Nuveen Real Estate Income Fund

Date: September 3, 2026

/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		811-10491

Nuveen Real Estate Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

IMPORTANT DISTRIBUTION NOTICE

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

Semi-Annual Shareholder Report for the period ending June 30, 2026

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.

Important Notices

Portfolio manager commentaries

: The Funds include portfolio manager commentary in their annual shareholder reports. For your

Fund’s most recent annual portfolio manager discussion, please refer to the Discussion of Fund Performance section of the Fund’s

annual shareholder report.

Fund changes:

For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to

Financial Statements section of this report.

Fund principal investment policies and principal risks

Refer to the Shareholder Update section of your Fund’s annual shareholder

report for information on the Fund’s principal investment policies and principal risks.

Fund performance

: For current information on your Fund’s average annual total returns please refer to the Fund’s website at

www.

nuveen.com

. For average annual total returns as of the end of this reporting period, please refer to the Fund Performance, Leverage

and Holdings Summaries section within this report.

NMAI - Portfolio manager updates

: Effective January 7, 2026, Mark Zheng, CFA, James Kim and John Tribolet were added as

portfolio managers of the Fund and Nathan Shetty and Anurag Dugar were removed as portfolio managers of the Fund.

JRI – Rights Offering

On January 15, 2026, the Board approved the terms of the issuance of transferable rights (“Rights”) to the

holders of the Fund’s common shares (par value $0.01 per share) (“Common Shares”) as of February 6, 2026 (the “Record Date”).

Holders of Common Shares on the Record Date received one Right for each outstanding Common Share owned on the Record

Date. The Rights entitled the holders to purchase one new Common Share for every four Rights held (1-for-4).

Holders of Rights were entitled to subscribe for additional Common Shares (the “Offer”) at a discount to the market price of the

Common Shares, prior to 5:00 p.m. Eastern time, on March 9, 2026 (the “Expiration Date”). The subscription price per Common

Share (the “Subscription Price”) was $12.40 per Common Share, which was equal to 90% of the Fund’s net asset value per Common

Share at the close of trading on the NYSE on the Expiration Date. The gross proceeds of the Offer were approximately $108.5

million.

The offer was over-subscribed, and the over-subscription requests exceeded the primary over-subscription and secondary over-

subscription shares available. The available over-subscription shares were allocated pro-rata among those fully exercising Record

Date shareholders who over-subscribed based on the number of Rights originally issued to them by the Fund. The Fund returned to

those investors that submitted over-subscription requests the full amount of their excess payments.

The Common Shares subscribed for were issued on March 16, 2026, after receipt of all shareholder payments and completion of the

pro-rata allocation of Common Shares with respect to the primary over-subscription privilege and the secondary over-subscription.

The final Subscription Price was lower than the original estimated Subscription Price.

More details about the Fund’s rights offering are available available on

www.nuveen.com/cef

Common Share Information

NMAI and JRI DISTRIBUTION INFORMATION

The following information regarding the distributions for NMAI and JRI are as of June 30, 2026, 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 2026 will be made in early 2027 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

JRS DISTRIBUTION INFORMATION

The following 19(a) Notice presents JRS’s most current distribution information as of May 29, 2026 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

Data as of June 30, 2026

Per Share Sources of Distribution

Percentage of Distributions

Per Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return of

Capital

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return of

Capital

NMAI (FYE 12/31)

Current

Distribution

$0.1160

$0.0290

$0.0599

$0.0271

$0.0000

25.00%

51.60%

23.40%

0.00%

Fiscal YTD

$0.6960

$0.1742

$0.3593

$0.1626

$0.0000

25.00%

51.60%

23.40%

0.00%

JRI (FYE 12/31)

Current

Distribution

$0.1335

$0.0566

$0.0000

$0.0769

42.40%

0.00%

57.60%

Fiscal YTD

$0.8010

$0.3394

$0.0000

$0.4616

42.40%

0.00%

57.60%

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 29, 2026

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.

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.

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. Refer to the Notes to Financial Statements for further

details on share repurchases and each Fund’s transactions.

Data as of May 29, 2026

Per Share Estimated Sources of Distribution

Estimated Percentage of Distributions

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

$0.1900

$0.0257

$0.0866

$0.0303

$0.0474

13.50%

45.60%

15.90%

25.00%

Fiscal YTD

$0.3600

$0.0487

$0.1641

$0.0574

$0.0899

13.50%

45.60%

15.90%

25.00%

Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain

amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The

estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for

the current year.

Data as of May 29, 2026

Annualized

Cumulative

5-Year

Fiscal YTD

JRS (FYE 12/31)

Inception Date

Quarterly

Distribution

Fiscal YTD

Distribution

Net Asset

Value (NAV)

Return

on NAV

Dist Rate on

NAV

Return

on NAV

Dist Rate on

NAV

Nov

2001

$0.1900

$0.3600

$9.10

3.31%

7.91%

13.12%

3.96%

As a percentage of 5/29/26 NAV.

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. 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 Holdings 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.

Leverage and Holdings

Leverage

Effective Leverage

29.32%

Regulatory Leverage

26.66%

Fund Allocation

(% of net assets)

Common Stocks

.8‌

Corporate Bonds

.0‌

Emerging Market Debt and

Foreign Corporate Bonds

.0‌

Mortgage-Backed Securities

.8‌

Variable Rate Senior Loan

Interests

.6‌

U.S. Government and Agency

Obligations

.7‌

Preferred Stock

.0‌

Asset-Backed Securities

.8‌

Repurchase Agreements

.1‌

Other Assets & Liabilities, Net

(0.2)%

Reverse Repurchase

Agreements, including accrued

interest

(

.2‌

)

Borrowings

(36.4)%

Net Assets

100‌

Portfolio Credit Quality

(% of total investments)

AAA

2.3%

9.8%

0.8%

BBB

7.5%

BB or Lower

21.5%

N/R (not rated)

1.1%

N/A (not applicable)

57.0%

Total

100‌

Portfolio Composition

(% of total investments)

Semiconductors &

Semiconductor Equipment

10.4%

Banks

8.8%

Capital Goods

7.7%

Technology Hardware &

Equipment

5.8%

Materials

5.0%

Pharmaceuticals, Biotechnology

& Life Sciences

4.6%

Media & Entertainment

4.2%

Energy

3.7%

Consumer Discretionary

Distribution & Retail

3.6%

Food, Beverage & Tobacco

3.1%

Software & Services

3.0%

Financial Services

2.1%

Utilities

2.0%

Health Care Equipment &

Services

1.7%

Consumer Durables & Apparel

1.7%

Insurance

1.7%

Consumer Staples Distribution

& Retail

1.5%

Telecommunication Services

1.3%

Consumer Services

1.1%

Other

3.4%

Emerging Market Debt and

Foreign Corporate Bonds

10.6%

Mortgage-Backed Securities

6.9%

U.S. Government and Agency

Obligations

4.7%

Asset-Backed Securities

0.6%

Repurchase Agreements

0.8%

Total

100%

Country Allocation

(% of total investments)

United States

.7‌

Japan

.9‌

United Kingdom

.6‌

Spain

.5‌

South Korea

.5‌

France

.5‌

Germany

.3‌

Taiwan

.1‌

Switzerland

.9‌

Canada

.2‌

Other

.8‌

Total

100‌

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

Includes 11.7% (as a percentage of total investments) in emerging market countries.

Portfolio of Investments June 30, 2026

NMAI

See Notes to Financial Statements

‘

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 140.7% (99.2% of Total Investments)

4163263

ASSET-BACKED SECURITIES - 0.8% (0.6% of Total Investments)

4163263

AUTOMOBILE ABS - 0.5%

300,000

(a)

Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A

1.660

02/20/28

296,461

500,000

Carmax Auto Owner Trust 2025-4, Series 2025 4

3.970

12/16/30

495,587

306,000

Ford Credit Auto Owner Trust 2024-D, Series 2024 D

4.610

08/15/29

306,922

250,000

(a)

Hertz Vehicle Financing III LLC, Series 2023 3A

5.940

02/25/28

251,497

500,000

(a)

PenFed Auto Receivables Owner, Series 2025 A

4.030

07/15/30

496,834

500,000

(a)

Toyota Auto Loan Extended Note Trust 2023-1, Series 2023 1A

4.930

06/25/36

504,023

TOTAL AUTOMOBILE ABS

2,351,324

OTHER ABS - 0.3%

500,000

CNH Equipment Trust 2025-B, Series 2025 B

4.300

10/15/30

498,717

250,000

(a),(b)

DB Master Finance LLC, Series 2026 1A

0.000

05/20/56

249,843

284,250

(a)

Domino's Pizza Master Issuer LLC, Series 2018 1A

4.328

07/25/48

282,958

227,704

(a),(c)

Industrial DPR Funding Ltd, Series 2022 1A

5.380

04/15/34

203,684

87,881

(a)

MVW 2020-1 LLC, Series 2020 1A

1.740

10/20/37

87,589

300,000

(a)

PFS Financing Corp, Series 2025 B

4.850

02/15/30

301,495

187,851

(a)

Sierra Timeshare 2024-3 Receivables Funding LLC, Series 2024

4.830

08/20/41

187,653

TOTAL OTHER ABS

1,811,939

TOTAL ASSET-BACKED SECURITIES

(Cost $4,198,200)

4,163,263

DESCRIPTION

VALUE

403262961

COMMON STOCKS - 79.8% (56.2% of Total Investments)

403262961

AUTOMOBILES & COMPONENTS - 0.8%

2,079

(d),(e)

Tesla, Inc

874,427

199,100

Toyota Motor Corp

3,335,422

TOTAL AUTOMOBILES & COMPONENTS

4,209,849

BANKS - 9.4%

208,223

Banco Bilbao Vizcaya Argentaria SA

5,242,389

508,988

Banco Santander SA

7,064,674

131,500

Grupo Financiero Banorte SAB de CV

1,387,903

34,865

HDFC Bank Ltd, ADR

900,563

79,995

ING Groep NV

2,524,106

331,869

Itau Unibanco Holding SA

2,711,627

29,417

JPMorgan Chase & Co

9,629,067

261,000

Mitsubishi UFJ Financial Group, Inc

5,199,884

156,200

Sumitomo Mitsui Financial Group, Inc

6,122,889

83,757

(d)

Wells Fargo & Co

6,921,678

TOTAL BANKS

47,704,780

CAPITAL GOODS - 9.2%

30,348

ABB Ltd

3,301,232

24,922

Airbus SE

5,544,937

9,096

Caterpillar, Inc

9,686,330

15,903

Cie de Saint-Gobain SA

1,442,122

9,103

(d)

Eaton Corp PLC

3,878,970

143,700

Hitachi Ltd

3,977,055

7,115

(e)

Honeywell Aerospace, Inc

1,572,984

7,116

Honeywell International, Inc

1,593,161

147,200

Mitsubishi Electric Corp

5,398,485

2,998

Rheinmetall AG.

3,411,070

12,238

Siemens AG.

3,934,603

2,372

(d)

United Rentals, Inc

2,687,215

TOTAL CAPITAL GOODS

46,428,164

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.1%

16,498

(d)

Alibaba Group Holding Ltd, Sponsored ADR

1,583,478

50,266

(d),(e),(f)

Amazon.com, Inc

11,980,398

(c),(e)

Belk, Inc

7,372

Home Depot, Inc

2,599,957

See Notes to Financial Statements

DESCRIPTION

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

29,452

(d),(e)

O'Reilly Automotive, Inc

2,712,235

12,167

TJX Cos, Inc

1,843,301

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

20,719,377

CONSUMER DURABLES & APPAREL - 1.4%

14,233

Cie Financiere Richemont SA

3,285,380

187,900

Sony Group Corp

3,781,312

TOTAL CONSUMER DURABLES & APPAREL

7,066,692

CONSUMER SERVICES - 0.6%

28,850

(d)

Starbucks Corp

2,948,182

TOTAL CONSUMER SERVICES

2,948,182

CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.1%

6,579

(d)

Costco Wholesale Corp

6,154,457

41,058

(d)

Walmart, Inc

4,650,229

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

10,804,686

ENERGY - 4.0%

29,126

(d)

ConocoPhillips

3,027,939

46,229

(d)

Exxon Mobil Corp

6,320,429

15,374

(a)

Reliance Industries Ltd, Sponsored GDR

853,112

8,158

(a)

Reliance Industries Ltd, Sponsored GDR

451,953

117,561

Shell PLC

4,567,830

18,934

(d)

Valero Energy Corp

4,931,171

TOTAL ENERGY

20,152,434

FINANCIAL SERVICES - 1.1%

3,126

Mastercard, Inc, Class A

1,605,513

11,675

(d)

Visa, Inc, Class A

4,005,576

TOTAL FINANCIAL SERVICES

5,611,089

FOOD, BEVERAGE & TOBACCO - 3.4%

57,869

British American Tobacco PLC

3,581,105

48,464

(d)

Coca-Cola Co

3,938,669

13,624

Fomento Economico Mexicano SAB de CV, Sponsored ADR

1,742,510

38,771

(d),(e)

Monster Beverage Corp

3,726,669

23,847

Philip Morris International, Inc

4,314,161

TOTAL FOOD, BEVERAGE & TOBACCO

17,303,114

HEALTH CARE EQUIPMENT & SERVICES - 0.9%

42,809

(d),(e)

Boston Scientific Corp

1,827,088

8,717

Stryker Corp

2,744,460

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,571,548

HOUSEHOLD & PERSONAL PRODUCTS - 1.1%

5,686

L'Oreal SA

2,492,496

20,291

(d)

Procter & Gamble Co

2,975,472

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

5,467,968

MATERIALS - 5.9%

57,563

Anglo American PLC

2,823,605

33,410

(d)

CRH PLC

3,574,870

97,073

(d)

Freeport-McMoRan, Inc

6,104,921

469,282

Glencore PLC

3,199,762

18,116

Heidelberg Materials AG.

3,455,987

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl

7,889

3,706

(e)

Kleopatra Finco Sarl, Class A

7,889

3,706

(e)

Kleopatra Finco Sarl, Class B

7,889

3,706

(e)

Kleopatra Finco Sarl, Class C

7,889

10,771

(d)

Linde PLC

5,589,502

103,115

(d)

Smurfit Westrock PLC

4,770,100

TOTAL MATERIALS

29,589,748

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

DESCRIPTION

VALUE

MEDIA & ENTERTAINMENT - 3.6%

17,619

(d),(f)

Alphabet, Inc, Class A

6,296,502

23,819

(d)

Alphabet, Inc, Class C

8,415,967

5,823

(d)

Meta Platforms, Inc

3,280,038

TOTAL MEDIA & ENTERTAINMENT

17,992,507

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.5%

19,962

AstraZeneca PLC

3,726,989

5,438

(d)

Eli Lilly & Co

6,522,500

596,143

Haleon PLC

2,747,114

28,962

Johnson & Johnson

7,355,479

3,489

Lonza Group AG.

2,353,694

104,911

Novo Nordisk AS, Class B

5,038,552

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

27,744,328

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.7%

34,900

Advantest Corp

7,179,918

7,967

Applied Materials, Inc

5,760,141

1,497

ASML Holding NV

2,964,323

4,217

(e)

Bright Bidco BV

633

3,087

(e)

Bright Bidco BV

463

27,810

Broadcom, Inc

10,505,227

78,694

(d),(e)

Intel Corp

10,988,043

106,742

NVIDIA Corp

21,358,007

32,112

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

15,335,728

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

74,092,483

SOFTWARE & SERVICES - 2.7%

37,101

(d)

Microsoft Corp

13,839,415

TOTAL SOFTWARE & SERVICES

13,839,415

TECHNOLOGY HARDWARE & EQUIPMENT - 8.1%

65,134

(d)

Apple, Inc

18,847,174

35,969

(f)

Cisco Systems, Inc

4,224,919

312

(e)

MLN US Holdco LLC

4,136

(c),(e)

Riverbed Technology LLC

81,182

Samsung Electronics Co Ltd

18,014,051

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

41,086,201

TELECOMMUNICATION SERVICES - 0.0%

2,856

(e)

Altice France Lux 3

56,265

TOTAL TELECOMMUNICATION SERVICES

56,265

TRANSPORTATION - 0.1%

1,570

DSV AS

373,587

TOTAL TRANSPORTATION

373,587

UTILITIES - 1.1%

107,144

Iberdrola SA

2,666,769

43,819

RWE AG.

2,833,775

TOTAL UTILITIES

5,500,544

TOTAL COMMON STOCKS

(Cost $296,488,648)

403,262,961

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

90965447

CORPORATE BONDS - 18.0% (12.7% of Total Investments) (g)

90965447

AUTOMOBILES & COMPONENTS - 0.2%

535,000

(a)

Dexko Global Inc

7.500

04/15/32

441,515

295,000

(h),(i)

General Motors Financial Co Inc

5.750

N/A

294,757

177,000

(h),(i)

General Motors Financial Co Inc

5.700

N/A

176,967

230,000

Goodyear Tire & Rubber Co/The

8.875

07/15/32

231,997

TOTAL AUTOMOBILES & COMPONENTS

1,145,236

BANKS - 2.7%

345,000

Bank of America Corp

4.695

04/23/32

342,099

266,000

(h),(i)

Bank of America Corp

6.125

N/A

268,364

1,163,000

(h),(i)

Bank of America Corp

6.625

N/A

1,199,029

294,000

(h),(i)

Bank of America Corp

6.250

N/A

297,532

92,000

(h),(i)

Citigroup Inc

6.250

N/A

92,096

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

260,000

(h),(i)

Citigroup Inc

7.375

N/A

267,464

794,000

(h),(i)

Citigroup Inc

7.625

N/A

824,999

378,000

(h),(i)

Citigroup Inc

7.125

N/A

386,726

314,000

(h),(i)

Citigroup Inc

7.000

N/A

327,538

224,000

(h),(i)

Citigroup Inc

6.625

N/A

228,210

169,000

(h),(i)

Citigroup Inc

6.875

N/A

173,076

134,000

(h),(i),(j)

Citizens Financial Group Inc (TSFR3M + 3.419%)

7.092

N/A

133,612

229,000

(h),(i),(j)

Fifth Third Bancorp (TSFR3M + 3.295%)

7.027

N/A

229,205

242,000

(h),(i),(j)

First Citizens BancShares Inc/NC (TSFR3M + 4.234%)

7.898

N/A

242,206

163,000

(h),(i)

First Citizens BancShares Inc/NC

7.000

N/A

164,670

160,000

First Horizon Corp

5.514

03/07/31

162,020

431,000

(h),(i)

Huntington Bancshares Inc/OH

5.625

N/A

433,732

268,000

(h),(i)

Huntington Bancshares Inc/OH

6.250

N/A

270,734

430,000

JPMorgan Chase & Co

4.347

01/22/32

421,220

351,000

(h),(i)

JPMorgan Chase & Co

6.500

N/A

359,428

1,103,000

(h),(i)

JPMorgan Chase & Co

6.875

N/A

1,155,461

423,000

(h),(i)

JPMorgan Chase & Co

6.100

N/A

428,355

180,000

Morgan Stanley Private Bank NA

4.204

11/17/28

179,078

1,205,000

(k)

Morgan Stanley Private Bank NA

4.465

11/19/31

1,184,372

325,000

(h),(i)

PNC Financial Services Group Inc/The

6.000

N/A

326,480

529,000

(h),(i)

PNC Financial Services Group Inc/The

6.250

N/A

540,768

190,000

Texas Capital Bancshares Inc

5.301

02/27/32

188,035

715,000

(h),(i)

Truist Financial Corp

6.669

N/A

714,453

215,000

Wells Fargo & Co

5.150

04/23/31

217,257

950,000

(h),(i)

Wells Fargo & Co

7.625

N/A

999,512

497,000

(h),(i)

Wells Fargo & Co

6.850

N/A

516,498

479,000

(h),(i)

Wells Fargo & Co

6.125

N/A

484,670

TOTAL BANKS

13,758,899

CAPITAL GOODS - 0.6%

695,000

(a)

Alta Equipment Group Inc

9.000

06/01/29

666,789

285,000

Boeing Co/The

5.805

05/01/50

281,570

230,000

Boeing Co/The

6.528

05/01/34

250,220

760,000

(a),(d)

Columbus McKinnon Corp/NY

7.125

01/31/33

761,618

140,000

(a)

CP Atlas Buyer Inc, (cash 7.000%, PIK 5.750%)

12.750

01/15/31

107,542

105,000

Hexcel Corp

4.900

05/15/31

104,683

110,000

(a)

Honeywell Aerospace Inc

4.950

03/16/36

108,320

100,000

(a)

Honeywell Aerospace Inc

5.732

03/16/56

99,995

241,000

(h),(i)

Sumisho Air Lease Corp

6.000

N/A

232,976

255,000

(a)

Synergy Infrastructure Holdings LLC

7.000

07/15/34

258,657

TOTAL CAPITAL GOODS

2,872,370

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

635,000

(a)

Neptune Bidco US Inc

9.290

04/15/29

647,587

200,000

(a)

