# EDGAR Filing Document

**Accession Number:** 0001380786
**File Stem:** 0001193125-26-096034
**Filing Date:** 2026-3
**Character Count:** 188949
**Document Hash:** 020d16c0c411c9dfff869f811c7112f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096034.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096034

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Investment Trust V
- **CENTRAL INDEX KEY:** 0001380786

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21979
- **FILM NUMBER:** 26730009

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Nuveen Global Real Estate Securities Fund (Series ID: S000061500)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000199169 | Class A      | NGJAX           |
| C000199170 | Class C      | NGJCX           |
| C000199171 | Class R6     | NGJFX           |
| C000199172 | Class I      | NGJIX           |

?xml version='1.0' encoding='ASCII'? Nuveen Investment Trust V

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 <u>811-21979</u> 

Nuveen Investment Trust V

(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 J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>December 31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g82837g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Global Real Estate Securities Fund

Class A Shares/NGJAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $136 | 1.30% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Global Real Estate Securities Fund returned 9.13% for Class A Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.<br>•  Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.<br>•  Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.<br>•  Top detractors from relative performance<br>•  An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.<br>•  Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.<br>•  Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 20, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g82837g1g02a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(3/20/18)** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 9.13% | 3.21% | 4.95% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 2.85% | 1.99% | 4.15% |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Index (Net) | 22.34% | 11.19% | 10.92% |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/Nareit Developed Index (Net) | 9.58% | 2.76% | 3.00% |
| &nbsp;&nbsp;&nbsp; Lipper Global Real Estate Funds Classification Average | 7.86% | 2.76% | 3.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $46303831 |
|  Total number of portfolio holdings | 118 |
|  Portfolio turnover (%) | 90% |
|  Total management fees paid for the year | $412863 |

---

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g82837g1g01a04.jpg)

![LOGO](g82837g1g02b04.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670700665_AR_1225<br> 5093104 | ![LOGO](g82837g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g82837g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Global Real Estate Securities Fund

Class C Shares/NGJCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $214 | 2.05% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Global Real Estate Securities Fund returned 8.33% for Class C Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.<br>•  Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.<br>•  Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.<br>•  Top detractors from relative performance<br>•  An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.<br>•  Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.<br>•  Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 20, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g82837g1g07a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(3/20/18)** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 8.33% | 2.43% | 4.16% |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Index (Net) | 22.34% | 11.19% | 10.92% |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/Nareit Developed Index (Net) | 9.58% | 2.76% | 3.00% |
| &nbsp;&nbsp;&nbsp; Lipper Global Real Estate Funds Classification Average | 7.86% | 2.76% | 3.85% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $46303831 |
|  Total number of portfolio holdings | 118 |
|  Portfolio turnover (%) | 90% |
|  Total management fees paid for the year | $412863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g82837g1g71c25.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g82837g1g91e48.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670700657_AR_1225<br> 5093104 | ![LOGO](g82837g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g82837g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Global Real Estate Securities Fund

Class R6 Shares/NGJFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $97 | 0.93% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Global Real Estate Securities Fund returned 9.59% for Class R6 Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.<br>•  Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.<br>•  Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.<br>•  Top detractors from relative performance<br>•  An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.<br>•  Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.<br>•  Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 20, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g82837g1g01n12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(3/20/18)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.59% | 3.55% | 5.29% |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Index (Net) | 22.34% | 11.19% | 10.92% |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/Nareit Developed Index (Net) | 9.58% | 2.76% | 3.00% |
| &nbsp;&nbsp;&nbsp; Lipper Global Real Estate Funds Classification Average | 7.86% | 2.76% | 3.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $46303831 |
|  Total number of portfolio holdings | 118 |
|  Portfolio turnover (%) | 90% |
|  Total management fees paid for the year | $412863 |

---

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g82837g1g28t77.jpg)

![LOGO](g82837g1g72o79.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670700632_AR_1225<br> 5093104 | ![LOGO](g82837g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g82837g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Global Real Estate Securities Fund

Class I Shares/NGJIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $110 | 1.05% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Global Real Estate Securities Fund returned 9.40% for Class I Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.<br>•  Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.<br>•  Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.<br>•  Top detractors from relative performance<br>•  An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.<br>•  Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.<br>•  Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 20, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g82837g1g17a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(3/20/18)** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.40% | 3.46% | 5.20% |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Index (Net) | 22.34% | 11.19% | 10.92% |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/Nareit Developed Index (Net) | 9.58% | 2.76% | 3.00% |
| &nbsp;&nbsp;&nbsp; Lipper Global Real Estate Funds Classification Average | 7.86% | 2.76% | 3.85% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $46303831 |
|  Total number of portfolio holdings | 118 |
|  Portfolio turnover (%) | 90% |
|  Total management fees paid for the year | $412863 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g82837g1g27l58.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g82837g1g03h50.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670700640_AR_1225<br> 5093104 | ![LOGO](g82837g1g85u20.jpg) [ |

---

4.0 ------

**Item 2.** **Code of Ethics.** <br>

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.** <br>

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.** <br>

Nuveen Investment Trust V

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC 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 Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
| December 31, 2025 | $54889 | $0 | $0 | $0 |
| Percentage approved pursuant to pre- <br> approval exception | 0% | 0% | 0% | 0% |
| December 31, 2024 | $55795 | $0 | $0 | $0 |
| Percentage approved pursuant to pre- <br> 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".

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".

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 last two full fiscal years.

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<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
| December 31, 2025 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| December 31, 2024 | $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 last two full fiscal years 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 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 independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $0 | $0 | $11542000 | $11542000 |
|  December 31, 2024 | $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.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

Report of Independent Registered

Public Accounting Firm

To the Board of Directors of Nuveen Investment Funds, Inc. and Board of Trustees of Nuveen Investment Trust V and

Shareholders of Nuveen Global Infrastructure Fund, Nuveen Global Real Estate Securities Fund, Nuveen Real Asset

Income Fund and Nuveen Real Estate Securities Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen Global Infrastructure Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund (three

of the funds constituting Nuveen Investment Funds, Inc.) and Nuveen Global Real Estate Securities Fund (one of the

funds constituting Nuveen Investment Trust V) (hereafter collectively referred to as the "Funds") as of December 31,

2025, the related statements of operations for the year ended December 31, 2025 , the statements of changes in net

assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial

highlights for each of the five years in the period 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 , the results of each of their operations for the year then ended, the

changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the

financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting

principles generally accepted in the United States of America.

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, 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

Global Infrastructure

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.0%

473542528

COMMON STOCKS - 98.7%

AUSTRALIA - 5.1%

805,043

Atlas Arteria Ltd

$

2,618,425

542,919

Cleanaway Waste Management Ltd

936,009

542,155

Dalrymple Bay Infrastructure Ltd

1,810,515

86,968

(a) NEXTDC Ltd

724,093

2,440,199

Qube Holdings Ltd

7,741,546

1,145,584

Transurban Group

10,841,342

TOTAL AUSTRALIA

24,671,930

BELGIUM - 0.9%

35,292

Elia Group SA/NV

4,541,471

TOTAL BELGIUM

4,541,471

CANADA - 5.5%

119,578

AltaGas Ltd

3,646,016

13,375

Canadian Pacific Kansas City Ltd

984,801

235,193

Enbridge Inc

11,249,281

139,621

Pembina Pipeline Corp

5,319,138

25,093

Rockpoint Gas Storage Inc, Class A

511,897

85,799

TC Energy Corp

4,724,555

TOTAL CANADA

26,435,688

FRANCE - 3.8%

24,978

Aeroports de Paris SA

3,259,522

121,572

Engie SA

3,193,616

305,311

Getlink SE

5,635,747

121,067

Veolia Environnement SA

4,212,825

13,993

Vinci SA

1,968,578

TOTAL FRANCE

18,270,288

GERMANY - 4.1%

600,378

E.ON SE

11,368,109

80,845

(a) Fraport AG Frankfurt Airport Services Worldwide

6,610,905

29,832

RWE AG

1,580,704

TOTAL GERMANY

19,559,718

INDIA - 0.2%

356,724

Power Grid Corp of India Ltd

1,051,893

TOTAL INDIA

1,051,893

ITALY - 2.9%

1,065,736

Enel SpA

11,080,812

118,015

(b) Infrastrutture Wireless Italiane SpA

1,092,133

163,677

Terna - Rete Elettrica Nazionale

1,741,310

TOTAL ITALY

13,914,255

JAPAN - 0.4%

171,659

(c) Tokyo Metro Co Ltd

1,747,384

TOTAL JAPAN

1,747,384

MEXICO - 4.4%

27,294

Grupo Aeroportuario del Centro Norte SAB de CV, ADR

2,968,769

28,440

Grupo Aeroportuario del Pacifico SAB de CV, ADR

7,497,637

33,253

Grupo Aeroportuario del Sureste SAB de CV, ADR

10,754,020

TOTAL MEXICO

21,220,426

NEW ZEALAND - 1.9%

1,469,970

Auckland International Airport Ltd

7,049,972

327,415

Infratil Ltd

2,089,288

TOTAL NEW ZEALAND

9,139,260

PHILIPPINES - 0.7%

328,623

International Container Terminal Services Inc

3,153,553

TOTAL PHILIPPINES

3,153,553

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

SINGAPORE - 1.3%

3,026,022

(a) NTT DC REIT

$

3,083,571

657,812

(c) Sembcorp Industries Ltd

3,075,017

TOTAL SINGAPORE

6,158,588

SPAIN - 7.2%

599,783

(b) Aena SME SA

16,758,452

114,651

(b) Cellnex Telecom SA

3,691,953

552,407

Iberdrola SA

11,961,484

116,347

Redeia Corp SA

2,074,091

TOTAL SPAIN

34,485,980

UNITED KINGDOM - 4.0%

539,161

National Grid PLC

8,269,909

277,846

Pennon Group PLC

1,969,238

101,428

Severn Trent PLC

3,808,730

144,190

SSE PLC

4,227,350

60,365

United Utilities Group PLC

969,850

TOTAL UNITED KINGDOM

19,245,077

UNITED STATES - 56.3%

32,196

Alliant Energy Corp

2,093,062

111,747

Ameren Corp

11,159,055

86,601

American Electric Power Co Inc

9,985,961

5,497

American Water Works Co Inc

717,359

22,136

(a) Casella Waste Systems Inc, Class A

2,168,000

291,340

CenterPoint Energy Inc

11,169,976

48,653

Cheniere Energy Inc

9,457,657

32,196

CMS Energy Corp

2,251,466

7,105

Constellation Energy Corp

2,509,983

52,564

Crown Castle Inc

4,671,363

157,859

CSX Corp

5,722,389

11,572

Digital Realty Trust Inc

1,790,304

13,564

DT Midstream Inc

1,623,340

303,462

Energy Transfer LP

5,004,088

264,323

Entergy Corp

24,431,375

93,797

Evergy Inc

6,799,345

13,715

Ferrovial SE

888,604

53,610

GFL Environmental Inc

2,302,549

15,132

IDACORP Inc

1,915,106

236,110

Kinder Morgan Inc

6,490,664

296,486

NextEra Energy Inc

23,801,896

353,257

NiSource Inc

14,752,012

10,379

Norfolk Southern Corp

2,996,625

32,048

NRG Energy Inc

5,103,324

114,235

ONEOK Inc

8,396,273

259,140

PG&E Corp

4,164,380

28,693

Republic Services Inc

6,080,907

221,234

Sempra

19,532,750

51,104

Southern Co/The

4,456,269

23,880

Targa Resources Corp

4,405,860

19,343

Union Pacific Corp

4,474,423

23,856

Vistra Corp

3,848,688

20,212

Waste Connections Inc

3,544,376

71,409

Waste Management Inc

15,689,271

215,439

Williams Cos Inc/The

12,950,038

305,961

Xcel Energy Inc

22,598,279

TOTAL UNITED STATES

269,947,017

TOTAL COMMON STOCKS

(Cost $350,275,233)

473,542,528

Portfolio of Investments December 31, 2025

(continued)

Global Infrastructure

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

1,517,212

INVESTMENT COMPANIES - 0.3%

301,493

3i Infrastructure PLC

$

1,517,212

TOTAL INVESTMENT COMPANIES

(Cost $1,190,306)

1,517,212

TOTAL LONG-TERM INVESTMENTS

(Cost $351,465,539)

475,059,740

SHARES

DESCRIPTION

Coupon

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5%

2,505,518

(d) State Street Navigator Securities Lending

Government Money Market Portfolio

3.830%(e)

2,505,518

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,505,518)

2,505,518

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.4%

1,925,000

REPURCHASE AGREEMENTS - 0.4%

$

1,925,000

(f) Fixed Income Clearing Corporation

3.780 01/02/26

1,925,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,925,000)

1,925,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,925,000)

1,925,000

TOTAL INVESTMENTS (Cost $355,896,057) - 99.9%

479,490,258

OTHER ASSETS & LIABILITIES, NET - 0.1%

644,501

NET ASSETS - 100%

$

480,134,759

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

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

(b) 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 $21,542,538 or 4.5% of Total Investments.

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the fiscal period was $2,371,964.

(d) Investments made with cash collateral received from securities on loan.

(e) The rate shown is the one-day yield as of the end of the reporting period.

(f) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $1,925,404 on 1/2/26,

collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 2/15/41, valued at $1,963,717.

