# EDGAR Filing Document

**Accession Number:** 0001158289
**File Stem:** 0001193125-25-196798
**Filing Date:** 2025-9
**Character Count:** 437308
**Document Hash:** 7dcdcb4b9285c348cf5fc428df1afc80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196798.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196798

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN REAL ESTATE INCOME FUND
- **CENTRAL INDEX KEY:** 0001158289

**ORGANIZATION NAME:**
- **EIN:** 364472501

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10491
- **FILM NUMBER:** 251295400

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3129178146

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-10491

Nuveen Real Estate Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>800) 257-8787</u>

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

Date of reporting period: <u>June</u> <u>30, 2025</u>

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

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| | |
|:---|:---|
| ![LOGO](g64165g17f61.jpg) | ![LOGO](g64165g30y19.gif) |

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

## Nuveen

## Closed-End Funds
This semi-annual report contains the Funds' unaudited financial statements.

---

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

---

## Semi-Annual Report

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**IMPORTANT DISTRIBUTION NOTICE** 

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

**Semi-Annual Shareholder Report for the period ending June 30, 2025** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions from portfolio companies (REITs),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• realized capital gains or,

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

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

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

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy. The Fund's actual financial performance will likely vary from month-to-month and from year-to-year, and there may be extended periods when the distribution rate will exceed the Fund's actual total returns. The Managed Distribution Policy provides that the Board may amend or terminate the Policy at any time without prior notice to Fund shareholders. There are presently no reasonably foreseeable circumstances that might cause the Fund to terminate its Managed Distribution Policy.

**2** 

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## Table

## of Contents

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| | |
|:---|:---|
|  [Important Notices](#tx64165_1) | 4 |
|  [Common Share Information](#tx64165_2) | 5 |
|  [About the Funds' Benchmarks](#tx64165_3) | 8 |
|  [Fund Performance, Leverage and Holdings Summaries](#tx64165_4) | 9 |
|  [Portfolios of Investments](#tx64165_5) | 17 |
|  [Statement of Assets and Liabilities](#tx64165_6) | 67 |
|  [Statement of Operations](#tx64165_7) | 68 |
|  [Statement of Changes in Net Assets](#tx64165_8) | 69 |
|  [Statement of Cash Flows](#tx64165_9) | 71 |
|  [Financial Highlights](#tx64165_10) | 74 |
|  [Notes to Financial Statements](#tx64165_11) | 77 |
|  [Shareholder Meeting Report](#tx64165_12) | 91 |
|  [Additional Fund Information](#tx64165_13) | 93 |
|  [Glossary of Terms Used in this Report](#tx64165_14) | 94 |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#tx64165_15) | 95 |

---

**3** 

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## Important Notices
**Portfolio manager commentaries:** The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's annual shareholder report.

**Fund changes:** For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

**Fund principal investment policies and principal risks:** Refer to the Shareholder Update section of your Fund's annual shareholder report for information on the Fund's principal investment policies and principal risks.

**Fund performance**: For current information on your Fund's average annual total returns please refer to the Fund's website at www. nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

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

**4** 

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## Common Share Information
**NMAI and JRI DISTRIBUTION INFORMATION** 

The following information regarding the distributions for NMAI and JRI are as of June 30, 2025, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

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

Actual amounts and sources for tax reporting purposes will be determined as of each Fund's fiscal year-end and reported to shareholders on Form 1099-DIV.

Because distribution source estimates are updated throughout the current fiscal year based on a Fund's performance, these estimates may differ from both the tax information reported to you in the Fund's 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.

The figures in the table below provide an estimate of the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." The Funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information shown below is for the current distribution, and also represents an updated estimate for all prior months in the fiscal year. These estimates should not be used for tax reporting purposes. The final determination for all distributions paid in 2025 will be made in early 2026 and reported to you on Form 1099-DIV. More details about the Fund's distributions and the basis for these estimates are available on www.nuveen.com/en-us/closed-end-funds.

**Data as of June 30, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Estimated Sources of Distribution** | **Per Share Estimated Sources of Distribution** | **Per Share Estimated Sources of Distribution** | **Per Share Estimated Sources of Distribution** | | **Estimated Percentage of Distributions** | **Estimated Percentage of Distributions** | **Estimated Percentage of Distributions** | **Estimated Percentage of Distributions** |
| | **Per Share<br>Distribution** | **Net<br>Investment**<br> **Income** | **Long-Term**<br> **Gains** | **Short-Term**<br> **Gains** |<br>**Return of<br>Capital** | **Net<br>Investment**<br> **Income** | **Long-Term**<br> **Gains** | **Short-Term**<br> **Gains** | **Return of<br>Capital** |
|  **NMAI (FYE 12/31)** |  |  |  |  |  |  |  |  |  |
| **Current Distribution** | $0.1260 | $0.0509 | $0.0188 | $0.0000 | $0.0563 | 40.40% | 14.90% | 0.00% | 44.70% |
|  **Fiscal YTD** | $0.6695 | $0.2702 | $0.1000 | $0.0000 | $0.2993 | 40.40% | 14.90% | 0.00% | 44.70% |
|  **JRI (FYE 12/31)** |  |  |  |  |  |  |  |  |  |
| **Current Distribution** | $0.1335 | $0.0692 | $0.0000 | $0.0000 | $0.0643 | 51.80% | 0.00% | 0.00% | 48.20% |
|  **Fiscal YTD** | $0.8010 | $0.4149 | $0.0000 | $0.0000 | $0.3861 | 51.80% | 0.00% | 0.00% | 48.20% |

---

**JRS DISTRIBUTION INFORMATION** 

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

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

JRS makes regular cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board of Trustees, the Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of the Fund's investment strategy through regular distributions (a "Managed Distribution Program"). The practice of maintaining a stable

**5** 

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**Common Share Information** (continued)

distribution level had no material effect on the Fund's investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial Statements herein.

**DISTRIBUTION INFORMATION - AS OF May 31, 2025** 

This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Policy.

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

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. More details about the Fund's distributions and the basis for these estimates are available on www.nuveen.com/cef.

**Data as of May 31, 2025** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per Share Estimated Sources of Distribution<sup>1</sup>** | **Per Share Estimated Sources of Distribution<sup>1</sup>** | **Per Share Estimated Sources of Distribution<sup>1</sup>** | **Per Share Estimated Sources of Distribution<sup>1</sup>** | **Per Share Estimated Sources of Distribution<sup>1</sup>** | **Estimated Percentage of Distributions1** | **Estimated Percentage of Distributions1** | **Estimated Percentage of Distributions1** | **Estimated Percentage of Distributions1** |
| <br>**JRS (FYE 12/31)** | **Per Share<br>Distribution** | **Net<br>Investment**<br> **Income** | **Long-Term**<br> **Gains** | **Short-Term**<br> **Gains** | **Return of<br>Capital** | **Net<br>Investment**<br> **Income** | **Long-Term**<br> **Gains** | **Short-Term**<br> **Gains** | **Return of<br>Capital** |
| **Current Quarter** | $0.1700 | $0.0328 | $0.0000 | $0.0000 | $0.1372 | 19.30% | 0.00% | 0.00% | 80.70% |
| **Fiscal YTD** | $0.3400 | $0.0657 | $0.0000 | $0.0000 | $0.2743 | 19.30% | 0.00% | 0.00% | 80.70% |

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

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

**Data as of May 31, 2025** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Annualized** | | **Cumulative** | **Cumulative** |
| <br>**JRS (FYE 12/31) Inception Date** |<br>**Quarterly<br>Distribution** |<br>**Fiscal YTD<br>Distribution** |<br>**Net Asset<br>Value (NAV)** | **5-Year<br>Return**<br> **on NAV** |<br>**Fiscal YTD<br>Dist Rate on<br>NAV<sup>1</sup>** | **Fiscal<br>YTD<br>Return**<br> **on NAV** | **Fiscal YTD<br>Dist Rate on<br>NAV<sup>1</sup>** |
|  Nov 2001 | $0.1700 | $0.3400 | $8.55 | 7.62% | 7.95% | (3.57)% | 3.98% |

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<sup>1</sup> As a percentage of 5/3 1/25 NAV.

**NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS** 

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

**COMMON SHARE REPURCHASES** 

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

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of June 30, 2025 (and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired common shares as shown in the accompanying table.

**6** 

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| | | | |
|:---|:---|:---|:---|
| | **NMAI** | **JRI** | **JRS** |
| Common shares cumulatively repurchased and retired | 0 | 243500 | 0 |
| Common shares authorized for repurchase | 3340000 | 2740000 | 2885000 |

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**7** 

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

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

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

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

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

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

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

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

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

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

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

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

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

**8** 

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

**Fund Performance** 

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

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

**Impact of Leverage** 

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

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

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

**Leverage Ratios** 

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

**Holding Summaries** 

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

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

**9** 

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**Fund Performance, Leverage and Holdings Summaries** (continued)

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

**10** 

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| | |
|:---|:---|
| **NMAI** | **Nuveen Multi-Asset Income Fund**<br> **Fund Performance, Leverage and Holdings Summaries June 30, 2025** |

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**Performance\*** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** |
| | | **Cumulative** | **Average Annual** | **Average Annual** |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inception**<br> **Date** | **6-Month** | **1-Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since**<br> **Inception** |
|  NMAI at Common Share NAV | 11/22/21 | 9.25% | 12.86% | 1.58% |
|  NMAI at Common Share Price | 11/22/21 | 9.64% | 14.06% | 0.62% |
|  S&P 500<sup>®</sup> Index | – | 6.20% | 15.16% | 9.78% |
|  NMAI Blended Benchmark | – | 7.26% | 12.62% | 5.14% |
|  NMAI Blended Benchmark (old) | – | 7.32% | 13.26% | 5.86% |

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

**Daily Common Share NAV and Share Price**![LOGO](g64165dsp11.gif)

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| | | | |
|:---|:---|:---|:---|
| **Common**<br> **Share**<br> **NAV** | **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Premium/(Discount)**<br> **to NAV** | **Average<br> Premium/(Discount)**<br> **to NAV** |
| $13.82 | $12.63 | (8.61)% | (8.68)% |

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**11** 

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**Fund Performance, Leverage and Holdings June 30, 2025** (continued)

**Leverage and Holdings** 

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| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 28.88% |
|  Regulatory Leverage | 24.83% |
| **Fund Allocation** |  |
| **(% of net assets)** |  |
|  Common Stocks | 66.0% |
|  Corporate Bonds | 19.5% |
|  Mortgage-Backed Securities | 15.2% |
|  Emerging Market Debt and Foreign Corporate Bonds | 14.3% |
|  Variable Rate Senior Loan Interests | 12.4% |
|  U.S. Government and Agency Obligations | 5.1% |
|  Exchange-Traded Funds | 4.8% |
|  Preferred Stock | 1.5% |
|  Asset-Backed Securities | 0.5% |
|  Common Stock Rights | 0.0% |
|  Repurchase Agreements | 0.1% |
|  Other Assets & Liabilities, Net | 1.2% |
|  Reverse Repurchase Agreements, including accrued interest | (7.6)% |
|  Borrowings | (33.0)% |
|  **Net Assets** | **100%** |
| **Bond Credit Quality** |  |
| **(% of total fixed-income investments)** | **(% of total fixed-income investments)** |
|  AAA | 18.1% |
|  AA | 2.9% |
|  A | 1.2% |
|  BBB | 17.8% |
|  BB or Lower | 36.3% |
|  N/R (not rated) | 23.7% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition<sup>1</sup>**<br>**(% of total investments)** | |
|  Banks | 7.5% |
|  Capital Goods | 6.4% |
|  Software & Services | 5.0% |
|  Financial Services | 4.8% |
|  Energy | 4.3% |
| Semiconductors & Semiconductor Equipment | 4.2% |
|  Utilities | 4.1% |
|  Media & Entertainment | 3.8% |
|  Materials | 3.6% |
|  Exchange-Traded Funds | 3.4% |
|  Health Care Equipment & Services | 3.4% |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.0% |
| Consumer Discretionary Distribution & Retail | 2.8% |
|  Insurance | 2.6% |
| Technology Hardware & Equipment | 2.5% |
|  Food, Beverage & Tobacco | 2.4% |
|  Consumer Services | 1.8% |
|  Consumer Durables & Apparel | 1.7% |
|  Transportation | 1.6% |
| Consumer Staples Distribution & Retail | 1.2% |
|  Other | 4.7% |
|  Mortgage-Backed Securities | 10.9% |
| Emerging Market Debt and Foreign Corporate Bonds | 10.2% |
| U.S. Government and Agency Obligations | 3.6% |
|  Asset-Backed Securities | 0.4% |
|  Repurchase Agreements | 0.1% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Top Five Issuers**<br>**(% of total investments)** | |
|  Fannie Mae Pool | 6.5% |
|  iShares Core MSCI Emerging Markets ETF | 3.4% |
|  Microsoft Corp | 2.1% |
|  United States Treasury Inflation Indexed Bonds | 1.9% |
|  JPMorgan Chase & Co | 1.5% |
| **Country Allocation<sup>2</sup>** |  |
| **(% of total investments)** |  |
|  United States | 74.0% |
|  Japan | 3.3% |
|  United Kingdom | 3.1% |
|  France | 2.5% |
|  Germany | 2.2% |
|  Spain | 1.6% |
|  Canada | 1.3% |
|  Switzerland | 1.2% |
|  Netherlands | 1.1% |
|  Mexico | 1.1% |
|  Australia | 0.7% |
|  Other | 7.9% |
|  **Total** | **100%** |

---

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

---

| | |
|:---|:---|
| 2 | Includes 7.2% (as a percentage of total investments) in emerging market countries.  |

---

**12** 

------

---

| | |
|:---|:---|
| **JRI** | **Nuveen Real Asset Income and Growth Fund**<br> **Fund Performance, Leverage & Holdings Summaries June 30, 2025** |

---

**Performance\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | |
| | |<br>**Cumulative** | **Average Annual** | **Average Annual** | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inception**<br> **Date** | **6-Month** | **1-Year** | **5-Year** |<br> **10-Year** |
|  JRI at Common Share NAV | 4/25/12 | 9.13% | 16.03% | 8.74% | 4.70% |
|  JRI at Common Share Price | 4/25/12 | 18.34% | 25.41% | 13.28% | 6.64% |
|  MSCI World Index (Net) | – | 9.47% | 16.26% | 14.55% | 10.66% |
|  JRI Blended Benchmark | – | 5.94% | 12.75% | 6.78% | 4.96% |

---

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

**Daily Common Share NAV and Share Price**![LOGO](g64165dsp13.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> **Share**<br> **NAV** | **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Premium/(Discount)**<br> **to NAV** | **Average<br> Premium/(Discount)**<br> **to NAV** |
| $13.56 | $13.50 | (0.44)% | (3.77)% |

---

**13** 

------

**Fund Performance, Leverage and Holdings June 30, 2025** (continued)

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 31.49% |
|  Regulatory Leverage | 31.49% |
| **Fund Allocation**<br> **(% of net assets)** |  |
|  Common Stocks | 69.6% |
|  Corporate Bonds | 48.3% |
|  Preferred Stock | 15.9% |
|  Variable Rate Senior Loan Interests | 4.9% |
|  Mortgage-Backed Securities | 2.2% |
|  Convertible Preferred Securities | 1.9% |
|  Investment Companies | 1.0% |
|  Repurchase Agreements | 1.0% |
|  Other Assets & Liabilities, Net | 1.2% |
|  Borrowings | (46.0)% |
|  **Net Assets** | **100%** |
| **Portfolio Credit Quality** |  |
| **(% of total long-term fixed-income<br>investments)** |  |
|  AA | 0.3% |
|  A | 2.5% |
|  BBB | 22.7% |
|  BB or Lower | 21.2% |
|  N/R (not rated) | 53.3% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**(% of total investments)** | |
|  Utilities | 27.0% |
|  Common Stocks | 24.9% |
|  Energy | 16.3% |
| Equity Real Estate Investment Trusts (REITs) | 11.3% |
|  Transportation | 3.7% |
|  Telecommunication Services | 2.6% |
| Real Estate Management & Development | 2.5% |
|  Consumer Services | 1.7% |
| Health Care Equipment & Services | 1.6% |
|  Mortgage-Backed Securities | 1.5% |
|  Media & Entertainment | 1.4% |
|  Financial Services | 1.1% |
|  Capital Goods | 1.0% |
|  Investment Companies | 0.7% |
|  Preferred Stock | 0.5% |
| Consumer Discretionary Distribution & Retail | 0.5% |
|  Materials | 0.4% |
|  Automobiles & Components | 0.2% |
| Technology Hardware & Equipment | 0.2% |
| Commercial & Professional Services | 0.1% |
|  Food, Beverage & Tobacco | 0.1% |
|  Repurchase Agreements | 0.7% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Country Allocation<sup>1</sup>**<br>**(% of total investments)** | |
|  United States | 67.4% |
|  Canada | 10.9% |
|  United Kingdom | 5.1% |
|  Italy | 2.7% |
|  Japan | 2.2% |
|  Australia | 2.0% |
|  France | 2.0% |
|  Singapore | 1.9% |
|  Mexico | 1.2% |
|  Hong Kong | 1.1% |
|  Belgium | 0.7% |
|  Other | 2.8% |
|  **Total** | **100%** |
| **Top Five Issuers** |  |
| **(% of total investments)** |  |
|  Enbridge Inc | 2.6% |
|  Energy Transfer LP | 2.4% |
|  National Grid PLC | 1.9% |
|  Dominion Energy Inc | 1.7% |
|  Evergy Inc | 1.7% |

---

---

| | |
|:---|:---|
| 1 | Includes 1.9% (as a percentage of total investments) in emerging market countries.  |

---

**14** 

------

---

| | |
|:---|:---|
| **JRS** | **Nuveen Real Estate Income Fund**<br> **Fund Performance, Leverage & Holdings Summaries June 30, 2025** |

---

**Performance\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | |
| | |<br>**Cumulative** | **Average Annual** | **Average Annual** | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inception**<br> **Date** | **6-Month** | **1-Year** | **5-Year** |<br> **10-Year** |
|  JRS at Common Share NAV | 11/15/01 | (4.03)% | 5.67% | 7.26% | 5.31% |
|  JRS at Common Share Price | 11/15/01 | (5.97)% | 10.29% | 9.78% | 6.04% |
|  FT Wilshire U.S. REIT Index | – | (0.25)% | 8.62% | 8.52% | 6.42% |
|  FT Wilshire US Diversified REIT Index | – | 1.74% | 11.25% | 9.15% | 6.64% |
|  JRS Blended Benchmark | – | (0.74)% | 7.84% | 6.63% | 5.32% |

---

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

**Daily Common Share NAV and Share Price**![LOGO](g64165dsp15.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Common**<br> **Share**<br> **NAV** | **Common**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Premium/(Discount)**<br> **to NAV** | **Average<br> Premium/(Discount)**<br> **to NAV** |
| $8.34 | $7.78 | (6.71)% | (6.51)% |

---

**15** 

------

**Fund Performance, Leverage and Holdings June 30, 2025** (continued)

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 29.83% |
|  Regulatory Leverage | 29.83% |
| **Fund Allocation** |  |
| **(% of net assets)** |  |
|  Common Stocks | 101.4% |
|  Preferred Stock | 38.4% |
|  Convertible Preferred Securities | 0.8% |
|  Repurchase Agreements | 2.2% |
|  Other Assets & Liabilities, Net | (0.3)% |
|  Borrowings | (42.5)% |
|  **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br>**(% of total long-term fixed-income**<br>**investments)** | |
|  AA | 2.0% |
|  A | 3.3% |
|  BBB | 13.4% |
|  BB or Lower | 4.9% |
|  N/R (not rated) | 76.4% |
|  **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition<sup>1</sup>**<br>**(% of total investments)** | |
|  Equity Real Estate Investment Trusts (REITs) | 26.9% |
|  Retail REITs | 13.9% |
|  Health Care REITs | 10.6% |
|  Multi-Family Residential REITs | 9.4% |
|  Data Center REITs | 8.4% |
|  Industrial REITs | 8.2% |
|  Self-Storage REITs | 5.9% |
|  Office REITs | 4.9% |
|  Single-Family Residential REITs | 4.2% |
|  Hotel & Resort REITs | 2.0% |
|  Other | 4.1% |
|  Repurchase Agreements | 1.5% |
|  **Total** | **100%** |

---

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

**16** 

------

**Portfolio of Investments June 30, 2025** 

**NMAI** 

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

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 139.3% (99.9% of Total Investments)** |  |  |  |
|  |  | **ASSET-BACKED SECURITIES - 0.5% (0.4% of Total Investments)** |  |  |  |
| $300000 | (a) | Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A | 1.660% | 02/20/28 | $288187 |
| 284250 | (a) | Domino's Pizza Master Issuer LLC, Series 2018 1A | 4.328 | 07/25/48 | 281944 |
| 306000 |  | Ford Credit Auto Owner Trust 2024-D, Series 2024 D | 4.610 | 08/15/29 | 309062 |
| 250000 | (a) | Hertz Vehicle Financing III LLC, Series 2023 3A | 5.940 | 02/25/28 | 254004 |
| 250000 | (a),(b) | Industrial DPR Funding Ltd, Series 2022 1A | 5.380 | 04/15/34 | 223423 |
| 131223 | (a) | MVW 2020-1 LLC, Series 2020 1A | 1.740 | 10/20/37 | 127205 |
| 130931 | (a) | OneMain Financial Issuance Trust 2022-2, Series 2022 2A | 4.890 | 10/14/34 | 130895 |
| 125000 | (a) | PenFed Auto Receivables Owner Trust 2022-A, Series 2022 A | 4.600 | 12/15/28 | 124870 |
| 300000 | (a) | PFS Financing Corp, Series 2025 B | 4.850 | 02/15/30 | 303678 |
| 330147 | (a) | Sierra Timeshare 2024-3 Receivables Funding LLC, Series 2024 3A | 4.830 | 08/20/41 | 331401 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $2,384,532)** |  |  | **2374669** |
| **SHARES** |  | **DESCRIPTION** |  | **MATURITY** | **VALUE** |
|  |  | **COMMON STOCK RIGHTS - 0.0% (0.0% of Total Investments)** |  |  |  |
|  |  | **CAPITAL GOODS - 0.0%** |  |  |  |
| 41 | (b) | Hanwha Aerospace Co Ltd |  | 7/02/25 | 4982 |
|  |  | TOTAL CAPITAL GOODS |  |  | 4982 |
|  |  | **TOTAL COMMON STOCK RIGHTS**<br> **(Cost $0)** |  |  | **4982** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **COMMON STOCKS - 66.0% (47.4% of Total Investments)** |  |  |  |
|  |  | **AUTOMOBILES & COMPONENTS - 0.4%** |  |  |  |
| 2480 | (c),(d) | Tesla Inc |  |  | 787797 |
| 64900 |  | Toyota Motor Corp |  |  | 1117772 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 1905569 |
|  |  | **BANKS - 6.8%** |  |  |  |
| 157603 |  | Banco Bilbao Vizcaya Argentaria SA |  |  | 2426814 |
| 310845 |  | Banco Santander SA |  |  | 2574069 |
| 22532 | (c) | Bank of America Corp |  |  | 1066214 |
| 502000 |  | Bank Rakyat Indonesia Persero Tbk PT |  |  | 115741 |
| 456082 |  | Barclays PLC |  |  | 2107448 |
| 9044 |  | Commonwealth Bank of Australia |  |  | 1100730 |
| 7149 |  | Fifth Third Bancorp |  |  | 294038 |
| 68400 |  | Grupo Financiero Banorte SAB de CV |  |  | 625221 |
| 9319 |  | HDFC Bank Ltd, ADR, ADR |  |  | 714488 |
| 81944 |  | ING Groep NV |  |  | 1796023 |
| 25021 |  | JPMorgan Chase & Co |  |  | 7253838 |
| 2300 |  | M&T Bank Corp |  |  | 446177 |
| 200100 |  | Mitsubishi UFJ Financial Group Inc |  |  | 2728081 |
| 43288 |  | Nordea Bank Abp |  |  | 642295 |
| 2775 |  | PNC Financial Services Group Inc/The |  |  | 517316 |
| 96300 |  | Sumitomo Mitsui Financial Group Inc |  |  | 2424926 |
| 3557 |  | UniCredit SpA |  |  | 238616 |
| 53135 | (e) | Wells Fargo & Co |  |  | 4257176 |
|  |  | TOTAL BANKS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31329211 |
|  |  | **CAPITAL GOODS - 6.9%** |  |  |  |
| 16325 |  | Airbus SE |  |  | 3415201 |
| 3722 | (c),(d) | Boeing Co/The |  |  | 779871 |
| 3746 | (c) | Caterpillar Inc |  |  | 1454235 |
| 10535 |  | Cie de Saint-Gobain SA |  |  | 1237602 |
| 752 |  | Deere & Co |  |  | 382384 |
| 2946 |  | Dover Corp |  |  | 539796 |
| 4366 |  | Eaton Corp PLC |  |  | 1558618 |
| 8570 |  | Emerson Electric Co |  |  | 1142638 |
| 1467 |  | Ferrovial SE |  |  | 78254 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **17** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **CAPITAL GOODS** (continued) |  |
| 147800 | (d) | Hitachi Ltd | $4295708 |
| 9931 | (c) | Honeywell International Inc | 2312731 |
| 2900 |  | Howmet Aerospace Inc | 539777 |
| 13617 |  | Infratil Ltd | 87867 |
| 4319 |  | Masco Corp | 277971 |
| 33400 |  | Mitsubishi Electric Corp | 718399 |
| 1590 |  | Northrop Grumman Corp | 794968 |
| 1759 |  | Parker-Hannifin Corp | 1228609 |
| 1698 |  | Rheinmetall AG | 3595851 |
| 9476 |  | RTX Corp | 1383686 |
| 9279 |  | Siemens AG | 2383389 |
| 3428 |  | Trane Technologies PLC | 1499441 |
| 890 |  | United Rentals Inc | 670526 |
| 4215 |  | Vinci SA | 621588 |
| 2700 |  | Westinghouse Air Brake Technologies Corp | 565245 |
|  |  | TOTAL CAPITAL GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31564355 |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.5%** |  |
| 1033 | (d) | Casella Waste Systems Inc, Class A | 119188 |
| 49537 |  | Cleanaway Waste Management Ltd | 88766 |
| 2684 |  | GFL Environmental Inc | 135435 |
| 3752 |  | Republic Services Inc | 925280 |
| 5500 |  | Veralto Corp | 555225 |
| 2256 |  | Waste Connections Inc | 421240 |
| 1184 |  | Waste Management Inc | 270923 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2516057 |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%** |  |
| 6193 |  | Alibaba Group Holding Ltd, Sponsored ADR, ADR | 702348 |
| 30391 | (d),(e) | Amazon.com Inc | 6667481 |
| 1 | (b),(d) | Belk Inc | 8 |
| 5875 |  | Home Depot Inc/The | 2154010 |
| 1061 | (d) | JOANN Inc | 11 |
| 2415 |  | Lowe's Cos Inc | 535816 |
| 22461 | (d) | O'Reilly Automotive Inc | 2024410 |
| 8789 |  | TJX Cos Inc/The | 1085354 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 13169438 |
|  |  | **CONSUMER DURABLES & APPAREL - 1.8%** |  |
| 8420 |  | Cie Financiere Richemont SA | 1593340 |
| 2443 |  | Kering SA | 532221 |
| 2743 |  | LVMH Moet Hennessy Louis Vuitton SE | 1435632 |
| 8038 |  | Moncler SpA | 458500 |
| 11443 |  | NIKE Inc, Class B | 812911 |
| 73 | (d) | NVR Inc | 539153 |
| 117100 |  | Sony Group Corp | 3044635 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL | 8416392 |
|  |  | **CONSUMER SERVICES - 0.8%** |  |
| 83128 | (d) | 24 Hour Fitness Worldwide Inc | 582 |
| 174789 | (d) | 24 Hour Fitness Worldwide Inc | 1224 |
| 88 |  | Booking Holdings Inc | 509453 |
| 96 | (d) | Crown Finance US Inc | 2235 |
| 17892 | (d) | Crown Finance US Inc | 416633 |
| 3429 |  | Hilton Worldwide Holdings Inc | 913280 |
| 2481 |  | McDonald's Corp | 724874 |
| 14274 |  | Starbucks Corp | 1307926 |
|  |  | TOTAL CONSUMER SERVICES | 3876207 |
|  |  | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%** |  |
| 825 |  | Casey's General Stores Inc | 420973 |
| 3195 | (c) | Costco Wholesale Corp | 3162858 |
| 38691 | (c) | Walmart Inc | 3783206 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 7367037 |

---

---

| | |
|:---|:---|
| **18** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **ENERGY - 3.8%** |  |
| 39573 |  | BP PLC | $197164 |
| 4215 |  | Cheniere Energy Inc | 1026437 |
| 6759 |  | Chevron Corp | 967821 |
| 6420 |  | ConocoPhillips | 576131 |
| 5772 |  | Diamondback Energy Inc | 793073 |
| 1045 |  | DT Midstream Inc | 114856 |
| 12001 |  | Enbridge Inc | 543885 |
| 14428 | (e) | Energy Transfer LP | 261580 |
| 4208 |  | EOG Resources Inc | 503319 |
| 39802 |  | Exxon Mobil Corp | 4290657 |
| 26181 | (e) | Kinder Morgan Inc | 769721 |
| 5148 | (e) | ONEOK Inc | 420231 |
| 8640 |  | Pembina Pipeline Corp | 324408 |
| 1619 |  | Plains All American Pipeline LP | 29660 |
| 8158 | (a) | Reliance Industries Ltd, Sponsored GDR, GDR | 569428 |
| 3504 | (a) | Reliance Industries Ltd, Sponsored GDR, GDR | 244341 |
| 78417 |  | Shell PLC | 2735931 |
| 1038 |  | Targa Resources Corp | 180695 |
| 3286 |  | TC Energy Corp | 160421 |
| 9468 |  | TotalEnergies SE | 578709 |
| 7368 | (d) | Transocean Ltd | 19083 |
| 10930 | (c) | Valero Energy Corp | 1469211 |
| 8945 |  | Williams Cos Inc/The | 561835 |
|  |  | TOTAL ENERGY | 17338597 |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%** |  |
| 4505 |  | American Tower Corp | 995696 |
| 576 |  | Crown Castle Inc | 59172 |
| 813 |  | Digital Realty Trust Inc | 141730 |
| 78 |  | Equinix Inc | 62047 |
| 5900 |  | Parkway Life Real Estate Investment Trust | 19041 |
| 14553 |  | Prologis Inc | 1529812 |
| 1844 |  | Simon Property Group Inc | 296441 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 3103939 |
|  |  | **FINANCIAL SERVICES - 3.2%** |  |
| 7391 |  | American Express Co | 2357581 |
| 800 |  | Ameriprise Financial Inc | 426984 |
| 3383 |  | Ares Management Corp, Class A | 585936 |
| 2245 | (c),(d) | Berkshire Hathaway Inc, Class B | 1090554 |
| 597 |  | Blackrock Inc | 626402 |
| 5322 |  | Charles Schwab Corp/The | 485579 |
| 950 | (d) | Corpay Inc | 315229 |
| 5506 | (c),(d) | Fiserv Inc | 949289 |
| 1250 |  | Goldman Sachs Group Inc/The | 884688 |
| 3694 |  | Intercontinental Exchange Inc | 677738 |
| 4969 |  | KKR & Co Inc | 661026 |
| 3857 |  | Mastercard Inc, Class A | 2167403 |
| 6300 |  | Nasdaq Inc | 563346 |
| 13500 |  | ORIX Corp | 304650 |
| 2146 |  | S&P Global Inc | 1131564 |
| 5600 |  | SBI Holdings Inc | 195133 |
| 4383 | (c) | Visa Inc, Class A | 1556184 |
|  |  | TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14979286 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 2.3%** |  |
| 36899 |  | British American Tobacco PLC | 1754411 |
| 26196 | (c) | Coca-Cola Co/The | 1853367 |
| 7047 |  | Fomento Economico Mexicano SAB de CV, Sponsored ADR, ADR | 725700 |
| 6362 |  | Heineken NV | 555039 |
| 12358 |  | Mondelez International Inc, Class A | 833424 |
| 14556 | (d) | Monster Beverage Corp | 911788 |
| 3132 |  | Nestle SA | 311403 |
| 2521 |  | PepsiCo Inc | 332873 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **19** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **FOOD, BEVERAGE & TOBACCO** (continued) |  |
| 19456 |  | Philip Morris International Inc | $3543521 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO | 10821526 |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 2.4%** |  |
| 11983 |  | Abbott Laboratories | 1629808 |
| 20372 | (c),(d) | Boston Scientific Corp | 2188157 |
| 2502 |  | Cigna Group/The | 827111 |
| 2741 |  | Elevance Health Inc | 1066139 |
| 3542 |  | EssilorLuxottica SA | 972607 |
| 1450 |  | HCA Healthcare Inc | 555495 |
| 12280 | (b),(d) | Millennium Health LLC | 1130 |
| 11534 | (b),(d) | Millennium Health LLC | 115 |
| 4473 | (e) | Stryker Corp | 1769653 |
| 4542 | (c) | UnitedHealth Group Inc | 1416968 |
| 2100 | (d) | Veeva Systems Inc, Class A | 604758 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 11031941 |
|  |  | **HOUSEHOLD & PERSONAL PRODUCTS - 0.8%** |  |
| 11000 |  | Kenvue Inc | 230230 |
| 15591 | (c) | Procter & Gamble Co/The | 2483958 |
| 1908 |  | Reckitt Benckiser Group PLC | 129986 |
| 14487 |  | Unilever PLC | 884087 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 3728261 |
|  |  | **INSURANCE - 0.8%** |  |
| 7358 |  | American International Group Inc | 629771 |
| 2046 |  | Chubb Ltd | 592767 |
| 5817 | (c) | Marsh & McLennan Cos Inc | 1271829 |
| 5840 |  | MetLife Inc | 469653 |
| 1222 |  | Zurich Insurance Group AG | 855061 |
|  |  | TOTAL INSURANCE | 3819081 |
|  |  | **MATERIALS - 4.2%** |  |
| 3230 |  | Air Liquide SA | 666029 |
| 25189 |  | BHP Group Ltd | 605987 |
| 16357 |  | Corteva Inc | 1219087 |
| 23069 |  | CRH PLC | 2117734 |
| 12605 |  | DuPont de Nemours Inc | 864577 |
| 36448 |  | Freeport-McMoRan Inc | 1580021 |
| 301678 |  | Glencore PLC | 1175531 |
| 10750 |  | Heidelberg Materials AG | 2531590 |
| 10233 | (d) | Linde PLC | 4801119 |
| 920 |  | Reliance Inc | 288788 |
| 73545 | (c) | Smurfit WestRock PLC | 3173467 |
| 32572 |  | Vale SA, Sponsored ADR, ADR | 316274 |
|  |  | TOTAL MATERIALS | 19340204 |
|  |  | **MEDIA & ENTERTAINMENT - 3.4%** |  |
| 13915 |  | Alphabet Inc, Class A | 2452240 |
| 6670 |  | Alphabet Inc, Class C | 1183191 |
| 32532 |  | Comcast Corp, Class A | 1161067 |
| 8274 | (c) | Meta Platforms Inc | 6106957 |
| 725 | (d) | Netflix Inc | 970869 |
| 26110 |  | Nintendo Co Ltd | 2507338 |
| 12008 |  | Walt Disney Co/The | 1489112 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15870774 |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.7%** |  |
| 5776 |  | AbbVie Inc | 1072141 |
| 14092 |  | AstraZeneca PLC | 1961171 |
| 184 |  | Celltrion Inc | 21712 |
| 48400 |  | Daiichi Sankyo Co Ltd | 1121335 |
| 2430 |  | Danaher Corp | 480022 |
| 3249 |  | Eli Lilly & Co | 2532694 |
| 406145 |  | Haleon PLC | 2087433 |
| 5972 |  | Johnson & Johnson | 912223 |
| 2155 |  | Lonza Group AG | 1541177 |