Prime Security Services Borrower LLC / Prime Finance Inc

3.375

08/31/27

195,921

665,000

(a)

RR Donnelley & Sons Co

9.500

08/01/29

689,486

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,532,994

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6%

165,000

Amazon.com Inc

4.875

03/13/36

162,426

85,000

Amazon.com Inc

5.800

03/13/56

84,458

380,000

(a)

Kohl's Corp

10.000

06/01/30

411,004

173,000

(a)

LBM Acquisition LLC

6.250

01/15/29

125,025

380,000

(a)

LBM Acquisition LLC

9.500

06/15/31

336,950

305,000

(a)

Michaels Cos Inc/The

8.500

03/15/33

302,101

380,000

(a)

Park River Holdings Inc

8.000

03/15/31

383,317

260,000

(a)

Park River Holdings Inc

8.750

12/31/30

251,915

380,000

(a)

PetSmart Inc / PetSmart Finance Corp

10.000

09/15/33

380,605

380,000

(a)

Staples Inc

10.750

09/01/29

362,500

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,800,301

CONSUMER DURABLES & APPAREL - 0.7%

1,680,000

(a),(d)

Beach Acquisition Bidco LLC, (cash 10.00%, PIK 10.750%)

10.000

07/15/33

1,907,716

490,000

(a)

CD&R Smokey Buyer Inc / Radio Systems Corp

9.500

10/15/29

259,700

200,000

(a)

MajorDrive Holdings IV LLC

6.375

06/01/29

167,709

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DURABLES & APPAREL

(continued)

570,000

Newell Brands Inc

7.500

04/01/46

531,761

555,000

(a)

S&S Holdings LLC

8.375

10/01/31

525,181

200,000

(a)

Whirlpool Corp

7.500

07/01/31

202,390

TOTAL CONSUMER DURABLES & APPAREL

3,594,457

CONSUMER SERVICES - 0.5%

720,000

(a)

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co

Inc

6.750

01/15/30

706,105

190,000

(a)

Pioneer Opco LLC

7.000

05/15/33

193,345

585,000

(a)

Sabre GLBL Inc

11.125

07/15/30

561,155

920,000

(a)

Sotheby's

8.250

04/15/31

915,154

TOTAL CONSUMER SERVICES

2,375,759

ENERGY - 1.0%

380,000

(a)

Delek Logistics Partners LP / Delek Logistics Finance Corp

7.375

06/30/33

387,127

49,000

(h),(i)

Energy Transfer LP

6.625

N/A

49,393

527,000

(h),(i)

Energy Transfer LP

7.125

N/A

543,766

91,000

(h),(i)

Energy Transfer LP

6.500

N/A

91,047

95,000

(i)

Energy Transfer LP

8.000

05/15/54

100,848

273,000

(i)

Energy Transfer LP

6.750

02/15/56

278,879

100,000

(a)

Hilcorp Energy I LP / Hilcorp Finance Co

6.250

04/15/32

96,802

475,000

(a)

Hilcorp Energy I LP / Hilcorp Finance Co

7.250

02/15/35

467,691

235,000

(a)

Infinity Natural Resources LLC

7.625

04/01/31

233,408

565,000

(a)

ITT Holdings LLC

6.500

08/01/29

558,378

570,000

(a)

Moss Creek Resources Holdings Inc

8.250

09/01/31

565,116

145,000

ONEOK Inc

5.050

11/01/34

141,824

225,000

(a),(h),(i)

Sunoco LP

7.875

N/A

233,986

135,000

Targa Resources Corp

5.550

08/15/35

136,553

570,000

(a)

TransMontaigne Partners LLC

8.500

06/15/30

580,761

380,000

(a)

Venture Global LNG Inc

9.875

02/01/32

405,672

254,000

(a),(h),(i)

Venture Global LNG Inc

9.000

N/A

247,984

TOTAL ENERGY

5,119,235

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4%

110,000

Healthcare Realty Holdings LP

3.100

02/15/30

103,525

130,000

Healthcare Realty Holdings LP

2.000

03/15/31

113,555

400,000

Healthcare Realty Holdings LP

2.400

03/15/30

364,567

250,000

Healthcare Realty Holdings LP

2.050

03/15/31

217,885

760,000

MPT Operating Partnership LP / MPT Finance Corp

5.000

10/15/27

737,170

380,000

(a),(l)

Office Properties Income Trust/MD

9.000

03/31/29

380,000

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,916,702

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%

380,000

(a)

Diversified Healthcare Trust

7.250

10/15/30

391,122

575,000

(a)

MPT Operating Partnership LP / MPT Finance Corp

8.500

02/15/32

588,679

105,000

Phillips Edison Grocery Center Operating Partnership I LP

5.750

07/15/34

108,436

430,000

Piedmont Operating Partnership LP

9.250

07/20/28

462,920

760,000

(a)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

6.500

02/15/29

754,001

255,000

Ventas Realty LP

5.000

01/15/35

251,360

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,556,518

FINANCIAL SERVICES - 1.4%

203,000

(h),(i)

Ally Financial Inc

4.700

N/A

196,643

195,000

(h),(i)

Ally Financial Inc

7.100

N/A

197,632

305,000

(a),(h),(i)

American AgCredit Corp

5.250

N/A

303,475

185,000

(a)

Burford Capital Global Finance LLC

8.500

01/15/34

162,153

130,000

(h),(i)

Capital One Financial Corp

5.500

N/A

129,763

219,000

(h),(i)

Charles Schwab Corp/The

6.100

N/A

219,048

250,000

(a),(h),(i)

Compeer Financial ACA

7.875

N/A

253,750

162,000

(h),(i)

Corebridge Financial Inc

6.875

N/A

168,576

410,000

(a)

Encore Capital Group Inc

6.625

04/15/31

414,714

570,000

(a)

Freedom Mortgage Holdings LLC

8.375

04/01/32

579,799

179,000

(h),(i)

Goldman Sachs Group Inc/The

5.300

N/A

179,171

505,000

(h),(i)

Goldman Sachs Group Inc/The

6.850

N/A

519,240

543,000

(h),(i)

Goldman Sachs Group Inc/The

7.500

N/A

569,576

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

338,000

(h),(i)

Goldman Sachs Group Inc/The

7.500

N/A

354,797

305,000

(h),(i)

Goldman Sachs Group Inc/The

6.125

N/A

305,708

375,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

9.750

01/15/29

367,773

665,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

9.000

06/15/30

620,136

465,000

(a)

Icahn Enterprises LP / Icahn Enterprises Finance Corp

10.000

11/15/29

458,590

490,000

(k)

Morgan Stanley

5.664

04/17/36

503,030

177,000

(h),(i)

State Street Corp

6.700

N/A

183,053

286,000

(h),(i)

Voya Financial Inc

7.758

N/A

296,624

TOTAL FINANCIAL SERVICES

6,983,251

FOOD, BEVERAGE & TOBACCO - 0.6%

350,000

(a)

Fiesta Purchaser Inc

9.625

09/15/32

342,843

49,000

Kraft Heinz Foods Co

3.875

05/15/27

48,803

1,000,000

(a),(h),(i)

Land O' Lakes Inc

8.000

N/A

995,000

70,000

(a)

Maple Parent Holdings Corp

4.750

03/26/29

69,956

85,000

(a)

Maple Parent Holdings Corp

6.625

03/26/56

89,484

245,000

(a)

Mars Inc

5.200

03/01/35

245,974

315,000

(a)

Mars Inc

5.700

05/01/55

310,328

1,110,000

(a)

Viking Baked Goods Acquisition Corp

8.625

11/01/31

1,121,995

TOTAL FOOD, BEVERAGE & TOBACCO

3,224,383

HEALTH CARE EQUIPMENT & SERVICES - 0.9%

526,000

(a)

CHS/Community Health Systems Inc

10.875

01/15/32

566,471

275,000

CVS Health Corp

5.050

03/25/48

242,901

142,000

(i)

CVS Health Corp

6.750

12/10/54

147,941

80,000

(i)

CVS Health Corp

7.000

03/10/55

83,056

195,000

CVS Health Corp

5.450

09/15/35

197,523

645,000

(a)

National Mentor Holdings Inc

10.500

12/15/30

679,763

955,000

(a)

Prime Healthcare Services Inc

9.375

09/01/29

997,678

550,000

(a)

Star Parent Inc

9.000

10/01/30

575,604

195,000

UnitedHealth Group Inc

5.050

04/15/53

175,278

155,000

UnitedHealth Group Inc

5.500

07/15/44

151,796

570,000

(a)

US Acute Care Solutions LLC

9.750

05/15/29

537,416

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,355,427

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%

60,000

Haleon US Capital LLC

3.625

03/24/32

56,203

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

56,203

INSURANCE - 1.3%

214,000

(i)

American National Group Inc

7.000

12/01/55

208,965

1,370,000

(a),(k)

APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7.875

11/01/29

1,387,262

70,000

Arthur J Gallagher & Co

5.150

02/15/35

69,504

393,000

(i)

Assurant Inc

7.000

03/27/48

400,285

380,000

(a)

Asurion LLC/ Asurion Co-Issuer Inc

8.000

12/31/32

382,871

760,000

(a)

Asurion LLC/ Asurion Co-Issuer Inc

8.375

02/01/34

703,516

244,000

(i)

Corebridge Financial Inc

6.375

09/15/54

242,232

184,000

(a),(i)

Enstar Group Ltd

7.500

04/01/45

194,242

208,000

(a),(i),(m)

Enstar Group Ltd

6.693

07/15/37

208,437

219,000

(i)

Lincoln National Corp

6.800

07/15/56

218,742

354,000

(a),(i)

MetLife Inc

9.250

04/08/38

412,359

207,000

(i)

MetLife Inc

6.350

03/15/55

212,157

100,000

(i)

MetLife Inc

5.850

03/15/56

98,665

254,000

(a)

Omnis Funding Trust

6.722

05/15/55

264,471

360,000

(i)

Provident Financing Trust I

7.405

03/15/38

370,427

210,000

(i)

Prudential Financial Inc

5.125

03/01/52

205,847

150,000

(i)

Prudential Financial Inc

6.500

03/15/54

155,279

600,000

(a),(h),(i)

SBL Holdings Inc

9.508

N/A

570,331

575,000

(a),(h),(i)

SBL Holdings Inc

6.500

N/A

521,813

TOTAL INSURANCE

6,827,405

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS - 0.9%

110,000

Amcor Flexibles North America Inc

5.125

03/12/36

108,050

725,000

(a)

Bond US Bidco 1 Inc/Bidco 2/Bidco 3/German Bidco 1 GmbH/

German Bidco 2

7.125

06/15/33

732,052

1,265,000

(a)

Clydesdale Acquisition Holdings Inc

8.750

04/15/30

1,247,806

630,000

(a)

Compass Minerals International Inc

8.000

07/01/30

664,397

170,000

(a)

FMC Corp

8.125

06/01/31

176,934

385,000

(a)

Owens-Brockway Glass Container Inc

9.500

06/01/33

394,382

650,000

(a)

Sword Purchaser LLC

8.250

04/15/33

672,601

760,000

(a)

WR Grace Holdings LLC

5.625

08/15/29

714,318

TOTAL MATERIALS

4,710,540

MEDIA & ENTERTAINMENT - 1.6%

719,545

(a)

Advantage Sales & Marketing Inc

9.000

11/15/30

641,294

270,000

CCO Holdings LLC / CCO Holdings Capital Corp

4.500

05/01/32

238,321

650,000

(a)

Directv Financing LLC

8.875

02/01/30

661,533

665,000

(a)

Directv Financing LLC / Directv Financing Co-Obligor Inc

10.000

02/15/31

690,074

815,000

(a),(k)

Directv Financing LLC / Directv Financing Co-Obligor Inc

9.250

06/01/32

828,077

645,000

(a)

EW Scripps Co/The

9.875

08/15/30

564,552

152,000

(a),(h),(i)

Farm Credit Bank of Texas

7.750

N/A

158,596

570,000

(a)

Gray Media Inc

7.250

08/15/33

561,252

130,000

Meta Platforms Inc

6.300

05/15/56

129,404

130,000

Meta Platforms Inc

5.625

11/15/55

117,800

75,000

Meta Platforms Inc

6.200

05/15/46

75,052

315,000

(a)

Neptune Bidco US Inc

10.375

05/15/31

326,471

190,000

(a)

Neptune Bidco US Inc

9.500

02/15/33

192,101

545,000

(a)

OAK-Eagle Acquireco Inc

7.250

07/01/33

570,131

485,000

(a)

OAK-Eagle Acquireco Inc

8.750

07/01/34

514,741

245,000

(a)

Univision Communications Inc

9.375

08/01/32

248,930

1,340,000

(a)

Univision Communications Inc

7.375

06/30/30

1,343,622

210,000

(a)

Univision Communications Inc

8.875

04/15/33

206,729

TOTAL MEDIA & ENTERTAINMENT

8,068,680

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%

560,000

(a)

1261229 BC Ltd

10.000

04/15/32

567,188

135,000

Amgen Inc

5.650

03/02/53

131,396

120,000

Augusta SpinCo Corp

4.945

03/23/33

119,264

185,000

Augusta SpinCo Corp

5.245

03/23/36

185,139

500,000

(a)

Bausch Health Americas Inc

8.500

01/31/27

499,065

445,000

(a)

Emergent BioSolutions Inc

3.875

08/15/28

412,586

300,000

(a)

Organon & Co / Organon Foreign Debt Co-Issuer BV

7.875

05/15/34

321,172

85,000

Viatris Inc

4.000

06/22/50

58,349

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,294,159

SOFTWARE & SERVICES - 0.5%

570,000

(a)

Cloud Software Group Inc

8.250

06/30/32

534,230

750,000

(a)

CoreWeave Inc

9.250

06/01/30

754,872

595,000

(a)

CoreWeave Inc

9.750

10/01/31

593,687

80,000

Oracle Corp

5.200

09/26/35

74,896

35,000

Oracle Corp

5.950

09/26/55

29,744

135,000

Oracle Corp

5.700

02/04/36

130,741

400,000

(a)

Rackspace Finance LLC

3.500

05/15/28

363,000

175,000

(a)

Rocket Software Inc

6.500

02/15/29

157,580

TOTAL SOFTWARE & SERVICES

2,638,750

TELECOMMUNICATION SERVICES - 1.3%

70,000

AT&T Inc

3.650

06/01/51

47,594

140,000

AT&T Inc

3.500

09/15/53

90,885

375,000

AT&T Inc

3.800

12/01/57

250,267

85,000

AT&T Inc

5.850

04/30/46

81,900

1,300,000

(a)

Connect Holding II LLC

10.500

04/03/31

1,302,297

230,000

(a)

Core Scientific Finance I LLC

7.750

05/15/31

233,233

14,000

EchoStar Corp

10.750

11/30/29

15,129

885,000

(a)

Level 3 Financing Inc

8.500

01/15/36

950,343

255,000

(a)

Level 3 Financing Inc

7.500

02/15/37

261,727

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

605,000

(a)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

8.625

06/15/32

631,145

365,000

(a)

Uniti Services LLC

7.500

10/15/33

384,118

380,000

(a)

Windstream Services LLC / Windstream Escrow Finance Corp

8.250

10/01/31

400,731

654,917

(a)

Zayo Group Holdings Inc, (cash 5.750%, PIK 0.500%)

9.250

03/09/30

654,098

1,077,008

(a)

Zayo Group Holdings Inc, (cash 7.125%, PIK 1.875%)

13.750

09/09/30

1,063,793

TOTAL TELECOMMUNICATION SERVICES

6,367,260

TRANSPORTATION - 0.2%

185,000

(a)

Clue Opco LLC

9.500

10/15/31

177,859

690,000

(a)

GB AIT Buyer Inc

8.750

04/30/34

691,835

TOTAL TRANSPORTATION

869,694

UTILITIES - 1.4%

143,000

(i)

AES Corp/The

7.600

01/15/55

146,414

192,000

(i)

AES Corp/The

6.950

07/15/55

189,556

150,000

(a)

Chpe LLC

5.350

06/30/36

149,528

55,000

(a)

Chpe LLC

5.875

06/29/46

55,326

192,000

(i)

CMS Energy Corp

6.500

06/01/55

196,641

80,000

Consumers Energy Co

4.500

01/15/31

79,436

60,000

Cumberland Combined Cycle Generation LLC

5.821

05/15/56

61,336

115,000

(i)

Dominion Energy Inc

7.000

06/01/54

121,761

280,000

DTE Electric Co

5.200

03/01/34

284,827

25,000

DTE Electric Co

5.850

05/15/55

25,308

150,000

Duke Energy Carolinas LLC

4.250

12/15/41

130,171

175,000

Duke Energy Carolinas LLC

5.350

01/15/53

165,492

300,000

Duke Energy Carolinas Nc Storm Funding II LLC

4.226

07/01/35

292,524

101,000

(i)

Duke Energy Corp

6.450

09/01/54

104,879

30,000

Duke Energy Progress LLC

5.350

03/15/53

28,293

75,000

Duke Energy Progress LLC

5.050

03/15/35

75,024

139,000

(i)

Edison International

8.125

06/15/53

142,835

37,000

(i)

Emera US Finance LLC

6.850

10/01/56

37,742

314,000

(i)

Entergy Corp

7.125

12/01/54

324,648

193,000

(i)

EUSHI Finance Inc

7.625

12/15/54

200,466

870,000

(a)

Ferrellgas LP / Ferrellgas Finance Corp

5.875

04/01/29

846,185

85,000

Florida Power & Light Co

5.700

03/15/55

84,741

75,000

Idaho Power Co

4.850

03/01/36

73,045

475,000

(a)

Long Ridge Energy LLC

8.750

02/15/32

501,362

262,000

(i)

NextEra Energy Capital Holdings Inc

6.750

06/15/54

272,883

128,000

(i)

PG&E Corp

7.375

03/15/55

130,430

269,000

(i)

Sempra

6.550

04/01/55

271,182

121,000

(i)

Sempra

6.375

04/01/56

122,217

185,000

(a),(h),(i)

Vistra Corp

8.000

N/A

186,423

217,000

(a),(h),(i)

Vistra Corp

8.875

N/A

232,724

760,000

(a)

VoltaGrid LLC

7.375

11/01/30

789,010

170,000

Wisconsin Public Service Corp

4.250

01/15/31

167,317

380,000

(a)

XPLR Infrastructure Operating Partners LP

8.625

03/15/33

407,498

TOTAL UTILITIES

6,897,224

TOTAL CORPORATE BONDS

(Cost $90,139,576)

90,965,447

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

76038036

EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 15.0% (10.6% of

Total Investments)

76038036

ANGOLA - 0.1%

200,000

(a)

Azule Energy Finance Plc

8.625

01/22/33

200,232

TOTAL ANGOLA

200,232

ARGENTINA - 0.6%

140,000

(a)

Arcor SAIC

7.600

07/31/33

145,600

475,000

Argentine Republic Government International Bond

4.125

07/09/35

379,525

325,000

Argentine Republic Government International Bond

5.000

01/09/38

270,725

250,000

Argentine Republic Government International Bond

2.500

07/09/41

186,875

200,000

(a)

Pampa Energia SA

7.750

11/14/37

204,520

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARGENTINA

200,000

(a)

Pluspetrol SA

7.550

09/30/37

194,750

289,055

(a)

Provincia de Buenos Aires/Government Bonds

6.625

09/01/37

238,609

450,000

(a)

YPF SA

8.250

01/17/34

470,268

TOTAL ARGENTINA

2,090,872

BARBADOS - 0.0%

150,000

(a)

Barbados Government International Bond

8.000

06/26/35

160,690

TOTAL BARBADOS

160,690

BENIN - 0.1%

EUR

190,000

(a)

Benin Government International Bond

4.950

01/22/35

204,652

TOTAL BENIN

204,652

BERMUDA - 0.1%

261,000

RLGH Finance Bermuda Ltd, Reg S

6.875

05/19/75

260,526

TOTAL BERMUDA

260,526

BOLIVIA - 0.1%

200,000

(a)

Bolivian Government International Bond

9.450

05/14/31

204,400

TOTAL BOLIVIA

204,400

BRAZIL - 0.3%

BRL

305,000

Brazil Notas do Tesouro Nacional Serie F

10.000

01/01/29

54,488

BRL

2,225,000

Brazil Notas do Tesouro Nacional Serie F

10.000

01/01/33

357,808

BRL

600,000

Brazil Notas do Tesouro Nacional Serie F

10.000

01/01/37

90,760

340,000

Brazilian Government International Bond

6.000

10/20/33

341,530

200,000

Brazilian Government International Bond

7.250

01/12/56

200,650

200,000

(a)

LD Celulose International GmbH

7.950

01/26/32

209,236

200,000

(a)

Minerva Luxembourg SA

7.500

04/22/36

190,690

145,000

Petrobras Global Finance BV

6.750

06/03/50

141,094

115,000

Petrobras Global Finance BV

5.500

06/10/51

93,934

200,000

(a)

Raizen Fuels Finance SA

5.700

01/17/35

110,500

200,000

(a)