Portfolio of Investments December 31, 2025

Global Real Estate Securities

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.1%

45874827

COMMON STOCKS - 99.1%

AUSTRALIA - 6.8%

72,265

Goodman Group

$

1,487,081

117,247

Ingenia Communities Group

403,020

10,151

(a) NEXTDC Ltd

84,517

218,046

Scentre Group

609,523

112,181

Stockland

427,714

69,750

Vicinity Ltd

118,749

TOTAL AUSTRALIA

3,130,604

BELGIUM - 0.7%

1,105

Montea NV

94,888

1,913

VGP NV

220,696

TOTAL BELGIUM

315,584

CANADA - 2.3%

26,653

Chartwell Retirement Residences

390,314

5,894

Dream Industrial Real Estate Investment Trust

54,021

1,589

Granite Real Estate Investment Trust

94,596

27,837

Primaris Real Estate Investment Trust

316,184

13,578

Sienna Senior Living Inc

202,104

TOTAL CANADA

1,057,219

FRANCE - 1.0%

6,929

Carmila SA

138,228

3,001

Unibail-Rodamco-Westfield

326,349

TOTAL FRANCE

464,577

GERMANY - 1.6%

242,100

Sirius Real Estate Ltd

314,264

28,468

TAG Immobilien AG

440,907

TOTAL GERMANY

755,171

HONG KONG - 3.3%

99,642

Hongkong Land Holdings Ltd

692,185

20,416

Link REIT

91,158

40,522

Sun Hung Kai Properties Ltd

493,407

95,494

Swire Properties Ltd

257,876

TOTAL HONG KONG

1,534,626

ITALY - 0.4%

18,766

(b) Infrastrutture Wireless Italiane SpA

173,664

TOTAL ITALY

173,664

JAPAN - 9.1%

24,850

Arealink Co Ltd

169,175

GLP J-REIT

65,591

Invincible Investment Corp

51,329

KDX Realty Investment Corp

325,483

LaSalle Logiport REIT

117,428

11,967

Mitsubishi Estate Co Ltd

290,740

Mitsui Fudosan Accommodations Fund Inc

318,958

119,412

Mitsui Fudosan Co Ltd

1,357,030

Nippon Prologis REIT Inc

178,282

2,277

Open House Group Co Ltd

133,658

Orix JREIT Inc

101,676

Star Asia Investment Corp

82,263

29,630

Sumitomo Realty & Development Co Ltd

743,889

United Urban Investment Corp

263,575

TOTAL JAPAN

4,199,077

MEXICO - 0.3%

3,978

Corp Inmobiliaria Vesta SAB de CV, ADR

121,289

TOTAL MEXICO

121,289

NETHERLANDS - 0.8%

18,503

CTP NV

387,719

TOTAL NETHERLANDS

387,719

Portfolio of Investments December 31, 2025

(continued)

Global Real Estate Securities

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

SINGAPORE - 3.2%

192,346

CapitaLand Ascendas REIT

$

422,886

193,366

CapitaLand Integrated Commercial Trust

358,896

190,564

Frasers Centrepoint Trust

344,996

22,440

Keppel DC REIT

39,240

323,142

(a) NTT DC REIT

329,287

TOTAL SINGAPORE

1,495,305

SPAIN - 1.7%

15,572

(b) Cellnex Telecom SA

501,444

19,865

Merlin Properties Socimi SA

289,205

TOTAL SPAIN

790,649

SWEDEN - 2.7%

17,491

Cibus Nordic Real Estate AB publ

279,183

45,895

Dios Fastigheter AB

326,217

86,043

(a) Fastighets AB Balder

635,110

TOTAL SWEDEN

1,240,510

UNITED KINGDOM - 3.5%

3,669

Big Yellow Group PLC

51,596

8,638

Derwent London PLC

201,519

113,029

LondonMetric Property PLC

288,162

12,955

Safestore Holdings PLC

128,526

19,123

Segro PLC

185,266

237,012

Tritax Big Box REIT PLC

484,320

39,625

UNITE Group PLC/The

298,329

TOTAL UNITED KINGDOM

1,637,718

UNITED STATES - 61.7%

9,553

Acadia Realty Trust

196,219

4,924

Agree Realty Corp

354,676

922

Alexandria Real Estate Equities Inc

45,123

5,216

American Homes 4 Rent, Class A

167,434

3,642

American Tower Corp

639,426

2,512

AvalonBay Communities Inc

455,451

16,060

Brixmor Property Group Inc

421,093

19,908

Broadstone Net Lease Inc

345,802

3,298

Camden Property Trust

363,044

18,940

CareTrust REIT Inc

684,870

1,524

(a) CBRE Group Inc, Class A

245,044

5,928

COPT Defense Properties

164,798

11,601

Crown Castle Inc

1,030,981

5,241

CubeSmart

188,938

3,273

Curbline Properties Corp

75,966

9,197

Digital Realty Trust Inc

1,422,868

7,969

Douglas Emmett Inc

87,579

4,090

EastGroup Properties Inc

728,593

10,818

Empire State Realty Trust Inc, Class A

70,533

2,979

EPR Properties

148,652

2,383

Equinix Inc

1,825,759

15,234

Equity Residential

960,351

7,738

Essential Properties Realty Trust Inc

229,509

1,796

Essex Property Trust Inc

469,977

5,592

Extra Space Storage Inc

728,190

5,696

First Industrial Realty Trust Inc

326,210

8,492

Four Corners Property Trust Inc

195,826

15,220

Gaming and Leisure Properties Inc

680,182

25,717

GO Residential Real Estate Investment Trust

301,403

7,680

Highwoods Properties Inc

198,298

24,184

Invitation Homes Inc

672,073

11,978

Iron Mountain Inc

993,575

27,423

Kimco Realty Corp

555,864

1,050

Lamar Advertising Co, Class A

132,909

6,474

Lineage Inc

226,590

1,291

LXP Industrial Trust

64,008

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

UNITED STATES

(continued)

8,323

Macerich Co/The

$

153,643

Marriott International Inc/MD, Class A

150,156

2,872

Mid-America Apartment Communities Inc

398,950

12,531

NETSTREIT Corp

221,047

4,552

NNN REIT Inc

180,396

19,122

Prologis Inc

2,441,115

2,495

Public Storage

647,452

5,214

Realty Income Corp

293,913

4,372

Regency Centers Corp

301,799

4,577

Rexford Industrial Realty Inc

177,221

989

Ryman Hospitality Properties Inc

93,579

16,342

Sabra Health Care REIT Inc

309,517

5,200

Simon Property Group Inc

962,572

5,251

SITE Centers Corp

33,711

6,241

SL Green Realty Corp

286,275

6,576

Smartstop Self Storage REIT Inc

203,461

STAG Industrial Inc

18,270

4,165

Sun Communities Inc

516,085

4,750

Sunstone Hotel Investors Inc

42,465

4,214

Urban Edge Properties

80,867

11,560

Ventas Inc

894,513

7,474

Veris Residential Inc

111,213

10,396

VICI Properties Inc

292,336

16,348

Welltower Inc

3,034,352

1,998

Weyerhaeuser Co

47,333

4,367

WP Carey Inc

281,060

TOTAL UNITED STATES

28,571,115

TOTAL COMMON STOCKS

(Cost $39,157,147)

45,874,827

TOTAL LONG-TERM INVESTMENTS

(Cost $39,157,147)

45,874,827

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.8%

375,000

REPURCHASE AGREEMENTS - 0.8%

$

375,000

(c) Fixed Income Clearing Corporation

3.780 %

01/02/26

375,000

TOTAL REPURCHASE AGREEMENTS

(Cost $375,000)

375,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $375,000)

375,000

TOTAL INVESTMENTS (Cost $39,532,147) - 99.9%

46,249,827

OTHER ASSETS & LIABILITIES, NET - 0.1%

54,004

NET ASSETS - 100%

$

46,303,831

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

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

(b) 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 $675,108 or 1.5% of Total Investments.

(c) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $375,079 on 1/2/26,

collateralized by Government Agency Securities, with coupon rate 3.500% and maturity date 11/30/30, valued at $382,585.

Portfolio of Investments December 31, 2025

Real Asset Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.4%

ASSET-BACKED AND MORTGAGE-BACKED SECURITIES - 0.1%

–

$

1,000,000

(a),(b)

Arbor Realty Collateralized Loan Obligation Ltd, Series 2025

BTR1, (TSFR1M + 1.925%)

5.659 %

01/20/41

$

1,003,568

TOTAL ASSET-BACKED AND MORTGAGE-BACKED SECURITIES

(Cost $997,594)

1,003,568

SHARES

DESCRIPTION

VALUE

564498782

COMMON STOCKS - 49.1%

564498782

CAPITAL GOODS - 0.4%

31,643

Vinci SA

4,451,634

TOTAL CAPITAL GOODS

4,451,634

ENERGY - 7.5%

245,914

Enbridge Inc

11,762,067

1,049,894

Energy Transfer LP

17,312,753

120,906

Enterprise Products Partners LP

3,876,247

467,674

Kinder Morgan Inc

12,856,358

135,575

MPLX LP

7,235,638

149,892

ONEOK Inc

11,017,062

267,489

(c) Pembina Pipeline Corp

10,190,521

232,374

Plains All American Pipeline LP

4,173,437

79,497

TC Energy Corp

4,377,533

82,924

Western Midstream Partners LP

3,275,498

TOTAL ENERGY

86,077,114

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 23.8%

214,988

Apple Hospitality REIT Inc

2,547,608

231,944

Armada Hoffler Properties Inc

1,535,469

140,582

Brixmor Property Group Inc

3,686,060

750,736

Broadstone Net Lease Inc

13,040,284

670,104

CapitaLand Ascendas REIT

1,473,271

894,939

CapitaLand Integrated Commercial Trust

1,661,047

193,449

Carmila SA

3,859,147

576,170

Charter Hall Long Wale REIT

1,564,766

562,142

Charter Hall Retail REIT

1,524,674

227,137

Community Healthcare Trust Inc

3,729,590

182,064

Crombie Real Estate Investment Trust

2,025,513

124,628

Crown Castle Inc

11,075,690

245,049

CT Real Estate Investment Trust

2,904,774

119,307

CubeSmart

4,301,017

1,039

Daiwa Securities Living Investments Corp

755,893

66,424

Derwent London PLC

1,549,630

49,362

Douglas Emmett Inc

542,488

600,795

Dream Industrial Real Estate Investment Trust

5,506,540

34,858

EPR Properties

1,739,414

100,729

Equity Residential

6,349,956

11,122

Extra Space Storage Inc

1,448,307

5,926

Federal Realty Investment Trust

597,341

1,247,332

(b) FIBRA Macquarie Mexico

2,350,242

348,531

Four Corners Property Trust Inc

8,037,125

3,743,376

Frasers Centrepoint Trust

6,776,978

341,546

Gaming and Leisure Properties Inc

15,263,691

36,449

Gecina SA

3,461,657

1,146

GLP J-REIT

1,089,373

178,234

GO Residential Real Estate Investment Trust

2,088,902

21,080

Granite Real Estate Investment Trust

1,254,925

236,771

Highwoods Properties Inc

6,113,427

3,398

Invincible Investment Corp

1,395,319

64,390

Iron Mountain Inc

5,341,150

1,455

Japan Metropolitan Fund Invest

1,151,178

2,949

KDX Realty Investment Corp

3,309,822

152,539

Kimco Realty Corp

3,091,966

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

22,980

Lamar Advertising Co, Class A

$

2,908,808

3,596

LaSalle Logiport REIT

3,640,279

4,487,100

Lendlease Global Commercial REIT

2,162,559

4,689

Lineage Inc

164,115

146,743

Link REIT

655,210

3,566,611

LondonMetric Property PLC

9,092,892

167,281

LXP Industrial Trust

8,293,792

884,482

Mapletree Logistics Trust

906,387

50,442

Mid-America Apartment Communities Inc

7,006,898

122,968

Millrose Properties Inc

3,673,054

62,991

Montea NV

5,409,133

260,491

NETSTREIT Corp

4,595,061

57,087

Nexus Industrial REIT

328,576

35,263

NNN REIT Inc

1,397,473

5,170,610

(d) NTT DC REIT

5,268,945

198,730

Omega Healthcare Investors Inc

8,811,688

770

Orix JREIT Inc

521,939

119,185

Postal Realty Trust Inc, Class A

1,923,646

504,467

Primaris Real Estate Investment Trust

5,729,948

80,088

Realty Income Corp

4,514,561

2,813

Regency Centers Corp

194,181

8,235

Ryman Hospitality Properties Inc

779,196

523,333

Sabra Health Care REIT Inc

9,911,927

573,852

Scentre Group

1,604,138

155,109

Segro PLC

1,502,716

72,410

Simon Property Group Inc

13,403,815

825,504

SITE Centers Corp

5,299,736

59,236

SL Green Realty Corp

2,717,155

110,161

Smartstop Self Storage REIT Inc

3,408,381

6,391

Star Asia Investment Corp

2,515,524

1,609,296

Tritax Big Box REIT PLC

3,288,503

92,651

UDR Inc

3,398,439

490,691

UNITE Group PLC/The

3,694,320

2,700

United Urban Investment Corp

3,148,906

124,584

VICI Properties Inc

3,503,302

1,071,820

Waypoint REIT Ltd

1,820,197

29,073

WP Carey Inc

1,871,138

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

273,210,772

FINANCIAL SERVICES - 0.4%

102,622

Apollo Commercial Real Estate Finance Inc

993,381

48,117

KKR Real Estate Finance Trust Inc

395,522

200,685

Starwood Property Trust Inc

3,614,337

TOTAL FINANCIAL SERVICES

5,003,240

HEALTH CARE EQUIPMENT & SERVICES - 0.9%

711,024

Sienna Senior Living Inc

10,583,382

TOTAL HEALTH CARE EQUIPMENT & SERVICES

10,583,382

MATERIALS - 0.1%

4,017,438

Keppel Infrastructure Trust

1,530,055

TOTAL MATERIALS

1,530,055

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.7%

778,881

Capitaland India Trust

738,639

364,065

Cibus Nordic Real Estate AB publ

5,811,041

491,232

Hongkong Land Holdings Ltd

3,412,451

3,124,095

Sirius Real Estate Ltd

4,055,314

1,835,735

Swire Properties Ltd

4,957,287

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

18,974,732

TELECOMMUNICATION SERVICES - 0.9%

1,208,082

HKT Trust & HKT Ltd

1,788,877

893,686

(b) Infrastrutture Wireless Italiane SpA

8,270,342

TOTAL TELECOMMUNICATION SERVICES

10,059,219

Portfolio of Investments December 31, 2025

(continued)