---

---

| | |
|:---|:---|
| **20** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES** (continued) |  |
| 2247 |  | Novartis AG | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272734 |
| 38565 |  | Novo Nordisk A/S, Class B | 2672324 |
| 4237 |  | Novo Nordisk A/S, Sponsored ADR, ADR | 292438 |
| 2741 |  | Roche Holding AG | 894716 |
| 7147 |  | Sanofi SA, ADR, ADR | 345272 |
| 951 | (d) | United Therapeutics Corp | 273270 |
| 3445 |  | Zoetis Inc | 537248 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 17017910 |
|  |  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%** |  |
| 23400 |  | Advantest Corp | 1734665 |
| 1901 |  | Analog Devices Inc | 452476 |
| 2868 |  | Applied Materials Inc | 525045 |
| 1411 |  | ASML Holding NV | 1130686 |
| 4217 | (d) | Bright Bidco BV | 1000 |
| 3087 | (d) | Bright Bidco BV | 732 |
| 25777 |  | Broadcom Inc | 7105430 |
| 14000 |  | Intel Corp | 313600 |
| 9955 |  | Lam Research Corp | 969020 |
| 6292 |  | Micron Technology Inc | 775489 |
| 54121 |  | NVIDIA Corp | 8550576 |
| 1829 |  | NXP Semiconductors NV | 399618 |
| 17920 |  | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR, ADR | 4058701 |
| 1408 |  | Texas Instruments Inc | 292329 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 26309367 |
|  |  | **SOFTWARE & SERVICES - 4.6%** |  |
| 4557 |  | Accenture PLC, Class A | 1362042 |
| 2752 | (d) | Avaya Inc | 19952 |
| 12787 | (d) | Avaya Inc | 92706 |
| 21300 |  | Fujitsu Ltd | 516725 |
| 26727 | (c) | Microsoft Corp | 13294276 |
| 5537 | (d) | NEXTDC Ltd | 52853 |
| 527 |  | Oracle Corp | 115218 |
| 2600 | (d) | Palo Alto Networks Inc | 532064 |
| 6420 |  | Salesforce Inc | 1750670 |
| 2310 |  | SAP SE | 706351 |
| 2308 | (c),(d) | ServiceNow Inc | 2372808 |
| 1000 | (d) | Synopsys Inc | 512680 |
|  |  | TOTAL SOFTWARE & SERVICES | 21328345 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%** |  |
| 8528 |  | Amphenol Corp, Class A | 842140 |
| 40189 | (c),(e) | Apple Inc | 8245578 |
| 16298 |  | Cisco Systems Inc | 1130755 |
| 1984 |  | Motorola Solutions Inc | 834193 |
| 3294 | (d) | Riverbed Technology LLC/US | 3 |
| 48755 |  | Samsung Electronics Co Ltd | 2156024 |
| 3638 |  | TE Connectivity PLC | 613621 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 13822314 |
|  |  | **TELECOMMUNICATION SERVICES - 0.3%** |  |
| 4991 | (a) | Cellnex Telecom SA | 194341 |
| 5102 |  | Infrastrutture Wireless Italiane SpA | 62387 |
| 125119 |  | Koninklijke KPN NV | 610355 |
| 2194 |  | T-Mobile US Inc | 522742 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 1389825 |
|  |  | **TRANSPORTATION - 1.5%** |  |
| 28443 | (a) | Aena SME SA | 759251 |
| 1875 |  | Aeroports de Paris SA | 235073 |
| 34876 |  | Atlas Arteria Ltd | 116886 |
| 54396 |  | Auckland International Airport Ltd | 256802 |
| 819 |  | Canadian National Railway Co | 85337 |
| 887 |  | Canadian Pacific Kansas City Ltd | 70312 |
| 1493 |  | CSX Corp | 48717 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **21** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **TRANSPORTATION** (continued) |  |
| 8022 | Deutsche Post AG | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371578 |
| 4026 | DSV A/S | 965653 |
| 1522 | Enav SpA | 7038 |
| 858 | FedEx Corp | 195032 |
| 606 | Flughafen Zurich AG | 172785 |
| 3330 (d) | Fraport AG Frankfurt Airport Services Worldwide | 251214 |
| 12943 | Getlink SE | 249852 |
| 1614 | Grupo Aeroportuario del Centro Norte SAB de CV, ADR, ADR | 170277 |
| 1460 | Grupo Aeroportuario del Pacifico SAB de CV, ADR, ADR | 335245 |
| 1479 | Grupo Aeroportuario del Sureste SAB de CV, ADR, ADR | 471609 |
| 14140 | International Container Terminal Services Inc | 103086 |
| 403 | Norfolk Southern Corp | 103156 |
| 54907 | Qube Holdings Ltd | 154774 |
| 25100 | Rumo SA | 85605 |
| 13000 | Tokyo Metro Co Ltd | 151277 |
| 56682 | Transurban Group | 521529 |
| 5238 | Union Pacific Corp | 1205158 |
|  | TOTAL TRANSPORTATION | 7087246 |
|  | **UTILITIES - 3.9%** |  |
| 9804 | Alliant Energy Corp | 592848 |
| 6134 | AltaGas Ltd | 178063 |
| 8441 | Ameren Corp | 810674 |
| 8907 | American Electric Power Co Inc | 924190 |
| 12838 | CenterPoint Energy Inc | 471668 |
| 1127 | CMS Energy Corp | 78079 |
| 456 | Constellation Energy Corp | 147179 |
| 2742 | Dominion Energy Inc | 154978 |
| 436 | DTE Energy Co | 57753 |
| 5234 | Duke Energy Corp | 617612 |
| 15803 | E.ON SE | 291180 |
| 148738 | Enel SpA | 1411629 |
| 5292 | Engie SA | 124377 |
| 9244 | Entergy Corp | 768361 |
| 4451 | Evergy Inc | 306807 |
| 94033 | Iberdrola SA | 1809009 |
| 183 | IDACORP Inc | 21127 |
| 54456 | National Grid PLC | 799341 |
| 1019 | National Grid PLC, Sponsored ADR, ADR | 75824 |
| 37078 | NextEra Energy Inc | 2573954 |
| 11351 (e) | NiSource Inc | 457899 |
| 898 | NRG Energy Inc | 144201 |
| 9062 | Pennon Group PLC | 62521 |
| 1334 | Pinnacle West Capital Corp | 119353 |
| 3893 | PPL Corp | 131934 |
| 30090 | RWE AG | 1257407 |
| 26800 | Sembcorp Industries Ltd | 144374 |
| 5797 | Sempra | 439239 |
| 3538 | Severn Trent PLC | 132930 |
| 16551 | Snam SpA | 100195 |
| 4259 | Southern Co/The | 391104 |
| 9122 | SSE PLC | 229693 |
| 17671 | Terna - Rete Elettrica Nazionale | 181675 |
| 5269 | Veolia Environnement SA | 188113 |
| 1717 | Vistra Corp | 332772 |
| 7113 | WEC Energy Group Inc | 741175 |
| 9159 | Xcel Energy Inc | 623728 |
|  | TOTAL UTILITIES | 17892966 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $245,718,055)** | **305025848** |

---

---

| | |
|:---|:---|
| **22** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 19.5% (14.0% of Total Investments) (f)** |  |  |  |
|  |  | **AUTOMOBILES & COMPONENTS - 0.3%** |  |  |  |
| $105000 | (a) | Clarios Global LP / Clarios US Finance Co | 6.750% | 02/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109178 |
| 75000 |  | Ford Motor Credit Co LLC | 7.350 | 03/06/30 | 79173 |
| 295000 | (g),(h) | General Motors Financial Co Inc | 5.750 | N/A | 291149 |
| 177000 | (g),(h) | General Motors Financial Co Inc | 5.700 | N/A | 175327 |
| 375000 |  | Goodyear Tire & Rubber Co/The | 5.000 | 07/15/29 | 366526 |
| 165000 | (a) | Phinia Inc | 6.750 | 04/15/29 | 170310 |
| 255000 | (a) | Phinia Inc | 6.625 | 10/15/32 | 258974 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 1450637 |
|  |  | **BANKS - 2.7%** |  |  |  |
| 588000 | (g),(h) | Bank of America Corp | 6.625 | N/A | 608964 |
| 205000 | (h) | Bank of America Corp | 5.744 | 02/12/36 | 208308 |
| 285000 |  | Bank of America Corp | 5.162 | 01/24/31 | 292111 |
| 92000 | (g),(h) | Bank of America Corp | 4.375 | N/A | 90273 |
| 575000 | (g),(h) | Bank of America Corp | 5.875 | N/A | 584871 |
| 266000 | (g),(h) | Bank of America Corp | 6.125 | N/A | 270299 |
| 400000 |  | Citibank NA | 4.576 | 05/29/27 | 402197 |
| 147000 | (g),(h) | Citigroup Inc | 6.250 | N/A | 148436 |
| 260000 | (g),(h) | Citigroup Inc | 7.375 | N/A | 273522 |
| 794000 | (c),(g),(h) | Citigroup Inc | 7.625 | N/A | 835599 |
| 378000 | (g),(h) | Citigroup Inc | 7.125 | N/A | 389608 |
| 314000 | (g),(h) | Citigroup Inc | 7.000 | N/A | 330066 |
| 125000 | (g),(h),(i) | Citizens Financial Group Inc (TSFR3M + 3.419%) | 7.703 | N/A | 125818 |
| 335000 | (g),(h) | Citizens Financial Group Inc | 4.000 | N/A | 325379 |
| 445000 | (g),(h) | CoBank ACB | 6.450 | N/A | 449494 |
| 229000 | (g),(h),(i) | Fifth Third Bancorp (TSFR3M + 3.295%) | 7.590 | N/A | 230382 |
| 242000 | (g),(h),(i) | First Citizens BancShares Inc/NC (TSFR3M + 4.234%) | 8.552 | N/A | 249761 |
| 431000 | (g),(h) | Huntington Bancshares Inc/OH | 5.625 | N/A | 437851 |
| 351000 | (g),(h) | JPMorgan Chase & Co | 6.500 | N/A | 362504 |
| 205000 | (g),(h) | JPMorgan Chase & Co | 3.650 | N/A | 201672 |
| 1103000 | (c),(g),(h) | JPMorgan Chase & Co | 6.875 | N/A | 1164239 |
| 270000 | (g),(h) | M&T Bank Corp | 5.125 | N/A | 268586 |
| 155000 |  | Morgan Stanley Bank NA | 4.952 | 01/14/28 | 156248 |
| 529000 | (g),(h) | PNC Financial Services Group Inc/The | 6.250 | N/A | 543932 |
| 325000 | (g),(h) | PNC Financial Services Group Inc/The | 6.000 | N/A | 328218 |
| 253000 | (g),(h) | PNC Financial Services Group Inc/The | 3.400 | N/A | 244333 |
| 152000 | (g),(h) | Truist Financial Corp | 5.100 | N/A | 150356 |
| 715000 | (g),(h) | Truist Financial Corp | 6.669 | N/A | 716000 |
| 65000 |  | Wells Fargo & Co | 5.605 | 04/23/36 | 67094 |
| 125000 |  | Wells Fargo & Co | 5.150 | 04/23/31 | 128020 |
| 1250000 | (c),(g),(h) | Wells Fargo & Co | 7.625 | N/A | 1342560 |
| 497000 | (g),(h) | Wells Fargo & Co | 6.850 | N/A | 522253 |
| 308000 | (g),(h) | Wells Fargo & Co | 3.900 | N/A | 304843 |
|  |  | TOTAL BANKS |  |  | 12753797 |
|  |  | **CAPITAL GOODS - 1.0%** |  |  |  |
| 185000 | (g),(h) | Air Lease Corp | 6.000 | N/A | 180906 |
| 93000 | (g),(h) | Air Lease Corp | 4.125 | N/A | 90169 |
| 185000 | (g),(h) | Air Lease Corp | 4.650 | N/A | 183934 |
| 300000 | (a) | Alta Equipment Group Inc | 9.000 | 06/01/29 | 279757 |
| 65000 |  | Boeing Co/The | 3.250 | 02/01/28 | 63046 |
| 180000 |  | Boeing Co/The | 5.805 | 05/01/50 | 172620 |
| 50000 | (a) | Camelot Return Merger Sub Inc | 8.750 | 08/01/28 | 46111 |
| 195000 | (a) | Chart Industries Inc | 7.500 | 01/01/30 | 204151 |
| 75000 | (a) | Gates Corp/DE | 6.875 | 07/01/29 | 77878 |
| 135000 | (a) | Goat Holdco LLC | 6.750 | 02/01/32 | 137233 |
| 315000 | (a) | Herc Holdings Inc | 7.000 | 06/15/30 | 328973 |
| 195000 | (a) | Herc Holdings Inc | 6.625 | 06/15/29 | 200070 |
| 50000 |  | Honeywell International Inc | 5.250 | 03/01/54 | 47434 |
| 115000 |  | L3Harris Technologies Inc | 5.400 | 07/31/33 | 118126 |
| 180000 | (a) | Masterbrand Inc | 7.000 | 07/15/32 | 183825 |
| 250000 | (a) | Quikrete Holdings Inc | 6.375 | 03/01/32 | 257080 |
| 45000 |  | Regal Rexnord Corp | 6.400 | 04/15/33 | 47511 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **23** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CAPITAL GOODS** (continued) |  |  |  |
| $160000 |  | Regal Rexnord Corp | 6.050% | 04/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164877 |
| 150000 | (a) | Standard Industries Inc/NY | 5.000 | 02/15/27 | 149661 |
| 450000 | (a) | TransDigm Inc | 6.375 | 03/01/29 | 461673 |
| 375000 | (a) | TransDigm Inc | 6.875 | 12/15/30 | 389094 |
| 300000 | (a) | TransDigm Inc | 6.375 | 05/31/33 | 300272 |
| 150000 | (a) | WESCO Distribution Inc | 6.375 | 03/15/33 | 155037 |
| 200000 | (a) | Windsor Holdings III LLC | 8.500 | 06/15/30 | 214325 |
|  |  | TOTAL CAPITAL GOODS |  |  | 4453763 |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.4%** |  |  |  |
| 240000 | (a) | ASGN Inc | 4.625 | 05/15/28 | 234066 |
| 75000 | (a) | Boost Newco Borrower LLC | 7.500 | 01/15/31 | 79614 |
| 50000 | (a) | CACI International Inc | 6.375 | 06/15/33 | 51597 |
| 613000 | (a),(c) | Prime Security Services Borrower LLC / Prime Finance Inc | 5.750 | 04/15/26 | 616179 |
| 325000 | (a) | Prime Security Services Borrower LLC / Prime Finance Inc | 6.250 | 01/15/28 | 325509 |
| 200000 | (a) | Prime Security Services Borrower LLC / Prime Finance Inc | 3.375 | 08/31/27 | 193700 |
| 300000 | (a) | RR Donnelley & Sons Co | 9.500 | 08/01/29 | 300000 |
| 120000 |  | Waste Management Inc | 4.950 | 03/15/35 | 120509 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 1921174 |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%** |  |  |  |
| 240000 | (a) | Academy Ltd | 6.000 | 11/15/27 | 240604 |
| 340000 | (a) | Asbury Automotive Group Inc | 4.625 | 11/15/29 | 328266 |
| 225000 | (a) | Bath & Body Works Inc | 6.625 | 10/01/30 | 231896 |
| 300000 | (a) | Group 1 Automotive Inc | 6.375 | 01/15/30 | 308059 |
| 310000 |  | Kohl's Corp | 4.625 | 05/01/31 | 222539 |
| 240000 | (a) | LCM Investments Holdings II LLC | 4.875 | 05/01/29 | 233388 |
| 300000 | (a) | Macy's Retail Holdings LLC | 5.875 | 04/01/29 | 296923 |
| 50000 | (a) | Macy's Retail Holdings LLC | 6.125 | 03/15/32 | 47669 |
| 525000 | (a) | Michaels Cos Inc/The | 5.250 | 05/01/28 | 419737 |
| 300000 | (a) | Michaels Cos Inc/The | 7.875 | 05/01/29 | 196500 |
| 80000 |  | O'Reilly Automotive Inc | 4.200 | 04/01/30 | 79188 |
| 270000 | (a) | Queen MergerCo Inc | 6.750 | 04/30/32 | 278155 |
| 300000 | (a) | Staples Inc | 10.750 | 09/01/29 | 283928 |
| 50000 |  | Veritiv Operating Co | 10.500 | 11/30/30 | 54125 |
| 150000 | (a) | Wayfair LLC | 7.250 | 10/31/29 | 150067 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 3371044 |
|  |  | **CONSUMER DURABLES & APPAREL - 0.3%** |  |  |  |
| 300000 | (a) | CD&R Smokey Buyer Inc | 9.500 | 10/15/29 | 244468 |
| 60000 | (a) | Champ Acquisition Corp | 8.375 | 12/01/31 | 63758 |
| 60000 | (a) | Hanesbrands Inc | 9.000 | 02/15/31 | 63524 |
| 240000 |  | Newell Brands Inc | 6.625 | 09/15/29 | 237568 |
| 360000 | (a) | S&S Holdings LLC | 8.375 | 10/01/31 | 351825 |
| 345000 | (a) | Wolverine World Wide Inc | 4.000 | 08/15/29 | 309327 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 1270470 |
|  |  | **CONSUMER SERVICES - 0.6%** |  |  |  |
| 60000 | (a) | Caesars Entertainment Inc | 6.500 | 02/15/32 | 61567 |
| 225000 | (a) | Caesars Entertainment Inc | 6.000 | 10/15/32 | 220660 |
| 360000 | (a) | Carnival Corp | 5.875 | 06/15/31 | 366750 |
| 460000 | (a) | Churchill Downs Inc | 5.750 | 04/01/30 | 461498 |
| 285000 | (a) | Cinemark USA Inc | 7.000 | 08/01/32 | 295877 |
| 345000 | (a) | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | 4.625 | 01/15/29 | 330447 |
| 120000 | (a) | Life Time Inc | 6.000 | 11/15/31 | 121914 |
| 285000 |  | MGM Resorts International | 6.125 | 09/15/29 | 289887 |
| 125000 |  | Piedmont Operating Partnership LP | 9.250 | 07/20/28 | 139230 |
| 150000 |  | Service Corp International/US | 5.750 | 10/15/32 | 151530 |
| 150000 | (a) | Six Flags Entertainment Corp / Six Flags Theme Parks Inc | 6.625 | 05/01/32 | 154715 |
| 120000 | (a) | Vail Resorts Inc | 5.625 | 07/15/30 | 120450 |
| 150000 | (a) | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp | 6.250 | 03/15/33 | 150962 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 2865487 |

---

---

| | |
|:---|:---|
| **24** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%** |  |  |  |
| $250000 | (a) | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | 6.250% | 03/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257707 |
| 200000 | (a) | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | 5.875 | 02/15/28 | 199799 |
| 260000 |  | Kroger Co/The | 5.000 | 09/15/34 | 258140 |
| 210000 | (a) | Performance Food Group Inc | 6.125 | 09/15/32 | 214816 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  | 930462 |
|  |  | **ENERGY - 2.0%** |  |  |  |
| 195000 | (a) | Archrock Partners LP / Archrock Partners Finance Corp | 6.250 | 04/01/28 | 195646 |
| 250000 | (a) | Archrock Partners LP / Archrock Partners Finance Corp | 6.625 | 09/01/32 | 254709 |
| 325000 | (a) | Ascent Resources Utica Holdings LLC / ARU Finance Corp | 6.625 | 10/15/32 | 330766 |
| 240000 | (a) | Buckeye Partners LP | 6.750 | 02/01/30 | 249129 |
| 400000 | (a) | Chord Energy Corp | 6.750 | 03/15/33 | 408649 |
| 165000 | (a) | Civitas Resources Inc | 8.375 | 07/01/28 | 168945 |
| 295000 | (a) | Civitas Resources Inc | 8.750 | 07/01/31 | 298277 |
| 280000 | (a) | CNX Resources Corp | 7.250 | 03/01/32 | 289915 |
| 95000 | (a) | Delek Logistics Partners LP / Delek Logistics Finance Corp | 7.375 | 06/30/33 | 94557 |
| 49000 | (g),(h) | Energy Transfer LP | 6.625 | N/A | 48772 |
| 358000 | (g),(h) | Energy Transfer LP | 7.125 | N/A | 364682 |
| 91000 | (g),(h) | Energy Transfer LP | 6.500 | N/A | 91407 |
| 95000 | (h) | Energy Transfer LP | 8.000 | 05/15/54 | 101069 |
| 140000 |  | Enterprise Products Operating LLC | 4.200 | 01/31/50 | 110956 |
| 150000 |  | Genesis Energy LP / Genesis Energy Finance Corp | 7.875 | 05/15/32 | 155962 |
| 160000 | (a) | Global Partners LP / GLP Finance Corp | 8.250 | 01/15/32 | 168269 |
| 400000 | (a) | Harvest Midstream I LP | 7.500 | 05/15/32 | 422468 |
| 100000 | (a) | Hilcorp Energy I LP / Hilcorp Finance Co | 6.250 | 04/15/32 | 95487 |
| 130000 | (a) | Hilcorp Energy I LP / Hilcorp Finance Co | 8.375 | 11/01/33 | 134886 |
| 495000 | (a) | Hilcorp Energy I LP / Hilcorp Finance Co | 5.750 | 02/01/29 | 488558 |
| 345000 | (a) | Kinetik Holdings LP | 5.875 | 06/15/30 | 347926 |
| 150000 | (a) | Kodiak Gas Services LLC | 7.250 | 02/15/29 | 155162 |
| 220000 | (a) | Matador Resources Co | 6.250 | 04/15/33 | 218374 |
| 225000 | (a) | Noble Finance II LLC | 8.000 | 04/15/30 | 229100 |
| 140000 |  | ONEOK Inc | 5.700 | 11/01/54 | 129226 |
| 95000 |  | ONEOK Inc | 5.050 | 11/01/34 | 92449 |
| 400000 | (a) | PBF Holding Co LLC / PBF Finance Corp | 7.875 | 09/15/30 | 359114 |
| 150000 | (a) | Rockies Express Pipeline LLC | 6.750 | 03/15/33 | 156550 |
| 120000 | (a) | Sunoco LP | 7.000 | 05/01/29 | 124966 |
| 300000 | (a) | Sunoco LP | 6.250 | 07/01/33 | 305010 |
| 150000 | (a) | Talos Production Inc | 9.000 | 02/01/29 | 153580 |
| 142692 | (a) | Transocean Aquila Ltd | 8.000 | 09/30/28 | 143776 |
| 108000 | (a) | Transocean Inc | 8.750 | 02/15/30 | 111061 |
| 95000 | (a) | Transocean Titan Financing Ltd | 8.375 | 02/01/28 | 96497 |
| 120000 |  | USA Compression Partners LP / USA Compression Finance Corp | 6.875 | 09/01/27 | 120241 |
| 400000 | (a) | USA Compression Partners LP / USA Compression Finance Corp | 7.125 | 03/15/29 | 409973 |
| 300000 | (a) | Venture Global LNG Inc | 8.125 | 06/01/28 | 310063 |
| 750000 | (a) | Venture Global LNG Inc | 7.000 | 01/15/30 | 758185 |
| 254000 | (a),(g),(h) | Venture Global LNG Inc | 9.000 | N/A | 246939 |
| 65000 | (a) | Venture Global Plaquemines LNG LLC | 6.500 | 01/15/34 | 65000 |
|  |  | TOTAL ENERGY |  |  | 9006301 |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%** |  |  |  |
| 60000 |  | Essential Properties LP | 2.950 | 07/15/31 | 53359 |
| 110000 |  | Essex Portfolio LP | 5.500 | 04/01/34 | 112361 |
| 220000 |  | GLP Capital LP / GLP Financing II Inc | 5.750 | 06/01/28 | 225433 |
| 140000 |  | GLP Capital LP / GLP Financing II Inc | 4.000 | 01/15/30 | 134539 |
| 125000 |  | Healthcare Realty Holdings LP | 2.400 | 03/15/30 | 111420 |
| 400000 | (a) | Iron Mountain Inc | 7.000 | 02/15/29 | 414080 |
| 120000 | (a) | Lineage OP LP | 5.250 | 07/15/30 | 120727 |
| 195000 |  | MPT Operating Partnership LP / MPT Finance Corp | 5.000 | 10/15/27 | 180119 |
| 105000 | (a) | MPT Operating Partnership LP / MPT Finance Corp | 8.500 | 02/15/32 | 109888 |
| 250000 | (a) | RLJ Lodging Trust LP | 3.750 | 07/01/26 | 247481 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **25** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |  |  |
| $350000 | (a) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 4.750% | 04/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343030 |
| 110000 |  | Ventas Realty LP | 5.000 | 01/15/35 | 108118 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 2160555 |
|  |  | **FINANCIAL SERVICES - 2.7%** |  |  |  |
| 203000 | (g),(h) | Ally Financial Inc | 4.700 | N/A | 182060 |
| 159600 | (g),(h) | Ally Financial Inc | 4.700 | N/A | 154096 |
| 305000 | (a),(g),(h) | American AgCredit Corp | 5.250 | N/A | 295088 |
| 150000 | (a) | Azorra Finance Ltd | 7.250 | 01/15/31 | 153138 |
| 50000 | (a) | Azorra Finance Ltd | 7.750 | 04/15/30 | 52137 |
| 250000 |  | Block Inc | 6.500 | 05/15/32 | 257931 |
| 200000 | (g),(h) | Capital One Financial Corp | 3.950 | N/A | 195139 |
| 130000 | (g),(h) | Capital One Financial Corp | 5.500 | N/A | 128329 |
| 307000 | (g),(h) | Charles Schwab Corp/The | 4.000 | N/A | 302389 |
| 400000 | (a) | Compass Group Diversified Holdings LLC | 5.250 | 04/15/29 | 359042 |
| 125000 |  | Corebridge Financial Inc | 5.750 | 01/15/34 | 129865 |
| 450000 | (a) | Encore Capital Group Inc | 8.500 | 05/15/30 | 482668 |
| 285000 | (a) | FirstCash Inc | 6.875 | 03/01/32 | 294916 |
| 330000 | (a) | Freedom Mortgage Holdings LLC | 8.375 | 04/01/32 | 333556 |
| 338000 | (g),(h) | Goldman Sachs Group Inc/The | 7.500 | N/A | 358917 |
| 294000 | (g),(h) | Goldman Sachs Group Inc/The | 7.379 | N/A | 295080 |
| 179000 | (g),(h) | Goldman Sachs Group Inc/The | 5.300 | N/A | 178868 |
| 90000 |  | Goldman Sachs Group Inc/The | 5.536 | 01/28/36 | 92294 |
| 505000 | (g),(h) | Goldman Sachs Group Inc/The | 6.850 | N/A | 521154 |
| 305000 | (g),(h) | Goldman Sachs Group Inc/The | 6.125 | N/A | 305401 |
| 543000 | (g),(h) | Goldman Sachs Group Inc/The | 7.500 | N/A | 571739 |
| 300000 | (a) | Hunt Cos Inc | 5.250 | 04/15/29 | 289066 |
| 500000 |  | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 5.250 | 05/15/27 | 484466 |
| 200000 | (a) | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 10.000 | 11/15/29 | 198005 |
| 400000 | (a) | Jane Street Group / JSG Finance Inc | 6.125 | 11/01/32 | 403818 |
| 150000 | (a) | Jane Street Group / JSG Finance Inc | 6.750 | 05/01/33 | 154231 |
| 335000 |  | JPMorgan Chase & Co | 5.103 | 04/22/31 | 343309 |
| 325000 |  | JPMorgan Chase & Co | 5.572 | 04/22/36 | 336812 |
| 140000 |  | Morgan Stanley | 4.679 | 07/17/26 | 139978 |
| 365000 |  | Morgan Stanley | 5.664 | 04/17/36 | 378230 |
| 490000 |  | Morgan Stanley | 5.192 | 04/17/31 | 502314 |
| 600000 |  | Navient Corp | 5.500 | 03/15/29 | 587626 |
| 690000 |  | OneMain Finance Corp | 6.625 | 05/15/29 | 708665 |
| 300000 | (a) | PennyMac Financial Services Inc | 7.125 | 11/15/30 | 310916 |
| 330000 | (a) | PennyMac Financial Services Inc | 7.875 | 12/15/29 | 350421 |
| 325000 | (a) | Rocket Cos Inc | 6.125 | 08/01/30 | 331185 |
| 375000 | (a) | Starwood Property Trust Inc | 6.000 | 04/15/30 | 379291 |
| 60000 | (a) | Starwood Property Trust Inc | 6.500 | 07/01/30 | 61972 |
| 177000 | (g),(h) | State Street Corp | 6.700 | N/A | 184840 |
| 240000 | (a) | UWM Holdings LLC | 6.625 | 02/01/30 | 240248 |
| 229000 | (g),(h) | Voya Financial Inc | 7.758 | N/A | 241794 |
| 165000 | (a) | Walker & Dunlop Inc | 6.625 | 04/01/33 | 169328 |
| 240000 | (a) | WEX Inc | 6.500 | 03/15/33 | 242136 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 12682458 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 0.7%** |  |  |  |
| 180000 |  | Constellation Brands Inc | 4.800 | 05/01/30 | 181485 |
| 345000 | (a) | Darling Ingredients Inc | 6.000 | 06/15/30 | 349555 |
| 1000000 | (a),(g),(h) | Land O' Lakes Inc | 8.000 | N/A | 952499 |
| 110000 | (a) | Mars Inc | 4.600 | 03/01/28 | 110894 |
| 185000 | (a) | Mars Inc | 4.800 | 03/01/30 | 187442 |
| 110000 | (a) | Mars Inc | 5.200 | 03/01/35 | 111318 |
| 40000 | (a) | Mars Inc | 5.650 | 05/01/45 | 40097 |
| 60000 | (a) | Mars Inc | 5.700 | 05/01/55 | 59854 |
| 85000 |  | Philip Morris International Inc | 4.750 | 11/01/31 | 85626 |
| 300000 | (a) | Post Holdings Inc | 6.375 | 03/01/33 | 302735 |
| 300000 | (a) | Primo Water Holdings Inc / Triton Water Holdings Inc | 6.250 | 04/01/29 | 302091 |

---

---

| | |
|:---|:---|
| **26** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FOOD, BEVERAGE & TOBACCO** (continued) |  |  |  |
| $390000 | (a) | Viking Baked Goods Acquisition Corp | 8.625% | 11/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382110 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 3065706 |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 1.2%** |  |  |  |
| 300000 | (a) | CHS/Community Health Systems Inc | 5.250 | 05/15/30 | 266024 |
| 200000 | (a) | CHS/Community Health Systems Inc | 10.875 | 01/15/32 | 211973 |
| 120000 |  | CVS Health Corp | 5.050 | 03/25/48 | 103614 |
| 142000 | (h) | CVS Health Corp | 6.750 | 12/10/54 | 142309 |
| 80000 | (h) | CVS Health Corp | 7.000 | 03/10/55 | 82513 |
| 285000 | (a) | DaVita Inc | 4.625 | 06/01/30 | 273065 |
| 300000 | (a) | DaVita Inc | 6.875 | 09/01/32 | 310854 |
| 270000 | (a) | DaVita Inc | 6.750 | 07/15/33 | 278801 |
| 45000 |  | Elevance Health Inc | 4.625 | 05/15/42 | 39473 |
| 400000 | (a) | Global Medical Response Inc, (cash 9.500%, PIK 10.000%) | 10.000 | 10/31/28 | 400000 |
| 135000 |  | HCA Inc | 5.250 | 03/01/30 | 138401 |
| 85000 |  | HCA Inc | 5.750 | 03/01/35 | 87412 |
| 195000 | (a) | Heartland Dental LLC / Heartland Dental Finance Corp | 10.500 | 04/30/28 | 205899 |
| 50000 | (a) | Insulet Corp | 6.500 | 04/01/33 | 52129 |
| 180000 | (a) | IQVIA Inc | 6.250 | 06/01/32 | 184719 |
| 300000 | (a) | LifePoint Health Inc | 9.875 | 08/15/30 | 324512 |
| 250000 | (a) | Mozart Debt Merger Sub Inc | 3.875 | 04/01/29 | 239810 |
| 300000 | (a) | Prime Healthcare Services Inc | 9.375 | 09/01/29 | 297750 |
| 175000 | (a) | Radiology Partners Inc | 8.500 | 07/15/32 | 175408 |
| 50000 | (a) | Star Parent Inc | 9.000 | 10/01/30 | 52591 |
| 456632 | (a) | Team Health Holdings Inc, (cash 9.000%, PIK 4.500%) | 9.000 | 06/30/28 | 495447 |
| 625000 | (c) | Tenet Healthcare Corp | 4.625 | 06/15/28 | 617164 |
| 250000 |  | Tenet Healthcare Corp | 6.125 | 10/01/28 | 250350 |
| 70000 |  | UnitedHealth Group Inc | 5.500 | 07/15/44 | 68179 |
| 105000 |  | UnitedHealth Group Inc | 5.350 | 02/15/33 | 108185 |
| 135000 |  | UnitedHealth Group Inc | 5.050 | 04/15/53 | 120498 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 5527080 |
|  |  | **HOUSEHOLD & PERSONAL PRODUCTS - 0.0%** |  |  |  |
| 50000 |  | Haleon US Capital LLC | 3.625 | 03/24/32 | 46779 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS |  |  | 46779 |
|  |  | **INSURANCE - 1.5%** |  |  |  |
| 400000 | (a) | Acrisure LLC / Acrisure Finance Inc | 6.750 | 07/01/32 | 405669 |
| 150000 | (a) | Acrisure LLC / Acrisure Finance Inc | 4.250 | 02/15/29 | 143958 |
| 500000 | (a) | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 6.500 | 10/01/31 | 509300 |
| 475000 | (a) | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 4.250 | 10/15/27 | 466261 |
| 50000 | (a) | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | 7.875 | 11/01/29 | 51146 |
| 50000 |  | Arthur J Gallagher & Co | 5.550 | 02/15/55 | 47948 |
| 393000 | (h) | Assurant Inc | 7.000 | 03/27/48 | 400693 |
| 244000 | (h) | Corebridge Financial Inc | 6.375 | 09/15/54 | 243190 |
| 235000 | (h) | Enstar Finance LLC | 5.500 | 01/15/42 | 231157 |
| 184000 | (a),(h) | Enstar Group Ltd | 7.500 | 04/01/45 | 189271 |
| 375000 | (a) | HUB International Ltd | 7.250 | 06/15/30 | 391888 |
| 207000 | (h) | MetLife Inc | 6.350 | 03/15/55 | 212615 |
| 354000 | (a),(h) | MetLife Inc | 9.250 | 04/08/38 | 420296 |
| 439000 | (a) | Omnis Funding Trust | 6.722 | 05/15/55 | 454925 |
| 600000 | (a) | Panther Escrow Issuer LLC | 7.125 | 06/01/31 | 623250 |
| 100000 | (a) | Pine Street Trust III | 6.223 | 05/15/54 | 98721 |
| 360000 | (h) | Provident Financing Trust I | 7.405 | 03/15/38 | 384394 |
| 210000 | (h) | Prudential Financial Inc | 5.125 | 03/01/52 | 203096 |
| 150000 | (h) | Prudential Financial Inc | 6.500 | 03/15/54 | 154087 |
| 85000 |  | Reinsurance Group of America Inc | 5.750 | 09/15/34 | 87247 |
| 150000 | (a) | Ryan Specialty LLC | 5.875 | 08/01/32 | 151180 |
| 600000 | (a),(c),(g),(h) | SBL Holdings Inc | 9.508 | N/A | 599259 |
| 575000 | (a),(g),(h) | SBL Holdings Inc | 6.500 | N/A | 527096 |
|  |  | TOTAL INSURANCE |  |  | 6996647 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **27** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MATERIALS - 0.5%** |  |  |  |
| $125000 | Amcor Group Finance PLC | 5.450% | 05/23/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128524 |
| 250000 (a) | Arsenal AIC Parent LLC | 8.000 | 10/01/30 | 266798 |
| 350000 (a) | Avient Corp | 6.250 | 11/01/31 | 353271 |
| 75000 | Ball Corp | 6.000 | 06/15/29 | 76888 |
| 115000 | Berry Global Inc | 1.570 | 01/15/26 | 112944 |
| 200000 (a) | Compass Minerals International Inc | 8.000 | 07/01/30 | 206628 |
| 300000 (a) | EverArc Escrow Sarl | 5.000 | 10/30/29 | 290515 |
| 50000 | International Flavors & Fragrances Inc | 5.000 | 09/26/48 | 43037 |
| 350000 (a) | Olin Corp | 6.625 | 04/01/33 | 344477 |
| 60000 (a) | Owens-Brockway Glass Container Inc | 7.250 | 05/15/31 | 61489 |
| 150000 (a) | Sealed Air Corp | 6.500 | 07/15/32 | 155439 |
| 195000 (a) | Tronox Inc | 4.625 | 03/15/29 | 168267 |
|  | TOTAL MATERIALS |  |  | 2208277 |
|  | **MEDIA & ENTERTAINMENT - 1.2%** |  |  |  |
| 195000 (a) | Arches Buyer Inc | 4.250 | 06/01/28 | 186642 |
| 200000 | CCO Holdings LLC / CCO Holdings Capital Corp | 4.500 | 05/01/32 | 186249 |
| 575000 (a) | CCO Holdings LLC / CCO Holdings Capital Corp | 4.500 | 08/15/30 | 548193 |
| 855000 (a) | CCO Holdings LLC / CCO Holdings Capital Corp | 4.250 | 02/01/31 | 798718 |
| 165000 | Charter Communications Operating LLC / Charter Communications Operating Capital | 6.550 | 06/01/34 | 176048 |
| 110000 | Comcast Corp | 5.350 | 05/15/53 | 101927 |
| 175000 (a) | CSC Holdings LLC | 5.500 | 04/15/27 | 167081 |
| 300000 (a) | CSC Holdings LLC | 11.250 | 05/15/28 | 298871 |
| 360000 (a) | Directv Financing LLC / Directv Financing Co-Obligor Inc | 5.875 | 08/15/27 | 358825 |
| 225000 (a) | DISH Network Corp | 11.750 | 11/15/27 | 231936 |
| 150000 (a) | Getty Images Inc | 9.750 | 03/01/27 | 147008 |
| 300000 (a) | Gray Media Inc | 10.500 | 07/15/29 | 322283 |
| 200000 (a) | Gray Media Inc | 4.750 | 10/15/30 | 151000 |
| 69000 (a) | McGraw-Hill Education Inc | 5.750 | 08/01/28 | 69416 |
| 225000 (a) | McGraw-Hill Education Inc | 7.375 | 09/01/31 | 234707 |
| 250000 (a) | Outfront Media Capital LLC / Outfront Media Capital Corp | 5.000 | 08/15/27 | 248751 |
| 190000 (h) | Paramount Global | 6.375 | 03/30/62 | 186682 |
| 90000 (a) | Sirius XM Radio LLC | 4.125 | 07/01/30 | 82984 |
| 285000 (a) | Sirius XM Radio LLC | 4.000 | 07/15/28 | 273721 |
| 150000 (a) | Sirius XM Radio LLC | 3.875 | 09/01/31 | 133337 |
| 225000 (a) | Univision Communications Inc | 4.500 | 05/01/29 | 204570 |
| 300000 (a) | Univision Communications Inc | 8.500 | 07/31/31 | 300332 |
| 240000 (a) | Ziff Davis Inc | 4.625 | 10/15/30 | 224032 |
|  | TOTAL MEDIA & ENTERTAINMENT |  |  | 5633313 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%** |  |  |  |
| 200000 (a) | 1261229 BC Ltd | 10.000 | 04/15/32 | 201754 |
| 65000 | AbbVie Inc | 4.950 | 03/15/31 | 66731 |
| 105000 | Amgen Inc | 5.650 | 03/02/53 | 102522 |
| 210000 (a) | Organon & Co / Organon Foreign Debt Co-Issuer BV | 7.875 | 05/15/34 | 189640 |
| 250000 (a) | Organon & Co / Organon Foreign Debt Co-Issuer BV | 5.125 | 04/30/31 | 216964 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 777611 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** |  |  |  |
| 330000 (a) | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp | 7.000 | 04/15/30 | 308300 |
| 295000 | Kennedy-Wilson Inc | 5.000 | 03/01/31 | 265869 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 574169 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%** |  |  |  |
| 220000 | Broadcom Inc | 5.150 | 11/15/31 | 226331 |
| 25000 | Intel Corp | 5.700 | 02/10/53 | 23266 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 249597 |
|  | **SOFTWARE & SERVICES - 0.2%** |  |  |  |
| 450000 (a) | Ahead DB Holdings LLC | 6.625 | 05/01/28 | 451379 |
| 25000 (a) | Amentum Escrow Corp | 7.250 | 08/01/32 | 25729 |
| 60000 (a) | Cloud Software Group Inc | 8.250 | 06/30/32 | 63854 |
| 165000 (a) | Fair Isaac Corp | 6.000 | 05/15/33 | 166512 |
| 50000 (a) | Gen Digital Inc | 6.250 | 04/01/33 | 51342 |