Rede D'or Finance Sarl

6.450

09/09/35

194,214

TOTAL BRAZIL

1,984,904

CANADA - 1.6%

120,000

(a)

AltaGas Ltd

7.200

10/15/54

125,808

200,000

Bank of Montreal

7.700

05/26/84

209,210

314,000

Bank of Montreal

7.300

11/26/84

328,411

274,000

Bank of Montreal

6.875

11/26/85

278,613

195,000

Bank of Montreal

5.298

06/02/37

195,186

200,000

Bank of Nova Scotia/The

8.000

01/27/84

210,996

200,000

Bank of Nova Scotia/The

6.875

10/27/85

202,367

195,000

(a)

Bausch Health Cos Inc

11.000

09/30/28

198,572

278,000

Bell Telephone Co of Canada or Bell Canada

7.000

09/15/55

287,270

285,000

Canadian Imperial Bank of Commerce

6.950

01/28/85

290,413

200,000

Canadian Imperial Bank of Commerce

7.000

10/28/85

205,052

200,000

Canadian Imperial Bank of Commerce

6.500

07/28/86

200,450

688,000

Enbridge Inc

8.500

01/15/84

786,520

175,000

Enbridge Inc

5.500

07/15/77

174,910

305,000

Enbridge Inc

7.625

01/15/83

330,166

1,365,000

(a),(k)

Garda World Security Corp

8.375

11/15/32

1,396,469

177,000

Rogers Communications Inc

7.125

04/15/55

181,851

242,000

Royal Bank of Canada

6.750

08/24/85

246,155

272,000

Royal Bank of Canada

6.500

05/24/86

270,556

144,000

South Bow Canadian Infrastructure Holdings Ltd

7.500

03/01/55

153,892

570,000

(a)

Telesat Canada / Telesat LLC

5.625

12/06/26

507,300

152,000

TELUS Corp

7.000

10/15/55

157,166

200,000

Toronto-Dominion Bank/The

8.125

10/31/82

206,764

425,000

(k)

Toronto-Dominion Bank/The

6.350

10/31/85

427,676

219,000

Transcanada Trust

5.600

03/07/82

216,619

TOTAL CANADA

7,788,392

CHILE - 0.6%

400,000

(a)

AES Andes SA

8.150

06/10/55

417,000

196,173

(a)

Alfa Desarrollo SpA 2021 1

4.550

09/27/51

155,810

200,000

(a),(n)

Banco de Credito e Inversiones SA

8.750

08/08/74

215,272

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CHILE

200,000

(a),(n)

Banco del Estado de Chile

7.950

11/02/74

211,358

CLP

70,000,000

(a)

Bonos de la Tesoreria de la Republica en pesos, Reg S

5.000

10/01/28

76,535

CLP

110,000,000

(a)

Bonos de la Tesoreria de la Republica en pesos, Reg S

6.000

04/01/33

123,614

200,000

(a)

Celulosa Arauco y Constitucion SA

6.180

05/05/32

200,113

EUR

50,000

Chile Government International Bond

3.800

07/01/35

57,457

200,000

(a)

Corp Nacional del Cobre de Chile

6.440

01/26/36

212,313

200,000

(a)

Empresa Nacional del Petroleo

6.150

05/10/33

207,779

200,000

(a)

Sociedad Transmisora Metropolitana SpA

6.385

12/15/55

203,840

TOTAL CHILE

2,081,091

CHINA - 0.1%

200,000

Fortune Star BVI Ltd, Reg S

6.800

09/09/29

197,662

TOTAL CHINA

197,662

COLOMBIA - 0.4%

200,000

(a),(n)

Banco Davivienda SA

8.125

07/02/35

207,000

EUR

100,000

Colombia Government International Bond

5.000

09/19/32

113,304

225,000

Colombia Government International Bond

6.125

01/18/41

210,488

350,000

Colombia Government International Bond

3.125

04/15/31

309,033

COP

725,000,000

Colombian TES

7.750

09/18/30

182,049

COP

959,000,000

Colombian TES

9.250

05/28/42

227,690

200,000

Ecopetrol SA

4.625

11/02/31

183,481

200,000

Ecopetrol SA

5.875

11/02/51

160,274

200,000

(a)

Gran Tierra Energy Inc

9.750

04/15/31

175,142

200,000

(a)

Grupo Aval Ltd

4.375

02/04/30

189,827

200,000

(a)

Grupo Nutresa SA

7.875

07/21/74

199,500

200,000

(a)

Promigas SA ESP / Gases del Pacifico SAC

7.750

06/24/56

203,200

TOTAL COLOMBIA

2,360,988

COSTA RICA - 0.0%

200,000

(a)

Costa Rica Government International Bond

7.000

04/04/44

217,836

TOTAL COSTA RICA

217,836

COTE D'IVOIRE - 0.1%

395,000

Ivory Coast Government International Bond, Reg S

6.125

06/15/33

392,311

TOTAL COTE D'IVOIRE

392,311

CZECH REPUBLIC - 0.0%

CZK

2,150,000

Czech Republic Government Bond

1.750

06/23/32

88,370

CZK

1,200,000

Czech Republic Government Bond, Reg S

0.950

05/15/30

50,369

TOTAL CZECH REPUBLIC

138,739

DOMINICAN REPUBLIC - 0.1%

200,000

(a)

Aeropuertos Dominicanos Siglo XXI SA

7.000

06/30/34

207,254

375,000

(a)

Dominican Republic International Bond

5.875

01/30/60

330,844

225,000

(a)

Dominican Republic International Bond

5.300

01/21/41

202,129

150,000

(a)

Dominican Republic International Bond

7.050

02/03/31

157,657

150,000

(a)

Dominican Republic International Bond

6.150

05/17/38

148,927

TOTAL DOMINICAN REPUBLIC

1,046,811

ECUADOR - 0.3%

200,000

(a)

Corp Quiport SA

9.000

12/15/37

219,500

260,000

(a)

Ecuador Government International Bond

6.900

07/31/35

238,550

400,000

(a)

Ecuador Government International Bond

9.250

01/29/39

410,600

TOTAL ECUADOR

868,650

EGYPT - 0.2%

220,000

(a)

Egypt Government International Bond

7.300

09/30/33

219,290

205,000

(a)

Egypt Government International Bond

8.875

05/29/50

204,210

225,000

(a)

Egypt Government International Bond

8.500

01/31/47

220,015

TOTAL EGYPT

643,515

EL SALVADOR - 0.1%

200,000

(a)

Comision Ejecutiva Hidroelectrica del Rio Lempa

8.650

01/24/33

211,224

150,000

(a)

El Salvador Government International Bond

4.000

04/17/30

6,000

150,000

(a)

El Salvador Government International Bond

9.650

11/21/54

171,811

TOTAL EL SALVADOR

389,035

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINLAND - 0.1%

400,000

(a),(n)

Nordea Bank Abp

6.750

11/10/74

404,094

TOTAL FINLAND

404,094

FRANCE - 1.5%

1,605,000

(a),(d)

Altice France SA

6.500

04/15/32

1,551,108

302,000

(a),(n)

BNP Paribas SA

7.750

02/16/71

316,355

200,000

(a),(n)

BNP Paribas SA

9.250

05/17/75

209,496

610,000

(a),(n)

BNP Paribas SA

8.500

02/14/75

643,263

625,000

(a),(n)

BNP Paribas SA

8.000

08/22/74

670,655

409,000

(a),(n)

BNP Paribas SA

7.375

03/10/75

426,102

200,000

(a),(n)

BNP Paribas SA

7.450

12/27/74

206,354

400,000

(a),(n)

BNP Paribas SA

7.200

10/17/74

402,508

55,000

(a)

BPCE SA

5.417

01/13/37

53,878

507,000

(a),(n)

Credit Agricole SA

6.700

12/23/73

508,284

403,000

(a),(n)

Credit Agricole SA

7.125

12/23/74

415,190

570,000

(a)

Iliad Holding SAS

8.500

04/15/31

603,878

454,000

(a),(n)

Societe Generale SA

9.375

05/22/75

477,537

205,000

(a),(n)

Societe Generale SA

8.500

09/25/74

225,582

410,000

(a),(n)

Societe Generale SA

7.125

07/15/74

407,348

495,000

(a),(n)

Societe Generale SA

10.000

05/14/75

540,203

TOTAL FRANCE

7,657,741

GERMANY - 0.4%

600,000

(n)

Deutsche Bank AG, Reg S

8.130

04/30/73

633,737

1,070,000

(a)

IHO Verwaltungs GmbH

8.000

11/15/32

1,112,037

475,000

(a)

ZF North America Capital Inc

7.500

03/24/31

478,203

TOTAL GERMANY

2,223,977

GHANA - 0.1%

103,495

(a)

Ghana Government International Bond

5.000

07/03/29

102,024

367,320

(a)

Ghana Government International Bond

5.000

07/03/35

340,762

200,000

(a)

Kosmos Energy Ltd

7.500

03/01/28

190,245

GHS

2,600,000

Republic of Ghana Government Bonds , (cash 4.700%, PIK

5.000%)

9.700

02/05/36

171,376

TOTAL GHANA

804,407

GUATEMALA - 0.0%

200,000

(a)

CT Trust

5.125

02/03/32

190,044

200,000

(a)

Guatemala Government Bond

3.700

10/07/33

177,698

TOTAL GUATEMALA

367,742

HUNGARY - 0.1%

HUF

50,000,000

Hungary Government Bond

4.500

03/23/28

159,150

HUF

35,000,000

Hungary Government Bond

4.750

11/24/32

110,599

210,000

(a)

Hungary Government International Bond

5.500

03/26/36

210,723

200,000

(a)

Hungary Government International Bond

5.375

09/26/30

202,827

TOTAL HUNGARY

683,299

INDIA - 0.1%

200,000

(a)

Adani Ports & Special Economic Zone Ltd

3.100

02/02/31

180,061

200,000

(a)

IIFL Finance Ltd

7.600

09/10/29

200,959

200,000

(a)

IRB Infrastructure Developers Ltd

7.110

03/11/32

202,624

200,000

(a)

Muthoot Finance Ltd

6.375

04/23/29

200,248

200,000

(a)

ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9

Subsidiaries

4.500

07/14/28

193,490

200,000

(a)

Sammaan Capital Ltd

7.500

10/16/30

202,112

TOTAL INDIA

1,179,494

INDONESIA - 0.3%

200,000

(a)

Freeport Indonesia PT

5.315

04/14/32

198,735

200,000

(a)

Indika Energy Tbk PT

8.750

05/07/29

202,238

200,000

Indonesia Government International Bond

5.030

05/29/31

200,803

IDR

2,702,000,000

Indonesia Treasury Bond

7.000

09/15/30

149,532

IDR

1,110,000,000

Indonesia Treasury Bond

6.625

02/15/34

59,566

200,000

(a)

Medco Maple Tree Pte Ltd

8.960

04/27/29

206,335

200,000

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,

Reg S

5.250

05/15/47

172,487

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDONESIA

335,000

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,

Reg S

3.875

07/17/29

323,065

TOTAL INDONESIA

1,512,761

IRELAND - 0.2%

636,000

(k)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950

03/10/55

658,382

450,000

(k)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.500

01/31/56

455,805

TOTAL IRELAND

1,114,187

ISRAEL - 0.1%

200,000

(a),(n)

Bank Hapoalim BM, Reg S

3.255

01/21/32

198,007

325,000

(n)

Bank Leumi Le-Israel BM, Reg S

5.740

09/09/36

322,717

TOTAL ISRAEL

520,724

JAMAICA - 0.1%

225,000

(a)

Montego Bay Airport Revenue Finance Ltd

6.600

06/15/35

223,040

TOTAL JAMAICA

223,040

JAPAN - 0.1%

200,000

(n)

Nomura Holdings Inc

7.000

01/15/75

205,103

TOTAL JAPAN

205,103

KAZAKHSTAN - 0.0%

200,000

(a)

Baiterek National Investment Holding JSC

5.200

05/06/33

198,630

KZT

34,000,000

Kazakhstan Treasury Bill - MEKKAM

0.000

05/08/27

62,803

TOTAL KAZAKHSTAN

261,433

LUXEMBOURG - 0.1%

100,000

(a)

Altice France Lux 3 / Altice Holdings 1

9.500

11/01/29

101,512

285,000

(a)

Altice France Lux 3 / Altice Holdings 1

10.000

01/15/33

280,319

TOTAL LUXEMBOURG

381,831

MALAYSIA - 0.0%

MYR

200,000

Malaysia Government Bond

4.762

04/07/37

53,400

MYR

400,000

Malaysia Government Bond

4.254

05/31/35

102,754

TOTAL MALAYSIA

156,154

MEXICO - 1.0%

300,000

(a),(n)

Banco Mercantil del Norte SA/Grand Cayman

7.625

10/06/74

301,118

509,800

(a),(n)

Banco Mercantil del Norte SA/Grand Cayman

8.750

02/20/73

526,384

200,000

(a),(n)

Banco Mercantil del Norte SA/Grand Cayman

8.375

02/20/75

204,800

200,000

(a)

Banco Nacional de Comercio Exterior SNC/Cayman Islands

2.720

08/11/31

198,310

225,000

(a),(n)

Banco Nacional de Mexico SA

6.697

08/07/36

221,603

350,000

(a)

Borr IHC Ltd / Borr Finance LLC

9.000

01/15/34

338,460

298,000

(a)

Cemex SAB de CV

7.200

09/10/74

310,039

100,000

Cemex SAB de CV

5.750

06/05/36

99,650

200,000

(a)

Comision Federal de Electricidad

6.125

06/16/45

181,700

200,000

(a)

Comision Federal de Electricidad

0.000

01/28/34

195,798

200,000

(a)

COX Asset Mexico SA de CV

7.125

01/08/32

202,718

200,000

(a)

Fibra SOMA Trust F/6185

7.125

05/28/36

198,836

200,000

(a)

Grupo Aeromexico SAB de CV

8.625

11/15/31

205,000

MXN

4,980,000

Mexican Bonos

7.750

05/29/31

276,630

200,000

Mexico Government International Bond

4.280

08/14/41

157,200

250,000

Mexico Government International Bond

6.400

05/07/54

235,250

250,000

Mexico Government International Bond

5.625

09/22/35

242,875

200,000

Mexico Government International Bond

6.250

08/27/37

200,059

200,000

(a)

Nemak SAB de CV

3.625

06/28/31

172,933

200,000

(a)

Orbia Advance Corp SAB de CV

2.875

05/11/31

166,148

200,000

Petroleos Mexicanos

6.750

09/21/47

171,192

200,000

Petroleos Mexicanos

6.950

01/28/60

168,212

TOTAL MEXICO

4,974,915

MOROCCO - 0.0%

200,000

(a)

Morocco Government International Bond

5.500

12/11/42

190,428

225,000

(a)

Morocco Government International Bond

3.000

12/15/32

197,225

200,000

(a)

OCP SA

5.125

06/23/51

161,941

TOTAL MOROCCO

549,594

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NETHERLANDS - 0.3%

765,000

(n)

ING Groep NV

7.000

11/16/74

787,177

526,000

(n)

ING Groep NV, Reg S

7.500

05/16/72

542,471

TOTAL NETHERLANDS

1,329,648

NIGERIA - 0.2%

275,000

(a)

Nigeria Government International Bond

10.375

12/09/34

326,450

200,000

(a)

Nigeria Government International Bond

8.631

01/13/36

216,738

NGN

130,000,000

(b)

Nigeria OMO Bill

0.000

08/18/26

91,685

TOTAL NIGERIA

634,873

NORWAY - 0.0%

120,000

(a)

DNB Bank ASA

4.832

03/30/32

119,572

TOTAL NORWAY

119,572

PAKISTAN - 0.1%

200,000

(a)

Veon Midco BV

7.450

06/01/33

199,507

TOTAL PAKISTAN

199,507

PANAMA - 0.0%

200,000

(a)

Aeropuerto Internacional de Tocumen SA

5.125

08/11/61

169,796

200,000

(a)

Empresa de Transmision Electrica SA

5.125

05/02/49

160,230

151,296

(a)

UEP Penonome II SA 2020 1

6.500

10/01/38

135,713

TOTAL PANAMA

465,739

PARAGUAY - 0.0%

200,000

(a)

Paraguay Government International Bond

6.000

02/09/36

208,890

TOTAL PARAGUAY

208,890

PERU - 0.1%

200,000

(a)

Auna SA / Oncosalud SAC

8.750

11/06/32

200,380

200,000

(a)

Banco Internacional del Peru SAA Interbank

6.397

04/30/35

205,820

PEN

250,000

(a)

Peruvian Government International Bond

5.400

08/12/34

71,358

200,000

(a)

Petroleos del Peru SA

4.750

06/19/32

170,144

165,000

(a)

Volcan Cia Minera SAA

8.500

10/28/32

170,726

TOTAL PERU

818,428

POLAND - 0.0%

PLN

525,000

Republic of Poland Government Bond

2.750

10/25/29

133,085

PLN

375,000

Republic of Poland Government Bond

6.000

10/25/33

105,786

PLN

550,000

Republic of Poland Government Bond

5.000

10/25/34

145,172

90,000

Republic of Poland Government International Bond

5.500

04/04/53

85,174

100,000

Republic of Poland Government International Bond

5.375

02/12/35

102,041

TOTAL POLAND

571,258

REPUBLIC OF SERBIA - 0.1%

200,000

(a)

Serbia International Bond

6.500

09/26/33

211,025

200,000

(a)

Telecommunications co Telekom Srbija AD Belgrade

7.250

05/18/31

199,490

TOTAL REPUBLIC OF SERBIA

410,515

ROMANIA - 0.3%

RON

800,000

Romania Government Bond

7.100

07/31/34

178,451

EUR

185,000

(a)

Romanian Government International Bond

5.250

05/30/32

215,283

102,000

(a)

Romanian Government International Bond

5.875

01/30/29

102,816

310,000

(a)

Romanian Government International Bond

5.750

03/24/35

300,132

450,000

(a)

Romanian Government International Bond

5.750

07/04/36

430,314

TOTAL ROMANIA

1,226,996

RWANDA - 0.1%

300,000

(a)

Rwanda International Government Bond

5.500

08/09/31

286,764

TOTAL RWANDA

286,764

SAUDI ARABIA - 0.2%

200,000

Arabian Centres Sukuk IV Ltd, Reg S

8.875

12/04/30

201,413

200,000

Saudi Arabian Oil Co, Reg S

4.250

04/16/39

176,407

200,000

Saudi Awwal Bank, Reg S

5.947

09/04/35

198,488

385,000

Saudi Government International Bond, Reg S

3.750

01/21/55

268,051

200,000

(a)

Saudi Government International Bond

5.625

01/13/35

206,938

200,000

SNB Funding Ltd, Reg S

6.000

06/24/35

201,298

TOTAL SAUDI ARABIA

1,252,595

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SENEGAL - 0.0%

215,000

Senegal Government International Bond, Reg S

6.750

03/13/48

111,268

200,000

(a)

Senegal Government International Bond

6.750

03/13/48

103,505

TOTAL SENEGAL

214,773

SOUTH AFRICA - 0.4%

200,000

(a)

Bidvest Group UK PLC/The

6.200

09/17/32

201,715

250,000

(a)

Eskom Holdings

8.450

08/10/28

262,774

ZAR

1,050,000

Republic of South Africa Government Bond

8.500

01/31/37

63,791

ZAR

3,875,000

Republic of South Africa Government Bond

8.875

02/28/35

245,030

200,000

Republic of South Africa Government International Bond

5.375

07/24/44

169,218

200,000

(a)

Republic of South Africa Government International Bond

7.100

11/19/36

214,638

200,000

(a)

Sasol Financing USA LLC

8.750

04/10/33

207,000

TOTAL SOUTH AFRICA

1,364,166

SPAIN - 0.5%

440,000

(n)

Banco Bilbao Vizcaya Argentaria SA

6.125

02/16/75

441,906

473,000

(n)

Banco Bilbao Vizcaya Argentaria SA

9.375

12/19/74

516,532

200,000

(n)

Banco Bilbao Vizcaya Argentaria SA

7.750

04/14/75

210,575

200,000

(n)

Banco Bilbao Vizcaya Argentaria SA

7.125

08/08/74

202,560

800,000

(n)

Banco Santander SA

8.000

11/01/73

863,220

600,000

(n)

Banco Santander SA

9.625

02/21/75

707,162

200,000

(n)

Banco Santander SA

7.250

09/03/74

203,293

TOTAL SPAIN

3,145,248

SRI LANKA - 0.0%

129,323

(a)

Sri Lanka Government International Bond

3.350

03/15/33

124,286

79,065

(a)

Sri Lanka Government International Bond

3.600

02/15/38

79,839

56,938

(a)

Sri Lanka Government International Bond

3.600

06/15/35

47,480

TOTAL SRI LANKA

251,605

SUPRANATIONAL - 0.0%

INR

12,500,000

European Bank for Reconstruction & Development

6.300

10/26/27

129,777

TOTAL SUPRANATIONAL

129,777

SWITZERLAND - 0.9%

1,000,000

(c)