Real Asset Income

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TRANSPORTATION - 2.7%

186,526

(b) Aena SME SA

$

5,211,697

1,535,087

Atlas Arteria Ltd

4,992,914

1,509,827

Dalrymple Bay Infrastructure Ltd

5,042,034

365,149

(b) Enav SpA

2,017,952

14,991

Grupo Aeroportuario del Pacifico SAB de CV, ADR

3,952,077

25,739

(c) Grupo Aeroportuario del Sureste SAB de CV, ADR

8,323,993

198,755

Transurban Group

1,880,937

TOTAL TRANSPORTATION

31,421,604

UTILITIES - 10.7%

7,142

American Electric Power Co Inc

823,544

118,527

Capital Power Corp

5,056,104

251,157

CK Infrastructure Holdings Ltd

1,861,131

263,230

Clearway Energy Inc, Class A

8,270,687

134,390

Dominion Energy Inc

7,873,910

13,801

DTE Energy Co

1,780,053

13,467

Duke Energy Corp

1,578,467

304,552

E.ON SE

5,766,668

1,272,842

Enel SpA

13,234,162

165,661

Engie SA

4,351,805

17,773

Entergy Corp

1,642,758

160,081

Evergy Inc

11,604,272

117,010

Exelon Corp

5,100,466

107,060

Iberdrola SA

2,318,212

51,914

Italgas SpA

579,028

833,843

National Grid PLC

12,789,883

104,310

(c) National Grid PLC, Sponsored ADR

8,068,378

16,895

Northwestern Energy Group Inc

1,090,403

122,595

OGE Energy Corp

5,234,807

745,035

Pennon Group PLC

5,280,446

145,773

Redeia Corp SA

2,598,661

45,245

Severn Trent PLC

1,698,998

619,265

Snam SpA

4,114,935

81,740

Terna - Rete Elettrica Nazionale

869,607

70,960

United Utilities Group PLC

1,140,074

78,426

Veolia Environnement SA

2,729,026

41,578

WEC Energy Group Inc

4,384,816

18,220

Xcel Energy Inc

1,345,729

TOTAL UTILITIES

123,187,030

TOTAL COMMON STOCKS

(Cost $500,592,421)

564,498,782

SHARES

DESCRIPTION

RATE

VALUE

24595171

CONVERTIBLE PREFERRED SECURITIES - 2.1%

24595171

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%

26,641

Kimco Realty Corp

7.250 %

1,560,363

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,560,363

UTILITIES - 2.0%

17,100

NextEra Energy Inc

4.635 833,625

92,050

NextEra Energy Inc

7.299 4,765,429

76,550

PG&E Corp

6.000 3,138,550

283,900

Southern Co/The

7.125 14,297,204

TOTAL UTILITIES

23,034,808

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $24,426,255)

24,595,171

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

368729297

CORPORATE BONDS - 32.0% (e)

368729297

AUTOMOBILES & COMPONENTS - 0.1%

$

900,000

(b) Clarios Global LP / Clarios US Finance Co

6.750 02/15/30

939,429

TOTAL AUTOMOBILES & COMPONENTS

939,429

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS - 1.2%

$

3,230,000

(b) Advanced Drainage Systems Inc

6.375 %

06/15/30

$

3,302,904

2,500,000

(b) Albion Financing 1 SARL / Aggreko Holdings Inc

7.000 05/21/30

2,609,277

1,000,000

(b) AmeriTex HoldCo Intermediate LLC

7.625 08/15/33

1,053,654

1,500,000

(b) Herc Holdings Inc

7.250 06/15/33

1,590,576

1,000,000

(b) Herc Holdings Inc

5.750 03/15/31

1,014,844

500,000

(b) Quikrete Holdings Inc

6.750 03/01/33

522,146

750,000

(b) Terex Corp

6.250 10/15/32

769,463

2,500,000

(b) United Rentals North America Inc

5.375 11/15/33

2,498,230

TOTAL CAPITAL GOODS

13,361,094

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%

1,500,000

(b) Asbury Automotive Group Inc

5.000 02/15/32

1,457,697

1,500,000

(b) Cougar JV Subsidiary LLC

8.000 05/15/32

1,603,606

1,200,000

(b) Kohl's Corp

10.000 06/01/30

1,321,514

1,715,000

(b) LCM Investments Holdings II LLC

4.875 05/01/29

1,689,638

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

6,072,455

CONSUMER SERVICES - 1.5%

EUR

600,000

(f),(g)

Accor SA, Reg S

7.250 N/A

772,491

795,000

Choice Hotels International Inc

5.850 08/01/34

810,551

2,975,000

(b) Churchill Downs Inc

5.750 04/01/30

3,003,974

780,000

(b) Hilton Domestic Operating Co Inc

5.875 03/15/33

802,453

1,310,000

Hyatt Hotels Corp

5.400 12/15/35

1,312,704

1,250,000

(b) Light & Wonder International Inc

6.250 10/01/33

1,265,497

1,000,000

(b) Marriott Ownership Resorts Inc

6.500 10/01/33

959,306

380,000

(b) Merlin Entertainments Group US Holdings Inc

7.375 02/15/31

338,495

2,000,000

(c) MGM Resorts International

6.500 04/15/32

2,060,610

500,000

(b),(c)

Motion Bondco DAC

6.625 11/15/27

485,491

1,500,000

(b) NCL Corp Ltd

5.875 01/15/31

1,494,325

1,385,000

(b) Six Flags Entertainment Corp / Six Flags Theme Parks Inc

6.625 05/01/32

1,396,653

590,000

(b) Vail Resorts Inc

5.625 07/15/30

599,594

1,655,000

(b) Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

6.250 03/15/33

1,692,198

TOTAL CONSUMER SERVICES

16,994,342

ENERGY - 8.9%

2,000,000

(b) Antero Midstream Partners LP / Antero Midstream Finance

Corp

5.750 10/15/33

2,012,078

1,126,000

(b) Archrock Partners LP / Archrock Partners Finance Corp

6.250 04/01/28

1,132,462

2,575,000

(b) Archrock Partners LP / Archrock Partners Finance Corp

6.625 09/01/32

2,655,739

1,000,000

Buckeye Partners LP

5.850 11/15/43

937,777

1,500,000

(b) Buckeye Partners LP

6.875 07/01/29

1,560,318

1,000,000

(b) CITGO Petroleum Corp

8.375 01/15/29

1,039,824

1,500,000

(b) CNX Midstream Partners LP

4.750 04/15/30

1,454,171

500,000

(b) CQP Holdco LP / BIP-V Chinook Holdco LLC

5.500 06/15/31

494,659

700,000

(b) CQP Holdco LP / BIP-V Chinook Holdco LLC

7.500 12/15/33

750,028

3,000,000

(b) DBR Land Holdings LLC

6.250 12/01/30

3,068,640

2,000,000

(b) Delek Logistics Partners LP / Delek Logistics Finance Corp

7.375 06/30/33

2,040,898

4,182,000

(g) Enbridge Inc

6.000 01/15/77

4,188,733

3,187,000

(g) Enbridge Inc

5.500 07/15/77

3,157,944

2,575,000

(g) Enbridge Inc

7.625 01/15/83

2,794,547

2,836,000

(g) Enbridge Inc

8.500 01/15/84

3,251,951

2,947,000

(g) Enbridge Inc

6.250 03/01/78

2,980,446

2,278,000

(a),(c),(g)

Energy Transfer LP (TSFR3M + 3.279%)

7.133 11/01/66

2,286,773

3,801,000

(f),(g)

Energy Transfer LP

7.125 N/A

3,892,045

1,329,000

(f),(g)

Energy Transfer LP

6.500 N/A

1,334,853

975,000

(g) Energy Transfer LP

8.000 05/15/54

1,040,769

1,444,000

(g) Energy Transfer LP

7.125 10/01/54

1,481,590

1,998,000

(g) Energy Transfer LP

6.750 02/15/56

2,005,628

3,166,000

(g) Enterprise Products Operating LLC

5.250 08/16/77

3,160,581

2,951,000

(g) Enterprise Products Operating LLC

5.375 02/15/78

2,931,685

CAD

1,060,000

(g) Gibson Energy Inc

5.250 12/22/80

770,972

2,750,000

(b) Global Partners LP / GLP Finance Corp

8.250 01/15/32

2,896,509

1,000,000

(b) Harvest Midstream I LP

7.500 05/15/32

1,042,384

CAD

1,350,000

(g) Inter Pipeline Ltd/AB

6.625 11/19/79

1,029,966

Portfolio of Investments December 31, 2025

(continued)

Real Asset Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

CAD

1,380,000

(g) Keyera Corp

6.875 %

06/13/79

$

1,069,705

CAD

2,123,000

(g) Keyera Corp

5.950 03/10/81

1,591,782

$

500,000

(b) Kodiak Gas Services LLC

6.500 10/01/33

510,606

2,580,000

ONEOK Inc

5.050 11/01/34

2,556,962

400,000

PBF Holding Co LLC / PBF Finance Corp

6.000 02/15/28

396,194

1,326,000

(a),(f),(g)

Plains All American Pipeline LP (TSFR3M + 4.372%)

8.223 N/A

1,329,762

700,000

(b) Rockies Express Pipeline LLC

4.800 05/15/30

688,406

500,000

(b) Rockies Express Pipeline LLC

6.750 03/15/33

527,660

1,405,000

(g) South Bow Canadian Infrastructure Holdings Ltd

7.625 03/01/55

1,464,533

732,000

(g) South Bow Canadian Infrastructure Holdings Ltd

7.500 03/01/55

782,412

1,860,000

South Bow USA Infrastructure Holdings LLC

5.584 10/01/34

1,878,418

1,500,000

(b) Sunoco LP

7.250 05/01/32

1,586,004

2,500,000

(b) Sunoco LP

6.250 07/01/33

2,560,794

1,905,000

(b),(f),(g)

Sunoco LP

7.875 N/A

1,956,959

1,000,000

(b) Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

6.000 09/01/31

995,324

750,000

Targa Resources Corp

6.150 03/01/29

789,535

1,910,000

Targa Resources Corp

6.125 03/15/33

2,043,084

2,885,000

(g) TransCanada PipeLines Ltd

7.590 05/15/67

2,551,954

2,274,000

(g) Transcanada Trust

5.875 08/15/76

2,276,783

572,000

(g) Transcanada Trust

5.300 03/15/77

571,955

2,275,000

(g) Transcanada Trust

5.500 09/15/79

2,257,892

2,345,000

(g) Transcanada Trust

5.600 03/07/82

2,316,097

1,250,000

(b) TransMontaigne Partners LLC

8.500 06/15/30

1,261,983

570,000

(b) Transocean International Ltd

7.875 10/15/32

595,309

1,113,095

(b) Transocean Titan Financing Ltd

8.375 02/01/28

1,136,784

1,550,000

(b) USA Compression Partners LP / USA Compression Finance

Corp

7.125 03/15/29

1,604,423

7,571,000

(b),(f),(g)

Venture Global LNG Inc

9.000 N/A

5,979,051

1,000,000

(b) Venture Global LNG Inc

9.875 02/01/32

1,033,072

1,000,000

(b) Venture Global Plaquemines LNG LLC

6.500 01/15/34

1,024,240

TOTAL ENERGY

102,731,653

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.8%

2,585,000

Agree LP

4.800 10/01/32

2,601,036

1,625,000

American Assets Trust LP

6.150 10/01/34

1,648,371

2,280,000

American Homes 4 Rent LP

5.500 02/01/34

2,354,314

2,000,000

(b) Diversified Healthcare Trust

7.250 10/15/30

2,044,976

2,390,000

Essex Portfolio LP

5.500 04/01/34

2,475,479

1,640,000

Extra Space Storage LP

5.700 04/01/28

1,694,389

1,820,000

Federal Realty OP LP

5.375 05/01/28

1,865,430

1,065,000

GLP Capital LP / GLP Financing II Inc

6.750 12/01/33

1,157,521

1,270,000

Highwoods Realty LP

5.350 01/15/33

1,269,048

3,270,000

(b) Iron Mountain Inc

6.250 01/15/33

3,297,359

1,665,000

Kite Realty Group LP

5.500 03/01/34

1,718,372

1,835,000

Kite Realty Group LP

4.000 10/01/26

1,831,923

1,295,000

(b) Lineage OP LP

5.250 07/15/30

1,306,444

1,270,000

Mid-America Apartments LP

5.300 02/15/32

1,325,706

1,000,000

(b) Millrose Properties Inc

6.250 09/15/32

1,008,983

1,500,000

(b) Millrose Properties Inc

6.375 08/01/30

1,534,836

2,665,000

(b) MPT Operating Partnership LP / MPT Finance Corp

8.500 02/15/32

2,846,043

930,000

National Health Investors Inc

5.350 02/01/33

928,705

2,615,000

Piedmont Operating Partnership LP

9.250 07/20/28

2,889,388

3,415,000

(b) RHP Hotel Properties LP / RHP Finance Corp

6.500 04/01/32

3,541,647

810,000

(b) RHP Hotel Properties LP / RHP Finance Corp

6.500 06/15/33

842,025

760,000

(b) Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

6.500 02/15/29

729,841

2,260,000

Ventas Realty LP

5.000 01/15/35

2,262,769

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

43,174,605

FINANCIAL SERVICES - 0.9%

1,000,000

(b) Azorra Finance Ltd

7.750 04/15/30

1,055,919

500,000

(b) Azorra Finance Ltd

7.250 01/15/31

523,916

750,000

(b) Freedom Mortgage Holdings LLC

8.375 04/01/32

789,499

505,000

(b) Freedom Mortgage Holdings LLC

7.875 04/01/33

522,959

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

1,076,000

(g) HA Sustainable Infrastructure Capital Inc

8.000 %

06/01/56

$

1,124,485

2,700,000

(b) Hunt Cos Inc

5.250 04/15/29

2,635,635

1,167,000

(g) National Rural Utilities Cooperative Finance Corp

7.125 09/15/53

1,224,039

2,890,000

(b) Starwood Property Trust Inc

6.000 04/15/30

2,966,302

TOTAL FINANCIAL SERVICES

10,842,754

HEALTH CARE EQUIPMENT & SERVICES - 0.4%

1,000,000

(b) CHS/Community Health Systems Inc

5.250 05/15/30

939,193

1,090,000

(b) Global Medical Response Inc

7.375 10/01/32

1,132,917

625,000

(b) LifePoint Health Inc

11.000 10/15/30

685,397

1,250,000

(b) Prime Healthcare Services Inc

9.375 09/01/29

1,312,501

850,000

(b) Tenet Healthcare Corp

6.000 11/15/33

875,155

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,945,163

MATERIALS - 0.1%

750,000

(b) Mineral Resources Ltd

7.000 04/01/31

782,103

TOTAL MATERIALS

782,103

MEDIA & ENTERTAINMENT - 0.4%

1,500,000

(b) Cablevision Lightpath LLC

5.625 09/15/28

1,466,026

2,000,000

(b),(c)

