Nuveen Real Asset Income & Growth Fund

Date: September 5, 2025

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

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		811-22658

Nuveen Real Asset Income and Growth Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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:

•

distributions from portfolio companies (REITs),

•

realized capital gains or,

•

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

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

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

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

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										Estimated Percentage of Distributions
	Per Share Distribution		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital
NMAI (FYE 12/31)

Current Distribution		$0.1260		$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

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


	Per Share Estimated Sources of Distribution¹										Estimated Percentage of Distributions1
JRS (FYE 12/31)	Per Share Distribution		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital

Current Quarter		$0.1700		$0.0328		$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%

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

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

Data as of May 31, 2025

Annualized

Cumulative

JRS (FYE 12/31) Inception Date

Quarterly
Distribution

Fiscal YTD
Distribution

Net Asset
Value (NAV)

5-Year
Return

on NAV

Fiscal YTD
Dist Rate on
NAV¹

Fiscal
YTD
Return

on NAV

Fiscal YTD
Dist Rate on
NAV¹

Nov 2001

$0.1700

$0.3400

$8.55

7.62%

7.95%

(3.57)%

3.98%

¹ 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.

About the Funds’ Benchmarks

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

NMAI

Nuveen Multi-Asset Income Fund

Fund Performance, Leverage and Holdings Summaries June 30, 2025

Performance*


			Total Returns as of June 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		Since 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^® 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%

* 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

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$13.82

$12.63

(8.61)%

(8.68)%

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

Leverage and Holdings


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)
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 Composition¹
(% 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
(% 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 Allocation²
(% 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.

JRI

Nuveen Real Asset Income and Growth Fund

Fund Performance, Leverage & Holdings Summaries June 30, 2025

Performance*


					Total Returns as of June 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		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

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$13.56

$13.50

(0.44)%

(3.77)%

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

Leverage and Holdings


Leverage
Effective Leverage			31.49%
Regulatory Leverage			31.49%

Fund Allocation (% 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 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
(% 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 Allocation¹
(% 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.

JRS

Nuveen Real Estate Income Fund

Fund Performance, Leverage & Holdings Summaries June 30, 2025

Performance*


					Total Returns as of June 30, 2025
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		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

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$8.34

$7.78

(6.71)%

(6.51)%

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
(% of total long-term fixed-income
investments)
AA			2.0%
A			3.3%
BBB			13.4%
BB or Lower			4.9%
N/R (not rated)			76.4%
Total			100%


Portfolio Composition¹
(% 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.

Portfolio of Investments June 30, 2025

NMAI

(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)
	$300,000	(a)	Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A		1.660%		02/20/28	$	288,187
	284,250	(a)	Domino’s Pizza Master Issuer LLC, Series 2018 1A		4.328		07/25/48		281,944
	306,000		Ford Credit Auto Owner Trust 2024-D, Series 2024 D		4.610		08/15/29		309,062
	250,000	(a)	Hertz Vehicle Financing III LLC, Series 2023 3A		5.940		02/25/28		254,004
	250,000	(a),(b)	Industrial DPR Funding Ltd, Series 2022 1A		5.380		04/15/34		223,423
	131,223	(a)	MVW 2020-1 LLC, Series 2020 1A		1.740		10/20/37		127,205
	130,931	(a)	OneMain Financial Issuance Trust 2022-2, Series 2022 2A		4.890		10/14/34		130,895
	125,000	(a)	PenFed Auto Receivables Owner Trust 2022-A, Series 2022 A		4.600		12/15/28		124,870
	300,000	(a)	PFS Financing Corp, Series 2025 B		4.850		02/15/30		303,678
	330,147	(a)	Sierra Timeshare 2024-3 Receivables Funding LLC, Series 2024 3A		4.830		08/20/41		331,401


			TOTAL ASSET-BACKED SECURITIES (Cost $2,384,532)						2,374,669



	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		4,982


			TOTAL CAPITAL GOODS						4,982


			TOTAL COMMON STOCK RIGHTS (Cost $0)						4,982



	SHARES		DESCRIPTION						VALUE


			COMMON STOCKS - 66.0% (47.4% of Total Investments)
			AUTOMOBILES & COMPONENTS - 0.4%
	2,480	(c),(d)	Tesla Inc						787,797
	64,900		Toyota Motor Corp						1,117,772


			TOTAL AUTOMOBILES & COMPONENTS						1,905,569


			BANKS - 6.8%
	157,603		Banco Bilbao Vizcaya Argentaria SA						2,426,814
	310,845		Banco Santander SA						2,574,069
	22,532	(c)	Bank of America Corp						1,066,214
	502,000		Bank Rakyat Indonesia Persero Tbk PT						115,741
	456,082		Barclays PLC						2,107,448
	9,044		Commonwealth Bank of Australia						1,100,730
	7,149		Fifth Third Bancorp						294,038
	68,400		Grupo Financiero Banorte SAB de CV						625,221
	9,319		HDFC Bank Ltd, ADR, ADR						714,488
	81,944		ING Groep NV						1,796,023
	25,021		JPMorgan Chase & Co						7,253,838
	2,300		M&T Bank Corp						446,177
	200,100		Mitsubishi UFJ Financial Group Inc						2,728,081
	43,288		Nordea Bank Abp						642,295
	2,775		PNC Financial Services Group Inc/The						517,316
	96,300		Sumitomo Mitsui Financial Group Inc						2,424,926
	3,557		UniCredit SpA						238,616
	53,135	(e)	Wells Fargo & Co						4,257,176


			TOTAL BANKS						31,329,211


			CAPITAL GOODS - 6.9%
	16,325		Airbus SE						3,415,201
	3,722	(c),(d)	Boeing Co/The						779,871
	3,746	(c)	Caterpillar Inc						1,454,235
	10,535		Cie de Saint-Gobain SA						1,237,602
	752		Deere & Co						382,384
	2,946		Dover Corp						539,796
	4,366		Eaton Corp PLC						1,558,618
	8,570		Emerson Electric Co						1,142,638
	1,467		Ferrovial SE						78,254


See Notes to Financial Statements		17

Portfolio of Investments June 30, 2025 (continued)

NMAI


SHARES			DESCRIPTION	VALUE


			CAPITAL GOODS (continued)
	147,800	(d)	Hitachi Ltd	$	4,295,708
	9,931	(c)	Honeywell International Inc		2,312,731
	2,900		Howmet Aerospace Inc		539,777
	13,617		Infratil Ltd		87,867
	4,319		Masco Corp		277,971
	33,400		Mitsubishi Electric Corp		718,399
	1,590		Northrop Grumman Corp		794,968
	1,759		Parker-Hannifin Corp		1,228,609
	1,698		Rheinmetall AG		3,595,851
	9,476		RTX Corp		1,383,686
	9,279		Siemens AG		2,383,389
	3,428		Trane Technologies PLC		1,499,441
	890		United Rentals Inc		670,526
	4,215		Vinci SA		621,588
	2,700		Westinghouse Air Brake Technologies Corp		565,245


			TOTAL CAPITAL GOODS		31,564,355


			COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	1,033	(d)	Casella Waste Systems Inc, Class A		119,188
	49,537		Cleanaway Waste Management Ltd		88,766
	2,684		GFL Environmental Inc		135,435
	3,752		Republic Services Inc		925,280
	5,500		Veralto Corp		555,225
	2,256		Waste Connections Inc		421,240
	1,184		Waste Management Inc		270,923


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,516,057


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%
	6,193		Alibaba Group Holding Ltd, Sponsored ADR, ADR		702,348
	30,391	(d),(e)	Amazon.com Inc		6,667,481
	1	(b),(d)	Belk Inc		8
	5,875		Home Depot Inc/The		2,154,010
	1,061	(d)	JOANN Inc		11
	2,415		Lowe’s Cos Inc		535,816
	22,461	(d)	O’Reilly Automotive Inc		2,024,410
	8,789		TJX Cos Inc/The		1,085,354


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL		13,169,438


			CONSUMER DURABLES & APPAREL - 1.8%
	8,420		Cie Financiere Richemont SA		1,593,340
	2,443		Kering SA		532,221
	2,743		LVMH Moet Hennessy Louis Vuitton SE		1,435,632
	8,038		Moncler SpA		458,500
	11,443		NIKE Inc, Class B		812,911
	73	(d)	NVR Inc		539,153
	117,100		Sony Group Corp		3,044,635


			TOTAL CONSUMER DURABLES & APPAREL		8,416,392


			CONSUMER SERVICES - 0.8%
	83,128	(d)	24 Hour Fitness Worldwide Inc		582
	174,789	(d)	24 Hour Fitness Worldwide Inc		1,224
	88		Booking Holdings Inc		509,453
	96	(d)	Crown Finance US Inc		2,235
	17,892	(d)	Crown Finance US Inc		416,633
	3,429		Hilton Worldwide Holdings Inc		913,280
	2,481		McDonald’s Corp		724,874
	14,274		Starbucks Corp		1,307,926


			TOTAL CONSUMER SERVICES		3,876,207


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%
	825		Casey’s General Stores Inc		420,973
	3,195	(c)	Costco Wholesale Corp		3,162,858
	38,691	(c)	Walmart Inc		3,783,206


			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		7,367,037


18		See Notes to Financial Statements


SHARES			DESCRIPTION	VALUE


			ENERGY - 3.8%
	39,573		BP PLC	$	197,164
	4,215		Cheniere Energy Inc		1,026,437
	6,759		Chevron Corp		967,821
	6,420		ConocoPhillips		576,131
	5,772		Diamondback Energy Inc		793,073
	1,045		DT Midstream Inc		114,856
	12,001		Enbridge Inc		543,885
	14,428	(e)	Energy Transfer LP		261,580
	4,208		EOG Resources Inc		503,319
	39,802		Exxon Mobil Corp		4,290,657
	26,181	(e)	Kinder Morgan Inc		769,721
	5,148	(e)	ONEOK Inc		420,231
	8,640		Pembina Pipeline Corp		324,408
	1,619		Plains All American Pipeline LP		29,660
	8,158	(a)	Reliance Industries Ltd, Sponsored GDR, GDR		569,428
	3,504	(a)	Reliance Industries Ltd, Sponsored GDR, GDR		244,341
	78,417		Shell PLC		2,735,931
	1,038		Targa Resources Corp		180,695
	3,286		TC Energy Corp		160,421
	9,468		TotalEnergies SE		578,709
	7,368	(d)	Transocean Ltd		19,083
	10,930	(c)	Valero Energy Corp		1,469,211
	8,945		Williams Cos Inc/The		561,835


			TOTAL ENERGY		17,338,597


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
	4,505		American Tower Corp		995,696
	576		Crown Castle Inc		59,172
	813		Digital Realty Trust Inc		141,730
	78		Equinix Inc		62,047
	5,900		Parkway Life Real Estate Investment Trust		19,041
	14,553		Prologis Inc		1,529,812
	1,844		Simon Property Group Inc		296,441


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		3,103,939


			FINANCIAL SERVICES - 3.2%
	7,391		American Express Co		2,357,581
	800		Ameriprise Financial Inc		426,984
	3,383		Ares Management Corp, Class A		585,936
	2,245	(c),(d)	Berkshire Hathaway Inc, Class B		1,090,554
	597		Blackrock Inc		626,402
	5,322		Charles Schwab Corp/The		485,579
	950	(d)	Corpay Inc		315,229
	5,506	(c),(d)	Fiserv Inc		949,289
	1,250		Goldman Sachs Group Inc/The		884,688
	3,694		Intercontinental Exchange Inc		677,738
	4,969		KKR & Co Inc		661,026
	3,857		Mastercard Inc, Class A		2,167,403
	6,300		Nasdaq Inc		563,346
	13,500		ORIX Corp		304,650
	2,146		S&P Global Inc		1,131,564
	5,600		SBI Holdings Inc		195,133
	4,383	(c)	Visa Inc, Class A		1,556,184


			TOTAL FINANCIAL SERVICES		14,979,286


			FOOD, BEVERAGE & TOBACCO - 2.3%
	36,899		British American Tobacco PLC		1,754,411
	26,196	(c)	Coca-Cola Co/The		1,853,367
	7,047		Fomento Economico Mexicano SAB de CV, Sponsored ADR, ADR		725,700
	6,362		Heineken NV		555,039
	12,358		Mondelez International Inc, Class A		833,424
	14,556	(d)	Monster Beverage Corp		911,788
	3,132		Nestle SA		311,403
	2,521		PepsiCo Inc		332,873


See Notes to Financial Statements		19

Portfolio of Investments June 30, 2025 (continued)

NMAI


SHARES		DESCRIPTION		VALUE


		FOOD, BEVERAGE & TOBACCO (continued)
19,456		Philip Morris International Inc	$	3,543,521


		TOTAL FOOD, BEVERAGE & TOBACCO		10,821,526


		HEALTH CARE EQUIPMENT & SERVICES - 2.4%
11,983		Abbott Laboratories		1,629,808
20,372	(c),(d)	Boston Scientific Corp		2,188,157
2,502		Cigna Group/The		827,111
2,741		Elevance Health Inc		1,066,139
3,542		EssilorLuxottica SA		972,607
1,450		HCA Healthcare Inc		555,495
12,280	(b),(d)	Millennium Health LLC		1,130
11,534	(b),(d)	Millennium Health LLC		115
4,473	(e)	Stryker Corp		1,769,653
4,542	(c)	UnitedHealth Group Inc		1,416,968
2,100	(d)	Veeva Systems Inc, Class A		604,758


		TOTAL HEALTH CARE EQUIPMENT & SERVICES		11,031,941


		HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
11,000		Kenvue Inc		230,230
15,591	(c)	Procter & Gamble Co/The		2,483,958
1,908		Reckitt Benckiser Group PLC		129,986
14,487		Unilever PLC		884,087


		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,728,261


		INSURANCE - 0.8%
7,358		American International Group Inc		629,771
2,046		Chubb Ltd		592,767
5,817	(c)	Marsh & McLennan Cos Inc		1,271,829
5,840		MetLife Inc		469,653
1,222		Zurich Insurance Group AG		855,061


		TOTAL INSURANCE		3,819,081


		MATERIALS - 4.2%
3,230		Air Liquide SA		666,029
25,189		BHP Group Ltd		605,987
16,357		Corteva Inc		1,219,087
23,069		CRH PLC		2,117,734
12,605		DuPont de Nemours Inc		864,577
36,448		Freeport-McMoRan Inc		1,580,021
301,678		Glencore PLC		1,175,531
10,750		Heidelberg Materials AG		2,531,590
10,233	(d)	Linde PLC		4,801,119
920		Reliance Inc		288,788
73,545	(c)	Smurfit WestRock PLC		3,173,467
32,572		Vale SA, Sponsored ADR, ADR		316,274


		TOTAL MATERIALS		19,340,204


		MEDIA & ENTERTAINMENT - 3.4%
13,915		Alphabet Inc, Class A		2,452,240
6,670		Alphabet Inc, Class C		1,183,191
32,532		Comcast Corp, Class A		1,161,067
8,274	(c)	Meta Platforms Inc		6,106,957
725	(d)	Netflix Inc		970,869
26,110		Nintendo Co Ltd		2,507,338
12,008		Walt Disney Co/The		1,489,112


		TOTAL MEDIA & ENTERTAINMENT		15,870,774


		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.7%
5,776		AbbVie Inc		1,072,141
14,092		AstraZeneca PLC		1,961,171
184		Celltrion Inc		21,712
48,400		Daiichi Sankyo Co Ltd		1,121,335
2,430		Danaher Corp		480,022
3,249		Eli Lilly & Co		2,532,694
406,145		Haleon PLC		2,087,433
5,972		Johnson & Johnson		912,223
2,155		Lonza Group AG		1,541,177


20		See Notes to Financial Statements


SHARES			DESCRIPTION	VALUE


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued)
	2,247		Novartis AG	$	272,734
	38,565		Novo Nordisk A/S, Class B		2,672,324
	4,237		Novo Nordisk A/S, Sponsored ADR, ADR		292,438
	2,741		Roche Holding AG		894,716
	7,147		Sanofi SA, ADR, ADR		345,272
	951	(d)	United Therapeutics Corp		273,270
	3,445		Zoetis Inc		537,248


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		17,017,910


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%
	23,400		Advantest Corp		1,734,665
	1,901		Analog Devices Inc		452,476
	2,868		Applied Materials Inc		525,045
	1,411		ASML Holding NV		1,130,686
	4,217	(d)	Bright Bidco BV		1,000
	3,087	(d)	Bright Bidco BV		732
	25,777		Broadcom Inc		7,105,430
	14,000		Intel Corp		313,600
	9,955		Lam Research Corp		969,020
	6,292		Micron Technology Inc		775,489
	54,121		NVIDIA Corp		8,550,576
	1,829		NXP Semiconductors NV		399,618
	17,920		Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR, ADR		4,058,701
	1,408		Texas Instruments Inc		292,329


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		26,309,367


			SOFTWARE & SERVICES - 4.6%
	4,557		Accenture PLC, Class A		1,362,042
	2,752	(d)	Avaya Inc		19,952
	12,787	(d)	Avaya Inc		92,706
	21,300		Fujitsu Ltd		516,725
	26,727	(c)	Microsoft Corp		13,294,276
	5,537	(d)	NEXTDC Ltd		52,853
	527		Oracle Corp		115,218
	2,600	(d)	Palo Alto Networks Inc		532,064
	6,420		Salesforce Inc		1,750,670
	2,310		SAP SE		706,351
	2,308	(c),(d)	ServiceNow Inc		2,372,808
	1,000	(d)	Synopsys Inc		512,680


			TOTAL SOFTWARE & SERVICES		21,328,345


			TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
	8,528		Amphenol Corp, Class A		842,140
	40,189	(c),(e)	Apple Inc		8,245,578
	16,298		Cisco Systems Inc		1,130,755
	1,984		Motorola Solutions Inc		834,193
	3,294	(d)	Riverbed Technology LLC/US		3
	48,755		Samsung Electronics Co Ltd		2,156,024
	3,638		TE Connectivity PLC		613,621


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		13,822,314


			TELECOMMUNICATION SERVICES - 0.3%
	4,991	(a)	Cellnex Telecom SA		194,341
	5,102		Infrastrutture Wireless Italiane SpA		62,387
	125,119		Koninklijke KPN NV		610,355
	2,194		T-Mobile US Inc		522,742


			TOTAL TELECOMMUNICATION SERVICES		1,389,825


			TRANSPORTATION - 1.5%
	28,443	(a)	Aena SME SA		759,251
	1,875		Aeroports de Paris SA		235,073
	34,876		Atlas Arteria Ltd		116,886
	54,396		Auckland International Airport Ltd		256,802
	819		Canadian National Railway Co		85,337
	887		Canadian Pacific Kansas City Ltd		70,312
	1,493		CSX Corp		48,717


See Notes to Financial Statements		21

Portfolio of Investments June 30, 2025 (continued)

NMAI


SHARES			DESCRIPTION	VALUE


			TRANSPORTATION (continued)
	8,022		Deutsche Post AG	$	371,578
	4,026		DSV A/S		965,653
	1,522		Enav SpA		7,038
	858		FedEx Corp		195,032
	606		Flughafen Zurich AG		172,785
	3,330	(d)	Fraport AG Frankfurt Airport Services Worldwide		251,214
	12,943		Getlink SE		249,852
	1,614		Grupo Aeroportuario del Centro Norte SAB de CV, ADR, ADR		170,277
	1,460		Grupo Aeroportuario del Pacifico SAB de CV, ADR, ADR		335,245
	1,479		Grupo Aeroportuario del Sureste SAB de CV, ADR, ADR		471,609
	14,140		International Container Terminal Services Inc		103,086
	403		Norfolk Southern Corp		103,156
	54,907		Qube Holdings Ltd		154,774
	25,100		Rumo SA		85,605
	13,000		Tokyo Metro Co Ltd		151,277
	56,682		Transurban Group		521,529
	5,238		Union Pacific Corp		1,205,158


			TOTAL TRANSPORTATION		7,087,246


			UTILITIES - 3.9%
	9,804		Alliant Energy Corp		592,848
	6,134		AltaGas Ltd		178,063
	8,441		Ameren Corp		810,674
	8,907		American Electric Power Co Inc		924,190
	12,838		CenterPoint Energy Inc		471,668
	1,127		CMS Energy Corp		78,079
	456		Constellation Energy Corp		147,179
	2,742		Dominion Energy Inc		154,978
	436		DTE Energy Co		57,753
	5,234		Duke Energy Corp		617,612
	15,803		E.ON SE		291,180
	148,738		Enel SpA		1,411,629
	5,292		Engie SA		124,377
	9,244		Entergy Corp		768,361
	4,451		Evergy Inc		306,807
	94,033		Iberdrola SA		1,809,009
	183		IDACORP Inc		21,127
	54,456		National Grid PLC		799,341
	1,019		National Grid PLC, Sponsored ADR, ADR		75,824
	37,078		NextEra Energy Inc		2,573,954
	11,351	(e)	NiSource Inc		457,899
	898		NRG Energy Inc		144,201
	9,062		Pennon Group PLC		62,521
	1,334		Pinnacle West Capital Corp		119,353
	3,893		PPL Corp		131,934
	30,090		RWE AG		1,257,407
	26,800		Sembcorp Industries Ltd		144,374
	5,797		Sempra		439,239
	3,538		Severn Trent PLC		132,930
	16,551		Snam SpA		100,195
	4,259		Southern Co/The		391,104
	9,122		SSE PLC		229,693
	17,671		Terna - Rete Elettrica Nazionale		181,675
	5,269		Veolia Environnement SA		188,113
	1,717		Vistra Corp		332,772
	7,113		WEC Energy Group Inc		741,175
	9,159		Xcel Energy Inc		623,728


			TOTAL UTILITIES		17,892,966


			TOTAL COMMON STOCKS (Cost $245,718,055)		305,025,848


22		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CORPORATE BONDS - 19.5% (14.0% of Total Investments) (f)
			AUTOMOBILES & COMPONENTS - 0.3%
	$105,000	(a)	Clarios Global LP / Clarios US Finance Co		6.750%		02/15/30	$	109,178
	75,000		Ford Motor Credit Co LLC		7.350		03/06/30		79,173
	295,000	(g),(h)	General Motors Financial Co Inc		5.750		N/A		291,149
	177,000	(g),(h)	General Motors Financial Co Inc		5.700		N/A		175,327
	375,000		Goodyear Tire & Rubber Co/The		5.000		07/15/29		366,526
	165,000	(a)	Phinia Inc		6.750		04/15/29		170,310
	255,000	(a)	Phinia Inc		6.625		10/15/32		258,974


			TOTAL AUTOMOBILES & COMPONENTS						1,450,637


			BANKS - 2.7%
	588,000	(g),(h)	Bank of America Corp		6.625		N/A		608,964
	205,000	(h)	Bank of America Corp		5.744		02/12/36		208,308
	285,000		Bank of America Corp		5.162		01/24/31		292,111
	92,000	(g),(h)	Bank of America Corp		4.375		N/A		90,273
	575,000	(g),(h)	Bank of America Corp		5.875		N/A		584,871
	266,000	(g),(h)	Bank of America Corp		6.125		N/A		270,299
	400,000		Citibank NA		4.576		05/29/27		402,197
	147,000	(g),(h)	Citigroup Inc		6.250		N/A		148,436
	260,000	(g),(h)	Citigroup Inc		7.375		N/A		273,522
	794,000	(c),(g),(h)	Citigroup Inc		7.625		N/A		835,599
	378,000	(g),(h)	Citigroup Inc		7.125		N/A		389,608
	314,000	(g),(h)	Citigroup Inc		7.000		N/A		330,066
	125,000	(g),(h),(i)	Citizens Financial Group Inc (TSFR3M + 3.419%)		7.703		N/A		125,818
	335,000	(g),(h)	Citizens Financial Group Inc		4.000		N/A		325,379
	445,000	(g),(h)	CoBank ACB		6.450		N/A		449,494
	229,000	(g),(h),(i)	Fifth Third Bancorp (TSFR3M + 3.295%)		7.590		N/A		230,382
	242,000	(g),(h),(i)	First Citizens BancShares Inc/NC (TSFR3M + 4.234%)		8.552		N/A		249,761
	431,000	(g),(h)	Huntington Bancshares Inc/OH		5.625		N/A		437,851
	351,000	(g),(h)	JPMorgan Chase & Co		6.500		N/A		362,504
	205,000	(g),(h)	JPMorgan Chase & Co		3.650		N/A		201,672
	1,103,000	(c),(g),(h)	JPMorgan Chase & Co		6.875		N/A		1,164,239
	270,000	(g),(h)	M&T Bank Corp		5.125		N/A		268,586
	155,000		Morgan Stanley Bank NA		4.952		01/14/28		156,248
	529,000	(g),(h)	PNC Financial Services Group Inc/The		6.250		N/A		543,932
	325,000	(g),(h)	PNC Financial Services Group Inc/The		6.000		N/A		328,218
	253,000	(g),(h)	PNC Financial Services Group Inc/The		3.400		N/A		244,333
	152,000	(g),(h)	Truist Financial Corp		5.100		N/A		150,356
	715,000	(g),(h)	Truist Financial Corp		6.669		N/A		716,000
	65,000		Wells Fargo & Co		5.605		04/23/36		67,094
	125,000		Wells Fargo & Co		5.150		04/23/31		128,020
	1,250,000	(c),(g),(h)	Wells Fargo & Co		7.625		N/A		1,342,560
	497,000	(g),(h)	Wells Fargo & Co		6.850		N/A		522,253
	308,000	(g),(h)	Wells Fargo & Co		3.900		N/A		304,843


			TOTAL BANKS						12,753,797


			CAPITAL GOODS - 1.0%
	185,000	(g),(h)	Air Lease Corp		6.000		N/A		180,906
	93,000	(g),(h)	Air Lease Corp		4.125		N/A		90,169
	185,000	(g),(h)	Air Lease Corp		4.650		N/A		183,934
	300,000	(a)	Alta Equipment Group Inc		9.000		06/01/29		279,757
	65,000		Boeing Co/The		3.250		02/01/28		63,046
	180,000		Boeing Co/The		5.805		05/01/50		172,620
	50,000	(a)	Camelot Return Merger Sub Inc		8.750		08/01/28		46,111
	195,000	(a)	Chart Industries Inc		7.500		01/01/30		204,151
	75,000	(a)	Gates Corp/DE		6.875		07/01/29		77,878
	135,000	(a)	Goat Holdco LLC		6.750		02/01/32		137,233
	315,000	(a)	Herc Holdings Inc		7.000		06/15/30		328,973
	195,000	(a)	Herc Holdings Inc		6.625		06/15/29		200,070
	50,000		Honeywell International Inc		5.250		03/01/54		47,434
	115,000		L3Harris Technologies Inc		5.400		07/31/33		118,126
	180,000	(a)	Masterbrand Inc		7.000		07/15/32		183,825
	250,000	(a)	Quikrete Holdings Inc		6.375		03/01/32		257,080
	45,000		Regal Rexnord Corp		6.400		04/15/33		47,511


See Notes to Financial Statements		23

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CAPITAL GOODS (continued)
	$160,000		Regal Rexnord Corp		6.050%		04/15/28	$	164,877
	150,000	(a)	Standard Industries Inc/NY		5.000		02/15/27		149,661
	450,000	(a)	TransDigm Inc		6.375		03/01/29		461,673
	375,000	(a)	TransDigm Inc		6.875		12/15/30		389,094
	300,000	(a)	TransDigm Inc		6.375		05/31/33		300,272
	150,000	(a)	WESCO Distribution Inc		6.375		03/15/33		155,037
	200,000	(a)	Windsor Holdings III LLC		8.500		06/15/30		214,325