Credit Suisse Group AG

0.000

01/17/72

340,000

1,645,000

(c)

Credit Suisse Group AG

7.250

03/12/72

559,300

300,000

(c)

Credit Suisse Group AG

6.380

02/21/72

102,000

575,000

(c)

Credit Suisse Group AG

7.500

06/11/72

195,500

735,000

(c)

Credit Suisse Group AG

7.500

01/17/72

249,900

521,000

(a),(n)

UBS Group AG

9.250

05/13/75

601,834

499,000

(a),(n)

UBS Group AG

9.250

05/13/75

537,100

484,000

(a),(n)

UBS Group AG

7.750

04/12/75

510,037

1,140,000

(a)

VistaJet Malta Finance PLC / Vista Management Holding Inc

6.375

02/01/30

1,084,748

560,000

(a)

VistaJet Malta Finance PLC / Vista Management Holding Inc

9.500

06/01/28

566,910

TOTAL SWITZERLAND

4,747,329

THAILAND - 0.0%

200,000

(a),(n)

Bangkok Bank PCL/Hong Kong

3.466

09/23/36

181,623

TOTAL THAILAND

181,623

TRINIDAD AND TOBAGO - 0.1%

200,000

(a)

Trinidad Generation UnLtd

7.750

06/16/33

210,250

TOTAL TRINIDAD AND

TOBAGO

210,250

TURKEY - 0.4%

200,000

(a),(n)

Akbank TAS

0.000

08/19/74

192,909

200,000

(a)

Limak Cimento Sanayi ve Ticaret AS

9.750

07/25/29

202,172

200,000

(a)

Sisecam UK PLC

8.375

01/23/33

203,013

225,000

(a)

Turk Telekomunikasyon AS

6.950

10/07/32

222,679

250,000

Turkiye Government International Bond

6.000

01/14/41

220,859

200,000

Turkiye Government International Bond

7.125

07/17/32

204,914

200,000

Turkiye Government International Bond

6.375

05/22/31

199,767

200,000

(a)

Turkiye Ihracat Kredi Bankasi AS

6.375

01/15/31

194,986

200,000

(a)

Turkiye Is Bankasi AS

7.575

02/05/37

196,296

200,000

(a)

Ulker Biskuvi Sanayi AS

7.875

07/08/31

204,281

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TURKEY

200,000

(a)

Yapi ve Kredi Bankasi AS

9.250

01/17/34

207,212

TOTAL TURKEY

2,249,088

UGANDA - 0.0%

UGX

353,000,000

Republic of Uganda Government Bonds

14.250

06/22/34

91,744

TOTAL UGANDA

91,744

UKRAINE - 0.0%

150,000

(a)

Ukraine Government International Bond

4.500

02/01/36

102,300

311,275

(a),(b)

Ukraine Government International Bond

0.000

02/01/35

186,298

67,730

(a),(b)

Ukraine Government International Bond

0.000

02/01/36

40,469

TOTAL UKRAINE

329,067

UNITED ARAB EMIRATES - 0.1%

400,000

Emirate of Dubai Government International Bonds, Reg S

3.900

09/09/50

285,649

203,739

(a)

Galaxy Pipeline Assets Bidco Ltd 2022 2022

2.940

09/30/40

169,010

200,000

(a)

Ittihad International II Ltd

7.375

11/13/30

201,831

178,826

(a)

Sweihan PV Power Co PJSC 2022 1

3.625

01/31/49

146,253

TOTAL UNITED ARAB EMIRATES

802,743

UNITED KINGDOM - 2.1%

1,255,000

(a),(k)

Ardonagh Group Finance Ltd

8.875

02/15/32

1,219,162

388,000

(n)

Barclays PLC

8.000

12/15/74

407,516

1,092,000

(n)

Barclays PLC

9.625

03/15/73

1,210,899

200,000

(n)

Barclays PLC

7.625

06/15/75

209,054

275,000

(n)

HSBC Holdings PLC

6.950

08/27/74

279,863

695,000

(n)

HSBC Holdings PLC

6.950

03/11/75

720,128

249,000

(n)

HSBC Holdings PLC

6.750

09/24/74

251,114

453,000

(n)

HSBC Holdings PLC

8.000

09/07/74

468,851

394,000

(n)

HSBC Holdings PLC

6.875

03/11/75

403,732

771,000

(n)

Lloyds Banking Group PLC

8.000

06/27/75

820,660

221,000

(n)

Lloyds Banking Group PLC

6.750

12/27/73

227,134

760,000

(a)

Merlin Entertainments Group US Holdings Inc

7.375

02/15/31

641,283

570,000

(a)

Motion Bondco DAC

6.625

11/15/27

551,484

882,000

(n)

NatWest Group PLC

8.125

06/30/75

976,192

442,000

(n)

NatWest Group PLC

7.300

12/31/73

460,210

343,000

(a),(n)

Standard Chartered PLC

7.750

02/15/75

352,381

200,000

(n)

Standard Life PLC, Reg S

8.500

12/12/72

212,590

365,000

Vodafone Group PLC

7.000

04/04/79

378,523

TOTAL UNITED KINGDOM

9,790,776

URUGUAY - 0.0%

175,000

Uruguay Government International Bond

5.442

02/14/37

179,463

UYU

6,200,000

Uruguay Government International Bond

8.250

05/21/31

160,415

TOTAL URUGUAY

339,878

UZBEKISTAN - 0.1%

200,000

(a)

Republic of Uzbekistan International Bond

6.900

02/28/32

213,382

TOTAL UZBEKISTAN

213,382

TOTAL EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS

(Cost $77,537,383)

76,038,036

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

49414445

MORTGAGE-BACKED SECURITIES - 9.8% (6.9% of Total Investments)

49414445

AGENCY COLLAT CMO - 0.3%

675,312

Government National Mortgage Association, Series 2013 188

2.500

12/20/43

600,270

274,786

Government National Mortgage Association, Series 2022 124

4.000

07/20/52

229,924

495,192

Government National Mortgage Association, Series 2022 174

4.500

09/20/52

453,251

435,441

Government National Mortgage Association, Series 2023 111

3.000

02/20/52

301,783

TOTAL AGENCY COLLAT CMO

1,585,228

AGENCY COLLAT SUPP CMO - 0.2%

1,277,440

Freddie Mac REMICS, Series 2021 5160

3.000

09/25/50

942,761

253,586

Government National Mortgage Association, Series 2021 209

3.000

11/20/51

185,659

TOTAL AGENCY COLLAT SUPP CMO

1,128,420

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL MBS - 0.9%

100,000

(a),(j)

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

+ 1.750%)

5.375

06/15/35

100,184

400,000

(a),(j)

ARES Commercial Mortgage Trust 2024-IND, Series 2024 IND,

(TSFR1M + 1.692%)

7.012

07/15/41

401,201

420,000

(j)

BANK 2019-BNK24, Series 2019 BN24

3.283

11/15/62

388,033

278,553

(a),(j)

BX Commercial Mortgage Trust 2025-BCAT, Series 2025 BCAT,

(TSFR1M + 1.380%)

5.730

08/15/42

279,503

130,000

CD 2017-CD5 Mortgage Trust, Series 2017 CD5

3.431

08/15/50

128,067

48,445

(j)

Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015

GC29

3.758

04/10/48

46,794

250,000

(j)

Citigroup Commercial Mortgage Trust 2018-B2, Series 2018 B2

4.179

03/10/51

245,392

285,000

(a),(j)

ELP Commercial Mortgage Trust, Series 2025 ELP

4.757

11/13/42

281,410

395,808

(a)

EQT Trust 2024-EXTR, Series 2024 EXTR

5.331

07/05/41

399,051

250,000

GS Mortgage Securities Trust 2019-GC42, Series 2019 GC42

3.001

09/10/52

235,905

250,000

(a),(j)

Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR

5.644

02/05/45

255,929

510,000

(a)

Hudson Yards 2019-30HY Mortgage Trust, Series 2019 30HY

3.228

07/10/39

484,334

250,000

(a)

ICNQ 2024-MF Mortgage Trust, Series 2024 MF

5.778

12/10/34

254,739

250,000

(a),(j)

IP 2025-IP Mortgage Trust, Series 2025 IP

5.425

06/10/42

251,184

250,000

(a)

JP Morgan Chase Commercial Mortgage Securities Trust 2025-

NSLB, Series 2025 NSLB

6.234

06/05/42

256,888

80,707

JPMDB Commercial Mortgage Securities Trust 2018-C8, Series

2018 C8

3.944

06/15/51

79,624

500,000

(j)

UBS Commercial Mortgage Trust 2017-C7, Series 2017 C7

4.061

12/15/50

487,251

TOTAL COMMERCIAL MBS

4,575,489

FGLMC COLLATERAL - 0.0%

26,794

Freddie Mac Gold Pool, FG U99084

4.500

02/01/44

26,447

TOTAL FGLMC COLLATERAL

26,447

GNMA2 COLLATERAL - 0.3%

258,252

Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE

3.000

06/20/51

229,544

328,033

Ginnie Mae II Pool, G2 MA7768, Series 2021 1

3.000

12/20/51

291,564

415,335

(k)

Ginnie Mae II Pool, G2 MA7871, Series 2022 1

2.500

02/20/52

347,942

61,852

Ginnie Mae II Pool, G2 MA8149

3.500

07/20/52

56,442

256,009

Ginnie Mae II Pool, G2 MA8200

4.000

08/20/52

240,137

212,936

Ginnie Mae II Pool, G2 MA8428

5.000

11/20/52

211,205

246,103

Ginnie Mae II Pool, G2 MA8724

4.500

03/20/53

238,074

TOTAL GNMA2 COLLATERAL

1,614,908

UMBS COLLATERAL - 5.6%

928,056

Fannie Mae Pool, FN MA4733

4.500

09/01/52

895,792

1,410,401

Fannie Mae Pool, FN FS1535

3.000

04/01/52

1,245,064

1,056,311

(k)

Fannie Mae Pool, FN FS1533

3.000

04/01/52

932,234

723,464

Fannie Mae Pool, FN FS0522

2.500

02/01/52

616,715

410,632

(k)

Fannie Mae Pool, FN BW3383

4.500

07/01/52

396,491

154,437

Fannie Mae Pool, FN CB2795

3.000

02/01/52

134,983

1,256,764

(k)

Fannie Mae Pool, FN CB1301

2.500

08/01/51

1,072,470

2,065,218

(k)

Fannie Mae Pool, FN MA5353

5.500

05/01/54

2,081,889

3,917,136

(k)

Fannie Mae Pool, FN BW3382

4.500

07/01/52

3,787,919

576,347

Fannie Mae Pool, FN MA4578

2.500

04/01/52

484,853

989,746

Fannie Mae Pool, FN MA5497

5.500

10/01/54

994,121

1,450,588

(k)

Fannie Mae Pool, FN MA4737, Series 2022 1

5.000

08/01/52

1,437,188

1,339,902

Fannie Mae Pool, FN MA4783

4.000

10/01/52

1,255,456

551,502

(k)

Fannie Mae Pool, FN MA4785

5.000

10/01/52

546,180

230,261

Fannie Mae Pool, FN MA4805, Series 2022 1

4.500

11/01/52

222,108

854,355

(k)

Fannie Mae Pool, FN MA4918

5.000

02/01/53

845,647

322,258

Fannie Mae Pool, FN MA4919

5.500

02/01/53

325,683

539,605

Fannie Mae Pool, FN MA4942

6.000

03/01/53

555,191

851,256

(k)

Fannie Mae Pool, FN MA4978

5.000

04/01/53

841,768

327,135

Fannie Mae Pool, FN MA5009

5.000

05/01/53

323,305

657,106

(k)

Fannie Mae Pool, FN MA5039

5.500

06/01/53

663,837

150,934

Fannie Mae Pool, FN MA5105

4.500

08/01/53

145,378

250,713

Fannie Mae Pool, FN MA5106

5.000

08/01/53

247,755

97,654

Fannie Mae Pool, FN MA5107

5.500

08/01/53

98,409

2,422,404

(k)

Fannie Mae Pool, FN MA5165

5.500

10/01/53

2,439,112

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UMBS COLLATERAL

(continued)

160,842

Fannie Mae Pool, FN MA5247

6.000

01/01/54

164,560

418,237

(k)

Fannie Mae Pool, FN FS7299

3.000

05/01/52

369,212

1,144,246

(k)

Fannie Mae Pool, FN CB3905

3.500

06/01/52

1,039,071

1,419,782

Freddie Mac Pool, FR RA9629

5.500

08/01/53

1,432,357

1,235,620

(k)

Freddie Mac Pool, FR RA6766

2.500

02/01/52

1,055,141

787,230

(k)

Freddie Mac Pool, FR QE5382

4.500

07/01/52

761,262

167,010

Freddie Mac Pool, FR SD8329

5.000

06/01/53

165,017

683,957

(k)

Freddie Mac Pool, FR SD8288

5.000

01/01/53

677,216

47,168

Freddie Mac Pool, FR SD4999

5.000

08/01/53

46,637

TOTAL UMBS COLLATERAL

28,300,021

WL COLLAT SUPPORT CMO - 1.3%

69,054

(a),(j)

Bayview MSR Opportunity Master Fund Trust 2021-INV4, Series

2021 4

2.500

10/25/51

56,737

722,919

(a),(j)

GS Mortgage-Backed Securities Corp Trust 2022-PJ2, Series

2022 PJ2

3.000

06/25/52

616,958

256,526

(a),(j)

GS Mortgage-Backed Securities Trust 2021-PJ10, Series 2021

PJ10

2.500

03/25/52

210,616

378,840

(a),(j)

GS Mortgage-Backed Securities Trust 2022-GR2, Series 2022

GR2

3.000

08/26/52

323,331

422,638

(a),(j)

GS Mortgage-Backed Securities Trust 2022-INV1, Series 2022

INV1

3.000

07/25/52

361,371

224,521

(a),(j)

GS Mortgage-Backed Securities Trust 2022-PJ5, Series 2022

PJ5

3.000

10/25/52

192,033

222,014

(a),(j)

GS Mortgage-Backed Securities Trust 2023-PJ1, Series 2023

PJ1

3.500

02/25/53

195,911

361,128

(a),(j)

J.P. Morgan Mortgage Trust 2021-15, Series 2021 15

2.500

06/25/52

295,803

297,657

(a),(j)

J.P. Morgan Mortgage Trust 2022-4, Series 2022 4

3.000

10/25/52

254,028

593,820

(a),(j)

J.P. Morgan Mortgage Trust 2022-6, Series 2022 6

3.000

11/25/52

505,671

457,796

(a),(j)

J.P. Morgan Mortgage Trust 2022-INV3, Series 2022 INV3

3.000

09/25/52

390,862

111,788

(a),(j)

J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2

3.500

09/25/52

98,504

512,824

(a),(j)

JP Morgan Mortgage Trust, Series 2024 3

3.000

05/25/54

437,657

1,025,545

(a),(j)

JP Morgan Mortgage Trust 2022-2, Series 2022 2

3.000

08/25/52

875,279

644,071

(a),(j)

JP Morgan Mortgage Trust 2022-3, Series 2022 3

3.000

08/25/52

549,668

258,452

(a),(j)

OBX 2022-INV5 Trust, Series 2022 INV5

4.000

10/25/52

235,137

580,547

(a),(j)

RCKT Mortgage Trust 2022-2, Series 2022 2

2.500

02/25/52

476,995

75,210

(a),(j)

RCKT Mortgage Trust 2022-3, Series 2022 3

3.000

05/25/52

64,190

156,549

(a),(j)

RCKT Mortgage Trust 2022-4, Series 2022 4

3.500

06/25/52

139,264

155,927

(a),(j)

Wells Fargo Mortgage Backed Securities 2022-2 Trust, Series

2022 2

2.500

12/25/51

128,021

109,656

(a),(j)

Wells Fargo Mortgage Backed Securities 2022-INV1 Trust,

Series 2022 INV1

3.000

03/25/52

93,657

TOTAL WL COLLAT SUPPORT CMO

6,501,693

WL COLLATERAL CMO - 1.2%

475,000

(a),(j)

Connecticut Avenue Securities Trust 2022-R05, Series 2022

R05, (SOFR30A + 7.000%)

10.628

04/25/42

496,093

500,000

(a),(j)

Connecticut Avenue Securities Trust 2023-R01, Series 2023

R01, (SOFR30A + 3.750%)

7.378

12/25/42

518,028

935,000

(a),(j)

Connecticut Avenue Securities Trust 2023-R05, Series 2023

R05, (SOFR30A + 3.100%)

6.728

06/25/43

966,635

695,000

(a),(j)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 2.700%)

6.328

07/25/43

711,180

210,000

(a),(j)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 3.900%)

9.188

07/25/43

219,702

90,222

(a),(j)

Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN

3.494

10/25/51

75,319

285,000

(a),(j)

Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023

DNA1, (SOFR30A + 3.100%)

6.761

03/25/43

294,286

268,856

(a),(j)

GS Mortgage-Backed Securities Trust 2022-HP1, Series 2022

HP1

3.000

09/25/52

229,463

1,334,896

(a),(j)

JP Morgan Mortgage Trust 2022-LTV1, Series 2022 LTV1

3.250

07/25/52

1,186,673

500,000

(a),(j)

OBX 2026-NQM6 Trust, Series 2026 NQM6

5.814

04/26/66

496,005

103,737

(a),(j)

Sequoia Mortgage Trust 2025-S2, Series 2025 S2

4.000

11/25/55

95,417

150,000

(a),(j)

Verus Securitization Trust 2025-12, Series 2025 12

5.760

12/25/70

148,607

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WL COLLATERAL CMO

(continued)

101,655

(a),(j)

Wells Fargo Mortgage Backed Securities 2021-2 Trust, Series

2021 2

2.500

06/25/51

83,462

182,760

(a),(j)

Wells Fargo Mortgage Backed Securities 2022-INV1 Trust,

Series 2022 INV1

3.500

03/25/52

161,369

TOTAL WL COLLATERAL CMO

5,682,239

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $50,484,109)

49,414,445

DESCRIPTION

RATE

VALUE

5062385

PREFERRED STOCK - 1.0% (0.7% of Total Investments)

5062385

BANKS - 0.2%

6,772

Fifth Third Bancorp

7.671

170,722

7,350

First Horizon Corp

6.750

183,603

8,825

KeyCorp

6.125

219,566

18,675

KeyCorp

6.200

465,755

2,425

KeyCorp

5.625

49,882

2,238

KeyCorp

5.650

46,707

1,475

Pinnacle Financial Partners, Inc

8.397

39,648

TOTAL BANKS

1,175,883

FINANCIAL SERVICES - 0.4%

12,675

Bank of New York Mellon Corp

6.150

319,537

7,550

Equitable Holdings, Inc

5.250

145,262

4,206

Morgan Stanley

7.125

106,075

11,750

Morgan Stanley

6.625

298,450

11,775

Morgan Stanley

6.500

296,612

16,725

Morgan Stanley

6.875

419,798

4,923

Synchrony Financial

5.625

91,420

10,218

Voya Financial, Inc

5.350

238,181

TOTAL FINANCIAL SERVICES

1,915,335

FOOD, BEVERAGE & TOBACCO - 0.1%

10,571

CHS, Inc

7.100

261,209

12,518

CHS, Inc

6.750

302,185

TOTAL FOOD, BEVERAGE & TOBACCO

563,394

INSURANCE - 0.3%

6,075

American National Group, Inc

7.375

142,580

8,200

Aspen Insurance Holdings Ltd

5.625

153,012

4,550

Aspen Insurance Holdings Ltd

7.125

105,924

2,875

Assurant, Inc

5.250

54,625

19,836

Athene Holding Ltd

6.350

479,635

15,057

Enstar Group Ltd

7.000

319,208

5,959

Reinsurance Group of America, Inc

7.125

152,789

TOTAL INSURANCE

1,407,773

TOTAL PREFERRED STOCK

(Cost $5,336,112)

5,062,385

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

33790020

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 6.7% (4.7% of Total Investments)

33790020

105,000

(h)

CoBank ACB

6.250

N/A

105,053

445,000

(h)

CoBank ACB

6.450

N/A

446,113

93,000

(h)

CoBank ACB

7.250

N/A

94,576

250,000

(h)

CoBank ACB

6.750

N/A

251,784

152,000

(a),(h)

Farm Credit Bank of Texas

6.200

N/A

151,969

136,000

(h)

Farm Credit Bank of Texas

7.000

N/A

138,720

416,560

(o)

United States Treasury Inflation Indexed Bonds

1.375

07/15/33

399,565

788,039

(k),(o)

United States Treasury Inflation Indexed Bonds

2.375

10/15/28

796,427

276,183

(o)

United States Treasury Inflation Indexed Bonds

1.750

01/15/34

269,838

725,180

(o)

United States Treasury Inflation Indexed Bonds

0.875

01/15/29

705,421

620,691

(o)

United States Treasury Inflation Indexed Bonds

1.875

07/15/34

611,740

407,357

(o)

United States Treasury Inflation Indexed Bonds

1.625

10/15/29

404,481

949,446

(k),(o)