CCO Holdings LLC / CCO Holdings Capital Corp

4.250 01/15/34

1,700,548

1,370,000

(b) Directv Financing LLC

8.875 02/01/30

1,386,158

615,000

(b) Directv Financing LLC / Directv Financing Co-Obligor Inc

5.875 08/15/27

618,610

TOTAL MEDIA & ENTERTAINMENT

5,171,342

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%

2,000,000

(c) Kennedy-Wilson Inc

5.000 03/01/31

1,880,963

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,880,963

TELECOMMUNICATION SERVICES - 1.8%

1,500,000

(b) Altice France SA

6.500 04/15/32

1,438,023

650,000

(b) Digicel International Finance Ltd / Difl US LLC

8.625 08/01/32

674,341

600,000

EchoStar Corp

10.750 11/30/29

663,481

1,000,000

EchoStar Corp, (cash 6.750%, PIK 6.750%)

6.750 11/30/30

1,024,468

1,200,000

(b) Holdco II SAS

7.000 04/15/32

1,236,784

1,945,000

(b) Holdco II SAS

8.500 04/15/31

2,093,304

1,000,000

(b) Level 3 Financing Inc

6.875 06/30/33

1,023,278

850,000

(b) Level 3 Financing Inc

8.500 01/15/36

870,385

1,000,000

(b) Level 3 Financing Inc

7.000 03/31/34

1,030,572

500,000

(b) Lumen Technologies Inc

4.500 01/15/29

462,500

1,810,000

(b) Sable International Finance Ltd

7.125 10/15/32

1,831,570

1,600,000

(b) Vmed O2 UK Financing I PLC

6.750 01/15/33

1,585,656

800,000

(b) Windstream Services LLC

7.500 10/15/33

820,086

1,385,000

(b) Windstream Services LLC / Windstream Escrow Finance Corp

8.250 10/01/31

1,453,931

2,709,697

(b) Zayo Group Holdings Inc

9.250 03/09/30

2,574,212

412,218

(b) Zayo Group Holdings Inc

13.750 09/09/30

378,210

1,934,000

(b) Zegona Finance PLC

8.625 07/15/29

2,051,359

TOTAL TELECOMMUNICATION SERVICES

21,212,160

TRANSPORTATION - 0.4%

500,000

(b) Rand Parent LLC

8.500 02/15/30

520,927

1,500,000

(b) Stonepeak Nile Parent LLC

7.250 03/15/32

1,587,444

1,100,000

(b) VistaJet Malta Finance PLC / Vista Management Holding Inc

9.500 06/01/28

1,137,709

1,305,000

(b) XPO Inc

7.125 06/01/31

1,360,710

TOTAL TRANSPORTATION

4,606,790

UTILITIES - 11.8%

1,270,000

AEP Transmission Co LLC

5.150 04/01/34

1,294,751

1,925,000

(b),(g)

AES Andes SA

8.150 06/10/55

2,014,301

3,575,000

(g) AES Corp/The

7.600 01/15/55

3,640,809

1,501,000

(g) AES Corp/The

6.950 07/15/55

1,481,966

3,330,000

(g) Alliant Energy Corp

5.750 04/01/56

3,323,933

1,510,000

(b) Alpha Generation LLC

6.250 01/15/34

1,523,555

CAD

2,479,000

(g) AltaGas Ltd

7.350 08/17/82

1,893,417

CAD

1,285,000

(g) AltaGas Ltd

8.900 11/10/83

1,039,656

4,043,000

(b),(g)

AltaGas Ltd

7.200 10/15/54

4,191,548

2,775,000

(b) California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6.375 02/15/32

2,779,576

Portfolio of Investments December 31, 2025

(continued)

Real Asset Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

CAD

1,328,000

(g) Capital Power Corp

7.950 %

09/09/82

$

1,080,841

$

3,000,000

(b) Clearway Energy Operating LLC

3.750 01/15/32

2,726,779

4,630,000

(g) CMS Energy Corp

6.500 06/01/55

4,760,890

1,270,000

(b) ContourGlobal Power Holdings SA

6.750 02/28/30

1,309,510

3,203,000

(g) Dominion Energy Inc

7.000 06/01/54

3,468,052

8,270,000

(g) Dominion Energy Inc

6.625 05/15/55

8,521,879

4,911,000

(g) Duke Energy Corp

6.450 09/01/54

5,154,479

860,000

Duke Energy Progress LLC

5.100 03/15/34

886,105

807,000

(g) Edison International

8.125 06/15/53

839,701

514,000

(g) Edison International

7.875 06/15/54

539,573

1,987,000

(b),(f),(g)

Electricite de France SA

9.125 N/A

2,310,790

GBP

1,700,000

(f),(g)

Electricite de France SA, Reg S

5.875 N/A

2,301,415

1,573,000

(g) Emera Inc

6.750 06/15/76

1,580,200

3,174,000

(g) Entergy Corp

7.125 12/01/54

3,332,552

1,463,000

(g) EUSHI Finance Inc

7.625 12/15/54

1,537,978

3,111,000

(g) Evergy Inc

6.650 06/01/55

3,179,871

4,736,000

(g) Exelon Corp

6.500 03/15/55

4,928,008

1,975,000

(b) Ferrellgas LP / Ferrellgas Finance Corp

5.875 04/01/29

1,897,785

1,825,000

Interstate Power and Light Co

5.600 06/29/35

1,899,299

1,879,000

(g) NextEra Energy Capital Holdings Inc

5.650 05/01/79

1,897,341

1,154,000

(g) NextEra Energy Capital Holdings Inc

6.750 06/15/54

1,231,994

3,894,000

(g) NextEra Energy Capital Holdings Inc

6.375 08/15/55

4,019,570

4,844,000

(g) NiSource Inc

6.950 11/30/54

5,041,645

4,000,000

(b) NRG Energy Inc

5.750 01/15/34

4,040,680

855,000

OGE Energy Corp

5.450 05/15/29

885,529

2,010,000

(b) Pattern Energy Operations LP / Pattern Energy Operations Inc

4.500 08/15/28

1,982,430

3,064,000

(g) PG&E Corp

7.375 03/15/55

3,191,128

1,607,000

(g) PPL Capital Funding Inc

6.612 03/30/67

1,570,463

2,689,000

(g) Sempra

6.875 10/01/54

2,766,395

3,097,000

(g) Sempra

6.550 04/01/55

3,156,890

4,343,000

(g) Sempra

6.400 10/01/54

4,417,393

1,211,000

(g) Sempra

6.375 04/01/56

1,236,220

3,436,000

(g) Southern Co/The

6.375 03/15/55

3,586,087

2,013,000

(g) Spire Inc

6.450 06/01/56

2,005,223

550,000

(b) Superior Plus LP / Superior General Partner Inc

4.500 03/15/29

536,887

1,715,000

(b) Talen Energy Supply LLC

6.250 02/01/34

1,749,152

1,500,000

(b) Talen Energy Supply LLC

6.500 02/01/36

1,551,135

3,315,000

(b) TerraForm Power Operating LLC

4.750 01/15/30

3,220,807

1,056,000

(b),(f),(g)

Vistra Corp

8.000 N/A

1,082,550

652,000

(b),(f),(g)

Vistra Corp

7.000 N/A

663,386

4,981,000

(b),(f),(g)

Vistra Corp

8.875 N/A

5,488,021

840,000

(b) VoltaGrid LLC

7.375 11/01/30

832,226

2,358,000

(g) WEC Energy Group Inc

5.625 05/15/56

2,372,851

2,000,000

(b) XPLR Infrastructure Operating Partners LP

7.250 01/15/29

2,049,222

TOTAL UTILITIES

136,014,444

TOTAL CORPORATE BONDS

(Cost $361,007,843)

368,729,297

SHARES

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 0.5%

–

2,662,896

Foresight Environmental Infrastructure Ltd

2,361,859

977,180

Greencoat UK Wind PLC/Funds

1,290,205

1,558,473

Sdcl Efficiency Income Trust PLC

1,100,790

1,265,310

Sequoia Economic Infrastructure Income Fund Ltd

1,345,706

36,421

Starwood European Real Estate Finance Ltd

42,711

TOTAL INVESTMENT COMPANIES

(Cost $7,993,889)

6,141,271

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 1.9%

–

$

1,000,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 4.500%)

8.250 %

06/15/35

$

1,004,062

300,000

(a) BANK 2017-BNK6, Series 2017 BNK6

3.964 07/15/60

286,778

400,000

(a),(b)

BLP Commercial Mortgage Trust, Series 2025 IND2, (TSFR1M

+ 2.050%)

5.800 12/15/42

401,363

250,000

(a),(b)

BMP 2024-MF23, Series 2024 MF23, (TSFR1M + 2.390%)

7.194 06/15/41

251,064

980,000

(a),(b)

BX Commercial Mortgage Trust 2021-21M, Series 2021 21M,

(TSFR1M + 2.285%)

6.607 10/15/36

979,558

1,206,000

(a),(b)

BX Commercial Mortgage Trust 2022-AHP, Series 2022 AHP,

(TSFR1M + 2.090%)

5.840 01/17/39

1,205,553

1,113,571

(a),(b)

BX Trust 2021-SDMF, Series 2021 SDMF, (TSFR1M + 1.701%)

2.911 09/15/34

1,110,004

1,000,000

(a),(b)

BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)

8.036 06/15/36

1,000,004

500,000

(a),(b)

BX Trust 2022-LBA6, Series 2022 LBA6, (TSFR1M + 2.000%)

4.845 01/15/39

500,026

598,177

(a),(b)

BX Trust 2024-FNX, Series 2024 FNX, (TSFR1M + 2.291%)

6.603 11/15/41

600,800

887,680

(a),(b)

BX Trust 2025-LUNR, Series 2025 LUNR, (TSFR1M + 2.000%)

5.750 06/15/40

892,169

200,000

(a),(b)

COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3

4.767 06/10/47

93,538

1,000,000

(a),(b)

DBGS 2024-SBL, Series 2024 SBL, (TSFR1M + 2.740%)

7.062 08/15/34

1,002,163

1,000,000

(a),(b)

GSAT Trust 2025-BMF, Series 2025 BMF, (TSFR1M + 2.500%)

6.250 07/15/40

1,000,447

1,000,000

(a),(b)

ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2

6.508 07/13/42

1,026,791

1,000,000

(a),(b)

IP 2025-IP Mortgage Trust, Series 2025 IP

5.831 06/10/42

1,019,781

758,190

(a),(b)

LBA Trust 2024-7IND, Series 2024 7IND, (TSFR1M + 2.641%)

6.391 10/15/41

760,991

650,000

(a),(b)

MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025

MHIL2, (TSFR1M + 2.650%)

6.400 09/15/40

651,718

1,000,000

(a),(b)

MILE Trust 2025-STNE, Series 2025 STNE, (TSFR1M + 1.700%)

5.450 07/15/42

1,002,323

300,000

(a),(b)

MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,

(TSFR1M + 2.394%)

3.673 03/15/39

300,631

1,300,000

(a),(b)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 4.329%)

8.080 07/15/36

907,022

400,000

(a),(b)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 2.829%)

6.580 07/15/36

326,929

1,000,000

(a),(b)

SCG Commercial Mortgage Trust 2025-FLWR, Series 2025

FLWR, (TSFR1M + 1.750%)

5.500 08/15/42

1,002,982

1,000,000

(a),(b)

SYCA Commercial Mortgage Trust 2025-WAG, Series 2025

WAG

6.806 11/10/30

1,006,651

1,050,000

(a),(b)

WCORE Commercial Mortgage Trust 2024-CORE, Series 2024

CORE, (TSFR1M + 2.241%)

5.991 11/15/41

1,057,098

1,000,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series

2025 AGLN, (TSFR1M + 2.292%)

6.042 07/15/37

1,001,641

600,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-AURA, Series

2025 AURA, (TSFR1M + 2.292%)

6.042 10/15/42

599,721

535,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series

2025 B33RP, (TSFR1M + 2.500%)

6.850 08/15/42

535,247

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $21,995,066)

21,527,055

SHARES

DESCRIPTION

RATE

VALUE

118865403

PREFERRED STOCK - 10.3%

118865403

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 7.5%

309,301

Agree Realty Corp

4.250 5,295,233

107,375

Alpine Income Property Trust Inc

0.000 2,669,342

155,477

American Homes 4 Rent

5.875 3,589,964

87,565

American Homes 4 Rent

6.250 2,128,705

124,131

Armada Hoffler Properties Inc

6.750 2,622,888

79,759

DiamondRock Hospitality Co

8.250 1,993,975

159,795

Digital Realty Trust Inc

5.250 3,309,354

144,462

Digital Realty Trust Inc

5.850 3,448,308

164,970

Digital Realty Trust Inc

5.200 3,376,936

153,547

Federal Realty Investment Trust

5.000 3,086,295

172,590

Kimco Realty Corp

5.250 3,563,984

125,852

Kimco Realty Corp

5.125 2,542,210

16,486

LXP Industrial Trust

6.500 776,491

4,704

Mid-America Apartment Communities Inc

8.500 251,664

Portfolio of Investments December 31, 2025

(continued)

Real Asset Income

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

158,753

National Storage Affiliates Trust

6.000 %

$

3,341,751

84,312

Pebblebrook Hotel Trust

6.375 1,576,634

124,599

Pebblebrook Hotel Trust

6.300 2,373,611

101,354

Pebblebrook Hotel Trust

5.700 1,791,939

67,287

Public Storage

4.125 1,102,834

54,195

Public Storage

4.000 862,242

45,837

Public Storage

4.100 745,310

28,481

Public Storage

5.050 574,177

71,720

Public Storage

4.875 1,384,913

23,748

Public Storage

4.700 443,138

69,361

Public Storage

4.750 1,317,859

63,214

Public Storage

4.625 1,169,459

54,552

Public Storage

4.000 870,650

135,428

Regency Centers Corp

5.875 3,056,610

153,061

Regency Centers Corp

6.250 3,606,117

76,309

Rexford Industrial Realty Inc

5.875 1,753,581

182,003

Rexford Industrial Realty Inc

5.625 3,898,504

21,577

RLJ Lodging Trust

1.950 537,267

40,732

Summit Hotel Properties Inc

5.875 737,249

74,470

Summit Hotel Properties Inc

6.250 1,347,907

78,370

Sunstone Hotel Investors Inc

6.125 1,563,482

100,413

Sunstone Hotel Investors Inc

5.700 1,936,967

35,129

UMH Properties Inc

6.375 766,515

172,273

Vornado Realty Trust

5.400 3,044,064

148,116

Vornado Realty Trust

5.250 2,503,160

215,319

Vornado Realty Trust

4.450 3,068,296

171,808

Vornado Realty Trust

5.250 2,912,146

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

86,941,731

FINANCIAL SERVICES - 0.1%

49,287

Brookfield Finance Inc

4.625 811,264

TOTAL FINANCIAL SERVICES

811,264

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%

50,559

(c) Brookfield Property Partners LP

6.500 738,161

20,831

Brookfield Property Partners LP

6.375 297,467

66,459

Brookfield Property Partners LP

5.750 883,905

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,919,533

UTILITIES - 2.5%

49,883

BIP Bermuda Holdings I Ltd

5.125 824,566

81,264

Brookfield BRP Holdings Canada Inc

4.625 1,249,840

26,883

Brookfield Infrastructure Finance ULC

5.000 437,924

126,274

Brookfield Infrastructure Partners LP

5.125 2,115,089

41,025

(c) Brookfield Infrastructure Partners LP

5.000 671,989

147,550

Brookfield Renewable Partners LP

5.250 2,692,787

23,707

CMS Energy Corp

5.625 520,606

39,358

CMS Energy Corp

5.875 911,138

39,380

CMS Energy Corp

5.875 891,957

33,686

DTE Energy Co

5.250 712,122

32,405

DTE Energy Co

4.375 552,505

33,080

DTE Energy Co

4.375 567,984

99,697

DTE Energy Co

6.250 2,481,458

74,268

Duke Energy Corp

5.625 1,826,993

88,178

Duke Energy Corp

5.750 2,201,805

57,922

Georgia Power Co

5.000 1,297,453

44,931

SCE Trust VII

7.500 1,135,856

40,585

SCE Trust VIII

6.950 964,705

26,675

Southern Co/The

4.200 473,215

76,650

Southern Co/The

6.500 1,946,910

31,714

Southern Co/The

4.950 641,891

34,881

Southern Co/The

5.250 753,778

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

UTILITIES

(continued)