			TOTAL CAPITAL GOODS						4,453,763


			COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	240,000	(a)	ASGN Inc		4.625		05/15/28		234,066
	75,000	(a)	Boost Newco Borrower LLC		7.500		01/15/31		79,614
	50,000	(a)	CACI International Inc		6.375		06/15/33		51,597
	613,000	(a),(c)	Prime Security Services Borrower LLC / Prime Finance Inc		5.750		04/15/26		616,179
	325,000	(a)	Prime Security Services Borrower LLC / Prime Finance Inc		6.250		01/15/28		325,509
	200,000	(a)	Prime Security Services Borrower LLC / Prime Finance Inc		3.375		08/31/27		193,700
	300,000	(a)	RR Donnelley & Sons Co		9.500		08/01/29		300,000
	120,000		Waste Management Inc		4.950		03/15/35		120,509


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,921,174


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%
	240,000	(a)	Academy Ltd		6.000		11/15/27		240,604
	340,000	(a)	Asbury Automotive Group Inc		4.625		11/15/29		328,266
	225,000	(a)	Bath & Body Works Inc		6.625		10/01/30		231,896
	300,000	(a)	Group 1 Automotive Inc		6.375		01/15/30		308,059
	310,000		Kohl’s Corp		4.625		05/01/31		222,539
	240,000	(a)	LCM Investments Holdings II LLC		4.875		05/01/29		233,388
	300,000	(a)	Macy’s Retail Holdings LLC		5.875		04/01/29		296,923
	50,000	(a)	Macy’s Retail Holdings LLC		6.125		03/15/32		47,669
	525,000	(a)	Michaels Cos Inc/The		5.250		05/01/28		419,737
	300,000	(a)	Michaels Cos Inc/The		7.875		05/01/29		196,500
	80,000		O’Reilly Automotive Inc		4.200		04/01/30		79,188
	270,000	(a)	Queen MergerCo Inc		6.750		04/30/32		278,155
	300,000	(a)	Staples Inc		10.750		09/01/29		283,928
	50,000		Veritiv Operating Co		10.500		11/30/30		54,125
	150,000	(a)	Wayfair LLC		7.250		10/31/29		150,067


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						3,371,044


			CONSUMER DURABLES & APPAREL - 0.3%
	300,000	(a)	CD&R Smokey Buyer Inc		9.500		10/15/29		244,468
	60,000	(a)	Champ Acquisition Corp		8.375		12/01/31		63,758
	60,000	(a)	Hanesbrands Inc		9.000		02/15/31		63,524
	240,000		Newell Brands Inc		6.625		09/15/29		237,568
	360,000	(a)	S&S Holdings LLC		8.375		10/01/31		351,825
	345,000	(a)	Wolverine World Wide Inc		4.000		08/15/29		309,327


			TOTAL CONSUMER DURABLES & APPAREL						1,270,470


			CONSUMER SERVICES - 0.6%
	60,000	(a)	Caesars Entertainment Inc		6.500		02/15/32		61,567
	225,000	(a)	Caesars Entertainment Inc		6.000		10/15/32		220,660
	360,000	(a)	Carnival Corp		5.875		06/15/31		366,750
	460,000	(a)	Churchill Downs Inc		5.750		04/01/30		461,498
	285,000	(a)	Cinemark USA Inc		7.000		08/01/32		295,877
	345,000	(a)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc		4.625		01/15/29		330,447
	120,000	(a)	Life Time Inc		6.000		11/15/31		121,914
	285,000		MGM Resorts International		6.125		09/15/29		289,887
	125,000		Piedmont Operating Partnership LP		9.250		07/20/28		139,230
	150,000		Service Corp International/US		5.750		10/15/32		151,530
	150,000	(a)	Six Flags Entertainment Corp / Six Flags Theme Parks Inc		6.625		05/01/32		154,715
	120,000	(a)	Vail Resorts Inc		5.625		07/15/30		120,450
	150,000	(a)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp		6.250		03/15/33		150,962


			TOTAL CONSUMER SERVICES						2,865,487


24		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
	$250,000	(a)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		6.250%		03/15/33	$	257,707
	200,000	(a)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		5.875		02/15/28		199,799
	260,000		Kroger Co/The		5.000		09/15/34		258,140
	210,000	(a)	Performance Food Group Inc		6.125		09/15/32		214,816


			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL						930,462


			ENERGY - 2.0%
	195,000	(a)	Archrock Partners LP / Archrock Partners Finance Corp		6.250		04/01/28		195,646
	250,000	(a)	Archrock Partners LP / Archrock Partners Finance Corp		6.625		09/01/32		254,709
	325,000	(a)	Ascent Resources Utica Holdings LLC / ARU Finance Corp		6.625		10/15/32		330,766
	240,000	(a)	Buckeye Partners LP		6.750		02/01/30		249,129
	400,000	(a)	Chord Energy Corp		6.750		03/15/33		408,649
	165,000	(a)	Civitas Resources Inc		8.375		07/01/28		168,945
	295,000	(a)	Civitas Resources Inc		8.750		07/01/31		298,277
	280,000	(a)	CNX Resources Corp		7.250		03/01/32		289,915
	95,000	(a)	Delek Logistics Partners LP / Delek Logistics Finance Corp		7.375		06/30/33		94,557
	49,000	(g),(h)	Energy Transfer LP		6.625		N/A		48,772
	358,000	(g),(h)	Energy Transfer LP		7.125		N/A		364,682
	91,000	(g),(h)	Energy Transfer LP		6.500		N/A		91,407
	95,000	(h)	Energy Transfer LP		8.000		05/15/54		101,069
	140,000		Enterprise Products Operating LLC		4.200		01/31/50		110,956
	150,000		Genesis Energy LP / Genesis Energy Finance Corp		7.875		05/15/32		155,962
	160,000	(a)	Global Partners LP / GLP Finance Corp		8.250		01/15/32		168,269
	400,000	(a)	Harvest Midstream I LP		7.500		05/15/32		422,468
	100,000	(a)	Hilcorp Energy I LP / Hilcorp Finance Co		6.250		04/15/32		95,487
	130,000	(a)	Hilcorp Energy I LP / Hilcorp Finance Co		8.375		11/01/33		134,886
	495,000	(a)	Hilcorp Energy I LP / Hilcorp Finance Co		5.750		02/01/29		488,558
	345,000	(a)	Kinetik Holdings LP		5.875		06/15/30		347,926
	150,000	(a)	Kodiak Gas Services LLC		7.250		02/15/29		155,162
	220,000	(a)	Matador Resources Co		6.250		04/15/33		218,374
	225,000	(a)	Noble Finance II LLC		8.000		04/15/30		229,100
	140,000		ONEOK Inc		5.700		11/01/54		129,226
	95,000		ONEOK Inc		5.050		11/01/34		92,449
	400,000	(a)	PBF Holding Co LLC / PBF Finance Corp		7.875		09/15/30		359,114
	150,000	(a)	Rockies Express Pipeline LLC		6.750		03/15/33		156,550
	120,000	(a)	Sunoco LP		7.000		05/01/29		124,966
	300,000	(a)	Sunoco LP		6.250		07/01/33		305,010
	150,000	(a)	Talos Production Inc		9.000		02/01/29		153,580
	142,692	(a)	Transocean Aquila Ltd		8.000		09/30/28		143,776
	108,000	(a)	Transocean Inc		8.750		02/15/30		111,061
	95,000	(a)	Transocean Titan Financing Ltd		8.375		02/01/28		96,497
	120,000		USA Compression Partners LP / USA Compression Finance Corp		6.875		09/01/27		120,241
	400,000	(a)	USA Compression Partners LP / USA Compression Finance Corp		7.125		03/15/29		409,973
	300,000	(a)	Venture Global LNG Inc		8.125		06/01/28		310,063
	750,000	(a)	Venture Global LNG Inc		7.000		01/15/30		758,185
	254,000	(a),(g),(h)	Venture Global LNG Inc		9.000		N/A		246,939
	65,000	(a)	Venture Global Plaquemines LNG LLC		6.500		01/15/34		65,000


			TOTAL ENERGY						9,006,301


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%
	60,000		Essential Properties LP		2.950		07/15/31		53,359
	110,000		Essex Portfolio LP		5.500		04/01/34		112,361
	220,000		GLP Capital LP / GLP Financing II Inc		5.750		06/01/28		225,433
	140,000		GLP Capital LP / GLP Financing II Inc		4.000		01/15/30		134,539
	125,000		Healthcare Realty Holdings LP		2.400		03/15/30		111,420
	400,000	(a)	Iron Mountain Inc		7.000		02/15/29		414,080
	120,000	(a)	Lineage OP LP		5.250		07/15/30		120,727
	195,000		MPT Operating Partnership LP / MPT Finance Corp		5.000		10/15/27		180,119
	105,000	(a)	MPT Operating Partnership LP / MPT Finance Corp		8.500		02/15/32		109,888
	250,000	(a)	RLJ Lodging Trust LP		3.750		07/01/26		247,481


See Notes to Financial Statements		25

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
$	350,000	(a)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		4.750%		04/15/28	$	343,030
	110,000		Ventas Realty LP		5.000		01/15/35		108,118


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)						2,160,555


			FINANCIAL SERVICES - 2.7%
	203,000	(g),(h)	Ally Financial Inc		4.700		N/A		182,060
	159,600	(g),(h)	Ally Financial Inc		4.700		N/A		154,096
	305,000	(a),(g),(h)	American AgCredit Corp		5.250		N/A		295,088
	150,000	(a)	Azorra Finance Ltd		7.250		01/15/31		153,138
	50,000	(a)	Azorra Finance Ltd		7.750		04/15/30		52,137
	250,000		Block Inc		6.500		05/15/32		257,931
	200,000	(g),(h)	Capital One Financial Corp		3.950		N/A		195,139
	130,000	(g),(h)	Capital One Financial Corp		5.500		N/A		128,329
	307,000	(g),(h)	Charles Schwab Corp/The		4.000		N/A		302,389
	400,000	(a)	Compass Group Diversified Holdings LLC		5.250		04/15/29		359,042
	125,000		Corebridge Financial Inc		5.750		01/15/34		129,865
	450,000	(a)	Encore Capital Group Inc		8.500		05/15/30		482,668
	285,000	(a)	FirstCash Inc		6.875		03/01/32		294,916
	330,000	(a)	Freedom Mortgage Holdings LLC		8.375		04/01/32		333,556
	338,000	(g),(h)	Goldman Sachs Group Inc/The		7.500		N/A		358,917
	294,000	(g),(h)	Goldman Sachs Group Inc/The		7.379		N/A		295,080
	179,000	(g),(h)	Goldman Sachs Group Inc/The		5.300		N/A		178,868
	90,000		Goldman Sachs Group Inc/The		5.536		01/28/36		92,294
	505,000	(g),(h)	Goldman Sachs Group Inc/The		6.850		N/A		521,154
	305,000	(g),(h)	Goldman Sachs Group Inc/The		6.125		N/A		305,401
	543,000	(g),(h)	Goldman Sachs Group Inc/The		7.500		N/A		571,739
	300,000	(a)	Hunt Cos Inc		5.250		04/15/29		289,066
	500,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		5.250		05/15/27		484,466
	200,000	(a)	Icahn Enterprises LP / Icahn Enterprises Finance Corp		10.000		11/15/29		198,005
	400,000	(a)	Jane Street Group / JSG Finance Inc		6.125		11/01/32		403,818
	150,000	(a)	Jane Street Group / JSG Finance Inc		6.750		05/01/33		154,231
	335,000		JPMorgan Chase & Co		5.103		04/22/31		343,309
	325,000		JPMorgan Chase & Co		5.572		04/22/36		336,812
	140,000		Morgan Stanley		4.679		07/17/26		139,978
	365,000		Morgan Stanley		5.664		04/17/36		378,230
	490,000		Morgan Stanley		5.192		04/17/31		502,314
	600,000		Navient Corp		5.500		03/15/29		587,626
	690,000		OneMain Finance Corp		6.625		05/15/29		708,665
	300,000	(a)	PennyMac Financial Services Inc		7.125		11/15/30		310,916
	330,000	(a)	PennyMac Financial Services Inc		7.875		12/15/29		350,421
	325,000	(a)	Rocket Cos Inc		6.125		08/01/30		331,185
	375,000	(a)	Starwood Property Trust Inc		6.000		04/15/30		379,291
	60,000	(a)	Starwood Property Trust Inc		6.500		07/01/30		61,972
	177,000	(g),(h)	State Street Corp		6.700		N/A		184,840
	240,000	(a)	UWM Holdings LLC		6.625		02/01/30		240,248
	229,000	(g),(h)	Voya Financial Inc		7.758		N/A		241,794
	165,000	(a)	Walker & Dunlop Inc		6.625		04/01/33		169,328
	240,000	(a)	WEX Inc		6.500		03/15/33		242,136


			TOTAL FINANCIAL SERVICES						12,682,458


			FOOD, BEVERAGE & TOBACCO - 0.7%
	180,000		Constellation Brands Inc		4.800		05/01/30		181,485
	345,000	(a)	Darling Ingredients Inc		6.000		06/15/30		349,555
	1,000,000	(a),(g),(h)	Land O’ Lakes Inc		8.000		N/A		952,499
	110,000	(a)	Mars Inc		4.600		03/01/28		110,894
	185,000	(a)	Mars Inc		4.800		03/01/30		187,442
	110,000	(a)	Mars Inc		5.200		03/01/35		111,318
	40,000	(a)	Mars Inc		5.650		05/01/45		40,097
	60,000	(a)	Mars Inc		5.700		05/01/55		59,854
	85,000		Philip Morris International Inc		4.750		11/01/31		85,626
	300,000	(a)	Post Holdings Inc		6.375		03/01/33		302,735
	300,000	(a)	Primo Water Holdings Inc / Triton Water Holdings Inc		6.250		04/01/29		302,091


26		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			FOOD, BEVERAGE & TOBACCO (continued)
	$390,000	(a)	Viking Baked Goods Acquisition Corp		8.625%		11/01/31	$	382,110


			TOTAL FOOD, BEVERAGE & TOBACCO						3,065,706


			HEALTH CARE EQUIPMENT & SERVICES - 1.2%
	300,000	(a)	CHS/Community Health Systems Inc		5.250		05/15/30		266,024
	200,000	(a)	CHS/Community Health Systems Inc		10.875		01/15/32		211,973
	120,000		CVS Health Corp		5.050		03/25/48		103,614
	142,000	(h)	CVS Health Corp		6.750		12/10/54		142,309
	80,000	(h)	CVS Health Corp		7.000		03/10/55		82,513
	285,000	(a)	DaVita Inc		4.625		06/01/30		273,065
	300,000	(a)	DaVita Inc		6.875		09/01/32		310,854
	270,000	(a)	DaVita Inc		6.750		07/15/33		278,801
	45,000		Elevance Health Inc		4.625		05/15/42		39,473
	400,000	(a)	Global Medical Response Inc, (cash 9.500%, PIK 10.000%)		10.000		10/31/28		400,000
	135,000		HCA Inc		5.250		03/01/30		138,401
	85,000		HCA Inc		5.750		03/01/35		87,412
	195,000	(a)	Heartland Dental LLC / Heartland Dental Finance Corp		10.500		04/30/28		205,899
	50,000	(a)	Insulet Corp		6.500		04/01/33		52,129
	180,000	(a)	IQVIA Inc		6.250		06/01/32		184,719
	300,000	(a)	LifePoint Health Inc		9.875		08/15/30		324,512
	250,000	(a)	Mozart Debt Merger Sub Inc		3.875		04/01/29		239,810
	300,000	(a)	Prime Healthcare Services Inc		9.375		09/01/29		297,750
	175,000	(a)	Radiology Partners Inc		8.500		07/15/32		175,408
	50,000	(a)	Star Parent Inc		9.000		10/01/30		52,591
	456,632	(a)	Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)		9.000		06/30/28		495,447
	625,000	(c)	Tenet Healthcare Corp		4.625		06/15/28		617,164
	250,000		Tenet Healthcare Corp		6.125		10/01/28		250,350
	70,000		UnitedHealth Group Inc		5.500		07/15/44		68,179
	105,000		UnitedHealth Group Inc		5.350		02/15/33		108,185
	135,000		UnitedHealth Group Inc		5.050		04/15/53		120,498


			TOTAL HEALTH CARE EQUIPMENT & SERVICES						5,527,080


			HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	50,000		Haleon US Capital LLC		3.625		03/24/32		46,779


			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						46,779


			INSURANCE - 1.5%
	400,000	(a)	Acrisure LLC / Acrisure Finance Inc		6.750		07/01/32		405,669
	150,000	(a)	Acrisure LLC / Acrisure Finance Inc		4.250		02/15/29		143,958
	500,000	(a)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		6.500		10/01/31		509,300
	475,000	(a)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		4.250		10/15/27		466,261
	50,000	(a)	APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves		7.875		11/01/29		51,146
	50,000		Arthur J Gallagher & Co		5.550		02/15/55		47,948
	393,000	(h)	Assurant Inc		7.000		03/27/48		400,693
	244,000	(h)	Corebridge Financial Inc		6.375		09/15/54		243,190
	235,000	(h)	Enstar Finance LLC		5.500		01/15/42		231,157
	184,000	(a),(h)	Enstar Group Ltd		7.500		04/01/45		189,271
	375,000	(a)	HUB International Ltd		7.250		06/15/30		391,888
	207,000	(h)	MetLife Inc		6.350		03/15/55		212,615
	354,000	(a),(h)	MetLife Inc		9.250		04/08/38		420,296
	439,000	(a)	Omnis Funding Trust		6.722		05/15/55		454,925
	600,000	(a)	Panther Escrow Issuer LLC		7.125		06/01/31		623,250
	100,000	(a)	Pine Street Trust III		6.223		05/15/54		98,721
	360,000	(h)	Provident Financing Trust I		7.405		03/15/38		384,394
	210,000	(h)	Prudential Financial Inc		5.125		03/01/52		203,096
	150,000	(h)	Prudential Financial Inc		6.500		03/15/54		154,087
	85,000		Reinsurance Group of America Inc		5.750		09/15/34		87,247
	150,000	(a)	Ryan Specialty LLC		5.875		08/01/32		151,180
	600,000	(a),(c),(g),(h)	SBL Holdings Inc		9.508		N/A		599,259
	575,000	(a),(g),(h)	SBL Holdings Inc		6.500		N/A		527,096


			TOTAL INSURANCE						6,996,647


See Notes to Financial Statements		27

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MATERIALS - 0.5%
	$125,000		Amcor Group Finance PLC		5.450%		05/23/29	$	128,524
	250,000	(a)	Arsenal AIC Parent LLC		8.000		10/01/30		266,798
	350,000	(a)	Avient Corp		6.250		11/01/31		353,271
	75,000		Ball Corp		6.000		06/15/29		76,888
	115,000		Berry Global Inc		1.570		01/15/26		112,944
	200,000	(a)	Compass Minerals International Inc		8.000		07/01/30		206,628
	300,000	(a)	EverArc Escrow Sarl		5.000		10/30/29		290,515
	50,000		International Flavors & Fragrances Inc		5.000		09/26/48		43,037
	350,000	(a)	Olin Corp		6.625		04/01/33		344,477
	60,000	(a)	Owens-Brockway Glass Container Inc		7.250		05/15/31		61,489
	150,000	(a)	Sealed Air Corp		6.500		07/15/32		155,439
	195,000	(a)	Tronox Inc		4.625		03/15/29		168,267


			TOTAL MATERIALS						2,208,277


			MEDIA & ENTERTAINMENT - 1.2%
	195,000	(a)	Arches Buyer Inc		4.250		06/01/28		186,642
	200,000		CCO Holdings LLC / CCO Holdings Capital Corp		4.500		05/01/32		186,249
	575,000	(a)	CCO Holdings LLC / CCO Holdings Capital Corp		4.500		08/15/30		548,193
	855,000	(a)	CCO Holdings LLC / CCO Holdings Capital Corp		4.250		02/01/31		798,718
	165,000		Charter Communications Operating LLC / Charter Communications Operating Capital		6.550		06/01/34		176,048
	110,000		Comcast Corp		5.350		05/15/53		101,927
	175,000	(a)	CSC Holdings LLC		5.500		04/15/27		167,081
	300,000	(a)	CSC Holdings LLC		11.250		05/15/28		298,871
	360,000	(a)	Directv Financing LLC / Directv Financing Co-Obligor Inc		5.875		08/15/27		358,825
	225,000	(a)	DISH Network Corp		11.750		11/15/27		231,936
	150,000	(a)	Getty Images Inc		9.750		03/01/27		147,008
	300,000	(a)	Gray Media Inc		10.500		07/15/29		322,283
	200,000	(a)	Gray Media Inc		4.750		10/15/30		151,000
	69,000	(a)	McGraw-Hill Education Inc		5.750		08/01/28		69,416
	225,000	(a)	McGraw-Hill Education Inc		7.375		09/01/31		234,707
	250,000	(a)	Outfront Media Capital LLC / Outfront Media Capital Corp		5.000		08/15/27		248,751
	190,000	(h)	Paramount Global		6.375		03/30/62		186,682
	90,000	(a)	Sirius XM Radio LLC		4.125		07/01/30		82,984
	285,000	(a)	Sirius XM Radio LLC		4.000		07/15/28		273,721
	150,000	(a)	Sirius XM Radio LLC		3.875		09/01/31		133,337
	225,000	(a)	Univision Communications Inc		4.500		05/01/29		204,570
	300,000	(a)	Univision Communications Inc		8.500		07/31/31		300,332
	240,000	(a)	Ziff Davis Inc		4.625		10/15/30		224,032


			TOTAL MEDIA & ENTERTAINMENT						5,633,313


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	200,000	(a)	1261229 BC Ltd		10.000		04/15/32		201,754
	65,000		AbbVie Inc		4.950		03/15/31		66,731
	105,000		Amgen Inc		5.650		03/02/53		102,522
	210,000	(a)	Organon & Co / Organon Foreign Debt Co-Issuer BV		7.875		05/15/34		189,640
	250,000	(a)	Organon & Co / Organon Foreign Debt Co-Issuer BV		5.125		04/30/31		216,964


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						777,611


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
	330,000	(a)	Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp		7.000		04/15/30		308,300
	295,000		Kennedy-Wilson Inc		5.000		03/01/31		265,869


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						574,169


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	220,000		Broadcom Inc		5.150		11/15/31		226,331
	25,000		Intel Corp		5.700		02/10/53		23,266


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						249,597


			SOFTWARE & SERVICES - 0.2%
	450,000	(a)	Ahead DB Holdings LLC		6.625		05/01/28		451,379
	25,000	(a)	Amentum Escrow Corp		7.250		08/01/32		25,729
	60,000	(a)	Cloud Software Group Inc		8.250		06/30/32		63,854
	165,000	(a)	Fair Isaac Corp		6.000		05/15/33		166,512
	50,000	(a)	Gen Digital Inc		6.250		04/01/33		51,342


28		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SOFTWARE & SERVICES (continued)
	$95,000		Oracle Corp		6.000%		08/03/55	$	94,840


			TOTAL SOFTWARE & SERVICES						853,656


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	40,000		Apple Inc		2.650		05/11/50		25,091
	75,000	(a)	CommScope Technologies LLC		5.000		03/15/27		73,047
	300,000	(a)	Imola Merger Corp		4.750		05/15/29		289,647


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						387,785


			TELECOMMUNICATION SERVICES - 0.5%
	105,000		AT&T Inc		3.650		06/01/51		74,596
	120,000		AT&T Inc		3.500		09/15/53		81,223
	230,000		AT&T Inc		3.800		12/01/57		160,931
	90,000		EchoStar Corp, (cash 6.750%, PIK 6.750%)		6.750		11/30/30		82,137
	90,000		EchoStar Corp		10.750		11/30/29		92,700
	375,000	(a)	Frontier Communications Holdings LLC		5.875		10/15/27		375,142
	275,000	(a)	Level 3 Financing Inc		4.875		06/15/29		256,781
	300,000	(a)	Level 3 Financing Inc		6.875		06/30/33		305,257
	150,000		T-Mobile US Inc		5.125		05/15/32		152,969
	80,000		T-Mobile US Inc		5.300		05/15/35		81,003
	410,000	(a)	Windstream Escrow LLC / Windstream Escrow Finance Corp		8.250		10/01/31		429,388
	268,000	(a)	Zayo Group Holdings Inc		4.000		03/01/27		251,324


			TOTAL TELECOMMUNICATION SERVICES						2,343,451


			TRANSPORTATION - 0.3%
	180,000	(a)	Air Transport Services Group Inc		7.250		03/15/32		190,810
	295,000	(a)	American Airlines Inc		7.250		02/15/28		301,268
	900,000	(a)	Brightline East LLC		11.000		01/31/30		666,001
	195,000	(a)	Genesee & Wyoming Inc		6.250		04/15/32		198,973
	250,000	(a)	United Airlines Inc		4.375		04/15/26		248,347


			TOTAL TRANSPORTATION						1,605,399


			UTILITIES - 1.5%
	100,000		AEP Transmission Co LLC		5.400		03/15/53		96,332
	113,000	(h)	AES Corp/The		7.600		01/15/55		116,345
	151,000	(h)	AES Corp/The		6.950		07/15/55		147,302
	130,000		Ameren Illinois Co		4.950		06/01/33		131,742
	192,000	(h)	CMS Energy Corp		6.500		06/01/55		192,459
	115,000	(h)	Dominion Energy Inc		7.000		06/01/54		123,387
	85,000		DTE Electric Co		5.200		03/01/34		86,800
	145,000		Duke Energy Carolinas LLC		5.350		01/15/53		139,028
	125,000		Duke Energy Carolinas LLC		4.250		12/15/41		106,902
	153,000	(h)	Duke Energy Corp		6.450		09/01/54		157,255
	150,000	(g),(h)	Edison International		5.375		N/A		141,228
	103,000	(g),(h)	Edison International		5.000		N/A		89,038
	139,000	(h)	Edison International		8.125		06/15/53		134,259
	314,000	(h)	Entergy Corp		7.125		12/01/54		324,882
	193,000	(h)	EUSHI Finance Inc		7.625		12/15/54		199,796
	550,000	(a)	Ferrellgas LP / Ferrellgas Finance Corp		5.875		04/01/29		508,843
	70,000		Florida Power & Light Co		5.700		03/15/55		70,800
	205,000		Interstate Power and Light Co		5.600		06/29/35		210,713
	262,000	(h)	NextEra Energy Capital Holdings Inc		6.750		06/15/54		271,817
	80,000		NiSource Inc		5.850		04/01/55		79,161
	155,000		Northern States Power Co/MN		5.050		05/15/35		156,548
	180,000	(a)	NRG Energy Inc		6.250		11/01/34		183,393
	225,000	(a)	NRG Energy Inc		6.000		02/01/33		227,242
	128,000	(h)	PG&E Corp		7.375		03/15/55		121,219
	484,000		PG&E Corp		5.000		07/01/28		471,441
	50,000		PG&E Corp		5.250		07/01/30		47,632
	151,000	(g),(h)	Sempra		4.875		N/A		150,377
	269,000	(h)	Sempra		6.550		04/01/55		255,081
	195,000		Suburban Propane Partners LP/Suburban Energy Finance Corp		5.875		03/01/27		194,944
	585,000	(a)	Talen Energy Supply LLC		8.625		06/01/30		626,926
	390,000	(a)	TerraForm Power Operating LLC		5.000		01/31/28		386,028
	185,000	(a),(g),(h)	Vistra Corp		8.000		N/A		189,486