United States Treasury Inflation Indexed Bonds

2.125

01/15/35

947,208

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

967,411

(k),(o)

United States Treasury Inflation Indexed Bonds

1.625

04/15/30

955,596

824,288

(k),(o)

United States Treasury Inflation Indexed Bonds

1.875

07/15/35

806,001

112,348

(o)

United States Treasury Inflation Indexed Bonds

1.125

04/15/31

108,845

625,000

(o)

United States Treasury Inflation Indexed Bonds

1.875

01/15/36

606,966

416,227

(o)

United States Treasury Inflation Indexed Bonds

1.250

04/15/28

409,461

55,130

(o)

United States Treasury Inflation Indexed Bonds

0.375

01/15/27

54,406

417,788

(o)

United States Treasury Inflation Indexed Bonds

0.750

07/15/28

408,466

857,017

(o)

United States Treasury Inflation Indexed Bonds

0.125

07/15/30

800,670

323,502

(o)

United States Treasury Inflation Indexed Bonds

0.125

01/15/30

303,762

149,710

(o)

United States Treasury Inflation Indexed Bonds

0.375

07/15/27

147,205

438,656

(o)

United States Treasury Inflation Indexed Bonds

0.500

01/15/28

427,411

288,187

(o)

United States Treasury Inflation Indexed Bonds

1.125

10/15/30

279,813

894,136

(k),(o)

United States Treasury Inflation Indexed Bonds

1.125

01/15/33

845,659

403,635

(o)

United States Treasury Inflation Indexed Bonds

2.125

04/15/29

404,732

572,930

(o)

United States Treasury Inflation Indexed Bonds

0.625

07/15/32

530,567

514,602

(o)

United States Treasury Inflation Indexed Bonds

3.625

04/15/28

527,481

303,777

(k),(o)

United States Treasury Inflation Indexed Bonds

3.875

04/15/29

318,943

375,128

(o)

United States Treasury Inflation Indexed Bonds

3.375

04/15/32

403,797

198,646

(o)

United States Treasury Inflation Indexed Bonds

1.750

01/15/28

197,254

465,198

(o)

United States Treasury Inflation Indexed Bonds

2.500

01/15/29

471,014

730,522

(k),(o)

United States Treasury Inflation Indexed Bonds

1.625

10/15/27

726,873

292,847

(k),(o)

United States Treasury Inflation Indexed Bonds

0.250

07/15/29

279,283

1,023,144

(k),(o)

United States Treasury Inflation Indexed Bonds

0.125

01/15/31

944,912

176,871

(o)

United States Treasury Inflation Indexed Bonds

0.125

04/15/27

173,417

780,663

(k),(o)

United States Treasury Inflation Indexed Bonds

0.125

01/15/32

706,681

993,736

(k),(o)

United States Treasury Inflation Indexed Bonds

0.125

07/15/31

912,274

175,000

United States Treasury Note/Bond

3.750

11/30/32

169,750

1,380,000

United States Treasury Note/Bond

3.625

12/31/30

1,347,495

915,000

United States Treasury Note/Bond

3.500

01/15/29

900,310

210,100

United States Treasury Note/Bond

3.625

05/15/53

167,908

720,000

United States Treasury Note/Bond

4.125

02/15/36

702,450

210,000

United States Treasury Note/Bond

3.875

03/31/31

207,014

1,015,000

United States Treasury Note/Bond

4.000

11/15/35

981,854

445,700

United States Treasury Note/Bond

2.875

05/15/49

316,534

620,000

United States Treasury Note/Bond

4.375

11/15/39

602,175

235,000

United States Treasury Note/Bond

4.875

10/31/30

241,178

212,700

United States Treasury Note/Bond

3.875

08/15/33

206,834

2,415,000

United States Treasury Note/Bond

3.500

02/28/31

2,344,154

50,000

United States Treasury Note/Bond

4.625

05/31/31

50,896

449,400

United States Treasury Note/Bond

3.875

05/15/43

397,210

280,000

United States Treasury Note/Bond

4.250

08/15/35

276,434

60,000

United States Treasury Note/Bond

4.625

05/15/54

56,984

106,200

United States Treasury Note/Bond

4.000

02/15/34

103,752

690,000

United States Treasury Note/Bond

3.750

06/30/27

687,580

280,000

United States Treasury Note/Bond

4.125

06/30/32

276,095

785,000

United States Treasury Note/Bond

4.000

05/31/30

779,695

925,000

United States Treasury Note/Bond

4.125

05/31/32

918,388

285,000

United States Treasury Note/Bond

4.250

05/15/35

281,638

465,000

United States Treasury Note/Bond

4.750

05/15/55

451,068

545,000

United States Treasury Note/Bond

5.000

05/15/45

549,641

555,000

United States Treasury Note/Bond

4.875

08/15/45

550,772

80,000

United States Treasury Note/Bond

3.750

08/31/31

78,250

215,000

United States Treasury Note/Bond

3.875

08/15/34

207,668

1,180,000

United States Treasury Note/Bond

4.625

11/15/55

1,122,659

385,000

United States Treasury Note/Bond

3.750

10/31/32

373,615

370,000

United States Treasury Note/Bond

3.875

07/31/30

365,635

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $34,116,142)

33,790,020

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

48552895

VARIABLE RATE SENIOR LOAN INTERESTS - 9.6% (6.8% of Total Investments)

48552895

AUTOMOBILES & COMPONENTS - 0.1%

34,316

(j)

Adient US LLC, Term Loan B2, (TSFR1M + 2.000%)

5.644

01/29/31

34,298

272,687

(j)

Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)

6.144

05/06/30

273,285

284,730

(j)

Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)

6.144

01/28/32

285,353

88,767

(j)

DexKo Global Inc., Term Loan B, (TSFR3M + 4.500%)

8.163

10/09/31

86,231

TOTAL AUTOMOBILES & COMPONENTS

679,167

CAPITAL GOODS - 1.1%

9,999

(j)

ACProducts, Inc., First Lien First Out Term Loan, (TSFR3M +

5.500%)

9.232

11/14/31

10,230

140,540

(j)

ACProducts, Inc., First Lien Second Out Term Loan, (TSFR3M +

5.500%)

9.232

11/14/31

124,483

20,000

(j),(m)

ADI Global Distribution Funding LLC, Term Loan, (TBD)

TBD

20,075

2,083

(j),(p)

Air Comm Corporation, LLC, Delayed Draw Term Loan

1.000

12/11/31

2,087

49,749

(j)

Albion Financing 3 SARL, Term Loan, (TSFR3M + 3.000%)

6.632

05/21/31

49,935

116,708

(j)

Allison Transmission, Inc., Incremental Term Loan B, (TSFR1M +

1.750%)

5.375

01/03/33

116,732

46,993

(j)

Amentum Holdings, Inc., Term Loan B, (TSFR1M + 1.750%)

5.394

09/29/31

47,011

38,043

(j)

American Trailer World Corp., Term Loan B, (TSFR1M +

3.750%)

7.494

03/03/28

25,873

77,536

(j),(q)

Artera Services, LLC, Term Loan, (TSFR1M + 4.500%)

8.144

02/10/31

68,791

258,107

(j)

Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)

6.144

01/27/32

258,471

111,720

(j)

BCPE Empire Holdings, Inc., 10th Amendment Term Loan,

(TSFR1M + 3.500%)

7.144

12/29/32

110,556

73,626

(j)

BCPE Empire Holdings, Inc., Term Loan B, (TSFR1M + 3.250%)

6.894

12/26/30

72,752

6,783

(j),(m),(p)

BCPE HIPH Parent Inc, Term Loan, (TBD)

TBD

6,800

64,217

(j),(m)

BCPE HIPH Parent Inc, Term Loan, (TBD)

TBD

64,377

100,000

(j),(m)

Belden Inc, Term Loan, (TBD)

TBD

100,250

60,187

(j)

Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.250%)

5.982

10/17/30

60,234

14,406

(j)

Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)

8.163

08/01/30

11,350

126,900

(j)

Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)

5.619

07/09/32

127,112

283,532

(j)

Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.000%)

6.644

09/08/32

284,028

81,578

(j)

Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)

6.182

03/18/30

81,681

107,424

(j)

Columbus McKinnon Corporation, Term Loan B, (TSFR3M +

3.500%)

7.232

02/03/33

107,357

172,616

(j)

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

7.508

05/17/28

150,052

22,115

(j)

Core & Main LP, Term Loan B, (TSFR3M + 2.000%)

5.656

07/27/28

22,147

40,194

(j)

CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)

8.894

07/08/30

35,449

108,000

(j)

Dycom Investments Inc, Term Loan B, (TSFR3M + 1.750%)

5.401

01/27/33

108,287

16,000

(j),(m)

ESCO Technologies Inc, Term Loan, (TBD)

TBD

16,000

65,633

(j)

Filtration Group Corporation, Term Loan, (TSFR1M + 2.500%)

6.144

10/23/28

65,744

96,442

(j)

Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)

5.394

06/04/31

96,409

63,692

(j)

Gibraltar Industries Inc, Term Loan B, (TSFR1M + 2.250%)

5.872

02/02/33

63,653

37,905

(j)

Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +

2.750%)

6.482

09/24/32

37,952

41,934

(j),(p)

Kaman Corporation, Delayed Draw Term Loan

1.000

02/26/32

41,916

372,171

(j),(q)

Kaman Corporation, Term Loan, (TSFR1M + 2.250%)

5.982

02/26/32

372,009

92,000

(j)

LSF12 Helix Parent LLC, Term Loan B, (TSFR1M + 3.500%)

7.144

02/10/33

90,448

53,708

(j)

Madison Safety & Flow LLC, First Lien Term Loan B, (Prime +

1.500%)

8.250

09/26/31

53,846

46,193

(j)

MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +

2.750%)

6.394

03/28/31

45,689

48,000

(j)

Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)

8.991

10/15/29

48,270

10,484

(j),(p)

Pinnacle Buyer LLC, Delayed Draw Term Loan

2.500

10/01/32

10,517

54,380

(j)

Pinnacle Buyer LLC, Term Loan, (TSFR3M + 2.500%)

6.182

10/01/32

54,550

251,512

(j)

Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)

5.894

01/31/32

251,616

53,260

(j)

Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)

5.894

04/14/31

53,280

68,000

(j)

QXO Inc, Term Loan B, (TSFR1M + 2.000%)

5.644

04/30/32

67,974

104,213

(j)

Resideo Funding Inc., Incremental Term Loan, (TSFR3M +

2.000%)

5.670

08/13/32

104,386

217,000

(j),(q)

Resilience Parent LLC, First Lien Term Loan, (TSFR3M + 2.500%)

6.232

02/28/33

216,767

59,826

(j)

Signia Aerospace LLC, Term Loan, (TSFR3M + 2.750%)

6.145

12/11/31

59,939

45,000

(j),(m)

Skyshield US Bidco Ltd, Term Loan, (TBD)

TBD

45,042

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS

(continued)

124,688

(j)

TK Elevator Midco GmbH, Term Loan B, (TSFR3M + 2.750%)

6.480

04/30/30

125,370

561,638

(j),(q)

TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 2.750%)

6.377

04/30/30

564,738

164,214

(j)

TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)

6.144

01/20/32

164,418

310,403

(j)

TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)

6.144

02/28/31

310,810

241,347

(j)

TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)

6.144

08/19/32

241,658

177,111

(j)

TransDigm, Inc., Term Loan N, (TSFR1M + 2.500%)

6.144

02/10/33

177,310

87,000

(j)

Victory Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

6.663

02/14/33

87,370

70,000

(j)

VSE Corp, Term Loan B, (TSFR1M + 2.000%)

5.613

05/05/33

70,145

TOTAL CAPITAL GOODS

5,603,946

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%

325,659

(j)

Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

08/20/32

326,195

281,710

(j)

Anticimex International AB, Term Loan, (SOFR90A + 2.900%)

6.410

11/17/31

282,565

88,536

(j)

Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.000%)

7.732

11/03/31

88,942

82,792

(j)

CACI International, Inc., Incremental Term Loan B2, (TSFR1M +

1.750%)

5.394

03/09/33

82,706

75,000

(j)

CompoSecure Holdings LLC, Term Loan, (TSFR3M + 2.250%)

5.918

01/14/33

74,690

227,338

(j)

CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)

7.258

06/02/28

225,064

121,622

(j)

Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M

+ 2.500%)

6.144

10/01/31

121,746

132,000

(j)

Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)

6.663

02/09/33

131,637

290,492

(j)

Garda World Security Corporation, Term Loan B, (TSFR3M +

2.750%)

6.419

02/01/29

290,492

130,107

(j)

GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)

6.156

03/03/32

130,276

25,000

(j)

Heritage Environmental Services, Inc., Term Loan B, (TSFR1M +

3.000%)

6.644

04/01/33

25,156

60,449

(j)

Medical Solutions Holdings Inc, Term Loan, (TSFR1M + 3.500%)

7.143

11/01/30

15,415

73,728

(j)

Medical Solutions Holdings Inc, Term Loan, (TSFR1M + 5.250%)

9.046

11/01/30

56,217

24,817

(j),(m)

Medical Solutions Holdings Inc, Term Loan, (TBD)

TBD

18,923

1,343

(j)

Medical Solutions Holdings, Inc., Exchange FLTO Term Loan,

(TSFR1M + 7.000%)

10.796

11/01/31

228

67,484

(j)

OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)

6.417

12/31/32

67,699

60,695

(j)

Openlane Inc, Term Loan B, (TSFR3M + 2.500%)

6.148

10/08/32

60,998

48,509

(j)

Prime Security Services Borrower, LLC, First Lien Term Loan B,

(TSFR1M + 2.000%)

5.619

10/15/30

48,261

322,550

(j)

Prime Security Services Borrower, LLC, Incremental Term Loan

B, (TSFR1M + 1.750%)

5.369

03/08/32

318,183

27,560

(j),(p)

Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan, (N/A +

TSFR3M + 2.500%)

4.366

12/16/32

27,633

184,440

(j)

Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)

6.232

12/16/32

184,927

26,280

(j)

Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +

2.250%)

5.889

01/15/31

26,305

81,047

(j)

Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)

5.902

11/30/28

81,210

161,316

(j)

Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)

5.889

01/15/31

161,474

29,878

(j)

Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)

7.263

04/03/28

12,004

335,812

(j)

Spin Holdco Inc., First Lien Second Out Term Loan, (TSFR3M +

4.000%)

7.928

09/04/30

254,346

120,065

(j)

West Corporation, Term Loan B3, (TSFR3M + 4.000%)

7.913

04/12/27

20,272

628,694

(j)

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

+ 2.750%)

6.508

03/27/28

630,549

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

3,764,113

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%

181,592

(j)

Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.000%)

5.657

10/16/31

181,686

247,982

(j)

CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)

6.163

11/08/32

248,483

240,711

(j)

Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.250%)

5.870

06/09/31

240,843

150,357

(j)

Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%)

6.166

04/23/31

150,025

116,000

(j)

Mister Car Wash Holdings, Inc., Incremental Term Loan B,

(TSFR1M + 3.000%)

6.644

03/27/31

116,491

55,729

(j)

Mister Car Wash Holdings, Inc., Term Loan, (TSFR1M + 2.750%)

6.394

03/27/31

55,875

43,890

(j),(q)

Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)

8.192

03/17/31

43,888

79,800

(j)

PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)

7.652

08/18/32

79,817

200,000

(j),(m)

QXO Building Products Inc, Term Loan, (TBD)

TBD

199,805

134,809

(j)

Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)

6.258

10/20/28

131,383

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

53,000

(j),(m)

Staples Inc, Term Loan, (TBD)

TBD

49,373

377,183

(j)

Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +

2.500%)

6.144

01/30/31

377,183

125,000

(j)

White Cap Buyer LLC, Incremental Term Loan B, (TSFR1M +

3.500%)

7.144

02/10/33

124,688

210,614

(j)

White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

10/29/29

210,544

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,210,084

CONSUMER DURABLES & APPAREL - 0.4%

132,575

(j)

ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,

(TSFR1M + 2.250%)

5.894

12/21/28

132,775

295,000

(j),(m)

AI Aqua Merger Sub Inc., Term Loan, (TBD)

TBD

295,167

291,317

(j)

AI Aqua Merger Sub, Inc., Term Loan B, (TSFR1M + TSFR3M +

2.500%)

6.142

07/31/28

291,388

140,296

(j)

Beach Acquisition Bidco LLC, Term Loan B, (TSFR1M + 2.750%)

6.394

09/13/32

141,223

169,032

(j),(q)

Hayward Industries, Inc., Term Loan B, (TSFR1M + 2.000%)

5.643

06/23/33

169,454

31,791

(j)

MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)

7.994

06/01/28

30,606

2,897

(j)

Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +

7.500%)

11.347

06/29/28

2,732

95,883

(j)

Somnigroup International Inc, Term Loan B, (SOFR30A +

2.250%)

5.870

10/24/31

96,446

247,505

(j)

Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 2.750%)

6.482

08/26/31

248,146

214,462

(j)

Weber-Stephen Products LLC, Term Loan B, (TSFR3M +

3.750%)

7.442

10/01/32

212,164

148,836

(j)

WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)

8.142

02/20/32

149,294

TOTAL CONSUMER DURABLES & APPAREL

1,769,395

CONSUMER SERVICES - 0.6%

355,442

(j)

Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)

6.144

05/31/30

355,591

226,099

(j)

Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)

6.144

08/17/28

226,735

83,302

(j)

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

5.894

02/06/30

80,816

272,749

(j)

Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)

5.894

02/06/31

263,118

140,125

(j)

Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)

6.394

01/31/31

129,498

70,000

(j)

Catawba Nation Gaming Authority, Term Loan B, (TSFR3M +

4.750%)

8.413

03/29/32

70,119

89,138

(j)

Churchill Downs Incorporated, Incremental Term Loan B1,

(TSFR1M + 1.750%)

5.394

03/17/28

89,361

120,677

(j)

Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +

2.000%)

5.644

05/24/30

120,990

24,000

(j),(q)

Dave & Buster's, Inc., Term Loan B, (TSFR3M + 3.250%)

6.916

06/29/29

21,230

184,250

(j)

Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)

5.482

09/19/31

184,480

55,617

(j)

Element Materials Technology Group US Holdings Inc., Term

Loan, (TSFR3M + 3.500%)

7.232

06/25/29

55,988

172,519

(j)

Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

01/29/29

172,538

241,635

(j)

Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)

5.482

11/29/30

239,883

78,315

(j)

Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)

5.732

06/04/32

78,107

93,469

(j)

GBT US III LLC, Term Loan B, (TSFR3M + 2.000%)

5.667

07/28/31

93,525

130,991

(j)

GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),

(TSFR3M + 2.250%)

5.982

10/31/29

130,991

64,350

(j)

Herschend Entertainment Company, LLC, Term Loan B,

(TSFR1M + 2.500%)

6.144

05/27/32

64,535

91,006

(j)

Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +

2.000%)

5.644

08/02/28

91,046

102,341

(j)

IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)

6.144

12/16/30

102,482

235,459

(j)

Light and Wonder International, Inc., Term Loan B, (TSFR1M +

2.000%)

5.639

04/16/29

236,047

75,000

(j)

Pioneer Opco LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

05/16/33

75,382

47,419

(j)

Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)

6.674

04/04/29

46,828

78,624

(j)

SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M

+ 2.000%)

5.644

12/04/31

78,215

53,157

(j)

Spin Holdco Inc., First Lien First Out Term Loan, (TSFR3M +

5.430%)

9.096

09/04/30

54,744

24,975

(j),(q)

TRQ Sales LLC, Term Loan, (TSFR1M + 3.250%)

0.000

12/30/32

24,538

TOTAL CONSUMER SERVICES

3,086,787

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY - 0.3%

87,680

(j)

Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)

5.370

01/10/33

87,223

116,000

(j)

EG America LLC, Term Loan B, (TSFR3M + 3.250%)

6.916

02/10/31

116,562

520,000

(j)

Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +

3.250%)

6.925

01/31/33

521,625

252,773

(j),(q)

New Fortress Energy Inc, Incremental Term Loan B, (Prime +

6.500%)

13.250

10/30/28

152,296

83,941

(j)

PG Investment Company 59 S.a r.l., Repriced Term Loan B,

(TSFR3M + 2.000%)

5.732

03/26/31

84,010

101,720

(j)

TransMontaigne Operating Company L.P., Term Loan B,

(TSFR1M + 2.250%)

5.894

03/18/30

101,889

65,000

(j),(m)

Traverse Midstream Partners LLC, Term Loan, (TBD)

TBD

65,041

131,000

(j)

Venture Global Calcasieu Pass, LLC, Term Loan B, (TSFR6M +

3.250%)

6.937

04/11/33

131,537

TOTAL ENERGY

1,260,183

FINANCIAL SERVICES - 0.1%

29,774

(j)

AAL Delaware Holdco, Inc., Term Loan B, (TSFR1M + 2.500%)

6.144

07/30/31

29,836

167,886

(c),(j),(l)

Ditech Holding Corporation, Term Loan

0.000

06/30/27

40,944

(j),(m)