---

---

| | |
|:---|:---|
| **28** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SOFTWARE & SERVICES** (continued) |  |  |  |
| $95000 |  | Oracle Corp | 6.000% | 08/03/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94840 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 853656 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** |  |  |  |
| 40000 |  | Apple Inc | 2.650 | 05/11/50 | 25091 |
| 75000 | (a) | CommScope Technologies LLC | 5.000 | 03/15/27 | 73047 |
| 300000 | (a) | Imola Merger Corp | 4.750 | 05/15/29 | 289647 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 387785 |
|  |  | **TELECOMMUNICATION SERVICES - 0.5%** |  |  |  |
| 105000 |  | AT&T Inc | 3.650 | 06/01/51 | 74596 |
| 120000 |  | AT&T Inc | 3.500 | 09/15/53 | 81223 |
| 230000 |  | AT&T Inc | 3.800 | 12/01/57 | 160931 |
| 90000 |  | EchoStar Corp, (cash 6.750%, PIK 6.750%) | 6.750 | 11/30/30 | 82137 |
| 90000 |  | EchoStar Corp | 10.750 | 11/30/29 | 92700 |
| 375000 | (a) | Frontier Communications Holdings LLC | 5.875 | 10/15/27 | 375142 |
| 275000 | (a) | Level 3 Financing Inc | 4.875 | 06/15/29 | 256781 |
| 300000 | (a) | Level 3 Financing Inc | 6.875 | 06/30/33 | 305257 |
| 150000 |  | T-Mobile US Inc | 5.125 | 05/15/32 | 152969 |
| 80000 |  | T-Mobile US Inc | 5.300 | 05/15/35 | 81003 |
| 410000 | (a) | Windstream Escrow LLC / Windstream Escrow Finance Corp | 8.250 | 10/01/31 | 429388 |
| 268000 | (a) | Zayo Group Holdings Inc | 4.000 | 03/01/27 | 251324 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 2343451 |
|  |  | **TRANSPORTATION - 0.3%** |  |  |  |
| 180000 | (a) | Air Transport Services Group Inc | 7.250 | 03/15/32 | 190810 |
| 295000 | (a) | American Airlines Inc | 7.250 | 02/15/28 | 301268 |
| 900000 | (a) | Brightline East LLC | 11.000 | 01/31/30 | 666001 |
| 195000 | (a) | Genesee & Wyoming Inc | 6.250 | 04/15/32 | 198973 |
| 250000 | (a) | United Airlines Inc | 4.375 | 04/15/26 | 248347 |
|  |  | TOTAL TRANSPORTATION |  |  | 1605399 |
|  |  | **UTILITIES - 1.5%** |  |  |  |
| 100000 |  | AEP Transmission Co LLC | 5.400 | 03/15/53 | 96332 |
| 113000 | (h) | AES Corp/The | 7.600 | 01/15/55 | 116345 |
| 151000 | (h) | AES Corp/The | 6.950 | 07/15/55 | 147302 |
| 130000 |  | Ameren Illinois Co | 4.950 | 06/01/33 | 131742 |
| 192000 | (h) | CMS Energy Corp | 6.500 | 06/01/55 | 192459 |
| 115000 | (h) | Dominion Energy Inc | 7.000 | 06/01/54 | 123387 |
| 85000 |  | DTE Electric Co | 5.200 | 03/01/34 | 86800 |
| 145000 |  | Duke Energy Carolinas LLC | 5.350 | 01/15/53 | 139028 |
| 125000 |  | Duke Energy Carolinas LLC | 4.250 | 12/15/41 | 106902 |
| 153000 | (h) | Duke Energy Corp | 6.450 | 09/01/54 | 157255 |
| 150000 | (g),(h) | Edison International | 5.375 | N/A | 141228 |
| 103000 | (g),(h) | Edison International | 5.000 | N/A | 89038 |
| 139000 | (h) | Edison International | 8.125 | 06/15/53 | 134259 |
| 314000 | (h) | Entergy Corp | 7.125 | 12/01/54 | 324882 |
| 193000 | (h) | EUSHI Finance Inc | 7.625 | 12/15/54 | 199796 |
| 550000 | (a) | Ferrellgas LP / Ferrellgas Finance Corp | 5.875 | 04/01/29 | 508843 |
| 70000 |  | Florida Power & Light Co | 5.700 | 03/15/55 | 70800 |
| 205000 |  | Interstate Power and Light Co | 5.600 | 06/29/35 | 210713 |
| 262000 | (h) | NextEra Energy Capital Holdings Inc | 6.750 | 06/15/54 | 271817 |
| 80000 |  | NiSource Inc | 5.850 | 04/01/55 | 79161 |
| 155000 |  | Northern States Power Co/MN | 5.050 | 05/15/35 | 156548 |
| 180000 | (a) | NRG Energy Inc | 6.250 | 11/01/34 | 183393 |
| 225000 | (a) | NRG Energy Inc | 6.000 | 02/01/33 | 227242 |
| 128000 | (h) | PG&E Corp | 7.375 | 03/15/55 | 121219 |
| 484000 |  | PG&E Corp | 5.000 | 07/01/28 | 471441 |
| 50000 |  | PG&E Corp | 5.250 | 07/01/30 | 47632 |
| 151000 | (g),(h) | Sempra | 4.875 | N/A | 150377 |
| 269000 | (h) | Sempra | 6.550 | 04/01/55 | 255081 |
| 195000 |  | Suburban Propane Partners LP/Suburban Energy Finance Corp | 5.875 | 03/01/27 | 194944 |
| 585000 | (a) | Talen Energy Supply LLC | 8.625 | 06/01/30 | 626926 |
| 390000 | (a) | TerraForm Power Operating LLC | 5.000 | 01/31/28 | 386028 |
| 185000 | (a),(g),(h) | Vistra Corp | 8.000 | N/A | 189486 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **29** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UTILITIES (continued)** |  |  |  |
| $217000 | (a),(g),(h) | Vistra Corp | 8.875% | N/A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235855 |
| 255000 | (a) | Vistra Operations Co LLC | 7.750 | 10/15/31 | 271025 |
| 60000 | (a) | XPLR Infrastructure Operating Partners LP | 8.375 | 01/15/31 | 64086 |
| 120000 | (a) | XPLR Infrastructure Operating Partners LP | 8.625 | 03/15/33 | 128613 |
|  |  | TOTAL UTILITIES |  |  | 7037985 |
|  |  | **TOTAL CORPORATE BONDS** <br> **(Cost $89,376,848)** |  |  | **90173603** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.3% (10.2% of Total Investments)** | **EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.3% (10.2% of Total Investments)** | **EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.3% (10.2% of Total Investments)** |  |
|  |  | **ANGOLA - 0.0%** |  |  |  |
| 200000 | (a) | Angolan Government International Bond | 8.750 | 04/14/32 | 176533 |
|  |  | TOTAL ANGOLA |  |  | 176533 |
|  |  | **ARGENTINA - 0.2%** |  |  |  |
| 110000 |  | Argentine Republic Government International Bond | 0.750 | 07/09/30 | 87725 |
| 475000 |  | Argentine Republic Government International Bond | 4.125 | 07/09/35 | 319541 |
| 200000 |  | Argentine Republic Government International Bond | 5.000 | 01/09/38 | 142544 |
| 305793 | (a) | Provincia de Buenos Aires/Government Bonds | 6.625 | 09/01/37 | 219406 |
| 250000 | (a) | YPF SA | 8.250 | 01/17/34 | 249961 |
|  |  | TOTAL ARGENTINA |  |  | 1019177 |
|  |  | **AUSTRALIA - 0.2%** |  |  |  |
| 200000 |  | AngloGold Ashanti Holdings PLC | 3.750 | 10/01/30 | 186619 |
| 255000 | (a) | Mineral Resources Ltd | 8.000 | 11/01/27 | 256188 |
| 285000 | (a) | Mineral Resources Ltd | 9.250 | 10/01/28 | 291672 |
|  |  | TOTAL AUSTRALIA |  |  | 734479 |
|  |  | **BELGIUM - 0.0%** |  |  |  |
| 144000 |  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | 4.900 | 02/01/46 | 131996 |
|  |  | TOTAL BELGIUM |  |  | 131996 |
|  |  | **BENIN - 0.0%** |  |  |  |
| EUR 190,000 | (a) | Benin Government International Bond | 4.950 | 01/22/35 | 192075 |
|  |  | TOTAL BENIN |  |  | 192075 |
|  |  | **BRAZIL - 0.6%** |  |  |  |
| 150000 | (a) | Banco Bradesco SA/Cayman Islands | 6.500 | 01/22/30 | 157035 |
| BRL 285,000 |  | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/27 | 49768 |
| BRL 1,225,000 |  | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/31 | 197811 |
| 200000 |  | Brazilian Government International Bond | 4.750 | 01/14/50 | 140839 |
| 340000 |  | Brazilian Government International Bond | 6.000 | 10/20/33 | 337075 |
| 200000 | (a) | Caixa Economica Federal | 5.625 | 05/13/30 | 199600 |
| 200000 | (a) | Klabin Austria GmbH | 5.750 | 04/03/29 | 201428 |
| 200000 | (a) | LD Celulose International GmbH | 7.950 | 01/26/32 | 210500 |
| 200000 | (a) | Minerva Luxembourg SA | 8.875 | 09/13/33 | 216044 |
| 145000 |  | Petrobras Global Finance BV | 6.750 | 06/03/50 | 132269 |
| 115000 |  | Petrobras Global Finance BV | 5.500 | 06/10/51 | 88965 |
| 200000 | (a) | Raizen Fuels Finance SA | 5.700 | 01/17/35 | 187250 |
|  |  | TOTAL BRAZIL |  |  | 2118584 |
|  |  | **CANADA - 1.4%** |  |  |  |
| 75000 | (a) | 1011778 BC ULC / New Red Finance Inc | 4.000 | 10/15/30 | 69890 |
| 150000 | (a) | Air Canada | 3.875 | 08/15/26 | 148485 |
| 120000 | (a) | AltaGas Ltd | 7.200 | 10/15/54 | 120027 |
| 200000 |  | Bank of Montreal | 7.700 | 05/26/84 | 206517 |
| 314000 |  | Bank of Montreal | 7.300 | 11/26/84 | 320774 |
| 200000 |  | Bank of Nova Scotia/The | 8.000 | 01/27/84 | 212092 |
| 345000 | (a) | Baytex Energy Corp | 7.375 | 03/15/32 | 329437 |
| 278000 |  | Bell Telephone Co of Canada or Bell Canada | 7.000 | 09/15/55 | 281974 |
| 285000 |  | Canadian Imperial Bank of Commerce | 6.950 | 01/28/85 | 285805 |
| 695000 | (c) | Emera Inc | 6.750 | 06/15/76 | 699361 |
| 688000 |  | Enbridge Inc | 8.500 | 01/15/84 | 765998 |
| 305000 |  | Enbridge Inc | 7.625 | 01/15/83 | 321626 |

---

---

| | |
|:---|:---|
| **30** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  | **CANADA** |  |  |  |  |
| $175000 |  | Enbridge Inc | 5.500% | 07/15/77 | $| 173548 |
| 270000 | (a) | New Flyer Holdings Inc | 9.250 | 07/01/30 |  | 284861 |
| 150000 | (a) | Open Text Corp | 3.875 | 12/01/29 |  | 141288 |
| 75000 | (a) | Open Text Holdings Inc | 4.125 | 12/01/31 |  | 69053 |
| 177000 |  | Rogers Communications Inc | 7.125 | 04/15/55 |  | 179408 |
| 242000 |  | Royal Bank of Canada | 6.750 | 08/24/85 |  | 242179 |
| 144000 | (a) | South Bow Canadian Infrastructure Holdings Ltd | 7.500 | 03/01/55 |  | 148572 |
| 250000 | (a) | Superior Plus LP / Superior General Partner Inc | 4.500 | 03/15/29 |  | 240443 |
| 152000 |  | TELUS Corp | 7.000 | 10/15/55 |  | 153017 |
| 200000 |  | Toronto-Dominion Bank/The | 8.125 | 10/31/82 |  | 208881 |
| 75000 |  | Transcanada Trust | 5.875 | 08/15/76 |  | 75118 |
| 219000 |  | Transcanada Trust | 5.600 | 03/07/82 |  | 212728 |
|  |  | TOTAL CANADA |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891082 |
|  |  | **CHILE - 0.4%** | **CHILE - 0.4%** | **CHILE - 0.4%** | **CHILE - 0.4%** | **CHILE - 0.4%** |
| 400000 | (a) | AES Andes SA | 8.150 | 06/10/55 |  | 413841 |
| 197609 | (a) | Alfa Desarrollo SpA 2021 1 | 4.550 | 09/27/51 |  | 145358 |
| 200000 | (a),(j) | Banco de Credito e Inversiones SA | 8.750 | 08/08/73 |  | 211006 |
| 200000 | (a),(j) | Banco del Estado de Chile | 7.950 | 11/02/73 |  | 207750 |
| CLP 140,000,000 | (a) | Bonos de la Tesoreria de la Republica en pesos, Reg S | 5.000 | 10/01/28 |  | 150161 |
| 200000 | (a) | Celulosa Arauco y Constitucion SA | 6.180 | 05/05/32 |  | 203720 |
| EUR 50,000 |  | Chile Government International Bond | 3.800 | 07/01/35 |  | 58652 |
| 175000 | (a) | Cia Cervecerias Unidas SA | 3.350 | 01/19/32 |  | 155254 |
| 200000 | (a) | Corp Nacional del Cobre de Chile | 6.440 | 01/26/36 |  | 209207 |
| 200000 | (a) | Empresa Nacional del Petroleo | 6.150 | 05/10/33 |  | 205034 |
|  |  | TOTAL CHILE |  |  |  | 1959983 |
|  |  | **CHINA - 0.0%** | **CHINA - 0.0%** | **CHINA - 0.0%** | **CHINA - 0.0%** | **CHINA - 0.0%** |
| 200000 | (a) | Lenovo Group Ltd | 3.421 | 11/02/30 |  | 186349 |
|  |  | TOTAL CHINA |  |  |  | 186349 |
|  |  | **COLOMBIA - 0.3%** | **COLOMBIA - 0.3%** | **COLOMBIA - 0.3%** | **COLOMBIA - 0.3%** | **COLOMBIA - 0.3%** |
| 200000 | (a),(j) | Banco Davivienda SA | 8.125 | 07/02/35 |  | 200660 |
| 200000 | (j) | Bancolombia SA | 8.625 | 12/24/34 |  | 210283 |
| 350000 |  | Colombia Government International Bond | 3.125 | 04/15/31 |  | 287041 |
| 200000 |  | Colombia Government International Bond | 8.000 | 11/14/35 |  | 200858 |
| COP 725,000,000 |  | Colombian TES | 7.750 | 09/18/30 |  | 153264 |
| 200000 |  | Ecopetrol SA | 4.625 | 11/02/31 |  | 168915 |
| 200000 |  | Ecopetrol SA | 5.875 | 11/02/51 |  | 131677 |
| 200000 | (a) | Grupo Aval Ltd | 4.375 | 02/04/30 |  | 183389 |
|  |  | TOTAL COLOMBIA |  |  |  | 1536087 |
|  |  | **COTE D'IVOIRE - 0.1%** | **COTE D'IVOIRE - 0.1%** | **COTE D'IVOIRE - 0.1%** | **COTE D'IVOIRE - 0.1%** | **COTE D'IVOIRE - 0.1%** |
| 395000 |  | Ivory Coast Government International Bond, Reg S | 6.125 | 06/15/33 |  | 358287 |
| EUR 170,000 |  | Ivory Coast Government International Bond, Reg S | 6.875 | 10/17/40 |  | 170833 |
|  |  | TOTAL COTE D'IVOIRE |  |  |  | 529120 |
|  |  | **CZECH REPUBLIC - 0.0%** | **CZECH REPUBLIC - 0.0%** | **CZECH REPUBLIC - 0.0%** | **CZECH REPUBLIC - 0.0%** | **CZECH REPUBLIC - 0.0%** |
| CZK 2,150,000 |  | Czech Republic Government Bond | 1.750 | 06/23/32 |  | 89053 |
|  |  | TOTAL CZECH REPUBLIC |  |  |  | 89053 |
|  |  | **DOMINICAN REPUBLIC - 0.1%** | **DOMINICAN REPUBLIC - 0.1%** | **DOMINICAN REPUBLIC - 0.1%** | **DOMINICAN REPUBLIC - 0.1%** | **DOMINICAN REPUBLIC - 0.1%** |
| 200000 | (a) | Aeropuertos Dominicanos Siglo XXI SA | 7.000 | 06/30/34 |  | 208186 |
| 125000 |  | Dominican Republic International Bond, Reg S | 7.450 | 04/30/44 |  | 130500 |
| 150000 | (a) | Dominican Republic International Bond | 7.050 | 02/03/31 |  | 157155 |
| DOP 3,100,000 | (a) | Dominican Republic International Bond | 13.000 | 06/10/34 |  | 59629 |
|  |  | TOTAL DOMINICAN REPUBLIC |  |  |  | 555470 |
|  |  | **ECUADOR - 0.0%** | **ECUADOR - 0.0%** | **ECUADOR - 0.0%** | **ECUADOR - 0.0%** | **ECUADOR - 0.0%** |
| 260000 | (a) | Ecuador Government International Bond | 1.000 | 07/31/35 |  | 188367 |
|  |  | TOTAL ECUADOR |  |  |  | 188367 |
| 220000 | (a) | Egypt Government International Bond | 7.300 | 09/30/33 |  | 195445 |
| 200000 | (a) | Egypt Government International Bond | 7.600 | 03/01/29 |  | 201607 |
| 205000 | (a) | Egypt Government International Bond | 8.875 | 05/29/50 |  | 170230 |
| 225000 | (a) | Egypt Government International Bond | 8.500 | 01/31/47 |  | 182277 |
|  |  | TOTAL EGYPT |  |  |  | 749559 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **31** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **EL SALVADOR - 0.0%** |  |  |  |
| $150000 | (a) | El Salvador Government International Bond | 0.250% | 04/17/30 | 3073 |
| 150000 | (a) | El Salvador Government International Bond | 9.650 | 11/21/54 | 154125 |
|  |  | TOTAL EL SALVADOR |  |  | 157198 |
|  |  | **FINLAND - 0.1%** | **FINLAND - 0.1%** | **FINLAND - 0.1%** | **FINLAND - 0.1%** |
| 246000 | (a),(j) | Nordea Bank Abp | 6.300 | 03/25/74 | 239614 |
|  |  | TOTAL FINLAND |  |  | 239614 |
|  |  | **FRANCE - 1.3%** | **FRANCE - 1.3%** | **FRANCE - 1.3%** | **FRANCE - 1.3%** |
| 502000 | (a),(j) | BNP Paribas SA | 7.750 | 02/16/71 | 527991 |
| 200000 | (a),(j) | BNP Paribas SA | 9.250 | 05/17/74 | 214286 |
| 610000 | (a),(j) | BNP Paribas SA | 8.500 | 02/14/74 | 645056 |
| 625000 | (a),(c),(j) | BNP Paribas SA | 8.000 | 08/22/73 | 660858 |
| 409000 | (a),(j) | BNP Paribas SA | 7.375 | 03/10/74 | 415364 |
| 200000 | (a),(j) | BNP Paribas SA | 7.450 | 12/27/73 | 201200 |
| 315000 | (a),(j) | Credit Agricole SA | 8.125 | 03/23/74 | 318938 |
| 708000 | (a),(j) | Credit Agricole SA | 6.700 | 12/23/73 | 692722 |
| 525000 | (a) | Iliad Holding SASU | 8.500 | 04/15/31 | 561553 |
| 454000 | (a),(j) | Societe Generale SA | 9.375 | 05/22/74 | 481793 |
| 205000 | (a),(j) | Societe Generale SA | 8.500 | 09/25/73 | 214111 |
| 495000 | (a),(j) | Societe Generale SA | 10.000 | 05/14/74 | 540215 |
|  |  | TOTAL FRANCE |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474087 |
|  |  | **GERMANY - 0.4%** | **GERMANY - 0.4%** | **GERMANY - 0.4%** | **GERMANY - 0.4%** |
| 200000 | (j) | Deutsche Bank AG | 6.000 | 04/30/74 | 199089 |
| 600000 | (j) | Deutsche Bank AG, Reg S | 8.130 | 04/30/73 | 619151 |
| 130000 |  | Deutsche Bank AG/New York NY | 6.819 | 11/20/29 | 138661 |
| 480000 | (a) | IHO Verwaltungs GmbH | 8.000 | 11/15/32 | 490819 |
| 450000 |  | ZF North America Capital Inc | 6.750 | 04/23/30 | 432141 |
|  |  | TOTAL GERMANY |  |  | 1879861 |
|  |  | **GHANA - 0.1%** | **GHANA - 0.1%** | **GHANA - 0.1%** | **GHANA - 0.1%** |
| 118280 | (a) | Ghana Government International Bond | 5.000 | 07/03/29 | 110731 |
| 367320 | (a) | Ghana Government International Bond | 5.000 | 07/03/35 | 285314 |
| 200000 | (a) | Kosmos Energy Ltd | 7.500 | 03/01/28 | 164609 |
|  |  | TOTAL GHANA |  |  | 560654 |
|  |  | **GUATEMALA - 0.1%** | **GUATEMALA - 0.1%** | **GUATEMALA - 0.1%** | **GUATEMALA - 0.1%** |
| 200000 | (a) | CT Trust | 5.125 | 02/03/32 | 186469 |
| 200000 | (a) | Guatemala Government Bond | 3.700 | 10/07/33 | 168500 |
| 180000 | (a) | Millicom International Cellular SA 2029 2029 | 6.250 | 03/25/29 | 180407 |
|  |  | TOTAL GUATEMALA |  |  | 535376 |
|  |  | **HONDURAS - 0.1%** | **HONDURAS - 0.1%** | **HONDURAS - 0.1%** | **HONDURAS - 0.1%** |
| 175000 | (a) | Honduras Government International Bond | 5.625 | 06/24/30 | 167125 |
| 150000 | (a) | Honduras Government International Bond | 8.625 | 11/27/34 | 157425 |
|  |  | TOTAL HONDURAS |  |  | 324550 |
|  |  | **HUNGARY - 0.2%** | **HUNGARY - 0.2%** | **HUNGARY - 0.2%** | **HUNGARY - 0.2%** |
| HUF 50,000,000 |  | Hungary Government Bond | 4.500 | 03/23/28 | 140594 |
| 210000 | (a) | Hungary Government International Bond | 5.500 | 03/26/36 | 202464 |
| 200000 | (a) | Hungary Government International Bond | 5.375 | 09/26/30 | 201798 |
| 200000 | (a) | Magyar Export-Import Bank Zrt | 6.125 | 12/04/27 | 204386 |
|  |  | TOTAL HUNGARY |  |  | 749242 |
|  |  | **INDIA - 0.2%** | **INDIA - 0.2%** | **INDIA - 0.2%** | **INDIA - 0.2%** |
| 200000 | (a) | Adani Ports & Special Economic Zone Ltd | 3.100 | 02/02/31 | 169206 |
| 200000 | (a) | Indian Railway Finance Corp Ltd | 3.570 | 01/21/32 | 183901 |
| 200000 | (a) | IRB Infrastructure Developers Ltd | 7.110 | 03/11/32 | 200249 |
| 200000 | (a) | Muthoot Finance Ltd | 6.375 | 04/23/29 | 199593 |
|  | (a) | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 |  |  |  |
| 200000 |  | Subsidiaries | 4.500 | 07/14/28 | 189755 |
|  |  | TOTAL INDIA |  |  | 942704 |
|  |  | **INDONESIA - 0.2%** | **INDONESIA - 0.2%** | **INDONESIA - 0.2%** | **INDONESIA - 0.2%** |
| 200000 | (a) | Indika Energy Tbk PT | 8.750 | 05/07/29 | 192520 |
| IDR 2,701,999,999 |  | Indonesia Treasury Bond | 7.000 | 09/15/30 | 170251 |
| IDR 1,110,000,000 |  | Indonesia Treasury Bond | 6.625 | 02/15/34 | 68149 |
| 200000 | (a) | Medco Maple Tree Pte Ltd | 8.960 | 04/27/29 | 208180 |

---

---

| | |
|:---|:---|
| **32** | *See Notes to Financial Statements* |

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------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **INDONESIA** |  |  |  |
| $200000 |  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S | 5.250% | 05/15/47 | $173189 |
| 335000 |  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S | 3.875 | 07/17/29 | 324395 |
|  |  | TOTAL INDONESIA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136684 |
|  |  | **IRAQ - 0.0%** |  |  |  |
| 150000 | (a) | Iraq International Bond | 5.800 | 01/15/28 | 148108 |
|  |  | TOTAL IRAQ |  |  | 148108 |
|  |  | **IRELAND - 0.2%** |  |  |  |
| 636000 |  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.950 | 03/10/55 | 660925 |
| 450000 |  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.500 | 01/31/56 | 450717 |
| 10000 | (a) | Phoenix Aviation Capital Ltd | 9.250 | 07/15/30 | 10357 |
|  |  | TOTAL IRELAND |  |  | 1121999 |
|  |  | **ISRAEL - 0.1%** |  |  |  |
| 200000 | (a),(j) | Bank Hapoalim BM, Reg S | 3.255 | 01/21/32 | 191170 |
| 180000 | (a) | Energean Israel Finance Ltd, Reg S | 4.875 | 03/30/26 | 177651 |
| 200000 | (a) | Israel Electric Corp Ltd, Reg S | 4.250 | 08/14/28 | 194199 |
|  |  | TOTAL ISRAEL |  |  | 563020 |
|  |  | **ITALY - 0.0%** |  |  |  |
| 200000 | (a) | Efesto Bidco S.p.A Efesto US LLC | 7.500 | 02/15/32 | 202501 |
|  |  | TOTAL ITALY |  |  | 202501 |
|  |  | **JAMAICA - 0.0%** |  |  |  |
| 200000 | (a) | Kingston Airport Revenue Finance Ltd | 6.750 | 12/15/36 | 201086 |
|  |  | TOTAL JAMAICA |  |  | 201086 |
|  |  | **JAPAN - 0.0%** |  |  |  |
| 200000 | (j) | Nomura Holdings Inc | 7.000 | 01/15/74 | 202550 |
|  |  | TOTAL JAPAN |  |  | 202550 |
|  |  | **JORDAN - 0.0%** |  |  |  |
| 200000 | (a) | Jordan Government International Bond | 5.850 | 07/07/30 | 192286 |
|  |  | TOTAL JORDAN |  |  | 192286 |
|  |  | **KAZAKHSTAN - 0.1%** |  |  |  |
| 200000 | (a) | Baiterek National Managing Holding JSC | 5.450 | 05/08/28 | 202346 |
| 200000 | (a) | Development Bank of Kazakhstan JSC | 5.500 | 04/15/27 | 202473 |
| 200000 | (a) | KazMunayGas National Co JSC | 3.500 | 04/14/33 | 173336 |
|  |  | TOTAL KAZAKHSTAN |  |  | 578155 |
|  |  | **KENYA - 0.0%** |  |  |  |
| 200000 | (a) | Republic of Kenya Government International Bond | 7.250 | 02/28/28 | 196168 |
|  |  | TOTAL KENYA |  |  | 196168 |
|  |  | **LUXEMBOURG - 0.1%** |  |  |  |
| 300000 | (a) | Albion Financing 1 SARL / Aggreko Holdings Inc | 7.000 | 05/21/30 | 306158 |
|  |  | TOTAL LUXEMBOURG |  |  | 306158 |
|  |  | **MACAU - 0.0%** |  |  |  |
| 200000 | (a) | MGM China Holdings Ltd | 7.125 | 06/26/31 | 207885 |
|  |  | TOTAL MACAU |  |  | 207885 |
|  |  | **MALAYSIA - 0.1%** |  |  |  |
| MYR 400,000 |  | Malaysia Government Bond | 4.254 | 05/31/35 | 100630 |
| 240000 | (a) | Petronas Capital Ltd | 5.340 | 04/03/35 | 245792 |
| 205000 | (a) | Petronas Capital Ltd | 3.404 | 04/28/61 | 133593 |
|  |  | TOTAL MALAYSIA |  |  | 480015 |
|  |  | **MEXICO - 1.0%** |  |  |  |
| 300000 | (a),(j) | Banco Mercantil del Norte SA/Grand Cayman | 7.625 | 10/06/73 | 298972 |
| 509800 | (a),(j) | Banco Mercantil del Norte SA/Grand Cayman | 8.750 | 02/20/73 | 514544 |
| 200000 | (a),(j) | Banco Mercantil del Norte SA/Grand Cayman | 8.375 | 02/20/74 | 202576 |
| 200000 | (a) | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 2.720 | 08/11/31 | 189259 |
| 200000 | (a) | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.875 | 05/07/30 | 202622 |
| 178049 | (a) | Borr IHC Ltd / Borr Finance LLC | 10.000 | 11/15/28 | 162611 |
| 298000 | (a) | Cemex SAB de CV | 7.200 | 09/10/73 | 301055 |
| 200000 | (a) | Comision Federal de Electricidad | 6.125 | 06/16/45 | 176300 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **33** |

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------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MEXICO** | **MEXICO** | **MEXICO** | **MEXICO** |
| $198850 (a) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.250% | 01/31/41 | 201664 |
| 200000 (a) | Gruma SAB de CV | 5.761 | 12/09/54 | 189024 |
| 200000 (a) | Grupo Aeromexico SAB de CV | 8.625 | 11/15/31 | 191030 |
| MXN 3,600,000 | Mexican Bonos | 8.500 | 11/18/38 | 176248 |
| MXN 1,000,000 | Mexican Bonos | 7.750 | 05/29/31 | 50767 |
| 200000 | Mexico Government International Bond | 4.280 | 08/14/41 | 153260 |
| 250000 | Mexico Government International Bond | 6.400 | 05/07/54 | 229750 |
| 200000 (a) | Nemak SAB de CV | 3.625 | 06/28/31 | 165696 |
| 200000 (a) | Orbia Advance Corp SAB de CV | 6.800 | 05/13/30 | 204400 |
| 200000 | Petroleos Mexicanos | 6.750 | 09/21/47 | 144858 |
| 275000 | Petroleos Mexicanos | 6.840 | 01/23/30 | 265676 |
| 245000 | Petroleos Mexicanos | 5.950 | 01/28/31 | 221487 |
| 200000 | Petroleos Mexicanos | 6.950 | 01/28/60 | 143718 |
|  | TOTAL MEXICO |  |  | 4385517 |
|  | **MOROCCO - 0.1%** | **MOROCCO - 0.1%** | **MOROCCO - 0.1%** | **MOROCCO - 0.1%** |
| 200000 (a) | Morocco Government International Bond | 5.500 | 12/11/42 | 178513 |
| 200000 (a) | OCP SA | 5.125 | 06/23/51 | 151583 |
|  | TOTAL MOROCCO |  |  | 330096 |
|  | **NETHERLANDS - 0.4%** | **NETHERLANDS - 0.4%** | **NETHERLANDS - 0.4%** | **NETHERLANDS - 0.4%** |
| 516000 (j) | ING Groep NV | 5.750 | 11/16/73 | 513163 |
| 526000 (j) | ING Groep NV, Reg S | 7.500 | 05/16/72 | 542437 |
| 450000 (a) | Sunrise FinCo I BV | 4.875 | 07/15/31 | 425588 |
| 310000 (a) | VZ Secured Financing BV | 5.000 | 01/15/32 | 275779 |
|  | TOTAL NETHERLANDS |  |  | 1756967 |
|  | **NIGERIA - 0.1%** | **NIGERIA - 0.1%** | **NIGERIA - 0.1%** | **NIGERIA - 0.1%** |
| 200000 (a) | IHS Holding Ltd | 7.875 | 05/29/30 | 200446 |
| 275000 (a) | Nigeria Government International Bond | 10.375 | 12/09/34 | 289667 |
|  | TOTAL NIGERIA |  |  | 490113 |
|  | **OMAN - 0.0%** | **OMAN - 0.0%** | **OMAN - 0.0%** | **OMAN - 0.0%** |
| 200000 | Oman Government International Bond, Reg S | 6.750 | 01/17/48 | 206433 |
|  | TOTAL OMAN |  |  | 206433 |
|  | **PANAMA - 0.2%** | **PANAMA - 0.2%** | **PANAMA - 0.2%** | **PANAMA - 0.2%** |
| 200000 (a) | Aeropuerto Internacional de Tocumen SA | 5.125 | 08/11/61 | 139660 |
| 200000 (a) | Empresa de Transmision Electrica SA | 5.125 | 05/02/49 | 143000 |
| 300000 | Panama Government International Bond | 4.500 | 04/01/56 | 194082 |
| 200000 | Panama Government International Bond | 8.000 | 03/01/38 | 214315 |
| 162222 (a) | UEP Penonome II SA 2020 1 | 6.500 | 10/01/38 | 143540 |
|  | TOTAL PANAMA |  |  | 834597 |
|  | **PARAGUAY - 0.0%** | **PARAGUAY - 0.0%** | **PARAGUAY - 0.0%** | **PARAGUAY - 0.0%** |
| 200000 (a) | Paraguay Government International Bond | 6.000 | 02/09/36 | 203060 |
|  | TOTAL PARAGUAY |  |  | 203060 |
|  | **PERU - 0.1%** | **PERU - 0.1%** | **PERU - 0.1%** | **PERU - 0.1%** |
| 200000 (a) | Banco Internacional del Peru SAA Interbank | 6.397 | 04/30/35 | 203980 |
| 200000 (a) | Niagara Energy SAC | 5.746 | 10/03/34 | 197993 |
| PEN 250,000 (a) | Peruvian Government International Bond | 5.400 | 08/12/34 | 66494 |
| 150000 | Peruvian Government International Bond | 3.000 | 01/15/34 | 126240 |
|  | TOTAL PERU |  |  | 594707 |
|  | **PHILIPPINES - 0.0%** | **PHILIPPINES - 0.0%** | **PHILIPPINES - 0.0%** | **PHILIPPINES - 0.0%** |
| 200000 | Philippine Government International Bond | 4.200 | 03/29/47 | 163339 |
|  | TOTAL PHILIPPINES |  |  | 163339 |
|  | **POLAND - 0.2%** | **POLAND - 0.2%** | **POLAND - 0.2%** | **POLAND - 0.2%** |
| 200000 (a) | Bank Gospodarstwa Krajowego | 5.375 | 05/22/33 | 201615 |
| PLN 400,000 | Republic of Poland Government Bond | 0.250 | 10/25/26 | 105145 |
| PLN 525,000 | Republic of Poland Government Bond | 2.750 | 10/25/29 | 134374 |
| PLN 375,000 | Republic of Poland Government Bond | 6.000 | 10/25/33 | 108450 |
| 90000 | Republic of Poland Government International Bond | 5.500 | 04/04/53 | 83859 |
| 100000 | Republic of Poland Government International Bond | 5.375 | 02/12/35 | 101819 |
|  | TOTAL POLAND |  |  | 735262 |