133,025

Xcel Energy Inc

6.250 %

$

3,320,304

TOTAL UTILITIES

29,192,875

TOTAL PREFERRED STOCK

(Cost $134,999,100)

118,865,403

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

26936489

VARIABLE RATE SENIOR LOAN INTERESTS - 2.4%

26936489

AUTOMOBILES & COMPONENTS - 0.1%

$

1,396,500

(a) Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)

6.466 01/28/32

1,405,444

TOTAL AUTOMOBILES & COMPONENTS

1,405,444

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

2,135,000

(a) Wash Multifamily Parent Inc, Term Loan B, (TSFR1M + 3.250%)

6.966 09/10/32

2,155,902

2,017,703

(a) WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M

+ 2.750%)

6.581 03/27/28

2,025,693

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

4,181,595

CONSUMER SERVICES - 0.2%

1,899,948

(a) Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)

5.966 02/06/30

1,889,973

TOTAL CONSUMER SERVICES

1,889,973

MEDIA & ENTERTAINMENT - 0.5%

2,970,000

(a) Charter Communications Operating, LLC, Term Loan B5,

(TSFR3M + 2.250%)

6.235 12/15/31

2,975,569

2,000,000

(a) Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +

2.500%)

6.691 02/17/32

2,009,610

498,737

(a),(h)

WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TBD)

TBD

TBD

455,098

TOTAL MEDIA & ENTERTAINMENT

5,440,277

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

1,301,645

(a) Hill Top Energy Center LLC, Term Loan B, (TSFR3M + 3.250%)

6.922 06/28/32

1,315,748

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,315,748

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

750,000

(a) CommScope, Inc., Term Loan, (TSFR1M + 4.750%)

8.466 12/17/29

752,385

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

752,385

TELECOMMUNICATION SERVICES - 0.2%

500,000

(a) Connect Holding II LLC, Delayed Draw Term Loan, (TSFR3M +

4.250%)

7.947 04/03/31

437,032

464,000

(a) GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M +

3.750%)

7.581 04/28/28

425,430

984,812

(a) Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +

2.350%)

6.181 04/15/30

980,730

500,000

(a) Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)

6.834 12/07/26

395,445

TOTAL TELECOMMUNICATION SERVICES

2,238,637

TRANSPORTATION - 0.4%

1,212,719

(a) Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M +

1.750%)

5.422 04/10/31

1,214,035

2,985,000

(a) NA Rail HoldCo. LLC, Term Loan B, (TSFR3M + 3.000%)

6.738 03/08/32

3,014,850

TOTAL TRANSPORTATION

4,228,885

UTILITIES - 0.5%

2,500,000

(a) Calpine Corporation, Term Loan B10, (TSFR1M + 1.750%)

5.466 01/31/31

2,502,637

992,500

(a) Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)

8.172 02/19/32

984,436

1,984,061

(a) Vistra Operations Company LLC, First Lien Term Loan B3,

(TSFR1M + 1.750%)

5.466 12/20/30

1,996,472

TOTAL UTILITIES

5,483,545

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $26,873,246)

26,936,489

TOTAL LONG-TERM INVESTMENTS

(Cost $1,078,885,414)

1,132,297,036

Portfolio of Investments December 31, 2025

(continued)

Real Asset Income

See Notes to Financial Statements

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

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.4%

16,030,145

(i) State Street Navigator Securities Lending Government Money

Market Portfolio

3.830%(j)

$

16,030,145

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $16,030,145)

16,030,145

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.6%

7,275,000

REPURCHASE AGREEMENTS - 0.6%

7,275,000

$

7,275,000

(k) Fixed Income Clearing Corporation

3.780 01/02/26

7,275,000

TOTAL REPURCHASE AGREEMENTS

(Cost $7,275,000)

7,275,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $7,275,000)

7,275,000

TOTAL INVESTMENTS - 100.4%

(Cost $1,102,190,559)

1,155,602,181

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(4,778,053)

NET ASSETS - 100%

$

1,150,824,128

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) 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.

(b) 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 $216,739,700 or 18.8% of Total Investments.

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the fiscal period was $14,942,717.

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

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

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

(g) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

14.6% of Total Investments.

(h) When-issued or delayed delivery security.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

(k) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $7,276,528 on 1/2/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $7,420,564.

See Notes to Financial Statements

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

(105) 3/26

$

(12,113,962)

$

(12,076,641)

$

37,321

Portfolio of Investments December 31, 2025

Real Estate Securities

See Notes to Financial Statements

g

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.6%

749629907

COMMON STOCKS - 98.6%

749629907

DATA CENTER REITS - 11.2%

245,520

Digital Realty Trust Inc

$

37,984,399

61,358

Equinix Inc

47,010,045

TOTAL DATA CENTER REITS

84,994,444

DIVERSIFIED REITS - 2.9%

517,273

Broadstone Net Lease Inc

8,985,032

201,180

Essential Properties Realty Trust Inc

5,966,999

112,731

WP Carey Inc

7,255,367

TOTAL DIVERSIFIED REITS

22,207,398

HEALTH CARE FACILITIES - 1.4%

745,828

Chartwell Retirement Residences

10,922,111

TOTAL HEALTH CARE FACILITIES

10,922,111

HEALTH CARE REITS - 16.2%

24,151

Alexandria Real Estate Equities Inc

1,181,950

490,712

CareTrust REIT Inc

17,744,146

424,306

Sabra Health Care REIT Inc

8,036,356

302,249

Ventas Inc

23,388,028

393,591

Welltower Inc

73,054,425

TOTAL HEALTH CARE REITS

123,404,905

HOTEL & RESORT REITS - 0.5%

26,214

Ryman Hospitality Properties Inc

2,480,368

126,387

Sunstone Hotel Investors Inc

1,129,900

TOTAL HOTEL & RESORT REITS

3,610,268

HOTELS, RESORTS & CRUISE LINES - 0.5%

12,589

Marriott International Inc/MD, Class A

3,905,611

TOTAL HOTELS, RESORTS & CRUISE LINES

3,905,611

INDUSTRIAL REITS - 13.8%

107,288

EastGroup Properties Inc

19,112,284

149,824

First Industrial Realty Trust Inc

8,580,421

172,563

Lineage Inc

6,039,705

34,376

LXP Industrial Trust

1,704,362

503,184

Prologis Inc

64,236,469

118,376

Rexford Industrial Realty Inc

4,583,519

13,192

STAG Industrial Inc

484,938

TOTAL INDUSTRIAL REITS

104,741,698

MULTI-FAMILY RESIDENTIAL REITS - 9.9%

65,943

AvalonBay Communities Inc

11,956,126

87,763

Camden Property Trust

9,660,951

396,707

Equity Residential

25,008,409

46,541

Essex Property Trust Inc

12,178,849

256,111

GO Residential Real Estate Investment Trust

3,001,621

75,992

Mid-America Apartment Communities Inc

10,556,049

195,639

Veris Residential Inc

2,911,108

TOTAL MULTI-FAMILY RESIDENTIAL REITS

75,273,113

OFFICE REITS - 2.8%

153,945

COPT Defense Properties

4,279,671

207,649

Douglas Emmett Inc

2,282,062

282,027

Empire State Realty Trust Inc, Class A

1,838,816

198,755

Highwoods Properties Inc

5,131,854

163,532

SL Green Realty Corp

7,501,213

TOTAL OFFICE REITS

21,033,616

OTHER SPECIALIZED REITS - 8.5%

79,021

EPR Properties

3,943,148

225,538

Four Corners Property Trust Inc

5,200,906

406,365

Gaming and Leisure Properties Inc

18,160,452

310,895

Iron Mountain Inc

25,788,740

27,488

Lamar Advertising Co, Class A

3,479,431

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

OTHER SPECIALIZED REITS

(continued)

274,056

VICI Properties Inc

$

7,706,455

TOTAL OTHER SPECIALIZED REITS

64,279,132

REAL ESTATE SERVICES - 0.8%

39,496

(a) CBRE Group Inc, Class A

6,350,562

TOTAL REAL ESTATE SERVICES

6,350,562

RETAIL REITS - 13.3%

267,385

Acadia Realty Trust

5,492,088

130,011

Agree Realty Corp

9,364,692

418,095

Brixmor Property Group Inc

10,962,451

87,296

Curbline Properties Corp

2,026,140

726,885

Kimco Realty Corp

14,733,959

212,499

Macerich Co/The

3,922,731

327,065

NETSTREIT Corp

5,769,427

119,606

NNN REIT Inc

4,739,986

137,545

Realty Income Corp

7,753,412

114,134

Regency Centers Corp

7,878,670

139,510

Simon Property Group Inc

25,824,696

133,353

SITE Centers Corp

856,126

109,367

Urban Edge Properties

2,098,753

TOTAL RETAIL REITS

101,423,131

SELF-STORAGE REITS - 6.1%

135,582

CubeSmart

4,887,731

146,902

Extra Space Storage Inc

19,129,579

65,136

Public Storage

16,902,792

172,298

Smartstop Self Storage REIT Inc

5,330,900

TOTAL SELF-STORAGE REITS

46,251,002

SINGLE-FAMILY RESIDENTIAL REITS - 4.7%

137,778

American Homes 4 Rent, Class A

4,422,674

627,680

Invitation Homes Inc

17,443,227

110,174

Sun Communities Inc

13,651,660

TOTAL SINGLE-FAMILY RESIDENTIAL REITS

35,517,561

TELECOM TOWER REITS - 5.8%

107,257

American Tower Corp

18,831,112

288,720

Crown Castle Inc

25,658,546

TOTAL TELECOM TOWER REITS

44,489,658

TIMBER REITS - 0.2%

51,739

Weyerhaeuser Co

1,225,697

TOTAL TIMBER REITS

1,225,697

TOTAL COMMON STOCKS

(Cost $533,936,904)

749,629,907

TOTAL LONG-TERM INVESTMENTS

(Cost $533,936,904)

749,629,907

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.4%

3,000,000

REPURCHASE AGREEMENTS - 0.4%

3,000,000

$

3,000,000

(b) Fixed Income Clearing Corporation

3.780 %

01/02/26

3,000,000

TOTAL REPURCHASE AGREEMENTS

(Cost $3,000,000)

3,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,000,000)

3,000,000

TOTAL INVESTMENTS - 99.0%

(Cost $536,936,904)

752,629,907

OTHER ASSETS & LIABILITIES, NET - 1.0%

7,848,080

NET ASSETS - 100%

$

760,477,987

Portfolio of Investments December 31, 2025

(continued)

Real Estate Securities

See Notes to Financial Statements

REIT

Real Estate Investment Trust

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

(b) Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $3,000,630 on 1/2/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $3,060,051.

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

Global

Infrastructure

Global Real

Estate Securities

Real Asset

Income

Real Estate

Securities

ASSETS

Long-term investments, at value

†‡

$

475,059,740

$

45,874,827

$

1,132,297,036

$

749,629,907

Investments purchased with collateral from securities lending, at value (cost approximates

value)

2,505,518

–

16,030,145

–

Short-term investments, at value

◊

1,925,000

375,000

7,275,000

3,000,000

Cash

75,112

20,032

4,875,238

97,897

Cash denominated in foreign currencies

^

632,324

3,292

50,779

68,256

Cash collateral at broker for investments in futures contracts

(1) –

–

267,761

–

Receivables:

Dividends

900,704

160,478

2,538,850

2,986,486

Interest

6,575,551

Investments sold

1,397,867

48,320

902,475

8,894,779

Reclaims

212,688

16,606

645,435

22,435

Reimbursement from Adviser

96,770

33,678

156,346

364,470

Shares sold

2,387,589

–

1,098,232

449,873

Variation margin on futures contracts

–

–

19,688

–

Other

77,706

11,964

108,871

184,204

Total assets

485,271,220

46,544,236

1,172,841,407

765,698,622

LIABILITIES

Payables:

Management fees

370,700

35,777

708,263

527,979

Collateral from securities lending

2,505,518

–

16,030,145

–

Dividends

–

–

241,447

–

Capital gain taxes

64,523

–

–

–

Interest

Investments purchased - regular settlement

717,977

67,040

1,636,541

1,775,429

Investments purchased - when-issued/delayed-delivery settlement

–

–

458,838

–

Shares redeemed

1,137,552

2,123,064

2,244,554

Accrued expenses:

Custodian fees

169,304

114,669

285,391

91,062

Directors/Trustees fees

27,862

972

60,790

153,967

Professional fees

8,174

5,909

25,489

21,051

Shareholder reporting expenses

15,155

13,804

181,556

50,624

Shareholder servicing agent fees

103,660

1,754

209,695

335,152

12b-1 distribution and service fees

15,948

46,526

20,639

Other

–

9,322

–

Total liabilities

5,136,461

240,405

22,017,279

5,220,635

Net assets

$

480,134,759

$

46,303,831

$

1,150,824,128

$

760,477,987

NET ASSETS CONSIST OF:

Paid-in capital

$

355,243,995

$

44,736,332

$

1,358,354,598

$

548,897,159

Total distributable earnings (loss)

124,890,764

1,567,499

(207,530,470)

211,580,828

Net assets

$

480,134,759

$

46,303,831

$

1,150,824,128

$

760,477,987

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

351,465,539

$

39,157,147

$

1,078,885,414

$

533,936,904

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

1,925,000

$

375,000

$

7,275,000

$

3,000,000

‡ Includes securities loaned of

$

2,371,964

$

—

$

14,942,717

$

—

^

&nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, cost

$

633,135

$

3,293

$

51,115

$

68,169

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Global

Infrastructure

Global Real

Estate Securities

Real Asset

Income

Real Estate

Securities

CLASS A:

Net assets

$

51,753,080

$

790,670

$

130,389,512

$

90,384,787

Shares outstanding

4,286,062

41,415

5,863,156

6,407,115

Net asset value ("NAV") per share

$

12.07 $

19.09 $

22.24 $

14.11 Maximum sales charge

5.75%

5.75%

5.75%

5.75%

Offering price per share (NAV per share plus maximum sales charge)

$

12.81 $

20.25 $

23.60 $

14.97 CLASS C:

Net assets

$

5,811,307

$

68,024

$

21,613,884

$

1,351,656

Shares outstanding

491,288

3,566

971,407

100,658

NAV and offering price per share

$

11.83 $

19.08 $

22.25 $

13.43 CLASS R6:

Net assets

$

97,173,330

$

41,751,389

$

232,249,371

$

227,639,265

Shares outstanding

8,060,682

2,187,651

10,376,020

15,418,867

NAV and offering price per share

$

12.06 $

19.09 $

22.38 $

14.76 CLASS I:

Net assets

$

325,397,042

$

3,693,748

$

766,571,361

$

441,102,279

Shares outstanding

27,072,696

193,590

34,460,344

30,460,653

NAV and offering price per share

$

12.02 $

19.08 $

22.25 $

14.48 Authorized shares - per class

2 billion

Unlimited

2 billion

2 billion

Par value per share

$

0.0001 $

0.01 $

0.0001 $

0.0001 Statement of Operations

See Notes to Financial Statements

Year Ended December 31, 2025

Global

Infrastructure

Global Real Estate

Securities

Real Asset Income

Real Estate

Securities

INVESTMENT INCOME

Affiliated income

$

287,707

$

47,814

$

769,716

$

1,187,288

Dividends

16,109,132

1,494,622

36,705,993

27,866,717

Interest

226,420

18,295

28,429,378

376,428

Securities lending income, net

12,075

139,020

—

Tax withheld

(76,529)

(58,433)

(1,313,057)

(27,376)

Total investment income

16,558,805

1,502,532

64,731,050

29,403,057

EXPENSES

–

–

–

–

Management fees

4,209,030

412,863

8,123,617

7,135,019

12b-1 service fees - Class A

125,565

2,043

332,147

247,257

12b-1 distribution and service fees - Class C

60,993

664

280,688

18,608

Shareholder servicing agent fees - Class A

41,487

983

155,621

217,827

Shareholder servicing agent fees - Class C

5,045

33,030

4,103

Shareholder servicing agent fees - Class R6

8,085

2,544

34,878

22,778

Shareholder servicing agent fees - Class I

267,044

4,556

854,033

1,216,953

Interest expense

731

4,845

1,676

Directors/Trustees fees

16,156

1,585

39,135

31,089

Custodian expenses

134,128

95,154

238,903

92,207

Registration fees

67,918

65,503

106,395

75,081

Professional fees

184,547

79,753

190,547

80,272

Shareholder reporting expenses

33,486

26,988

291,749

153,817

Other

53,969

11,958

11,245

10,241

Total expenses before fee waiver/expense reimbursement

5,208,184

704,716

10,696,833

9,306,928

Fee waiver/expense reimbursement

(573,339)

(272,030)

(193,485)

(1,127,077)

Net expenses

4,634,845

432,686

10,503,348

8,179,851

Net investment income (loss)

11,923,960

1,069,846

54,227,702

21,223,206

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

45,766,622

291,913

22,502,706

55,978,606

Futures contracts

—

—

356,760

—

Foreign currency transactions

75,400

4,581

351,575

1,511

Net realized gain (loss)

45,842,022

296,494

23,211,041

55,980,117

Change in unrealized appreciation (depreciation) on:

Investments \*\*

18,860,047

2,758,044

44,115,254

(54,518,128)

Futures contracts

—

—

(703,240)

—

Foreign currency translations

33,814

13,274

207,270

(86) Net change in unrealized appreciation (depreciation)

18,893,861

2,771,318

43,619,284

(54,518,214)

Net realized and unrealized gain (loss)

64,735,883

3,067,812

66,830,325

1,461,903

Net increase (decrease) in net assets from operations

$

76,659,843

$

4,137,658

$

121,058,027

$

22,685,109

\*\*

&nbsp;&nbsp;&nbsp;&nbsp;Net of change in foreign capital gains tax

$

34,540

$

—

$

—

$

—

Statement of Changes in Net Assets

See Notes to Financial Statements

Global Infrastructure

Global Real Estate Securities

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)

$

11,923,960

$

11,636,809

$

1,069,846

$

896,213

Net realized gain (loss)

45,842,022

31,530,956

296,494

951,309

Net change in unrealized appreciation (depreciation)

18,893,861

6,085,588

2,771,318

(1,503,311)

Net increase (decrease) in net assets from operations

76,659,843

49,253,353

4,137,658

344,211

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(4,813,929)

(3,257,073)

(24,350)

(23,292)

Class C

(513,884)

(416,631)

(1,508)

(1,177)

Class R6

(9,546,461)

(5,833,578)

(1,383,831)

(1,306,482)

Class I

(32,130,250)

(24,931,069)

(126,023)

(83,874)

Return of Capital:

Class A

—

—

—

(348) Class C

—

—

—

(22) Class R6

—

—

—

(17,497)

Class I

—

—

—

(1,095)

Total distributions

(47,004,524)

(34,438,351)

(1,535,712)

(1,433,787)

FUND SHARE TRANSACTIONS

Subscriptions

107,788,062

58,571,072

2,574,407

1,234,328

Reinvestments of distributions

36,579,271

24,728,866

176,133

126,227

Redemptions

(157,149,589)

(109,408,532)

(1,665,092)

(689,362)

Net increase (decrease) from Fund share transactions

(12,782,256)

(26,108,594)

1,085,448

671,193

Net increase (decrease) in net assets

16,873,063

(11,293,592)

3,687,394

(418,383)

Net assets at the beginning of period

463,261,696

474,555,288

42,616,437

43,034,820

Net assets at the end of period

$

480,134,759

$

463,261,696

$

46,303,831

$

42,616,437

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

Real Asset Income

Real Estate Securities

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)

$

54,227,702

$

50,826,542

$

21,223,206

$

16,602,917

Net realized gain (loss)

23,211,041

17,920,929

55,980,117

59,133,437

Net change in unrealized appreciation (depreciation)

43,619,284

1,343,767

(54,518,214)

(15,617,539)

Net increase (decrease) in net assets from operations

121,058,027

70,091,238

22,685,109

60,118,815

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(7,069,118)

(6,653,431)

(5,097,772)

(8,824,499)

Class C

(1,230,585)

(1,947,060)

(77,396)

(187,933)

Class R6

(12,858,555)

(9,770,976)

(14,542,208)

(21,777,545)

Class I

(41,052,956)

(34,071,957)

(27,623,311)

(53,231,243)

Return of Capital:

Class A

(476,975)

(56,082)

—

(925,438)

Class C

(100,856)

(19,521)

—

(23,905)

Class R6

(803,719)

(76,251)

—

(2,104,277)

Class I

(2,619,694)

(273,533)

—

(4,679,522)

Total distributions

(66,212,458)

(52,868,811)

(47,340,687)

(91,754,362)

FUND SHARE TRANSACTIONS

Subscriptions

190,001,603

249,378,073

151,033,137

347,178,436

Reinvestments of distributions

62,956,012

50,841,248

41,594,023

76,569,971

Redemptions

(250,054,844)

(316,456,732)

(440,938,560)

(355,168,719)

Net increase (decrease) from Fund share transactions

2,902,771

(16,237,411)

(248,311,400)

68,579,688

Net increase (decrease) in net assets

57,748,340

985,016

(272,966,978)

36,944,141

Net assets at the beginning of period

1,093,075,788

1,092,090,772

1,033,444,965

996,500,824

Net assets at the end of period

$

1,150,824,128

$

1,093,075,788

$

760,477,987

$

1,033,444,965

Financial Highlights

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

Investment Operations

Less Distributions

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

Net Asset

Value,

End of

Period

Global Infrastructure

Class

A

12/31/25

$

11.28 $

0.29 $

1.70 $

1.99 $

(0.27)

$

(0.93)

$

—

$

(1.20)

$

12.07 12/31/24

10.94 0.25 0.93 1.18 (0.26)

(0.58)

—

(0.84)

11.28 12/31/23

10.31 0.22 0.66 0.88 (0.24)

—

(0.01)

(0.25)

10.94 12/31/22

11.69 0.13 (0.88)

(0.75)

(0.25)

(0.38)

—

(0.63)

10.31 12/31/21

10.97 0.19 1.37 1.56 (0.20)

(0.64)

—

(0.84)

11.69 Class

C

12/31/25

11.07 0.19 1.68 1.87 (0.18)

(0.93)

—

(1.11)

11.83 12/31/24

10.75 0.17 0.91 1.08 (0.18)

(0.58)

—

(0.76)

11.07 12/31/23

10.13 0.13 0.65 0.78 (0.15)

—

(0.01)

(0.16)

10.75 12/31/22

11.50 0.04 (0.87)

(0.83)

(0.16)

(0.38)

—

(0.54)

10.13 12/31/21

10.87 0.10 1.35 1.45 (0.18)

(0.64)

—

(0.82)

11.50 Class

R6

12/31/25

11.26 0.33 1.71 2.04 (0.31)

(0.93)

—

(1.24)

12.06 12/31/24

10.92 0.29 0.93 1.22 (0.30)

(0.58)

—

(0.88)

11.26 12/31/23

10.29 0.25 0.66 0.91 (0.27)

—

(0.01)

(0.28)

10.92 12/31/22

11.68 0.16 (0.89)

(0.73)

(0.28)

(0.38)

—

(0.66)

10.29 12/31/21

10.96 0.23 1.37 1.60 (0.24)

(0.64)

—

(0.88)

11.68 Class

I

12/31/25

11.23 0.32 1.70 2.02 (0.30)

(0.93)

—

(1.23)

12.02 12/31/24

10.90 0.28 0.92 1.20 (0.29)

(0.58)

—

(0.87)

11.23 12/31/23

10.26 0.24 0.67 0.91 (0.26)

—

(0.01)

(0.27)

10.90 12/31/22

11.65 0.16 (0.90)

(0.74)

(0.27)

(0.38)

—

(0.65)

10.26 12/31/21

10.93 0.22 1.37 1.59 (0.23)

(0.64)

—

(0.87)

11.65 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

17.69 %

$

51,753

1.33 %

1.21 %

2.32 %

%

10.74 45,733

1.34 1.21 2.22 83

8.51 47,992

1.31 1.22 2.05 90

(6.28)

47,824

1.34 1.22 1.18 121

14.44 52,495

1.32 1.21 1.66 128

16.88 5,811

2.08 1.96 1.55 95

9.90 6,430

2.09 1.96 1.49 83

7.74 7,998

2.06 1.97 1.29 90

(7.04)

10,463

2.09 1.97 0.40 121

13.58 14,905

2.07 1.96 0.89 128

18.16 97,173

1.00 0.88 2.65 95

11.09 77,562

1.02 0.89 2.53 83

8.87 71,444

0.99 0.90 2.37 90

(6.06)

76,161

1.02 0.90 1.45 121

14.84 133,575

0.99 0.88 2.00 128

18.05 325,397

1.08 0.96 2.54 95

10.94 333,536

1.09 0.96 2.48 83

8.90 347,121

1.06 0.97 2.30 90

(6.15)

371,573

1.09 0.97 1.40 121

14.78 471,885

1.07 0.96 1.89 128

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

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

Net Asset

Value,

End of

Period

Global Real Estate Securities

Class

A

12/31/25

$

18.02 $

0.37 $

1.27 $

1.64 $

(0.57)

$

—

$

—

$

(0.57)

$

19.09 12/31/24

18.48 0.32 (0.23)

0.09 (0.54)

—

(0.01)

(0.55)

18.02 12/31/23

17.10 0.46 1.42 1.88 (0.50)

—

—

(0.50)

18.48 12/31/22

24.08 0.37 (6.42)

(6.05)

(0.47)

(0.32)

(0.14)

(0.93)

17.10 12/31/21

21.25 0.54 5.32 5.86 (1.08)

(1.95)

—

(3.03)

24.08 Class

C

12/31/25

18.01 0.23 1.26 1.49 (0.42)

—

—

(0.42)

19.08 12/31/24

18.47 0.18 (0.23)

(0.05)

(0.40)

—

(0.01)

(0.41)

18.01 12/31/23

17.09 0.32 1.43 1.75 (0.37)

—

—

(0.37)

18.47 12/31/22

24.06 0.21 (6.40)

(6.19)

(0.32)

(0.32)

(0.14)

(0.78)

17.09 12/31/21

21.25 0.35 5.31 5.66 (0.90)

(1.95)

—

(2.85)

24.06 Class

R6

12/31/25

18.01 0.44 1.28 1.72 (0.64)

—

—

(0.64)

19.09 12/31/24

18.48 0.38 (0.24)

0.14 (0.60)

—

(0.01)

(0.61)

18.01 12/31/23

17.10 0.50 1.44 1.94 (0.56)

—

—

(0.56)

18.48 12/31/22

24.09 0.37 (6.36)

(5.99)

(0.54)

(0.32)

(0.14)

(1.00)

17.10 12/31/21

21.27 0.56 5.38 5.94 (1.17)

(1.95)

—

(3.12)

24.09 Class

I

12/31/25

18.01 0.43 1.25 1.68 (0.61)

—

—

(0.61)

19.08 12/31/24

18.47 0.38 (0.25)

0.13 (0.58)

—

(0.01)

(0.59)

18.01 12/31/23

17.09 0.49 1.43 1.92 (0.54)