Emma Buyer LLC, Term Loan, (TBD)

TBD

40,893

10,704

(j),(m)

Emma Buyer LLC, Term Loan, (TBD)

TBD

10,691

5,352

(j),(m)

Emma Buyer LLC, Term Loan, (TBD)

TBD

5,345

57,000

(j),(q)

Forward Air Corporation, Term Loan B, (TSFR3M + 4.500%)

8.163

12/19/30

53,897

60,000

(j),(m)

Jupiter Borrower Inc, Term Loan, (TBD)

TBD

60,025

121,159

(j)

Kestra Advisor Services Holdings A, Inc., Term Loan B, (TSFR1M

+ 2.750%)

6.394

03/24/31

120,244

31,204

(j)

NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)

6.668

04/16/29

31,243

55,860

(j)

Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)

7.169

10/12/32

55,957

70,829

(j)

Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)

5.394

06/24/31

70,733

90,847

(j)

WEX Inc., Term Loan B2, (TSFR1M + 1.750%)

5.394

04/03/28

90,831

TOTAL FINANCIAL SERVICES

569,712

FOOD, BEVERAGE & TOBACCO - 0.2%

120,687

(j)

CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)

6.758

12/08/28

121,139

37,409

(j)

City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M

+ 7.000%), (cash 10.666%, PIK 7.000%)

10.666

09/30/30

5,611

8,391

(j)

City Brewing Company, LLC, PIK Super Priority Term Loan,

(TSFR3M + 7.000%), (cash 10.666%, PIK 7.000%)

10.666

09/30/30

3,776

61,974

(j)

Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)

6.394

02/12/31

60,892

227,690

(j)

Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.500%)

6.127

09/30/32

226,390

127,000

(j)

Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)

9.232

01/24/29

129,178

202,865

(j)

Pegasus BidCo BV, Term Loan B, (TSFR3M + 2.500%)

6.167

07/12/32

203,204

227,430

(j)

Primo Brands Corporation, Term Loan B, (TSFR3M + 2.750%)

6.482

03/31/31

228,730

8,621

(j),(p)

Sauer Brands Inc, Delayed Draw Term Loan

3.000

02/19/32

8,678

90,466

(j)

Savor Acquisition, Inc., Term Loan B, (TSFR3M + 3.000%)

6.663

02/19/32

91,065

42,407

(j)

Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M

+ 2.000%)

5.652

05/21/32

42,460

TOTAL FOOD, BEVERAGE & TOBACCO

1,121,123

HEALTH CARE EQUIPMENT & SERVICES - 0.7%

30,918

(j)

ADMI Corp., Term Loan B2, (TSFR1M + 3.375%)

7.133

12/23/27

27,788

125,595

(j),(q)

ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)

9.394

12/23/27

118,452

187,369

(j)

AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)

5.894

09/20/32

188,268

252,969

(j)

Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)

7.832

10/01/27

249,597

247,422

(j)

Global Medical Response, Inc., Term Loan B, (TSFR1M +

3.250%)

6.889

10/01/32

248,350

71,697

(j),(q)

LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +

3.750%)

7.423

05/19/31

70,723

101,745

(j)

Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)

6.732

12/17/32

102,042

80,000

(j)

Mckesson Medical-Surgical Top Holdings Inc., Term Loan B,

(TSFR3M + 2.250%)

5.982

06/09/32

80,117

38,562

(j)

Medline Borrower, LP, Term Loan B, (TSFR1M + 1.500%)

5.144

05/31/33

38,362

24,934

(j)

Midwest Physician Administrative Services, LLC, Term Loan,

(TSFR1M + 3.000%)

6.758

03/13/28

24,827

112,718

(j)

National Mentor Holdings, Inc., First Lien Term Loan B,

(TSFR1M + 6.000%)

9.644

12/12/30

113,739

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

70,823

(j)

Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +

3.250%)

6.982

08/06/32

71,324

170,107

(j)

Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.250%)

5.889

05/29/31

170,340

281,285

(j)

Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.000%)

5.644

02/21/31

281,081

109,175

(j)

Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)

8.232

06/30/32

109,289

68,780

(j)

Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)

6.419

06/18/31

68,780

124,000

(j),(m)

Select Medical Corp, Term Loan, (TBD)

TBD

124,620

16,003

(j)

Sound Inpatient Physicians, Tranche A Term Loan (First Out),

(TSFR3M + 3.250%), (cash 9.494%, PIK 1.000%)

5.247

06/28/28

16,296

195,554

(j)

Sound Inpatient Physicians, Tranche B Term Loan (Second Out),

(TSFR3M + 2.500%), (cash 7.494%, PIK 1.500%)

4.497

06/28/28

195,351

180,199

(j)

Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)

7.732

09/30/30

180,645

657,955

(j),(q)

Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.144

12/19/30

659,277

445,387

(j)

Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +

4.000%)

7.663

06/30/28

446,563

78,400

(j)

Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash

8.187%, PIK 1.500%)

8.187

11/20/29

73,990

60,268

(j)

Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)

7.644

10/29/31

56,890

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,716,711

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%

73,044

(j)

VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +

3.500%)

7.494

05/16/28

73,222

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

73,222

INSURANCE - 0.7%

82,135

(j)

Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)

6.644

11/06/30

74,504

208,428

(j)

Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)

6.394

05/28/32

198,607

643,854

(j)

Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +

2.500%)

6.144

09/19/31

636,028

273,640

(j)

AmWINS Group, Inc., Term Loan B, (TSFR3M + 2.000%)

5.732

01/30/32

268,316

25,000

(j),(m)

Asurion LLC, Term Loan, (TBD)

TBD

25,011

198,955

(j)

Asurion LLC, Term Loan B13, (TSFR3M + 4.250%)

7.913

09/19/30

197,256

235,582

(j)

Asurion LLC, Term Loan B14, (TSFR3M + 3.750%)

7.413

02/23/33

223,383

631,658

(j)

Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)

6.144

06/16/31

611,372

76,500

(j)

Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)

5.894

10/15/30

76,627

100,057

(j),(q)

HUB International Limited, Term Loan B, (TSFR3M + 2.250%)

5.922

06/20/30

100,067

264,862

(j)

Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)

5.644

09/15/31

264,696

264,453

(j)

Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

6.144

07/31/31

261,577

274,960

(j)

Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +

2.750%)

6.482

05/06/31

269,117

28,076

(j)

USI, Inc., Term Loan C, (TSFR3M + 2.250%)

5.982

09/27/30

27,999

194,712

(j)

USI, Inc., Term Loan D, (TSFR3M + 2.250%)

5.982

11/23/29

194,298

TOTAL INSURANCE

3,428,858

MATERIALS - 0.4%

50,358

(j)

Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)

6.394

08/19/30

50,610

105,000

(j),(m)

Bond UK Midco 3 Ltd, Term Loan, (TBD)

TBD

105,459

106,515

(j)

Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.250%)

6.894

04/01/32

102,565

262,166

(j)

Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.175%)

6.819

04/13/29

257,955

97,169

(j)

Fortis 333, Inc., Term Loan B, (TSFR3M + 3.250%)

6.982

04/02/32

97,002

49,875

(j)

Graham Packaging Company Inc., Term Loan B, (TSFR1M +

2.250%)

5.894

01/26/33

49,963

14,961

(j)

INEOS Quattro Holdings UK Ltd, Term Loan, (TSFR1M +

3.750%)

7.494

03/14/30

12,736

24,937

(j)

INEOS Quattro Holdings UK Ltd, Term Loan B, (TSFR1M +

4.250%)

7.894

10/07/31

21,056

100,000

(j),(m)

INEOS US Finance LLC, Term Loan, (TBD)

TBD

94,167

135,470

(j)

Ineos US Finance LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

02/19/30

125,107

137,027

(j)

Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)

6.938

04/03/28

137,227

14,628

(j)

Nouryon Finance B.V., Term Loan B2, (TSFR6M + 3.250%)

6.937

04/03/28

14,639

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

104,000

(j)

Proampac PG Borrower LLC, Term Loan B, (TSFR1M + TSFR3M

+ 4.000%)

7.659

02/22/33

102,440

185,070

(j)

Qnity Electronics Inc, Term Loan B, (TSFR3M + 2.000%)

5.666

11/01/32

185,670

55,720

(j)

SCIH Salt Holdings Inc., Repriced Term Loan B, (TSFR6M +

2.750%)

6.350

01/31/29

55,852

160,000

(j),(m)

SP Motion Holdco Ltd, Term Loan, (TBD)

TBD

160,017

53,769

(j)

SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)

7.144

04/21/31

53,919

80,053

(j)

TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)

6.894

03/03/31

75,100

44,019

(j)

USALCO, LLC, Term Loan, (TSFR1M + 3.500%)

7.144

09/30/31

43,988

TOTAL MATERIALS

1,745,472

MEDIA & ENTERTAINMENT - 0.8%

156,250

(j)

Advantage Sales & Marketing, Inc., First Out Term Loan,

(TSFR3M + 6.000%)

9.930

04/18/30

139,844

82,881

(j)

Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)

7.798

04/28/28

83,330

97,089

(j)

Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)

8.736

10/31/28

97,150

139,908

(j)

Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)

9.048

05/14/29

140,537

331,557

(j)

Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)

10.548

05/15/31

339,183

151,956

(j)

Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +

3.000%)

6.645

03/24/31

150,584

93,970

(j)

Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

6.663

10/30/30

93,660

287,605

(j)

Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +

4.000%)

7.758

08/23/28

288,350

79,506

(j)

CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)

7.332

06/18/29

72,086

618,736

(j)

Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)

8.114

12/02/31

621,146

58,864

(j)

DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.250%)

9.175

08/02/29

59,269

449,192

(j)

Discovery Global Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.144

05/27/33

449,875

11,032

(j)

E.W. Scripps Company (The), Term Loan B2, (TSFR1M +

5.750%)

9.504

06/30/28

11,053

24,304

(j)

E.W. Scripps Company (The), Term Loan B3, (TSFR1M +

3.350%)

7.104

11/30/29

23,255

99,186

(j),(q)

iHeartCommunications, Inc., Term Loan, (TSFR1M + 5.775%)

9.533

05/01/29

94,848

48,692

(j)

McGraw-Hill Global Education Holdings, LLC, First Lien Term

Loan B, (TSFR1M + 2.750%)

6.394

08/06/31

48,976

82,793

(j)

NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)

8.144

10/17/31

78,167

192,000

(j),(q)

Neptune Bidco US Inc, Term Loan B, (TSFR3M + 5.000%)

8.769

02/03/33

190,706

158,600

(j)

Nexstar Broadcasting, Inc., Term Loan B7, (TSFR1M + 2.750%)

6.394

03/21/33

157,226

203,000

(j),(m)

OAK-Eagle Acquireco Inc, Term Loan, (TBD)

TBD

203,729

136,197

(j)

Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

6.656

02/10/31

136,868

148,257

(j)

Radiate Holdco, LLC, FLFO Term Loan, (TSFR1M + 3.250%),

(cash 8.758%, PIK 1.500%)

5.129

09/25/29

134,008

82,325

(j),(q)

Sinclair Television Group Inc., Term Loan B6, (TSFR3M +

3.300%)

7.294

12/31/29

72,497

82,134

(j)

Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +

2.470%)

6.099

02/17/32

81,217

78,957

(j)

TKO Worldwide Holdings, LLC, Term Loan B, (TSFR3M +

1.750%)

5.412

11/21/31

78,798

185,254

(j)

WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TSFR3M + 3.000%)

6.931

12/11/28

169,739

TOTAL MEDIA & ENTERTAINMENT

4,016,101

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%

124,063

(j)

Amneal Pharmaceuticals LLC, Term Loan, (TSFR1M + 3.000%)

6.644

08/02/32

124,742

284,842

(j)

Bausch Health Companies Inc., Term Loan B, (TSFR1M +

6.250%)

9.894

10/08/30

276,875

152,000

(j)

BioMarin Pharmaceutical Inc, Term Loan B, (TSFR6M + 1.750%)

5.428

04/27/33

152,152

61,381

(j)

Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M

+ 2.750%)

6.387

01/27/32

61,592

142,500

(j),(q)

Genmab AS, Term Loan B, (TSFR3M + 2.000%)

5.732

12/13/32

142,563

29,925

(j)

Grifols Worldwide Operations USA, Inc., Term Loan B, (TSFR6M

+ 2.500%)

6.187

04/14/33

30,035

858,000

(j)

Hologic Inc., Term Loan B, (TSFR3M + 2.250%)

5.995

04/07/33

840,664

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

257,319

(j)

Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +

2.250%)

5.894

05/05/28

258,318

266,113

(j)

Opal Bidco SAS, Term Loan B, (TSFR3M + 2.500%)

6.232

04/23/32

266,255

253,302

(j)

Organon & Co, Term Loan, (TSFR1M + 2.250%)

5.894

05/19/31

253,460

585,623

(j)

Parexel International Corporation, Repriced Term Loan B,

(TSFR1M + 2.500%)

6.144

12/12/31

586,417

107,514

(j)

Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)

5.644

04/20/29

107,313

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

3,100,386

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

292,784

(j)

Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M

+ 2.500%)

6.144

01/31/30

293,333

40,578

(j)

Cushman & Wakefield U.S. Borrower, LLC, Term Loan B,

(TSFR1M + 2.250%)

5.894

06/13/33

40,577

6,000

(j)

Dave & Buster's, Inc., First Lien Term Loan B, (TSFR3M +

3.250%)

6.916

10/31/31

4,905

9,949

(j)

Learning Care Group (US) No. 2 Inc., Term Loan B, (TSFR3M +

4.000%)

7.680

08/11/28

7,838

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

346,653

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%

260,521

(j)

Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +

2.750%)

6.446

11/13/31

244,279

8,913

(j)

MKS Instruments, Inc., Term Loan B, (TSFR1M + 1.750%)

5.364

02/04/33

8,952

100,000

(j),(m)

Qnity Electronics Inc, Term Loan, (TBD)

TBD

100,324

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

353,555

SOFTWARE & SERVICES - 1.0%

68,790

(j)

Aragorn Parent Corporation, Term Loan B, (TSFR1M + 3.500%)

7.144

12/16/30

69,056

124,673

(j),(q)

Asurion LLC, Second Lien Term Loan B4, (TSFR3M + 5.250%)

9.175

01/22/29

123,551

44,312

(j)

Avalara, Inc, Term Loan, (TSFR3M + 2.500%)

6.232

03/29/32

42,539

60,266

(j)

Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%), (cash 11.144%,

PIK 7.500%)

5.572

08/01/28

53,862

109,177

(j)

BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 2.750%)

6.394

11/25/31

106,334

397,902

(j)

Boxer Parent Company Inc., Term Loan B, (TSFR3M + 2.750%)

6.416

07/30/31

359,646

183,174

(j)

Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +

3.250%)

6.982

03/24/31

161,193

115,273

(j)

Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +

3.250%)

6.982

08/16/32

100,102

243,000

(j),(p),(q)

Coreweave Financing DDTL V LLC, Delayed Draw Term Loan,

(N/A + TSFR3M + 2.500%)

4.321

11/17/31

248,221

50,199

(j)

Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +

2.750%)

6.370

03/29/32

45,697

45,833

(j),(q)

Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)

6.370

05/01/31

42,037

244,890

(j)

Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)

6.927

10/09/31

224,748

300,500

(j)

Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)

6.663

02/04/33

274,873

10,937

(j)

Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)

7.982

06/26/31

10,468

80,662

(j)

Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +

2.500%)

6.144

10/09/29

78,036

23,050

(j)

EP Purchaser, LLC, Term Loan B, (TSFR3M + 3.500%)

7.280

11/06/28

15,005

13,917

(j)

EP Purchaser, LLC, Term Loan B, (TSFR3M + 4.500%)

8.280

11/06/28

9,060

290,825

(j)

Epicor Software Corporation, Term Loan E, (TSFR1M + 2.750%)

6.394

05/30/31

278,611

115,430

(j)

Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)

6.624

06/27/31

115,070

339,201

(j)

Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M

+ 2.500%)

6.144

01/30/32

325,681

42,000

(j),(m)

Imprivata Inc, Term Loan, (TBD)

TBD

42,046

49,561

(j)

Kaseya Inc., First Lien Term Loan B, (TSFR3M + 3.250%)

6.913

03/22/32

38,575

39,403

(j)

Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)

6.550

11/13/30

38,467

15,797

(j)

McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)

6.644

03/01/29

14,083

261,543

(j)

Mitchell International, Inc., Add-on Term Loan, (TSFR1M +

3.000%)

6.644

06/17/31

249,727

474,835

(j),(q)

Peraton Corp., Term Loan B, (TSFR3M + 3.750%)

7.513

02/01/28

429,726

45,342

(j)

Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)

8.394

03/24/31

23,408

113,567

(j)

PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +

2.750%)

6.413

11/03/31

113,273

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE & SERVICES

(continued)

26,931

(j)

Project Alpha Intermediate Holding, Inc., First Lien Term Loan

B, (TSFR3M + 3.250%)

6.982

10/28/30

19,673

105,964

(j)

Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)

6.732

08/31/28

102,498

53,205

(j)

Rackspace Finance, LLC, First Lien First Out Term Loan,

(TSFR1M + 6.250%)

10.004

05/15/28

54,505

476,705

(j),(q)

Rackspace Finance, LLC, First Lien Second Out Term Loan,

(TSFR1M + 2.750%)

6.504

05/15/28

433,685

84,293

(j)

Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)

7.394

11/28/28

80,297

56,299

(j)

SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)

5.644

05/09/31

56,252

91,644

(j)

Synechron Inc, Term Loan B, (TSFR3M + 3.750%)

7.482

10/03/31

85,992

350,878

(j)

UKG Inc., Term Loan B, (TSFR3M + 2.250%)

5.913

02/10/31

331,260

5,985

(j)

Virtusa Corporation, Term Loan B, (TSFR1M + 3.250%)

6.894

02/15/29

5,244

90,425

(j)

VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)

5.913

04/14/31

87,283

48,738

(j)

Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)

6.394

09/28/29

47,664

TOTAL SOFTWARE & SERVICES

4,937,448

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

358,090

(j)

Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)

6.402

11/30/29

339,682

56,238

(j)

Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)

5.927

09/22/31

56,449

33,555

(j)

Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 2.250%),

(cash 8.232%, PIK 2.000%)

4.116

07/03/28

15,184

22,907

(j)

SonicWall US Holdings Inc., Term Loan, (TSFR3M + 5.000%)

8.700

05/16/28

9,621

24,875

(j)

Spectris Plc, Term Loan, (TSFR3M + 2.750%)

6.482

12/06/32

25,020

20,730

(j)

ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)

8.258

03/05/29

20,879

195,487

(j)

ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)

8.258

05/30/30

196,831

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

663,666

TELECOMMUNICATION SERVICES - 0.5%

258,879

(j)

Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)

5.894

11/24/28

258,811

123,422

(j)

Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)

8.144

09/28/29

123,936

374,000

(j),(q)

Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +

4.250%)

7.903

04/03/31

352,132

201,761

(c),(j)

Cyxtera DC Holdings, Inc., Term Loan B

0.000

07/16/26

1,110

153,437

(j)

Digicel International Finance Limited, Term Loan B, (TSFR3M +

4.500%)

8.232

08/09/32

154,588

29,922

(j)

Ensono, LP, Term Loan, (TSFR1M + 4.000%)

7.758

05/30/28

29,402

96,588

(j)

Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)

5.894

09/20/30

96,764

363,000

(j),(q)

Level 3 Financing Inc., Term Loan B, (TSFR1M + 2.750%)

6.394

03/29/32

363,681

22,940

(j)

Patagonia Holdco LLC, Term Loan B1, (TSFR3M + 5.750%)

9.400

08/01/29

17,478

312,000

(j)

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

6.677

12/07/26

278,948

145,270

(j)

Windstream Services, LLC, Term Loan B, (TSFR1M + 4.000%)

7.644

10/06/32

146,360

905,411

(j),(q)

Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%),

(cash 6.758%, PIK 0.500%)

3.629

03/11/30

906,317

TOTAL TELECOMMUNICATION SERVICES

2,729,527

TRANSPORTATION - 0.4%

125,000

(j)

AGI-CFI Acquisition Corp., Term Loan B, (TSFR1M + 4.500%)

8.144

03/25/33

124,427

160,993

(j)

Air Canada, Term Loan B, (TSFR3M + 1.750%)

5.413

03/21/31

160,843

110,000

(j),(q)

AIT Worldwide Logistics, Inc, Term Loan B, (TSFR3M + 4.250%)

7.913

04/29/33

110,183

80,000

(j)

American Airlines, Inc., First Lien Term Loan B, (TSFR3M +

3.000%)

6.666

05/31/33

79,150

151,376

(j)

American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)

5.925

04/20/28

151,412

28,000

(j),(m)

Boluda Towage Luxembourg Sarl, Term Loan, (TBD)

TBD

28,088

120,793

(j)

Brown Group Holding, LLC, Incremental Term Loan B2,

(TSFR1M + TSFR3M + 2.500%)

6.154

07/01/31

121,231

184,112

(j)

Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)

6.144

07/01/31

184,794

121,984

(j)

First Student Bidco Inc, Term Loan B, (TSFR3M + 2.250%)

5.982

08/15/30

122,196

114,418

(j)

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

1.750%)

5.482

04/10/31

114,074

287,692

(j)

KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)

6.144

09/23/31

288,293

172,568

(j)

Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.000%)

5.657

04/09/32

172,353

97,130

(j)

United Airlines, Inc., Term Loan B, (TSFR1M + 1.750%)

5.403

02/24/31

97,160

106,135

(j)

WestJet Loyalty LP, Term Loan B, (TSFR3M + 2.750%)

6.482

02/14/31

103,159

TOTAL TRANSPORTATION

1,857,363

See Notes to Financial Statements

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES - 0.3%

72,071

(j)

Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +

2.750%)

6.370

05/06/32

72,421

4,687

(j)

Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +

2.750%)

6.370

05/06/32

4,710

84,787

(j)

NRG Energy, Inc., Incremental Term Loan B, (TSFR1M +

1.750%)

5.394

04/28/33

84,777

107,547

(j)

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

5.419

04/16/31

107,591

150,000

(j),(m)

Pathfinder Power LLC, Term Loan, (TBD)

TBD

149,860

644,803

(j)

Talen Energy Supply, LLC, 2024-1 Incremental Term Loan,

(TSFR1M + 1.750%)

5.387

12/15/31

643,307

216,888

(j)

Talen Energy Supply, LLC, Term Loan B, (TSFR1M + 1.750%)

5.387

11/26/32

215,998

242,084

(j)

Talen Energy Supply, LLC, Term Loan B, (TSFR1M + 2.000%)

5.644

11/26/32

240,759

TOTAL UTILITIES

1,519,423

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $48,957,753)

48,552,895

TOTAL LONG-TERM INVESTMENTS

(Cost $607,257,923)

711,249,452

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%(0.8% of Total Investments)

5493516

REPURCHASE AGREEMENTS - 1.1% (0.8% of Total Investments)

5493516

925,000

(r)

Fixed Income Clearing Corporation

3.610

07/01/26

925,000

4,568,516

(s)

Fixed Income Clearing Corporation

1.060

07/01/26

4,568,516

TOTAL REPURCHASE AGREEMENTS

(Cost $5,493,516)

5,493,516

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,493,516)

5,493,516

TOTAL INVESTMENTS - 141.8%

(Cost $612,751,439)

716,742,968

BORROWINGS - (36.4)% (t),(u)

(183,836,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.2)%(v)

(26,088,310)

OTHER ASSETS & LIABILITIES, NET - (0.2)%

(1,225,029)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

505,593,629

ABS

Asset-Backed Security

ADR

American Depositary Receipt

BRL

Brazilian Real

CLP

Chilean Peso

CMO

Collateralized Mortgage Obligation

COP

Colombian Peso

CZK

Czech Koruna

EUR

Euro

GDR

Global Depositary Receipt

GHS

Ghana Cedi

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KZT

Kazakhstani Tenge

MBS

Mortgage-Backed Security

MXN

Mexican Peso

MYR

Malaysian Ringgit

NGN

Nigerian Naira

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

Portfolio of Investments June 30, 2026

(continued)

NMAI

See Notes to Financial Statements

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

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

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.