See Notes to Financial Statements		29

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES (continued)
	$217,000	(a),(g),(h)	Vistra Corp		8.875%		N/A	$	235,855
	255,000	(a)	Vistra Operations Co LLC		7.750		10/15/31		271,025
	60,000	(a)	XPLR Infrastructure Operating Partners LP		8.375		01/15/31		64,086
	120,000	(a)	XPLR Infrastructure Operating Partners LP		8.625		03/15/33		128,613


			TOTAL UTILITIES						7,037,985


			TOTAL CORPORATE BONDS (Cost $89,376,848)						90,173,603



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.3% (10.2% of Total Investments)
			ANGOLA - 0.0%
	200,000	(a)	Angolan Government International Bond		8.750		04/14/32		176,533


			TOTAL ANGOLA						176,533


			ARGENTINA - 0.2%
	110,000		Argentine Republic Government International Bond		0.750		07/09/30		87,725
	475,000		Argentine Republic Government International Bond		4.125		07/09/35		319,541
	200,000		Argentine Republic Government International Bond		5.000		01/09/38		142,544
	305,793	(a)	Provincia de Buenos Aires/Government Bonds		6.625		09/01/37		219,406
	250,000	(a)	YPF SA		8.250		01/17/34		249,961


			TOTAL ARGENTINA						1,019,177


			AUSTRALIA - 0.2%
	200,000		AngloGold Ashanti Holdings PLC		3.750		10/01/30		186,619
	255,000	(a)	Mineral Resources Ltd		8.000		11/01/27		256,188
	285,000	(a)	Mineral Resources Ltd		9.250		10/01/28		291,672


			TOTAL AUSTRALIA						734,479


			BELGIUM - 0.0%
	144,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc		4.900		02/01/46		131,996


			TOTAL BELGIUM						131,996


			BENIN - 0.0%
	EUR 190,000	(a)	Benin Government International Bond		4.950		01/22/35		192,075


			TOTAL BENIN						192,075


			BRAZIL - 0.6%
	150,000	(a)	Banco Bradesco SA/Cayman Islands		6.500		01/22/30		157,035
	BRL 285,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/27		49,768
	BRL 1,225,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/31		197,811
	200,000		Brazilian Government International Bond		4.750		01/14/50		140,839
	340,000		Brazilian Government International Bond		6.000		10/20/33		337,075
	200,000	(a)	Caixa Economica Federal		5.625		05/13/30		199,600
	200,000	(a)	Klabin Austria GmbH		5.750		04/03/29		201,428
	200,000	(a)	LD Celulose International GmbH		7.950		01/26/32		210,500
	200,000	(a)	Minerva Luxembourg SA		8.875		09/13/33		216,044
	145,000		Petrobras Global Finance BV		6.750		06/03/50		132,269
	115,000		Petrobras Global Finance BV		5.500		06/10/51		88,965
	200,000	(a)	Raizen Fuels Finance SA		5.700		01/17/35		187,250


			TOTAL BRAZIL						2,118,584


			CANADA - 1.4%
	75,000	(a)	1011778 BC ULC / New Red Finance Inc		4.000		10/15/30		69,890
	150,000	(a)	Air Canada		3.875		08/15/26		148,485
	120,000	(a)	AltaGas Ltd		7.200		10/15/54		120,027
	200,000		Bank of Montreal		7.700		05/26/84		206,517
	314,000		Bank of Montreal		7.300		11/26/84		320,774
	200,000		Bank of Nova Scotia/The		8.000		01/27/84		212,092
	345,000	(a)	Baytex Energy Corp		7.375		03/15/32		329,437
	278,000		Bell Telephone Co of Canada or Bell Canada		7.000		09/15/55		281,974
	285,000		Canadian Imperial Bank of Commerce		6.950		01/28/85		285,805
	695,000	(c)	Emera Inc		6.750		06/15/76		699,361
	688,000		Enbridge Inc		8.500		01/15/84		765,998
	305,000		Enbridge Inc		7.625		01/15/83		321,626


30		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CANADA
$	175,000		Enbridge Inc		5.500%		07/15/77	$	173,548
	270,000	(a)	New Flyer Holdings Inc		9.250		07/01/30		284,861
	150,000	(a)	Open Text Corp		3.875		12/01/29		141,288
	75,000	(a)	Open Text Holdings Inc		4.125		12/01/31		69,053
	177,000		Rogers Communications Inc		7.125		04/15/55		179,408
	242,000		Royal Bank of Canada		6.750		08/24/85		242,179
	144,000	(a)	South Bow Canadian Infrastructure Holdings Ltd		7.500		03/01/55		148,572
	250,000	(a)	Superior Plus LP / Superior General Partner Inc		4.500		03/15/29		240,443
	152,000		TELUS Corp		7.000		10/15/55		153,017
	200,000		Toronto-Dominion Bank/The		8.125		10/31/82		208,881
	75,000		Transcanada Trust		5.875		08/15/76		75,118
	219,000		Transcanada Trust		5.600		03/07/82		212,728


			TOTAL CANADA						5,891,082


			CHILE - 0.4%
	400,000	(a)	AES Andes SA		8.150		06/10/55		413,841
	197,609	(a)	Alfa Desarrollo SpA 2021 1		4.550		09/27/51		145,358
	200,000	(a),(j)	Banco de Credito e Inversiones SA		8.750		08/08/73		211,006
	200,000	(a),(j)	Banco del Estado de Chile		7.950		11/02/73		207,750
	CLP 140,000,000	(a)	Bonos de la Tesoreria de la Republica en pesos, Reg S		5.000		10/01/28		150,161
	200,000	(a)	Celulosa Arauco y Constitucion SA		6.180		05/05/32		203,720
	EUR 50,000		Chile Government International Bond		3.800		07/01/35		58,652
	175,000	(a)	Cia Cervecerias Unidas SA		3.350		01/19/32		155,254
	200,000	(a)	Corp Nacional del Cobre de Chile		6.440		01/26/36		209,207
	200,000	(a)	Empresa Nacional del Petroleo		6.150		05/10/33		205,034


			TOTAL CHILE						1,959,983


			CHINA - 0.0%
	200,000	(a)	Lenovo Group Ltd		3.421		11/02/30		186,349


			TOTAL CHINA						186,349


			COLOMBIA - 0.3%
	200,000	(a),(j)	Banco Davivienda SA		8.125		07/02/35		200,660
	200,000	(j)	Bancolombia SA		8.625		12/24/34		210,283
	350,000		Colombia Government International Bond		3.125		04/15/31		287,041
	200,000		Colombia Government International Bond		8.000		11/14/35		200,858
	COP 725,000,000		Colombian TES		7.750		09/18/30		153,264
	200,000		Ecopetrol SA		4.625		11/02/31		168,915
	200,000		Ecopetrol SA		5.875		11/02/51		131,677
	200,000	(a)	Grupo Aval Ltd		4.375		02/04/30		183,389


			TOTAL COLOMBIA						1,536,087


			COTE D’IVOIRE - 0.1%
	395,000		Ivory Coast Government International Bond, Reg S		6.125		06/15/33		358,287
	EUR 170,000		Ivory Coast Government International Bond, Reg S		6.875		10/17/40		170,833


			TOTAL COTE D’IVOIRE						529,120


			CZECH REPUBLIC - 0.0%
	CZK 2,150,000		Czech Republic Government Bond		1.750		06/23/32		89,053


			TOTAL CZECH REPUBLIC						89,053


			DOMINICAN REPUBLIC - 0.1%
	200,000	(a)	Aeropuertos Dominicanos Siglo XXI SA		7.000		06/30/34		208,186
	125,000		Dominican Republic International Bond, Reg S		7.450		04/30/44		130,500
	150,000	(a)	Dominican Republic International Bond		7.050		02/03/31		157,155
	DOP 3,100,000	(a)	Dominican Republic International Bond		13.000		06/10/34		59,629


			TOTAL DOMINICAN REPUBLIC						555,470


			ECUADOR - 0.0%
	260,000	(a)	Ecuador Government International Bond		1.000		07/31/35		188,367


			TOTAL ECUADOR						188,367



	220,000	(a)	Egypt Government International Bond		7.300		09/30/33		195,445
	200,000	(a)	Egypt Government International Bond		7.600		03/01/29		201,607
	205,000	(a)	Egypt Government International Bond		8.875		05/29/50		170,230
	225,000	(a)	Egypt Government International Bond		8.500		01/31/47		182,277


			TOTAL EGYPT						749,559


See Notes to Financial Statements		31

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EL SALVADOR - 0.0%
$	150,000	(a)	El Salvador Government International Bond		0.250%		04/17/30	$	3,073
	150,000	(a)	El Salvador Government International Bond		9.650		11/21/54		154,125


			TOTAL EL SALVADOR						157,198


			FINLAND - 0.1%
	246,000	(a),(j)	Nordea Bank Abp		6.300		03/25/74		239,614


			TOTAL FINLAND						239,614


			FRANCE - 1.3%
	502,000	(a),(j)	BNP Paribas SA		7.750		02/16/71		527,991
	200,000	(a),(j)	BNP Paribas SA		9.250		05/17/74		214,286
	610,000	(a),(j)	BNP Paribas SA		8.500		02/14/74		645,056
	625,000	(a),(c),(j)	BNP Paribas SA		8.000		08/22/73		660,858
	409,000	(a),(j)	BNP Paribas SA		7.375		03/10/74		415,364
	200,000	(a),(j)	BNP Paribas SA		7.450		12/27/73		201,200
	315,000	(a),(j)	Credit Agricole SA		8.125		03/23/74		318,938
	708,000	(a),(j)	Credit Agricole SA		6.700		12/23/73		692,722
	525,000	(a)	Iliad Holding SASU		8.500		04/15/31		561,553
	454,000	(a),(j)	Societe Generale SA		9.375		05/22/74		481,793
	205,000	(a),(j)	Societe Generale SA		8.500		09/25/73		214,111
	495,000	(a),(j)	Societe Generale SA		10.000		05/14/74		540,215


			TOTAL FRANCE						5,474,087


			GERMANY - 0.4%
	200,000	(j)	Deutsche Bank AG		6.000		04/30/74		199,089
	600,000	(j)	Deutsche Bank AG, Reg S		8.130		04/30/73		619,151
	130,000		Deutsche Bank AG/New York NY		6.819		11/20/29		138,661
	480,000	(a)	IHO Verwaltungs GmbH		8.000		11/15/32		490,819
	450,000		ZF North America Capital Inc		6.750		04/23/30		432,141


			TOTAL GERMANY						1,879,861


			GHANA - 0.1%
	118,280	(a)	Ghana Government International Bond		5.000		07/03/29		110,731
	367,320	(a)	Ghana Government International Bond		5.000		07/03/35		285,314
	200,000	(a)	Kosmos Energy Ltd		7.500		03/01/28		164,609


			TOTAL GHANA						560,654


			GUATEMALA - 0.1%
	200,000	(a)	CT Trust		5.125		02/03/32		186,469
	200,000	(a)	Guatemala Government Bond		3.700		10/07/33		168,500
	180,000	(a)	Millicom International Cellular SA 2029 2029		6.250		03/25/29		180,407


			TOTAL GUATEMALA						535,376


			HONDURAS - 0.1%
	175,000	(a)	Honduras Government International Bond		5.625		06/24/30		167,125
	150,000	(a)	Honduras Government International Bond		8.625		11/27/34		157,425


			TOTAL HONDURAS						324,550


			HUNGARY - 0.2%
	HUF 50,000,000		Hungary Government Bond		4.500		03/23/28		140,594
	210,000	(a)	Hungary Government International Bond		5.500		03/26/36		202,464
	200,000	(a)	Hungary Government International Bond		5.375		09/26/30		201,798
	200,000	(a)	Magyar Export-Import Bank Zrt		6.125		12/04/27		204,386


			TOTAL HUNGARY						749,242


			INDIA - 0.2%
	200,000	(a)	Adani Ports & Special Economic Zone Ltd		3.100		02/02/31		169,206
	200,000	(a)	Indian Railway Finance Corp Ltd		3.570		01/21/32		183,901
	200,000	(a)	IRB Infrastructure Developers Ltd		7.110		03/11/32		200,249
	200,000	(a)	Muthoot Finance Ltd		6.375		04/23/29		199,593
		(a)	ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9
	200,000		Subsidiaries		4.500		07/14/28		189,755


			TOTAL INDIA						942,704


			INDONESIA - 0.2%
	200,000	(a)	Indika Energy Tbk PT		8.750		05/07/29		192,520
	IDR 2,701,999,999		Indonesia Treasury Bond		7.000		09/15/30		170,251
	IDR 1,110,000,000		Indonesia Treasury Bond		6.625		02/15/34		68,149
	200,000	(a)	Medco Maple Tree Pte Ltd		8.960		04/27/29		208,180


32		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			INDONESIA
$	200,000		Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S		5.250%		05/15/47	$	173,189
	335,000		Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg S		3.875		07/17/29		324,395


			TOTAL INDONESIA						1,136,684


			IRAQ - 0.0%
	150,000	(a)	Iraq International Bond		5.800		01/15/28		148,108


			TOTAL IRAQ						148,108


			IRELAND - 0.2%
	636,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.950		03/10/55		660,925
	450,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.500		01/31/56		450,717
	10,000	(a)	Phoenix Aviation Capital Ltd		9.250		07/15/30		10,357


			TOTAL IRELAND						1,121,999
			ISRAEL - 0.1%
	200,000	(a),(j)	Bank Hapoalim BM, Reg S		3.255		01/21/32		191,170
	180,000	(a)	Energean Israel Finance Ltd, Reg S		4.875		03/30/26		177,651
	200,000	(a)	Israel Electric Corp Ltd, Reg S		4.250		08/14/28		194,199


			TOTAL ISRAEL						563,020


			ITALY - 0.0%
	200,000	(a)	Efesto Bidco S.p.A Efesto US LLC		7.500		02/15/32		202,501


			TOTAL ITALY						202,501


			JAMAICA - 0.0%
	200,000	(a)	Kingston Airport Revenue Finance Ltd		6.750		12/15/36		201,086


			TOTAL JAMAICA						201,086


			JAPAN - 0.0%
	200,000	(j)	Nomura Holdings Inc		7.000		01/15/74		202,550


			TOTAL JAPAN						202,550


			JORDAN - 0.0%
	200,000	(a)	Jordan Government International Bond		5.850		07/07/30		192,286


			TOTAL JORDAN						192,286


			KAZAKHSTAN - 0.1%
	200,000	(a)	Baiterek National Managing Holding JSC		5.450		05/08/28		202,346
	200,000	(a)	Development Bank of Kazakhstan JSC		5.500		04/15/27		202,473
	200,000	(a)	KazMunayGas National Co JSC		3.500		04/14/33		173,336


			TOTAL KAZAKHSTAN						578,155


			KENYA - 0.0%
	200,000	(a)	Republic of Kenya Government International Bond		7.250		02/28/28		196,168


			TOTAL KENYA						196,168


			LUXEMBOURG - 0.1%
	300,000	(a)	Albion Financing 1 SARL / Aggreko Holdings Inc		7.000		05/21/30		306,158


			TOTAL LUXEMBOURG						306,158


			MACAU - 0.0%
	200,000	(a)	MGM China Holdings Ltd		7.125		06/26/31		207,885


			TOTAL MACAU						207,885


			MALAYSIA - 0.1%
	MYR 400,000		Malaysia Government Bond		4.254		05/31/35		100,630
	240,000	(a)	Petronas Capital Ltd		5.340		04/03/35		245,792
	205,000	(a)	Petronas Capital Ltd		3.404		04/28/61		133,593


			TOTAL MALAYSIA						480,015


			MEXICO - 1.0%
	300,000	(a),(j)	Banco Mercantil del Norte SA/Grand Cayman		7.625		10/06/73		298,972
	509,800	(a),(j)	Banco Mercantil del Norte SA/Grand Cayman		8.750		02/20/73		514,544
	200,000	(a),(j)	Banco Mercantil del Norte SA/Grand Cayman		8.375		02/20/74		202,576
	200,000	(a)	Banco Nacional de Comercio Exterior SNC/Cayman Islands		2.720		08/11/31		189,259
	200,000	(a)	Banco Nacional de Comercio Exterior SNC/Cayman Islands		5.875		05/07/30		202,622
	178,049	(a)	Borr IHC Ltd / Borr Finance LLC		10.000		11/15/28		162,611
	298,000	(a)	Cemex SAB de CV		7.200		09/10/73		301,055
	200,000	(a)	Comision Federal de Electricidad		6.125		06/16/45		176,300


See Notes to Financial Statements		33

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MEXICO
$	198,850	(a)	FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple		7.250%		01/31/41	$	201,664
	200,000	(a)	Gruma SAB de CV		5.761		12/09/54		189,024
	200,000	(a)	Grupo Aeromexico SAB de CV		8.625		11/15/31		191,030
	MXN 3,600,000		Mexican Bonos		8.500		11/18/38		176,248
	MXN 1,000,000		Mexican Bonos		7.750		05/29/31		50,767
	200,000		Mexico Government International Bond		4.280		08/14/41		153,260
	250,000		Mexico Government International Bond		6.400		05/07/54		229,750
	200,000	(a)	Nemak SAB de CV		3.625		06/28/31		165,696
	200,000	(a)	Orbia Advance Corp SAB de CV		6.800		05/13/30		204,400
	200,000		Petroleos Mexicanos		6.750		09/21/47		144,858
	275,000		Petroleos Mexicanos		6.840		01/23/30		265,676
	245,000		Petroleos Mexicanos		5.950		01/28/31		221,487
	200,000		Petroleos Mexicanos		6.950		01/28/60		143,718


			TOTAL MEXICO						4,385,517


			MOROCCO - 0.1%
	200,000	(a)	Morocco Government International Bond		5.500		12/11/42		178,513
	200,000	(a)	OCP SA		5.125		06/23/51		151,583


			TOTAL MOROCCO						330,096


			NETHERLANDS - 0.4%
	516,000	(j)	ING Groep NV		5.750		11/16/73		513,163
	526,000	(j)	ING Groep NV, Reg S		7.500		05/16/72		542,437
	450,000	(a)	Sunrise FinCo I BV		4.875		07/15/31		425,588
	310,000	(a)	VZ Secured Financing BV		5.000		01/15/32		275,779


			TOTAL NETHERLANDS						1,756,967


			NIGERIA - 0.1%
	200,000	(a)	IHS Holding Ltd		7.875		05/29/30		200,446
	275,000	(a)	Nigeria Government International Bond		10.375		12/09/34		289,667


			TOTAL NIGERIA						490,113


			OMAN - 0.0%
	200,000		Oman Government International Bond, Reg S		6.750		01/17/48		206,433


			TOTAL OMAN						206,433


			PANAMA - 0.2%
	200,000	(a)	Aeropuerto Internacional de Tocumen SA		5.125		08/11/61		139,660
	200,000	(a)	Empresa de Transmision Electrica SA		5.125		05/02/49		143,000
	300,000		Panama Government International Bond		4.500		04/01/56		194,082
	200,000		Panama Government International Bond		8.000		03/01/38		214,315
	162,222	(a)	UEP Penonome II SA 2020 1		6.500		10/01/38		143,540


			TOTAL PANAMA						834,597


			PARAGUAY - 0.0%
	200,000	(a)	Paraguay Government International Bond		6.000		02/09/36		203,060


			TOTAL PARAGUAY						203,060


			PERU - 0.1%
	200,000	(a)	Banco Internacional del Peru SAA Interbank		6.397		04/30/35		203,980
	200,000	(a)	Niagara Energy SAC		5.746		10/03/34		197,993
	PEN 250,000	(a)	Peruvian Government International Bond		5.400		08/12/34		66,494
	150,000		Peruvian Government International Bond		3.000		01/15/34		126,240


			TOTAL PERU						594,707


			PHILIPPINES - 0.0%
	200,000		Philippine Government International Bond		4.200		03/29/47		163,339


			TOTAL PHILIPPINES						163,339


			POLAND - 0.2%
	200,000	(a)	Bank Gospodarstwa Krajowego		5.375		05/22/33		201,615
	PLN 400,000		Republic of Poland Government Bond		0.250		10/25/26		105,145
	PLN 525,000		Republic of Poland Government Bond		2.750		10/25/29		134,374
	PLN 375,000		Republic of Poland Government Bond		6.000		10/25/33		108,450
	90,000		Republic of Poland Government International Bond		5.500		04/04/53		83,859
	100,000		Republic of Poland Government International Bond		5.375		02/12/35		101,819


			TOTAL POLAND						735,262


34		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			PUERTO RICO - 0.1%
$	630,000	(a)	LCPR Senior Secured Financing DAC		6.750%		10/15/27	$	424,362


			TOTAL PUERTO RICO						424,362


			REPUBLIC OF SERBIA - 0.0%
	200,000	(a)	Serbia International Bond		6.500		09/26/33		210,570


			TOTAL REPUBLIC OF SERBIA						210,570


			ROMANIA - 0.1%
	RON 320,000		Romania Government Bond		4.150		01/26/28		68,921
	EUR 185,000	(a)	Romanian Government International Bond		5.250		05/30/32		214,881
	102,000	(a)	Romanian Government International Bond		5.875		01/30/29		102,682
	110,000	(a)	Romanian Government International Bond		5.750		03/24/35		101,600


			TOTAL ROMANIA						488,084


			RWANDA - 0.1%
	300,000	(a)	Rwanda International Government Bond		5.500		08/09/31		255,418


			TOTAL RWANDA						255,418


			SAUDI ARABIA - 0.2%
	200,000	(a)	EIG Pearl Holdings Sarl		4.387		11/30/46		155,268
	200,000		Saudi Arabian Oil Co, Reg S		4.250		04/16/39		173,990
	385,000		Saudi Government International Bond, Reg S		3.750		01/21/55		262,416
	200,000	(a)	Saudi Government International Bond		5.625		01/13/35		208,518


			TOTAL SAUDI ARABIA						800,192


			SENEGAL - 0.1%
	215,000		Senegal Government International Bond, Reg S		6.750		03/13/48		129,045
	200,000	(a)	Senegal Government International Bond		6.750		03/13/48		120,043


			TOTAL SENEGAL						249,088
			SOUTH AFRICA - 0.3%
	500,000	(a)	Eskom Holdings SOC Ltd		8.450		08/10/28		525,387
	ZAR 3,025,000		Republic of South Africa Government Bond		8.875		02/28/35		159,777
	200,000		Republic of South Africa Government International Bond		5.375		07/24/44		152,244
	200,000	(a)	Republic of South Africa Government International Bond		7.100		11/19/36		198,428
	250,000	(a)	Transnet SOC Ltd		8.250		02/06/28		258,585
	200,000	(a)	Windfall Mining Group Inc / Groupe Minier Windfall Inc		5.854		05/13/32		204,279


			TOTAL SOUTH AFRICA						1,498,700


			SPAIN - 0.7%
	440,000	(j)	Banco Bilbao Vizcaya Argentaria SA		6.125		02/16/74		430,972
	473,000	(j)	Banco Bilbao Vizcaya Argentaria SA		9.375		12/19/73		522,000
	200,000	(j)	Banco Bilbao Vizcaya Argentaria SA		7.750		04/14/74		202,742
	400,000	(j)	Banco Santander SA		8.000		11/01/73		423,050
	400,000	(j)	Banco Santander SA		4.750		08/12/73		387,771
	600,000	(j)	Banco Santander SA		9.625		02/21/74		699,733


			TOTAL SPAIN						2,666,268


			SRI LANKA - 0.0%
	129,323	(a)	Sri Lanka Government International Bond		3.350		03/15/33		104,217
	79,065	(a)	Sri Lanka Government International Bond		3.600		02/15/38		64,087
	56,938	(a)	Sri Lanka Government International Bond		3.600		06/15/35		39,078


			TOTAL SRI LANKA						207,382


			SUPRANATIONAL - 0.1%
	200,000	(a)	Banque Ouest Africaine de Developpement		8.200		02/13/55		200,120
	INR 12,500,000		European Bank for Reconstruction & Development		6.300		10/26/27		144,913


			TOTAL SUPRANATIONAL						345,033


			SWITZERLAND - 0.7%
	1,000,000	(b)	Credit Suisse Group AG		0.000		01/17/72		115,000
	1,645,000	(b)	Credit Suisse Group AG		7.250		03/12/72		189,175
	300,000	(b)	Credit Suisse Group AG		6.380		02/21/72		34,500
	575,000	(b)	Credit Suisse Group AG		7.500		06/11/72		66,125
	735,000	(b)	Credit Suisse Group AG		7.500		01/17/72		84,525
	521,000	(a),(j)	UBS Group AG		9.250		05/13/74		602,489
	499,000	(a),(j)	UBS Group AG		9.250		05/13/74		544,646
	250,000	(a),(j)	UBS Group AG		7.750		04/12/74		263,191
	286,000	(j)	UBS Group AG, Reg S		6.875		08/07/73		286,215


See Notes to Financial Statements		35

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SWITZERLAND
$	480,000	(a)	VistaJet Malta Finance PLC / Vista Management Holding Inc		6.375%		02/01/30	$	449,990


			TOTAL SWITZERLAND						2,635,856
			THAILAND - 0.0%
	200,000	(a)	Bangkok Bank PCL/Hong Kong		3.466		09/23/36		177,900


			TOTAL THAILAND						177,900
			TOGO - 0.0%
	200,000	(a)	Ecobank Transnational Inc		10,125		10/15/29		204,250


			TOTAL TOGO						204,250


			TURKEY - 0.3%
	200,000	(a)	Limak Cimento Sanayi ve Ticaret AS		9.750		07/25/29		200,096
	200,000	(a)	Turkcell Iletisim Hizmetleri AS		7.650		01/24/32		203,165
	EUR 200,000		Turkiye Government International Bond		5.875		05/21/30		251,889
	250,000		Turkiye Government International Bond		6.000		01/14/41		205,777
	200,000		Turkiye Government International Bond		7.125		07/17/32		200,099
	200,000	(a)	Ulker Biskuvi Sanayi AS		7.875		07/08/31		204,453
	200,000	(a)	Yapi ve Kredi Bankasi AS		9.250		01/17/34		208,640


			TOTAL TURKEY						1,474,119


			UGANDA - 0.0%
	UGX 353,000,000		Republic of Uganda Government Bonds		14.250		06/22/34		86,286


			TOTAL UGANDA						86,286


			UKRAINE - 0.1%
	243,699	(a)	Ukraine Government International Bond		1.750		02/01/29		150,179
	311,275	(a)	Ukraine Government International Bond		0.000		02/01/35		145,862
	67,730	(a)	Ukraine Government International Bond		0.000		02/01/36		31,664


			TOTAL UKRAINE						327,705


			UKRAINE - 0.1%
			UNITED ARAB EMIRATES - 0.2%
	400,000		Emirate of Dubai Government International Bonds, Reg S		3.900		09/09/50		282,431
	435,000	(a)	Galaxy Pipeline Assets Bidco Ltd		2.625		03/31/36		369,572
	211,978	(a)	Galaxy Pipeline Assets Bidco Ltd 2022 2022		2.940		09/30/40		173,642
	184,448	(a)	Sweihan PV Power Co PJSC 2022 1		3.625		01/31/49		152,075