—

—

(0.54)

18.47 12/31/22

24.07 0.39 (6.39)

(6.00)

(0.52)

(0.32)

(0.14)

(0.98)

17.09 12/31/21

21.25 0.59 5.32 5.91 (1.14)

(1.95)

—

(3.09)

24.07 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

9.13 %

$

791

1.89 %

1.30 %

1.99 %

%

0.47 803

1.94 1.30 1.76 72

11.22 792

1.83 1.30 2.67 81

(25.09)

2.14 1.30 1.90 102

28.21 254

1.89 1.29 2.19 130

8.33 68

2.64 2.05 1.25 90

(0.27)

2.69 2.05 0.98 72

10.40 55

2.58 2.05 1.85 81

(25.66)

2.89 2.05 1.07 102

27.16 53

2.64 2.04 1.44 130

9.59 41,751

1.52 0.93 2.36 90

0.76 39,080

1.62 0.98 2.08 72

11.61 39,977

1.49 0.96 2.91 81

(24.84)

37,200

1.79 0.95 1.86 102

28.57 73,585

1.54 0.94 2.33 130

9.40 3,694

1.64 1.05 2.31 90

0.72 2,669

1.69 1.05 2.07 72

11.50 2,212

1.58 1.05 2.86 81

(24.90)

1,767

1.89 1.05 1.94 102

28.48 2,091

1.64 1.04 2.45 130

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

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

Net Asset

Value,

End of

Period

Real Asset Income

Class

A

12/31/25

$

21.16 $

1.02 $

1.31 $

2.33 $

(1.17)

$

—

$

(0.08)

$

(1.25)

$

22.24 12/31/24

20.77 0.96 0.42 1.38 (0.98)

—

(0.01)

(0.99)

21.16 12/31/23

20.18 0.93 0.66 1.59 (1.00)

—

—

(1.00)

20.77 12/31/22

24.07 0.91 (3.75)

(2.84)

(0.91)

—

(0.14)

(1.05)

20.18 12/31/21

22.75 1.05 1.54 2.59 (1.27)

—

—

(1.27)

24.07 Class

C

12/31/25

21.17 0.84 1.33 2.17 (1.01)

—

(0.08)

(1.09)

22.25 12/31/24

20.79 0.79 0.42 1.21 (0.82)

—

(0.01)

(0.83)

21.17 12/31/23

20.19 0.77 0.67 1.44 (0.84)

—

—

(0.84)

20.79 12/31/22

24.07 0.74 (3.74)

(3.00)

(0.74)

—

(0.14)

(0.88)

20.19 12/31/21

22.76 0.86 1.55 2.41 (1.10)

—

—

(1.10)

24.07 Class

R6

12/31/25

21.29 1.10 1.33 2.43 (1.26)

—

(0.08)

(1.34)

22.38 12/31/24

20.91 1.04 0.41 1.45 (1.06)

—

(0.01)

(1.07)

21.29 12/31/23

20.30 1.01 0.67 1.68 (1.07)

—

—

(1.07)

20.91 12/31/22

24.21 0.98 (3.77)

(2.79)

(0.98)

—

(0.14)

(1.12)

20.30 12/31/21

22.87 1.13 1.56 2.69 (1.35)

—

—

(1.35)

24.21 Class

I

12/31/25

21.16 1.07 1.33 2.40 (1.23)

—

(0.08)

(1.31)

22.25 12/31/24

20.77 1.01 0.42 1.43 (1.03)

—

(0.01)

(1.04)

21.16 12/31/23

20.18 0.98 0.65 1.63 (1.04)

—

—

(1.04)

20.77 12/31/22

24.07 0.97 (3.76)

(2.79)

(0.96)

—

(0.14)

(1.10)

20.18 12/31/21

22.75 1.10 1.55 2.65 (1.33)

—

—

(1.33)

24.07 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

11.23 %

$

130,390

1.17 %

1.16 %

4.64 %

%

6.83 131,917

1.18 1.16 4.54 82

8.13 148,967

1.18 1.16 4.64 60

(12.00)

154,979

1.17 1.16 4.18 73

11.60 192,591

1.14 1.14 4.42 73

10.41 21,614

1.92 1.91 3.85 74

5.98 36,758

1.93 1.91 3.77 82

7.36 61,250

1.93 1.91 3.83 60

(12.64)

91,024

1.92 1.91 3.40 73

10.75 134,834

1.89 1.89 3.62 73

11.63 232,249

0.82 0.81 5.00 74

7.13 207,176

0.83 0.81 4.90 82

8.56 181,053

0.83 0.81 5.01 60

(11.72)

161,185

0.82 0.81 4.45 73

11.99 252,907

0.80 0.80 4.75 73

11.55 766,571

0.92 0.91 4.89 74

7.07 717,225

0.93 0.91 4.81 82

8.38 700,821

0.93 0.91 4.87 60

(11.77)

798,370

0.92 0.91 4.43 73

11.88 976,385

0.89 0.89 4.64 73

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

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

Net Asset

Value,

End of

Period

Real Estate Securities

Class

A

12/31/25

$

14.56 $

0.30 $

0.04 $

0.34 $

(0.42)

$

(0.37)

$

—

$

(0.79)

$

14.11 12/31/24

15.02 0.20 0.69 0.89 (0.38)

(0.85)

(0.12)

(1.35)

14.56 12/31/23

13.95 0.34 1.19 1.53 (0.35)

(0.11)

—

(0.46)

15.02 12/31/22

22.36 0.25 (5.82)

(5.57)

(0.74)

(2.10)

—

(2.84)

13.95 12/31/21

18.40 0.23 7.12 7.35 (0.33)

(3.06)

—

(3.39)

22.36 Class

C

12/31/25

13.88 0.17 0.04 0.21 (0.29)

(0.37)

—

(0.66)

13.43 12/31/24

14.36 0.07 0.67 0.74 (0.25)

(0.85)

(0.12)

(1.22)

13.88 12/31/23

13.33 0.20 1.17 1.37 (0.23)

(0.11)

—

(0.34)

14.36 12/31/22

21.51 0.09 (5.58)

(5.49)

(0.59)

(2.10)

—

(2.69)

13.33 12/31/21

17.80 0.03 6.90 6.93 (0.16)

(3.06)

—

(3.22)

21.51 Class

R6

12/31/25

15.21 0.39 0.03 0.42 (0.50)

(0.37)

—

(0.87)

14.76 12/31/24

15.65 0.27 0.72 0.99 (0.46)

(0.85)

(0.12)

(1.43)

15.21 12/31/23

14.53 0.41 1.24 1.65 (0.42)

(0.11)

—

(0.53)

15.65 12/31/22

23.15 0.33 (6.03)

(5.70)

(0.82)

(2.10)

—

(2.92)

14.53 12/31/21

18.98 0.32 7.34 7.66 (0.43)

(3.06)

—

(3.49)

23.15 Class

I

12/31/25

14.94 0.34 0.04 0.38 (0.47)

(0.37)

—

(0.84)

14.48 12/31/24

15.39 0.26 0.69 0.95 (0.43)

(0.85)

(0.12)

(1.40)

14.94 12/31/23

14.29 0.38 1.23 1.61 (0.40)

(0.11)

—

(0.51)

15.39 12/31/22

22.83 0.28 (5.93)

(5.65)

(0.79)

(2.10)

—

(2.89)

14.29 12/31/21

18.74 0.27 7.27 7.54 (0.39)

(3.06)

—

(3.45)

22.83 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c) Portfolio

Turnover

Rate

2.32 %

$

90,385

1.30 %

1.18 %

2.08 %

%

5.78 107,921

1.30 1.19 1.33 62

11.22 124,579

1.31 1.22 2.39 72

(24.87)

131,155

1.30 1.22 1.34 78

40.98 207,384

1.28 1.24 1.05 101

1.53 1,352

2.05 1.93 1.25 69

4.97 2,452

2.05 1.94 0.49 62

10.46 3,713

2.06 1.97 1.47 72

(25.45)

6,377

2.05 1.97 0.56 78

39.85 12,195

2.03 2.00 0.16 101

2.75 227,639

0.84 0.72 2.55 69

6.20 265,665

0.90 0.79 1.70 62

11.66 322,442

0.93 0.84 2.80 72

(24.59)

313,047

0.93 0.85 1.70 78

41.48 556,126

0.89 0.85 1.46 101

2.52 441,102

1.05 0.93 2.26 69

6.05 657,407

1.05 0.94 1.68 62

11.51 545,767

1.06 0.97 2.62 72

(24.70)

600,459

1.05 0.97 1.48 78

41.32 1,476,888

1.03 0.99 1.23 101

Notes to Financial Statements

1. General Information

Trust and Fund Information:

Nuveen Investment Funds, Inc. and Nuveen Investment Trust V (each a "Trust" and collectively, the "Trusts"), are open-

end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act") as amended. Nuveen Investment

Funds, Inc. is comprised of Nuveen Global Infrastructure Fund ("Global Infrastructure"), Nuveen Real Asset Income Fund ("Real Asset Income") and

Nuveen Real Estate Securities Fund ("Real Estate Securities"), among others, and Nuveen Investment Trust V is comprised of Nuveen Global Real

Estate Securities Fund ("Global Real Estate Securities"), among others, (each a "Fund" and collectively, the "Funds"). Nuveen Investment Funds, Inc.

was incorporated in the State of Maryland on August 20, 1987 and Nuveen Investment Trust V was organized as a Massachusetts business trust on

September 27, 2006.

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' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

Share Classes and Sales Charges:

Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more

are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1%

if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and

Class I Shares are sold without an up-front sales charge.

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 the accounting guidance in the Financial Accounting Standards Board

("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The 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:

Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust

from the Adviser or its affiliates. The Funds' Board of Directors/Trustees (the ''Board'') has adopted a deferred compensation plan for independent

directors/trustees that enables directors/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.

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 the Funds' portfolios. Distributions received from certain securities in which the Funds invest, most notably real estate investment trust ("REIT")

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 the Funds' ordinary income until such time the Fund is notified by the issuer of the actual tax character. For the current

fiscal period, 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 as of the current calendar year end.

Foreign Currency Transactions and Translation:

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 unrealized appreciation (depreciation) on 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 unrealized

appreciation (depreciation)" on the Statement of Operations, when applicable.

As of the end of the reporting period Global Infrastructure, Global Real Estate Securities and Real Asset Income are invested in non-U.S. securities.

The percentage of investments in non-U.S. securities for Global Infrastructure and Global Real Estate Securities are included within each Fund's

Portfolio of Investments. As of the end of the reporting period, the percentage of investments in non-U.S. securities for Real Asset Income are as

follows:

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 each Trust's organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising

out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide

general indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims

that may be made against each Trust that have not yet occurred. However, each Trust has 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

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, which 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, when applicable.

Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when

received. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

Multiclass Operations and Allocations:

Income and expenses of Global Infrastructure, Global Real Estate Securities and Real Estate Securities that

are not directly attributable to a specific class of shares are prorated among the classes of each Fund based on the relative net assets of each class.

Income and expenses of Real Asset Income that are not directly attributable to a specific class of shares are prorated among the classes based on

the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and

service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of

Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets for Global Infrastructure,

Global Real Estate Securities and Real Estate Securities and relative settled shares for Real Asset Income.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Real Asset Income

Value

% of Total

Investments

Country:

Canada

$

114,177,427

9.9 %

United Kingdom

61,408,781

5.3 Italy

29,086,026

2.5 France

29,006,076

2.5 Singapore

20,517,882

1.8 Australia

19,211,763

1.7 Japan

17,528,233

1.5 Mexico

14,626,311

1.3 Hong Kong

12,674,956

1.1 Other

41,829,909

3.6 Total non-U.S. Securities

$360,067,364

31.2%

Notes to Financial Statements

(continued)

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.

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.

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.

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

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:

Global Infrastructure

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

325,511,883

$

148,030,645

$

–

$

473,542,528

Investment Companies

1,517,212

–

–

1,517,212

Investments Purchased with Collateral from Securities

Lending

2,505,518

–

–

2,505,518

Short-Term Investments:

Repurchase Agreements

–

1,925,000

–

1,925,000

Total

$

329,534,613

$

149,955,645

$

–

$

479,490,258

Global Real Estate Securities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

30,537,187

$

15,337,640

$

–

$

45,874,827

Short-Term Investments:

Repurchase Agreements

–

375,000

–

375,000

Total

$

30,537,187

$

15,712,640

$

–

$

46,249,827

Real Asset Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed and Mortgage-Backed Securities

$

–

$

1,003,568

$

–

$

1,003,568

Common Stocks

387,156,297

177,342,485

–

564,498,782

Convertible Preferred Securities

24,595,171

–

–

24,595,171

Corporate Bonds

–

368,729,297

–

368,729,297

Investment Companies

6,141,271

–

–

6,141,271

Mortgage-Backed Securities

–

21,527,055

–

21,527,055

Preferred Stock

118,865,403

–

–

118,865,403

Variable Rate Senior Loan Interests

–

26,936,489

–

26,936,489

Investments Purchased with Collateral from Securities

Lending

16,030,145

–

–

16,030,145

Short-Term Investments:

Repurchase Agreements

–

7,275,000

–

7,275,000

Investments in Derivatives:

Futures Contracts\*

37,321

–

–

37,321

Total

$

552,825,608

$

602,813,894

$

–

$

1,155,639,502

Notes to Financial Statements

(continued)

4. Portfolio Securities

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.

Securities Lending:

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other

institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the

economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

Real Estate Securities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

749,629,907

$

–

$

–

$

749,629,907

Short-Term Investments:

Repurchase Agreements

–

3,000,000

–

3,000,000

Total

$

749,629,907

$

3,000,000

$

–

$

752,629,907

\*

Represents net unrealized appreciation (depreciation).

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

Global Infrastructure

Fixed Income Clearing Corporation

$

1,925,000

$

(1,963,717)

Global Real Estate Securities

Fixed Income Clearing Corporation

375,000

(382,585)

Real Asset Income

Fixed Income Clearing Corporation

7,275,000

(7,420,564)

Real Estate Securities

Fixed Income Clearing Corporation

3,000,000

(3,060,051)

Aggregate Value of Securities on Loan

Fund

Equity

Securities

Fixed Income

Securities

Cash Collateral

Received\*

Global Infrastructure

$2,371,964

$–

$2,505,518

Real Asset Income

8,391,437

6,551,280

16,030,145

\*May include cash and investment of cash collateral.