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

Whole Loan

ZAR

South African Rand

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $120,548,993 or 16.8% of Total Investments.

(b)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(c)

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

(d)

Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the fiscal period

was $165,681,252.

(e)

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

(f)

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

(g)

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

(h)

Perpetual security. Maturity date is not applicable.

(i)

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

3.5% of Total Investments.

(j)

Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(k)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $29,681,827 have been pledged as collateral

for reverse repurchase agreements.

(l)

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

bankruptcy.

(m)

When-issued or delayed delivery security.

(n)

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.

(o)

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

(p)

Investment, or portion of investment, represents an outstanding unfunded loan commitments.

(q)

Portion of investment purchased on a delayed delivery basis.

(r)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $925,093 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/29, valued at $943,641.

(s)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $4,568,651 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/33, valued at $4,660,080.

(t)

Borrowings as a percentage of Total Investments is 25.6%.

(u)

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 $349,321,761 have been pledged as collateral for borrowings.

(v)

Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.6%.

Portfolio of Investments June 30, 2026

JRI

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 144.3% (98.5% of Total Investments)

388945761

COMMON STOCKS - 80.0% (54.6% of Total Investments)

388945761

ENERGY - 9.5%

229,169

Enbridge, Inc

12,423,252

650,788

Energy Transfer LP

12,443,067

58,628

Kinder Morgan, Inc

1,874,337

129,591

MPLX LP

7,299,861

71,308

ONEOK, Inc

6,199,518

84,994

Plains All American Pipeline LP

1,891,966

61,605

TC Energy Corp

4,079,634

TOTAL ENERGY

46,211,635

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 47.6%

28,998

Aedifica SA

2,337,420

32,833

Agree Realty Corp

2,486,771

256,431

American Homes 4 Rent, Class A

8,595,567

42,947

American Tower Corp

7,024,841

58,411

Apple Hospitality REIT, Inc

981,889

1,602,425

Arena REIT

3,452,019

24,145

AvalonBay Communities, Inc

4,555,920

321,876

Big Yellow Group plc

3,850,328

59,359

(a)

Blackstone Digital Infrastructure Trust, Inc

1,283,935

315,787

Broadstone Net Lease, Inc

6,527,317

44,311

BXP, Inc

2,938,262

935,523

CapitaLand Ascendas REIT

1,801,708

1,720,157

CapitaLand Integrated Commercial Trust

3,156,472

31,882

CareTrust REIT, Inc

1,286,439

87,991

Carmila SA

1,673,804

6,165

Centerspace

346,411

418,281

Charter Hall Long Wale REIT

1,058,865

1,953,890

Charter Hall Retail REIT

5,294,672

331,125

Community Healthcare Trust, Inc

6,052,965

58,126

Cousins Properties, Inc

1,742,617

26,196

Crown Castle, Inc

1,983,823

188,752

CubeSmart

7,506,667

96,611

EPR Properties

5,604,404

47,789

Equity Residential

3,246,307

165,189

Four Corners Property Trust, Inc

4,055,390

2,551,282

Frasers Centrepoint Trust

4,461,122

148,627

Gaming and Leisure Properties, Inc

6,618,360

67,653

Gecina SA

5,684,346

20,364

Getty Realty Corp

679,343

176,958

GO Residential Real Estate Investment Trust

1,693,488

164,541

Highwoods Properties, Inc

4,962,557

5,426

Japan Hotel REIT Investment Corp

2,655,304

1,657

Japan Metropolitan Fund Invest

1,144,509

1,335

KDX Realty Investment Corp

1,273,573

10,102

Lamar Advertising Co, Class A

1,575,710

2,480

LaSalle Logiport REIT

2,229,052

1,571,742

Link REIT

7,334,285

1,693,865

LondonMetric Property plc

4,227,940

154,831

LXP Industrial Trust

8,342,294

35,160

Mid-America Apartment Communities, Inc

4,885,130

204,670

Millrose Properties, Inc

6,150,334

3,253,806

Mirvac Group

3,873,771

44,781

Montea NV

3,424,368

162,670

NETSTREIT Corp

3,437,217

1,668,965

NTT DC REIT

1,570,084

88,263

OMEGA Healthcare Investors, Inc

4,208,380

49,862

Primaris Real Estate Investment Trust

782,956

7,158

Realty Income Corp

443,510

150,865

Rexford Industrial Realty, Inc

5,053,978

23,238

Ryman Hospitality Properties, Inc

2,987,245

See Notes to Financial Statements

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

365,449

Sabra Health Care REIT, Inc

7,129,910

749,507

Scentre Group

1,997,880

33,050

Simon Property Group, Inc

7,391,633

2,739,845

Sirius Real Estate Ltd

3,514,336

637,935

SITE Centers Corp

2,532,602

12,172

SL Green Realty Corp

630,144

36,822

STAG Industrial, Inc

1,401,445

1,617,919

Stockland

4,562,527

1,443,463

Tritax Big Box REIT plc

3,092,536

92,964

UDR, Inc

3,711,123

511,721

UNITE Group plc

3,448,281

3,057

United Urban Investment Corp

3,054,883

120,592

VICI Properties, Inc

3,201,718

77,794

Warehouses De Pauw CVA

1,962,307

665,167

Waypoint REIT Ltd

1,118,233

56,411

WP Carey, Inc

4,033,387

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

231,326,614

FINANCIAL SERVICES - 0.9%

171,254

Blackstone Mortgage Trust, Inc, Class A

2,902,755

84,955

Starwood Property Trust, Inc

1,391,563

TOTAL FINANCIAL SERVICES

4,294,318

HEALTH CARE EQUIPMENT & SERVICES - 1.3%

404,978

Sienna Senior Living, Inc

6,250,639

TOTAL HEALTH CARE EQUIPMENT & SERVICES

6,250,639

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%

5,131,953

Capitaland India Trust

4,052,583

961,712

Swire Properties Ltd

2,526,018

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

6,578,601

TELECOMMUNICATION SERVICES - 1.0%

832,427

HKT Trust & HKT Ltd

1,238,440

498,537

Infrastrutture Wireless Italiane SpA

3,511,897

TOTAL TELECOMMUNICATION SERVICES

4,750,337

TRANSPORTATION - 4.8%

72,003

(b)

Aena SME SA

2,194,120

9,809

Athens International Airport SA

121,195

892,599

Atlas Arteria Ltd

3,151,924

392,016

Dalrymple Bay Infrastructure Ltd

1,559,419

24,561

Enav SpA

145,904

68,200

Grupo Aeroportuario del Centro Norte SAB de CV, ADR

7,712,738

26,973

Grupo Aeroportuario del Pacifico SAB de CV, ADR

6,828,485

153,839

Transurban Group

1,529,612

TOTAL TRANSPORTATION

23,243,397

UTILITIES - 13.6%

69,847

American Electric Power Co, Inc

9,555,768

36,174

Black Hills Corp

2,691,346

15,265

Capital Power Corp

795,513

204,387

Clearway Energy, Inc, Class C

6,985,948

40,571

Dominion Energy, Inc

2,770,594

60,580

Enagas SA

1,173,949

715,525

Enel SpA

8,207,348

312,299

Engie SA

9,829,462

8,036

Entergy Corp

923,015

70,191

Evergy, Inc

6,066,608

77,510

Iberdrola SA

1,929,191

200,043

Italgas SpA

2,316,548

70,330

National Grid PLC, Sponsored ADR

5,828,247

56,249

OGE Energy Corp

2,737,076

161,233

Pennon Group plc

995,950

23,146

Portland General Electric Co

1,199,657

Portfolio of Investments June 30, 2026

(continued)

JRI

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES

(continued)

54,810

Veolia Environnement SA

2,284,000

TOTAL UTILITIES

66,290,220

TOTAL COMMON STOCKS

(Cost $354,469,625)

388,945,761

DESCRIPTION

RATE

VALUE

23484454

CONVERTIBLE PREFERRED SECURITIES - 4.8% (3.3% of Total Investments)

23484454

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%

13,613

Kimco Realty Corp

.250

822,498

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

822,498

UTILITIES - 4.6%

8,800

NextEra Energy, Inc

.635

437,360

38,000

NextEra Energy, Inc

.375

1,821,720

47,400

NextEra Energy, Inc

.299

2,518,836

40,050

PG&E Corp

.000

1,656,868

149,600

PPL Corp

.000

7,340,872

178,655

Southern Co

.125

8,886,300

TOTAL UTILITIES

22,661,956

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $23,653,505)

23,484,454

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

189731516

CORPORATE BONDS - 39.0% (26.6% of Total Investments) (c)

189731516

CAPITAL GOODS - 1.2%

500,000

(b)

Advanced Drainage Systems Inc

.375

06/15/30

506,900

225,000

(b)

Advanced Drainage Systems Inc

.375

03/01/34

219,832

1,275,000

(b)

Albion Financing 1 SARL / Aggreko Holdings Inc

.000

05/21/30

1,320,166

510,000

(b)

Ameritex Holdco Intermediate LLC

.625

08/15/33

532,878

510,000

(b)

Herc Holdings Inc

.750

03/15/31

509,355

250,000

(b)

Quikrete Holdings Inc

.750

03/01/33

254,845

315,000

(b)

Synergy Infrastructure Holdings LLC

.000

07/15/34

319,517

385,000

(b)

Terex Corp

.250

10/15/32

389,910

765,000

(b)

United Rentals North America Inc

.125

03/15/34

784,265

1,275,000

(b)

United Rentals North America Inc

.375

11/15/33

1,255,763

TOTAL CAPITAL GOODS

6,093,431

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%

485,000

(b)

GFL Environmental Holdings US Inc

.500

02/01/34

474,373

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

474,373

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6%

765,000

(b)

Asbury Automotive Group Inc

.000

02/15/32

731,707

765,000

(b)

Cougar JV Subsidiary LLC

.000

05/15/32

801,901

600,000

(b)

Kohl's Corp

.000

06/01/30

648,954

875,000

(b)

LCM Investments Holdings II LLC

.875

05/01/29

851,921

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,034,483

CONSUMER SERVICES - 1.3%

EUR

300,000

(d),(e)

Accor SA, Reg S

.250

N/A

368,887

765,000

(b)

Carnival Corp Ltd

.750

08/01/32

772,472

425,000

Choice Hotels International Inc

.850

08/01/34

431,819

1,005,000

(b)

Churchill Downs Inc

.750

04/01/30

1,004,049

400,000

(b)

Hilton Domestic Operating Co Inc

.875

03/15/33

403,660

640,000

(b)

Light & Wonder International Inc

.250

10/01/33

636,531

190,000

(b)

Merlin Entertainments Group US Holdings Inc

.375

02/15/31

160,321

1,020,000

MGM Resorts International

.500

04/15/32

1,020,219

250,000

(b)

Motion Bondco DAC

.625

11/15/27

241,879

295,000

(b),(f)

Vail Resorts Inc

.625

07/15/30

294,632

845,000

(b)

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

.250

03/15/33

848,166

TOTAL CONSUMER SERVICES

6,182,635

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY - 11.7%

1,020,000

(b)

Antero Midstream Partners LP / Antero Midstream Finance

Corp

.750

10/15/33

1,010,160

1,315,000

(b)

Archrock Partners LP / Archrock Partners Finance Corp

.625

09/01/32

1,341,150

290,000

(b)

Archrock Services LP / Archrock Partners Finance Corp

.000

02/01/34

288,259

385,000

(b)

Borr IHC Ltd / Borr Finance LLC

.000

01/15/34

372,306

510,000

Buckeye Partners LP

.850

11/15/43

467,641

700,000

(b)

Buckeye Partners LP

.875

07/01/29

714,590

205,000

(b)

Cheniere Energy Partners LP

.350

11/30/36

203,951

765,000

(b)

CNX Midstream Partners LP

.750

04/15/30

729,219

355,000

(b)

CQP Holdco LP / BIP-V Chinook Holdco LLC

.500

12/15/33

371,096

255,000

(b)

CQP Holdco LP / BIP-V Chinook Holdco LLC

.500

06/15/31

250,296

170,000

(b)

CVR Energy Inc

.500

02/15/31

169,191

1,530,000

(b)

DBR Land Holdings LLC

.250

12/01/30

1,553,899

445,000

(b)

Delek Logistics Partners LP / Delek Logistics Finance Corp

.875

06/01/34

442,902

1,020,000

(b)

Delek Logistics Partners LP / Delek Logistics Finance Corp

.375

06/30/33

1,039,130

2,167,000

(e)

Enbridge Inc

.000

01/15/77

2,171,204

1,312,000

(e)

Enbridge Inc

.625

01/15/83

1,420,256

1,516,000

(e)

Enbridge Inc

.250

03/01/78

1,524,596

1,509,000

(e)

Enbridge Inc

.500

07/15/77

1,508,226

1,604,000

(e)

Enbridge Inc

.500

01/15/84

1,833,688

493,000

(e)

Energy Transfer LP

.000

05/15/54

523,347

1,164,000

(e),(f)

Energy Transfer LP (TSFR3M + 3.279%)

.942

11/01/66

1,162,112

2,477,000

(d),(e)

Energy Transfer LP

.125

N/A

2,555,806

692,000

(d),(e)

Energy Transfer LP

.500

N/A

692,357

1,002,000

(e)

Energy Transfer LP

.750

02/15/56

1,023,577

749,000

(e)

Energy Transfer LP

.125

10/01/54

770,521

1,520,000

(e)

Enterprise Products Operating LLC

.375

02/15/78

1,514,571

1,625,000

(e)

Enterprise Products Operating LLC

.250

08/16/77

1,618,660

CAD

515,000

(e)

Gibson Energy Inc

.250

12/22/80

366,145

1,405,000

(b)

Global Partners LP / GLP Finance Corp

.250

01/15/32

1,471,511

235,000

(b)

Harvest Midstream I LP

.750

05/15/34

238,350

510,000

(b)

Harvest Midstream I LP

.500

05/15/32

528,242

CAD

660,000

(e)

Inter Pipeline Ltd/AB

.625

11/19/79

489,086

765,000

(b)

ITT Holdings LLC

.500

08/01/29

756,034

CAD

670,000

(e)

Keyera Corp

.875

06/13/79

501,930

CAD

676,000

(e)

Keyera Corp

.950

03/10/81

496,934

255,000

(b)

Kodiak Gas Services LLC

.875

04/01/31

255,654

255,000

(b)

Kodiak Gas Services LLC

.500

10/01/33

258,481

990,000

ONEOK Inc

.050

11/01/34

968,314

625,000

(d),(e),(f)

Plains All American Pipeline LP (TSFR3M + 4.372%)

.023

N/A

624,989

350,000

(b)

Rockies Express Pipeline LLC

.800

05/15/30

342,204

975,000

(b)

Seadrill Finance Ltd

.750

07/15/34

941,271

515,000

(b)

Solaris Energy Infrastructure LLC

.375

05/15/31

520,746

735,000

(e)

South Bow Canadian Infrastructure Holdings Ltd

.500

03/01/55

785,489

654,000

(e)

South Bow Canadian Infrastructure Holdings Ltd

.625

03/01/55

684,954

1,155,000

South Bow USA Infrastructure Holdings LLC

.584

10/01/34

1,150,679

1,275,000

(b)

Sunoco LP

.250

07/01/33

1,286,425

765,000

(b)

Sunoco LP

.250

05/01/32

793,544

1,661,000

(b),(d),(e)

Sunoco LP

.875

N/A

1,727,336

510,000

(b)

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

.000

09/01/31

504,570

975,000

Targa Resources Corp

.125

03/15/33

1,027,117

480,000

Targa Resources Corp

.150

03/01/29

497,041

1,450,000

(e)

TransCanada PipeLines Ltd

.590

05/15/67

1,332,441

1,727,000

(e)

TransCanada PipeLines Ltd

.375

10/17/56

1,747,052

515,000

(e)

Transcanada Trust

.500

09/15/79

512,317

286,000

(e)

Transcanada Trust

.300

03/15/77

284,977

1,332,000

(e)

Transcanada Trust

.600

03/07/82

1,317,520

640,000

(b)

TransMontaigne Partners LLC

.500

06/15/30

652,083

290,000

(b)

Transocean International Ltd

.875

10/15/32

302,743

65,000

(b)

Venture Global Calcasieu Pass LLC

.000

05/01/36

65,701

5,197,000

(b),(d),(e)

Venture Global LNG Inc

.000

N/A

5,073,910

510,000

(b)

Venture Global LNG Inc

.875

02/01/32

544,454

Portfolio of Investments June 30, 2026

(continued)

JRI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

510,000

(b)

Venture Global Plaquemines LNG LLC

.500

01/15/34

531,411

255,000

(b)

Venture Global Plaquemines LNG LLC

.750

01/15/36

270,375

TOTAL ENERGY

57,124,741

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.3%

1,025,000

Agree LP

.800

10/01/32

1,012,981

830,000

American Assets Trust LP

.150

10/01/34

844,079

1,360,000

American Homes 4 Rent LP

.500

02/01/34

1,377,332

1,020,000

(b)

Diversified Healthcare Trust

.250

10/15/30

1,049,852

305,000

Essential Properties LP

.375

07/15/36

300,935

730,000

Essex Portfolio LP

.500

04/01/34

744,470

700,000

(b)

FIBRA Prologis

.625

01/14/38

675,570

685,000

GLP Capital LP / GLP Financing II Inc

.750

12/01/33

725,708

810,000

Highwoods Realty LP

.350

01/15/33

805,520

1,670,000

(b)

Iron Mountain Inc

.250

01/15/33

1,687,492

685,000

Kite Realty Group LP

.500

03/01/34

695,152

755,000

Mid-America Apartments LP

.300

02/15/32

771,716

255,000

(b)

Millrose Properties Inc

.250

09/15/32

257,219

750,000

(b)

Millrose Properties Inc

.375

08/01/30

760,163

1,360,000

(b)