			TOTAL UNITED ARAB EMIRATES						977,720


			UNITED KINGDOM - 2.3%
	450,000	(a)	Ardonagh Finco Ltd		7.750		02/15/31		470,461
	388,000	(j)	Barclays PLC		8.000		12/15/73		406,984
	1,092,000	(j)	Barclays PLC		9.625		03/15/73		1,212,892
	200,000	(j)	Barclays PLC		7.625		06/15/74		200,859
	300,000	(a)	California Buyer Ltd / Atlantica Sustainable Infrastructure PLC		6.375		02/15/32		300,489
	300,000	(a)	ContourGlobal Power Holdings SA		6.750		02/28/30		309,108
	445,000	(j)	HSBC Holdings PLC		6.950		03/11/74		447,357
	394,000	(j)	HSBC Holdings PLC		6.875		03/11/74		398,721
	275,000	(j)	HSBC Holdings PLC		6.950		08/27/73		276,040
	200,000	(j)	HSBC Holdings PLC		6.500		09/23/73		201,275
	284,000	(j)	HSBC Holdings PLC		6.000		11/22/73		283,713
	453,000	(j)	HSBC Holdings PLC		8.000		09/07/73		473,965
	771,000	(j)	Lloyds Banking Group PLC		8.000		06/27/74		813,100
	221,000	(j)	Lloyds Banking Group PLC		6.750		12/27/73		216,244
	300,000	(a)	Merlin Entertainments Group US Holdings Inc		7.375		02/15/31		268,084
	300,000	(a)	Motion Finco Sarl		8.375		02/15/32		274,830
	682,000	(j)	NatWest Group PLC		8.125		06/30/74		735,642
	442,000	(j)	NatWest Group PLC		7.300		12/31/73		439,485
	416,000	(j)	NatWest Group PLC		8.000		09/30/73		417,283
	200,000	(j)	Phoenix Group Holdings PLC, Reg S		8.500		12/12/72		208,256
	343,000	(a),(j)	Standard Chartered PLC		7.750		02/15/74		355,812
	550,000	(a)	Virgin Media Secured Finance PLC		5.500		05/15/29		540,970
	365,000		Vodafone Group PLC		7.000		04/04/79		380,821
	380,000	(a)	Zegona Finance PLC		8.625		07/15/29		405,650


			TOTAL UNITED KINGDOM						10,038,041


			URUGUAY - 0.0%
	UYU 6,200,000		Uruguay Government International Bond		8.250		05/21/31		151,424


			TOTAL URUGUAY						151,424


36		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UZBEKISTAN - 0.0%
$	200,000	(a)	Republic of Uzbekistan International Bond		6.900%		02/28/32	$	205,518


			TOTAL UZBEKISTAN						205,518


			ZAMBIA - 0.1%
	122,524	(a)	Zambia Government International Bond		5.750		06/30/33		112,461
	197,169	(a)	Zambia Government International Bond		0.500		12/31/53		135,427


			TOTAL ZAMBIA						247,888


			TOTAL EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS (Cost $70,024,565)						65,829,710



SHARES			DESCRIPTION					VALUE


			EXCHANGE-TRADED FUNDS - 4.8% (3.4% of Total Investments)
	13,121		3i Infrastructure PLC						61,683
	364,718		iShares Core MSCI Emerging Markets ETF						21,894,021


			TOTAL EXCHANGE-TRADED FUNDS (Cost $16,988,593)						21,955,704



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES - 15.2% (10.9% of Total Investments)
	100,000	(a),(i)	ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M + 1.750%)		6.050		06/15/35		100,232
	420,000	(i)	BANK 2019-BNK24, Series 2019 BN24		3.283		11/15/62		390,302
	307,876	(a),(i)	BX Commercial Mortgage Trust 2021-CIP, Series 2021 CIP, (TSFR1M + 1.035%)		5.347		12/15/38		307,800
	130,000		CD 2017-CD5 Mortgage Trust, Series CD5		3.431		08/15/50		127,078
	60,037	(i)	Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015 GC29		3.758		04/10/48		57,846
	250,000	(i)	Citigroup Commercial Mortgage Trust 2018-B2, Series 2018 B2		4.179		03/10/51		244,597
	475,000	(a),(i)	Connecticut Avenue Securities Trust 2022-R05, Series 2022 R05, (SOFR30A + 7.000%)		11.305		04/25/42		514,452
	900,000	(a),(i)	Connecticut Avenue Securities Trust 2022-R07, Series 2022 R07, (SOFR30A + 4.650%)		8.956		06/25/42		960,241
	35,000	(a),(i)	Connecticut Avenue Securities Trust 2022-R08, Series 2022 R08, (SOFR + 3.600%)		7.905		07/25/42		36,547
	105,000	(a),(i)	Connecticut Avenue Securities Trust 2022-R09, Series 2022 R09, (SOFR30A + 4.750%)		9.056		09/25/42		112,582
	500,000	(a),(i)	Connecticut Avenue Securities Trust 2023-R01, Series 2023 R01, (SOFR30A + 3.750%)		8.056		12/25/42		527,940
	935,000	(a),(i)	Connecticut Avenue Securities Trust 2023-R05, Series 2023 R05, (SOFR30A + 3.100%)		7.406		06/25/43		976,733
	695,000	(a),(i)	Connecticut Avenue Securities Trust 2023-R06, Series 2023 R06, (SOFR30A + 2.700%)		7.005		07/25/43		718,259
	210,000	(a),(i)	Connecticut Avenue Securities Trust 2023-R06, Series 2023 R06, (SOFR30A + 3.900%)		9.188		07/25/43		222,196
	149,826	(a),(i)	ELP Commercial Mortgage Trust 2021-ELP, Series 2021 ELP, (TSFR1M + 1.434%)		5.746		11/15/38		149,713
	620,268	(k)	Fannie Mae Pool, FN MA4785		5.000		10/01/52		610,878
	1,806,548	(k)	Fannie Mae Pool, FN MA4700, Series 2022 1		4.000		08/01/52		1,683,281
	3,010,799	(k)	Fannie Mae Pool, FN MA4732		4.000		09/01/52		2,805,359
	2,138,975	(k)	Fannie Mae Pool, FN MA4733		4.500		09/01/52		2,049,866
	1,640,173		Fannie Mae Pool, FN MA4737, Series 2022 1		5.000		08/01/52		1,615,514
	1,688,145		Fannie Mae Pool, FN MA4783		4.000		10/01/52		1,570,343
	2,477,662	(k)	Fannie Mae Pool, FN MA4655		4.000		07/01/52		2,308,733
	2,609,121	(k)	Fannie Mae Pool, FN MA4805, Series 2022 1		4.500		11/01/52		2,500,615
	439,812	(k)	Fannie Mae Pool, FN MA5106		5.000		08/01/53		432,133
	390,177		Fannie Mae Pool, FN MA4919		5.500		02/01/53		391,154
	756,964	(k)	Fannie Mae Pool, FN MA4942		6.000		03/01/53		771,103
	943,243	(k)	Fannie Mae Pool, FN MA4978		5.000		04/01/53		927,454
	801,304	(k)	Fannie Mae Pool, FN MA5039		5.500		06/01/53		802,486
	823,860	(k)	Fannie Mae Pool, FN MA4644, Series 2022 1		4.000		05/01/52		767,648
	71,222		Fannie Mae Pool, FN MA5107		5.500		08/01/53		71,316
	236,177		Fannie Mae Pool, FN MA5247		6.000		01/01/54		240,260


See Notes to Financial Statements		37

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	1,072,383	(k)	Fannie Mae Pool, FN MA4918		5.000%		02/01/53	$	1,054,603
	1,291,073	(k)	Fannie Mae Pool, FN MA4626		4.000		06/01/52		1,203,048
	1,944,060	(k)	Fannie Mae Pool, FN MA5353		5.500		05/01/54		1,944,425
	247,396		Fannie Mae Pool, FN MA4578		2.500		04/01/52		205,661
	2,898,122		Fannie Mae Pool, FN MA4600, Series 2022 2		3.500		05/01/52		2,614,106
	4,339,751	(k)	Fannie Mae Pool, FN BW3382		4.500		07/01/52		4,158,197
	474,226	(k)	Fannie Mae Pool, FN BW3383		4.500		07/01/52		454,504
	1,364,910	(k)	Fannie Mae Pool, FN CB1301		2.500		08/01/51		1,145,276
	411,141	(k)	Fannie Mae Pool, FN CB2795		3.000		02/01/52		357,487
	2,625,351	(k)	Fannie Mae Pool, FN MA5165		5.500		10/01/53		2,628,209
	1,256,700	(k)	Fannie Mae Pool, FN CB3905		3.500		06/01/52		1,135,427
	1,877,527	(k)	Fannie Mae Pool, FN FS0522		2.500		02/01/52		1,575,943
	1,443,945	(k)	Fannie Mae Pool, FN FS1533		3.000		04/01/52		1,263,995
	1,549,607	(k)	Fannie Mae Pool, FN FS1535		3.000		04/01/52		1,353,509
	462,881	(k)	Fannie Mae Pool, FN FS7299		3.000		05/01/52		405,334
	1,149,425	(k)	Fannie Mae Pool, FN CB3599		3.500		05/01/52		1,041,004
	92,489	(a),(i)	Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN		3.501		10/25/51		75,577
	30,273		Freddie Mac Gold Pool, FG U99084		4.500		02/01/44		29,756
	363,415	(k)	Freddie Mac Pool, FR SD4810		3.000		04/01/52		319,059
	79,723		Freddie Mac Pool, FR SD8220		3.000		06/01/52		69,021
	861,318	(k)	Freddie Mac Pool, FR QE5382		4.500		07/01/52		825,316
	1,336,462	(k)	Freddie Mac Pool, FR RA6766		2.500		02/01/52		1,121,790
	1,560,313	(k)	Freddie Mac Pool, FR RA9629		5.500		08/01/53		1,562,576
	755,520	(k)	Freddie Mac Pool, FR SD8288		5.000		01/01/53		744,005
	1,239,733		Freddie Mac REMICS, Series 2021 5160		3.000		09/25/50		906,287
	185,000	(a),(i)	Freddie Mac STACR REMIC Trust 2022-DNA4, Series 2022 DNA4, (SOFR30A + 3.350%)		7.655		05/25/42		192,385
	930,000	(a),(i)	Freddie Mac STACR REMIC Trust 2022-DNA5, Series 2022 DNA5, (SOFR30A + 4.500%)		8.805		06/25/42		989,205
	150,000	(a),(i)	Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022 HQA2, (SOFR30A + 4.000%)		8.305		07/25/42		158,434
	285,000	(a),(i)	Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023 DNA1, (SOFR30A + 3.100%)		8.444		03/25/43		297,161
	275,566		Ginnie Mae II Pool, G2 MA8724		4.500		03/20/53		265,508
	623,118	(k)	Ginnie Mae II Pool, G2 MA8428		5.000		11/20/52		615,219
	284,998	(k)	Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE		3.000		06/20/51		252,373
	1,283,748	(k)	Ginnie Mae II Pool, G2 MA8149		3.500		07/20/52		1,171,016
	442,586	(k)	Ginnie Mae II Pool, G2 MA7871, Series 2022 1		2.500		02/20/52		369,092
	362,429	(k)	Ginnie Mae II Pool, G2 MA7768, Series 2021 1		3.000		12/20/51		320,717
	813,610	(k)	Ginnie Mae II Pool, G2 MA8200		4.000		08/20/52		760,223
	264,029		Government National Mortgage Association, Series 2022 124		4.000		07/20/52		217,717
	422,587		Government National Mortgage Association, Series 2023 111		3.000		02/20/52		287,303
	748,678		Government National Mortgage Association, Series 2013 188		2.500		12/20/43		671,699
	246,100		Government National Mortgage Association, Series 2021 209		3.000		11/20/51		176,218
	473,442		Government National Mortgage Association, Series 2022 174		4.500		09/20/52		420,327
	250,000		GS Mortgage Securities Trust 2019-GC42, Series 2019 GC42		3.001		09/10/52		233,401
	778,356	(a),(i)	GS Mortgage-Backed Securities Corp Trust 2022-PJ2, Series 2022 PJ2		3.000		06/25/52		658,655
	276,578	(a),(i)	GS Mortgage-Backed Securities Trust 2021-PJ10, Series 2021 PJ10		2.500		03/25/52		224,274
	406,308	(a),(i)	GS Mortgage-Backed Securities Trust 2022-GR2, Series 2022 GR2		3.000		08/26/52		344,097
	286,169	(a),(i)	GS Mortgage-Backed Securities Trust 2022-HP1, Series 2022 HP1		3.000		09/25/52		242,352
	458,923	(a),(i)	GS Mortgage-Backed Securities Trust 2022-INV1, Series 2022 INV1		3.000		07/25/52		389,371
	239,386	(a),(i)	GS Mortgage-Backed Securities Trust 2022-PJ5, Series 2022 PJ5		3.000		10/25/52		202,572
	239,013	(a),(i)	GS Mortgage-Backed Securities Trust 2023-PJ1, Series 2023 PJ1		3.500		02/25/53		209,037
	250,000	(a),(i)	Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR		5.644		02/05/45		256,998
	250,000	(a)	ICNQ 2024-MF Mortgage Trust, Series 2024 MF		5.778		12/10/34		257,527
	250,000	(a),(i)	IP 2025-IP Mortgage Trust, Series 2025 IP		5.250		06/10/42		253,952


38		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	384,976	(a),(i)	J.P. Morgan Mortgage Trust 2021-15, Series 2021 15		2.500%		06/25/52	$	310,756
	319,417	(a),(i)	J.P. Morgan Mortgage Trust 2022-4, Series 2022 4		3.000		10/25/52		270,295
	204,281	(a),(i)	J.P. Morgan Mortgage Trust 2022-6, Series 2022 6		3.000		11/25/52		172,742
	498,512	(a),(i)	J.P. Morgan Mortgage Trust 2022-INV3, Series 2022 INV3		3.000		09/25/52		422,339
	121,084	(a),(i)	J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2		3.500		09/25/52		105,746
	250,000	(a)	JP Morgan Chase Commercial Mortgage Securities Trust 2025- NSLB, Series 2025 NSLB		6.234		06/05/42		259,962
	1,109,534	(a),(i)	JP Morgan Mortgage Trust 2022-2, Series 2022 2		3.000		08/25/52		939,649
	700,512	(a),(i)	JP Morgan Mortgage Trust 2022-3, Series 2022 3		3.000		08/25/52		592,781
	1,462,118	(a),(i)	JP Morgan Mortgage Trust 2022-LTV1, Series 2022 LTV1		3.250		07/25/52		1,294,435
	565,314	(a),(i)	JP Morgan Mortgage Trust Series 2024-3, Series 2024 3		3.000		05/25/54		478,376
	80,707		JPMDB Commercial Mortgage Securities Trust 2018-C8, Series 2018 C8		3.944		06/15/51		80,059
	276,795	(a),(i)	OBX 2022-INV5 Trust, Series 2022 INV5		4.000		10/25/52		250,260
	627,248	(a),(i)	RCKT Mortgage Trust 2022-2, Series 2022 2		2.500		02/25/52		508,630
	80,260	(a),(i)	RCKT Mortgage Trust 2022-3, Series 2022 3		3.000		05/25/52		67,971
	168,272	(a),(i)	RCKT Mortgage Trust 2022-4, Series 2022 4		3.500		06/25/52		147,167
	107,715	(a),(i)	Wells Fargo Mortgage Backed Securities 2021-2 Trust, Series 2021 2		2.500		06/25/51		87,480
	166,410	(a),(i)	Wells Fargo Mortgage Backed Securities 2022-2 Trust, Series 2022 2		2.500		12/25/51		134,941
	197,914	(a),(i)	Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1		3.500		03/25/52		173,199
	118,749	(a),(i)	Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, Series 2022 INV1		3.000		03/25/52		100,641


			TOTAL MORTGAGE-BACKED SECURITIES (Cost $72,059,932)						70,023,038



SHARES			DESCRIPTION	RATE				VALUE


			PREFERRED STOCK - 1.5% (1.1% of Total Investments)
			BANKS - 0.5%
	6,772		Fifth Third Bancorp		8.296				170,045
	191,920		Itau Unibanco Holding SA		0.000				1,305,230
	8,825		KeyCorp		6.125				215,330
	18,675		KeyCorp		6.200				451,748
	1,200		KeyCorp		5.625				25,536
	1,396		KeyCorp		5.650				29,525


			TOTAL BANKS						2,197,414


			FINANCIAL SERVICES - 0.5%
	12,675		Bank of New York Mellon Corp/The		6.150				324,987
	7,550		Equitable Holdings Inc		5.250				154,247
	4,206		Morgan Stanley		7.125				106,117
	11,750		Morgan Stanley		6.625				303,738
	11,775		Morgan Stanley		6.500				302,971
	16,725		Morgan Stanley		6.875				420,299
	4,923		Synchrony Financial		5.625				90,583
	10,218		Voya Financial Inc		5.350				243,188


			TOTAL FINANCIAL SERVICES						1,946,130


			FOOD, BEVERAGE & TOBACCO - 0.2%
	10,571		CHS Inc		7.100				259,518
	12,518		CHS Inc		6.750				297,928


			TOTAL FOOD, BEVERAGE & TOBACCO						557,446
			INSURANCE - 0.3%
	6,075		American National Group Inc		7.375				158,375
	10,425		American National Group Inc		6.625				261,668
	8,200		Aspen Insurance Holdings Ltd		5.625				161,130
	4,550		Aspen Insurance Holdings Ltd		7.125				107,835
	2,875		Assurant Inc		5.250				61,669
	19,836		Athene Holding Ltd		6.350				479,436
	10,532		Enstar Group Ltd		7.000				211,799
	9,837		Reinsurance Group of America Inc		5.750				241,498


See Notes to Financial Statements		39

Portfolio of Investments June 30, 2025 (continued)

NMAI


SHARES			DESCRIPTION	RATE				VALUE


			INSURANCE (continued)
	5,959		Reinsurance Group of America Inc		7.125%			$	151,597
	8,200		Selective Insurance Group Inc		4.600				136,612


			TOTAL INSURANCE						1,971,619


			UTILITIES - 0.0%
	200,000	(a)	Trinidad Generation UnLtd		7.750				207,200


			TOTAL UTILITIES						207,200


			TOTAL PREFERRED STOCK (Cost $6,929,020)						6,879,809



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.6% of Total Investments)
$	325,000		CoBank ACB		6.250		10/01/73		325,560
	93,000		CoBank ACB		7.250		07/01/74		95,935
	152,000	(a)	Farm Credit Bank of Texas		6.200		09/15/73		151,620
	152,000	(a)	Farm Credit Bank of Texas		7.750		09/15/73		158,080
	401,021	(l)	United States Treasury Inflation Indexed Bonds		1.250		04/15/28		400,267
	401,337	(l)	United States Treasury Inflation Indexed Bonds		1.375		07/15/33		389,731
	698,682	(l)	United States Treasury Inflation Indexed Bonds		0.875		01/15/29		687,815
	654,525	(l)	United States Treasury Inflation Indexed Bonds		2.375		10/15/28		678,924
	266,093	(l)	United States Treasury Inflation Indexed Bonds		1.750		01/15/34		263,763
	388,886	(l)	United States Treasury Inflation Indexed Bonds		2.125		04/15/29		399,340
	393,562	(l)	United States Treasury Inflation Indexed Bonds		1.875		07/15/34		393,864
	808,038	(l)	United States Treasury Inflation Indexed Bonds		2.125		01/15/35		821,220
	646,098	(l)	United States Treasury Inflation Indexed Bonds		1.125		01/15/33		617,370
	100,764	(l)	United States Treasury Inflation Indexed Bonds		1.625		04/15/30		101,488
	398,364	(l)	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		392,918
	402,523	(l)	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		397,610
	450,382	(l)	United States Treasury Inflation Indexed Bonds		0.125		07/15/30		423,061
	311,680	(l)	United States Treasury Inflation Indexed Bonds		0.125		01/15/30		294,132
	422,627	(l)	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		414,761
	392,473	(l)	United States Treasury Inflation Indexed Bonds		1.625		10/15/29		397,290
	703,833	(k),(l)	United States Treasury Inflation Indexed Bonds		1.625		10/15/27		712,594
	282,148	(l)	United States Treasury Inflation Indexed Bonds		0.250		07/15/29		270,938
	397,621	(l)	United States Treasury Inflation Indexed Bonds		0.125		04/15/27		389,295
	739,320	(l)	United States Treasury Inflation Indexed Bonds		0.125		01/15/31		684,969
	361,422	(l)	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		402,287
	568,746	(l)	United States Treasury Inflation Indexed Bonds		0.125		04/15/26		562,425
	292,679	(l)	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		319,520
	191,389	(l)	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		193,829
	495,798	(l)	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		527,200
	410,844	(l)	United States Treasury Inflation Indexed Bonds		0.125		10/15/26		406,129
	718,068	(l)	United States Treasury Inflation Indexed Bonds		0.125		07/15/31		660,757
	752,141	(l)	United States Treasury Inflation Indexed Bonds - When Issued		0.125		01/15/32		681,673
	551,995	(l)	United States Treasury Inflation Indexed Bonds - When Issued		0.625		07/15/32		514,859
	105,000		United States Treasury Note/Bond		4.000		03/31/30		105,976
	200,000		United States Treasury Note/Bond		4.375		11/15/39		196,055
	1,679,999		United States Treasury Note/Bond		3.750		06/30/27		1,681,050
	740,000		United States Treasury Note/Bond		3.875		06/15/28		743,931
	925,000		United States Treasury Note/Bond		4.125		05/31/32		932,805
	285,000		United States Treasury Note/Bond		4.250		05/15/35		285,445
	445,700		United States Treasury Note/Bond		2.875		05/15/49		319,946
	160,000		United States Treasury Note/Bond		3.875		04/30/30		160,625
	105,000		United States Treasury Note/Bond		4.125		03/31/32		105,931
	55,000		United States Treasury Note/Bond		4.000		12/15/27		55,391
	475,100		United States Treasury Note/Bond		3.625		05/15/53		387,503
	449,400		United States Treasury Note/Bond		3.875		05/15/43		401,405
	80,000		United States Treasury Note/Bond		3.750		08/31/31		79,253
	215,000		United States Treasury Note/Bond		3.875		08/15/34		209,919
	60,000		United States Treasury Note/Bond		4.625		05/15/54		58,275
	50,000		United States Treasury Note/Bond		4.625		05/31/31		51,908
	375,000		United States Treasury Note/Bond		4.750		05/15/55		372,891


40		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


$	106,200		United States Treasury Note/Bond		4.000%		02/15/34	$	105,092
	545,000		United States Treasury Note/Bond		5.000		05/15/45		559,817
	235,000		United States Treasury Note/Bond		4.875		10/31/30		246,686
	313,500		United States Treasury Note/Bond		4.125		07/31/28		317,284
	105,000		United States Treasury Note/Bond		3.750		06/30/30		104,733
	240,000		United States Treasury Note/Bond		4.625		02/15/35		247,613
	212,700		United States Treasury Note/Bond		3.875		08/15/33		209,460
	1,289,999		United States Treasury Note/Bond - When Issued		4.000		05/31/30		1,302,497


			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $23,105,015)						23,372,715



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			VARIABLE RATE SENIOR LOAN INTERESTS - 12.4% (8.9% of Total Investments)
			AUTOMOBILES & COMPONENTS - 0.2%
	34,162	(i)	Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)		6.577		01/29/31		34,282
	387,080	(i)	Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)		6.827		05/06/30		386,476
	272,000	(i)	Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)		7.077		01/28/32		272,596
	68,822	(i),(m)	DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)		8.191		10/04/28		66,027


			TOTAL AUTOMOBILES & COMPONENTS						759,381


			CAPITAL GOODS - 0.9%
	68,567	(i)	ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)		8.807		05/17/28		52,261
	4,808	(i),(n)	Air Comm Corporation, LLC, Delayed Draw Term Loan		1.000		12/11/31		4,838
	57,548	(i)	Air Comm Corporation, LLC, Term Loan, (TSFR3M + 3.000%)		7.300		12/11/31		57,908
	76,512	(i)	Ali Group North America Corporation, Term Loan B, (TSFR1M + 2.000%)		6.441		07/23/29		77,050
	89,431	(i)	Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.750%)		9.046		11/03/31		90,210
	124,063	(i)	Azorra Soar TLB Finance Ltd, Term Loan B, (TSFR3M + 3.500%)		7.818		10/18/29		124,760
	102,229	(i)	Barentz International B.V., Term Loan B, (TSFR3M + 3.250%)		7.646		03/28/31		102,133
	232,418	(i)	Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)		7.327		01/27/32		233,067
	43,670	(i)	Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.750%)		7.046		10/17/30		43,820
	61,692	(i)	Centuri Group, Inc, Term Loan B, (TSFR1M + 2.500%)		6.941		08/28/28		61,813
	296,521	(i)	Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.250%)		7.677		11/03/28		297,363
	91,732	(i)	Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)		6.788		03/18/30		92,134
	50,736	(i)	Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)		8.191		05/17/28		37,545
	22,377	(i)	Core & Main LP, Term Loan B, (TSFR6M + 2.000%)		6.270		07/27/28		22,419
	86,009	(i),(m)	Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M + 3.250%)		7.662		04/12/28		77,050
	114,736	(i)	Filtration Group Corporation, Term Loan B, (TSFR1M + 3.000%)		7.327		10/23/28		115,309
	118,477	(i)	Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)		6.077		06/04/31		118,602
	75,431	(i),(n)	Kaman Corporation, Delayed Draw Term Loan		1.000		02/26/32		75,437
	571,120	(i)	Kaman Corporation, Term Loan B, (TSFR3M + 2.750%)		7.083		02/26/32		571,167
	124,352	(i)	Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)		6.762		06/21/28		124,585
	69,475	(i)	Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 2.750%)		7.077		09/26/31		69,692
	51,233	(i)	MI Windows and Doors, LLC, Term Loan B2, (TSFR1M + 3.000%)		7.327		03/28/31		51,408
	72,000	(i)	Minimax Viking GmbH, Term Loan B, (TSFR1M + 2.250%)		6.577		03/17/32		72,405
	75,000	(i),(o)	Oregon Tool Lux LP, (TBD)		TBD		TBD		61,187
	48,000	(i),(m)	Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)		9.674		10/15/29		48,630
	161,595	(i)	Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)		6.577		01/31/32		161,575
	37,366	(i)	Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)		6.577		04/14/31		37,343
	68,000	(i)	QXO Inc, Term Loan B, (TSFR3M + 3.000%)		7.296		04/30/32		68,549
	566,978	(i)	TK Elevator Midco GmbH, Term Loan B, (TSFR3M + 3.000%)		7.237		04/30/30		569,104
	154,830	(i)	TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)		6.796		01/20/32		155,238
	336,535	(i)	TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)		6.796		02/28/31		337,512
	315,377	(i)	Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)		8.191		11/20/28		312,392