---

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| | |
|:---|:---|
| **34** | *See Notes to Financial Statements* |

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PUERTO RICO - 0.1%** |  |  |  |
| $630000 | (a) | LCPR Senior Secured Financing DAC | 6.750% | 10/15/27 | $424362 |
|  |  | TOTAL PUERTO RICO |  |  | 424362 |
|  |  | **REPUBLIC OF SERBIA - 0.0%** |  |  |  |
| 200000 | (a) | Serbia International Bond | 6.500 | 09/26/33 | 210570 |
|  |  | TOTAL REPUBLIC OF SERBIA |  |  | 210570 |
|  |  | **ROMANIA - 0.1%** |  |  |  |
| RON 320,000 |  | Romania Government Bond | 4.150 | 01/26/28 | 68921 |
| EUR 185,000 | (a) | Romanian Government International Bond | 5.250 | 05/30/32 | 214881 |
| 102000 | (a) | Romanian Government International Bond | 5.875 | 01/30/29 | 102682 |
| 110000 | (a) | Romanian Government International Bond | 5.750 | 03/24/35 | 101600 |
|  |  | TOTAL ROMANIA |  |  | 488084 |
|  |  | **RWANDA - 0.1%** |  |  |  |
| 300000 | (a) | Rwanda International Government Bond | 5.500 | 08/09/31 | 255418 |
|  |  | TOTAL RWANDA |  |  | 255418 |
|  |  | **SAUDI ARABIA - 0.2%** |  |  |  |
| 200000 | (a) | EIG Pearl Holdings Sarl | 4.387 | 11/30/46 | 155268 |
| 200000 |  | Saudi Arabian Oil Co, Reg S | 4.250 | 04/16/39 | 173990 |
| 385000 |  | Saudi Government International Bond, Reg S | 3.750 | 01/21/55 | 262416 |
| 200000 | (a) | Saudi Government International Bond | 5.625 | 01/13/35 | 208518 |
|  |  | TOTAL SAUDI ARABIA |  |  | 800192 |
|  |  | **SENEGAL - 0.1%** |  |  |  |
| 215000 |  | Senegal Government International Bond, Reg S | 6.750 | 03/13/48 | 129045 |
| 200000 | (a) | Senegal Government International Bond | 6.750 | 03/13/48 | 120043 |
|  |  | TOTAL SENEGAL |  |  | 249088 |
|  |  | **SOUTH AFRICA - 0.3%** |  |  |  |
| 500000 | (a) | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 525387 |
| ZAR 3,025,000 |  | Republic of South Africa Government Bond | 8.875 | 02/28/35 | 159777 |
| 200000 |  | Republic of South Africa Government International Bond | 5.375 | 07/24/44 | 152244 |
| 200000 | (a) | Republic of South Africa Government International Bond | 7.100 | 11/19/36 | 198428 |
| 250000 | (a) | Transnet SOC Ltd | 8.250 | 02/06/28 | 258585 |
| 200000 | (a) | Windfall Mining Group Inc / Groupe Minier Windfall Inc | 5.854 | 05/13/32 | 204279 |
|  |  | TOTAL SOUTH AFRICA |  |  | 1498700 |
|  |  | **SPAIN - 0.7%** |  |  |  |
| 440000 | (j) | Banco Bilbao Vizcaya Argentaria SA | 6.125 | 02/16/74 | 430972 |
| 473000 | (j) | Banco Bilbao Vizcaya Argentaria SA | 9.375 | 12/19/73 | 522000 |
| 200000 | (j) | Banco Bilbao Vizcaya Argentaria SA | 7.750 | 04/14/74 | 202742 |
| 400000 | (j) | Banco Santander SA | 8.000 | 11/01/73 | 423050 |
| 400000 | (j) | Banco Santander SA | 4.750 | 08/12/73 | 387771 |
| 600000 | (j) | Banco Santander SA | 9.625 | 02/21/74 | 699733 |
|  |  | TOTAL SPAIN |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666268 |
|  |  | **SRI LANKA - 0.0%** |  |  |  |
| 129323 | (a) | Sri Lanka Government International Bond | 3.350 | 03/15/33 | 104217 |
| 79065 | (a) | Sri Lanka Government International Bond | 3.600 | 02/15/38 | 64087 |
| 56938 | (a) | Sri Lanka Government International Bond | 3.600 | 06/15/35 | 39078 |
|  |  | TOTAL SRI LANKA |  |  | 207382 |
|  |  | **SUPRANATIONAL - 0.1%** |  |  |  |
| 200000 | (a) | Banque Ouest Africaine de Developpement | 8.200 | 02/13/55 | 200120 |
| INR 12,500,000 |  | European Bank for Reconstruction & Development | 6.300 | 10/26/27 | 144913 |
|  |  | TOTAL SUPRANATIONAL |  |  | 345033 |
|  |  | **SWITZERLAND - 0.7%** |  |  |  |
| 1000000 | (b) | Credit Suisse Group AG | 0.000 | 01/17/72 | 115000 |
| 1645000 | (b) | Credit Suisse Group AG | 7.250 | 03/12/72 | 189175 |
| 300000 | (b) | Credit Suisse Group AG | 6.380 | 02/21/72 | 34500 |
| 575000 | (b) | Credit Suisse Group AG | 7.500 | 06/11/72 | 66125 |
| 735000 | (b) | Credit Suisse Group AG | 7.500 | 01/17/72 | 84525 |
| 521000 | (a),(j) | UBS Group AG | 9.250 | 05/13/74 | 602489 |
| 499000 | (a),(j) | UBS Group AG | 9.250 | 05/13/74 | 544646 |
| 250000 | (a),(j) | UBS Group AG | 7.750 | 04/12/74 | 263191 |
| 286000 | (j) | UBS Group AG, Reg S | 6.875 | 08/07/73 | 286215 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **35** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SWITZERLAND** |  |  |  |
| $480000 | (a) | VistaJet Malta Finance PLC / Vista Management Holding Inc | 6.375% | 02/01/30 | $449990 |
|  |  | TOTAL SWITZERLAND |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635856 |
|  |  | **THAILAND - 0.0%** |  |  |  |
| 200000 | (a) | Bangkok Bank PCL/Hong Kong | 3.466 | 09/23/36 | 177900 |
|  |  | TOTAL THAILAND |  |  | 177900 |
|  |  | **TOGO - 0.0%** |  |  |  |
| 200000 | (a) | Ecobank Transnational Inc | 10125 | 10/15/29 | 204250 |
|  |  | TOTAL TOGO |  |  | 204250 |
|  |  | **TURKEY - 0.3%** |  |  |  |
| 200000 | (a) | Limak Cimento Sanayi ve Ticaret AS | 9.750 | 07/25/29 | 200096 |
| 200000 | (a) | Turkcell Iletisim Hizmetleri AS | 7.650 | 01/24/32 | 203165 |
| EUR 200,000 |  | Turkiye Government International Bond | 5.875 | 05/21/30 | 251889 |
| 250000 |  | Turkiye Government International Bond | 6.000 | 01/14/41 | 205777 |
| 200000 |  | Turkiye Government International Bond | 7.125 | 07/17/32 | 200099 |
| 200000 | (a) | Ulker Biskuvi Sanayi AS | 7.875 | 07/08/31 | 204453 |
| 200000 | (a) | Yapi ve Kredi Bankasi AS | 9.250 | 01/17/34 | 208640 |
|  |  | TOTAL TURKEY |  |  | 1474119 |
|  |  | **UGANDA - 0.0%** |  |  |  |
| UGX 353,000,000 |  | Republic of Uganda Government Bonds | 14.250 | 06/22/34 | 86286 |
|  |  | TOTAL UGANDA |  |  | 86286 |
|  |  | **UKRAINE - 0.1%** |  |  |  |
| 243699 | (a) | Ukraine Government International Bond | 1.750 | 02/01/29 | 150179 |
| 311275 | (a) | Ukraine Government International Bond | 0.000 | 02/01/35 | 145862 |
| 67730 | (a) | Ukraine Government International Bond | 0.000 | 02/01/36 | 31664 |
|  |  | TOTAL UKRAINE |  |  | 327705 |
|  |  | **UKRAINE - 0.1%** |  |  |  |
|  |  | **UNITED ARAB EMIRATES - 0.2%** |  |  |  |
| 400000 |  | Emirate of Dubai Government International Bonds, Reg S | 3.900 | 09/09/50 | 282431 |
| 435000 | (a) | Galaxy Pipeline Assets Bidco Ltd | 2.625 | 03/31/36 | 369572 |
| 211978 | (a) | Galaxy Pipeline Assets Bidco Ltd 2022 2022 | 2.940 | 09/30/40 | 173642 |
| 184448 | (a) | Sweihan PV Power Co PJSC 2022 1 | 3.625 | 01/31/49 | 152075 |
|  |  | TOTAL UNITED ARAB EMIRATES |  |  | 977720 |
|  |  | **UNITED KINGDOM - 2.3%** |  |  |  |
| 450000 | (a) | Ardonagh Finco Ltd | 7.750 | 02/15/31 | 470461 |
| 388000 | (j) | Barclays PLC | 8.000 | 12/15/73 | 406984 |
| 1092000 | (j) | Barclays PLC | 9.625 | 03/15/73 | 1212892 |
| 200000 | (j) | Barclays PLC | 7.625 | 06/15/74 | 200859 |
| 300000 | (a) | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC | 6.375 | 02/15/32 | 300489 |
| 300000 | (a) | ContourGlobal Power Holdings SA | 6.750 | 02/28/30 | 309108 |
| 445000 | (j) | HSBC Holdings PLC | 6.950 | 03/11/74 | 447357 |
| 394000 | (j) | HSBC Holdings PLC | 6.875 | 03/11/74 | 398721 |
| 275000 | (j) | HSBC Holdings PLC | 6.950 | 08/27/73 | 276040 |
| 200000 | (j) | HSBC Holdings PLC | 6.500 | 09/23/73 | 201275 |
| 284000 | (j) | HSBC Holdings PLC | 6.000 | 11/22/73 | 283713 |
| 453000 | (j) | HSBC Holdings PLC | 8.000 | 09/07/73 | 473965 |
| 771000 | (j) | Lloyds Banking Group PLC | 8.000 | 06/27/74 | 813100 |
| 221000 | (j) | Lloyds Banking Group PLC | 6.750 | 12/27/73 | 216244 |
| 300000 | (a) | Merlin Entertainments Group US Holdings Inc | 7.375 | 02/15/31 | 268084 |
| 300000 | (a) | Motion Finco Sarl | 8.375 | 02/15/32 | 274830 |
| 682000 | (j) | NatWest Group PLC | 8.125 | 06/30/74 | 735642 |
| 442000 | (j) | NatWest Group PLC | 7.300 | 12/31/73 | 439485 |
| 416000 | (j) | NatWest Group PLC | 8.000 | 09/30/73 | 417283 |
| 200000 | (j) | Phoenix Group Holdings PLC, Reg S | 8.500 | 12/12/72 | 208256 |
| 343000 | (a),(j) | Standard Chartered PLC | 7.750 | 02/15/74 | 355812 |
| 550000 | (a) | Virgin Media Secured Finance PLC | 5.500 | 05/15/29 | 540970 |
| 365000 |  | Vodafone Group PLC | 7.000 | 04/04/79 | 380821 |
| 380000 | (a) | Zegona Finance PLC | 8.625 | 07/15/29 | 405650 |
|  |  | TOTAL UNITED KINGDOM |  |  | 10038041 |
|  |  | **URUGUAY - 0.0%** |  |  |  |
| UYU 6,200,000 |  | Uruguay Government International Bond | 8.250 | 05/21/31 | 151424 |
|  |  | TOTAL URUGUAY |  |  | 151424 |

---

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| | |
|:---|:---|
| **36** | *See Notes to Financial Statements* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UZBEKISTAN - 0.0%** |  |  |  |
| $200000 | (a) | Republic of Uzbekistan International Bond | 6.900% | 02/28/32 | $205518 |
|  |  | TOTAL UZBEKISTAN |  |  | 205518 |
|  |  | **ZAMBIA - 0.1%** |  |  |  |
| 122524 | (a) | Zambia Government International Bond | 5.750 | 06/30/33 | 112461 |
| 197169 | (a) | Zambia Government International Bond | 0.500 | 12/31/53 | 135427 |
|  |  | TOTAL ZAMBIA |  |  | 247888 |
|  |  | **TOTAL EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS**<br> **(Cost $70,024,565)** |  |  | **65829710** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **EXCHANGE-TRADED FUNDS - 4.8% (3.4% of Total Investments)** |  |  |  |
| 13121 |  | 3i Infrastructure PLC |  |  | 61683 |
| 364718 |  | iShares Core MSCI Emerging Markets ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21894021 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $16,988,593)** |  |  | **21955704** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 15.2% (10.9% of Total Investments)** |  |  |  |
| 100000 | (a),(i) | ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M + 1.750%) | 6.050 | 06/15/35 | 100232 |
| 420000 | (i) | BANK 2019-BNK24, Series 2019 BN24 | 3.283 | 11/15/62 | 390302 |
| 307876 | (a),(i) | BX Commercial Mortgage Trust 2021-CIP, Series 2021 CIP,<br>(TSFR1M + 1.035%) | 5.347 | 12/15/38 | 307800 |
| 130000 |  | CD 2017-CD5 Mortgage Trust, Series CD5 | 3.431 | 08/15/50 | 127078 |
| 60037 | (i) | Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015 GC29 | 3.758 | 04/10/48 | 57846 |
| 250000 | (i) | Citigroup Commercial Mortgage Trust 2018-B2, Series 2018 B2 | 4.179 | 03/10/51 | 244597 |
| 475000 | (a),(i) | Connecticut Avenue Securities Trust 2022-R05, Series 2022<br>R05, (SOFR30A + 7.000%) | 11.305 | 04/25/42 | 514452 |
| 900000 | (a),(i) | Connecticut Avenue Securities Trust 2022-R07, Series 2022<br>R07, (SOFR30A + 4.650%) | 8.956 | 06/25/42 | 960241 |
| 35000 | (a),(i) | Connecticut Avenue Securities Trust 2022-R08, Series 2022<br>R08, (SOFR + 3.600%) | 7.905 | 07/25/42 | 36547 |
| 105000 | (a),(i) | Connecticut Avenue Securities Trust 2022-R09, Series 2022<br>R09, (SOFR30A + 4.750%) | 9.056 | 09/25/42 | 112582 |
| 500000 | (a),(i) | Connecticut Avenue Securities Trust 2023-R01, Series 2023<br>R01, (SOFR30A + 3.750%) | 8.056 | 12/25/42 | 527940 |
| 935000 | (a),(i) | Connecticut Avenue Securities Trust 2023-R05, Series 2023<br> R05, (SOFR30A + 3.100%) | 7.406 | 06/25/43 | 976733 |
| 695000 | (a),(i) | Connecticut Avenue Securities Trust 2023-R06, Series 2023<br>R06, (SOFR30A + 2.700%) | 7.005 | 07/25/43 | 718259 |
| 210000 | (a),(i) | Connecticut Avenue Securities Trust 2023-R06, Series 2023<br>R06, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 222196 |
| 149826 | (a),(i) | ELP Commercial Mortgage Trust 2021-ELP, Series 2021 ELP,<br>(TSFR1M + 1.434%) | 5.746 | 11/15/38 | 149713 |
| 620268 | (k) | Fannie Mae Pool, FN MA4785 | 5.000 | 10/01/52 | 610878 |
| 1806548 | (k) | Fannie Mae Pool, FN MA4700, Series 2022 1 | 4.000 | 08/01/52 | 1683281 |
| 3010799 | (k) | Fannie Mae Pool, FN MA4732 | 4.000 | 09/01/52 | 2805359 |
| 2138975 | (k) | Fannie Mae Pool, FN MA4733 | 4.500 | 09/01/52 | 2049866 |
| 1640173 |  | Fannie Mae Pool, FN MA4737, Series 2022 1 | 5.000 | 08/01/52 | 1615514 |
| 1688145 |  | Fannie Mae Pool, FN MA4783 | 4.000 | 10/01/52 | 1570343 |
| 2477662 | (k) | Fannie Mae Pool, FN MA4655 | 4.000 | 07/01/52 | 2308733 |
| 2609121 | (k) | Fannie Mae Pool, FN MA4805, Series 2022 1 | 4.500 | 11/01/52 | 2500615 |
| 439812 | (k) | Fannie Mae Pool, FN MA5106 | 5.000 | 08/01/53 | 432133 |
| 390177 |  | Fannie Mae Pool, FN MA4919 | 5.500 | 02/01/53 | 391154 |
| 756964 | (k) | Fannie Mae Pool, FN MA4942 | 6.000 | 03/01/53 | 771103 |
| 943243 | (k) | Fannie Mae Pool, FN MA4978 | 5.000 | 04/01/53 | 927454 |
| 801304 | (k) | Fannie Mae Pool, FN MA5039 | 5.500 | 06/01/53 | 802486 |
| 823860 | (k) | Fannie Mae Pool, FN MA4644, Series 2022 1 | 4.000 | 05/01/52 | 767648 |
| 71222 |  | Fannie Mae Pool, FN MA5107 | 5.500 | 08/01/53 | 71316 |
| 236177 |  | Fannie Mae Pool, FN MA5247 | 6.000 | 01/01/54 | 240260 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **37** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |
| $1072383 | (k) | Fannie Mae Pool, FN MA4918 | 5.000% | 02/01/53 | $1054603 |
| 1291073 | (k) | Fannie Mae Pool, FN MA4626 | 4.000 | 06/01/52 | 1203048 |
| 1944060 | (k) | Fannie Mae Pool, FN MA5353 | 5.500 | 05/01/54 | 1944425 |
| 247396 |  | Fannie Mae Pool, FN MA4578 | 2.500 | 04/01/52 | 205661 |
| 2898122 |  | Fannie Mae Pool, FN MA4600, Series 2022 2 | 3.500 | 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614106 |
| 4339751 | (k) | Fannie Mae Pool, FN BW3382 | 4.500 | 07/01/52 | 4158197 |
| 474226 | (k) | Fannie Mae Pool, FN BW3383 | 4.500 | 07/01/52 | 454504 |
| 1364910 | (k) | Fannie Mae Pool, FN CB1301 | 2.500 | 08/01/51 | 1145276 |
| 411141 | (k) | Fannie Mae Pool, FN CB2795 | 3.000 | 02/01/52 | 357487 |
| 2625351 | (k) | Fannie Mae Pool, FN MA5165 | 5.500 | 10/01/53 | 2628209 |
| 1256700 | (k) | Fannie Mae Pool, FN CB3905 | 3.500 | 06/01/52 | 1135427 |
| 1877527 | (k) | Fannie Mae Pool, FN FS0522 | 2.500 | 02/01/52 | 1575943 |
| 1443945 | (k) | Fannie Mae Pool, FN FS1533 | 3.000 | 04/01/52 | 1263995 |
| 1549607 | (k) | Fannie Mae Pool, FN FS1535 | 3.000 | 04/01/52 | 1353509 |
| 462881 | (k) | Fannie Mae Pool, FN FS7299 | 3.000 | 05/01/52 | 405334 |
| 1149425 | (k) | Fannie Mae Pool, FN CB3599 | 3.500 | 05/01/52 | 1041004 |
| 92489 | (a),(i) | Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN | 3.501 | 10/25/51 | 75577 |
| 30273 |  | Freddie Mac Gold Pool, FG U99084 | 4.500 | 02/01/44 | 29756 |
| 363415 | (k) | Freddie Mac Pool, FR SD4810 | 3.000 | 04/01/52 | 319059 |
| 79723 |  | Freddie Mac Pool, FR SD8220 | 3.000 | 06/01/52 | 69021 |
| 861318 | (k) | Freddie Mac Pool, FR QE5382 | 4.500 | 07/01/52 | 825316 |
| 1336462 | (k) | Freddie Mac Pool, FR RA6766 | 2.500 | 02/01/52 | 1121790 |
| 1560313 | (k) | Freddie Mac Pool, FR RA9629 | 5.500 | 08/01/53 | 1562576 |
| 755520 | (k) | Freddie Mac Pool, FR SD8288 | 5.000 | 01/01/53 | 744005 |
| 1239733 |  | Freddie Mac REMICS, Series 2021 5160 | 3.000 | 09/25/50 | 906287 |
| 185000 | (a),(i) | Freddie Mac STACR REMIC Trust 2022-DNA4, Series 2022<br>DNA4, (SOFR30A + 3.350%) | 7.655 | 05/25/42 | 192385 |
| 930000 | (a),(i) | Freddie Mac STACR REMIC Trust 2022-DNA5, Series 2022<br>DNA5, (SOFR30A + 4.500%) | 8.805 | 06/25/42 | 989205 |
| 150000 | (a),(i) | Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022<br>HQA2, (SOFR30A + 4.000%) | 8.305 | 07/25/42 | 158434 |
| 285000 | (a),(i) | Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023<br>DNA1, (SOFR30A + 3.100%) | 8.444 | 03/25/43 | 297161 |
| 275566 |  | Ginnie Mae II Pool, G2 MA8724 | 4.500 | 03/20/53 | 265508 |
| 623118 | (k) | Ginnie Mae II Pool, G2 MA8428 | 5.000 | 11/20/52 | 615219 |
| 284998 | (k) | Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE | 3.000 | 06/20/51 | 252373 |
| 1283748 | (k) | Ginnie Mae II Pool, G2 MA8149 | 3.500 | 07/20/52 | 1171016 |
| 442586 | (k) | Ginnie Mae II Pool, G2 MA7871, Series 2022 1 | 2.500 | 02/20/52 | 369092 |
| 362429 | (k) | Ginnie Mae II Pool, G2 MA7768, Series 2021 1 | 3.000 | 12/20/51 | 320717 |
| 813610 | (k) | Ginnie Mae II Pool, G2 MA8200 | 4.000 | 08/20/52 | 760223 |
| 264029 |  | Government National Mortgage Association, Series 2022 124 | 4.000 | 07/20/52 | 217717 |
| 422587 |  | Government National Mortgage Association, Series 2023 111 | 3.000 | 02/20/52 | 287303 |
| 748678 |  | Government National Mortgage Association, Series 2013 188 | 2.500 | 12/20/43 | 671699 |
| 246100 |  | Government National Mortgage Association, Series 2021 209 | 3.000 | 11/20/51 | 176218 |
| 473442 |  | Government National Mortgage Association, Series 2022 174 | 4.500 | 09/20/52 | 420327 |
| 250000 |  | GS Mortgage Securities Trust 2019-GC42, Series 2019 GC42 | 3.001 | 09/10/52 | 233401 |
| 778356 | (a),(i) | GS Mortgage-Backed Securities Corp Trust 2022-PJ2, Series 2022 PJ2 | 3.000 | 06/25/52 | 658655 |
| 276578 | (a),(i) | GS Mortgage-Backed Securities Trust 2021-PJ10, Series 2021 PJ10 | 2.500 | 03/25/52 | 224274 |
| 406308 | (a),(i) | GS Mortgage-Backed Securities Trust 2022-GR2, Series 2022 GR2 | 3.000 | 08/26/52 | 344097 |
| 286169 | (a),(i) | GS Mortgage-Backed Securities Trust 2022-HP1, Series 2022 HP1 | 3.000 | 09/25/52 | 242352 |
| 458923 | (a),(i) | GS Mortgage-Backed Securities Trust 2022-INV1, Series 2022 INV1 | 3.000 | 07/25/52 | 389371 |
| 239386 | (a),(i) | GS Mortgage-Backed Securities Trust 2022-PJ5, Series 2022 PJ5 | 3.000 | 10/25/52 | 202572 |
| 239013 | (a),(i) | GS Mortgage-Backed Securities Trust 2023-PJ1, Series 2023 PJ1 | 3.500 | 02/25/53 | 209037 |
| 250000 | (a),(i) | Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR | 5.644 | 02/05/45 | 256998 |
| 250000 | (a) | ICNQ 2024-MF Mortgage Trust, Series 2024 MF | 5.778 | 12/10/34 | 257527 |
| 250000 | (a),(i) | IP 2025-IP Mortgage Trust, Series 2025 IP | 5.250 | 06/10/42 | 253952 |

---

---

| | |
|:---|:---|
| **38** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |  |
| $384976 | (a),(i) | J.P. Morgan Mortgage Trust 2021-15, Series 2021 15 | 2.500% | 06/25/52 | $| 310756 |
| 319417 | (a),(i) | J.P. Morgan Mortgage Trust 2022-4, Series 2022 4 | 3.000 | 10/25/52 |  | 270295 |
| 204281 | (a),(i) | J.P. Morgan Mortgage Trust 2022-6, Series 2022 6 | 3.000 | 11/25/52 |  | 172742 |
| 498512 | (a),(i) | J.P. Morgan Mortgage Trust 2022-INV3, Series 2022 INV3 | 3.000 | 09/25/52 |  | 422339 |
| 121084 | (a),(i) | J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2 | 3.500 | 09/25/52 |  | 105746 |
| 250000 | (a) | JP Morgan Chase Commercial Mortgage Securities Trust 2025- NSLB, Series 2025 NSLB | 6.234 | 06/05/42 |  | 259962 |
| 1109534 | (a),(i) | JP Morgan Mortgage Trust 2022-2, Series 2022 2 | 3.000 | 08/25/52 |  | 939649 |
| 700512 | (a),(i) | JP Morgan Mortgage Trust 2022-3, Series 2022 3 | 3.000 | 08/25/52 |  | 592781 |
| 1462118 | (a),(i) | JP Morgan Mortgage Trust 2022-LTV1, Series 2022 LTV1 | 3.250 | 07/25/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294435 |
| 565314 | (a),(i) | JP Morgan Mortgage Trust Series 2024-3, Series 2024 3 | 3.000 | 05/25/54 |  | 478376 |
| 80707 |  | JPMDB Commercial Mortgage Securities Trust 2018-C8, Series 2018 C8 | 3.944 | 06/15/51 |  | 80059 |
| 276795 | (a),(i) | OBX 2022-INV5 Trust, Series 2022 INV5 | 4.000 | 10/25/52 |  | 250260 |
| 627248 | (a),(i) | RCKT Mortgage Trust 2022-2, Series 2022 2 | 2.500 | 02/25/52 |  | 508630 |
| 80260 | (a),(i) | RCKT Mortgage Trust 2022-3, Series 2022 3 | 3.000 | 05/25/52 |  | 67971 |
| 168272 | (a),(i) | RCKT Mortgage Trust 2022-4, Series 2022 4 | 3.500 | 06/25/52 |  | 147167 |
| 107715 | (a),(i) | Wells Fargo Mortgage Backed Securities 2021-2 Trust, Series 2021 2 | 2.500 | 06/25/51 |  | 87480 |
| 166410 | (a),(i) | Wells Fargo Mortgage Backed Securities 2022-2 Trust, Series 2022 2 | 2.500 | 12/25/51 |  | 134941 |
| 197914 | (a),(i) | Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1 | 3.500 | 03/25/52 |  | 173199 |
| 118749 | (a),(i) | Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1 | 3.000 | 03/25/52 |  | 100641 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES (Cost $72,059,932)** |  |  |  | **70023038** |
| **SHARES** |  | **DESCRIPTION** | **RATE** |  | **VALUE** | **VALUE** |
|  |  | **PREFERRED STOCK - 1.5% (1.1% of Total Investments)** |  |  |  |  |
|  |  | **BANKS - 0.5%** | **BANKS - 0.5%** | **BANKS - 0.5%** | **BANKS - 0.5%** | **BANKS - 0.5%** |
| 6772 |  | Fifth Third Bancorp | 8.296 |  |  | 170045 |
| 191920 |  | Itau Unibanco Holding SA | 0.000 |  |  | 1305230 |
| 8825 |  | KeyCorp | 6.125 |  |  | 215330 |
| 18675 |  | KeyCorp | 6.200 |  |  | 451748 |
| 1200 |  | KeyCorp | 5.625 |  |  | 25536 |
| 1396 |  | KeyCorp | 5.650 |  |  | 29525 |
|  |  | TOTAL BANKS |  |  |  | 2197414 |
|  |  | **FINANCIAL SERVICES - 0.5%** | **FINANCIAL SERVICES - 0.5%** | **FINANCIAL SERVICES - 0.5%** | **FINANCIAL SERVICES - 0.5%** | **FINANCIAL SERVICES - 0.5%** |
| 12675 |  | Bank of New York Mellon Corp/The | 6.150 |  |  | 324987 |
| 7550 |  | Equitable Holdings Inc | 5.250 |  |  | 154247 |
| 4206 |  | Morgan Stanley | 7.125 |  |  | 106117 |
| 11750 |  | Morgan Stanley | 6.625 |  |  | 303738 |
| 11775 |  | Morgan Stanley | 6.500 |  |  | 302971 |
| 16725 |  | Morgan Stanley | 6.875 |  |  | 420299 |
| 4923 |  | Synchrony Financial | 5.625 |  |  | 90583 |
| 10218 |  | Voya Financial Inc | 5.350 |  |  | 243188 |
|  |  | TOTAL FINANCIAL SERVICES |  |  |  | 1946130 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 0.2%** | **FOOD, BEVERAGE & TOBACCO - 0.2%** | **FOOD, BEVERAGE & TOBACCO - 0.2%** | **FOOD, BEVERAGE & TOBACCO - 0.2%** | **FOOD, BEVERAGE & TOBACCO - 0.2%** |
| 10571 |  | CHS Inc | 7.100 |  |  | 259518 |
| 12518 |  | CHS Inc | 6.750 |  |  | 297928 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  |  | 557446 |
|  |  | **INSURANCE - 0.3%** | **INSURANCE - 0.3%** | **INSURANCE - 0.3%** | **INSURANCE - 0.3%** | **INSURANCE - 0.3%** |
| 6075 |  | American National Group Inc | 7.375 |  |  | 158375 |
| 10425 |  | American National Group Inc | 6.625 |  |  | 261668 |
| 8200 |  | Aspen Insurance Holdings Ltd | 5.625 |  |  | 161130 |
| 4550 |  | Aspen Insurance Holdings Ltd | 7.125 |  |  | 107835 |
| 2875 |  | Assurant Inc | 5.250 |  |  | 61669 |
| 19836 |  | Athene Holding Ltd | 6.350 |  |  | 479436 |
| 10532 |  | Enstar Group Ltd | 7.000 |  |  | 211799 |
| 9837 |  | Reinsurance Group of America Inc | 5.750 |  |  | 241498 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **39** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **RATE** | | **VALUE** | **VALUE** |
|  |  | **INSURANCE** (continued) |  |  |  |  |
| 5959 |  | Reinsurance Group of America Inc | 7.125% |  | $| 151597 |
| 8200 |  | Selective Insurance Group Inc | 4.600 |  |  | 136612 |
|  |  | TOTAL INSURANCE |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971619 |
|  |  | **UTILITIES - 0.0%** | **UTILITIES - 0.0%** | **UTILITIES - 0.0%** | **UTILITIES - 0.0%** | **UTILITIES - 0.0%** |
| 200000 | (a) | Trinidad Generation UnLtd | 7.750 |  |  | 207200 |
|  |  | TOTAL UTILITIES |  |  |  | 207200 |
|  |  | **TOTAL PREFERRED STOCK** <br> **(Cost $6,929,020)** |  |  |  | **6879809** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)** |
| $325000 |  | CoBank ACB | 6.250 | 10/01/73 |  | 325560 |
| 93000 |  | CoBank ACB | 7.250 | 07/01/74 |  | 95935 |
| 152000 | (a) | Farm Credit Bank of Texas | 6.200 | 09/15/73 |  | 151620 |
| 152000 | (a) | Farm Credit Bank of Texas | 7.750 | 09/15/73 |  | 158080 |
| 401021 | (l) | United States Treasury Inflation Indexed Bonds | 1.250 | 04/15/28 |  | 400267 |
| 401337 | (l) | United States Treasury Inflation Indexed Bonds | 1.375 | 07/15/33 |  | 389731 |
| 698682 | (l) | United States Treasury Inflation Indexed Bonds | 0.875 | 01/15/29 |  | 687815 |
| 654525 | (l) | United States Treasury Inflation Indexed Bonds | 2.375 | 10/15/28 |  | 678924 |
| 266093 | (l) | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/34 |  | 263763 |
| 388886 | (l) | United States Treasury Inflation Indexed Bonds | 2.125 | 04/15/29 |  | 399340 |
| 393562 | (l) | United States Treasury Inflation Indexed Bonds | 1.875 | 07/15/34 |  | 393864 |
| 808038 | (l) | United States Treasury Inflation Indexed Bonds | 2.125 | 01/15/35 |  | 821220 |
| 646098 | (l) | United States Treasury Inflation Indexed Bonds | 1.125 | 01/15/33 |  | 617370 |
| 100764 | (l) | United States Treasury Inflation Indexed Bonds | 1.625 | 04/15/30 |  | 101488 |
| 398364 | (l) | United States Treasury Inflation Indexed Bonds | 0.375 | 01/15/27 |  | 392918 |
| 402523 | (l) | United States Treasury Inflation Indexed Bonds | 0.750 | 07/15/28 |  | 397610 |
| 450382 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/30 |  | 423061 |
| 311680 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/30 |  | 294132 |
| 422627 | (l) | United States Treasury Inflation Indexed Bonds | 0.500 | 01/15/28 |  | 414761 |
| 392473 | (l) | United States Treasury Inflation Indexed Bonds | 1.625 | 10/15/29 |  | 397290 |
| 703833 | (k),(l) | United States Treasury Inflation Indexed Bonds | 1.625 | 10/15/27 |  | 712594 |
| 282148 | (l) | United States Treasury Inflation Indexed Bonds | 0.250 | 07/15/29 |  | 270938 |
| 397621 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/27 |  | 389295 |
| 739320 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/31 |  | 684969 |
| 361422 | (l) | United States Treasury Inflation Indexed Bonds | 3.375 | 04/15/32 |  | 402287 |
| 568746 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/26 |  | 562425 |
| 292679 | (l) | United States Treasury Inflation Indexed Bonds | 3.875 | 04/15/29 |  | 319520 |
| 191389 | (l) | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/28 |  | 193829 |
| 495798 | (l) | United States Treasury Inflation Indexed Bonds | 3.625 | 04/15/28 |  | 527200 |
| 410844 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 10/15/26 |  | 406129 |
| 718068 | (l) | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/31 |  | 660757 |
| 752141 | (l) | United States Treasury Inflation Indexed Bonds - When Issued | 0.125 | 01/15/32 |  | 681673 |
| 551995 | (l) | United States Treasury Inflation Indexed Bonds - When Issued | 0.625 | 07/15/32 |  | 514859 |
| 105000 |  | United States Treasury Note/Bond | 4.000 | 03/31/30 |  | 105976 |
| 200000 |  | United States Treasury Note/Bond | 4.375 | 11/15/39 |  | 196055 |
| 1679999 |  | United States Treasury Note/Bond | 3.750 | 06/30/27 |  | 1681050 |
| 740000 |  | United States Treasury Note/Bond | 3.875 | 06/15/28 |  | 743931 |
| 925000 |  | United States Treasury Note/Bond | 4.125 | 05/31/32 |  | 932805 |
| 285000 |  | United States Treasury Note/Bond | 4.250 | 05/15/35 |  | 285445 |
| 445700 |  | United States Treasury Note/Bond | 2.875 | 05/15/49 |  | 319946 |
| 160000 |  | United States Treasury Note/Bond | 3.875 | 04/30/30 |  | 160625 |
| 105000 |  | United States Treasury Note/Bond | 4.125 | 03/31/32 |  | 105931 |
| 55000 |  | United States Treasury Note/Bond | 4.000 | 12/15/27 |  | 55391 |
| 475100 |  | United States Treasury Note/Bond | 3.625 | 05/15/53 |  | 387503 |
| 449400 |  | United States Treasury Note/Bond | 3.875 | 05/15/43 |  | 401405 |
| 80000 |  | United States Treasury Note/Bond | 3.750 | 08/31/31 |  | 79253 |
| 215000 |  | United States Treasury Note/Bond | 3.875 | 08/15/34 |  | 209919 |
| 60000 |  | United States Treasury Note/Bond | 4.625 | 05/15/54 |  | 58275 |
| 50000 |  | United States Treasury Note/Bond | 4.625 | 05/31/31 |  | 51908 |
| 375000 |  | United States Treasury Note/Bond | 4.750 | 05/15/55 |  | 372891 |