Purchases and Sales:

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

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.

Futures Contracts:

During the current fiscal period, Real Asset Income used 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:

As of the end of the current fiscal period, the following Fund has invested in derivative contracts which are reflected in the Statement of Assets and

Liabilities as follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Global Infrastructure

$

442,835,160

$

492,390,506

Global Real Estate Securities

41,106,237

40,326,910

Real Asset Income

808,977,972

812,098,371

Real Estate Securities

623,742,885

888,579,875

Fund

Average Notional Amount of Futures

Contracts Outstanding

\*

Real Asset Income

$

16,074,841

\*

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.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Real Asset Income

Futures Contracts

Interest rate

Unrealized appreciation on

futures contracts

\*

$

37,321

-

$

–

\*

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.

Notes to Financial Statements

(continued)

During the current fiscal period, the effect of derivative contracts on the Fund's Statement of Operations was as follows:

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.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Real Asset Income

Futures contracts

Interest rate

$

356,760

$

(703,240)

Year Ended

12/31/25

Year Ended

12/31/24

Global Infrastructure

Shares

Value

Shares

Value

Subscriptions:

Class A

619,900

$7,745,392

378,914

$4,376,216

Class A - automatic conversion of Class C

1,529

—

—

Class C

112,733

1,385,593

74,979

805,990

Class R6

1,153,310

14,052,332

544,791

6,365,682

Class I

6,769,608

84,603,216

4,251,411

47,023,184

Total subscriptions

8,655,682

107,788,062

5,250,095

58,571,072

Reinvestments of distributions:

Class A

375,198

4,614,110

270,969

3,129,067

Class C

36,856

441,910

32,853

371,261

Class R6

507,729

6,245,000

339,642

3,919,997

Class I

2,062,015

25,278,251

1,503,944

17,308,541

Total reinvestments of distributions

2,981,798

36,579,271

2,147,408

24,728,866

Redemptions:

Class A

(764,504)

(9,594,006)

(980,046)

(11,118,236)

Class C

(239,133)

(2,877,899)

(270,620)

(2,986,145)

Class C - automatic conversion to Class A

(134) (1,529)

—

—

Class R6

(490,333)

(6,068,576)

(535,033)

(6,078,432)

Class I

(11,464,042)

(138,607,579)

(7,906,080)

(89,225,719)

Total redemptions

(12,958,146)

(157,149,589)

(9,691,779)

(109,408,532)

Net increase (decrease)

(1,320,666)

$(12,782,256)

(2,294,276)

$(26,108,594)

Year Ended

12/31/25

Year Ended

12/31/24

Global Real Estate Securities

Shares

Value

Shares

Value

Subscriptions:

Class A

3,722

$69,035

2,235

$43,083

Class C

—

—

976

19,000

Class R6

21,308

401,120

7,590

137,651

Class I

115,006

2,104,252

56,311

1,034,594

Total subscriptions

140,036

2,574,407

67,112

1,234,328

Reinvestments of distributions:

Class A

1,245

23,643

1,259

22,956

Class C

977

687

Class R6

1,379

26,256

1,006

18,356

Class I

6,609

125,257

4,618

84,228

Total reinvestments of distributions

9,285

176,133

6,921

126,227

Redemptions:

Class A

(8,139)

(152,754)

(1,743)

(31,293)

Class C

(25) (470) (436) (7,737)

Class R6

(4,534)

(84,952)

(2,889)

(53,108)

Class I

(76,258)

(1,426,916)

(32,461)

(597,224)

Total redemptions

(88,956)

(1,665,092)

(37,529)

(689,362)

Net increase (decrease)

60,365

$1,085,448

36,504

$671,193

Year Ended

12/31/25

Year Ended

12/31/24

Real Asset Income

Shares

Value

Shares

Value

Subscriptions:

Class A

775,415

$16,893,530

1,084,437

$22,894,632

Class A - automatic conversion of Class C

579

—

—

Class C

53,603

1,183,206

60,862

1,284,945

Class R6

1,305,932

28,309,250

834,569

17,974,764

Class I

6,531,856

143,615,038

9,769,081

207,223,732

Total subscriptions

8,666,833

190,001,603

11,748,949

249,378,073

Reinvestments of distributions:

Class A

321,663

7,082,775

300,231

6,312,419

Class C

58,478

1,285,067

90,608

1,900,150

Class R6

548,479

12,148,969

460,523

9,762,313

Class I

1,926,528

42,439,201

1,562,297

32,866,366

Total reinvestments of distributions

2,855,148

62,956,012

2,413,659

50,841,248

Redemptions:

Class A

(1,469,095)

(32,133,500)

(2,320,626)

(48,769,308)

Class C

(877,138)

(19,120,379)

(1,361,742)

(28,619,646)

Class C - automatic conversion to Class A

(27) (579) —

—

Class R6

(1,207,999)

(26,536,682)

(225,660)

(4,830,670)

Class I

(7,890,513)

(172,263,704)

(11,173,701)

(234,237,108)

Total redemptions

(11,444,772)

(250,054,844)

(15,081,729)

(316,456,732)

Net increase (decrease)

77,209

$2,902,771

(919,121)

$(16,237,411)

Notes to Financial Statements

(continued)

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, distribution reallocations, foreign currency transactions, investments in partnerships,

investments in passive foreign investment companies, paydowns, return of capital and long-term capital gain distributions received from portfolio

investments, and tax equalization. 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:

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:

Year Ended

12/31/25

Year Ended

12/31/24

Real Estate Securities

Shares

Value

Shares

Value

Subscriptions:

Class A

1,117,564

$16,168,431

1,346,611

$20,443,116

Class A - automatic conversion of Class C

1,793

—

—

Class C

6,202

86,637

14,583

225,004

Class R6

3,267,717

49,492,667

3,664,764

57,412,412

Class I

5,748,598

85,283,609

17,396,356

269,097,904

Total subscriptions

10,140,204

151,033,137

22,422,314

347,178,436

Reinvestments of distributions:

Class A

257,224

3,696,529

505,440

7,651,959

Class C

4,529

61,889

11,957

172,626

Class R6

899,569

13,530,930

1,421,221

22,459,978

Class I

1,646,348

24,304,675

2,979,676

46,285,408

Total reinvestments of distributions

2,807,670

41,594,023

4,918,294

76,569,971

Redemptions:

Class A

(2,377,951)

(34,243,285)

(2,733,437)

(41,941,446)

Class C

(86,571)

(1,193,021)

(108,517)

(1,540,030)

Class C - automatic conversion to Class A

(130) (1,793)

—

—

Class R6

(6,210,409)

(93,350,278)

(8,226,658)

(128,447,922)

Class I

(20,936,333)

(312,150,183)

(11,828,803)

(183,239,321)

Total redemptions

(29,611,394)

(440,938,560)

(22,897,415)

(355,168,719)

Net increase (decrease)

(16,663,520)

$(248,311,400)

4,443,193

$68,579,688

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global Infrastructure

$

361,028,705

$

125,204,548

$

(6,742,995)

$

118,461,553

Global Real Estate Securities

40,898,376

7,795,277

(2,443,826)

5,351,451

Real Asset Income

1,111,769,097

86,985,054

(43,114,649)

43,870,405

Real Estate Securities

561,215,978

239,343,822

(47,929,893)

191,413,929

The tax character of distributions paid was as follows:

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

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

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

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Global Infrastructure

$

2,934,535

$

3,562,021

$

118,420,622

$

—

$

—

$

(26,414)

$

124,890,764

Global Real Estate Securities

84,390

—

5,352,070

(3,868,961)

—

—

1,567,499

Real Asset Income

—

—

43,908,362

(251,381,431)

—

(57,401)

(207,530,470)

Real Estate Securities

—

20,319,540

191,413,843

—

—

(152,555)

211,580,828

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

Global Infrastructure

$

20,012,226

$

26,992,298

$

—

$

18,808,882

$

15,629,469

$

—

Global Real Estate Securities

1,535,712

—

—

1,414,825

—

18,962

Real Asset Income

62,211,214

—

4,001,244

52,443,424

—

425,387

Real Estate Securities

21,220,211

26,120,476

—

47,738,234

36,282,986

7,733,142

Fund

Short-Term

Long-Term

Total

Global Infrastructure

$

—

$

—

$

—

Global Real Estate Securities

804,111

3,064,850

3,868,961

Real Asset Income

143,583,452

107,797,979

251,381,431

Real Estate Securities

—

—

—

Fund

Utilized

Global Infrastructure

$

—

Global Real Estate Securities

—

Real Asset Income

14,040,826

Real Estate Securities

—

Fund

Global

Infrastructure

Global

Real Estate

Securities

Real Asset

Income

Real Estate

Securities

Income taxes by foreign jurisdictions:

Australia

$31,993

$9,204

$135,578

$—

Belgium

3,633

4,499

9,396

—

Bermuda

—

—

27,621

—

Canada

224,478

10,012

469,825

21,103

Denmark

(11,164)

—

—

—

France

—

—

—

Germany

45,008

1,201

—

—

India

8,152

—

—

—

Ireland

—

—

—

Italy

125,422

1488

237,333

—

Japan

14,427

14,899

120,359

—

Mexico

192556

591

139,498

—

Netherlands

10,246

1,526

29,069

—

New Zealand

27,696

—

3,772

—

Philippines

15,507

—

—

—

Portugal

(6,876)

—

(45,991)

—

Singapore

940

2,506

48,654

—

Spain

138,644

642

58,275

—

Sweden

—

2,494

34,987

—

Switzerland

36,667

—

—

—

Notes to Financial Statements

(continued)

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

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 each Fund's

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 schedules:

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

\* 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 reporting period, the complex-level fee rate for each Fund was as follows:

United Kingdom

—

9,647

148,594

—

Total income taxes paid, net of refunds

$857,329

$59,150

$1,416,970

$21,103

Average Daily Net Assets

Global

Infrastructure

Global Real Estate

Securities

Real Estate

Securities

For the first $125 million

0.7500 %

0.7500 %

0.6500 %

For the next $125 million

0.7375 0.7375 0.6375 For the next $250 million

0.7250 0.7250 0.6250 For the next $500 million

0.7125 0.7125 0.6125 For the next $1 billion

0.7000 0.7000 0.6000 For the next $3 billion

0.6750 0.6750 0.5750 For the next $2.5 billion

0.6500 0.6500 0.5500 For the next $2.5 billion

0.6375 0.6375 0.5375 For net assets over $10 billion

0.6250 0.6250 0.5250 Average Daily Net Assets

Real Asset Income

For the first $125 million

0.6000 %

For the next $125 million

0.5875 For the next $250 million

0.5750 For the next $500 million

0.5625 For the next $1 billion

0.5500 For the next $3 billion

0.5250 For the next $5 billion

0.5000 For net assets over $10 billion

0.4875 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 Fund

Complex-Level Fee

Global Infrastructure

0.1560 %

Global Real Estate Securities

0.1560 Real Asset Income

0.1560 Real Estate Securities

0.1560 47

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the Funds so that the total annual Fund operating expenses

(excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing

of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the

time period stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual

fund operating expenses for the Class R6 Shares will not be less than the expense limitation. The expense limitation expiring July 31, 2027, may be

terminated or modified prior to that date only with the approval of the Board.

Distribution and Service Fees:

Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur

a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6

Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the

"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing

and maintaining shareholder accounts.

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:

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Global Infrastructure

1.00%

July 31, 2027

Global Real Estate Securities

1.09 July 31, 2027

Real Asset Income

0.95 July 31, 2027

Real Estate Securities

0.97 July 31, 2027

Fund

Value

Global Infrastructure

$

287,707

Global Real Estate Securities

47,814

Real Asset Income

769,716

Real Estate Securities

1,187,288

Fund

Sales Charges

Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Global Infrastructure

$

80,420

$

71,535

Global Real Estate Securities

Real Asset Income

21,106

18,668

Real Estate Securities

22,458

19,556

Notes to Financial Statements

(continued)

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

Affiliate Owned Shares:

As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:

9. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

During the current fiscal period, the Funds did not utilize this facility.

Fund

Commission

Advances

(Unaudited)

Global Infrastructure

$

21,097

Global Real Estate Securities

—

Real Asset Income

12,870

Real Estate Securities

661

Fund

12b-1 Fees

Retained

(Unaudited)

Global Infrastructure

$

5,548

Global Real Estate Securities

Real Asset Income

12,193

Real Estate Securities

1,915

Fund

CDSC

Retained

(Unaudited)

Global Infrastructure

$

6,458

Global Real Estate Securities

—

Real Asset Income

3,607

Real Estate Securities

Underlying Fund

TIAA

Total

Global Infrastructure

–%

–%

Global Real Estate Securities

Real Asset Income

–

–

Real Estate Securities

–

–

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 Section 1250 gains and net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

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:

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:

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

Section 1250

Gains

Net Long-Term

Capital Gains

Global Infrastructure

$

—

$

30,609,140

Global Real Estate Securities

—

—

Real Asset Income

—

—

Real Estate Securities

1,788,909

24,898,567

Fund

Percentage

Global Infrastructure

.4

%

Global Real Estate Securities

.4

Real Asset Income

.1

Real Estate Securities

.1

Fund

Percentage

Global Infrastructure

.8

%

Global Real Estate Securities

.4

Real Asset Income

.5

Real Estate Securities

.9

Fund

1/1 to Current

Year End

Percentage

Global Infrastructure

1.6 %

Global Real Estate Securities

0.9 Real Asset Income

29.5 Real Estate Securities

1.3 50

Important Tax Information

(Unaudited) (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:

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

Global Infrastructure

1.2 %

Global Real Estate Securities

50.4 Real Asset Income

18.0 Real Estate Securities

84.8 Fund

Percentage

Global Infrastructure

0.9 %

Global Real Estate Securities

0.9 Real Asset Income

34.2 Real Estate Securities

1.3 ------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The Fund does not pay any remuneration to its officers, but the Fund does reimburse Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Fund's Chief Compliance Officer. The aggregate remuneration paid to the directors/trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by the Fund is reported as "Directors/Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

------

**Item 16.** **Controls and Procedures.** <br>

(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.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (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.](d82837dex99cert.htm) |
| (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.](d82837dex99906cert.htm) |

---

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#### 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.

<u>Nuveen Investment Trust V</u>

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

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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.

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer (principal executive officer) |

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>** 

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

------

**<u>CERTIFICATION</u>** 

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Investment Trust V (the "Registrant") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |
|  Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---