			TOTAL CAPITAL GOODS						4,324,506


See Notes to Financial Statements		41

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
$	378,302	(i)	Allied Universal Holdco LLC, Incremental Term Loan B, (TSFR1M + 3.750%)		8.177%		05/15/28	$	380,533
	80,903	(i)	Amentum Government Services Holdings LLC, Term Loan B, (TSFR1M + 2.250%)		6.577		09/29/31		80,903
	32,918	(i)	American Auto Auction Group, LLC, Term Loan, (TSFR3M + 4.500%)		8.830		05/28/32		33,118
	220,571	(i)	Anticimex International AB, Term Loan B1, (SOFR90A + 3.400%)		7.660		11/16/28		221,371
	110,444	(i)	Anticimex International AB, Term Loan B6, (SOFR90A + 3.400%)		7.660		11/16/28		111,023
	10,345	(i),(n)	Archkey Solutions LLC, Delayed Draw Term Loan B		4.750		11/03/31		10,435
	78,045	(i)	CHG Healthcare Services Inc., Term Loan B1, (TSFR3M + 3.000%)		7.333		09/29/28		78,404
	197,531	(i)	CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)		7.941		06/02/28		195,772
	153,541	(i)	Creative Artists Agency, LLC , First Lien Term Loan B, (TSFR1M + 2.750%)		7.077		10/01/31		154,172
	114,969	(i)	Dun & Bradstreet Corporation (The), Term Loan, (TSFR1M + 2.250%)		6.572		01/18/29		115,012
	156,724	(i)	Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)		7.280		08/01/29		157,512
	74,118	(i)	First Advantage Holdings, LLC, Term Loan B, (TSFR1M + 3.250%)		7.577		10/31/31		74,245
	343,686	(i)	Garda World Security Corporation, Term Loan B, (TSFR1M + 3.000%)		7.314		02/01/29		344,734
	95,000	(i)	GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)		6.824		03/03/32		95,178
	68,652	(i)	OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)		6.783		07/25/30		68,859
	54,588	(i)	Prime Security Services Borrower, LLC, First Lien Term Loan B, (TSFR1M + 2.000%)		6.320		10/15/30		54,677
	101,378	(i)	Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)		6.562		11/30/28		101,682
	7,828	(i)	Reworld Holding Corp, Term Loan C, (TSFR1M + 2.250%)		6.562		11/30/28		7,851
	99,782	(i)	West Corporation, Term Loan B3, (TSFR3M + 4.000%)		8.530		04/12/27		54,069
	69,825	(i)	WIN Waste Innovations Holdings, Inc., Incremental Term Loan, (TSFR1M + 3.750%)		8.191		03/27/28		70,261
	587,693	(i)	WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.191		03/27/28		582,370
	119,100	(i)	XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)		7.796		06/24/31		119,547


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,111,728


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%
	119,100	(i)	Belron Finance LLC, Term Loan B, (TSFR3M + 2.750%)		7.049		10/16/31		119,788
	300,618	(i)	CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)		6.780		11/08/32		301,699
	29,102	(i)	Driven Holdings, LLC, Term Loan B, (TSFR1M + 3.000%)		7.441		12/18/28		29,102
	46,593	(i)	Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)		7.296		06/17/31		46,753
	243,161	(i)	Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)		6.818		06/09/31		243,921
	158,245	(i)	LBM Acquisition LLC, Term Loan B, (TSFR1M + 3.750%)		8.177		12/20/27		156,465
	151,880	(i)	Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%)		6.814		04/23/31		151,927
	115,779	(i),(m)	Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)		8.807		04/17/28		97,327
	59,946	(i)	Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M + 2.500%)		6.827		03/27/31		60,133
	81,000	(i),(m)	Petco Health and Wellness Company, Inc., Term Loan B, (TSFR3M + 3.250%)		7.807		03/06/28		74,831
	287,759	(i)	PetSmart, Inc., Term Loan B, (TSFR1M + 3.750%)		8.177		02/14/28		285,421
	136,224	(i)	Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)		6.941		10/20/28		132,810
	276,294	(i)	Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M + 2.500%)		6.827		01/30/31		275,379
	134,747	(i)	Wand NewCo 3, Inc., Term Loan B, (TSFR1M + 2.500%)		6.827		01/30/31		134,301
	126,099	(i)	White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)		7.577		10/31/29		125,603


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						2,235,460


			CONSUMER DURABLES & APPAREL - 0.3%
	133,925	(i)	ABG Intermediate Holdings 2 LLC, First Lien Term Loan B, (TSFR1M + 2.250%)		6.577		12/21/28		134,018
	342,393	(i)	AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M + 3.000%)		7.324		07/31/28		342,294
	122,111	(i)	Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)		6.941		05/30/28		122,613


42		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CONSUMER DURABLES & APPAREL (continued)
$	2,926	(i)	Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M + 7.500%)		11.910%		06/29/28	$	2,686
	116,583	(i)	Somnigroup International Inc, Term Loan B, (SOFR90A + 2.250%)		6.690		10/24/31		116,972
	36,996	(i)	SRAM, LLC , Term Loan B, (TSFR1M + 2.250%)		6.577		02/27/32		36,626
	60,938	(i)	Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M + 3.000%)		7.327		03/18/30		60,130
	249,375	(i)	Varsity Brands, Inc., Term Loan, (TSFR3M + 3.500%)		7.830		08/26/31		249,648
	233,217	(i)	Weber-Stephen Products LLC, Term Loan B, (TSFR1M + 3.250%)		7.691		10/29/27		231,982
	105,000	(i)	WH Borrower, LLC, Term Loan B, (TSFR3M + 4.750%)		9.072		02/20/32		105,164


			TOTAL CONSUMER DURABLES & APPAREL						1,402,133


			CONSUMER SERVICES - 1.1%
	54,450	(i)	101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%)		6.077		09/23/30		54,286
	49,502	(i)	Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M + 2.000%)		6.230		06/11/31		49,296
	238,197	(i)	Alterra Mountain Company, Term Loan B, (TSFR1M + 2.750%)		7.077		08/17/28		239,686
	248,128	(i)	Alterra Mountain Company, Term Loan B7, (TSFR1M + 3.000%)		7.327		05/31/30		249,370
	128,045	(i),(m)	Bally’s Corporation, Term Loan B, (TSFR3M + 3.250%)		7.784		10/02/28		113,640
	47,056	(i)	Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)		6.577		02/06/30		47,091
	244,381	(i)	Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)		6.577		02/06/31		244,535
	33,093	(i)	Carnival Corporation, Term Loan (2027), (TSFR1M + 2.000%)		6.312		08/09/27		33,176
	70,000	(i)	Catawba Nation Gaming Authority, Term Loan B, (TSFR3M + 4.750%)		9.046		03/29/32		70,963
	49,750	(i)	CE Intermediate I, LLC, Term Loan B, (TSFR3M + 3.000%)		7.450		03/25/32		49,812
	90,079	(i)	Churchill Downs Incorporated, Incremental Term Loan B1, (TSFR1M + 1.750%)		6.077		03/17/28		90,248
	122,506	(i)	Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)		6.561		05/24/30		123,119
	485,581	(i)	ClubCorp Holdings, Inc., Term Loan B2, (TSFR3M + 5.000%)		9.557		09/18/26		486,795
	614,910	(i)	Crown Finance US, Inc., Term Loan B, (TSFR1M + 5.250%)		9.566		12/02/31		615,526
	122,833	(i)	Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 2.000%)		6.296		09/19/31		123,187
	61,417	(i),(o)	Delta 2 Lux Sarl, (TBD)		TBD		TBD		61,593
	56,185	(i)	Element Materials Technology Group US Holdings Inc., Term Loan, (TSFR3M + 3.750%)		8.046		06/25/29		56,430
	174,321	(i)	Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.500%)		7.827		01/29/29		174,328
	294,241	(i)	Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)		6.046		11/29/30		293,873
	50,000	(i)	Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)		6.296		06/04/32		50,063
	94,418	(i)	GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)		6.783		07/28/31		94,693
	131,980	(i)	GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M + 2.750%)		7.016		10/31/29		132,652
	65,000	(i)	Herschend Entertainment Company, LLC, Term Loan B, (TSFR1M + 3.250%)		7.572		05/27/32		65,535
	91,809	(i)	Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M + 2.000%)		6.327		08/02/28		91,888
	118,919	(i)	IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)		6.827		12/15/27		119,043
	237,244	(i)	Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%)		6.564		04/16/29		237,748
	76,410	(i)	Motion Finco Sarl, Term Loan B, (CME Term SOFR 3 Month + 3.500%)		7.796		11/30/29		72,925
	55,415	(i)	PCI Gaming Authority, Term Loan, (TSFR1M + 2.000%)		6.327		07/21/31		55,473
	163,687	(i)	PENN Entertainment, Inc., Term Loan B, (TSFR1M + 2.500%)		6.827		05/03/29		164,075
	84,575	(i)	PG Investment Company 59 S.a r.l., Term Loan B, (TSFR3M + 2.750%)		7.046		03/24/31		84,913
	162,647	(i)	Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)		7.285		04/04/29		162,695
	204,111	(i)	SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M + 2.000%)		6.327		12/04/31		204,238
	89,100	(i)	Six Flags Entertainment Corporation, Term Loan B, (TSFR1M + 2.000%)		6.327		05/01/31		89,289
	237,185	(i)	Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)		8.577		03/06/28		209,019
	159,350	(i)	UFC Holdings, LLC, Term Loan B, (TSFR3M + 2.250%)		6.571		11/21/31		160,126


			TOTAL CONSUMER SERVICES						5,171,329


See Notes to Financial Statements		43

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ENERGY - 0.2%
$	151,395	(i)	EG Group Limited, Term Loan B, (TSFR3M + 4.250%)		8.583%		02/07/28	$	152,273
	124,688	(i)	Epic Crude Services, LP, Term Loan B, (TSFR3M + 3.000%)		7.256		10/15/31		125,259
	633,923	(i)	Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M + 3.000%)		7.531		11/16/26		633,527
	102,098	(i)	TransMontaigne Operating Company L.P., Term Loan B, (TSFR1M + 3.250%)		7.577		11/17/28		102,637


			TOTAL ENERGY						1,013,696


			FINANCIAL SERVICES - 0.1%
	44,762	(i)	AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)		7.327		08/02/28		44,902
	69,136	(i)	Aragorn Parent Corporation, Term Loan, (TSFR1M + 4.250%)		8.577		12/15/28		69,619
	105,000	(i),(o)	Beach Acquisition Bidco LLC, (TBD)		TBD		TBD		105,656
	40,000	(i),(m)	Colossus Acquireco LLC, (CME Term SOFR 1 Month + 1.750%)		6.077		06/14/32		39,785
	61,845	(i)	Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M + 3.250%)		7.542		01/27/32		62,063
	167,886	(b),(i),(p)	Ditech Holding Corporation, Term Loan		0.000		06/30/27		17
	122,079	(i)	Kestra Advisor Services Holdings A, Inc., Repriced Term Loan, (TSFR1M + 3.000%)		7.327		03/24/31		122,168
	32,000	(i)	NCR Atleos LLC, Term Loan B, (TSFR3M + 3.750%)		8.030		04/16/29		32,276
	56,000	(i),(o)	Orion US Finco, (TBD)		TBD		TBD		56,238
	40,000	(i),(o)	Shift4 Payments LLC, (TBD)		TBD		TBD		40,369
	71,552	(i)	Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)		6.077		06/24/31		71,723


			TOTAL FINANCIAL SERVICES						644,816


			FOOD, BEVERAGE & TOBACCO - 0.3%
	1,740	(i)	8th Avenue Food & Provisions, Inc., First Lien Term Loan, (Prime + 2.750%)		10.250		10/01/25		1,741
	18,661	(i)	8th Avenue Food & Provisions, Inc., Incremental Term Loan, (Prime + 3.750%)		11.250		10/01/25		18,674
	44,774	(i)	Aspire Bakeries Holdings LLC, (CME Term SOFR 1 Month + 4.250%)		8.577		12/23/30		45,005
	121,964	(i)	CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)		7.441		12/08/28		122,574
	55	(i)	City Brewing Company, LLC, First Lien Second Out PIK Term Loan, (TSFR3M + 5.000%)		9.289		04/14/28		0
	29,304	(i)	City Brewing Company, LLC, First Out New Money Term Loan, (TSFR3M + 6.250%)		10.506		04/05/28		8,058
	76,682	(i)	City Brewing Company, LLC, FLFO Roll Up Term Loan, (TSFR3M + 3.500%)		8.018		04/05/28		21,088
	7,764	(i)	City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR3M + 9.000%), (cash 13.585%, PIK 7.500%)		13.585		01/03/26		7,376
	122,819	(i)	Fiesta Purchaser, Inc., First Lien Term Loan B, (TSFR1M + 3.250%)		7.577		02/12/31		123,289
	99,000	(i),(m)	Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)		9.796		01/24/29		98,381
	243,496	(i)	Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%)		7.576		07/12/29		245,322
	8,621	(i),(n)	Sauer Brands Inc, Delayed Draw Term Loan		1.625		02/19/32		8,683
	91,379	(i)	Sauer Brands Inc, Term Loan B, (TSFR1M + 3.250%)		7.577		02/19/32		92,043
	98,813	(i)	Sycamore Buyer LLC, Term Loan B, (TSFR1M + 2.250%)		6.572		05/21/32		99,060
	290,259	(i)	Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)		6.546		03/31/28		291,630


			TOTAL FOOD, BEVERAGE & TOBACCO						1,182,924


			HEALTH CARE EQUIPMENT & SERVICES - 1.1%
	78,551	(i)	ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)		10.077		12/23/27		76,351
	188,785	(i)	AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.750%)		7.077		08/24/28		189,671
	39,800	(i)	Concentra Health Services Inc, Repriced Term Loan B, (TSFR1M + 2.000%)		6.327		07/28/31		39,999
	137,846	(i)	EyeCare Partners, LLC, Second Out Term Loan B, (TSFR6M + 2.305%), (cash 5.227%, PIK 3.610%)		4.419		11/30/28		109,530
	173,114	(i)	Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)		8.396		10/01/27		167,185
	355,058	(i)	Global Medical Response, Inc., PIK Term Loan, (TSFR3M + 2.750%), (cash 9.079%, PIK 7.500%)		4.914		10/02/28		355,995
	188,205	(i)	MedAssets Software Intermediate Holdings, Inc., First Out Term Loan, (TSFR1M + 4.000%)		8.321		12/18/28		183,467
	878,763	(i)	Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%)		6.577		10/23/28		880,763


44		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE EQUIPMENT & SERVICES (continued)
$	146,973	(i)	National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M + 3.750%)		8.161%		03/02/28	$	142,380
	4,872	(i)	National Mentor Holdings, Inc., Term Loan C, (TSFR3M + 3.750%)		8.146		03/02/28		4,720
	152,397	(i)	Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 4.750%)		9.344		02/28/28		152,992
	171,825	(i)	Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.750%)		7.068		03/17/31		172,178
	499,797	(i)	Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%)		6.827		11/15/28		500,498
	362,239	(i)	Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)		6.827		02/21/31		363,843
	110,000	(i),(o)	Radiology Partners Inc, (TBD)		TBD		TBD		109,244
	69,475	(i)	Resonetics, LLC, Term Loan B, (TSFR3M + 3.250%)		7.569		06/18/31		69,604
	93,739	(i)	Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)		6.327		12/03/31		94,149
	16,001	(i)	Sound Inpatient Physicians, Tranche A Term Loan (First Out), (TSFR3M + 3.250%), (cash 10.061%, PIK 1.000%)		5.529		06/28/28		16,741
	144,463	(i)	Sound Inpatient Physicians, Tranche B Term Loan (Second Out), (TSFR3M + 2.500%), (cash 8.061%, PIK 1.500%)		4.779		06/28/28		135,217
	115,707	(i)	Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)		8.296		09/30/30		114,725
	656,408	(i)	Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.077		12/19/30		659,556
	246,569	(i)	Team Health Holdings, Inc., Term Loan B, (TSFR3M + 5.250%)		9.530		03/02/27		245,721
	68,940	(i)	Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)		8.327		10/29/31		68,402
	248,750	(i)	Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M + 3.250%)		7.577		11/26/31		247,765


			TOTAL HEALTH CARE EQUIPMENT & SERVICES						5,100,696


			HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	126,904	(i),(m)	Kronos Acquisition Holdings Inc., Term Loan, (TSFR3M + 4.000%)		8.296		07/08/31		114,087
	73,809	(i),(m)	VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M + 3.500%)		8.057		05/16/28		73,423


			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						187,510


			INSURANCE - 1.0%
	107,090	(i)	Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)		7.327		11/06/30		106,965
	210,000	(i)	Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)		7.577		05/28/32		210,866
	667,717	(i),(m)	Alliant Holdings Intermediate, LLC, Term Loan B6, (TSFR1M + 2.750%)		7.072		09/19/31		668,625
	276,418	(i)	AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)		6.577		01/30/32		276,824
	197,500	(i)	AssuredPartners, Inc., Incremental Term Loan B5, (TSFR1M + 3.500%)		7.827		02/14/31		198,218
	127,000	(i),(m)	Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)		9.691		02/03/28		121,801
	90,942	(i)	Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)		8.677		08/21/28		90,106
	184,844	(i)	Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)		8.577		09/19/30		179,807
	248,091	(i)	Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)		7.691		07/30/27		248,159
	669,510	(i)	Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%)		7.327		06/16/31		671,065
	76,500	(i)	Evertec Group, LLC, Term Loan B, (TSFR1M + 2.750%)		7.077		10/15/30		76,978
	375,171	(i)	HUB International Limited, Term Loan B, (TSFR3M + 2.500%)		6.769		06/20/30		376,717
	317,677	(i)	Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.250%)		6.577		09/15/31		318,074
	360,488	(i)	Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR1M + 3.000%)		7.327		07/31/31		362,192
	170,000	(i)	Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M + 3.250%)		7.564		06/17/32		170,531
	324,960	(i)	Truist Insurance Holdings LLC, Term Loan B, (TSFR3M + 2.750%)		7.046		05/06/31		325,501
	28,361	(i)	USI, Inc., Term Loan C, (TSFR3M + 2.250%)		6.546		09/27/30		28,320
	196,694	(i)	USI, Inc., Term Loan D, (TSFR3M + 2.250%)		6.546		11/23/29		196,586


			TOTAL INSURANCE						4,627,335


			MATERIALS - 0.5%
	24,565	(i)	Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)		7.077		08/19/30		24,578
	44,672	(i)	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B4, (TSFR3M + 1.750%)		6.046		12/20/29		44,877
	8,058	(i),(n)	Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan, (TSFR3M + 1.625%)		4.601		03/29/32		8,036


See Notes to Financial Statements		45

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MATERIALS (continued)
$	366,167	(i)	Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%)		7.502%		04/13/29	$	365,854
	116,955	(i)	Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.250%)		7.577		03/29/32		116,631
	92,000	(i)	CPC Acquisition Corp, Term Loan, (TSFR3M + 3.750%)		8.307		12/29/27		80,730
	189,410	(i)	Discovery Purchaser Corporation, Term Loan, (TSFR3M + 3.750%)		8.022		10/04/29		189,351
	110,000	(i)	Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)		7.796		04/02/32		110,120
	4,987	(i)	Ineos US Finance LLC, First Lien Term Loan B, (TSFR1M + 3.000%)		7.327		02/07/31		4,770
	447,567	(i)	Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M + 4.725%)		9.227		02/09/26		415,276
	51,870	(i)	Knife River HoldCo, Term Loan, (TSFR3M + 2.000%)		6.310		03/08/32		52,097
	68,996	(i)	Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)		8.321		07/03/28		63,375
	117,568	(i)	Nouryon Finance B.V., Term Loan B1, (TSFR3M + 3.250%)		7.510		04/03/28		118,267
	14,776	(i)	Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)		7.550		04/03/28		14,864
	27,854	(i)	Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)		8.191		08/03/26		26,905
	93,578	(i)	Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)		8.290		09/15/28		94,058
	54,314	(i)	SupplyOne Inc, (CME Term SOFR 1 Month + 3.500%)		0.000		04/21/31		54,581
	140,357	(i)	TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)		7.691		03/03/28		140,370
	16,346	(i),(n)	USALCO, LLC, Delayed Draw Term Loan		1.000		09/30/31		16,456
	157,861	(i)	USALCO, LLC, Term Loan B, (TSFR1M + 4.000%)		8.327		09/30/31		158,926


			TOTAL MATERIALS						2,100,122


			MEDIA & ENTERTAINMENT - 0.6%
	63,285	(i)	Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M + 4.250%)		8.789		10/28/27		53,149
	665,340	(i),(m)	AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M + 7.000%)		11.318		01/04/29		673,657
	17,290	(i)	Cable One, Inc., Term Loan B4, (TSFR1M + 2.000%)		6.441		05/03/28		16,728
	337,909	(i)	Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M + TSFR3M + 3.500%)		7.826		03/24/31		339,112
	123,753	(i)	Century De Buyer LLC, Term Loan B, (TSFR3M + 3.500%)		7.780		10/30/30		124,604
	287,605	(i)	Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M + 4.000%)		8.441		08/23/28		285,910
	85,398	(i)	CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)		7.896		06/18/29		82,984
	137,417	(i)	CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)		9.000		04/15/27		134,056
	613,218	(i)	CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)		8.812		01/18/28		605,899
	35,260	(i)	DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%)		9.541		08/02/27		35,439
	139,028	(i)	McGraw-Hill Global Education Holdings, LLC, Term Loan B, (TSFR1M + 3.250%)		7.577		08/06/31		139,666
	81,813	(i)	Mission Broadcasting, Inc., Term Loan B, (TSFR1M + 2.500%)		6.939		06/02/28		81,838
	930	(i)	NEP Group, Inc., Term Loan B, (TSFR3M + 2.375%), (cash 6.344%, PIK 1.500%)		4.672		08/19/26		859
	137,587	(i)	Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)		7.330		02/10/31		138,327
	82,134	(i)	Sunrise Financing Partnership, Term Loan AAA, (TSFR3M + 2.500%)		6.793		02/17/32		82,056
	100,000	(i)	Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)		7.373		03/31/31		98,858


			TOTAL MEDIA & ENTERTAINMENT						2,893,142


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	960,132	(i)	Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)		6.577		05/05/28		965,405
	220,000	(i),(o)	OPAL US LLC, (TBD)		TBD		TBD		221,169
	318,452	(i)	Organon & Co, Term Loan, (TSFR1M + 2.250%)		6.571		05/19/31		313,939
	108,609	(i)	Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)		6.327		04/20/29		108,834


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,609,347


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
	404,858	(i)	Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%)		7.077		01/31/30		407,304
	45,366	(i)	Cushman & Wakefield U.S. Borrower, LLC, Tranche 2 Incremental Term Loan, (TSFR1M + 3.250%)		7.577		01/31/30		45,668
	251,000	(i)	Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)		7.941		12/08/25		243,988


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						696,960


46		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
$	341,145	(i)	Instructure Holdings, Inc., Term Loan, (TSFR6M + 3.000%)		7.205%		11/13/31	$	341,904


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						341,904


			SOFTWARE & SERVICES - 2.2%
	64,917	(i)	Apttus Corporation, Term Loan B, (TSFR3M + 3.500%)		7.780		05/08/28		65,225
	124,000	(i)	Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)		9.691		01/22/29		115,368
	150,000	(i)	Avalara, Inc, Term Loan B, (TSFR3M + 3.250%)		7.546		03/29/32		150,824
	220,380	(i)	Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.827%, PIK 7.500%)		11.827		08/01/28		174,100
	109,725	(i)	BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.250%)		7.577		11/25/31		110,040
	588,360	(i)	Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)		6.296		01/31/31		590,567
	686,683	(i)	Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)		7.333		07/30/31		683,205
	140,125	(i)	Camelot U.S. Acquisition LLC, Incremental Term Loan B, (TSFR1M + 2.750%)		7.077		10/30/26		138,855
	113,000	(i)	Clearwater Analytics, LLC, Term Loan B, (TSFR3M + 2.250%)		6.529		04/21/32		113,141
	39,900	(i)	Cloud Software Group, Inc., Term Loan, (TSFR3M + 3.750%)		8.046		03/24/31		40,012
	125,000	(i)	Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M + 2.750%)		7.074		03/29/32		124,558
	368,770	(i)	Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)		7.074		05/01/31		367,504
	324,188	(i)	Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)		7.458		10/09/31		324,873
	69,579	(i)	DTI Holdco, Inc., Term Loan B, (TSFR1M + 4.000%)		8.327		04/26/29		68,877
	127,398	(i)	Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.000%)		7.327		10/08/29		127,856
	477,136	(i)	Epicor Software Corporation, Term Loan E, (TSFR1M + 2.750%)		7.077		05/30/31		478,887
	98,258	(i)	Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.500%)		7.827		06/27/31		98,626
	15,892	(i)	Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)		6.077		09/12/29		15,888
	798,059	(i)	Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M + 2.500%)		6.827		01/30/32		798,835
	138,941	(i)	Informatica LLC, Term Loan B, (TSFR1M + 2.250%)		6.577		10/30/28		139,680
	116,708	(i)	Javelin Buyer, Inc., First Lien Term Loan, (TSFR3M + 3.250%)		7.333		12/08/31		117,327
	83,790	(i)	Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)		7.577		03/22/32		84,216
	39,701	(i)	Marcel LUX IV SARL, Term Loan B7, (SOFR30A + 3.500%)		7.760		11/13/30		39,974
	447,523	(i)	McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)		7.316		03/01/29		435,542
	52,000	(i)	MedAssets Software Intermediate Holdings, Inc., Second Out Term Loan, (TSFR1M + 4.000%)		8.436		12/18/28		47,060
	375,222	(i)	Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%)		7.577		06/17/31		375,345
	271,361	(i)	Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)		6.077		01/31/30		271,616
	113,850	(i)	Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)		9.077		03/24/31		109,314
	114,425	(i)	PointClickCare Technologies, Inc., Term Loan B, (TSFR6M + 3.250%)		7.416		11/03/31		115,069
	133,653	(i)	Polaris Newco LLC, Term Loan B, (TSFR3M + 3.750%)		8.291		06/05/28		130,432
	248,120	(i)	Press Ganey Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.250%)		7.577		04/30/31		248,870
	1,114,165	(i),(m)	Project Alpha Intermediate Holding, Inc., First Lien Term Loan B, (TSFR3M + 3.250%)		7.542		10/28/30		1,120,668
	137,704	(i)	Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)		7.327		08/31/28		137,950
	53,750	(i)	Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%)		10.679		05/15/28		54,047
	242,890	(i)	Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%)		7.179		05/15/28		112,270
	162,125	(i)	Rocket Software, Inc., Term Loan B, (TSFR1M + 4.250%)		8.577		11/28/28		162,684
	64,835	(i)	SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)		6.327		05/09/31		65,220
	87,540	(i)	Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)		7.941		03/05/27		87,976
	124,688	(i)	Synechron Inc, Term Loan B, (TSFR3M + 3.750%)		8.030		10/03/31		121,570
	136,840	(i)	Syniverse Holdings, Inc., Term Loan, (TSFR3M + 7.000%)		11.296		05/13/27		130,282
	83,033	(i)	Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M + 1.750%)		6.077		08/31/28		82,787
	580,567	(i)	UKG Inc., Term Loan B, (TSFR1M + 3.000%)		7.311		02/10/31		583,415
	48,982	(i)	Vision Solutions, Inc., Incremental Term Loan, (TSFR3M + 4.000%)		8.541		04/24/28		46,631
	208,427	(i)	VS Buyer, LLC, First Lien Term Loan B, (TSFR3M + 2.750%)		7.019		04/14/31		209,730
	91,770	(i)	WEX Inc., Term Loan, (TSFR1M + 1.750%)		6.077		04/03/28		91,865


See Notes to Financial Statements		47

Portfolio of Investments June 30, 2025 (continued)

NMAI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SOFTWARE & SERVICES (continued)
$	248,000		X Corp., Term Loan		9.500%		10/29/29	$	241,490
	344,509	(i)	X Corp., Term Loan, (TSFR1M + 6.500%)		10.927		10/29/29		337,001
	171,750	(i)	Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)		7.077		09/28/29		170,860


			TOTAL SOFTWARE & SERVICES						10,458,132


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	855,574	(i)	CommScope, Inc., Term Loan, (TSFR1M + 5.250%)		9.577		12/17/29		867,247
	496,250	(i)	Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)		7.074		12/03/29		493,280
	74,925	(i)	Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)		6.560		09/22/31		75,370
	260,655	(i),(p)	MLN US HoldCo LLC, First Lien Term Loan, (TSFR3M + 4.500%)		4.405		12/01/25		1,961
	151,479	(i),(p)	MLN US HoldCo LLC, Second Out Term Loan		0.000		10/18/27		765
	33,120	(i)	Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 2.250%), (cash 7.796%, PIK 2.000%)		4.398		07/03/28		16,461
	208,765	(i)	Verifone Systems, Inc., Term Loan, (TSFR3M + 5.500%)		10.211		08/21/28		195,926
	20,946	(i)	ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)		8.941		03/05/29		20,187
	197,497	(i),(m)	ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)		8.926		05/30/30		189,320