---

---

| | |
|:---|:---|
| **40** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
| $106200 |  | United States Treasury Note/Bond | 4.000% | 02/15/34 | $105092 |
| 545000 |  | United States Treasury Note/Bond | 5.000 | 05/15/45 | 559817 |
| 235000 |  | United States Treasury Note/Bond | 4.875 | 10/31/30 | 246686 |
| 313500 |  | United States Treasury Note/Bond | 4.125 | 07/31/28 | 317284 |
| 105000 |  | United States Treasury Note/Bond | 3.750 | 06/30/30 | 104733 |
| 240000 |  | United States Treasury Note/Bond | 4.625 | 02/15/35 | 247613 |
| 212700 |  | United States Treasury Note/Bond | 3.875 | 08/15/33 | 209460 |
| 1289999 |  | United States Treasury Note/Bond - When Issued | 4.000 | 05/31/30 | 1302497 |
|  |  | **TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS**<br> **(Cost $23,105,015)** |  |  | **23372715** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 12.4% (8.9% of Total Investments)** |  |  |  |
|  |  | **AUTOMOBILES & COMPONENTS - 0.2%** |  |  |  |
| 34162 | (i) | Adient US LLC, Term Loan B2, (TSFR1M + 2.250%) | 6.577 | 01/29/31 | 34282 |
| 387080 | (i) | Clarios Global LP, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 05/06/30 | 386476 |
| 272000 | (i) | Clarios Global LP, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 01/28/32 | 272596 |
| 68822 | (i),(m) | DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%) | 8.191 | 10/04/28 | 66027 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 759381 |
|  |  | **CAPITAL GOODS - 0.9%** |  |  |  |
| 68567 | (i) | ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%) | 8.807 | 05/17/28 | 52261 |
| 4808 | (i),(n) | Air Comm Corporation, LLC, Delayed Draw Term Loan | 1.000 | 12/11/31 | 4838 |
| 57548 | (i) | Air Comm Corporation, LLC, Term Loan, (TSFR3M + 3.000%) | 7.300 | 12/11/31 | 57908 |
| 76512 | (i) | Ali Group North America Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.441 | 07/23/29 | 77050 |
| 89431 | (i) | Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.750%) | 9.046 | 11/03/31 | 90210 |
| 124063 | (i) | Azorra Soar TLB Finance Ltd, Term Loan B, (TSFR3M + 3.500%) | 7.818 | 10/18/29 | 124760 |
| 102229 | (i) | Barentz International B.V., Term Loan B, (TSFR3M + 3.250%) | 7.646 | 03/28/31 | 102133 |
| 232418 | (i) | Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%) | 7.327 | 01/27/32 | 233067 |
| 43670 | (i) | Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.750%) | 7.046 | 10/17/30 | 43820 |
| 61692 | (i) | Centuri Group, Inc, Term Loan B, (TSFR1M + 2.500%) | 6.941 | 08/28/28 | 61813 |
| 296521 | (i) | Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.250%) | 7.677 | 11/03/28 | 297363 |
| 91732 | (i) | Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%) | 6.788 | 03/18/30 | 92134 |
| 50736 | (i) | Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%) | 8.191 | 05/17/28 | 37545 |
| 22377 | (i) | Core & Main LP, Term Loan B, (TSFR6M + 2.000%) | 6.270 | 07/27/28 | 22419 |
| 86009 | (i),(m) | Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M + 3.250%) | 7.662 | 04/12/28 | 77050 |
| 114736 | (i) | Filtration Group Corporation, Term Loan B, (TSFR1M + 3.000%) | 7.327 | 10/23/28 | 115309 |
| 118477 | (i) | Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%) | 6.077 | 06/04/31 | 118602 |
| 75431 | (i),(n) | Kaman Corporation, Delayed Draw Term Loan | 1.000 | 02/26/32 | 75437 |
| 571120 | (i) | Kaman Corporation, Term Loan B, (TSFR3M + 2.750%) | 7.083 | 02/26/32 | 571167 |
| 124352 | (i) | Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%) | 6.762 | 06/21/28 | 124585 |
| 69475 | (i) | Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 09/26/31 | 69692 |
| 51233 | (i) | MI Windows and Doors, LLC, Term Loan B2, (TSFR1M + 3.000%) | 7.327 | 03/28/31 | 51408 |
| 72000 | (i) | Minimax Viking GmbH, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 03/17/32 | 72405 |
| 75000 | (i),(o) | Oregon Tool Lux LP, (TBD) | TBD | TBD | 61187 |
| 48000 | (i),(m) | Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%) | 9.674 | 10/15/29 | 48630 |
| 161595 | (i) | Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%) | 6.577 | 01/31/32 | 161575 |
| 37366 | (i) | Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%) | 6.577 | 04/14/31 | 37343 |
| 68000 | (i) | QXO Inc, Term Loan B, (TSFR3M + 3.000%) | 7.296 | 04/30/32 | 68549 |
| 566978 | (i) | TK Elevator Midco GmbH, Term Loan B, (TSFR3M + 3.000%) | 7.237 | 04/30/30 | 569104 |
| 154830 | (i) | TransDigm, Inc., Term Loan, (TSFR3M + 2.500%) | 6.796 | 01/20/32 | 155238 |
| 336535 | (i) | TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%) | 6.796 | 02/28/31 | 337512 |
| 315377 | (i) | Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%) | 8.191 | 11/20/28 | 312392 |
|  |  | TOTAL CAPITAL GOODS |  |  | 4324506 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **41** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.7%** |  |  |  |
| $378302 | (i) | Allied Universal Holdco LLC, Incremental Term Loan B, (TSFR1M + 3.750%) | 8.177% | 05/15/28 | $380533 |
| 80903 | (i) | Amentum Government Services Holdings LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 09/29/31 | 80903 |
| 32918 | (i) | American Auto Auction Group, LLC, Term Loan, (TSFR3M + 4.500%) | 8.830 | 05/28/32 | 33118 |
| 220571 | (i) | Anticimex International AB, Term Loan B1, (SOFR90A + 3.400%) | 7.660 | 11/16/28 | 221371 |
| 110444 | (i) | Anticimex International AB, Term Loan B6, (SOFR90A + 3.400%) | 7.660 | 11/16/28 | 111023 |
| 10345 | (i),(n) | Archkey Solutions LLC, Delayed Draw Term Loan B | 4.750 | 11/03/31 | 10435 |
| 78045 | (i) | CHG Healthcare Services Inc., Term Loan B1, (TSFR3M + 3.000%) | 7.333 | 09/29/28 | 78404 |
| 197531 | (i) | CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%) | 7.941 | 06/02/28 | 195772 |
| 153541 | (i) | Creative Artists Agency, LLC , First Lien Term Loan B, (TSFR1M + 2.750%) | 7.077 | 10/01/31 | 154172 |
| 114969 | (i) | Dun & Bradstreet Corporation (The), Term Loan, (TSFR1M + 2.250%) | 6.572 | 01/18/29 | 115012 |
| 156724 | (i) | Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%) | 7.280 | 08/01/29 | 157512 |
| 74118 | (i) | First Advantage Holdings, LLC, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 10/31/31 | 74245 |
| 343686 | (i) | Garda World Security Corporation, Term Loan B, (TSFR1M + 3.000%) | 7.314 | 02/01/29 | 344734 |
| 95000 | (i) | GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%) | 6.824 | 03/03/32 | 95178 |
| 68652 | (i) | OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%) | 6.783 | 07/25/30 | 68859 |
| 54588 | (i) | Prime Security Services Borrower, LLC, First Lien Term Loan B, (TSFR1M + 2.000%) | 6.320 | 10/15/30 | 54677 |
| 101378 | (i) | Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%) | 6.562 | 11/30/28 | 101682 |
| 7828 | (i) | Reworld Holding Corp, Term Loan C, (TSFR1M + 2.250%) | 6.562 | 11/30/28 | 7851 |
| 99782 | (i) | West Corporation, Term Loan B3, (TSFR3M + 4.000%) | 8.530 | 04/12/27 | 54069 |
| 69825 | (i) | WIN Waste Innovations Holdings, Inc., Incremental Term Loan, (TSFR1M + 3.750%) | 8.191 | 03/27/28 | 70261 |
| 587693 | (i) | WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%) | 7.191 | 03/27/28 | 582370 |
| 119100 | (i) | XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%) | 7.796 | 06/24/31 | 119547 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 3111728 |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%** |  |  |  |
| 119100 | (i) | Belron Finance LLC, Term Loan B, (TSFR3M + 2.750%) | 7.049 | 10/16/31 | 119788 |
| 300618 | (i) | CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%) | 6.780 | 11/08/32 | 301699 |
| 29102 | (i) | Driven Holdings, LLC, Term Loan B, (TSFR1M + 3.000%) | 7.441 | 12/18/28 | 29102 |
| 46593 | (i) | Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%) | 7.296 | 06/17/31 | 46753 |
| 243161 | (i) | Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%) | 6.818 | 06/09/31 | 243921 |
| 158245 | (i) | LBM Acquisition LLC, Term Loan B, (TSFR1M + 3.750%) | 8.177 | 12/20/27 | 156465 |
| 151880 | (i) | Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%) | 6.814 | 04/23/31 | 151927 |
| 115779 | (i),(m) | Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%) | 8.807 | 04/17/28 | 97327 |
| 59946 | (i) | Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M + 2.500%) | 6.827 | 03/27/31 | 60133 |
| 81000 | (i),(m) | Petco Health and Wellness Company, Inc., Term Loan B, (TSFR3M + 3.250%) | 7.807 | 03/06/28 | 74831 |
| 287759 | (i) | PetSmart, Inc., Term Loan B, (TSFR1M + 3.750%) | 8.177 | 02/14/28 | 285421 |
| 136224 | (i) | Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%) | 6.941 | 10/20/28 | 132810 |
| 276294 | (i) | Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M + 2.500%) | 6.827 | 01/30/31 | 275379 |
| 134747 | (i) | Wand NewCo 3, Inc., Term Loan B, (TSFR1M + 2.500%) | 6.827 | 01/30/31 | 134301 |
| 126099 | (i) | White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 10/31/29 | 125603 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235460 |
|  |  | **CONSUMER DURABLES & APPAREL - 0.3%** |  |  |  |
| 133925 | (i) | ABG Intermediate Holdings 2 LLC, First Lien Term Loan B, (TSFR1M + 2.250%) | 6.577 | 12/21/28 | 134018 |
| 342393 | (i) | AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M + 3.000%) | 7.324 | 07/31/28 | 342294 |
| 122111 | (i) | Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%) | 6.941 | 05/30/28 | 122613 |

---

---

| | |
|:---|:---|
| **42** | *See Notes to Financial Statements* |

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------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CONSUMER DURABLES & APPAREL** (continued) |  |  |  |
| $2926 | (i) | Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M + 7.500%) | 11.910% | 06/29/28 | $2686 |
| 116583 | (i) | Somnigroup International Inc, Term Loan B, (SOFR90A + 2.250%) | 6.690 | 10/24/31 | 116972 |
| 36996 | (i) | SRAM, LLC , Term Loan B, (TSFR1M + 2.250%) | 6.577 | 02/27/32 | 36626 |
| 60938 | (i) | Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M + 3.000%) | 7.327 | 03/18/30 | 60130 |
| 249375 | (i) | Varsity Brands, Inc., Term Loan, (TSFR3M + 3.500%) | 7.830 | 08/26/31 | 249648 |
| 233217 | (i) | Weber-Stephen Products LLC, Term Loan B, (TSFR1M + 3.250%) | 7.691 | 10/29/27 | 231982 |
| 105000 | (i) | WH Borrower, LLC, Term Loan B, (TSFR3M + 4.750%) | 9.072 | 02/20/32 | 105164 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 1402133 |
|  |  | **CONSUMER SERVICES - 1.1%** |  |  |  |
| 54450 | (i) | 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%) | 6.077 | 09/23/30 | 54286 |
| 49502 | (i) | Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M + 2.000%) | 6.230 | 06/11/31 | 49296 |
| 238197 | (i) | Alterra Mountain Company, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 08/17/28 | 239686 |
| 248128 | (i) | Alterra Mountain Company, Term Loan B7, (TSFR1M + 3.000%) | 7.327 | 05/31/30 | 249370 |
| 128045 | (i),(m) | Bally's Corporation, Term Loan B, (TSFR3M + 3.250%) | 7.784 | 10/02/28 | 113640 |
| 47056 | (i) | Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%) | 6.577 | 02/06/30 | 47091 |
| 244381 | (i) | Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%) | 6.577 | 02/06/31 | 244535 |
| 33093 | (i) | Carnival Corporation, Term Loan (2027), (TSFR1M + 2.000%) | 6.312 | 08/09/27 | 33176 |
| 70000 | (i) | Catawba Nation Gaming Authority, Term Loan B, (TSFR3M + 4.750%) | 9.046 | 03/29/32 | 70963 |
| 49750 | (i) | CE Intermediate I, LLC, Term Loan B, (TSFR3M + 3.000%) | 7.450 | 03/25/32 | 49812 |
| 90079 | (i) | Churchill Downs Incorporated, Incremental Term Loan B1, (TSFR1M + 1.750%) | 6.077 | 03/17/28 | 90248 |
| 122506 | (i) | Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%) | 6.561 | 05/24/30 | 123119 |
| 485581 | (i) | ClubCorp Holdings, Inc., Term Loan B2, (TSFR3M + 5.000%) | 9.557 | 09/18/26 | 486795 |
| 614910 | (i) | Crown Finance US, Inc., Term Loan B, (TSFR1M + 5.250%) | 9.566 | 12/02/31 | 615526 |
| 122833 | (i) | Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 2.000%) | 6.296 | 09/19/31 | 123187 |
| 61417 | (i),(o) | Delta 2 Lux Sarl, (TBD) | TBD | TBD | 61593 |
| 56185 | (i) | Element Materials Technology Group US Holdings Inc., Term Loan, (TSFR3M + 3.750%) | 8.046 | 06/25/29 | 56430 |
| 174321 | (i) | Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.500%) | 7.827 | 01/29/29 | 174328 |
| 294241 | (i) | Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%) | 6.046 | 11/29/30 | 293873 |
| 50000 | (i) | Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%) | 6.296 | 06/04/32 | 50063 |
| 94418 | (i) | GBT US III LLC, Term Loan B, (TSFR3M + 2.500%) | 6.783 | 07/28/31 | 94693 |
| 131980 | (i) | GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M + 2.750%) | 7.016 | 10/31/29 | 132652 |
| 65000 | (i) | Herschend Entertainment Company, LLC, Term Loan B, (TSFR1M + 3.250%) | 7.572 | 05/27/32 | 65535 |
| 91809 | (i) | Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 08/02/28 | 91888 |
| 118919 | (i) | IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%) | 6.827 | 12/15/27 | 119043 |
| 237244 | (i) | Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%) | 6.564 | 04/16/29 | 237748 |
| 76410 | (i) | Motion Finco Sarl, Term Loan B, (CME Term SOFR 3 Month + 3.500%) | 7.796 | 11/30/29 | 72925 |
| 55415 | (i) | PCI Gaming Authority, Term Loan, (TSFR1M + 2.000%) | 6.327 | 07/21/31 | 55473 |
| 163687 | (i) | PENN Entertainment, Inc., Term Loan B, (TSFR1M + 2.500%) | 6.827 | 05/03/29 | 164075 |
| 84575 | (i) | PG Investment Company 59 S.a r.l., Term Loan B, (TSFR3M + 2.750%) | 7.046 | 03/24/31 | 84913 |
| 162647 | (i) | Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%) | 7.285 | 04/04/29 | 162695 |
| 204111 | (i) | SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M + 2.000%) | 6.327 | 12/04/31 | 204238 |
| 89100 | (i) | Six Flags Entertainment Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 05/01/31 | 89289 |
| 237185 | (i) | Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%) | 8.577 | 03/06/28 | 209019 |
| 159350 | (i) | UFC Holdings, LLC, Term Loan B, (TSFR3M + 2.250%) | 6.571 | 11/21/31 | 160126 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 5171329 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **43** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ENERGY - 0.2%** |  |  |  |
| $151395 | (i) | EG Group Limited, Term Loan B, (TSFR3M + 4.250%) | 8.583% | 02/07/28 | $152273 |
| 124688 | (i) | Epic Crude Services, LP, Term Loan B, (TSFR3M + 3.000%) | 7.256 | 10/15/31 | 125259 |
| 633923 | (i) | Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M + 3.000%) | 7.531 | 11/16/26 | 633527 |
| 102098 | (i) | TransMontaigne Operating Company L.P., Term Loan B, (TSFR1M + 3.250%) | 7.577 | 11/17/28 | 102637 |
|  |  | TOTAL ENERGY |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013696 |
|  |  | **FINANCIAL SERVICES - 0.1%** |  |  |  |
| 44762 | (i) | AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%) | 7.327 | 08/02/28 | 44902 |
| 69136 | (i) | Aragorn Parent Corporation, Term Loan, (TSFR1M + 4.250%) | 8.577 | 12/15/28 | 69619 |
| 105000 | (i),(o) | Beach Acquisition Bidco LLC, (TBD) | TBD | TBD | 105656 |
| 40000 | (i),(m) | Colossus Acquireco LLC, (CME Term SOFR 1 Month + 1.750%) | 6.077 | 06/14/32 | 39785 |
| 61845 | (i) | Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M + 3.250%) | 7.542 | 01/27/32 | 62063 |
| 167886 | (b),(i),(p) | Ditech Holding Corporation, Term Loan | 0.000 | 06/30/27 | 17 |
| 122079 | (i) | Kestra Advisor Services Holdings A, Inc., Repriced Term Loan, (TSFR1M + 3.000%) | 7.327 | 03/24/31 | 122168 |
| 32000 | (i) | NCR Atleos LLC, Term Loan B, (TSFR3M + 3.750%) | 8.030 | 04/16/29 | 32276 |
| 56000 | (i),(o) | Orion US Finco, (TBD) | TBD | TBD | 56238 |
| 40000 | (i),(o) | Shift4 Payments LLC, (TBD) | TBD | TBD | 40369 |
| 71552 | (i) | Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%) | 6.077 | 06/24/31 | 71723 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 644816 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 0.3%** |  |  |  |
| 1740 | (i) | 8th Avenue Food & Provisions, Inc., First Lien Term Loan, (Prime + 2.750%) | 10.250 | 10/01/25 | 1741 |
| 18661 | (i) | 8th Avenue Food & Provisions, Inc., Incremental Term Loan, (Prime + 3.750%) | 11.250 | 10/01/25 | 18674 |
| 44774 | (i) | Aspire Bakeries Holdings LLC, (CME Term SOFR 1 Month + 4.250%) | 8.577 | 12/23/30 | 45005 |
| 121964 | (i) | CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%) | 7.441 | 12/08/28 | 122574 |
| 55 | (i) | City Brewing Company, LLC, First Lien Second Out PIK Term Loan, (TSFR3M + 5.000%) | 9.289 | 04/14/28 | 0 |
| 29304 | (i) | City Brewing Company, LLC, First Out New Money Term Loan, (TSFR3M + 6.250%) | 10.506 | 04/05/28 | 8058 |
| 76682 | (i) | City Brewing Company, LLC, FLFO Roll Up Term Loan, (TSFR3M + 3.500%) | 8.018 | 04/05/28 | 21088 |
| 7764 | (i) | City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR3M + 9.000%), (cash 13.585%, PIK 7.500%) | 13.585 | 01/03/26 | 7376 |
| 122819 | (i) | Fiesta Purchaser, Inc., First Lien Term Loan B, (TSFR1M + 3.250%) | 7.577 | 02/12/31 | 123289 |
| 99000 | (i),(m) | Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%) | 9.796 | 01/24/29 | 98381 |
| 243496 | (i) | Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%) | 7.576 | 07/12/29 | 245322 |
| 8621 | (i),(n) | Sauer Brands Inc, Delayed Draw Term Loan | 1.625 | 02/19/32 | 8683 |
| 91379 | (i) | Sauer Brands Inc, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 02/19/32 | 92043 |
| 98813 | (i) | Sycamore Buyer LLC, Term Loan B, (TSFR1M + 2.250%) | 6.572 | 05/21/32 | 99060 |
| 290259 | (i) | Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%) | 6.546 | 03/31/28 | 291630 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 1182924 |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 1.1%** |  |  |  |
| 78551 | (i) | ADMI Corp., Term Loan B5, (TSFR1M + 5.750%) | 10.077 | 12/23/27 | 76351 |
| 188785 | (i) | AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.750%) | 7.077 | 08/24/28 | 189671 |
| 39800 | (i) | Concentra Health Services Inc, Repriced Term Loan B, (TSFR1M + 2.000%) | 6.327 | 07/28/31 | 39999 |
| 137846 | (i) | EyeCare Partners, LLC, Second Out Term Loan B, (TSFR6M + 2.305%), (cash 5.227%, PIK 3.610%) | 4.419 | 11/30/28 | 109530 |
| 173114 | (i) | Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%) | 8.396 | 10/01/27 | 167185 |
| 355058 | (i) | Global Medical Response, Inc., PIK Term Loan, (TSFR3M + 2.750%), (cash 9.079%, PIK 7.500%) | 4.914 | 10/02/28 | 355995 |
| 188205 | (i) | MedAssets Software Intermediate Holdings, Inc., First Out Term Loan, (TSFR1M + 4.000%) | 8.321 | 12/18/28 | 183467 |
| 878763 | (i) | Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%) | 6.577 | 10/23/28 | 880763 |

---

---

| | |
|:---|:---|
| **44** | *See Notes to Financial Statements* |

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------

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES** (continued) |  |  |  |
| $146973 | (i) | National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M + 3.750%) | 8.161% | 03/02/28 | $142380 |
| 4872 | (i) | National Mentor Holdings, Inc., Term Loan C, (TSFR3M + 3.750%) | 8.146 | 03/02/28 | 4720 |
| 152397 | (i) | Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 4.750%) | 9.344 | 02/28/28 | 152992 |
| 171825 | (i) | Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.750%) | 7.068 | 03/17/31 | 172178 |
| 499797 | (i) | Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 11/15/28 | 500498 |
| 362239 | (i) | Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 02/21/31 | 363843 |
| 110000 | (i),(o) | Radiology Partners Inc, (TBD) | TBD | TBD | 109244 |
| 69475 | (i) | Resonetics, LLC, Term Loan B, (TSFR3M + 3.250%) | 7.569 | 06/18/31 | 69604 |
| 93739 | (i) | Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 12/03/31 | 94149 |
| 16001 | (i) | Sound Inpatient Physicians, Tranche A Term Loan (First Out), (TSFR3M + 3.250%), (cash 10.061%, PIK 1.000%) | 5.529 | 06/28/28 | 16741 |
| 144463 | (i) | Sound Inpatient Physicians, Tranche B Term Loan (Second Out), (TSFR3M + 2.500%), (cash 8.061%, PIK 1.500%) | 4.779 | 06/28/28 | 135217 |
| 115707 | (i) | Star Parent Inc., Term Loan B, (TSFR3M + 4.000%) | 8.296 | 09/30/30 | 114725 |
| 656408 | (i) | Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.750%) | 7.077 | 12/19/30 | 659556 |
| 246569 | (i) | Team Health Holdings, Inc., Term Loan B, (TSFR3M + 5.250%) | 9.530 | 03/02/27 | 245721 |
| 68940 | (i) | Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%) | 8.327 | 10/29/31 | 68402 |
| 248750 | (i) | Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M + 3.250%) | 7.577 | 11/26/31 | 247765 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100696 |
|  |  | **HOUSEHOLD & PERSONAL PRODUCTS - 0.0%** |  |  |  |
| 126904 | (i),(m) | Kronos Acquisition Holdings Inc., Term Loan, (TSFR3M + 4.000%) | 8.296 | 07/08/31 | 114087 |
| 73809 | (i),(m) | VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M + 3.500%) | 8.057 | 05/16/28 | 73423 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS |  |  | 187510 |
|  |  | **INSURANCE - 1.0%** |  |  |  |
| 107090 | (i) | Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%) | 7.327 | 11/06/30 | 106965 |
| 210000 | (i) | Alera Group, Inc., Term Loan, (TSFR1M + 3.250%) | 7.577 | 05/28/32 | 210866 |
| 667717 | (i),(m) | Alliant Holdings Intermediate, LLC, Term Loan B6, (TSFR1M + 2.750%) | 7.072 | 09/19/31 | 668625 |
| 276418 | (i) | AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%) | 6.577 | 01/30/32 | 276824 |
| 197500 | (i) | AssuredPartners, Inc., Incremental Term Loan B5, (TSFR1M + 3.500%) | 7.827 | 02/14/31 | 198218 |
| 127000 | (i),(m) | Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%) | 9.691 | 02/03/28 | 121801 |
| 90942 | (i) | Asurion LLC, Term Loan B11, (TSFR1M + 4.250%) | 8.677 | 08/21/28 | 90106 |
| 184844 | (i) | Asurion LLC, Term Loan B13, (TSFR1M + 4.250%) | 8.577 | 09/19/30 | 179807 |
| 248091 | (i) | Asurion LLC, Term Loan B9, (TSFR1M + 3.250%) | 7.691 | 07/30/27 | 248159 |
| 669510 | (i) | Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%) | 7.327 | 06/16/31 | 671065 |
| 76500 | (i) | Evertec Group, LLC, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 10/15/30 | 76978 |
| 375171 | (i) | HUB International Limited, Term Loan B, (TSFR3M + 2.500%) | 6.769 | 06/20/30 | 376717 |
| 317677 | (i) | Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 09/15/31 | 318074 |
| 360488 | (i) | Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR1M + 3.000%) | 7.327 | 07/31/31 | 362192 |
| 170000 | (i) | Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M + 3.250%) | 7.564 | 06/17/32 | 170531 |
| 324960 | (i) | Truist Insurance Holdings LLC, Term Loan B, (TSFR3M + 2.750%) | 7.046 | 05/06/31 | 325501 |
| 28361 | (i) | USI, Inc., Term Loan C, (TSFR3M + 2.250%) | 6.546 | 09/27/30 | 28320 |
| 196694 | (i) | USI, Inc., Term Loan D, (TSFR3M + 2.250%) | 6.546 | 11/23/29 | 196586 |
|  |  | TOTAL INSURANCE |  |  | 4627335 |
|  |  | **MATERIALS - 0.5%** |  |  |  |
| 24565 | (i) | Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 08/19/30 | 24578 |
| 44672 | (i) | Axalta Coating Systems U.S. Holdings, Inc., Term Loan B4, (TSFR3M + 1.750%) | 6.046 | 12/20/29 | 44877 |
| 8058 | (i),(n) | Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan, (TSFR3M + 1.625%) | 4.601 | 03/29/32 | 8036 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **45** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MATERIALS** (continued) |  |  |  |
| $366167 | (i) | Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%) | 7.502% | 04/13/29 | $365854 |
| 116955 | (i) | Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 03/29/32 | 116631 |
| 92000 | (i) | CPC Acquisition Corp, Term Loan, (TSFR3M + 3.750%) | 8.307 | 12/29/27 | 80730 |
| 189410 | (i) | Discovery Purchaser Corporation, Term Loan, (TSFR3M + 3.750%) | 8.022 | 10/04/29 | 189351 |
| 110000 | (i) | Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%) | 7.796 | 04/02/32 | 110120 |
| 4987 | (i) | Ineos US Finance LLC, First Lien Term Loan B, (TSFR1M + 3.000%) | 7.327 | 02/07/31 | 4770 |
| 447567 | (i) | Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M + 4.725%) | 9.227 | 02/09/26 | 415276 |
| 51870 | (i) | Knife River HoldCo, Term Loan, (TSFR3M + 2.000%) | 6.310 | 03/08/32 | 52097 |
| 68996 | (i) | Lonza Group AG, Term Loan B, (TSFR3M + 3.925%) | 8.321 | 07/03/28 | 63375 |
| 117568 | (i) | Nouryon Finance B.V., Term Loan B1, (TSFR3M + 3.250%) | 7.510 | 04/03/28 | 118267 |
| 14776 | (i) | Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%) | 7.550 | 04/03/28 | 14864 |
| 27854 | (i) | Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%) | 8.191 | 08/03/26 | 26905 |
| 93578 | (i) | Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%) | 8.290 | 09/15/28 | 94058 |
| 54314 | (i) | SupplyOne Inc, (CME Term SOFR 1 Month + 3.500%) | 0.000 | 04/21/31 | 54581 |
| 140357 | (i) | TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%) | 7.691 | 03/03/28 | 140370 |
| 16346 | (i),(n) | USALCO, LLC, Delayed Draw Term Loan | 1.000 | 09/30/31 | 16456 |
| 157861 | (i) | USALCO, LLC, Term Loan B, (TSFR1M + 4.000%) | 8.327 | 09/30/31 | 158926 |
|  |  | TOTAL MATERIALS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100122 |
|  |  | **MEDIA & ENTERTAINMENT - 0.6%** |  |  |  |
| 63285 | (i) | Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M + 4.250%) | 8.789 | 10/28/27 | 53149 |
| 665340 | (i),(m) | AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M + 7.000%) | 11.318 | 01/04/29 | 673657 |
| 17290 | (i) | Cable One, Inc., Term Loan B4, (TSFR1M + 2.000%) | 6.441 | 05/03/28 | 16728 |
| 337909 | (i) | Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M + TSFR3M + 3.500%) | 7.826 | 03/24/31 | 339112 |
| 123753 | (i) | Century De Buyer LLC, Term Loan B, (TSFR3M + 3.500%) | 7.780 | 10/30/30 | 124604 |
| 287605 | (i) | Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M + 4.000%) | 8.441 | 08/23/28 | 285910 |
| 85398 | (i) | CMG Media Corporation, Term Loan, (TSFR3M + 3.500%) | 7.896 | 06/18/29 | 82984 |
| 137417 | (i) | CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%) | 9.000 | 04/15/27 | 134056 |
| 613218 | (i) | CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%) | 8.812 | 01/18/28 | 605899 |
| 35260 | (i) | DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%) | 9.541 | 08/02/27 | 35439 |
| 139028 | (i) | McGraw-Hill Global Education Holdings, LLC, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 08/06/31 | 139666 |
| 81813 | (i) | Mission Broadcasting, Inc., Term Loan B, (TSFR1M + 2.500%) | 6.939 | 06/02/28 | 81838 |
| 930 | (i) | NEP Group, Inc., Term Loan B, (TSFR3M + 2.375%), (cash 6.344%, PIK 1.500%) | 4.672 | 08/19/26 | 859 |
| 137587 | (i) | Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%) | 7.330 | 02/10/31 | 138327 |
| 82134 | (i) | Sunrise Financing Partnership, Term Loan AAA, (TSFR3M + 2.500%) | 6.793 | 02/17/32 | 82056 |
| 100000 | (i) | Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%) | 7.373 | 03/31/31 | 98858 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 2893142 |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%** |  |  |  |
| 960132 | (i) | Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%) | 6.577 | 05/05/28 | 965405 |
| 220000 | (i),(o) | OPAL US LLC, (TBD) | TBD | TBD | 221169 |
| 318452 | (i) | Organon & Co, Term Loan, (TSFR1M + 2.250%) | 6.571 | 05/19/31 | 313939 |
| 108609 | (i) | Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 04/20/29 | 108834 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 1609347 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%** |  |  |  |
| 404858 | (i) | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%) | 7.077 | 01/31/30 | 407304 |
| 45366 | (i) | Cushman & Wakefield U.S. Borrower, LLC, Tranche 2 Incremental Term Loan, (TSFR1M + 3.250%) | 7.577 | 01/31/30 | 45668 |
| 251000 | (i) | Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%) | 7.941 | 12/08/25 | 243988 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 696960 |

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| | |
|:---|:---|
| **46** | *See Notes to Financial Statements* |

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%** |  |  |  |
| $341145 | (i) | Instructure Holdings, Inc., Term Loan, (TSFR6M + 3.000%) | 7.205% | 11/13/31 | $341904 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 341904 |
|  |  | **SOFTWARE & SERVICES - 2.2%** |  |  |  |
| 64917 | (i) | Apttus Corporation, Term Loan B, (TSFR3M + 3.500%) | 7.780 | 05/08/28 | 65225 |
| 124000 | (i) | Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%) | 9.691 | 01/22/29 | 115368 |
| 150000 | (i) | Avalara, Inc, Term Loan B, (TSFR3M + 3.250%) | 7.546 | 03/29/32 | 150824 |
| 220380 | (i) | Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.827%, PIK 7.500%) | 11.827 | 08/01/28 | 174100 |
| 109725 | (i) | BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.250%) | 7.577 | 11/25/31 | 110040 |
| 588360 | (i) | Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%) | 6.296 | 01/31/31 | 590567 |
| 686683 | (i) | Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%) | 7.333 | 07/30/31 | 683205 |
| 140125 | (i) | Camelot U.S. Acquisition LLC, Incremental Term Loan B, (TSFR1M + 2.750%) | 7.077 | 10/30/26 | 138855 |
| 113000 | (i) | Clearwater Analytics, LLC, Term Loan B, (TSFR3M + 2.250%) | 6.529 | 04/21/32 | 113141 |
| 39900 | (i) | Cloud Software Group, Inc., Term Loan, (TSFR3M + 3.750%) | 8.046 | 03/24/31 | 40012 |
| 125000 | (i) | Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M + 2.750%) | 7.074 | 03/29/32 | 124558 |
| 368770 | (i) | Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%) | 7.074 | 05/01/31 | 367504 |
| 324188 | (i) | Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%) | 7.458 | 10/09/31 | 324873 |
| 69579 | (i) | DTI Holdco, Inc., Term Loan B, (TSFR1M + 4.000%) | 8.327 | 04/26/29 | 68877 |
| 127398 | (i) | Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.000%) | 7.327 | 10/08/29 | 127856 |
| 477136 | (i) | Epicor Software Corporation, Term Loan E, (TSFR1M + 2.750%) | 7.077 | 05/30/31 | 478887 |
| 98258 | (i) | Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.500%) | 7.827 | 06/27/31 | 98626 |
| 15892 | (i) | Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%) | 6.077 | 09/12/29 | 15888 |
| 798059 | (i) | Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 01/30/32 | 798835 |
| 138941 | (i) | Informatica LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 10/30/28 | 139680 |
| 116708 | (i) | Javelin Buyer, Inc., First Lien Term Loan, (TSFR3M + 3.250%) | 7.333 | 12/08/31 | 117327 |
| 83790 | (i) | Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%) | 7.577 | 03/22/32 | 84216 |
| 39701 | (i) | Marcel LUX IV SARL, Term Loan B7, (SOFR30A + 3.500%) | 7.760 | 11/13/30 | 39974 |
| 447523 | (i) | McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%) | 7.316 | 03/01/29 | 435542 |
| 52000 | (i) | MedAssets Software Intermediate Holdings, Inc., Second Out Term Loan, (TSFR1M + 4.000%) | 8.436 | 12/18/28 | 47060 |
| 375222 | (i) | Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%) | 7.577 | 06/17/31 | 375345 |
| 271361 | (i) | Open Text Corporation, Term Loan B, (TSFR1M + 1.750%) | 6.077 | 01/31/30 | 271616 |
| 113850 | (i) | Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%) | 9.077 | 03/24/31 | 109314 |
| 114425 | (i) | PointClickCare Technologies, Inc., Term Loan B, (TSFR6M + 3.250%) | 7.416 | 11/03/31 | 115069 |
| 133653 | (i) | Polaris Newco LLC, Term Loan B, (TSFR3M + 3.750%) | 8.291 | 06/05/28 | 130432 |
| 248120 | (i) | Press Ganey Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.250%) | 7.577 | 04/30/31 | 248870 |
| 1114165 | (i),(m) | Project Alpha Intermediate Holding, Inc., First Lien Term Loan B, (TSFR3M + 3.250%) | 7.542 | 10/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120668 |
| 137704 | (i) | Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%) | 7.327 | 08/31/28 | 137950 |
| 53750 | (i) | Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%) | 10.679 | 05/15/28 | 54047 |
| 242890 | (i) | Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%) | 7.179 | 05/15/28 | 112270 |
| 162125 | (i) | Rocket Software, Inc., Term Loan B, (TSFR1M + 4.250%) | 8.577 | 11/28/28 | 162684 |
| 64835 | (i) | SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%) | 6.327 | 05/09/31 | 65220 |
| 87540 | (i) | Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%) | 7.941 | 03/05/27 | 87976 |
| 124688 | (i) | Synechron Inc, Term Loan B, (TSFR3M + 3.750%) | 8.030 | 10/03/31 | 121570 |
| 136840 | (i) | Syniverse Holdings, Inc., Term Loan, (TSFR3M + 7.000%) | 11.296 | 05/13/27 | 130282 |
| 83033 | (i) | Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M + 1.750%) | 6.077 | 08/31/28 | 82787 |
| 580567 | (i) | UKG Inc., Term Loan B, (TSFR1M + 3.000%) | 7.311 | 02/10/31 | 583415 |
| 48982 | (i) | Vision Solutions, Inc., Incremental Term Loan, (TSFR3M + 4.000%) | 8.541 | 04/24/28 | 46631 |
| 208427 | (i) | VS Buyer, LLC, First Lien Term Loan B, (TSFR3M + 2.750%) | 7.019 | 04/14/31 | 209730 |
| 91770 | (i) | WEX Inc., Term Loan, (TSFR1M + 1.750%) | 6.077 | 04/03/28 | 91865 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **47** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SOFTWARE & SERVICES** (continued) |  |  |  |
| $248000 |  | X Corp., Term Loan | 9.500% | 10/29/29 | $241490 |
| 344509 | (i) | X Corp., Term Loan, (TSFR1M + 6.500%) | 10.927 | 10/29/29 | 337001 |
| 171750 | (i) | Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%) | 7.077 | 09/28/29 | 170860 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10458132 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%** |  |  |  |
| 855574 | (i) | CommScope, Inc., Term Loan, (TSFR1M + 5.250%) | 9.577 | 12/17/29 | 867247 |
| 496250 | (i) | Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%) | 7.074 | 12/03/29 | 493280 |
| 74925 | (i) | Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%) | 6.560 | 09/22/31 | 75370 |
| 260655 | (i),(p) | MLN US HoldCo LLC, First Lien Term Loan, (TSFR3M + 4.500%) | 4.405 | 12/01/25 | 1961 |
| 151479 | (i),(p) | MLN US HoldCo LLC, Second Out Term Loan | 0.000 | 10/18/27 | 765 |
| 33120 | (i) | Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 2.250%), (cash 7.796%, PIK 2.000%) | 4.398 | 07/03/28 | 16461 |
| 208765 | (i) | Verifone Systems, Inc., Term Loan, (TSFR3M + 5.500%) | 10.211 | 08/21/28 | 195926 |
| 20946 | (i) | ViaSat, Inc., Term Loan, (TSFR1M + 4.500%) | 8.941 | 03/05/29 | 20187 |
| 197497 | (i),(m) | ViaSat, Inc., Term Loan, (TSFR1M + 4.500%) | 8.926 | 05/30/30 | 189320 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 1860517 |
|  |  | **TELECOMMUNICATION SERVICES - 1.0%** |  |  |  |
| 128234 | (i) | Altice France S.A., Term Loan B12, (Prime + 2.688%) | 10.188 | 02/02/26 | 112830 |
| 164789 | (i) | Altice France S.A., Term Loan B13, (Prime + 3.000%) | 10.500 | 08/14/26 | 145581 |
| 50870 | (i) | Altice France S.A., Term Loan B14, (TSFR3M + 5.500%) | 9.756 | 08/31/28 | 46221 |
| 243793 | (i) | Cincinnati Bell, Inc., Term Loan B2, (TSFR1M + 2.750%) | 7.077 | 11/24/28 | 244316 |
| 124684 | (i) | Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%) | 8.827 | 09/13/29 | 118848 |
| 201761 | (b),(i),(p) | Cyxtera DC Holdings, Inc., Term Loan B | 0.000 | 05/01/26 | 1110 |
| 291265 | (i) | Digicel International Finance Limited, Term Loan, (TSFR3M + 3.750%), (cash 9.530%, PIK 2.250%) | 5.890 | 05/27/27 | 291213 |
| 756517 | (i) | Frontier Communications Corp., Term Loan B, (TSFR6M + 2.500%) | 6.792 | 07/01/31 | 757776 |
| 118588 | (i) | Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 09/20/30 | 118905 |
| 44000 | (i),(o) | LCPR Loan Financing LLC, Term Loan B, (TBD) | TBD | TBD | 28976 |
| 262000 | (i) | Level 3 Financing Inc., Term Loan B, (TSFR1M + 4.250%) | 8.577 | 03/29/32 | 265221 |
| 535174 | (i) | Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%) | 6.791 | 04/15/30 | 529282 |
| 265293 | (i) | Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%) | 10.327 | 06/01/28 | 272588 |
| 98468 | (i) | Numericable Group SA, Term Loan B11, (Prime + 1.750%) | 9.250 | 07/31/25 | 85914 |
| 1249001 | (i) | Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%) | 7.441 | 03/09/27 | 1191291 |
| 230992 | (i) | Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%) | 6.926 | 04/28/28 | 226188 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 4436260 |
|  |  | **TRANSPORTATION - 0.4%** |  |  |  |
| 162638 | (i) | Air Canada, Term Loan B, (TSFR1M + 2.000%) | 6.322 | 03/21/31 | 163121 |
| 105550 | (i) | American Airlines, Inc., Term Loan, (TSFR3M + 2.250%) | 6.522 | 04/20/28 | 105014 |
| 121603 | (i),(m) | Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M + TSFR3M + 2.500%) | 6.816 | 07/01/31 | 121886 |
| 185514 | (i) | Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 07/01/31 | 185914 |
| 59716 | (i) | First Student Bidco Inc, First Lien Term Loan B, (TSFR3M + 2.500%) | 6.796 | 07/21/28 | 59819 |
| 56588 | (i) | First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%) | 6.796 | 07/21/28 | 56685 |
| 340739 | (i) | KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%) | 6.827 | 09/23/31 | 340526 |
| 131658 | (i) | PODS, LLC, Term Loan B, (TSFR3M + 3.000%) | 7.541 | 03/31/28 | 126824 |
| 99653 | (i) | SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%) | 8.022 | 10/20/27 | 100420 |
| 156000 | (i) | Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.750%) | 6.980 | 04/12/32 | 156702 |
| 222808 | (i) | United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%) | 6.275 | 02/24/31 | 223574 |
| 83222 | (i) | WestJet Loyalty LP, Term Loan B, (TSFR3M + 3.250%) | 7.546 | 02/14/31 | 83336 |
|  |  | TOTAL TRANSPORTATION |  |  | 1723821 |
|  |  | **UTILITIES - 0.3%** |  |  |  |
| 117000 | (i),(m) | Cornerstone Generation LLC, (CME Term SOFR 1 Month + 3.250%) | 7.561 | 10/28/31 | 117731 |
| 64285 | (i) | EFS Cogen Holdings I LLC, Term Loan B, (TSFR3M + 3.500%) | 7.796 | 10/03/31 | 64653 |
| 70313 | (i),(o) | Invenergy Thermal Operating I LLC, (TBD) | TBD | TBD | 70937 |
| 4688 | (i),(o) | Invenergy Thermal Operating I LLC, (TBD) | TBD | TBD | 4729 |
| 99250 | (i) | Kestrel Acquisition, LLC, Term Loan B, (Prime + TSFR3M + 3.000%) | 8.898 | 11/06/31 | 99401 |
| 49,875(i) |  | Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%) | 8.796 | 02/19/32 | 49335 |

