxies of portfolio companies. The Fund seeks to use proxy voting as a tool to promote positive returns for long-term shareholders. The Fund believes that sound corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of shareholders.

As a general matter, the Fund’s Board has delegated to Teachers Advisors responsibility for voting proxies of the Fund’s portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this filing.

Teachers Advisors has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and TIAA investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the Fund’s shareholders. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, Teachers Advisors may seek guidance from the Fund’s Board or a designated committee thereof.

The Fund and Teachers Advisors believes that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by TIAA’s Board of Trustees or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee, or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) by Teachers Advisors’ legal and compliance professionals.

There could be rare instances in which an individual who has a direct role in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.

A record of all proxy votes cast for the Fund for the 12-month period ended June 30 can be obtained, free of charge, at www.tiaa.org, and on the SEC’s website at www.sec.gov.

Winslow Capital Management, LLC (“Winslow”)

Winslow Capital, pursuant to Rule 206(4)-6 under the Investment Advisers Act of 1940, has adopted Proxy Voting Policies and Procedures pursuant to which it has undertaken to vote all proxies or other beneficial interests in an equity security prudently and solely in the best long-term economic interest of its advisory clients and their beneficiaries, considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote.

Winslow Capital will vote all proxies appurtenant to shares of corporate stock held by a plan or account with respect to which it serves as investment manager, unless the investment management contract expressly precludes Winslow Capital, as investment manager, from voting such proxy.

Winslow Capital has delegated the authority to vote proxies in accordance with its Proxy Voting Policies and Procedures to Institutional Shareholder Services Inc. (“ISS”), a third party proxy-voting agency. Winslow Capital subscribes to ISS’s Implied Consent service feature. As ISS research is completed, the ISS Account Manager executes the ballots as Winslow Capital’s agent according to the vote recommendations and consistent with the applicable ISS Proxy Voting Guidelines. If new material public information becomes available after ISS recommends a vote or ISS finds that a report contains a material error, ISS issues a proxy alert to inform Winslow Capital of any corrections and, if necessary, any resulting changes in the vote recommendations. In casting its vote, Winslow Capital reviews any updated information from ISS.

Winslow Capital retains the ability to override any vote if it disagrees with ISS’s vote recommendation, and always maintains the option to review and amend votes before they are cast, except in the case of a conflict of interest. When there is an apparent conflict of interest, or the appearance of a conflict of interest, e.g., where Winslow Capital may receive fees from a company for advisory or other services at the same time that Winslow Capital has investments in the stock of that company, Winslow Capital will follow the vote recommendation of ISS. Winslow Capital retains documentation of all amended votes.

Although Winslow Capital has affiliates that provide investment advisory, broker-dealer, insurance or other financial services, Winslow Capital does not receive non-public information about the business arrangements of such affiliates (except with regard to major distribution partners of its investment products) or the directors, officers and employees of such affiliates. Therefore, Winslow Capital is unable to consider such information when determining whether there are material conflicts of interests.

Winslow Capital has adopted ISS Proxy Voting Guidelines. While these guidelines are not intended to be all-inclusive, they do provide guidance on the Sub-Adviser’s general voting policies. ISS’s website at http://www.issgovernance.com/policy-gateway/voting-policies provides access to all of the current ISS Proxy Voting Guidelines.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management”), Teachers Advisors LLC (“Teachers Advisors”) and Winslow Capital Management, LLC (“Winslow”), as Sub-Advisers to provide discretionary investment advisory services, respectively (Nuveen Asset Management, Teachers Advisors and Winslow are also collectively referred to as “Sub-Advisers”). The following section provides information on the portfolio managers at Nuveen Asset Management:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

James Kim, is a portfolio manager for Nuveen’s leveraged finance team with a focus on the management of high yield mandates. James is the lead manager of the High Yield Income strategy and a co-manager on the High Yield, Real Asset Income and Credit Income strategies. He is also head of special situations, leading workouts and opportunistic investing for the leveraged finance platform. Previously, James was co-head of global fixed income research and head of the leveraged finance research team, overseeing its daily investment process. He also served as the co-head of research at Nuveen affiliate Symphony Asset Management, leading the firm’s research team, daily investment process and opportunistic investments across its various mandates. Prior to this, he was a distressed generalist and an industry analyst responsible for a number of different industries, including energy, power, metals & mining and chemicals, providing long and short ideas across the capital structure. Prior to joining the firm, James was an associate at Greywolf Capital in its special situations group and an analyst at Watershed Asset Management. He began his career at Goldman Sachs, as an investment banking analyst both in the Strategy Group and Energy & Power Group.

Mark Zheng, CFA is a portfolio manager for Nuveen, focused on Multi-Sector portfolio management. He is currently lead manager of a diversified, total return component portfolio for the CREF Real Estate Account. He is also a co-manager for the Stable Value Account. Mark is a member of the Core and Core-Plus Strategy teams. Mark provides strategic and quantitative analysis across a broad set of Multi-Sector Fixed Income strategies incorporating emerging markets, mortgage-backed securities, high yield bond and loans and non-agency structured products. Since joining the firm in 2010, he has held several positions, including co-manager of fixed income ETFs. He also served as a research analyst for investments in mortgage-backed securities and as a business analyst for fixed income business applications. Prior to working in the financial services industry, Mark worked in the engineering industry, providing consulting services for global pharmaceutical, chemical, and manufacturing firms.

John Tribolet is a portfolio manager for Nuveen’s equities team and has lead portfolio management responsibilities for several global and international strategies. He is also a member of the Equities Investment Council (EIC) with a focus on international investing. Prior to his current role and since joining Nuveen in 2005, John has served as head of global equities research for Nuveen as well as a lead international and global portfolio manager on multiple strategies. Prior to joining Nuveen, John was co-head of the Loomis Sayles International Equity Fund and an international portfolio manager at Nicholas Applegate.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager		Type of Account Managed		Number of     Accounts		Assets*
James Kim		Registered Investment Company		9		$7.98 billion
		Other Pooled Investment Vehicles		2		$71.64 million
		Other Accounts		3		$152.51 million
Mark Zheng		Registered Investment Company		2		$868.89 million
		Other Pooled Investment Vehicles		0		$0
		Other Accounts		3		$223.09 million
John Tribolet		Registered Investment Company		4		$42.50 billion
		Other Pooled Investment Vehicles		2		$112.58 million
		Other Accounts		1		$20.15 million

* Assets are as of December 31, 2025. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act

in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3)  Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4)  Beneficial Ownership of NMAI Securities

As of December 31, 2025, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager

None

$1- $10,000

$10,001- $50,000

$50,001- $100,000

$100,001- $500,000

$500,001- $1,000,000

Over $1,000,000

James Kim

X

Mark Zheng

X

John Tribolet

X

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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

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.

Nuveen Multi-Asset Income Fund

Date: March 6, 2026		By:		/s/ David J. Lamb
				David J. Lamb
				Chief Administrative Officer

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.

Date: March 6, 2026		By:		/s/ David J. Lamb
				David J. Lamb
				Chief Administrative Officer (principal executive officer)

Date: March 6, 2026		By:		/s/ Marc Cardella
				Marc Cardella
				Vice President and Controller (principal financial officer)