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,860,517


			TELECOMMUNICATION SERVICES - 1.0%
	128,234	(i)	Altice France S.A., Term Loan B12, (Prime + 2.688%)		10.188		02/02/26		112,830
	164,789	(i)	Altice France S.A., Term Loan B13, (Prime + 3.000%)		10.500		08/14/26		145,581
	50,870	(i)	Altice France S.A., Term Loan B14, (TSFR3M + 5.500%)		9.756		08/31/28		46,221
	243,793	(i)	Cincinnati Bell, Inc., Term Loan B2, (TSFR1M + 2.750%)		7.077		11/24/28		244,316
	124,684	(i)	Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)		8.827		09/13/29		118,848
	201,761	(b),(i),(p)	Cyxtera DC Holdings, Inc., Term Loan B		0.000		05/01/26		1,110
	291,265	(i)	Digicel International Finance Limited, Term Loan, (TSFR3M + 3.750%), (cash 9.530%, PIK 2.250%)		5.890		05/27/27		291,213
	756,517	(i)	Frontier Communications Corp., Term Loan B, (TSFR6M + 2.500%)		6.792		07/01/31		757,776
	118,588	(i)	Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)		6.577		09/20/30		118,905
	44,000	(i),(o)	LCPR Loan Financing LLC, Term Loan B, (TBD)		TBD		TBD		28,976
	262,000	(i)	Level 3 Financing Inc., Term Loan B, (TSFR1M + 4.250%)		8.577		03/29/32		265,221
	535,174	(i)	Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)		6.791		04/15/30		529,282
	265,293	(i)	Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)		10.327		06/01/28		272,588
	98,468	(i)	Numericable Group SA, Term Loan B11, (Prime + 1.750%)		9.250		07/31/25		85,914
	1,249,001	(i)	Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)		7.441		03/09/27		1,191,291
	230,992	(i)	Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)		6.926		04/28/28		226,188


			TOTAL TELECOMMUNICATION SERVICES						4,436,260


			TRANSPORTATION - 0.4%
	162,638	(i)	Air Canada, Term Loan B, (TSFR1M + 2.000%)		6.322		03/21/31		163,121
	105,550	(i)	American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)		6.522		04/20/28		105,014
	121,603	(i),(m)	Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M + TSFR3M + 2.500%)		6.816		07/01/31		121,886
	185,514	(i)	Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)		6.827		07/01/31		185,914
	59,716	(i)	First Student Bidco Inc, First Lien Term Loan B, (TSFR3M + 2.500%)		6.796		07/21/28		59,819
	56,588	(i)	First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)		6.796		07/21/28		56,685
	340,739	(i)	KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)		6.827		09/23/31		340,526
	131,658	(i)	PODS, LLC, Term Loan B, (TSFR3M + 3.000%)		7.541		03/31/28		126,824
	99,653	(i)	SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%)		8.022		10/20/27		100,420
	156,000	(i)	Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.750%)		6.980		04/12/32		156,702
	222,808	(i)	United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)		6.275		02/24/31		223,574
	83,222	(i)	WestJet Loyalty LP, Term Loan B, (TSFR3M + 3.250%)		7.546		02/14/31		83,336


			TOTAL TRANSPORTATION						1,723,821


			UTILITIES - 0.3%
	117,000	(i),(m)	Cornerstone Generation LLC, (CME Term SOFR 1 Month + 3.250%)		7.561		10/28/31		117,731
	64,285	(i)	EFS Cogen Holdings I LLC, Term Loan B, (TSFR3M + 3.500%)		7.796		10/03/31		64,653
	70,313	(i),(o)	Invenergy Thermal Operating I LLC, (TBD)		TBD		TBD		70,937
	4,688	(i),(o)	Invenergy Thermal Operating I LLC, (TBD)		TBD		TBD		4,729
	99,250	(i)	Kestrel Acquisition, LLC, Term Loan B, (Prime + TSFR3M + 3.000%)		8.898		11/06/31		99,401
	49,875(i)		Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)		8.796		02/19/32		49,335


48		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES (continued)

701,474

(i)

Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%)

6.808%

12/15/31

704,543

269,252

(i)

Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)

6.808

05/17/30

270,199

2,834

(i)

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

6.077

12/20/30

2,844

TOTAL UTILITIES

1,384,372

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $57,564,181)

57,266,091

TOTAL LONG-TERM INVESTMENTS (Cost $584,150,741)

642,906,169

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.1%(0.1% of Total Investments)

REPURCHASE AGREEMENTS - 0.1% (0.1% of Total Investments)

650,000

(q)

Fixed Income Clearing Corporation

4.370

07/01/25

650,000

TOTAL REPURCHASE AGREEMENTS

(Cost $650,000)

650,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $650,000)

650,000

TOTAL INVESTMENTS - 139.4%

(Cost $584,800,741)

643,556,169

BORROWINGS - (33.0)% (r),(s)

(152,586,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (7.6)%(t)

(35,157,286)

OTHER ASSETS & LIABILITIES, NET - 1.2%

6,002,756

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

461,815,639

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


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

Purchased

Notional Amount
(Local Currency)

Currency Sold

Notional Amount
(Local Currency)

Counterparty

Settlement

Date

Unrealized
Appreciation
(Depreciation)

USD

757,574

EUR

683,717

Bank of America, N.A.

7/11/25

$(48,290)

EUR

49,833

USD

58,508

Morgan Stanley Capital Services LLC

7/01/25

$192

USD

58,547

EUR

49,833

Morgan Stanley Capital Services LLC

7/11/25

(188)

USD

305,154

HKD

2,395,637

State Street Bank and Trust Company

7/02/25

(25)

USD

75,716

HKD

594,415

State Street Bank and Trust Company

7/02/25

(6)

USD

244,454

HKD

1,919,108

State Street Bank and Trust Company

7/02/25

(20)

USD

1,031,027

HKD

8,094,173

State Street Bank and Trust Company

7/02/25

(84)

USD

226,136

HKD

1,775,298

State Street Bank and Trust Company

7/02/25

(18)

USD

1,078,010

HKD

8,463,022

State Street Bank and Trust Company

7/02/25

(88)


50		See Notes to Financial Statements

Portfolio of Investments June 30, 2025

JRI

(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%
	131,458		Enbridge Inc	$	5,957,676
	443,868		Energy Transfer LP		8,047,327
	71,881		Enterprise Products Partners LP		2,229,030
	78,137		Gibson Energy Inc		1,371,378
	134,905		Kinder Morgan Inc		3,966,207
	70,649		MPLX LP		3,639,130
	45,998		ONEOK Inc		3,754,817
	148,215		Pembina Pipeline Corp		5,565,069
	137,630		Plains All American Pipeline LP		2,521,382
	13,374		Plains GP Holdings LP, Class A		259,857
	33,600		TC Energy Corp		1,640,336


			TOTAL ENERGY		38,952,209


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 34.7%
	56,730		Acadia Realty Trust		1,053,476
	6,535		Aedifica SA		509,922
	11,497		Agree Realty Corp		839,971
	196,270		Apple Hospitality REIT Inc		2,290,471
	120,745		Armada Hoffler Properties Inc		829,518
	456,252		British Land Co PLC/The		2,368,019
	33,039		Brixmor Property Group Inc		860,336
	322,236		Broadstone Net Lease Inc		5,171,888
	11,118		BXP Inc		750,131
	399,579		CapitaLand Ascendas REIT		843,173
	381,869		CapitaLand Integrated Commercial Trust		652,069
	21,022		CareTrust REIT Inc		643,273
	68,041		Carmila SA		1,338,202
	34,294		Centerspace		2,064,156
	95,995		Charter Hall Long Wale REIT		258,182
	429,991		Charter Hall Retail REIT		1,087,008
	61,054		Community Healthcare Trust Inc		1,015,328
	50,384		COPT Defense Properties		1,389,591
	16,445		Cousins Properties Inc		493,843
	88,194		Crombie Real Estate Investment Trust		963,058
	11,815		Crown Castle Inc		1,213,755
	118,706		CT Real Estate Investment Trust		1,384,286
	42,966		CubeSmart		1,826,055
	1,103		Daiwa Securities Living Investments Corp		732,230
	32,848		Derwent London PLC		934,240
	164,866		Dexus		723,588
	308,989		Dream Industrial Real Estate Investment Trust		2,675,220
	17,957		Elme Communities		285,516
	26,078		Equity Residential		1,760,004
	26,794		Extra Space Storage Inc		3,950,507
	522,511	(a)	FIBRA Macquarie Mexico		835,093
	122,332		Four Corners Property Trust Inc		3,291,954
	1,954,738		Frasers Centrepoint Trust		3,510,680
	620,255		Frasers Logistics & Commercial Trust		417,323
	158,809		Gaming and Leisure Properties Inc		7,413,204
	13,274		Gecina SA		1,461,260
	281,277		Hammerson PLC		1,155,954
	25,808		Healthcare Realty Trust Inc		409,315
	188,558		Healthpeak Properties Inc		3,301,651
	63,602		Highwoods Properties Inc		1,977,386
	24,242		Host Hotels & Resorts Inc		372,357
	27,323		IGB Real Estate Investment Trust		16,491
	4,997		Invincible Investment Corp		2,151,855
	698		Japan Metropolitan Fund Invest		494,719
	1,991		KDX Realty Investment Corp		2,160,406
	7,922		Kilroy Realty Corp		271,804


52		See Notes to Financial Statements


SHARES		DESCRIPTION	VALUE


		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
	96,763	Kimco Realty Corp	$	2,033,958
	19,673	Lamar Advertising Co, Class A		2,387,515
	1,742	LaSalle Logiport REIT		1,683,683
	20,092	Lineage Inc		874,404
	70,673	Link REIT		378,559
	1,486,429	LondonMetric Property PLC		4,150,698
	242,537	LXP Industrial Trust		2,003,356
	984,092	Mapletree Industrial Trust		1,579,560
	431,842	Mapletree Logistics Trust		401,432
	2,678	Mid-America Apartment Communities Inc		396,371
	1,848	Millrose Properties Inc		52,686
	20,897	Montea NV		1,606,271
	131,069	Nexus Industrial REIT		722,841
	130	Nippon Accommodations Fund Inc		106,317
	15,606	NNN REIT Inc		673,867
	147,087	Omega Healthcare Investors Inc		5,390,739
	1,074	Orix JREIT Inc		1,401,082
	81,162	Parkway Life Real Estate Investment Trust		261,937
	56,696	Postal Realty Trust Inc, Class A		835,132
	147,990	Primaris Real Estate Investment Trust		1,599,716
	25,792	Rayonier Inc		572,067
	44,518	Realty Income Corp		2,564,682
	12,799	Rexford Industrial Realty Inc		455,260
	90,070	RioCan Real Estate Investment Trust		1,171,390
	80,799	Sabra Health Care REIT Inc		1,489,934
	25,947	Safestore Holdings PLC		252,162
	428,971	Scentre Group		1,007,531
	39,255	Simon Property Group Inc		6,310,634
	2,522	SITE Centers Corp		28,524
	14,078	SL Green Realty Corp		871,428
	5,163	Smartstop Self Storage REIT Inc		187,055
	4,184	Star Asia Investment Corp		1,662,457
	299,613	Stockland		1,058,868
	646,133	Tritax Big Box REIT PLC		1,315,624
	118,929	UDR Inc		4,855,871
	3,519	Unibail-Rodamco-Westfield		338,273
	1,228	United Urban Investment Corp		1,323,214
	597,560	Vicinity Ltd		975,496
	71,290	Warehouses De Pauw CVA		1,746,406
	519,202	Waypoint REIT Ltd		841,186
	58,291	Wereldhave NV		1,174,724


		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		128,891,378


		FINANCIAL SERVICES - 0.8%
	49,712	Apollo Commercial Real Estate Finance Inc		481,212
	31,935	Blackstone Mortgage Trust Inc, Class A		614,749
	22,115	KKR Real Estate Finance Trust Inc		193,949
	91,230	Starwood Property Trust Inc		1,830,986


		TOTAL FINANCIAL SERVICES		3,120,896


		HEALTH CARE EQUIPMENT & SERVICES - 1.4%
	363,315	Sienna Senior Living Inc		5,082,541


		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,082,541


		MATERIALS - 0.5%
	5,872,871	Keppel Infrastructure Trust		1,848,705


		TOTAL MATERIALS		1,848,705


		REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%
	670,182	Capitaland India Trust		553,400
	162,442	Cibus Nordic Real Estate AB publ		3,210,757
	427,006	Hongkong Land Holdings Ltd		2,463,825
	443,777	Sino Land Co Ltd		472,682
	1,741,801	Sirius Real Estate Ltd		2,331,110


See Notes to Financial Statements		53

Portfolio of Investments June 30, 2025 (continued)

JRI


SHARES			DESCRIPTION			VALUE


			REAL ESTATE MANAGEMENT & DEVELOPMENT (continued)
	389,619		Swire Properties Ltd			$	973,903


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				10,005,677


			TELECOMMUNICATION SERVICES - 0.7%
	376,119		HKT Trust & HKT Ltd				562,325
	148,385		Infrastrutture Wireless Italiane SpA				1,814,445
	50,278	(a)	RAI Way SpA				360,088


			TOTAL TELECOMMUNICATION SERVICES				2,736,858


			TRANSPORTATION - 3.7%
	90,350	(a)	Aena SME SA				2,411,783
	429,723		Atlas Arteria Ltd				1,440,203
	520,390		Dalrymple Bay Infrastructure Ltd				1,456,007
	89,915		Enav SpA				415,802
	9,581		Grupo Aeroportuario del Pacifico SAB de CV, ADR, ADR				2,199,989
	11,218		Grupo Aeroportuario del Sureste SAB de CV, ADR, ADR				3,577,084
	236,613		Transurban Group				2,177,066


			TOTAL TRANSPORTATION				13,677,934


			UTILITIES - 14.6%
	5,915		American Electric Power Co Inc				613,740
	40,055		Capital Power Corp				1,611,907
	121,864		CK Infrastructure Holdings Ltd				807,014
	81,082		Clearway Energy Inc, Class A				2,453,541
	45,802		CLP Holdings Ltd				386,833
	83,053		Dominion Energy Inc				4,694,156
	5,992		Duke Energy Corp				707,056
	532,901		Enel SpA				5,057,608
	90,705		Engie SA				2,131,821
	8,529		Entergy Corp				708,930
	106,258		Evergy Inc				7,324,364
	5,619		Eversource Energy				357,481
	85,973		Exelon Corp				3,732,948
	229,130		Italgas SpA				1,943,645
	372,841		National Grid PLC				5,472,806
	63,028		National Grid PLC, Sponsored ADR, ADR				4,689,913
	39,251		Northwestern Energy Group Inc				2,013,576
	22,699		OGE Energy Corp				1,007,382
	147,224		Pennon Group PLC				1,015,734
	8,574		Pinnacle West Capital Corp				767,116
	161,874		REN - Redes Energeticas Nacionais SGPS SA				577,077
	662,763		Snam SpA				4,012,162
	100,505		Terna - Rete Elettrica Nazionale				1,033,288
	37,149		Veolia Environnement SA				1,326,289


			TOTAL UTILITIES				54,446,387


			TOTAL COMMON STOCKS (Cost $225,267,541)				258,762,585



SHARES			DESCRIPTION	RATE		VALUE


			CONVERTIBLE PREFERRED SECURITIES - 1.9% (1.3% of Total Investments)
			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%
	13,513		Kimco Realty Corp		7.250%		818,077
	8,595		LXP Industrial Trust		6.500		398,035


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		1,216,112


			UTILITIES - 1.6%
	46,300		NextEra Energy Inc		7.299		2,180,267
	73,756		NextEra Energy Inc		6.926		2,931,063
	23,200		PG&E Corp		6.000		872,320


			TOTAL UTILITIES				5,983,650


			TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $7,902,410)				7,199,762


54		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CORPORATE BONDS - 48.3% (33.3% of Total Investments) (b)
			AUTOMOBILES & COMPONENTS - 0.2%
	$605,000	(a)	Clarios Global LP / Clarios US Finance Co		6.750%		02/15/30	$	629,071


			TOTAL AUTOMOBILES & COMPONENTS						629,071


			CAPITAL GOODS - 1.4%
	1,600,000	(a)	Advanced Drainage Systems Inc		6.375		06/15/30		1,636,411
	490,000	(a)	Albion Financing 1 SARL / Aggreko Holdings Inc		7.000		05/21/30		500,058
	1,080,000	(a)	Chart Industries Inc		7.500		01/01/30		1,130,680
	750,000	(a)	Dcli Bidco LLC		7.750		11/15/29		759,719
	235,000	(a)	Herc Holdings Inc		7.000		06/15/30		245,424
	930,000	(a)	Trinity Industries Inc		7.750		07/15/28		968,629


			TOTAL CAPITAL GOODS						5,240,921


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%
	715,000	(a)	Cougar JV Subsidiary LLC		8.000		05/15/32		762,102
	1,000,000	(a)	Kohl’s Corp		10.000		06/01/30		1,036,519
	705,000	(a)	LCM Investments Holdings II LLC		4.875		05/01/29		685,578


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						2,484,199


			CONSUMER SERVICES - 2.1%
	EUR 300,000	(c),(d)	Accor SA, Reg S		7.250		N/A		390,049
	405,000		Choice Hotels International Inc		5.850		08/01/34		408,159
	1,500,000	(a)	Churchill Downs Inc		5.750		04/01/30		1,504,888
	725,000	(a)	Hilton Domestic Operating Co Inc		5.875		03/15/33		738,687
	400,000	(a)	Merlin Entertainments Group US Holdings Inc		7.375		02/15/31		357,446
	995,000		MGM Resorts International		6.500		04/15/32		1,011,233
	1,360,000		Piedmont Operating Partnership LP		9.250		07/20/28		1,514,822
	695,000	(a)	Six Flags Entertainment Corp / Six Flags Theme Parks Inc		6.625		05/01/32		716,847
	295,000	(a)	Vail Resorts Inc		5.625		07/15/30		296,106
	200,000	(a)	Viking Ocean Cruises Ship VII Ltd		5.625		02/15/29		199,025
	690,000	(a)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp		6.250		03/15/33		694,424


			TOTAL CONSUMER SERVICES						7,831,686


			ENERGY - 13.2%
	935,000	(a)	Archrock Partners LP / Archrock Partners Finance Corp		6.250		04/01/28		938,095
	1,190,000	(a)	Archrock Partners LP / Archrock Partners Finance Corp		6.625		09/01/32		1,212,417
	1,250,000	(a)	Buckeye Partners LP		6.875		07/01/29		1,295,028
	1,150,000		Cheniere Energy Partners LP		4.500		10/01/29		1,137,690
	510,000	(a)	CNX Midstream Partners LP		4.750		04/15/30		481,732
	300,000	(a)	CQP Holdco LP / BIP-V Chinook Holdco LLC		7.500		12/15/33		325,526
	200,000	(a)	CQP Holdco LP / BIP-V Chinook Holdco LLC		5.500		06/15/31		197,579
	765,000	(a)	Delek Logistics Partners LP / Delek Logistics Finance Corp		8.625		03/15/29		793,980
	745,000	(a)	DT Midstream Inc		4.375		06/15/31		713,400
	2,148,000	(d)	Enbridge Inc		6.000		01/15/77		2,146,680
	1,610,000	(d)	Enbridge Inc		5.500		07/15/77		1,596,646
	1,500,000	(d)	Enbridge Inc		6.250		03/01/78		1,505,942
	650,000	(d)	Enbridge Inc		5.750		07/15/80		648,181
	1,260,000	(d)	Enbridge Inc		7.625		01/15/83		1,328,685
	930,000	(d)	Enbridge Inc		8.500		01/15/84		1,035,432
	648,000	(d)	Energy Transfer LP		7.125		10/01/54		664,503
	1,955,000	(c),(d)	Energy Transfer LP		7.125		N/A		1,991,488
	683,000	(c),(d)	Energy Transfer LP		6.500		N/A		686,052
	1,117,000	(d),(e)	Energy Transfer LP (TSFR3M + 3.279%)		7.555		11/01/66		1,112,878
	580,000	(d)	Energy Transfer LP		8.000		05/15/54		617,053
	1,633,000	(d)	Enterprise Products Operating LLC		5.250		08/16/77		1,615,718
	2,334,000	(d)	Enterprise Products Operating LLC		5.375		02/15/78		2,295,722
	CAD 515,000	(d)	Gibson Energy Inc		5.250		12/22/80		369,098
	1,245,000	(a)	Global Partners LP / GLP Finance Corp		8.250		01/15/32		1,309,344
	375,000	(a)	Harvest Midstream I LP		7.500		05/15/32		396,063
	CAD 780,000	(d)	Inter Pipeline Ltd/AB		6.625		11/19/79		584,506
	CAD 670,000	(d)	Keyera Corp		6.875		06/13/79		515,454
	CAD 1,110,000	(d)	Keyera Corp		5.950		03/10/81		820,858
	1,410,000		ONEOK Inc		5.050		11/01/34		1,372,137
	240,000		PBF Holding Co LLC / PBF Finance Corp		6.000		02/15/28		229,521
	CAD 1,784,000	(d)	Pembina Pipeline Corp		4.800		01/25/81		1,282,777


See Notes to Financial Statements		55

Portfolio of Investments June 30, 2025 (continued)

JRI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ENERGY (continued)
	$665,000	(c),(d),(e)	Plains All American Pipeline LP (TSFR3M + 4.372%)		8.698%		N/A	$	666,406
	150,000	(a)	Rockies Express Pipeline LLC		6.750		03/15/33		156,550
	378,000	(a),(d)	South Bow Canadian Infrastructure Holdings Ltd		7.500		03/01/55		390,000
	725,000	(a),(d)	South Bow Canadian Infrastructure Holdings Ltd		7.625		03/01/55		752,664
	780,000	(a)	Sunoco LP		7.000		05/01/29		812,279
	1,500,000	(a)	Sunoco LP		6.250		07/01/33		1,525,048
	805,000		Targa Resources Corp		6.125		03/15/33		848,393
	370,000		Targa Resources Corp		6.150		03/01/29		389,112
	1,500,000	(d)	TransCanada PipeLines Ltd		7.590		05/15/67		1,381,800
	1,200,000	(d)	Transcanada Trust		5.600		03/07/82		1,165,631
	1,149,000	(d)	Transcanada Trust		5.500		09/15/79		1,137,668
	300,000	(d)	Transcanada Trust		5.300		03/15/77		297,954
	1,174,000	(d)	Transcanada Trust		5.875		08/15/76		1,175,851
	555,000	(a)	TransMontaigne Partners LLC		8.500		06/15/30		577,364
	500,000	(a)	Transocean Inc		8.000		02/01/27		492,559
	361,905	(a)	Transocean Titan Financing Ltd		8.375		02/01/28		367,609
	945,000	(a)	US LIQUIDSCO0		5.584		10/01/34		935,040
	720,000	(a)	USA Compression Partners LP / USA Compression Finance Corp		7.125		03/15/29		737,951
	3,865,000	(a),(c),(d)	Venture Global LNG Inc		9.000		N/A		3,757,548
	125,000	(a)	Venture Global Plaquemines LNG LLC		6.500		01/15/34		125,000


			TOTAL ENERGY						48,912,612


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.3%
	1,445,000		Agree LP		4.800		10/01/32		1,429,219
	640,000		Alexandria Real Estate Equities Inc		5.250		05/15/36		628,000
	825,000		American Assets Trust LP		6.150		10/01/34		824,450
	965,000		American Homes 4 Rent LP		5.500		02/01/34		981,132
	1,215,000		Essex Portfolio LP		5.500		04/01/34		1,241,076
	990,000		Extra Space Storage LP		5.700		04/01/28		1,022,562
	925,000		Federal Realty OP LP		5.375		05/01/28		948,032
	320,000		GLP Capital LP / GLP Financing II Inc		5.750		06/01/28		327,903
	540,000		GLP Capital LP / GLP Financing II Inc		6.750		12/01/33		576,810
	1,635,000	(a)	Iron Mountain Inc		6.250		01/15/33		1,681,117
	530,000		Kilroy Realty LP		6.250		01/15/36		528,395
	500,000		Kimco Realty OP LLC		4.600		02/01/33		492,880
	658,000		Kite Realty Group LP		4.000		10/01/26		652,197
	845,000		Kite Realty Group LP		5.500		03/01/34		861,434
	565,000	(a)	Lineage OP LP		5.250		07/15/30		568,424
	645,000		Mid-America Apartments LP		5.300		02/15/32		666,388
	1,255,000	(a)	MPT Operating Partnership LP / MPT Finance Corp		8.500		02/15/32		1,313,428
	2,115,000	(a)	RHP Hotel Properties LP / RHP Finance Corp		6.500		04/01/32		2,175,165
	385,000	(a)	RHP Hotel Properties LP / RHP Finance Corp		6.500		06/15/33		396,067
	380,000	(a)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		6.500		02/15/29		367,281
	785,000	(a)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		10.500		02/15/28		832,133
	270,000	(a)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		8.625		06/15/32		272,740
	1,035,000		Ventas Realty LP		5.000		01/15/35		1,017,291


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)						19,804,124


			FINANCIAL SERVICES - 1.5%
	500,000	(a)	Azorra Finance Ltd		7.750		04/15/30		521,374
	215,000	(a),(f)	Azorra Finance Ltd		7.250		01/15/31		219,498
	245,000	(a)	HAT Holdings I LLC / HAT Holdings II LLC		8.000		06/15/27		255,248
	1,150,000	(a)	Hunt Cos Inc		5.250		04/15/29		1,108,086
	375,000	(d)	National Rural Utilities Cooperative Finance Corp		5.250		04/20/46		372,108
	930,000	(d)	National Rural Utilities Cooperative Finance Corp		7.125		09/15/53		972,374
	585,000	(a)	Starwood Property Trust Inc		7.250		04/01/29		615,315
	1,445,000	(a)	Starwood Property Trust Inc		6.000		04/15/30		1,461,535


			TOTAL FINANCIAL SERVICES						5,525,538


56		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	$325,000	(a)	CHS/Community Health Systems Inc		6.000%		01/15/29	$	312,607
	750,000	(a)	CHS/Community Health Systems Inc		5.250		05/15/30		665,061
	600,000	(a)	LifePoint Health Inc		11.000		10/15/30		661,918
	500,000	(a)	LifePoint Health Inc		10.000		06/01/32		515,832
	625,000	(a)	Prime Healthcare Services Inc		9.375		09/01/29		620,313
	500,000		Tenet Healthcare Corp		6.125		06/15/30		508,692


			TOTAL HEALTH CARE EQUIPMENT & SERVICES						3,284,423


			MEDIA & ENTERTAINMENT - 1.2%
	750,000	(a)	Cablevision Lightpath LLC		5.625		09/15/28		724,542
	1,463,000	(a)	CCO Holdings LLC / CCO Holdings Capital Corp		6.375		09/01/29		1,492,313
	750,000	(a)	CSC Holdings LLC		5.500		04/15/27		716,060
	375,000	(a)	CSC Holdings LLC		11.250		05/15/28		373,589
	720,000	(a)	Directv Financing LLC / Directv Financing Co-Obligor Inc		5.875		08/15/27		717,650
	450,000	(a)	LCPR Senior Secured Financing DAC		6.750		10/15/27		303,115


			TOTAL MEDIA & ENTERTAINMENT						4,327,269


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%
	1,345,000	(a)	Cushman & Wakefield US Borrower LLC		6.750		05/15/28		1,356,488
	750,000		Kennedy-Wilson Inc		4.750		03/01/29		702,911
	1,500,000		Tenet Healthcare Corp		6.750		05/15/31		1,551,883