---

---

| | |
|:---|:---|
| **48** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UTILITIES** (continued) |  |  |  |
| $701474 (i) | Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%) | 6.808% | 12/15/31 | $704543 |
| 269252 (i) | Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%) | 6.808 | 05/17/30 | 270199 |
| 2834 (i) | Vistra Operations Company LLC, First Lien Term Loan B3, (TSFR1M + 1.750%) | 6.077 | 12/20/30 | 2844 |
|  | TOTAL UTILITIES |  |  | 1384372 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $57,564,181)** |  |  | **57266091** |
|  | **TOTAL LONG-TERM INVESTMENTS (Cost $584,150,741)** |  |  | **642906169** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 0.1%(0.1% of Total Investments)** |  |  |  |
|  | **REPURCHASE AGREEMENTS - 0.1% (0.1% of Total Investments)** |  |  |  |
| 650000 (q) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 650000 |
|  | **TOTAL REPURCHASE AGREEMENTS** <br> **(Cost $650,000)** |  |  | **650000** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $650,000)** |  |  | **650000** |
|  | **TOTAL INVESTMENTS - 139.4%**<br> **(Cost $584,800,741)** |  |  | **643556169** |
|  | **BORROWINGS - (33.0)% (r),(s)** |  |  | **(152586000)** |
|  | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (7.6)%(t)** |  |  | **(35157286)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 1.2%** |  |  | **6002756** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**461815639** |

---

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MSCI | Morgan Stanley Capital International |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Sol |
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
| PLN | Polish Zloty |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
| RON | Romanian Leu |
| S&P | Standard & Poor's |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| SOFR90A | 90 Day Average Secured Overnight Financing Rate |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **49** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**NMAI** 

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

---

| | |
|:---|:---|
| 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 |
| UGX | Ugandan Shilling |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
| (a) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $110,747,652 or 17.2% of Total Investments. |
| (b) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (c) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $24,853,982. |
| (d) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (e) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
| (f) | Contains $1,000 Par Preferred and/or Contingent Capital Securities. |
| (g) | Perpetual security. Maturity date is not applicable. |
| (h) | $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was 3.9% of Total Investments. |
| (i) | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| (j) | Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of the end of the reporting period, the Fund's total investment in CoCos was 3.2% of Total Investments. |
| (k) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $38,343,170 have been pledged as collateral for reverse repurchase agreements. |
| (l) | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| (m) | Portion of investment purchased on a delayed delivery basis. |
| (n) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (o) | When-issued or delayed delivery security. |
| (p) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (q) | Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $650,079 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $663,093. |
| (r) | Borrowings as a percentage of Total Investments is 23.7%. |
| (s) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $213,040,734 have been pledged as collateral for borrowings. |
| (t) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 5.5%. |

---

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

**Investments in Derivatives** 

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Notional Amount<br>(Local Currency)** | **Currency Sold** | **Notional Amount<br>(Local Currency)** | **Counterparty** | **Settlement**<br> **Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 757574 | EUR | 683717 | Bank of America, N.A. | 7/11/25 | $(48290) |
| EUR | 49833 | USD | 58508 | Morgan Stanley Capital Services LLC | 7/01/25 | $192 |
| USD | 58547 | EUR | 49833 | Morgan Stanley Capital Services LLC | 7/11/25 | (188) |
| USD | 305154 | HKD | 2395637 | State Street Bank and Trust Company | 7/02/25 | (25) |
| USD | 75716 | HKD | 594415 | State Street Bank and Trust Company | 7/02/25 | (6) |
| USD | 244454 | HKD | 1919108 | State Street Bank and Trust Company | 7/02/25 | (20) |
| USD | 1031027 | HKD | 8094173 | State Street Bank and Trust Company | 7/02/25 | (84) |
| USD | 226136 | HKD | 1775298 | State Street Bank and Trust Company | 7/02/25 | (18) |
| USD | 1078010 | HKD | 8463022 | State Street Bank and Trust Company | 7/02/25 | (88) |

---

---

| | |
|:---|:---|
| **50** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| USD | 70505 | ZAR | 1259729 | State Street Bank and Trust<br> Company | 7/02/25 | $(651) |
| USD | 428099 | ZAR | 7648951 | State Street Bank and Trust Company | 7/02/25 | (3953) |
| USD | 205078 | ZAR | 3664175 | State Street Bank and Trust Company | 7/02/25 | (1894) |
| Total |  |  |  |  |  | **$(55025)** |
| Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts |  |  | **$192** |
| Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts |  |  | **$(55217)** |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **51** |

---

------

**Portfolio of Investments June 30, 2025** 

**JRI** 

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

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 143.8% (99.3% of Total Investments)** |  |
|  | **COMMON STOCKS - 69.6% (48.1% of Total Investments)** |  |
|  | **ENERGY - 10.5%** |  |
| 131458 | Enbridge Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957676 |
| 443868 | Energy Transfer LP | 8047327 |
| 71881 | Enterprise Products Partners LP | 2229030 |
| 78137 | Gibson Energy Inc | 1371378 |
| 134905 | Kinder Morgan Inc | 3966207 |
| 70649 | MPLX LP | 3639130 |
| 45998 | ONEOK Inc | 3754817 |
| 148215 | Pembina Pipeline Corp | 5565069 |
| 137630 | Plains All American Pipeline LP | 2521382 |
| 13374 | Plains GP Holdings LP, Class A | 259857 |
| 33600 | TC Energy Corp | 1640336 |
|  | TOTAL ENERGY | 38952209 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 34.7%** |  |
| 56730 | Acadia Realty Trust | 1053476 |
| 6535 | Aedifica SA | 509922 |
| 11497 | Agree Realty Corp | 839971 |
| 196270 | Apple Hospitality REIT Inc | 2290471 |
| 120745 | Armada Hoffler Properties Inc | 829518 |
| 456252 | British Land Co PLC/The | 2368019 |
| 33039 | Brixmor Property Group Inc | 860336 |
| 322236 | Broadstone Net Lease Inc | 5171888 |
| 11118 | BXP Inc | 750131 |
| 399579 | CapitaLand Ascendas REIT | 843173 |
| 381869 | CapitaLand Integrated Commercial Trust | 652069 |
| 21022 | CareTrust REIT Inc | 643273 |
| 68041 | Carmila SA | 1338202 |
| 34294 | Centerspace | 2064156 |
| 95995 | Charter Hall Long Wale REIT | 258182 |
| 429991 | Charter Hall Retail REIT | 1087008 |
| 61054 | Community Healthcare Trust Inc | 1015328 |
| 50384 | COPT Defense Properties | 1389591 |
| 16445 | Cousins Properties Inc | 493843 |
| 88194 | Crombie Real Estate Investment Trust | 963058 |
| 11815 | Crown Castle Inc | 1213755 |
| 118706 | CT Real Estate Investment Trust | 1384286 |
| 42966 | CubeSmart | 1826055 |
| 1103 | Daiwa Securities Living Investments Corp | 732230 |
| 32848 | Derwent London PLC | 934240 |
| 164866 | Dexus | 723588 |
| 308989 | Dream Industrial Real Estate Investment Trust | 2675220 |
| 17957 | Elme Communities | 285516 |
| 26078 | Equity Residential | 1760004 |
| 26794 | Extra Space Storage Inc | 3950507 |
| 522511 (a) | FIBRA Macquarie Mexico | 835093 |
| 122332 | Four Corners Property Trust Inc | 3291954 |
| 1954738 | Frasers Centrepoint Trust | 3510680 |
| 620255 | Frasers Logistics & Commercial Trust | 417323 |
| 158809 | Gaming and Leisure Properties Inc | 7413204 |
| 13274 | Gecina SA | 1461260 |
| 281277 | Hammerson PLC | 1155954 |
| 25808 | Healthcare Realty Trust Inc | 409315 |
| 188558 | Healthpeak Properties Inc | 3301651 |
| 63602 | Highwoods Properties Inc | 1977386 |
| 24242 | Host Hotels & Resorts Inc | 372357 |
| 27323 | IGB Real Estate Investment Trust | 16491 |
| 4997 | Invincible Investment Corp | 2151855 |
| 698 | Japan Metropolitan Fund Invest | 494719 |
| 1991 | KDX Realty Investment Corp | 2160406 |
| 7922 | Kilroy Realty Corp | 271804 |

---

---

| | |
|:---|:---|
| **52** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |
| 96763 | Kimco Realty Corp | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033958 |
| 19673 | Lamar Advertising Co, Class A | 2387515 |
| 1742 | LaSalle Logiport REIT | 1683683 |
| 20092 | Lineage Inc | 874404 |
| 70673 | Link REIT | 378559 |
| 1486429 | LondonMetric Property PLC | 4150698 |
| 242537 | LXP Industrial Trust | 2003356 |
| 984092 | Mapletree Industrial Trust | 1579560 |
| 431842 | Mapletree Logistics Trust | 401432 |
| 2678 | Mid-America Apartment Communities Inc | 396371 |
| 1848 | Millrose Properties Inc | 52686 |
| 20897 | Montea NV | 1606271 |
| 131069 | Nexus Industrial REIT | 722841 |
| 130 | Nippon Accommodations Fund Inc | 106317 |
| 15606 | NNN REIT Inc | 673867 |
| 147087 | Omega Healthcare Investors Inc | 5390739 |
| 1074 | Orix JREIT Inc | 1401082 |
| 81162 | Parkway Life Real Estate Investment Trust | 261937 |
| 56696 | Postal Realty Trust Inc, Class A | 835132 |
| 147990 | Primaris Real Estate Investment Trust | 1599716 |
| 25792 | Rayonier Inc | 572067 |
| 44518 | Realty Income Corp | 2564682 |
| 12799 | Rexford Industrial Realty Inc | 455260 |
| 90070 | RioCan Real Estate Investment Trust | 1171390 |
| 80799 | Sabra Health Care REIT Inc | 1489934 |
| 25947 | Safestore Holdings PLC | 252162 |
| 428971 | Scentre Group | 1007531 |
| 39255 | Simon Property Group Inc | 6310634 |
| 2522 | SITE Centers Corp | 28524 |
| 14078 | SL Green Realty Corp | 871428 |
| 5163 | Smartstop Self Storage REIT Inc | 187055 |
| 4184 | Star Asia Investment Corp | 1662457 |
| 299613 | Stockland | 1058868 |
| 646133 | Tritax Big Box REIT PLC | 1315624 |
| 118929 | UDR Inc | 4855871 |
| 3519 | Unibail-Rodamco-Westfield | 338273 |
| 1228 | United Urban Investment Corp | 1323214 |
| 597560 | Vicinity Ltd | 975496 |
| 71290 | Warehouses De Pauw CVA | 1746406 |
| 519202 | Waypoint REIT Ltd | 841186 |
| 58291 | Wereldhave NV | 1174724 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 128891378 |
|  | **FINANCIAL SERVICES - 0.8%** |  |
| 49712 | Apollo Commercial Real Estate Finance Inc | 481212 |
| 31935 | Blackstone Mortgage Trust Inc, Class A | 614749 |
| 22115 | KKR Real Estate Finance Trust Inc | 193949 |
| 91230 | Starwood Property Trust Inc | 1830986 |
|  | TOTAL FINANCIAL SERVICES | 3120896 |
|  | **HEALTH CARE EQUIPMENT & SERVICES - 1.4%** |  |
| 363315 | Sienna Senior Living Inc | 5082541 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5082541 |
|  | **MATERIALS - 0.5%** |  |
| 5872871 | Keppel Infrastructure Trust | 1848705 |
|  | TOTAL MATERIALS | 1848705 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%** |  |
| 670182 | Capitaland India Trust | 553400 |
| 162442 | Cibus Nordic Real Estate AB publ | 3210757 |
| 427006 | Hongkong Land Holdings Ltd | 2463825 |
| 443777 | Sino Land Co Ltd | 472682 |
| 1741801 | Sirius Real Estate Ltd | 2331110 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **53** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRI** 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | **VALUE** |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT** (continued) |  |  |
| 389619 | Swire Properties Ltd |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973903 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  | 10005677 |
|  | **TELECOMMUNICATION SERVICES - 0.7%** |  |  |
| 376119 | HKT Trust & HKT Ltd |  | 562325 |
| 148385 | Infrastrutture Wireless Italiane SpA |  | 1814445 |
| 50278 (a) | RAI Way SpA |  | 360088 |
|  | TOTAL TELECOMMUNICATION SERVICES |  | 2736858 |
|  | **TRANSPORTATION - 3.7%** |  |  |
| 90350 (a) | Aena SME SA |  | 2411783 |
| 429723 | Atlas Arteria Ltd |  | 1440203 |
| 520390 | Dalrymple Bay Infrastructure Ltd |  | 1456007 |
| 89915 | Enav SpA |  | 415802 |
| 9581 | Grupo Aeroportuario del Pacifico SAB de CV, ADR, ADR |  | 2199989 |
| 11218 | Grupo Aeroportuario del Sureste SAB de CV, ADR, ADR |  | 3577084 |
| 236613 | Transurban Group |  | 2177066 |
|  | TOTAL TRANSPORTATION |  | 13677934 |
|  | **UTILITIES - 14.6%** |  |  |
| 5915 | American Electric Power Co Inc |  | 613740 |
| 40055 | Capital Power Corp |  | 1611907 |
| 121864 | CK Infrastructure Holdings Ltd |  | 807014 |
| 81082 | Clearway Energy Inc, Class A |  | 2453541 |
| 45802 | CLP Holdings Ltd |  | 386833 |
| 83053 | Dominion Energy Inc |  | 4694156 |
| 5992 | Duke Energy Corp |  | 707056 |
| 532901 | Enel SpA |  | 5057608 |
| 90705 | Engie SA |  | 2131821 |
| 8529 | Entergy Corp |  | 708930 |
| 106258 | Evergy Inc |  | 7324364 |
| 5619 | Eversource Energy |  | 357481 |
| 85973 | Exelon Corp |  | 3732948 |
| 229130 | Italgas SpA |  | 1943645 |
| 372841 | National Grid PLC |  | 5472806 |
| 63028 | National Grid PLC, Sponsored ADR, ADR |  | 4689913 |
| 39251 | Northwestern Energy Group Inc |  | 2013576 |
| 22699 | OGE Energy Corp |  | 1007382 |
| 147224 | Pennon Group PLC |  | 1015734 |
| 8574 | Pinnacle West Capital Corp |  | 767116 |
| 161874 | REN - Redes Energeticas Nacionais SGPS SA |  | 577077 |
| 662763 | Snam SpA |  | 4012162 |
| 100505 | Terna - Rete Elettrica Nazionale |  | 1033288 |
| 37149 | Veolia Environnement SA |  | 1326289 |
|  | TOTAL UTILITIES |  | 54446387 |
|  | **TOTAL COMMON STOCKS<br>(Cost $225,267,541)** |  | **258762585** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **CONVERTIBLE PREFERRED SECURITIES - 1.9% (1.3% of Total Investments)** |  |  |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%** |  |  |
| 13513 | Kimco Realty Corp | 7.250% | 818077 |
| 8595 | LXP Industrial Trust | 6.500 | 398035 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1216112 |  |
|  | **UTILITIES - 1.6%** |  |  |
| 46300 | NextEra Energy Inc | 7.299 | 2180267 |
| 73756 | NextEra Energy Inc | 6.926 | 2931063 |
| 23200 | PG&E Corp | 6.000 | 872320 |
|  | TOTAL UTILITIES |  | 5983650 |
|  | **TOTAL CONVERTIBLE PREFERRED SECURITIES<br>(Cost $7,902,410)** |  | **7199762** |

---

---

| | |
|:---|:---|
| **54** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 48.3% (33.3% of Total Investments) (b)** |  |  |  |
|  |  | AUTOMOBILES & COMPONENTS - 0.2% |  |  |  |
| $605000 | (a) | Clarios Global LP / Clarios US Finance Co | 6.750% | 02/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629071 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 629071 |
|  |  | **CAPITAL GOODS - 1.4%** |  |  |  |
| 1600000 | (a) | Advanced Drainage Systems Inc | 6.375 | 06/15/30 | 1636411 |
| 490000 | (a) | Albion Financing 1 SARL / Aggreko Holdings Inc | 7.000 | 05/21/30 | 500058 |
| 1080000 | (a) | Chart Industries Inc | 7.500 | 01/01/30 | 1130680 |
| 750000 | (a) | Dcli Bidco LLC | 7.750 | 11/15/29 | 759719 |
| 235000 | (a) | Herc Holdings Inc | 7.000 | 06/15/30 | 245424 |
| 930000 | (a) | Trinity Industries Inc | 7.750 | 07/15/28 | 968629 |
|  |  | TOTAL CAPITAL GOODS |  |  | 5240921 |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%** |  |  |  |
| 715000 | (a) | Cougar JV Subsidiary LLC | 8.000 | 05/15/32 | 762102 |
| 1000000 | (a) | Kohl's Corp | 10.000 | 06/01/30 | 1036519 |
| 705000 | (a) | LCM Investments Holdings II LLC | 4.875 | 05/01/29 | 685578 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 2484199 |
|  |  | **CONSUMER SERVICES - 2.1%** |  |  |  |
| EUR 300,000 | (c),(d) | Accor SA, Reg S | 7.250 | N/A | 390049 |
| 405000 |  | Choice Hotels International Inc | 5.850 | 08/01/34 | 408159 |
| 1500000 | (a) | Churchill Downs Inc | 5.750 | 04/01/30 | 1504888 |
| 725000 | (a) | Hilton Domestic Operating Co Inc | 5.875 | 03/15/33 | 738687 |
| 400000 | (a) | Merlin Entertainments Group US Holdings Inc | 7.375 | 02/15/31 | 357446 |
| 995000 |  | MGM Resorts International | 6.500 | 04/15/32 | 1011233 |
| 1360000 |  | Piedmont Operating Partnership LP | 9.250 | 07/20/28 | 1514822 |
| 695000 | (a) | Six Flags Entertainment Corp / Six Flags Theme Parks Inc | 6.625 | 05/01/32 | 716847 |
| 295000 | (a) | Vail Resorts Inc | 5.625 | 07/15/30 | 296106 |
| 200000 | (a) | Viking Ocean Cruises Ship VII Ltd | 5.625 | 02/15/29 | 199025 |
| 690000 | (a) | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp | 6.250 | 03/15/33 | 694424 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 7831686 |
|  |  | **ENERGY - 13.2%** |  |  |  |
| 935000 | (a) | Archrock Partners LP / Archrock Partners Finance Corp | 6.250 | 04/01/28 | 938095 |
| 1190000 | (a) | Archrock Partners LP / Archrock Partners Finance Corp | 6.625 | 09/01/32 | 1212417 |
| 1250000 | (a) | Buckeye Partners LP | 6.875 | 07/01/29 | 1295028 |
| 1150000 |  | Cheniere Energy Partners LP | 4.500 | 10/01/29 | 1137690 |
| 510000 | (a) | CNX Midstream Partners LP | 4.750 | 04/15/30 | 481732 |
| 300000 | (a) | CQP Holdco LP / BIP-V Chinook Holdco LLC | 7.500 | 12/15/33 | 325526 |
| 200000 | (a) | CQP Holdco LP / BIP-V Chinook Holdco LLC | 5.500 | 06/15/31 | 197579 |
| 765000 | (a) | Delek Logistics Partners LP / Delek Logistics Finance Corp | 8.625 | 03/15/29 | 793980 |
| 745000 | (a) | DT Midstream Inc | 4.375 | 06/15/31 | 713400 |
| 2148000 | (d) | Enbridge Inc | 6.000 | 01/15/77 | 2146680 |
| 1610000 | (d) | Enbridge Inc | 5.500 | 07/15/77 | 1596646 |
| 1500000 | (d) | Enbridge Inc | 6.250 | 03/01/78 | 1505942 |
| 650000 | (d) | Enbridge Inc | 5.750 | 07/15/80 | 648181 |
| 1260000 | (d) | Enbridge Inc | 7.625 | 01/15/83 | 1328685 |
| 930000 | (d) | Enbridge Inc | 8.500 | 01/15/84 | 1035432 |
| 648000 | (d) | Energy Transfer LP | 7.125 | 10/01/54 | 664503 |
| 1955000 | (c),(d) | Energy Transfer LP | 7.125 | N/A | 1991488 |
| 683000 | (c),(d) | Energy Transfer LP | 6.500 | N/A | 686052 |
| 1117000 | (d),(e) | Energy Transfer LP (TSFR3M + 3.279%) | 7.555 | 11/01/66 | 1112878 |
| 580000 | (d) | Energy Transfer LP | 8.000 | 05/15/54 | 617053 |
| 1633000 | (d) | Enterprise Products Operating LLC | 5.250 | 08/16/77 | 1615718 |
| 2334000 | (d) | Enterprise Products Operating LLC | 5.375 | 02/15/78 | 2295722 |
| CAD 515,000 | (d) | Gibson Energy Inc | 5.250 | 12/22/80 | 369098 |
| 1245000 | (a) | Global Partners LP / GLP Finance Corp | 8.250 | 01/15/32 | 1309344 |
| 375000 | (a) | Harvest Midstream I LP | 7.500 | 05/15/32 | 396063 |
| CAD 780,000 | (d) | Inter Pipeline Ltd/AB | 6.625 | 11/19/79 | 584506 |
| CAD 670,000 | (d) | Keyera Corp | 6.875 | 06/13/79 | 515454 |
| CAD 1,110,000 | (d) | Keyera Corp | 5.950 | 03/10/81 | 820858 |
| 1410000 |  | ONEOK Inc | 5.050 | 11/01/34 | 1372137 |
| 240000 |  | PBF Holding Co LLC / PBF Finance Corp | 6.000 | 02/15/28 | 229521 |
| CAD 1,784,000 | (d) | Pembina Pipeline Corp | 4.800 | 01/25/81 | 1282777 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **55** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **ENERGY** (continued) |  |  |  |
| $665000 | (c),(d),(e) | Plains All American Pipeline LP (TSFR3M + 4.372%) | 8.698% | N/A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666406 |
| 150000 | (a) | Rockies Express Pipeline LLC | 6.750 | 03/15/33 | 156550 |
| 378000 | (a),(d) | South Bow Canadian Infrastructure Holdings Ltd | 7.500 | 03/01/55 | 390000 |
| 725000 | (a),(d) | South Bow Canadian Infrastructure Holdings Ltd | 7.625 | 03/01/55 | 752664 |
| 780000 | (a) | Sunoco LP | 7.000 | 05/01/29 | 812279 |
| 1500000 | (a) | Sunoco LP | 6.250 | 07/01/33 | 1525048 |
| 805000 |  | Targa Resources Corp | 6.125 | 03/15/33 | 848393 |
| 370000 |  | Targa Resources Corp | 6.150 | 03/01/29 | 389112 |
| 1500000 | (d) | TransCanada PipeLines Ltd | 7.590 | 05/15/67 | 1381800 |
| 1200000 | (d) | Transcanada Trust | 5.600 | 03/07/82 | 1165631 |
| 1149000 | (d) | Transcanada Trust | 5.500 | 09/15/79 | 1137668 |
| 300000 | (d) | Transcanada Trust | 5.300 | 03/15/77 | 297954 |
| 1174000 | (d) | Transcanada Trust | 5.875 | 08/15/76 | 1175851 |
| 555000 | (a) | TransMontaigne Partners LLC | 8.500 | 06/15/30 | 577364 |
| 500000 | (a) | Transocean Inc | 8.000 | 02/01/27 | 492559 |
| 361905 | (a) | Transocean Titan Financing Ltd | 8.375 | 02/01/28 | 367609 |
| 945000 | (a) | US LIQUIDSCO0 | 5.584 | 10/01/34 | 935040 |
| 720000 | (a) | USA Compression Partners LP / USA Compression Finance Corp | 7.125 | 03/15/29 | 737951 |
| 3865000 | (a),(c),(d) | Venture Global LNG Inc | 9.000 | N/A | 3757548 |
| 125000 | (a) | Venture Global Plaquemines LNG LLC | 6.500 | 01/15/34 | 125000 |
|  |  | TOTAL ENERGY |  |  | 48912612 |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.3%** |  |  |  |
| 1445000 |  | Agree LP | 4.800 | 10/01/32 | 1429219 |
| 640000 |  | Alexandria Real Estate Equities Inc | 5.250 | 05/15/36 | 628000 |
| 825000 |  | American Assets Trust LP | 6.150 | 10/01/34 | 824450 |
| 965000 |  | American Homes 4 Rent LP | 5.500 | 02/01/34 | 981132 |
| 1215000 |  | Essex Portfolio LP | 5.500 | 04/01/34 | 1241076 |
| 990000 |  | Extra Space Storage LP | 5.700 | 04/01/28 | 1022562 |
| 925000 |  | Federal Realty OP LP | 5.375 | 05/01/28 | 948032 |
| 320000 |  | GLP Capital LP / GLP Financing II Inc | 5.750 | 06/01/28 | 327903 |
| 540000 |  | GLP Capital LP / GLP Financing II Inc | 6.750 | 12/01/33 | 576810 |
| 1635000 | (a) | Iron Mountain Inc | 6.250 | 01/15/33 | 1681117 |
| 530000 |  | Kilroy Realty LP | 6.250 | 01/15/36 | 528395 |
| 500000 |  | Kimco Realty OP LLC | 4.600 | 02/01/33 | 492880 |
| 658000 |  | Kite Realty Group LP | 4.000 | 10/01/26 | 652197 |
| 845000 |  | Kite Realty Group LP | 5.500 | 03/01/34 | 861434 |
| 565000 | (a) | Lineage OP LP | 5.250 | 07/15/30 | 568424 |
| 645000 |  | Mid-America Apartments LP | 5.300 | 02/15/32 | 666388 |
| 1255000 | (a) | MPT Operating Partnership LP / MPT Finance Corp | 8.500 | 02/15/32 | 1313428 |
| 2115000 | (a) | RHP Hotel Properties LP / RHP Finance Corp | 6.500 | 04/01/32 | 2175165 |
| 385000 | (a) | RHP Hotel Properties LP / RHP Finance Corp | 6.500 | 06/15/33 | 396067 |
| 380000 | (a) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 6.500 | 02/15/29 | 367281 |
| 785000 | (a) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 10.500 | 02/15/28 | 832133 |
| 270000 | (a) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 8.625 | 06/15/32 | 272740 |
| 1035000 |  | Ventas Realty LP | 5.000 | 01/15/35 | 1017291 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 19804124 |
|  |  | **FINANCIAL SERVICES - 1.5%** |  |  |  |
| 500000 | (a) | Azorra Finance Ltd | 7.750 | 04/15/30 | 521374 |
| 215000 | (a),(f) | Azorra Finance Ltd | 7.250 | 01/15/31 | 219498 |
| 245000 | (a) | HAT Holdings I LLC / HAT Holdings II LLC | 8.000 | 06/15/27 | 255248 |
| 1150000 | (a) | Hunt Cos Inc | 5.250 | 04/15/29 | 1108086 |
| 375000 | (d) | National Rural Utilities Cooperative Finance Corp | 5.250 | 04/20/46 | 372108 |
| 930000 | (d) | National Rural Utilities Cooperative Finance Corp | 7.125 | 09/15/53 | 972374 |
| 585000 | (a) | Starwood Property Trust Inc | 7.250 | 04/01/29 | 615315 |
| 1445000 | (a) | Starwood Property Trust Inc | 6.000 | 04/15/30 | 1461535 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 5525538 |