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						3,611,282


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	500,000	(a)	Viasat Inc		6.500		07/15/28		472,545


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						472,545


			TELECOMMUNICATION SERVICES - 2.2%
	300,000		EchoStar Corp		10.750		11/30/29		309,000
	865,000	(a)	Iliad Holding SASU		8.500		04/15/31		925,226
	645,000	(a)	Iliad Holding SASU		7.000		04/15/32		660,855
	500,000	(a)	Level 3 Financing Inc		3.750		07/15/29		420,625
	750,000	(a)	Level 3 Financing Inc		10.000		10/15/32		757,494
	775,000	(a)	Lumen Technologies Inc		4.500		01/15/29		697,500
	1,000,000	(a)	Sable International Finance Ltd		7.125		10/15/32		1,002,657
	470,000	(a)	Windstream Escrow LLC / Windstream Escrow Finance Corp		8.250		10/01/31		492,224
	1,550,000	(a)	Zayo Group Holdings Inc		4.000		03/01/27		1,453,554
	717,000	(a)	Zayo Group Holdings Inc		6.125		03/01/28		618,752
	910,000	(a)	Zegona Finance PLC		8.625		07/15/29		971,425


			TOTAL TELECOMMUNICATION SERVICES						8,309,312


			TRANSPORTATION - 1.2%
	1,406,000	(a)	Air Transport Services Group Inc		7.250		03/15/32		1,490,438
	1,725,000	(a)	Brightline East LLC		11.000		01/31/30		1,276,500
	550,000	(a)	VistaJet Malta Finance PLC / Vista Management Holding Inc		9.500		06/01/28		565,286
	1,200,000	(a)	XPO Inc		7.125		06/01/31		1,254,461


			TOTAL TRANSPORTATION						4,586,685


			UTILITIES - 17.3%
	640,000		AEP Transmission Co LLC		5.150		04/01/34		647,309
	950,000	(a),(d)	AES Andes SA		8.150		06/10/55		982,875
	1,090,000	(d)	AES Corp/The		6.950		07/15/55		1,063,304
	967,000	(d)	AES Corp/The		7.600		01/15/55		995,623
	CAD 625,000	(d)	AltaGas Ltd		8.900		11/10/83		511,116
	CAD 1,425,000	(d)	AltaGas Ltd		7.350		08/17/82		1,095,976
	2,010,000	(a),(d)	AltaGas Ltd		7.200		10/15/54		2,010,444
	1,055,000		Ameren Illinois Co		4.950		06/01/33		1,069,140
	1,295,000	(a)	California Buyer Ltd / Atlantica Sustainable Infrastructure PLC		6.375		02/15/32		1,297,111
	CAD 675,000	(d)	Capital Power Corp		7.950		09/09/82		539,559
	1,500,000	(a)	Clearway Energy Operating LLC		4.750		03/15/28		1,482,129
	1,023,000	(d)	CMS Energy Corp		4.750		06/01/50		994,162
	613,000	(d)	CMS Energy Corp		3.750		12/01/50		551,006
	1,641,000	(d)	CMS Energy Corp		6.500		06/01/55		1,644,927
	545,000	(a)	ContourGlobal Power Holdings SA		6.750		02/28/30		561,546
	1,608,000	(d)	Dominion Energy Inc		7.000		06/01/54		1,725,275
	2,926,000	(d)	Dominion Energy Inc		6.625		05/15/55		2,969,518
	350,000		DTE Electric Co		5.200		03/01/34		357,412


See Notes to Financial Statements		57

Portfolio of Investments June 30, 2025 (continued)

JRI


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES (continued)
	$2,502,000	(d)	Duke Energy Corp		6.450%		09/01/54	$	2,571,587
	560,000		Duke Energy Progress LLC		5.100		03/15/34		567,927
	426,000	(c),(d)	Edison International		5.375		N/A		401,088
	411,000	(d)	Edison International		8.125		06/15/53		396,983
	656,000	(c),(d)	Edison International		5.000		N/A		567,074
	261,000	(d)	Edison International		7.875		06/15/54		247,263
	1,013,000	(a),(c),(d)	Electricite de France SA		9.125		N/A		1,142,588
	GBP 900,000	(c),(d)	Electricite de France SA, Reg S		5.875		N/A		1,214,723
	1,838,000	(d)	Emera Inc		6.750		06/15/76		1,849,530
	1,622,000	(d)	Entergy Corp		7.125		12/01/54		1,678,213
	733,000	(d)	EUSHI Finance Inc		7.625		12/15/54		758,810
	1,698,000	(d)	Evergy Inc		6.650		06/01/55		1,723,867
	2,417,000	(d)	Exelon Corp		6.500		03/15/55		2,458,489
	1,125,000	(a)	Ferrellgas LP / Ferrellgas Finance Corp		5.875		04/01/29		1,040,816
	649,000	(a)	Ferrellgas LP / Ferrellgas Finance Corp		5.375		04/01/26		642,839
	925,000		Interstate Power and Light Co		5.600		06/29/35		950,780
	825,000	(a)	ITC Holdings Corp		4.950		09/22/27		833,875
	475,000	(a)	LONG RIDGE ENERGY LLC		8.750		02/15/32		493,408
	581,000	(d)	NextEra Energy Capital Holdings Inc		6.750		06/15/54		602,770
	1,975,000	(d)	NextEra Energy Capital Holdings Inc		6.375		08/15/55		2,016,782
	1,301,000	(d)	NextEra Energy Capital Holdings Inc		5.650		05/01/79		1,296,019
	2,475,000	(d)	NiSource Inc		6.950		11/30/54		2,576,396
	430,000		OGE Energy Corp		5.450		05/15/29		445,139
	1,055,000	(a)	Pattern Energy Operations LP / Pattern Energy Operations Inc		4.500		08/15/28		1,022,149
	1,580,000	(d)	PG&E Corp		7.375		03/15/55		1,496,292
	808,000	(d)	PPL Capital Funding Inc		7.222		03/30/67		803,812
	2,219,000	(d)	Sempra		6.400		10/01/54		2,106,556
	1,276,000	(d)	Sempra		6.875		10/01/54		1,286,768
	850,000	(d)	Sempra		4.125		04/01/52		817,316
	1,560,000	(d)	Sempra		6.550		04/01/55		1,479,277
	1,679,000	(d)	Southern Co/The		6.375		03/15/55		1,727,646
	275,000	(a)	Superior Plus LP / Superior General Partner Inc		4.500		03/15/29		264,488
	1,435,000	(a)	TerraForm Power Operating LLC		4.750		01/15/30		1,373,857
	537,000	(a),(c),(d)	Vistra Corp		8.000		N/A		550,021
	2,568,000	(a),(c),(d)	Vistra Corp		8.875		N/A		2,791,131
	333,000	(a),(c),(d)	Vistra Corp		7.000		N/A		337,007
	420,000	(a)	XPLR Infrastructure Operating Partners LP		4.500		09/15/27		409,415
	830,000	(a)	XPLR Infrastructure Operating Partners LP		7.250		01/15/29		850,860
	165,000	(a)	XPLR Infrastructure Operating Partners LP		8.625		03/15/33		176,843


			TOTAL UTILITIES						64,468,836


			TOTAL CORPORATE BONDS (Cost $176,841,089)						179,488,503



SHARES			DESCRIPTION					VALUE


			INVESTMENT COMPANIES - 1.0% (0.7% of Total Investments)
	1,280,345		Foresight Environmental Infrastructure Ltd						1,409,487
	473,358		Greencoat UK Wind PLC/Funds						782,954
	754,942		Sdcl Efficiency Income Trust PLC						581,348
	612,931		Sequoia Economic Infrastructure Income Fund Ltd						685,692
	112,828		Starwood European Real Estate Finance Ltd						135,514


			TOTAL INVESTMENT COMPANIES (Cost $4,021,055)						3,594,995



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES - 2.2% (1.5% of Total Investments)
	500,000	(a),(e)	ARDN 2025-ARCP Mortgage Trust, (TSFR1M + 4.500%)		8.800		06/15/35		502,276
	650,000	(a),(e)	BMP 2024-MF23, (TSFR1M + 2.390%)		7.194		06/15/41		652,140
	490,000	(a),(e)	BX Commercial Mortgage Trust 2021-21M, (TSFR1M + 2.285%)		6.607		10/15/36		488,243
	526,042	(a),(e)	BX Commercial Mortgage Trust 2021-SOAR, (LIBOR 1 M + 1.914%)		1.910		06/15/38		526,275
	565,152	(a),(e)	BX Trust 2021-SDMF, (LIBOR 1 M + 1.701%)		2.911		09/15/34		559,907


58		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
	$ 500,000	(a),(e)	BX Trust 2021-VIEW, (TSFR1M + 3.714%)		8.036%		06/15/36	$	500,697
	250,000	(a),(e)	BX Trust 2022-LBA6, (TSFR1M + 2.000%)		4.845		01/15/39		249,682
	500,000	(a),(e)	BX Trust 2025-LUNR, (TSFR1M + 2.000%)		6.312		06/15/40		501,661
	500,000	(a),(e)	DBGS 2024-SBL, (TSFR1M + 2.740%)		7.062		08/15/34		501,363
	499,419	(a),(e)	ELP Commercial Mortgage Trust 2021-ELP, (TSFR1M + 2.233%)		6.545		11/15/38		499,169
	500,000	(a),(e),(f)	GSAT Trust 2025-BMF, (TSFR1M + 2.500%)		6.820		07/15/30		501,287
	500,000	(a),(e)	ILPT Commercial Mortgage Trust 2025-LPF2		6.508		07/15/42		510,518
	500,000	(a),(e)	IP 2025-IP Mortgage Trust		5.831		06/10/42		506,644
	350,000	(a),(e)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB, (SOFR30A + 2.900%)		7.245		03/15/39		350,643
	400,000	(a),(e)	LBA Trust 2024-7IND, (TSFR1M + 2.641%)		6.953		10/15/41		401,705
	310,000	(a),(e)	Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 2.829%)		7.141		07/15/36		243,993
	525,000	(a),(e)	Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 4.329%)		8.641		07/15/36		351,371
	307,618	(a),(e)	TTAN 2021-MHC, (TSFR1M + 1.864%)		6.338		03/15/38		308,230


			TOTAL MORTGAGE-BACKED SECURITIES (Cost $8,363,612)						8,155,804



SHARES			DESCRIPTION	RATE				VALUE


			PREFERRED STOCK - 15.9% (11.0% of Total Investments)
			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 11.5%
	159,015		Agree Realty Corp		4.250				2,698,485
	79,797		American Homes 4 Rent		5.875				1,821,765
	43,676		American Homes 4 Rent		6.250				1,026,823
	64,230		Armada Hoffler Properties Inc		6.750				1,387,368
	40,643		DiamondRock Hospitality Co		8.250				994,534
	85,182		Digital Realty Trust Inc		5.200				1,701,936
	82,544		Digital Realty Trust Inc		5.250				1,738,377
	75,588		Digital Realty Trust Inc		5.850				1,734,745
	78,287		Federal Realty Investment Trust		5.000				1,568,872
	62,633		Kimco Realty Corp		5.125				1,230,738
	86,943		Kimco Realty Corp		5.250				1,734,513
	2,301		Mid-America Apartment Communities Inc		8.500				124,810
	72,708		National Storage Affiliates Trust		6.000				1,625,024
	53,970		Pebblebrook Hotel Trust		5.700				883,489
	43,067		Pebblebrook Hotel Trust		6.375				755,826
	66,575		Pebblebrook Hotel Trust		6.300				1,168,391
	32,513		Public Storage		4.625				593,687
	14,445		Public Storage		3.950				226,786
	42,770		Public Storage		4.000				672,772
	50,089		Public Storage		4.100				812,444
	15,264		Public Storage		3.875				233,539
	14,594		Public Storage		5.050				292,172
	36,643		Public Storage		4.875				700,614
	11,879		Public Storage		4.700				218,811
	38,118		Public Storage		4.000				600,740
	35,300		Public Storage		4.750				667,876
	34,150		Public Storage		4.125				566,207
	9,729		Public Storage		3.900				149,924
	68,163		Regency Centers Corp		6.250				1,616,826
	69,387		Regency Centers Corp		5.875				1,558,432
	92,153		Rexford Industrial Realty Inc		5.625				1,950,879
	38,399		Rexford Industrial Realty Inc		5.875				859,946
	10,819		RLJ Lodging Trust		1.950				255,978
	20,251		Summit Hotel Properties Inc		5.875				359,658
	38,516		Summit Hotel Properties Inc		6.250				679,422
	51,424		Sunstone Hotel Investors Inc		5.700				958,543
	40,419		Sunstone Hotel Investors Inc		6.125				813,230
	18,724		UMH Properties Inc		6.375				407,996
	86,750		Vornado Realty Trust		5.400				1,482,557
	86,241		Vornado Realty Trust		5.250				1,427,289


See Notes to Financial Statements		59

Portfolio of Investments June 30, 2025 (continued)

JRI



SHARES			DESCRIPTION	RATE				VALUE


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
	75,877		Vornado Realty Trust		5.250%			$	1,252,729
	77,883		Vornado Realty Trust		4.450				1,121,515


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)						42,676,268


			FINANCIAL SERVICES - 0.1%
	25,426		Brookfield Finance Inc		4.625				390,543


			TOTAL FINANCIAL SERVICES						390,543


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
	25,270		Brookfield Property Partners LP		6.500				381,325
	10,309		Brookfield Property Partners LP		6.375				156,078
	35,153		Brookfield Property Partners LP		5.750				456,989


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						994,392


			UTILITIES - 4.0%
	25,854		BIP Bermuda Holdings I Ltd		5.125				420,645
	41,127		Brookfield BRP Holdings Canada Inc		4.625				647,750
	13,470		Brookfield Infrastructure Finance ULC		5.000				213,634
	65,426		Brookfield Infrastructure Partners LP		5.125				1,094,577
	20,719		Brookfield Infrastructure Partners LP		5.000				326,531
	75,784		Brookfield Renewable Partners LP		5.250				1,313,337
	12,263		CMS Energy Corp		5.625				262,183
	20,157		CMS Energy Corp		5.875				444,059
	19,998		CMS Energy Corp		5.875				443,956
	35,056		CMS Energy Corp		4.200				601,561
	52,011		DTE Energy Co		4.375				886,267
	50,133		DTE Energy Co		4.375				863,290
	37,563		DTE Energy Co		5.250				788,823
	38,154		Duke Energy Corp		5.625				899,290
	44,545		Duke Energy Corp		5.750				1,083,334
	45,803		Georgia Power Co		5.000				940,794
	22,463		SCE Trust VII		7.500				499,128
	31,175		SCE Trust VIII		6.950				667,768
	39,025		Southern Co/The		6.500				1,002,162
	24,801		Southern Co/The		4.950				491,060
	51,299		Southern Co/The		4.200				901,323
	17,592		Southern Co/The		5.250				374,886


			TOTAL UTILITIES						15,166,358


			TOTAL PREFERRED STOCK (Cost $70,076,047)						59,227,561



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			VARIABLE RATE SENIOR LOAN INTERESTS - 4.9% (3.4% of Total Investments)
			AUTOMOBILES & COMPONENTS - 0.2%
$	600,000	(e)	Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)		7.077		01/28/32		601,314


			TOTAL AUTOMOBILES & COMPONENTS						601,314


			COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	593,509	(e)	WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.191		03/27/28		588,132


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						588,132


			CONSUMER SERVICES - 0.5%
	955,820	(e)	Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)		6.577		02/06/30		956,537
	821,790	(e)	Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%)		6.564		04/16/29		823,536


			TOTAL CONSUMER SERVICES						1,780,073


			FOOD, BEVERAGE & TOBACCO - 0.1%
	435,000	(e),(f)	Sazerac Co Inc, (TBD)		TBD		TBD		435,544


			TOTAL FOOD, BEVERAGE & TOBACCO						435,544


60		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT - 0.8%

1,492,500

(e)

Charter Communications Operating, LLC, Term Loan B5,
(TSFR3M + 2.250%)

6.548%

12/15/31

1,496,515

497,455

(e)

CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)

8.812

01/18/28

491,518

1,000,000

(e)

Sunrise Financing Partnership, Term Loan AAA, (TSFR3M + 2.500%)

6.793

02/17/32

999,060

TOTAL MEDIA & ENTERTAINMENT

2,987,093

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

335,000

(e),(f)

Hill Top Energy Center LLC, (TBD)

TBD

335,209

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

335,209

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

435,000

(e)

CommScope, Inc., Term Loan, (TSFR1M + 5.250%)

9.577

12/17/29

440,936

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

440,936

TELECOMMUNICATION SERVICES - 0.9%

500,000

(e)

GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M + 3.750%)

8.191

04/28/28

492,033

994,929

(e)

Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)

6.791

04/15/30

983,974

1,000,000

(e)

Virgin Media Bristol LLC, Term Loan N, (TSFR1M + 2.500%)

6.926

01/31/28

988,545

1,000,000

(e)

Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)

6.926

04/28/28

979,205

TOTAL TELECOMMUNICATION SERVICES

3,443,757

TRANSPORTATION - 0.6%

758,678

(e)

Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M + 1.750%)

6.046

04/10/31

755,613

1,500,000

(e)

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

7.310

03/08/32

1,506,562

TOTAL TRANSPORTATION

2,262,175

UTILITIES - 1.5%

1,500,000

(e)

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

6.077

01/31/31

1,501,530

498,750

(e)

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

8.796

02/19/32

493,346

989,956

(e)

NRG Energy, Inc., Term Loan, (TSFR3M + 1.750%)

6.030

04/16/31

993,050

1,477,575

(e)

Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M

+ 2.500%)

6.808

12/15/31

1,484,039

1,004,253

(e)

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

6.077

12/20/30

1,007,984

TOTAL UTILITIES

5,479,949

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $18,315,740)

18,354,182

TOTAL LONG-TERM INVESTMENTS

(Cost $510,787,494)

534,783,392

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.0%(0.7% of Total Investments)

REPURCHASE AGREEMENTS - 1.0% (0.7% of Total Investments)

3,650,000

(g)

Fixed Income Clearing Corporation

4.370

07/01/25

3,650,000

TOTAL REPURCHASE AGREEMENTS

(Cost $3,650,000)

3,650,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,650,000)

3,650,000

TOTAL INVESTMENTS - 144.8%

(Cost $514,437,494)

538,433,392

BORROWINGS - (46.0)% (h),(i)

(170,945,000)

OTHER ASSETS & LIABILITIES, NET - 1.2%

4,377,095

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$ 371,865,487

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


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 Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)


U.S. Treasury Ultra 10-Year Note		(54	)		9/25	$	(6,054,640	)	$	(6,170,344	)	$	(115,704	)

Interest Rate Swaps - OTC Uncleared

Counterparty

Fund
Pay/Receive
Floating Rate

Floating Rate

Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date(a)

Optional
Termination

Date

Maturity

Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley

Receive

SOFR

1.994

Monthly

6/01/18

7/01/27

112,400,000

265,713

$265,713


SOFR		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%
	96,147	Digital Realty Trust Inc	$	16,761,307
	15,041	Equinix Inc		11,964,664


		TOTAL DATA CENTER REITS		28,725,971


		DIVERSIFIED REITS - 0.5%
	19,910	WP Carey Inc		1,241,986


		TOTAL DIVERSIFIED REITS		1,241,986


		HEALTH CARE REITS - 15.1%
	74,429	Alexandria Real Estate Equities Inc		5,405,778
	78,895	Healthcare Realty Trust Inc		1,251,275
	403,288	Healthpeak Properties Inc		7,061,573
	226,730	Ventas Inc		14,318,000
	55,666	Welltower Inc		8,557,534


		TOTAL HEALTH CARE REITS		36,594,160


		HOTEL & RESORT REITS - 3.0%
	259,001	Host Hotels & Resorts Inc		3,978,255
	12,715	Ryman Hospitality Properties Inc		1,254,589
	83,590	Sunstone Hotel Investors Inc		725,561
	97,892	Xenia Hotels & Resorts Inc		1,230,502


		TOTAL HOTEL & RESORT REITS		7,188,907


		INDUSTRIAL REITS - 11.6%
	141,115	First Industrial Realty Trust Inc		6,791,865
	188,691	Prologis Inc		19,835,198
	38,825	Rexford Industrial Realty Inc		1,381,005


		TOTAL INDUSTRIAL REITS		28,008,068


		MULTI-FAMILY RESIDENTIAL REITS - 13.6%
	30,197	AvalonBay Communities Inc		6,145,089
	85,739	Camden Property Trust		9,661,928
	92,169	Equity Residential		6,220,486
	15,705	Essex Property Trust Inc		4,450,797
	19,655	Mid-America Apartment Communities Inc		2,909,137
	75,125	UDR Inc		3,067,354


		TOTAL MULTI-FAMILY RESIDENTIAL REITS		32,454,791


		OFFICE REITS - 7.0%
	62,270	BXP Inc		4,201,357
	103,155	Cousins Properties Inc		3,097,745
	175,030	Douglas Emmett Inc		2,632,451
	132,800	Kilroy Realty Corp		4,556,368
	40,355	SL Green Realty Corp		2,497,975


		TOTAL OFFICE REITS		16,985,896


		OTHER SPECIALIZED REITS - 2.5%
	187,590	VICI Properties Inc		6,115,434


		TOTAL OTHER SPECIALIZED REITS		6,115,434


		RETAIL REITS - 19.7%
	94,785	Acadia Realty Trust		1,760,157
	65,530	Agree Realty Corp		4,787,622
	76,205	Federal Realty Investment Trust		7,238,713
	161,840	Kimco Realty Corp		3,401,877
	313,256	Kite Realty Group Trust		7,095,248
	161,529	Macerich Co/The		2,613,539
	61,455	NNN REIT Inc		2,653,627
	138,850	Realty Income Corp		7,999,148
	63,614	Simon Property Group Inc		10,226,587


		TOTAL RETAIL REITS		47,776,518


See Notes to Financial Statements		63

Portfolio of Investments June 30, 2025 (continued)

JRS


SHARES		DESCRIPTION			VALUE


		SELF-STORAGE REITS - 8.4%
	191,337	CubeSmart			$	8,131,822
	31,855	Extra Space Storage Inc				4,696,701
	24,850	Public Storage				7,291,487


		TOTAL SELF-STORAGE REITS				20,120,010


		SINGLE-FAMILY RESIDENTIAL REITS - 5.9%
	158,702	American Homes 4 Rent, Class A				5,724,381
	112,720	Invitation Homes Inc				3,697,216
	37,955	Sun Communities Inc				4,800,928


		TOTAL SINGLE-FAMILY RESIDENTIAL REITS				14,222,525


		TELECOM TOWER REITS - 2.1%
	21,265	SBA Communications Corp				4,993,873


		TOTAL TELECOM TOWER REITS				4,993,873


		TOTAL COMMON STOCKS (Cost $186,979,048)				244,428,139



SHARES		DESCRIPTION	RATE		VALUE


		CONVERTIBLE PREFERRED SECURITIES - 0.8% (0.6% of Total Investments)
		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%
	30,155	Kimco Realty Corp		7.250%		1,825,584
		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				1,825,584


		TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $1,495,537)				1,825,584



SHARES		DESCRIPTION	RATE		VALUE


		PREFERRED STOCK - 38.4% (26.9% of Total Investments)
		DATA CENTER REITS - 3.4%
	194,920	Digital Realty Trust Inc		5.200		3,894,501
	96,245	Digital Realty Trust Inc		5.850		2,208,823
	105,960	Digital Realty Trust Inc		5.250		2,231,518


		TOTAL DATA CENTER REITS				8,334,842


		DIVERSIFIED REITS - 1.2%
	34,560	Armada Hoffler Properties Inc		6.750		746,496
	10,000	CTO Realty Growth Inc		6.375		201,300
	44,840	DigitalBridge Group Inc		7.125		922,359
	52,815	DigitalBridge Group Inc		7.150		1,083,764


		TOTAL DIVERSIFIED REITS				2,953,919


		HOTEL & RESORT REITS - 4.8%
	90,130	Chatham Lodging Trust		6.625		1,784,574
	134,915	DiamondRock Hospitality Co		8.250		3,301,370
	21,740	Pebblebrook Hotel Trust		6.300		381,537
	151,610	Pebblebrook Hotel Trust		6.375		2,660,756
	88,100	Pebblebrook Hotel Trust		5.700		1,442,197
	41,335	Sunstone Hotel Investors Inc		6.125		831,660
	64,310	Sunstone Hotel Investors Inc		5.700		1,198,738


		TOTAL HOTEL & RESORT REITS				11,600,832


		INDUSTRIAL REITS - 2.9%
	56,719	Prologis Inc		8.540		3,150,740
	23,316	Rexford Industrial Realty Inc		5.875		522,162
	158,030	Rexford Industrial Realty Inc		5.625		3,345,495


		TOTAL INDUSTRIAL REITS				7,018,397




		MULTI-FAMILY RESIDENTIAL REITS - 0.8%
	34,353	Mid-America Apartment Communities Inc		8.500		1,863,362


		TOTAL MULTI-FAMILY RESIDENTIAL REITS				1,863,362




		OFFICE REITS - 11.9%
	12,713	Highwoods Properties Inc		8.625		13,267,624
	144,320	SL Green Realty Corp		6.500		3,147,619
	176,330	Vornado Realty Trust		4.450		2,539,152
	226,090	Vornado Realty Trust		5.250		3,732,746
	222,827	Vornado Realty Trust		5.250		3,687,787


64		See Notes to Financial Statements


SHARES			DESCRIPTION					VALUE


			OFFICE REITS (continued)
	126,524		Vornado Realty Trust		5.400%			$	2,162,295


			TOTAL OFFICE REITS						28,537,223


			OTHER SPECIALIZED REITS - 0.1%
	12,465		EPR Properties		5.750				259,771


			TOTAL OTHER SPECIALIZED REITS						259,771


			RETAIL REITS - 6.7%
	109,265		Agree Realty Corp		4.250				1,854,227
	144,110		Federal Realty Investment Trust		5.000				2,887,965
	156,704		Kimco Realty Corp		5.250				3,126,245
	126,039		Kimco Realty Corp		5.125				2,476,666
	51,590		Regency Centers Corp		5.875				1,158,711
	60,045		Regency Centers Corp		6.250				1,424,267
	19,725		Saul Centers Inc		6.125				413,239
	130,415		Saul Centers Inc		6.000				2,729,586
	3,184		Simon Property Group Inc		8.375				177,540


			TOTAL RETAIL REITS						16,248,446


			SELF-STORAGE REITS - 5.1%
	44,661		National Storage Affiliates Trust		6.000				998,173
	3,225		Public Storage		4.000				50,729
	76,355		Public Storage		4.000				1,203,355
	2,940		Public Storage		3.900				45,305
	94,460		Public Storage		4.625				1,724,840
	26,125		Public Storage		4.750				494,285
	16,700		Public Storage		4.700				307,614
	83,290		Public Storage		4.875				1,592,505
	152,370		Public Storage		5.600				3,416,135
	112,599		Public Storage		5.050				2,254,232


			TOTAL SELF-STORAGE REITS						12,087,173


			SINGLE-FAMILY RESIDENTIAL REITS - 1.5%
	102,970		American Homes 4 Rent		6.250				2,420,825
	42,510		American Homes 4 Rent		5.875				970,503
	12,175		UMH Properties Inc		6.375				265,293