---

---

| | |
|:---|:---|
| **56** | *See Notes to Financial Statements* |

---

------

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 0.9%** |  |  |  |
| $325000 | (a) | CHS/Community Health Systems Inc | 6.000% | 01/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312607 |
| 750000 | (a) | CHS/Community Health Systems Inc | 5.250 | 05/15/30 | 665061 |
| 600000 | (a) | LifePoint Health Inc | 11.000 | 10/15/30 | 661918 |
| 500000 | (a) | LifePoint Health Inc | 10.000 | 06/01/32 | 515832 |
| 625000 | (a) | Prime Healthcare Services Inc | 9.375 | 09/01/29 | 620313 |
| 500000 |  | Tenet Healthcare Corp | 6.125 | 06/15/30 | 508692 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 3284423 |
|  |  | **MEDIA & ENTERTAINMENT - 1.2%** |  |  |  |
| 750000 | (a) | Cablevision Lightpath LLC | 5.625 | 09/15/28 | 724542 |
| 1463000 | (a) | CCO Holdings LLC / CCO Holdings Capital Corp | 6.375 | 09/01/29 | 1492313 |
| 750000 | (a) | CSC Holdings LLC | 5.500 | 04/15/27 | 716060 |
| 375000 | (a) | CSC Holdings LLC | 11.250 | 05/15/28 | 373589 |
| 720000 | (a) | Directv Financing LLC / Directv Financing Co-Obligor Inc | 5.875 | 08/15/27 | 717650 |
| 450000 | (a) | LCPR Senior Secured Financing DAC | 6.750 | 10/15/27 | 303115 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 4327269 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%** |  |  |  |
| 1345000 | (a) | Cushman & Wakefield US Borrower LLC | 6.750 | 05/15/28 | 1356488 |
| 750000 |  | Kennedy-Wilson Inc | 4.750 | 03/01/29 | 702911 |
| 1500000 |  | Tenet Healthcare Corp | 6.750 | 05/15/31 | 1551883 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 3611282 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** |  |  |  |
| 500000 | (a) | Viasat Inc | 6.500 | 07/15/28 | 472545 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 472545 |
|  |  | **TELECOMMUNICATION SERVICES - 2.2%** |  |  |  |
| 300000 |  | EchoStar Corp | 10.750 | 11/30/29 | 309000 |
| 865000 | (a) | Iliad Holding SASU | 8.500 | 04/15/31 | 925226 |
| 645000 | (a) | Iliad Holding SASU | 7.000 | 04/15/32 | 660855 |
| 500000 | (a) | Level 3 Financing Inc | 3.750 | 07/15/29 | 420625 |
| 750000 | (a) | Level 3 Financing Inc | 10.000 | 10/15/32 | 757494 |
| 775000 | (a) | Lumen Technologies Inc | 4.500 | 01/15/29 | 697500 |
| 1000000 | (a) | Sable International Finance Ltd | 7.125 | 10/15/32 | 1002657 |
| 470000 | (a) | Windstream Escrow LLC / Windstream Escrow Finance Corp | 8.250 | 10/01/31 | 492224 |
| 1550000 | (a) | Zayo Group Holdings Inc | 4.000 | 03/01/27 | 1453554 |
| 717000 | (a) | Zayo Group Holdings Inc | 6.125 | 03/01/28 | 618752 |
| 910000 | (a) | Zegona Finance PLC | 8.625 | 07/15/29 | 971425 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 8309312 |
|  |  | **TRANSPORTATION - 1.2%** |  |  |  |
| 1406000 | (a) | Air Transport Services Group Inc | 7.250 | 03/15/32 | 1490438 |
| 1725000 | (a) | Brightline East LLC | 11.000 | 01/31/30 | 1276500 |
| 550000 | (a) | VistaJet Malta Finance PLC / Vista Management Holding Inc | 9.500 | 06/01/28 | 565286 |
| 1200000 | (a) | XPO Inc | 7.125 | 06/01/31 | 1254461 |
|  |  | TOTAL TRANSPORTATION |  |  | 4586685 |
|  |  | **UTILITIES - 17.3%** |  |  |  |
| 640000 |  | AEP Transmission Co LLC | 5.150 | 04/01/34 | 647309 |
| 950000 | (a),(d) | AES Andes SA | 8.150 | 06/10/55 | 982875 |
| 1090000 | (d) | AES Corp/The | 6.950 | 07/15/55 | 1063304 |
| 967000 | (d) | AES Corp/The | 7.600 | 01/15/55 | 995623 |
| CAD 625,000 | (d) | AltaGas Ltd | 8.900 | 11/10/83 | 511116 |
| CAD 1,425,000 | (d) | AltaGas Ltd | 7.350 | 08/17/82 | 1095976 |
| 2010000 | (a),(d) | AltaGas Ltd | 7.200 | 10/15/54 | 2010444 |
| 1055000 |  | Ameren Illinois Co | 4.950 | 06/01/33 | 1069140 |
| 1295000 | (a) | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC | 6.375 | 02/15/32 | 1297111 |
| CAD 675,000 | (d) | Capital Power Corp | 7.950 | 09/09/82 | 539559 |
| 1500000 | (a) | Clearway Energy Operating LLC | 4.750 | 03/15/28 | 1482129 |
| 1023000 | (d) | CMS Energy Corp | 4.750 | 06/01/50 | 994162 |
| 613000 | (d) | CMS Energy Corp | 3.750 | 12/01/50 | 551006 |
| 1641000 | (d) | CMS Energy Corp | 6.500 | 06/01/55 | 1644927 |
| 545000 | (a) | ContourGlobal Power Holdings SA | 6.750 | 02/28/30 | 561546 |
| 1608000 | (d) | Dominion Energy Inc | 7.000 | 06/01/54 | 1725275 |
| 2926000 | (d) | Dominion Energy Inc | 6.625 | 05/15/55 | 2969518 |
| 350000 |  | DTE Electric Co | 5.200 | 03/01/34 | 357412 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **57** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UTILITIES** (continued) |  |  |  |
| $2502000 | (d) | Duke Energy Corp | 6.450% | 09/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571587 |
| 560000 |  | Duke Energy Progress LLC | 5.100 | 03/15/34 | 567927 |
| 426000 | (c),(d) | Edison International | 5.375 | N/A | 401088 |
| 411000 | (d) | Edison International | 8.125 | 06/15/53 | 396983 |
| 656000 | (c),(d) | Edison International | 5.000 | N/A | 567074 |
| 261000 | (d) | Edison International | 7.875 | 06/15/54 | 247263 |
| 1013000 | (a),(c),(d) | Electricite de France SA | 9.125 | N/A | 1142588 |
| GBP 900,000 | (c),(d) | Electricite de France SA, Reg S | 5.875 | N/A | 1214723 |
| 1838000 | (d) | Emera Inc | 6.750 | 06/15/76 | 1849530 |
| 1622000 | (d) | Entergy Corp | 7.125 | 12/01/54 | 1678213 |
| 733000 | (d) | EUSHI Finance Inc | 7.625 | 12/15/54 | 758810 |
| 1698000 | (d) | Evergy Inc | 6.650 | 06/01/55 | 1723867 |
| 2417000 | (d) | Exelon Corp | 6.500 | 03/15/55 | 2458489 |
| 1125000 | (a) | Ferrellgas LP / Ferrellgas Finance Corp | 5.875 | 04/01/29 | 1040816 |
| 649000 | (a) | Ferrellgas LP / Ferrellgas Finance Corp | 5.375 | 04/01/26 | 642839 |
| 925000 |  | Interstate Power and Light Co | 5.600 | 06/29/35 | 950780 |
| 825000 | (a) | ITC Holdings Corp | 4.950 | 09/22/27 | 833875 |
| 475000 | (a) | LONG RIDGE ENERGY LLC | 8.750 | 02/15/32 | 493408 |
| 581000 | (d) | NextEra Energy Capital Holdings Inc | 6.750 | 06/15/54 | 602770 |
| 1975000 | (d) | NextEra Energy Capital Holdings Inc | 6.375 | 08/15/55 | 2016782 |
| 1301000 | (d) | NextEra Energy Capital Holdings Inc | 5.650 | 05/01/79 | 1296019 |
| 2475000 | (d) | NiSource Inc | 6.950 | 11/30/54 | 2576396 |
| 430000 |  | OGE Energy Corp | 5.450 | 05/15/29 | 445139 |
| 1055000 | (a) | Pattern Energy Operations LP / Pattern Energy Operations Inc | 4.500 | 08/15/28 | 1022149 |
| 1580000 | (d) | PG&E Corp | 7.375 | 03/15/55 | 1496292 |
| 808000 | (d) | PPL Capital Funding Inc | 7.222 | 03/30/67 | 803812 |
| 2219000 | (d) | Sempra | 6.400 | 10/01/54 | 2106556 |
| 1276000 | (d) | Sempra | 6.875 | 10/01/54 | 1286768 |
| 850000 | (d) | Sempra | 4.125 | 04/01/52 | 817316 |
| 1560000 | (d) | Sempra | 6.550 | 04/01/55 | 1479277 |
| 1679000 | (d) | Southern Co/The | 6.375 | 03/15/55 | 1727646 |
| 275000 | (a) | Superior Plus LP / Superior General Partner Inc | 4.500 | 03/15/29 | 264488 |
| 1435000 | (a) | TerraForm Power Operating LLC | 4.750 | 01/15/30 | 1373857 |
| 537000 | (a),(c),(d) | Vistra Corp | 8.000 | N/A | 550021 |
| 2568000 | (a),(c),(d) | Vistra Corp | 8.875 | N/A | 2791131 |
| 333000 | (a),(c),(d) | Vistra Corp | 7.000 | N/A | 337007 |
| 420000 | (a) | XPLR Infrastructure Operating Partners LP | 4.500 | 09/15/27 | 409415 |
| 830000 | (a) | XPLR Infrastructure Operating Partners LP | 7.250 | 01/15/29 | 850860 |
| 165000 | (a) | XPLR Infrastructure Operating Partners LP | 8.625 | 03/15/33 | 176843 |
|  |  | TOTAL UTILITIES |  |  | 64468836 |
|  |  | **TOTAL CORPORATE BONDS<br>(Cost $176,841,089)** |  |  | **179488503** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **INVESTMENT COMPANIES - 1.0% (0.7% of Total Investments)** |  |  |  |
| 1280345 |  | Foresight Environmental Infrastructure Ltd |  |  | 1409487 |
| 473358 |  | Greencoat UK Wind PLC/Funds |  |  | 782954 |
| 754942 |  | Sdcl Efficiency Income Trust PLC |  |  | 581348 |
| 612931 |  | Sequoia Economic Infrastructure Income Fund Ltd |  |  | 685692 |
| 112828 |  | Starwood European Real Estate Finance Ltd |  |  | 135514 |
|  |  | **TOTAL INVESTMENT COMPANIES<br>(Cost $4,021,055)** |  |  | **3594995** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 2.2% (1.5% of Total Investments)** |  |  |  |
| 500000 | (a),(e) | ARDN 2025-ARCP Mortgage Trust, (TSFR1M + 4.500%) | 8.800 | 06/15/35 | 502276 |
| 650000 | (a),(e) | BMP 2024-MF23, (TSFR1M + 2.390%) | 7.194 | 06/15/41 | 652140 |
| 490000 | (a),(e) | BX Commercial Mortgage Trust 2021-21M, (TSFR1M + 2.285%) | 6.607 | 10/15/36 | 488243 |
| 526042 | (a),(e) | BX Commercial Mortgage Trust 2021-SOAR, (LIBOR 1 M + 1.914%) | 1.910 | 06/15/38 | 526275 |
| 565152 | (a),(e) | BX Trust 2021-SDMF, (LIBOR 1 M + 1.701%) | 2.911 | 09/15/34 | 559907 |

---

---

| | |
|:---|:---|
| **58** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |
| $500000 | (a),(e) | BX Trust 2021-VIEW, (TSFR1M + 3.714%) | 8.036% | 06/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500697 |
| 250000 | (a),(e) | BX Trust 2022-LBA6, (TSFR1M + 2.000%) | 4.845 | 01/15/39 | 249682 |
| 500000 | (a),(e) | BX Trust 2025-LUNR, (TSFR1M + 2.000%) | 6.312 | 06/15/40 | 501661 |
| 500000 | (a),(e) | DBGS 2024-SBL, (TSFR1M + 2.740%) | 7.062 | 08/15/34 | 501363 |
| 499419 | (a),(e) | ELP Commercial Mortgage Trust 2021-ELP, (TSFR1M + 2.233%) | 6.545 | 11/15/38 | 499169 |
| 500000 | (a),(e),(f) | GSAT Trust 2025-BMF, (TSFR1M + 2.500%) | 6.820 | 07/15/30 | 501287 |
| 500000 | (a),(e) | ILPT Commercial Mortgage Trust 2025-LPF2 | 6.508 | 07/15/42 | 510518 |
| 500000 | (a),(e) | IP 2025-IP Mortgage Trust | 5.831 | 06/10/42 | 506644 |
| 350000 | (a),(e) | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB, (SOFR30A + 2.900%) | 7.245 | 03/15/39 | 350643 |
| 400000 | (a),(e) | LBA Trust 2024-7IND, (TSFR1M + 2.641%) | 6.953 | 10/15/41 | 401705 |
| 310000 | (a),(e) | Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 2.829%) | 7.141 | 07/15/36 | 243993 |
| 525000 | (a),(e) | Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 4.329%) | 8.641 | 07/15/36 | 351371 |
| 307618 | (a),(e) | TTAN 2021-MHC, (TSFR1M + 1.864%) | 6.338 | 03/15/38 | 308230 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $8,363,612)** |  |  | **8155804** |
| **SHARES** |  | **DESCRIPTION** | **RATE** |  | **VALUE** |
|  |  | **PREFERRED STOCK - 15.9% (11.0% of Total Investments)** |  |  |  |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 11.5%** |  |  |  |
| 159015 |  | Agree Realty Corp | 4.250 |  | 2698485 |
| 79797 |  | American Homes 4 Rent | 5.875 |  | 1821765 |
| 43676 |  | American Homes 4 Rent | 6.250 |  | 1026823 |
| 64230 |  | Armada Hoffler Properties Inc | 6.750 |  | 1387368 |
| 40643 |  | DiamondRock Hospitality Co | 8.250 |  | 994534 |
| 85182 |  | Digital Realty Trust Inc | 5.200 |  | 1701936 |
| 82544 |  | Digital Realty Trust Inc | 5.250 |  | 1738377 |
| 75588 |  | Digital Realty Trust Inc | 5.850 |  | 1734745 |
| 78287 |  | Federal Realty Investment Trust | 5.000 |  | 1568872 |
| 62633 |  | Kimco Realty Corp | 5.125 |  | 1230738 |
| 86943 |  | Kimco Realty Corp | 5.250 |  | 1734513 |
| 2301 |  | Mid-America Apartment Communities Inc | 8.500 |  | 124810 |
| 72708 |  | National Storage Affiliates Trust | 6.000 |  | 1625024 |
| 53970 |  | Pebblebrook Hotel Trust | 5.700 |  | 883489 |
| 43067 |  | Pebblebrook Hotel Trust | 6.375 |  | 755826 |
| 66575 |  | Pebblebrook Hotel Trust | 6.300 |  | 1168391 |
| 32513 |  | Public Storage | 4.625 |  | 593687 |
| 14445 |  | Public Storage | 3.950 |  | 226786 |
| 42770 |  | Public Storage | 4.000 |  | 672772 |
| 50089 |  | Public Storage | 4.100 |  | 812444 |
| 15264 |  | Public Storage | 3.875 |  | 233539 |
| 14594 |  | Public Storage | 5.050 |  | 292172 |
| 36643 |  | Public Storage | 4.875 |  | 700614 |
| 11879 |  | Public Storage | 4.700 |  | 218811 |
| 38118 |  | Public Storage | 4.000 |  | 600740 |
| 35300 |  | Public Storage | 4.750 |  | 667876 |
| 34150 |  | Public Storage | 4.125 |  | 566207 |
| 9729 |  | Public Storage | 3.900 |  | 149924 |
| 68163 |  | Regency Centers Corp | 6.250 |  | 1616826 |
| 69387 |  | Regency Centers Corp | 5.875 |  | 1558432 |
| 92153 |  | Rexford Industrial Realty Inc | 5.625 |  | 1950879 |
| 38399 |  | Rexford Industrial Realty Inc | 5.875 |  | 859946 |
| 10819 |  | RLJ Lodging Trust | 1.950 |  | 255978 |
| 20251 |  | Summit Hotel Properties Inc | 5.875 |  | 359658 |
| 38516 |  | Summit Hotel Properties Inc | 6.250 |  | 679422 |
| 51424 |  | Sunstone Hotel Investors Inc | 5.700 |  | 958543 |
| 40419 |  | Sunstone Hotel Investors Inc | 6.125 |  | 813230 |
| 18724 |  | UMH Properties Inc | 6.375 |  | 407996 |
| 86750 |  | Vornado Realty Trust | 5.400 |  | 1482557 |
| 86241 |  | Vornado Realty Trust | 5.250 |  | 1427289 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **59** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRI** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **RATE** | | **VALUE** |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |  |  |
| 75877 |  | Vornado Realty Trust | 5.250% |  | $1252729 |
| 77883 |  | Vornado Realty Trust | 4.450 |  | 1121515 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42676268 |
|  |  | **FINANCIAL SERVICES - 0.1%** |  |  |  |
| 25426 |  | Brookfield Finance Inc | 4.625 |  | 390543 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 390543 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** |  |  |  |
| 25270 |  | Brookfield Property Partners LP | 6.500 |  | 381325 |
| 10309 |  | Brookfield Property Partners LP | 6.375 |  | 156078 |
| 35153 |  | Brookfield Property Partners LP | 5.750 |  | 456989 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 994392 |
|  |  | **UTILITIES - 4.0%** |  |  |  |
| 25854 |  | BIP Bermuda Holdings I Ltd | 5.125 |  | 420645 |
| 41127 |  | Brookfield BRP Holdings Canada Inc | 4.625 |  | 647750 |
| 13470 |  | Brookfield Infrastructure Finance ULC | 5.000 |  | 213634 |
| 65426 |  | Brookfield Infrastructure Partners LP | 5.125 |  | 1094577 |
| 20719 |  | Brookfield Infrastructure Partners LP | 5.000 |  | 326531 |
| 75784 |  | Brookfield Renewable Partners LP | 5.250 |  | 1313337 |
| 12263 |  | CMS Energy Corp | 5.625 |  | 262183 |
| 20157 |  | CMS Energy Corp | 5.875 |  | 444059 |
| 19998 |  | CMS Energy Corp | 5.875 |  | 443956 |
| 35056 |  | CMS Energy Corp | 4.200 |  | 601561 |
| 52011 |  | DTE Energy Co | 4.375 |  | 886267 |
| 50133 |  | DTE Energy Co | 4.375 |  | 863290 |
| 37563 |  | DTE Energy Co | 5.250 |  | 788823 |
| 38154 |  | Duke Energy Corp | 5.625 |  | 899290 |
| 44545 |  | Duke Energy Corp | 5.750 |  | 1083334 |
| 45803 |  | Georgia Power Co | 5.000 |  | 940794 |
| 22463 |  | SCE Trust VII | 7.500 |  | 499128 |
| 31175 |  | SCE Trust VIII | 6.950 |  | 667768 |
| 39025 |  | Southern Co/The | 6.500 |  | 1002162 |
| 24801 |  | Southern Co/The | 4.950 |  | 491060 |
| 51299 |  | Southern Co/The | 4.200 |  | 901323 |
| 17592 |  | Southern Co/The | 5.250 |  | 374886 |
|  |  | TOTAL UTILITIES |  |  | 15166358 |
|  |  | **TOTAL PREFERRED STOCK<br>(Cost $70,076,047)** |  |  | **59227561** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 4.9% (3.4% of Total Investments)** |  |  |  |
|  |  | **AUTOMOBILES & COMPONENTS - 0.2%** |  |  |  |
| $600000 | (e) | Clarios Global LP, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 01/28/32 | 601314 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 601314 |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.1%** |  |  |  |
| 593509 | (e) | WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M<br> + 2.750%) | 7.191 | 03/27/28 | 588132 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 588132 |
|  |  | **CONSUMER SERVICES - 0.5%** |  |  |  |
| 955820 | (e) | Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%) | 6.577 | 02/06/30 | 956537 |
| 821790 | (e) | Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%) | 6.564 | 04/16/29 | 823536 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 1780073 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 0.1%** |  |  |  |
| 435000 | (e),(f) | Sazerac Co Inc, (TBD) | TBD | TBD | 435544 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 435544 |

---

---

| | |
|:---|:---|
| **60** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  | **MEDIA & ENTERTAINMENT - 0.8%** |  |  |  |  |
| $1492500 | (e) | Charter Communications Operating, LLC, Term Loan B5,<br>(TSFR3M + 2.250%) | 6.548% | 12/15/31 | $| 1496515 |
| 497455 | (e) | CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%) | 8.812 | 01/18/28 |  | 491518 |
| 1000000 | (e) | Sunrise Financing Partnership, Term Loan AAA, (TSFR3M + 2.500%) | 6.793 | 02/17/32 |  | 999060 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987093 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%** |
| 335000 | (e),(f) | Hill Top Energy Center LLC, (TBD) | TBD | TBD |  | 335209 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  |  | 335209 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%** |
| 435000 | (e) | CommScope, Inc., Term Loan, (TSFR1M + 5.250%) | 9.577 | 12/17/29 |  | 440936 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  |  | 440936 |
|  |  | **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** |
| 500000 | (e) | GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M + 3.750%) | 8.191 | 04/28/28 |  | 492033 |
| 994929 | (e) | Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%) | 6.791 | 04/15/30 |  | 983974 |
| 1000000 | (e) | Virgin Media Bristol LLC, Term Loan N, (TSFR1M + 2.500%) | 6.926 | 01/31/28 |  | 988545 |
| 1000000 | (e) | Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%) | 6.926 | 04/28/28 |  | 979205 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  |  | 3443757 |
|  |  | **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** | **TRANSPORTATION - 0.6%** |
| 758678 | (e) | Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M + 1.750%) | 6.046 | 04/10/31 |  | 755613 |
| 1500000 | (e) | NA Rail HoldCo. LLC, Term Loan B, (TSFR3M + 3.000%) | 7.310 | 03/08/32 |  | 1506562 |
|  |  | TOTAL TRANSPORTATION |  |  |  | 2262175 |
|  |  | **UTILITIES - 1.5%** | **UTILITIES - 1.5%** | **UTILITIES - 1.5%** | **UTILITIES - 1.5%** | **UTILITIES - 1.5%** |
| 1500000 | (e) | Calpine Corporation, Term Loan B10, (TSFR1M + 1.750%) | 6.077 | 01/31/31 |  | 1501530 |
| 498750 | (e) | Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%) | 8.796 | 02/19/32 |  | 493346 |
| 989956 | (e) | NRG Energy, Inc., Term Loan, (TSFR3M + 1.750%) | 6.030 | 04/16/31 |  | 993050 |
| 1477575 | (e) | Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M<br> + 2.500%) | 6.808 | 12/15/31 |  | 1484039 |
| 1004253 | (e) | Vistra Operations Company LLC, First Lien Term Loan B3, (TSFR1M + 1.750%) | 6.077 | 12/20/30 |  | 1007984 |
|  |  | TOTAL UTILITIES |  |  |  | 5479949 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $18,315,740)** |  |  |  | **18354182** |
|  |  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $510,787,494)** |  |  |  | **534783392** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 1.0%(0.7% of Total Investments)** |  |  |  |  |
|  |  | **REPURCHASE AGREEMENTS - 1.0% (0.7% of Total Investments)** |  |  |  |  |
| 3650000 | (g) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 |  | 3650000 |
|  |  | **TOTAL REPURCHASE AGREEMENTS**<br> **(Cost $3,650,000)** |  |  |  | **3650000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $3,650,000)** |  |  |  | **3650000** |
|  |  | **TOTAL INVESTMENTS - 144.8%**<br> **(Cost $514,437,494)** |  |  |  | **538433392** |
|  |  | **BORROWINGS - (46.0)% (h),(i)** |  |  |  | **(170945000)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 1.2%** |  |  |  | **4377095** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  | **$371865487** | **$371865487** | **$371865487** |

---

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | Pound Sterling |
| LIBOR | London Inter-Bank Offered Rate |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **61** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRI** 

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

---

| | |
|:---|:---|
| M | Month |
| 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 |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |
| (a) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $94,487,001 or 17.5% of Total Investments. |
| (b) | Contains $1,000 Par Preferred and/or Contingent Capital Securities. |
| (c) | Perpetual security. Maturity date is not applicable. |
| (d) | $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was 15.5% of Total Investments. |
| (e) | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| (f) | When-issued or delayed delivery security. |
| (g) | Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $3,650,443 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $3,723,076. |
| (h) | Borrowings as a percentage of Total Investments is 31.7%. |
| (i) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $292,893,213 have been pledged as collateral for borrowings. |

---

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

Investments in Derivatives

**Futures Contracts - Short** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Treasury Ultra 10-Year Note | (54) | 9/25 | $(6054640) | $(6170344) | $(115704) |

---

**Interest Rate Swaps - OTC Uncleared** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund<br>Pay/Receive<br>Floating Rate** | **Floating Rate**<br> **Index** | **Fixed Rate<br>(Annualized)** | **Fixed Rate<br>Payment<br>Frequency** | **Effective<br>Date(a)** | **Optional<br>Termination**<br> **Date** | **Maturity**<br> **Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley | Receive | SOFR | 1.994% | Monthly | 6/01/18 | 7/01/27 | 7/01/27 | $112400000 | $265713 | $265713 |

---

---

| | |
|:---|:---|
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| (a) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |

---

---

| | |
|:---|:---|
| **62** | *See Notes to Financial Statements* |

---

------

**Portfolio of Investments June 30, 2025** 

**JRS** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 140.6% (98.5% of Total Investments)** |  |
|  | **COMMON STOCKS - 101.4% (71.0% of Total Investments)** |  |
|  | **DATA CENTER REITS - 12.0%** |  |
| 96147 | Digital Realty Trust Inc | $16761307 |
| 15041 | Equinix Inc | 11964664 |
|  | TOTAL DATA CENTER REITS | 28725971 |
|  | **DIVERSIFIED REITS - 0.5%** |  |
| 19910 | WP Carey Inc | 1241986 |
|  | TOTAL DIVERSIFIED REITS | 1241986 |
|  | **HEALTH CARE REITS - 15.1%** |  |
| 74429 | Alexandria Real Estate Equities Inc | 5405778 |
| 78895 | Healthcare Realty Trust Inc | 1251275 |
| 403288 | Healthpeak Properties Inc | 7061573 |
| 226730 | Ventas Inc | 14318000 |
| 55666 | Welltower Inc | 8557534 |
|  | TOTAL HEALTH CARE REITS | 36594160 |
|  | **HOTEL & RESORT REITS - 3.0%** |  |
| 259001 | Host Hotels & Resorts Inc | 3978255 |
| 12715 | Ryman Hospitality Properties Inc | 1254589 |
| 83590 | Sunstone Hotel Investors Inc | 725561 |
| 97892 | Xenia Hotels & Resorts Inc | 1230502 |
|  | TOTAL HOTEL & RESORT REITS | 7188907 |
|  | **INDUSTRIAL REITS - 11.6%** |  |
| 141115 | First Industrial Realty Trust Inc | 6791865 |
| 188691 | Prologis Inc | 19835198 |
| 38825 | Rexford Industrial Realty Inc | 1381005 |
|  | TOTAL INDUSTRIAL REITS | 28008068 |
|  | **MULTI-FAMILY RESIDENTIAL REITS - 13.6%** |  |
| 30197 | AvalonBay Communities Inc | 6145089 |
| 85739 | Camden Property Trust | 9661928 |
| 92169 | Equity Residential | 6220486 |
| 15705 | Essex Property Trust Inc | 4450797 |
| 19655 | Mid-America Apartment Communities Inc | 2909137 |
| 75125 | UDR Inc | 3067354 |
|  | TOTAL MULTI-FAMILY RESIDENTIAL REITS | 32454791 |
|  | **OFFICE REITS - 7.0%** |  |
| 62270 | BXP Inc | 4201357 |
| 103155 | Cousins Properties Inc | 3097745 |
| 175030 | Douglas Emmett Inc | 2632451 |
| 132800 | Kilroy Realty Corp | 4556368 |
| 40355 | SL Green Realty Corp | 2497975 |
|  | TOTAL OFFICE REITS | 16985896 |
|  | **OTHER SPECIALIZED REITS - 2.5%** |  |
| 187590 | VICI Properties Inc | 6115434 |
|  | TOTAL OTHER SPECIALIZED REITS | 6115434 |
|  | **RETAIL REITS - 19.7%** |  |
| 94785 | Acadia Realty Trust | 1760157 |
| 65530 | Agree Realty Corp | 4787622 |
| 76205 | Federal Realty Investment Trust | 7238713 |
| 161840 | Kimco Realty Corp | 3401877 |
| 313256 | Kite Realty Group Trust | 7095248 |
| 161529 | Macerich Co/The | 2613539 |
| 61455 | NNN REIT Inc | 2653627 |
| 138850 | Realty Income Corp | 7999148 |
| 63614 | Simon Property Group Inc | 10226587 |
|  | TOTAL RETAIL REITS | 47776518 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **63** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRS** 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | **VALUE** |
|  | **SELF-STORAGE REITS - 8.4%** |  |  |
| 191337 | CubeSmart |  | $8131822 |
| 31855 | Extra Space Storage Inc |  | 4696701 |
| 24850 | Public Storage |  | 7291487 |
|  | TOTAL SELF-STORAGE REITS |  | 20120010 |
|  | **SINGLE-FAMILY RESIDENTIAL REITS - 5.9%** |  |  |
| 158702 | American Homes 4 Rent, Class A |  | 5724381 |
| 112720 | Invitation Homes Inc |  | 3697216 |
| 37955 | Sun Communities Inc |  | 4800928 |
|  | TOTAL SINGLE-FAMILY RESIDENTIAL REITS |  | 14222525 |
|  | **TELECOM TOWER REITS - 2.1%** |  |  |
| 21265 | SBA Communications Corp |  | 4993873 |
|  | TOTAL TELECOM TOWER REITS |  | 4993873 |
|  | **TOTAL COMMON STOCKS** <br> **(Cost $186,979,048)** |  | **244428139** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **CONVERTIBLE PREFERRED SECURITIES - 0.8% (0.6% of Total Investments)** |  |  |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%** |  |  |
| 30155 | Kimco Realty Corp | 7.250% | 1825584 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  | 1825584 |
|  | **TOTAL CONVERTIBLE PREFERRED SECURITIES** <br> **(Cost $1,495,537)** |  | **1825584** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **PREFERRED STOCK - 38.4% (26.9% of Total Investments)** |  |  |
|  | **DATA CENTER REITS - 3.4%** |  |  |
| 194920 | Digital Realty Trust Inc | 5.200 | 3894501 |
| 96245 | Digital Realty Trust Inc | 5.850 | 2208823 |
| 105960 | Digital Realty Trust Inc | 5.250 | 2231518 |
|  | TOTAL DATA CENTER REITS |  | 8334842 |
|  | **DIVERSIFIED REITS - 1.2%** |  |  |
| 34560 | Armada Hoffler Properties Inc | 6.750 | 746496 |
| 10000 | CTO Realty Growth Inc | 6.375 | 201300 |
| 44840 | DigitalBridge Group Inc | 7.125 | 922359 |
| 52815 | DigitalBridge Group Inc | 7.150 | 1083764 |
|  | TOTAL DIVERSIFIED REITS |  | 2953919 |
|  | **HOTEL & RESORT REITS - 4.8%** |  |  |
| 90130 | Chatham Lodging Trust | 6.625 | 1784574 |
| 134915 | DiamondRock Hospitality Co | 8.250 | 3301370 |
| 21740 | Pebblebrook Hotel Trust | 6.300 | 381537 |
| 151610 | Pebblebrook Hotel Trust | 6.375 | 2660756 |
| 88100 | Pebblebrook Hotel Trust | 5.700 | 1442197 |
| 41335 | Sunstone Hotel Investors Inc | 6.125 | 831660 |
| 64310 | Sunstone Hotel Investors Inc | 5.700 | 1198738 |
|  | TOTAL HOTEL & RESORT REITS |  | 11600832 |
|  | **INDUSTRIAL REITS - 2.9%** |  |  |
| 56719 | Prologis Inc | 8.540 | 3150740 |
| 23316 | Rexford Industrial Realty Inc | 5.875 | 522162 |
| 158030 | Rexford Industrial Realty Inc | 5.625 | 3345495 |
|  | TOTAL INDUSTRIAL REITS |  | 7018397 |
|  | **MULTI-FAMILY RESIDENTIAL REITS - 0.8%** |  |  |
| 34353 | Mid-America Apartment Communities Inc | 8.500 | 1863362 |
|  | TOTAL MULTI-FAMILY RESIDENTIAL REITS |  | 1863362 |
|  | **OFFICE REITS - 11.9%** |  |  |
| 12713 | Highwoods Properties Inc | 8.625 | 13267624 |
| 144320 | SL Green Realty Corp | 6.500 | 3147619 |
| 176330 | Vornado Realty Trust | 4.450 | 2539152 |
| 226090 | Vornado Realty Trust | 5.250 | 3732746 |
| 222827 | Vornado Realty Trust | 5.250 | 3687787 |

---

---

| | |
|:---|:---|
| **64** | *See Notes to Financial Statements* |

---

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | | **VALUE** |
|  | **OFFICE REITS** (continued) |  |  |  |
| 126524 | Vornado Realty Trust | 5.400% |  | $2162295 |
|  | TOTAL OFFICE REITS |  |  | 28537223 |
|  | **OTHER SPECIALIZED REITS - 0.1%** |  |  |  |
| 12465 | EPR Properties | 5.750 |  | 259771 |
|  | TOTAL OTHER SPECIALIZED REITS |  |  | 259771 |
|  | **RETAIL REITS - 6.7%** |  |  |  |
| 109265 | Agree Realty Corp | 4.250 |  | 1854227 |
| 144110 | Federal Realty Investment Trust | 5.000 |  | 2887965 |
| 156704 | Kimco Realty Corp | 5.250 |  | 3126245 |
| 126039 | Kimco Realty Corp | 5.125 |  | 2476666 |
| 51590 | Regency Centers Corp | 5.875 |  | 1158711 |
| 60045 | Regency Centers Corp | 6.250 |  | 1424267 |
| 19725 | Saul Centers Inc | 6.125 |  | 413239 |
| 130415 | Saul Centers Inc | 6.000 |  | 2729586 |
| 3184 | Simon Property Group Inc | 8.375 |  | 177540 |
|  | TOTAL RETAIL REITS |  |  | 16248446 |
|  | **SELF-STORAGE REITS - 5.1%** |  |  |  |
| 44661 | National Storage Affiliates Trust | 6.000 |  | 998173 |
| 3225 | Public Storage | 4.000 |  | 50729 |
| 76355 | Public Storage | 4.000 |  | 1203355 |
| 2940 | Public Storage | 3.900 |  | 45305 |
| 94460 | Public Storage | 4.625 |  | 1724840 |
| 26125 | Public Storage | 4.750 |  | 494285 |
| 16700 | Public Storage | 4.700 |  | 307614 |
| 83290 | Public Storage | 4.875 |  | 1592505 |
| 152370 | Public Storage | 5.600 |  | 3416135 |
| 112599 | Public Storage | 5.050 |  | 2254232 |
|  | TOTAL SELF-STORAGE REITS |  |  | 12087173 |
|  | **SINGLE-FAMILY RESIDENTIAL REITS - 1.5%** |  |  |  |
| 102970 | American Homes 4 Rent | 6.250 |  | 2420825 |
| 42510 | American Homes 4 Rent | 5.875 |  | 970503 |
| 12175 | UMH Properties Inc | 6.375 |  | 265293 |
|  | TOTAL SINGLE-FAMILY RESIDENTIAL REITS |  |  | 3656621 |
|  | **TOTAL PREFERRED STOCK** <br> **(Cost $110,507,017)** |  |  | **92560586** |
|  | **TOTAL LONG-TERM INVESTMENTS** <br> **(Cost $298,981,602)** |  |  | **338814309** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 2.2%(1.5% of Total Investments)** |  |  |  |
|  | **REPURCHASE AGREEMENTS - 2.2% (1.5% of Total Investments)** |  |  |  |
| $176515 (a) | Fixed Income Clearing Corporation | 1.360 | 07/01/25 | 176515 |
| 5150000 (b) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 5150000 |
|  | **TOTAL REPURCHASE AGREEMENTS** <br> **(Cost $5,326,515)** |  |  | **5326515** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $5,326,515)** |  |  | **5326515** |
|  | **TOTAL INVESTMENTS - 142.8%**<br> **(Cost $304,308,117)** |  |  | **344140824** |
|  | **BORROWINGS - (42.5)% (c),(d)** |  |  | **(102400000)** |
|  | **OTHER ASSETS & LIABILITIES, NET - (0.3)%** |  |  | **(815621)** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**240925203** |

---

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

REIT Real Estate Investment Trust

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **65** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JRS** 

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

---

| | |
|:---|:---|
| (a) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 6/30/25 to be repurchased at $176,522 on 7/1/25, |
|  | collateralized by Government Agency Securities, with coupon rate 2.750% and maturity date 7/31/27, valued at $180,186. |
| (b) | Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $5,150,625 on 7/1/25, |
|  | collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $5,253,110. |
| (c) | Borrowings as a percentage of Total Investments is 29.8%. |
| (d) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $209,100,537 have been pledged as collateral for borrowings. |

---

Investments in Derivatives

**Interest Rate Swaps - OTC Uncleared** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund Pay/<br>Receive<br>Floating Rate** | **Floating Rate**<br> **Index** | **Fixed Rate<br>(Annualized)** | **Fixed Rate<br>Payment<br>Frequency** | **Effective<br>Date(a)** | **Optional<br>Termination**<br> **Date** | **Maturity**<br> **Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley | Receive | SOFR | 1.994% | Monthly | 6/01/18 | 7/01/27 | 7/01/27 | $72400000 | $171153 | $171153 |

---

---

| | |
|:---|:---|
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| (a) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |

---

---

| | |
|:---|:---|
| **66** | *See Notes to Financial Statements* |

---

------

## Statement of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025 (Unaudited)** | **NMAI** | **JRI** | **JRS** |
|  **ASSETS** |  |  |  |
|  Long-term investments, at value<sup>†</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642906169 | $534783392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338814309 |
|  Short-term investments, at value<sup>◇</sup> | 650000 | 3650000 | 5326515 |
|  Cash |  | 846197 |  |
|  Cash denominated in foreign currencies<sup>^</sup> | 103630 | 2834621 |  |
|  Unrealized appreciation on forward foreign currency contracts | 192 |  |  |
|  Unrealized appreciation on interest rate swaps contracts |  | 265713 | 171153 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends | 396289 | 1496174 | 1501309 |
| &nbsp;&nbsp;&nbsp; Interest | 3365758 | 3340182 | 632 |
| &nbsp;&nbsp;&nbsp; Investments sold | 43684440 | 5659628 | 3207849 |
| &nbsp;&nbsp;&nbsp; Reclaims | 626339 | 137968 |  |
| &nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 17008 | 105558 |  |
|  Other | 70938 | 27987 | 36872 |
|  **Total assets** | **691820763** | **553147420** | **349058639** |
|  **LIABILITIES** |  |  |  |
|  Cash overdraft | 13258710 |  | 583 |
|  Cash collateral due to broker for investments in swaps<sup>(1)</sup> |  | 89541 | 157199 |
|  Borrowings | 152586000 | 170945000 | 102400000 |
|  Reverse repurchase agreements, including accrued interest | 35157286 |  |  |
|  Unrealized depreciation on forward foreign currency contracts | 55217 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees | 445086 | 423721 | 244779 |
| &nbsp;&nbsp;&nbsp; Dividends | 4134045 | 3552787 | 4763386 |
| &nbsp;&nbsp;&nbsp; Capital gain taxes | 187 |  |  |
| &nbsp;&nbsp;&nbsp; Interest | 561420 | 662839 | 426139 |
| &nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 20146393 | 3841936 |  |
| &nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 3103684 | 1481988 |  |
| &nbsp;&nbsp;&nbsp; Unfunded senior loans | 123367 |  |  |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 26156 |  |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 250902 | 183576 | 31631 |
| &nbsp;&nbsp;&nbsp; Investor relations | 56250 | 10678 | 42528 |
| &nbsp;&nbsp;&nbsp; Trustees fees | 66934 | 27299 | 36357 |
| &nbsp;&nbsp;&nbsp; Professional fees | 37906 | 14059 | 15009 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 15851 | 17403 | 15607 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 58 | 2375 | 124 |
| &nbsp;&nbsp;&nbsp; Other | 5828 | 2575 | 94 |
|  **Total liabilities** | **230005124** | **181281933** | **108133436** |
|  **Net assets applicable to common shares** | $**461815639** | $**371865487** | $**240925203** |
|  Common shares outstanding | 33425645 | 27416679 | 28892471 |
|  Net asset value ("NAV") per common share outstanding | $13.82 | $13.56 | $8.34 |
|  **NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:** |  |  |  |
|  Common shares, $0.01 par value per share | $334256 | $274167 | $288925 |
|  Paid-in capital | 421287101 | 555068795 | 216667441 |
|  Total distributable earnings (loss) | 40194282 | (183477475) | 23968837 |
|  Net assets applicable to common shares | $461815639 | $371865487 | $240925203 |
|  Authorized shares: |  |  |  |
| &nbsp;&nbsp;&nbsp; Common | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp; Preferred | Unlimited | Unlimited | Unlimited |
|  <sup>†</sup> Long-term investments, cost | $584150741 | $510787494 | $298981602 |
|  ◇ Short-term investments, cost | $650000 | $3650000 | $5326515 |
|  ^ Cash denominated in foreign currencies, cost | $103610 | $2805307 | $– |

---

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the
Fund's securities pledged as collateral as noted in the Portfolio of Investments.

*See Notes to Financial Statements* 

**67**<br>

------

## Statement of Operations

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025 (Unaudited)** | **NMAI** | **JRI** | **JRS** |
|  **INVESTMENT INCOME** |  |  |  |
|  Affiliated income | $37722 | $204594 | $– |
|  Dividends | 4751806 | 10038527 | 7114154 |
|  Interest | 10139990 | 7037656 | 157389 |
|  Rehypothecation income | 25950 |  |  |
|  Tax withheld | (264500) | (464409) | – |
|  Total investment income | 14690968 | 16816368 | 7271543 |
|  **EXPENSES** |  |  |  |
|  Management fees | 2669845 | 2550872 | 1526899 |
|  Shareholder servicing agent fees | 691 | 13977 |  |
|  Interest expense | 4505221 | 4276744 | 2637874 |
|  Trustees fees | 11234 | 9712 | 6531 |
|  Custodian expenses | 163479 | 141408 | 24337 |
|  Investor relations expenses | 51746 | 68736 | 43073 |
|  Professional fees | 83700 | 35725 | 29913 |
|  Shareholder reporting expenses | 31161 | 28038 | 32457 |
|  Stock exchange listing fees | 5241 | 4299 | 4530 |
|  Other | 12389 | 6635 | 1318 |
|  Total expenses | 7534707 | 7136146 | 4306932 |
|  **Net investment income (loss)** | **7156261** | **9680222** | **2964611** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
|  Realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments\* | 23279841 | 1393385 | 4940895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 305694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 462943 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 1426605 | 918219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (172468) | 334185 | (16553) |
|  Net realized gain (loss) | 23570316 | 3459869 | 5842561 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments \*\* | 9123035 | 20846485 | (18418652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (113518) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (457684) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | (115914) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (1311484) | (844764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 49439 | 111266 |  |
|  Net change in unrealized appreciation (depreciation) | 8943042 | 19188583 | (19263416) |
|  Net realized and unrealized gain (loss) | 32513358 | 22648452 | (13420855) |
|  **Net increase (decrease) in net assets applicable to common shares from operations** | $**39669619** | $**32328674** | $**(10456244)** |
|  \* Net of foreign capital gains tax | $(32) | $– | $– |
|  \*\* Net of change in foreign capital gains tax | $(187) | $– | $– |

---

*See Notes to Financial Statements* 

**68**<br>

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NMAI** | **NMAI** | **JRI** | **JRI** |
| | **Unaudited**<br> **Six Months Ended**<br> **6/30/25** | **Year Ended 12/31/24** | **Unaudited Six Months<br>Ended**<br> **6/30/25** | **Year Ended 12/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $7156261 | $12289623 | $9680222 | $14857796 |
|  Net realized gain (loss) | 23570316 | 2139980 | 3459869 | 11025082 |
|  Net change in unrealized appreciation (depreciation) | 8943042 | 21345470 | 19188583 | (375263) |
|  Net increase (decrease) in net assets applicable to common shares from operations | 39669619 | 35775073 | 32328674 | 25507615 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |  |  |
|  Dividends | (18166838) | (12673637) | (21960760) | (18052526) |
|  Return of Capital | – | (42562242) | – | (21276701) |
|  Total distributions | (18166838) | (55235879) | (21960760) | (39329227) |
|  Net increase (decrease) in net assets applicable to common shares | 21502781 | (19460806) | 10367914 | (13821612) |
|  Net assets applicable to common shares at the beginning of period | 440312858 | 459773664 | 361497573 | 375319185 |
|  **Net assets applicable to common shares at the end of period** | $**461815639** | $**440312858** | $**371865487** | $**361497573** |

---

*See Notes to Financial Statements* 

**69**<br>

------

**Statement of Changes in Net Assets** (continued)

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

---

| | | |
|:---|:---|:---|
|  | **JRS** | **JRS** |
| | **Unaudited Six<br>Months Ended**<br> **6/30/25** | **Year Ended<br>12/31/24** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $2964611 | $2420053 |
|  Net realized gain (loss) | 5842561 | 8991450 |
|  Net change in unrealized appreciation (depreciation) | (19263416) | 13892645 |
|  Net increase (decrease) in net assets applicable to common shares from operations | (10456244) | 25304148 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
|  Dividends | (9823440) | (7022713) |
|  Return of Capital | – | (12624167) |
|  Total distributions | (9823440) | (19646880) |
|  Net increase (decrease) in net assets applicable to common shares | (20279684) | 5657268 |
|  Net assets applicable to common shares at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261204887 | 255547619 |
|  **Net assets applicable to common shares at the end of period** | $**240925203** | $**261204887** |

---

*See Notes to Financial Statements* 

**70**<br>

------

## Statement of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025 (Unaudited)** | **NMAI** | **JRI** | **JRS** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| **Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39669619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32328674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10456244) |
|  Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: |  |  |  |
|  Purchases of investments | (341201305) | (190256693) | (50548324) |
|  Proceeds from sale and maturities of investments | 349846495 | 206122222 | 64570261 |
|  Proceeds from (Purchase of) short-term investments, net | 25225000 | 8775000 | 4973485 |
|  Proceeds from (Purchase of) closed foreign currency spot transactions | 62068 | 154653 | (16553) |
|  Proceeds from litigation settlement | 496 | 3411 | 59 |
|  Capital gains and return of capital distributions from investments | 135453 | 757571 | 1668104 |
|  Amortization (Accretion) of premiums and discounts, net | (243267) | (101566) | (12052) |
| (Increase) Decrease in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for dividends | 18297 | (253260) | 11442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest | (466319) | 19664 | 73260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for reclaims | 75146 | (8686) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | (42299173) | (5491803) | (3207849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for reimbursement from Adviser | (65) | 21821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures contracts |  | 28375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12878 | 831 | 4059 |
|  Increase (Decrease) in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for interest | 73931 | (178501) | (102761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - regular settlement | 20052878 | 3611795 | (888933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - when-issued/delayed-delivery settlement | (2061749) | (1019277) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unfunded senior loans | 84109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on futures contracts |  | 26156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for management fees | (7725) | (20266) | (33907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian fees | 14941 | 44564 | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investor relations fees | 25614 | 3369 | 20581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees fees | (13572) | (2701) | (7380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 17652 | 8907 | 9749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reporting expenses | (26542) | (27773) | (15709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder servicing agent fees | (47) | 1011 | (693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 5828 | 2575 | 94 |
|  Net realized (gain) loss from investments | (23279841) | (1393385) | (4940895) |
|  Net realized (gain) loss from foreign currency transactions | 172468 | (334185) | 16553 |
|  Net realized (gain) loss from written options | (462943) |  |  |
|  Net realized (gain) loss from paydowns | (137343) |  |  |
|  Net change in unrealized (appreciation) depreciation of investments | (9123035) | (20846485) | 18418652 |
|  Net change in unrealized (appreciation) depreciation of forward foreign currency | 113518 |  |  |
|  Net change in unrealized (appreciation) depreciation of swap contracts |  | 1311484 | 844764 |
|  Net change in unrealized (appreciation) depreciation of written options | 115914 |  |  |
|  Net change in unrealized (appreciation) depreciation on foreign currency translations | (49439) | (111266) | – |
|  Net cash provided by (used in) operating activities | 16349940 | 33176236 | 20386598 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
|  Proceeds from borrowings | 41750000 |  |  |
| (Repayments) of borrowings | (11500000) | (8000000) | (10000000) |
|  (Repayments of) reverse repurchase agreements | (33038160) |  |  |
|  Increase (Decrease) in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash overdraft | 530705 | (4077518) | (4416544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker |  | (1136225) | (910000) |
|  Cash distributions paid to common shareholders | (14032793) | (18407973) | (5060054) |
|  Net cash provided by (used in) financing activities | (16290248) | (31621716) | (20386598) |
|  **Net increase (decrease) in cash and cash denominated in foreign currencies** | 59692 | 1554520 |  |
|  Cash and cash denominated in foreign currencies at the beginning of period | 43938 | 2126298 |  |
|  Cash and cash denominated in foreign currencies at the end of period | $103630 | $3680818 | $– |

---

*See Notes to Financial Statements* 

**71**<br>

------

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

---

| | | | |
|:---|:---|:---|:---|
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** | **NMAI** | **JRI** | **JRS** |
|  Cash paid for interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735494 |

---

*See Notes to Financial Statements* 

**72**<br>

------

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------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Common<br>Share<br>Net Asset<br>Value,**<br> **Beginning**<br> **of Period** | **Net<br>Investment<br>Income (NII)**<br> **(Loss)<sup>(a)</sup>** | **Net<br>Realized/<br>Unrealized**<br> **Gain (Loss)** |<br>**Total** |<br>**From<br>NII** | **From Net**<br> **Realized<br>Gains** | **Return of<br>Capital** |<br>**Total** | **Discount**<br> **Per**<br> **Share<br>Repurchased**<br> **and Retired** | **Net Asset<br>Value,<br>End of**<br> **Period** | **Share<br>Price,<br>End of**<br> **Period** |
|  **NMAI** | | | | | | | | | | | |
|  6/30/25<sup>(e)</sup> | $13.17 | $0.21 | $0.98 | $1.19 | $(0.54) | $— | $— | $(0.54) | $— | $13.82 | $12.63 |
|  12/31/24 | 13.76 | 0.37 | 0.69 | 1.06 | (0.38) |  | (1.27) | (1.65) |  | 13.17 | 12.04 |
|  12/31/23 | 13.41 | 0.39 | 1.26 | 1.65 | (0.62) |  | (0.68) | (1.30) |  | 13.76 | 12.30 |
|  12/31/22 | 20.03 | 0.47 | (4.86) | (4.39) | (1.40) | (0.83) |  | (2.23) |  | 13.41 | 11.49 |
|  12/31/21<sup>(g)</sup> | 20.00 | 0.07 | 0.31 | 0.38 | (0.06) | (0.29) |  | (0.35) |  | 20.03 | 18.65 |
|  **JRI** |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 13.19 | 0.35 | 0.82 | 1.17 | (0.80) |  |  | (0.80) |  | 13.56 | 13.50 |
|  12/31/24 | 13.69 | 0.54 | 0.39 | 0.93 | (0.65) |  | (0.78) | (1.43) |  | 13.19 | 12.13 |
|  12/31/23 | 13.57 | 0.55 | 0.65 | 1.20 | (0.66) |  | (0.42) | (1.08) | —<sup>(h)</sup> | 13.69 | 11.72 |
|  12/31/22 | 17.41 | 0.78 | (3.46) | (2.68) | (0.77) |  | (0.39) | (1.16) |  | 13.57 | 11.70 |
|  12/31/21 | 15.84 | 1.00 | 1.73 | 2.73 | (1.09) |  | (0.07) | (1.16) |  | 17.41 | 16.12 |
|  12/31/20 | 20.04 | 0.80 | (3.78) | (2.98) | (0.99) |  | (0.23) | (1.22) | <sup>—(h)</sup> | 15.84 | 13.46 |
|  **JRS** |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 9.04 | 0.10 | (0.46) | (0.36) | (0.34) |  |  | (0.34) |  | 8.34 | 7.78 |
|  12/31/24 | 8.84 | 0.08 | 0.80 | 0.88 | (0.24) |  | (0.44) | (0.68) |  | 9.04 | 8.63 |
|  12/31/23 | 8.12 | 0.16 | 1.24 | 1.40 | (0.23) |  | (0.45) | (0.68) |  | 8.84 | 7.82 |
|  12/31/22 | 13.22 | 0.27 | (4.54) | (4.27) | (0.26) | (0.30) | (0.27) | (0.83) |  | 8.12 | 7.56 |
|  12/31/21 | 9.63 | 0.25 | 4.10 | 4.35 | (0.20) | (0.56) |  | (0.76) |  | 13.22 | 12.82 |
|  12/31/20 | 11.35 | 0.26 | (1.22) | (0.96) | (0.23) | (0.46) | (0.07) | (0.76) |  | 9.63 | 8.44 |

---

(a) Based on average shares outstanding.

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

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

**74**<br>

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br> **Ratios Applicable to Common Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Share** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Total Returns</u>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Share** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Total Returns</u>**  | | **Ratios to Average**<br> **Net Assets** | **Ratios to Average**<br> **Net Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | **Based**<br> **on**<br> **Share**<br> **Price<sup>(b)</sup>** | <br>**Net**<br> **Assets,**<br> **End of**<br> **Period (000)** | **Expenses<sup>(c)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(c)</sup><sup>,</sup><sup>(d)</sup>** | <br>**Portfolio**<br> **Turnover**<br> **Rate** |
| 9.25% | 9.64% | $461816 | 3.41%<sup>(f)</sup> | 3.24%<sup>(f)</sup> | 55% |
| 7.85 | 11.46 | 440313 | 3.50 | 2.66 | 41 |
| 12.87 | 19.43 | 459774 | 3.68 | 2.86 | 46 |
| (21.91) | (26.29) | 448357 | 2.53 | 2.88 | 129 |
| 1.90 | (5.00) | 669611 | 1.63 <sup>(f)</sup> | 3.35 <sup>(f)</sup> | 66 |
| 9.13 | 18.34 | 371865 | 3.97 <sup>(f)</sup> | 5.38 <sup>(f)</sup> | 36 |
| 7.03 | 16.12 | 361498 | 4.14 | 3.99 | 80 |
| 9.32 | 10.02 | 375319 | 4.07 | 4.15 | 59 |
| (15.83) | (20.83) | 372451 | 2.63 | 5.09 | 71 |
| 17.73 | 29.09 | 477911 | 1.82 | 5.94 | 73 |
| (14.15) | (19.31) | 434736 | 2.20 | 5.26 | 102 |
| (4.03) | (5.97) | 240925 | 3.46 <sup>(f)</sup> | 2.38 <sup>(f)</sup> | 14 |
| 10.28 | 19.66 | 261205 | 3.52 | 0.93 | 31 |
| 18.14 | 13.46 | 255548 | 3.64 | 1.88 | 33 |
| (32.94) | (35.25) | 234497 | 2.33 | 2.58 | 58 |
| 46.38 | 62.73 | 381815 | 1.54 | 2.16 | 92 |
| (7.42) | (12.24) | 278287 | 1.79 | 2.83 | 116 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Ratios of Interest Expense to<br>Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to<br>Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to<br>Average Net Assets Applicable**<br> **to Common Shares** |
| | **NMAI** | **JRI** | **JRS** |
|  6/30/25<sup>(c)</sup> | 2.04% | 2.38% | 2.12% |
|  12/31/24 | 2.06 | 2.48 | 2.25 |
|  12/31/23 | 2.32 | 2.53 | 2.31 |
|  12/31/22 | 1.04 | 1.04 | 1.01 |
|  12/31/21 | 0.12 | 0.34 | 0.27 |
|  12/31/20 | 0.01 | 0.66 | 0.48 |

---

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

(e) Unaudited.

(f) Annualized.

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

(h) Value rounded to zero.

*See Notes to Financial Statements* 

**75**<br>

------

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

---

| | | |
|:---|:---|:---|
|  | **Borrowings** | **Borrowings** |
| | **Aggregate<br>Amount<br>Outstanding**<br> **(000)<sup>(a)</sup>** | **Asset<br>Coverage<br>Per $1,000**<br> **Share<sup>(b)</sup>** |
|  **NMAI** | | |
|  6/30/25<sup>(c)</sup> | $152586 | $4027 |
|  12/31/24 | 122336 | 4599 |
|  12/31/23 | 85416 | 6383 |
|  12/31/22 | 175601 | 3553 |
|  12/31/21<sup>(d)</sup> | 178550 | 4750 |
|  **JRI** |  |  |
|  6/30/25<sup>(c)</sup> | 170945 | 3175 |
|  12/31/24 | 178945 | 3020 |
|  12/31/23 | 151695 | 3474 |
|  12/31/22 | 166985 | 3230 |
|  12/31/21 | 197935 | 3414 |
|  12/31/20 | 166035 | 3618 |
|  **JRS** |  |  |
|  6/30/25<sup>(c)</sup> | 102400 | 3353 |
|  12/31/24 | 112400 | 3324 |
|  12/31/23 | 94400 | 3707 |
|  12/31/22 | 104400 | 3246 |
|  12/31/21 | 144000 | 3651 |
|  12/31/20 | 110000 | 3530 |

---

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

(b) As reset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's
liabilities and indebtedness not epresented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities epresenting indebtedness then outstanding (if applicable,) plus
the aggregate of the involuntary liquidation preference of the outtstanding preferred shares, if applicable, and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a
Fund and does not include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset
coverage amounts presented would be lower.

(c) Unaudited.

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

**76**<br>

------

## Notes to Financial Statements
**(Unaudited)** 

**1. General Information** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Multi-Asset Income Fund (NMAI)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Real Asset Income and Growth Fund (JRI)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Real Estate Income Fund (JRS)

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

**Current Fiscal Period**: The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (the "current fiscal period").

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

**2. Significant Accounting Policies** 

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

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

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

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

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

**77** 

------

**Notes to Financial Statements** (continued)

any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice of maintaining a stable distribution level had no material effect on each Fund's investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode.

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

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

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

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

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with

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

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

---

| | | |
|:---|:---|:---|
| **NMAI** | **Value** | **% of Total<br>Investments** |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | $21063194 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 19923253 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 16121638 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 13877498 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 10429754 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 8399759 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 7411841 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 6855060 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6713570 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 4551533 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 51955446 | 7.9 |
|  Total non-U.S. Securities | $167302546 | 26.0% |

---

**78**<br>

------

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

---

| | | |
|:---|:---|:---|
| **JRI** | **Value** | **% of Total<br>Investments** |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $58559375 | 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 27316468 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 14637039 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 11715963 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 11025135 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 10929286 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 10068279 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6612166 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 6045140 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 3862598 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14876345 | 2.8 |
|  Total non-U.S. Securities | $175647794 | 32.6% |

---

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

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

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

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

The Funds' investments subject to netting agreements as of the end of the reporting 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"). 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**: 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. Management is currently evaluating the implications of these changes on the financial statements.

**79**<br>

------

**Notes to Financial Statements** (continued)

**3. Investment Valuation and Fair Value Measurements** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**80**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NMAI** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $– | $2151246 | $223423 | $2374669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock Rights |  |  | 4982 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 217876582 | 87148013 | 1253 | 305025848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 90173603 |  | 90173603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Market Debt and Foreign Corporate Bonds |  | 65340385 | 489325 | 65829710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 21894021 | 61683 |  | 21955704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 70023038 |  | 70023038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 6672609 | 207200 |  | 6879809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations |  | 23372715 |  | 23372715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  | 57264964 | 1127 | 57266091 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 650000 |  | 650000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts\* |  | (55025) |  | (55025) |
|  Total | $246443212 | $396337822 | $720110 | $643501144 |
| **JRI** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $177977588 | $80784997 | $– | $258762585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Preferred Securities | 7199762 |  |  | 7199762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 179488503 |  | 179488503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 3594995 |  |  | 3594995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 8155804 |  | 8155804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 59227561 |  |  | 59227561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  | 18354182 |  | 18354182 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 3650000 |  | 3650000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\* | (115704) |  |  | (115704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps\* |  | 265713 |  | 265713 |
|  Total | $247884202 | $290699199 | $– | $538583401 |
| **JRS** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $244428139 | $– | $– | $244428139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Preferred Securities | 1825584 |  |  | 1825584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 92560586 |  |  | 92560586 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 5326515 |  | 5326515 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps\* |  | 171153 |  | 171153 |
|  Total | $338814309 | $5497668 | $– | $344311977 |

---

\* Represents net unrealized appreciation (depreciation).

**4. Portfolio Securities** 

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

---

| | |
|:---|:---|
| **Fund** | **Outstanding Unfunded Senior Loan**<br> **Commitments** |
|  **NMAI** | $123367 |

---

**81** 

------

**Notes to Financial Statements** (continued)

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Short-term<br>Investments,**<br> **at Value** | **Collateral<br>Pledged (From)<br>Counterparty** |
|  **NMAI** | Fixed Income Clearing Corporation | $650000 | $(663093) |
|  **JRI** | Fixed Income Clearing Corporation | 3650000 | (3723076) |
|  **JRS** | Fixed Income Clearing Corporation | 5326515 | (5433296) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Non-U.S.**<br> **Government<br>Purchases** | **U.S.**<br> **Government<br>Purchases** | **Non-U.S.**<br> **Government Sales<br>and Maturities** | **U.S.**<br> **Government**<br> **Sales** |
|  **NMAI** | $324854214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16347091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313742857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36103638 |
|  **JRI** | 190256693 |  | 206122222 |  |
|  **JRS** | 50548324 |  | 64570261 |  |

---

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 reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

**5. Derivative Investments** 

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

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Forward**<br> **Contracts Outstanding\*** |
|  **NMAI** | $2280410 |

---

**82**<br>

------

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Gross Unrealized<br>Appreciation on<br>Forward Foreign<br>Currency Contracts\*** | **Gross Unrealized<br>(Depreciation) on<br>Forward Foreign<br>Currency Contracts\*** | **Net Unrealized** | **Collateral<br>Pledged to (from)<br>Counterparty** | **Net Exposure** |
|  **NMAI** | Bank of America, N.A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(48290) | $(48290) | $– $| (48290) |
|  **NMAI** | Morgan Stanley Capital Services LLC | 192 | (188) | 4 | $– | 4 |
|  **NMAI** | State Street Bank and Trust Company |  | (6739) | (6739) | $– | (6739) |

---

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Futures**<br> **Contracts Outstanding\*** |
|  **JRI** | $9464825 |

---

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

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

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

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

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

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

**83**<br>

------

**Notes to Financial Statements** (continued)

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Purchased<br>Options Contracts Outstanding\*** |
|  **NMAI** | $11667 |

---

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

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Written Options**<br> **Contracts Outstanding\*** |
|  **NMAI** | $33833333 |

---

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Interest Rate**<br> **Swap Contracts Outstanding\*** |
|  **JRI** | $112400000 |
|  **JRS** | 72400000 |

---

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

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Gross Unrealized<br>Appreciation Interest**<br> **(Depreciation)**<br> **Rate Swaps\*\*\*** | **Gross Unrealized<br>Interest Rate**<br> **Appreciation(Depreciation)**<br> **Swaps\*\*\*** | **Net Unrealized**<br> **Interest Rate<br>Swaps** | **Collateral<br>Pledged to (from)<br>Counterparty** | **Net Exposure** |
|  **JRI** | Morgan Stanley Capital Services LLC | $265713 | $– | 265713 | $(232310) | $33403 |
|  **JRS** | Morgan Stanley Capital Services LLC | 171153 | – | 171153 | (157199) | 13954 |

---

\*\*\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

**84**<br>

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives** | | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivative Instrument** | <br>**Risk Exposure** | **Location** |<br>**Value** | **Location** | **Value** |
|  **NMAI** |  |  |  |  |  |
|  Forward Foreign Currency Contracts | Foreign currency<br>exchange rate | Unrealized appreciation on forward contracts | $192 | Unrealized depreciation on<br> forward contracts | $(55217) |
|  **JRI** |  |  |  |  |  |
|  Futures Contracts | Interest rate |  |  | Unrealized depreciation on futures contracts\* | (115704) |
|  Interest Rate Swaps | Interest rate | Unrealized appreciation on interest rate swaps contracts | 265713 |  |  |
|  **JRS** |  |  |  |  |  |
|  Interest Rate Swaps | Interest rate | Unrealized appreciation on interest rate swaps contracts | 171153 | – |  |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** | **Net Realized Gain**<br> **(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NMAI** |  |  |  |
|  Purchased options | Equity | $1410 \* | $1596 \* |
|  Written options | Equity | 462943 | (115914) |
|  Forward foreign currency contracts | Foreign currency exchange rate |  | (113518) |
|  **JRI** |  |  |  |
|  Futures contracts | Interest rate | 305694 | (457684) |
|  Swap contracts | Interest rate | 1426605 | (1311484) |
|  **JRS** |  |  |  |
|  Swap contracts | Interest rate | 918219 | (844764) |

---

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

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

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

**6. Fund Shares** 

**Common Share Transactions:** The Funds did not have any transactions in common shares during the Funds' current and prior fiscal period.

**85**<br>

------

**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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NMAI** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592831068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75775410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25105334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50670076 |
|  **JRI** | 518468957 | 40193691 | (20079247) | 20114444 |
|  **JRS** | 313571972 | 61797428 | (31057423) | 30740005 |

---

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 prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss**<br> **Deferrals** | **Other<br>Book-to-Tax<br>Differences** | **Total** |
|  **NMAI** | $— | $— | $40625232 | $(21933731) | $— | $— | $18691501 |
|  **JRI** |  |  | 461367 | (194041503) |  | (265253) | (193845389) |
|  **JRS** |  |  | 50003420 | (7734446) |  | (211461) | 42057513 |

---

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
|  **NMAI** | $1864901 | $20068830 | $21933731 |
|  **JRI** | 56281448 | 137760055 | 194041503 |
|  **JRS** | 7734446 |  | 7734446 |

---

**8. Management Fees and Other Transactions with Affiliates** 

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

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

---

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

---

**86**<br>

------

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

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

---

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

---

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

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

---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
|  **NMAI** | 0.1569% |
|  **JRI** | 0.1569 |
|  **JRS** | 0.1569 |

---

**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 reporting period is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

---

| | |
|:---|:---|
| **Fund** | **Value** |
|  **NMAI** | $37722 |
|  **JRI** | 204594 |
|  **JRS** |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
|  **NMAI** | $21825347 | $219209 | $(45397) |
|  **JRI** |  |  |  |
|  **JRS** |  |  |  |

---

**9. Fund Leverage** 

**Borrowings:** Each Fund entered into a borrowing arrangement ("Borrowings") as a means of leverage. As of the end of the reporting period, each Fund's maximum commitment amount under these Borrowings is as follows:

**87**<br>

------

**Notes to Financial Statements** (continued)

---

| | |
|:---|:---|
| **Fund** | **Commitment**<br> **Amount** |
|  **NMAI** | $300000000 |
|  **JRI** | 200000000 |
|  **JRS** | 150000000 |

---

As of the end of the reporting period, each Fund's outstanding balance on its Borrowings was as follows:

---

| | |
|:---|:---|
| **Fund** | **Outstanding**<br> **balance<br>on Borrowings** |
|  **NMAI** | $152586000 |
|  **JRI** | 170945000 |
|  **JRS** | 102400000 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
|  **NMAI** | 181 | $128558376 | 4.92% |
|  **JRI** | 181 | 175364890 | 4.90 |
|  **JRS** | 181 | 107759116 | 4.93 |

---

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | **NMAI** |
|  Hypothecated Securities | $24853982 |

---

**88**<br>

------

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

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

---

| | |
|:---|:---|
|  | **NMAI** |
|  **Rehypothecation Fees** | $25950 |

---

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

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

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

As of the end of the reporting period, the Fund's outstanding balances on its reverse repurchase agreements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Rate** | **Principal<br>Amount** | **Maturity** | **Value** | **Value and Accrued**<br> **Interest** |
|  **NMAI** | BNP Paribas SA | 4.74% | $(21225000) | 35-day Evergreen | $(21225000) | $(21236190) |
|  **NMAI** | Royal Bank of Canada | 4.85% | (13753000) | On-Demand | (13753000) | (13921096) |
|  **Total** |  |  | $**(34978000)** |  | $**(34978000)** | $**(35157286)** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Weighted<br>Average<br>Interest rate** |
|  **NMAI** | 181 | $(57087001) | 4.76% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Reverse<br>Repurchase<br>Agreements\*** | **Collateral<br>Pledged to<br>Counterparty** |
|  **NMAI** | BNP Paribas SA | $(21236190) | $23676060 |
|  **NMAI** | RBC Capital Markets, LLC | (13921096) | 14667110 |
|  **Total** |  | (35157286) | 38343170 |

---

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

**10. Inter-Fund Lending Program** 

**Inter-Fund Borrowing and Lending:** The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal

**89**<br>

------

**Notes to Financial Statements** (continued)

priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter- fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

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

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

**90** 

------

## Shareholder Meeting Report
**(Unaudited)** 

The annual meeting of shareholders for NMAI and JRI was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

The vote totals for NMAI and JRI are set forth below:

---

| | | |
|:---|:---|:---|
| | **NMAI** | **JRI** |
| | Common<br>Shares | Common<br>Shares |
|  **Approval of the Board Members was reached as follows:** |  |  |
|  Thomas J. Kenny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24332025 | 19669239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3191672 | 621623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Joanne T. Medero |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24245520 | 19612663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3278177 | 678199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Albin F. Moschner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24319554 | 19656953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3204143 | 633909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Loren M. Starr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24260439 | 19242917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3263258 | 1047945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Matthew Thornton III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24257637 | 19309795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3266060 | 981067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Margaret L. Wolff |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24182434 | 19235926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3341263 | 1054936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |
|  Robert L. Young |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 24271169 | 19320954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3252528 | 969908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 27523697 | 20290862 |

---

**91**<br>

------

(continued)

The annual meeting of shareholders for JRS was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

The vote totals for JRS are set forth below:

---

| | |
|:---|:---|
| | **JRS** |
| | Common<br>Shares |
|  **Approval of the Board Members was reached as follows:** |  |
|  Michael A. Forrester |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 21067826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 425486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 21493312 |
|  Thomas J. Kenny |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20983027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 510285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 21493312 |
|  Margaret L. Wolff |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20937487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 555825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 21493312 |
|  Robert L. Young |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20999842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 493470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 21493312 |

---

**92**<br>

------

## Additional Fund Information
**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Board of Trustees** |  |  |  |  |  |  |
| Joseph A. Boateng | Michael A. Forrester | Thomas J. Kenny | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
| Loren M. Starr | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Adviser**<br> Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 | **Custodian**<br> State Street Bank & Trust Company<br> One Congress Street Suite 1<br> Boston, MA 02114-2016 | **Legal Counsel**<br> Chapman and Cutler LLP<br> Chicago, IL 60606 | **Independent Registered**<br> **Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> One North Wacker Drive Chicago, IL 60606 | **Transfer Agent and Shareholder Services**<br> Computershare Trust Company, N.A.<br> 150 Royall Street<br> Canton, MA 02021<br> (800) 257-8787 |

---

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

**Portfolio of Investments Information** Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.

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

**Nuveen Funds' Proxy Voting Information** You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

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

**CEO Certification Disclosure** Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

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

**Common Share Repurchases** Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **NMAI** | **NMAI** | **JRI** | **JRI** | **JRS** | **JRS** |
|  Common shares repurchased | | 0 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**FINRA BrokerCheck:** The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

**93**<br>

------

## Glossary of Terms Used in this Report
**(Unaudited)** 

**19(a) Notice:** Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund's net income be accompanied by a written notice that discloses the estimated sources of such payment.

**Average Annual Total Return:** This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

**Effective Leverage:** Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund's portfolio.

**Leverage:** Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

**Net Asset Value (NAV) Per Share:** A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

**Regulatory Leverage:** Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

**94**<br>

------

## Statement Regarding Basis for Approval of Investment Advisory Contract
**(Unaudited)** 

**Nuveen Multi-Asset Income Fund** 

**Nuveen Real Asset Income and Growth Fund** 

**Nuveen Real Estate Income Fund** 

**The Approval Process** 

At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including the Funds (as defined below), and the group of funds advised by Teachers Advisors, LLC ("TAL" and all such funds, collectively, the "Nuveen funds" or the "funds") approved the renewal of the investment management agreements (each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement") with: (i) in the case of Nuveen Multi-Asset Income Fund (the "Multi-Asset Fund"), each of Nuveen Asset Management, LLC ("NAM"), TAL and Winslow Capital Management LLC ("Winslow"); (ii) in the case of Nuveen Real Asset Income and Growth Fund (the "Real Asset Fund"), NAM; and (iii) in the case of Nuveen Real Estate Income Fund (the "Real Estate Fund"), Security Capital Research & Management Incorporated ("Security Capital" and, each of NAM, TAL, Winslow and Security Capital, a "Sub-Adviser"). NAM, TAL and Winslow are each an affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members. References to a Board and the Board Members are interchangeable.

In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and each Sub-Adviser are collectively the "Fund Advisers" and each a "Fund Adviser." Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a "Fund" and, collectively, the "Funds").

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each Sub-Adviser and applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe.

**95**<br>

------

**Statement Regarding Basis for Approval of Investment Advisory Contract** (continued)

With respect to Security Capital, which is not affiliated with the Adviser, the Board of the Real Estate Fund, through independent legal counsel, requested and received materials and information prepared specifically for its review of the Sub-Advisory Agreement applicable to Security Capital. The materials included, among other things, a description of the services provided, a summary of the experience of key personnel and its organizational structure, its fee schedule and a comparison to certain fee data of other clients, an evaluation of the performance of the Real Estate Fund, certain profitability data of Security Capital and indirect benefits to Security Capital.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

**A. Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the respective Sub-Adviser(s) in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality of services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

**96**<br>

------

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

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

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

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the applicable Sub-Advisers to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the respective Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing a Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that management actively monitors any discount from net asset value per share at which a fund's common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Advisers and considered that the Sub-Advisers and their investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of each Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the fund(s) sub-advised by the respective Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B. The Investment Performance of the Funds and Fund Advisers** 

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance (based on net asset value net of fees) over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board

**97**<br>

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**Statement Regarding Basis for Approval of Investment Advisory Contract** (continued)

and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.

The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered, among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of leverage on a closed-end fund's common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Multi-Asset Fund, the Board considered that although the Fund's performance was below the performance
of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund matched the performance of its benchmark for the five-year period ended December 31, 2024. In addition, the Board considered that the Fund ranked in the
third quartile of its Performance Peer Group for the one- and three-year periods and first quartile for the five-year period ended December 31, 2024. In considering performance, the Board considered that the Performance Peer Group was
classified as low for relevancy. The Board considered management's analysis on the Fund's performance, including the factors that contributed to or detracted from performance. On the basis of the Board's ongoing review of
investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the
Fund's performance supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Real Asset Fund, the Board considered that the Fund's performance was below the performance of its
benchmark for the one-, three- and five-year periods ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024, the Fund
ranked in the third quartile of its Performance Peer Group for the three-year period ended December 31, 2024. The Board further considered the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for
the quarter ended March 31, 2025. In considering performance, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant
factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of
the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Real Estate Fund, the Board considered that although the Fund's performance was below the performance
of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its
Performance Peer Group for the three-year period ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and second quartile for the five-year period ended December 31, 2024. In
considering performance, the Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market
conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

**98**<br>

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**C. Fees, Expenses and Profitability** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex- wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe"). In their review, the Board Members considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense Universe from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered each closed-end fund's net total expense ratio and fees excluding investment- related costs and taxes. The Board also considered that the use of leverage may create a conflict of interest for the respective Adviser and Sub- Adviser(s) given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the fund's return. The Board Members considered, however, that the Adviser and Sub-Adviser(s) would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its common shareholders and by periodically reviewing with the Board the fund's performance and the impact of the use of leverage on that performance.

With respect to the Sub-Advisers, the Board also considered, among other things, the sub-advisory fee schedule paid to the respective Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to a Sub- Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Multi-Asset Fund, the Fund's contractual management fee rate, actual management fee rate and net total
expense ratio were each below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Real Asset Fund, although the Fund's actual management fee rate and net total expense ratio were each
above the Expense Universe median, the Fund's contractual management fee rate was below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the Real Estate Fund, the Fund's contractual management fee rate and actual management fee rate matched the
Expense Universe median, and the Fund's net total expense ratio was below the Expense Universe median.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, the affiliated Sub-Advisers and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services

**99**<br>

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**Statement Regarding Basis for Approval of Investment Advisory Contract** (continued)

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provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that a Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

With respect to Security Capital, the Board Members reviewed certain fee data that the Sub-Adviser charges for other clients with comparable strategies to the Real Estate Fund. The Board Members considered that the Sub-Advisory Agreement with Security Capital, including the fees thereunder, was the result of arm's length negotiations and Security Capital's fees were reasonable in relation to the fees it assessed other clients.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the affiliated Sub-Advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

With respect to Security Capital, the Board Members considered a profitability and/or margin analysis for the Sub-Adviser, generally including revenues, expenses and operating margins for its advisory services to the Real Estate Fund for the 2024 and 2023 calendar years. The Board considered that the sub-advisory fee would have been established through arm's length negotiations between the Adviser and Security Capital, and the Adviser pays Security Capital out of its own revenues.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Advisers received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with the affiliated Sub-Advisers) and Security Capital's level of profitability from their relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of

**100**<br>

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scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of their investment portfolios.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

**E. Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and/or affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Advisers (except as noted) may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered (a) with respect to the Nuveen funds advised by the Adviser and sub-advised by an affiliated Sub-Adviser, reimbursements of such costs by the Adviser and/or the applicable affiliated Sub-Adviser, and (b) with respect to the Real Estate Fund, reimbursements of such costs by Security Capital.

The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F. Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

**101**<br>

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![LOGO](g64165g17f61.jpg)

## Nuveen:

## Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: **www.nuveen.com/closed-end-funds**

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC \|333 West Wacker Drive \| Chicago, IL 60606 \|www.nuveen.com ESA-C-0625P 4631618

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

Not applicable to this filing.

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**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

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

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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**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 implemented after the registrant last provided disclosure in response to this Item.

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**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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

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

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| | |
|:---|:---|
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable to this filing. |
| (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.](d64165dex99cert.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.](d64165dex99906cert.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.

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| | | |
|:---|:---|:---|
|  <u>Nuveen Real Estate Income Fund</u> |  |  |
|  Date: September 5, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

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

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

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Real Estate Income
Fund;

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;(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;(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;(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;(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;(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;(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.

------

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Real Estate Income
Fund;

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;(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;(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;(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;(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;(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;(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.

------

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | 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 semi-annual report of the Nuveen Real Estate Income Fund (the "Fund") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

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

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---