			TOTAL SINGLE-FAMILY RESIDENTIAL REITS						3,656,621


			TOTAL PREFERRED STOCK (Cost $110,507,017)						92,560,586


			TOTAL LONG-TERM INVESTMENTS (Cost $298,981,602)						338,814,309



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 2.2%(1.5% of Total Investments)
			REPURCHASE AGREEMENTS - 2.2% (1.5% of Total Investments)
$	176,515	(a)	Fixed Income Clearing Corporation		1.360		07/01/25		176,515
	5,150,000	(b)	Fixed Income Clearing Corporation		4.370		07/01/25		5,150,000


			TOTAL REPURCHASE AGREEMENTS (Cost $5,326,515)						5,326,515


			TOTAL SHORT-TERM INVESTMENTS (Cost $5,326,515)						5,326,515


			TOTAL INVESTMENTS - 142.8% (Cost $304,308,117)						344,140,824


			BORROWINGS - (42.5)% (c),(d)						(102,400,000)


			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(815,621)


			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	240,925,203

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


(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/
Receive
Floating Rate

Floating Rate

Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date(a)

Optional
Termination

Date

Maturity

Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley

Receive

SOFR

1.994

Monthly

6/01/18

7/01/27

72,400,000

171,153


SOFR		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^†	$	642,906,169	$	534,783,392		$	338,814,309
Short-term investments, at value^◇		650,000		3,650,000			5,326,515
Cash		–		846,197			–
Cash denominated in foreign currencies^{^}		103,630		2,834,621			–
Unrealized appreciation on forward foreign currency contracts		192		–			–
Unrealized appreciation on interest rate swaps contracts		–		265,713			171,153
Receivables:
Dividends		396,289		1,496,174			1,501,309
Interest		3,365,758		3,340,182			632
Investments sold		43,684,440		5,659,628			3,207,849
Reclaims		626,339		137,968			–
Reimbursement from Adviser		17,008		105,558			–
Other		70,938		27,987			36,872

Total assets		691,820,763		553,147,420			349,058,639
LIABILITIES
Cash overdraft		13,258,710		–			583
Cash collateral due to broker for investments in swaps⁽¹⁾		–		89,541			157,199
Borrowings		152,586,000		170,945,000			102,400,000
Reverse repurchase agreements, including accrued interest		35,157,286		–			–
Unrealized depreciation on forward foreign currency contracts		55,217		–			–
Payables:
Management fees		445,086		423,721			244,779
Dividends		4,134,045		3,552,787			4,763,386
Capital gain taxes		187		–			–
Interest		561,420		662,839			426,139
Investments purchased - regular settlement		20,146,393		3,841,936			–
Investments purchased - when-issued/delayed-delivery settlement		3,103,684		1,481,988			–
Unfunded senior loans		123,367		–			–
Variation margin on futures contracts		–		26,156			–
Accrued expenses:
Custodian fees		250,902		183,576			31,631
Investor relations		56,250		10,678			42,528
Trustees fees		66,934		27,299			36,357
Professional fees		37,906		14,059			15,009
Shareholder reporting expenses		15,851		17,403			15,607
Shareholder servicing agent fees		58		2,375			124
Other		5,828		2,575			94

Total liabilities		230,005,124		181,281,933			108,133,436

Net assets applicable to common shares	$	461,815,639	$	371,865,487		$	240,925,203
Common shares outstanding		33,425,645		27,416,679			28,892,471
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	$	334,256	$	274,167		$	288,925
Paid-in capital		421,287,101		555,068,795			216,667,441
Total distributable earnings (loss)		40,194,282		(183,477,475	)		23,968,837
Net assets applicable to common shares	$	461,815,639	$	371,865,487		$	240,925,203
Authorized shares:
Common		Unlimited		Unlimited			Unlimited
Preferred		Unlimited		Unlimited			Unlimited
^† Long-term investments, cost	$	584,150,741	$	510,787,494		$	298,981,602
◇ Short-term investments, cost	$	650,000	$	3,650,000		$	5,326,515
^ Cash denominated in foreign currencies, cost	$	103,610	$	2,805,307		$	–

(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

Statement of Operations


Six Months Ended June 30, 2025 (Unaudited)	NMAI			JRI			JRS

INVESTMENT INCOME
Affiliated income	$	37,722		$	204,594		$	–
Dividends		4,751,806			10,038,527			7,114,154
Interest		10,139,990			7,037,656			157,389
Rehypothecation income		25,950			–			–
Tax withheld		(264,500	)		(464,409	)		–
Total investment income		14,690,968			16,816,368			7,271,543

EXPENSES
Management fees		2,669,845			2,550,872			1,526,899
Shareholder servicing agent fees		691			13,977			–
Interest expense		4,505,221			4,276,744			2,637,874
Trustees fees		11,234			9,712			6,531
Custodian expenses		163,479			141,408			24,337
Investor relations expenses		51,746			68,736			43,073
Professional fees		83,700			35,725			29,913
Shareholder reporting expenses		31,161			28,038			32,457
Stock exchange listing fees		5,241			4,299			4,530
Other		12,389			6,635			1,318
Total expenses		7,534,707			7,136,146			4,306,932

Net investment income (loss)		7,156,261			9,680,222			2,964,611

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments*		23,279,841			1,393,385			4,940,895
Futures contracts		–			305,694			–
Written options		462,943			–			–
Swap contracts		–			1,426,605			918,219
Foreign currency transactions		(172,468	)		334,185			(16,553	)
Net realized gain (loss)		23,570,316			3,459,869			5,842,561

Change in unrealized appreciation (depreciation) on:
Investments **		9,123,035			20,846,485			(18,418,652	)
Forward foreign currency contracts		(113,518	)		–			–
Futures contracts		–			(457,684	)		–
Written options		(115,914	)		–			–
Swap contracts		–			(1,311,484	)		(844,764	)
Foreign currency translations		49,439			111,266			–
Net change in unrealized appreciation (depreciation)		8,943,042			19,188,583			(19,263,416	)

Net realized and unrealized gain (loss)		32,513,358			22,648,452			(13,420,855	)

Net increase (decrease) in net assets applicable to common shares from operations	$	39,669,619		$	32,328,674		$	(10,456,244	)

* Net of foreign capital gains tax	$	(32	)	$	–		$	–

** Net of change in foreign capital gains tax	$	(187	)	$	–		$	–

See Notes to Financial Statements


68

Statement of Changes in Net Assets


	NMAI						JRI
	Unaudited Six Months Ended 6/30/25			Year Ended 12/31/24			Unaudited Six Months Ended 6/30/25			Year Ended 12/31/24
OPERATIONS
Net investment income (loss)	$	7,156,261		$	12,289,623		$	9,680,222		$	14,857,796
Net realized gain (loss)		23,570,316			2,139,980			3,459,869			11,025,082
Net change in unrealized appreciation (depreciation)		8,943,042			21,345,470			19,188,583			(375,263	)

Net increase (decrease) in net assets applicable to common shares from operations		39,669,619			35,775,073			32,328,674			25,507,615

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(18,166,838	)		(12,673,637	)		(21,960,760	)		(18,052,526	)
Return of Capital		–			(42,562,242	)		–			(21,276,701	)

Total distributions		(18,166,838	)		(55,235,879	)		(21,960,760	)		(39,329,227	)
Net increase (decrease) in net assets applicable to common shares		21,502,781			(19,460,806	)		10,367,914			(13,821,612	)

Net assets applicable to common shares at the beginning of period		440,312,858			459,773,664			361,497,573			375,319,185

Net assets applicable to common shares at the end of period	$	461,815,639		$	440,312,858		$	371,865,487		$	361,497,573

See Notes to Financial Statements


		69

Statement of Changes in Net Assets (continued)


	JRS
	Unaudited Six Months Ended 6/30/25			Year Ended 12/31/24
OPERATIONS
Net investment income (loss)	$	2,964,611		$	2,420,053
Net realized gain (loss)		5,842,561			8,991,450
Net change in unrealized appreciation (depreciation)		(19,263,416	)		13,892,645

Net increase (decrease) in net assets applicable to common shares from operations		(10,456,244	)		25,304,148

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(9,823,440	)		(7,022,713	)
Return of Capital		–			(12,624,167	)

Total distributions		(9,823,440	)		(19,646,880	)
Net increase (decrease) in net assets applicable to common shares		(20,279,684	)		5,657,268
Net assets applicable to common shares at the beginning of period		261,204,887			255,547,619

Net assets applicable to common shares at the end of period	$	240,925,203		$	261,204,887

See Notes to Financial Statements


70

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	$	39,669,619		$	32,328,674		$	(10,456,244	)
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		(341,201,305	)		(190,256,693	)		(50,548,324	)
Proceeds from sale and maturities of investments		349,846,495			206,122,222			64,570,261
Proceeds from (Purchase of) short-term investments, net		25,225,000			8,775,000			4,973,485
Proceeds from (Purchase of) closed foreign currency spot transactions		62,068			154,653			(16,553	)
Proceeds from litigation settlement		496			3,411			59
Capital gains and return of capital distributions from investments		135,453			757,571			1,668,104
Amortization (Accretion) of premiums and discounts, net		(243,267	)		(101,566	)		(12,052	)
(Increase) Decrease in:
Receivable for dividends		18,297			(253,260	)		11,442
Receivable for interest		(466,319	)		19,664			73,260
Receivable for reclaims		75,146			(8,686	)		–
Receivable for investments sold		(42,299,173	)		(5,491,803	)		(3,207,849	)
Receivable for reimbursement from Adviser		(65	)		21,821			–
Receivable for variation margin on futures contracts		–			28,375			–
Other assets		12,878			831			4,059
Increase (Decrease) in:
Payable for interest		73,931			(178,501	)		(102,761	)
Payable for investments purchased - regular settlement		20,052,878			3,611,795			(888,933	)
Payable for investments purchased - when-issued/delayed-delivery settlement		(2,061,749	)		(1,019,277	)		–
Payable for unfunded senior loans		84,109			–			–
Payable for variation margin on futures contracts		–			26,156			–
Payable for management fees		(7,725	)		(20,266	)		(33,907	)
Accrued custodian fees		14,941			44,564			6,835
Accrued investor relations fees		25,614			3,369			20,581
Accrued Trustees fees		(13,572	)		(2,701	)		(7,380	)
Accrued professional fees		17,652			8,907			9,749
Accrued shareholder reporting expenses		(26,542	)		(27,773	)		(15,709	)
Accrued shareholder servicing agent fees		(47	)		1,011			(693	)
Accrued other expenses		5,828			2,575			94
Net realized (gain) loss from investments		(23,279,841	)		(1,393,385	)		(4,940,895	)
Net realized (gain) loss from foreign currency transactions		172,468			(334,185	)		16,553
Net realized (gain) loss from written options		(462,943	)		–			–
Net realized (gain) loss from paydowns		(137,343	)		–			–
Net change in unrealized (appreciation) depreciation of investments		(9,123,035	)		(20,846,485	)		18,418,652
Net change in unrealized (appreciation) depreciation of forward foreign currency		113,518			–			–
Net change in unrealized (appreciation) depreciation of swap contracts		–			1,311,484			844,764
Net change in unrealized (appreciation) depreciation of written options		115,914			–			–
Net change in unrealized (appreciation) depreciation on foreign currency translations		(49,439	)		(111,266	)		–
Net cash provided by (used in) operating activities		16,349,940			33,176,236			20,386,598
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		41,750,000			–			–
(Repayments) of borrowings		(11,500,000	)		(8,000,000	)		(10,000,000	)
(Repayments of) reverse repurchase agreements		(33,038,160	)		–			–
Increase (Decrease) in:
Cash overdraft		530,705			(4,077,518	)		(4,416,544	)
Cash collateral due to broker		–			(1,136,225	)		(910,000	)
Cash distributions paid to common shareholders		(14,032,793	)		(18,407,973	)		(5,060,054	)

Net cash provided by (used in) financing activities		(16,290,248	)		(31,621,716	)		(20,386,598	)
Net increase (decrease) in cash and cash denominated in foreign currencies		59,692			1,554,520			–
Cash and cash denominated in foreign currencies at the beginning of period		43,938			2,126,298			–

Cash and cash denominated in foreign currencies at the end of period	$	103,630		$	3,680,818		$	–

See Notes to Financial Statements


		71

Financial Highlights

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



			Investment Operations								Less Distributions to Common Shareholders						Common Share
	Common Share Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII		From Net Realized Gains		Return of Capital		Total		Discount Per Share Repurchased and Retired		Net Asset Value, End of Period		Share Price, End of Period
NMAI
6/30/25^(e)		$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^(g)		20.00		0.07		0.31		0.38		(0.06)		(0.29)		—		(0.35)		—		20.03	18.65
JRI
6/30/25^(e)		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)		—^(h)		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)		^—(h)		15.84	13.46
JRS
6/30/25^(e)		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


		Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns			Ratios to Average Net Assets
Based on Net Asset Value^(b)	Based on Share Price^(b)	Net Assets, End of Period (000)	Expenses^(c)	Net Investment Income (Loss)^(c)^,^(d)	Portfolio Turnover Rate

9.25%	9.64%	$461,816	3.41%^(f)	3.24%^(f)	55%
7.85	11.46	440,313	3.50	2.66	41
12.87	19.43	459,774	3.68	2.86	46
(21.91)	(26.29)	448,357	2.53	2.88	129
1.90	(5.00)	669,611	1.63 ^(f)	3.35 ^(f)	66

9.13	18.34	371,865	3.97^(f)	5.38 ^(f)	36
7.03	16.12	361,498	4.14	3.99	80
9.32	10.02	375,319	4.07	4.15	59
(15.83)	(20.83)	372,451	2.63	5.09	71
17.73	29.09	477,911	1.82	5.94	73
(14.15)	(19.31)	434,736	2.20	5.26	102

(4.03)	(5.97)	240,925	3.46 ^(f)	2.38 ^(f)	14
10.28	19.66	261,205	3.52	0.93	31
18.14	13.46	255,548	3.64	1.88	33
(32.94)	(35.25)	234,497	2.33	2.58	58
46.38	62.73	381,815	1.54	2.16	92
(7.42)	(12.24)	278,287	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.

• 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 Average Net Assets Applicable to Common Shares
	NMAI	JRI	JRS
6/30/25^(c)	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

Financial Highlights

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


	Borrowings
	Aggregate Amount Outstanding (000)^(a)		Asset Coverage Per $1,000 Share^(b)
NMAI
6/30/25^(c)		$152,586		$4,027
12/31/24		122,336		4,599
12/31/23		85,416		6,383
12/31/22		175,601		3,553
12/31/21^(d)		178,550		4,750
JRI
6/30/25^(c)		170,945		3,175
12/31/24		178,945		3,020
12/31/23		151,695		3,474
12/31/22		166,985		3,230
12/31/21		197,935		3,414
12/31/20		166,035		3,618
JRS
6/30/25^(c)		102,400		3,353
12/31/24		112,400		3,324
12/31/23		94,400		3,707
12/31/22		104,400		3,246
12/31/21		144,000		3,651
12/31/20		110,000		3,530

(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

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”):

•

Nuveen Multi-Asset Income Fund (NMAI)

•

Nuveen Real Asset Income and Growth Fund (JRI)

•

Nuveen Real Estate Income Fund (JRS)

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

Current Fiscal Period: The end of the reporting period for the Funds is 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

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 Investments


Country:
Japan		$21,063,194		3.3%
United Kingdom		19,923,253		3.1
France		16,121,638		2.5
Germany		13,877,498		2.2
Spain		10,429,754		1.6
Canada		8,399,759		1.3
Switzerland		7,411,841		1.2
Netherlands		6,855,060		1.1
Mexico		6,713,570		1.1
Australia		4,551,533		0.7
Other		51,955,446		7.9


Total non-U.S. Securities		$167,302,546		26.0%


78


JRI	Value		% of Total Investments


Country:
Canada		$58,559,375		10.9%
United Kingdom		27,316,468		5.1
Italy		14,637,039		2.7
Japan		11,715,963		2.2
Australia		11,025,135		2.0
France		10,929,286		2.0
Singapore		10,068,279		1.9
Mexico		6,612,166		1.2
Hong Kong		6,045,140		1.1
Belgium		3,862,598		0.7
Other		14,876,345		2.8


Total non-U.S. Securities	$	175,647,794		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

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


NMAI	Level 1			Level 2			Level 3		Total


Long-Term Investments:
Asset-Backed Securities	$	–		$	2,151,246		$	223,423	$	2,374,669
Common Stock Rights		–			–			4,982		4,982
Common Stocks		217,876,582			87,148,013			1,253		305,025,848
Corporate Bonds		–			90,173,603			–		90,173,603
Emerging Market Debt and Foreign Corporate Bonds		–			65,340,385			489,325		65,829,710
Exchange-Traded Funds		21,894,021			61,683			–		21,955,704
Mortgage-Backed Securities		–			70,023,038			–		70,023,038
Preferred Stock		6,672,609			207,200			–		6,879,809
U.S. Government and Agency Obligations		–			23,372,715			–		23,372,715
Variable Rate Senior Loan Interests		–			57,264,964			1,127		57,266,091
Short-Term Investments:
Repurchase Agreements		–			650,000			–		650,000
Investments in Derivatives:
Forward Foreign Currency Contracts*		–			(55,025	)		–		(55,025)


Total	$	246,443,212		$	396,337,822		$	720,110	$	643,501,144



JRI	Level 1			Level 2			Level 3		Total


Long-Term Investments:
Common Stocks	$	177,977,588		$	80,784,997		$	–	$	258,762,585
Convertible Preferred Securities		7,199,762			–			–		7,199,762
Corporate Bonds		–			179,488,503			–		179,488,503
Investment Companies		3,594,995			–			–		3,594,995
Mortgage-Backed Securities		–			8,155,804			–		8,155,804
Preferred Stock		59,227,561			–			–		59,227,561
Variable Rate Senior Loan Interests		–			18,354,182			–		18,354,182
Short-Term Investments:
Repurchase Agreements		–			3,650,000			–		3,650,000
Investments in Derivatives:
Futures Contracts*		(115,704	)		–			–		(115,704)
Interest Rate Swaps*		–			265,713			–		265,713


Total	$	247,884,202		$	290,699,199		$	–	$	538,583,401



JRS	Level 1			Level 2			Level 3		Total


Long-Term Investments:
Common Stocks	$	244,428,139		$	–		$	–	$	244,428,139
Convertible Preferred Securities		1,825,584			–			–		1,825,584
Preferred Stock		92,560,586			–			–		92,560,586
Short-Term Investments:
Repurchase Agreements		–			5,326,515			–		5,326,515
Investments in Derivatives:
Interest Rate Swaps*		–			171,153			–		171,153


Total	$	338,814,309		$	5,497,668		$	–	$	344,311,977

*	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 Commitments


NMAI		$123,367

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 Investments, at Value		Collateral Pledged (From) Counterparty



NMAI	Fixed Income Clearing Corporation	$	650,000	$	(663,093	)

JRI	Fixed Income Clearing Corporation		3,650,000		(3,723,076	)

JRS	Fixed Income Clearing Corporation		5,326,515		(5,433,296	)

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

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


Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales and Maturities		U.S. Government Sales

NMAI		$ 324,854,214	$	16,347,091	$	313,742,857	$	36,103,638

JRI		190,256,693		—		206,122,222		—

JRS		50,548,324		—		64,570,261		—

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 Contracts Outstanding*


NMAI		$2,280,410


82

*	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 Appreciation on Forward Foreign Currency Contracts*		Gross Unrealized (Depreciation) on Forward Foreign Currency Contracts*			Net Unrealized			Collateral Pledged to (from) Counterparty		Net Exposure


NMAI	Bank of America, N.A	$	-	$	(48,290	)	$	(48,290	)	$	-	$	(48,290	)
NMAI	Morgan Stanley Capital Services LLC		192		(188	)		4		$	-		4
NMAI	State Street Bank and Trust Company		-		(6,739	)		(6,739	)	$	-		(6,739)

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

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

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

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

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

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


Fund	Average Notional Amount of Futures Contracts Outstanding*


JRI		$9,464,825

*	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

Notes to Financial Statements (continued)


Fund	Average Notional Amount of Purchased Options Contracts Outstanding*


NMAI		$11,667

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

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


Fund	Average Notional Amount of Written Options Contracts Outstanding*


NMAI		$33,833,333

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

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

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

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

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

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

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


Fund	Average Notional Amount of Interest Rate Swap Contracts Outstanding*


JRI		$112,400,000
JRS		72,400,000

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

The 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 Appreciation Interest (Depreciation) Rate Swaps***		Gross Unrealized Interest Rate Appreciation(Depreciation) Swaps***		Net Unrealized Interest Rate Swaps		Collateral Pledged to (from) Counterparty			Net Exposure


JRI	Morgan Stanley Capital Services LLC	$	265,713	$	-		265,713	$	(232,310	)	$	33,403
JRS	Morgan Stanley Capital Services LLC		171,153		-		171,153		(157,199	)		13,954

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


84

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

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NMAI

Forward Foreign Currency Contracts

Foreign currency
exchange rate

Unrealized appreciation on forward contracts

192

Unrealized depreciation on

forward contracts

(55,217

)

JRI

Futures Contracts

Interest rate

–

Unrealized depreciation on futures contracts*

(115,704

)

Interest Rate Swaps

Interest rate

Unrealized appreciation on interest rate swaps contracts

265,713

–

JRS

Interest Rate Swaps

Interest rate

Unrealized appreciation on interest rate swaps contracts

171,153

–

*	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 (Loss)			Change in Unrealized Appreciation (Depreciation)


NMAI
Purchased options	Equity	$	1,410	*	$	1,596	*
Written options	Equity		462,943			(115,914	)
Forward foreign currency contracts	Foreign currency exchange rate		–			(113,518	)


JRI
Futures contracts	Interest rate		305,694			(457,684	)
Swap contracts	Interest rate		1,426,605			(1,311,484	)


JRS
Swap contracts	Interest rate		918,219			(844,764	)

* 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

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 Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)



NMAI	$	592,831,068	$	75,775,410	$	(25,105,334	)	$	50,670,076

JRI		518,468,957		40,193,691		(20,079,247	)		20,114,444

JRS		313,571,972		61,797,428		(31,057,423	)		30,740,005

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 Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards			Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
NMAI	$	—	$	—	$	40,625,232	$	(21,933,731	)	$	—	$	—		$	18,691,501
JRI		—		—		461,367		(194,041,503	)		—		(265,253	)		(193,845,389	)
JRS		—		—		50,003,420		(7,734,446	)		—		(211,461	)		42,057,513

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


Fund	Short-Term		Long-Term		Total

NMAI	$	1,864,901	$	20,068,830	$	21,933,731

JRI		56,281,448		137,760,055		194,041,503

JRS		7,734,446		—		7,734,446

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 Fund-Level Fee Rate			JRI Fund-Level Fee Rate			JRS Fund-Level Fee Rate

For the first $500 million		0.7000	%		0.8000	%		0.7000	%

For the next $500 million		0.6750			0.7750			0.6750

For the next $500 million		0.6500			0.7500			0.6500

For the next $500 million		0.6250			0.7250			0.6250

For managed assets over $2 billion		0.6000			0.7000			0.6000


86

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		$37,722

JRI		204,594

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 Gain (Loss)

NMAI	$	21,825,347	$	219,209	$	(45,397	)

JRI		—		—		—

JRS		—		—		—

9. Fund Leverage

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


		87

Notes to Financial Statements (continued)


Fund	Commitment Amount


NMAI		$300,000,000
JRI		200,000,000
JRS		150,000,000

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


Fund	Outstanding balance on Borrowings


NMAI	$	152,586,000
JRI		170,945,000
JRS		102,400,000

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


NMAI		181	$	128,558,376		4.92	%
JRI		181		175,364,890		4.90
JRS		181		107,759,116		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		$24,853,982


88

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		$25,950

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 Amount			Maturity	Value			Value and Accrued Interest


NMAI	BNP Paribas SA		4.74	%	$	(21,225,000	)	35-day Evergreen	$	(21,225,000	)		$(21,236,190	)


NMAI	Royal Bank of Canada		4.85	%		(13,753,000	)	On-Demand		(13,753,000	)		(13,921,096	)


Total					$	(34,978,000	)		$	(34,978,000	)	$	(35,157,286	)

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


Fund	Utilization Period (Days Outstanding)		Average Daily Balance Outstanding			Weighted Average Interest rate


NMAI		181	$	(57,087,001	)		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 Repurchase Agreements*			Collateral Pledged to Counterparty


NMAI	BNP Paribas SA	$	(21,236,190	)		$23,676,060
NMAI	RBC Capital Markets, LLC		(13,921,096	)		14,667,110


Total			(35,157,286	)		38,343,170

* 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

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.

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 Shares		Common Shares
Approval of the Board Members was reached as follows:
Thomas J. Kenny
For		24,332,025		19,669,239
Withhold		3,191,672		621,623
Total		27,523,697		20,290,862
Joanne T. Medero
For		24,245,520		19,612,663
Withhold		3,278,177		678,199
Total		27,523,697		20,290,862
Albin F. Moschner
For		24,319,554		19,656,953
Withhold		3,204,143		633,909
Total		27,523,697		20,290,862
Loren M. Starr
For		24,260,439		19,242,917
Withhold		3,263,258		1,047,945
Total		27,523,697		20,290,862
Matthew Thornton III
For		24,257,637		19,309,795
Withhold		3,266,060		981,067
Total		27,523,697		20,290,862
Margaret L. Wolff
For		24,182,434		19,235,926
Withhold		3,341,263		1,054,936
Total		27,523,697		20,290,862
Robert L. Young
For		24,271,169		19,320,954
Withhold		3,252,528		969,908
Total		27,523,697		20,290,862


		91

(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 Shares
Approval of the Board Members was reached as follows:
Michael A. Forrester
For		21,067,826
Withhold		425,486
Total		21,493,312
Thomas J. Kenny
For		20,983,027
Withhold		510,285
Total		21,493,312
Margaret L. Wolff
For		20,937,487
Withhold		555,825
Total		21,493,312
Robert L. Young
For		20,999,842
Withhold		493,470
Total		21,493,312


92

Additional Fund Information

(Unaudited)

Board of Trustees

Joseph A. Boateng

Michael A. Forrester

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

Investment Adviser

Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606

Custodian

State Street Bank & Trust Company

One Congress Street Suite 1

Boston, MA 02114-2016

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60606

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive Chicago, IL 60606

Transfer Agent and Shareholder Services

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

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

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

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

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


	NMAI		JRI		JRS
Common shares repurchased		0		0		0

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


		93

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

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

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

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

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:

•

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.

•

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.

•

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.


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C. Fees, Expenses and Profitability

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:

•

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.

•

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.

•

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.

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


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

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.

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

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.


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LOGO

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


	NMAI		JRI		JRS

Common shares cumulatively repurchased and retired		0		243,500		0

Common shares authorized for repurchase		3,340,000		2,740,000		2,885,000



Nuveen Multi-Asset Income Fund			NMAI

Nuveen Real Asset Income and Growth Fund			JRI

Nuveen Real Estate Income Fund			JRS


Important Notices			4

Common Share Information			5

About the Funds’ Benchmarks			8

Fund Performance, Leverage and Holdings Summaries			9

Portfolios of Investments			17

Statement of Assets and Liabilities			67

Statement of Operations			68

Statement of Changes in Net Assets			69

Statement of Cash Flows			71

Financial Highlights			74

Notes to Financial Statements			77

Shareholder Meeting Report			91

Additional Fund Information			93

Glossary of Terms Used in this Report			94

Statement Regarding Basis for Approval of Investment Advisory Contract			95


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	NMAI		JRI		JRS
Cash paid for interest	$	4,413,191	$	4,437,091	$	2,735,494


(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.

(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.