MPT Operating Partnership LP / MPT Finance Corp

.500

02/15/32

1,392,354

930,000

Phillips Edison Grocery Center Operating Partnership I LP

.750

07/15/34

960,435

1,095,000

Piedmont Operating Partnership LP

.250

07/20/28

1,178,831

350,000

Regency Centers LP

.100

01/15/35

349,983

1,230,000

(b)

RHP Hotel Properties LP / RHP Finance Corp

.500

04/01/32

1,258,621

415,000

(b)

RHP Hotel Properties LP / RHP Finance Corp

.500

06/15/33

425,769

310,000

(b)

RHP Hotel Properties LP / RHP Finance Corp

.750

03/15/34

307,124

380,000

(b)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

.500

02/15/29

377,001

1,205,000

Ventas Realty LP

.000

01/15/35

1,187,801

1,625,000

Vornado Realty LP

.750

02/01/33

1,630,805

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

20,776,913

FINANCIAL SERVICES - 1.2%

200,000

(b)

Azorra Finance Ltd

.750

04/15/30

207,444

255,000

(b)

Azorra Finance Ltd

.250

01/15/31

261,994

665,000

(b)

Azorra Finance Ltd

.250

02/15/34

642,680

524,000

(e)

HA Sustainable Infrastructure Capital Inc

.000

06/01/56

555,103

706,000

(e)

HA Sustainable Infrastructure Capital Inc

.125

11/15/56

716,704

1,375,000

(b)

Hunt Cos Inc

.250

04/15/29

1,358,697

580,000

(e)

National Rural Utilities Cooperative Finance Corp

.125

09/15/53

601,668

1,475,000

(b)

Starwood Property Trust Inc

.000

04/15/30

1,480,372

TOTAL FINANCIAL SERVICES

5,824,662

HEALTH CARE EQUIPMENT & SERVICES - 0.7%

500,000

(b)

CHS/Community Health Systems Inc

.250

05/15/30

471,815

555,000

(b)

Global Medical Response Inc

.375

10/01/32

575,121

1,350,000

(b)

LifePoint Health Inc

.000

05/01/34

1,293,924

625,000

(b)

Prime Healthcare Services Inc

.375

09/01/29

652,931

435,000

(b)

Tenet Healthcare Corp

.000

11/15/33

438,803

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,432,594

MATERIALS - 0.1%

385,000

(b)

Mineral Resources Ltd

.000

04/01/31

398,516

120,000

(b)

Mineral Resources Ltd

.000

05/01/32

118,708

TOTAL MATERIALS

517,224

MEDIA & ENTERTAINMENT - 0.4%

640,000

(b)

CCO Holdings LLC / CCO Holdings Capital Corp

.250

01/15/34

541,779

700,000

(b)

Directv Financing LLC

.875

02/01/30

712,420

48,000

(b)

Directv Financing LLC / Directv Financing Co-Obligor Inc

.875

08/15/27

47,930

815,000

(b)

Directv Financing LLC / Directv Financing Co-Obligor Inc

.250

06/01/32

828,078

TOTAL MEDIA & ENTERTAINMENT

2,130,207

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

545,000

(b)

Kennedy-Wilson Inc

.000

06/01/31

557,118

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

557,118

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES - 2.1%

753,072

(b)

Altice France SA

.500

04/15/32

727,786

240,000

(b)

APLD ComputeCo 2 LLC

.750

03/15/31

240,862

315,000

(b)

APLD ComputeCo LLC

.000

06/15/31

314,354

330,000

(b)

Digicel International Finance Ltd / Difl US LLC

.625

08/01/32

339,751

195,000

(b)

HUT 8 DC LLC

.192

11/15/42

197,512

865,000

(b)

Iliad Holding SAS

.500

04/15/31

916,411

645,000

(b)

Iliad Holding SAS

.000

04/15/32

657,356

295,000

(b)

Level 3 Financing Inc

.500

02/15/37

302,782

750,000

(b)

Level 3 Financing Inc

.500

01/15/36

805,375

510,000

(b)

Level 3 Financing Inc

.000

03/31/34

525,880

510,000

(b)

Level 3 Financing Inc

.875

06/30/33

523,974

275,000

(b)

Lumen Technologies Inc

.500

01/15/29

264,288

865,000

(b)

Sable International Finance Ltd

.125

10/15/32

858,573

150,000

(b)

SV RNO Property Owner 1 LLC

.875

03/01/31

147,838

205,000

(b)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

.625

06/15/32

213,859

410,000

(b)

Uniti Services LLC

.500

10/15/33

431,475

705,000

(b)

Windstream Services LLC / Windstream Escrow Finance Corp

.250

10/01/31

743,461

816,246

(b)

Zayo Group Holdings Inc, (cash 5.750%, PIK 0.500%)

.250

03/09/30

815,226

219,598

(b)

Zayo Group Holdings Inc, (cash 7.125%, PIK 1.875%)

.750

09/09/30

216,904

818,000

(b)

Zegona Finance PLC

.625

07/15/29

854,245

TOTAL TELECOMMUNICATION SERVICES

10,097,912

TRANSPORTATION - 0.3%

550,000

(b)

VistaJet Malta Finance PLC / Vista Management Holding Inc

.500

06/01/28

556,786

665,000

(b)

XPO Inc

.125

06/01/31

687,661

TOTAL TRANSPORTATION

1,244,447

UTILITIES - 14.9%

175,000

AEP Transmission Co LLC

.150

04/01/34

176,244

750,000

(b),(e)

AES Andes SA

.150

06/10/55

781,875

1,848,000

(e)

AES Corp/The

.600

01/15/55

1,892,125

776,000

(e)

AES Corp/The

.950

07/15/55

766,121

1,565,000

(e)

Alliant Energy Corp

.750

04/01/56

1,547,276

770,000

(b)

Alpha Generation LLC

.250

01/15/34

757,669

CAD

1,210,000

(e)

AltaGas Ltd

.350

08/17/82

884,407

CAD

625,000

(e)

AltaGas Ltd

.900

11/10/83

483,311

1,770,000

(b),(e)

AltaGas Ltd

.200

10/15/54

1,855,675

1,415,000

(b)

California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

.375

02/15/32

1,418,495

CAD

675,000

(e)

Capital Power Corp

.950

09/09/82

537,411

540,000

(b)

Chpe LLC

.350

06/30/36

538,302

1,350,000

(b)

Clearway Energy Operating LLC

.750

01/15/32

1,228,582

2,444,000

(e)

CMS Energy Corp

.500

06/01/55

2,503,081

650,000

(b)

ContourGlobal Power Holdings SA

.750

02/28/30

659,639

4,435,000

(e)

Dominion Energy Inc

.625

05/15/55

4,573,984

1,636,000

(e)

Dominion Energy Inc

.000

06/01/54

1,732,187

1,031,000

(e)

Dominion Energy Inc

.200

02/15/56

1,034,256

2,455,000

(e)

Duke Energy Corp

.450

09/01/54

2,549,282

261,000

(e)

Edison International

.875

06/15/54

268,468

383,000

(e)

Edison International

.125

06/15/53

393,567

1,013,000

(b),(d),(e)

Electricite de France SA

.125

N/A

1,176,370

GBP

800,000

(d),(e)

Electricite de France SA, Reg S

.875

N/A

1,059,950

1,301,000

(e)

Emera US Finance LLC

.850

10/01/56

1,327,089

1,638,000

(e)

Entergy Corp

.125

12/01/54

1,693,545

733,000

(e)

EUSHI Finance Inc

.625

12/15/54

761,355

1,600,000

(e)

Evergy Inc

.650

06/01/55

1,635,806

1,765,000

(e)

Eversource Energy

.350

08/15/56

1,766,401

2,559,000

(e)

Exelon Corp

.500

03/15/55

2,626,537

1,125,000

(b)

Ferrellgas LP / Ferrellgas Finance Corp

.875

04/01/29

1,094,204

965,000

(e)

NextEra Energy Capital Holdings Inc

.650

05/01/79

962,738

581,000

(e)

NextEra Energy Capital Holdings Inc

.750

06/15/54

605,134

2,057,000

(e)

NextEra Energy Capital Holdings Inc

.375

08/15/55

2,094,950

2,504,000

(e)

NiSource Inc

.950

11/30/54

2,589,166

2,040,000

(b)

NRG Energy Inc

.750

01/15/34

2,024,070

Portfolio of Investments June 30, 2026

(continued)

JRI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

385,000

OGE Energy Corp

.450

05/15/29

392,185

1,549,000

(e)

PG&E Corp

.375

03/15/55

1,578,403

741,000

(e)

PPL Capital Funding Inc

.659

03/30/67

734,105

696,000

(e)

Puget Energy Inc

.250

09/15/56

708,522

1,610,000

(e)

Sempra

.550

04/01/55

1,623,062

1,251,000

(e)

Sempra

.875

10/01/54

1,276,220

1,330,000

(e)

Sempra

.375

04/01/56

1,343,380

2,459,000

(e)

Sempra

.400

10/01/54

2,472,173

1,466,000

(e)

Sierra Pacific Power Co

.375

09/15/56

1,462,191

1,745,000

(e)

Southern Co/The

.375

03/15/55

1,790,806

980,000

(e)

Spire Inc

.450

06/01/56

986,544

275,000

(b)

Superior Plus LP / Superior General Partner Inc

.500

03/15/29

266,655

765,000

(b)

Talen Energy Supply LLC

.500

02/01/36

771,240

875,000

(b)

Talen Energy Supply LLC

.250

02/01/34

869,682

1,690,000

(b)

TerraForm Power Operating LLC

.750

01/15/30

1,634,793

2,798,000

(b),(d),(e)

Vistra Corp

.875

N/A

3,000,740

333,000

(b),(d),(e)

Vistra Corp

.000

N/A

335,638

473,000

(b),(d),(e)

Vistra Corp

.000

N/A

476,640

615,000

(b)

Vistra Operations Co LLC

.350

01/31/36

602,699

685,000

(b)

VoltaGrid LLC

.375

11/01/30

711,147

1,212,000

(e)

WEC Energy Group Inc

.625

05/15/56

1,204,679

TOTAL UTILITIES

72,240,776

TOTAL CORPORATE BONDS

(Cost $186,497,096)

189,731,516

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 0.5% (0.3% of Total Investments)

–

916,984

Foresight Environmental Infrastructure Ltd

1,035,100

436,623

Greencoat UK Wind plc

588,425

694,723

Sdcl Efficiency Income Trust plc

327,213

557,038

Sequoia Economic Infrastructure Income Fund Ltd

608,859

16,638

(g)

Starwood European Real Estate Finance Ltd

695

TOTAL INVESTMENT COMPANIES

(Cost $3,190,213)

2,560,292

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

20480726

MORTGAGE-BACKED SECURITIES - 4.2% (2.9% of Total Investments)

20480726

COMMERCIAL MBS - 4.2%

750,000

(b),(f)

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

+ 4.500%)

.125

06/15/35

752,152

100,000

(f)

BANK 2017-BNK6, Series 2017 BNK6

.964

07/15/60

95,592

150,000

(b),(f)

BLP Commercial Mortgage Trust, Series 2025 IND2, (TSFR1M

+ 2.050%)

.675

12/15/42

150,620

750,000

(b),(f)

BMP Commercial Mortgage Trust 2024-MF23, Series 2024

MF23, (TSFR1M + 2.390%)

.194

06/15/41

753,507

410,536

(b),(f)

BX 2024-PALM, Series 2024 PALM, (TSFR1M + 1.791%)

.464

06/15/37

411,181

490,000

(b),(f)

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

(TSFR1M + 2.285%)

.607

10/15/36

489,780

560,000

(b),(f)

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

(TSFR1M + 2.090%)

.715

01/17/39

560,425

750,000

(b),(f)

BX Commercial Mortgage Trust 2026-AHP, Series 2026 AHP,

(TSFR1M + 2.650%)

.250

06/15/43

752,045

750,000

(b),(f)

BX Commercial Mortgage Trust 2026-ALOHA, Series 2026

ALOHA, (TSFR1M + 2.150%)

.775

04/15/43

752,573

564,648

(b),(f)

BX Commercial Mortgage Trust 2026-LP3, Series 2026 LP3,

(TSFR1M + 2.350%)

.975

04/15/43

569,105

750,000

(b),(f)

BX Trust, Series 2026 PNDA, (TSFR1M + 2.100%)

.725

05/15/43

756,460

450,000

(b),(f)

BX Trust, Series 2026 CART, (TSFR1M + 1.900%)

.525

02/15/36

450,313

250,000

(b),(f)

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

.845

01/15/39

250,216

247,487

(b),(f)

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

.603

11/15/41

248,138

389,130

(b),(f)

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

.625

06/15/40

390,764

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL MBS

(continued)

425,000

(b),(f)

BX Trust 2025-OMG, Series 2025 OMG, (TSFR1M + 1.700%)

.326

10/15/42

425,700

744,730

(b),(f)

BX Trust 2026-CIP, Series 2026 CIP, (TSFR1M + 1.650%)

.300

05/15/38

748,305

750,000

(f)

BX Trust 2026-OPTM, Series 2026 OPTM, (TSFR1M + 2.000%)

.750

03/15/39

745,556

500,000

(b),(f)

BX Trust 2026-RISE, Series 2026 RISE, (TSFR1M + 2.000%)

.670

04/15/41

502,260

384,219

(b),(f)

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

.062

08/15/34

384,939

500,000

(b),(f)

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

.125

07/15/40

498,437

500,000

(b),(f)

ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2

.725

07/13/42

500,848

500,000

(b),(f)

IP 2025-IP Mortgage Trust, Series 2025 IP

.025

06/10/42

504,948

284,077

(b),(f)

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

.266

10/15/41

285,660

500,000

(b),(f)

MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025

MHIL2, (TSFR1M + 2.650%)

.275

09/15/40

501,796

500,000

(b),(f)

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

.325

07/15/42

504,350

600,000

(b),(f)

MTN Commercial Mortgage Trust 2026-LPFX, Series 2026 LPFX

.560

05/15/43

605,350

925,000

(b),(f)

MTN Commercial Mortgage Trust 2026-LPFX, Series 2026 LPFX

.058

05/15/43

931,006

700,000

(b),(f)

National Commercial Mortgage Trust 2026-IND, Series 2026

IND, (TSFR1M + 2.150%)

.775

06/15/43

703,301

500,000

(b),(f)

NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 2.840%)

.465

08/15/29

498,901

750,000

(b),(f)

PFDR Trust 2026-DLVR, Series 2026 DLVR, (TSFR1M + 2.500%)

.113

06/15/43

751,723

500,000

(b),(f)

PLYM Commercial Mortgage Trust 2026-IND, Series 2026 IND,

(TSFR1M + 2.150%)

.800

03/15/43

501,243

500,000

(b),(f)

SCG Commercial Mortgage Trust 2025-FLWR, Series 2025

FLWR, (TSFR1M + 1.750%)

.375

08/15/42

501,410

750,000

(b),(f)

SCG Trust 2025-SNIP, Series 2025 SNIP, (TSFR1M + 2.600%)

.225

09/15/42

754,503

400,000

(b),(f)

SLG Office Trust 2026-OMA, Series 2026 OMA

.986

04/15/41

401,414

525,000

(b),(f)

WCORE Commercial Mortgage Trust 2024-CORE, Series 2024

CORE, (TSFR1M + 2.241%)

.867

11/15/41

526,848

625,000

(b),(f)

Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series

2025 AGLN, (TSFR1M + 2.292%)

.917

07/15/37

626,638

298,922

(b),(f)

Wells Fargo Commercial Mortgage Trust 2025-AURA, Series

2025 AURA, (TSFR1M + 2.292%)

.917

10/15/42

299,520

389,958

(b),(f)

Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series

2025 B33RP, (TSFR1M + 2.500%)

.850

08/15/42

393,199

TOTAL COMMERCIAL MBS

20,480,726

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $20,427,856)

20,480,726

DESCRIPTION

RATE

VALUE

61196141

PREFERRED STOCK - 12.6% (8.6% of Total Investments)

61196141

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 9.6%

160,840

Agree Realty Corp

.250

2,735,888

80,648

AH Realty Trust, Inc

.750

1,744,416

57,400

Alpine Income Property Trust, Inc

.000

1,439,018

65,405

American Homes 4 Rent

.250

1,521,320

95,452

American Homes 4 Rent

.875

2,147,670

87,532

Digital Realty Trust, Inc

.200

1,721,754

76,288

Digital Realty Trust, Inc

.850

1,683,676

83,419

Digital Realty Trust, Inc

.250

1,666,712

79,887

Federal Realty Investment Trust

.000

1,570,578

67,447

Kimco Realty Corp

.125

1,309,821

89,868

Kimco Realty Corp

.250

1,774,893

7,927

LXP Industrial Trust

.500

360,758

2,301

Mid-America Apartment Communities, Inc

.500

125,014

81,058

National Storage Affiliates Trust

.000

1,810,025

81,378

Pebblebrook Hotel Trust

.300

1,580,361

66,872

Pebblebrook Hotel Trust

.375

1,315,372

73,003

Pebblebrook Hotel Trust

.700

1,280,473

11,879

Public Storage

.700

213,347

13,419

Public Storage

.050

261,939

37,143

Public Storage

.875

696,431

36,275

Public Storage

.750

667,097

28,618

Public Storage

.000

439,286

34,150

Public Storage

.125

539,912

Portfolio of Investments June 30, 2026

(continued)

JRI

See Notes to Financial Statements

DESCRIPTION

RATE

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

31,013

Public Storage

.625

551,721

28,620

Public Storage

.000

439,031

22,989

Public Storage

.100

359,548

71,303

Regency Centers Corp

.875

1,536,580

83,202

Regency Centers Corp

.250

1,880,365

38,566

Rexford Industrial Realty, Inc

.875

845,752

96,403

Rexford Industrial Realty, Inc

.625

2,032,175

10,819

RLJ Lodging Trust

.950

265,282

38,616

Summit Hotel Properties, Inc

.250

674,622

20,301

Summit Hotel Properties, Inc

.875

333,951

40,669

Sunstone Hotel Investors, Inc

.125

884,551

52,241

Sunstone Hotel Investors, Inc

.700

1,110,121

15,499

UMH Properties, Inc

.375

326,254

88,791

Vornado Realty Trust

.250

1,593,798

138,432

Vornado Realty Trust

.450

2,007,264

90,455

Vornado Realty Trust

.250

1,601,054

91,488

Vornado Realty Trust

.400

1,633,976

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

46,681,806

FINANCIAL SERVICES - 0.1%

23,251

Brookfield Finance, Inc

.625

353,415

TOTAL FINANCIAL SERVICES

353,415

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%

25,270

Brookfield Property Partners LP

.500

383,093

10,309

Brookfield Property Partners LP

.375

149,068

31,178

Brookfield Property Partners LP

.750

405,003

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

937,164

UTILITIES - 2.7%

25,854

BIP Bermuda Holdings I Ltd

.125

412,371

38,627

Brookfield BRP Holdings Canada, Inc

.625

558,160

13,470

Brookfield Infrastructure Finance ULC

.000

207,707

65,751

Brookfield Infrastructure Partners LP

.125

1,075,686

18,594

Brookfield Infrastructure Partners LP

.000

293,042

70,034

Brookfield Renewable Partners LP

.250

1,131,049

8,263

CMS Energy Corp

.625

172,614

18,823

CMS Energy Corp

.875

412,224

18,332

CMS Energy Corp

.875

396,704

17,038

DTE Energy Co

.250

348,257

16,333

DTE Energy Co

.375

271,291

16,486

DTE Energy Co

.375

280,592

51,762

DTE Energy Co

.250

1,229,865

22,829

Duke Energy Corp

.625

529,176

42,195

Duke Energy Corp

.750

1,036,309

28,928

Georgia Power Co

.000

612,406

20,288

SCE Trust VII

.500

485,898

19,000

SCE Trust VIII

.950

431,110

15,426

Southern Co

.950

296,796

12,974

Southern Co

.200

219,520

36,525

Southern Co

.500

913,856

15,006

Southern Co

.250

306,423

68,200

Xcel Energy, Inc

.250

1,602,700

TOTAL UTILITIES

13,223,756

TOTAL PREFERRED STOCK

(Cost $70,196,953)

61,196,141

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

15421893

VARIABLE RATE SENIOR LOAN INTERESTS - 3.2% (2.2% of Total Investments)

15421893

AUTOMOBILES & COMPONENTS - 0.2%

706,724

(f)

Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)

.144

01/28/32

708,272

TOTAL AUTOMOBILES & COMPONENTS

708,272

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS - 0.1%

688,000

(f)

Resilience Parent LLC, First Lien Term Loan, (TSFR3M + 2.500%)

.232

02/28/33

687,260

TOTAL CAPITAL GOODS

687,260

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%

275,000

(f)

Heritage Environmental Services, Inc., Term Loan B, (TSFR1M +

3.000%)

.644

04/01/33

276,719

563,587

(f)

Wash Multifamily Parent Inc, Term Loan B, (TSFR1M + 3.000%)

.644

09/10/32

565,788

1,031,779

(f)

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

+ 2.750%)

.508

03/27/28

1,034,822

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,877,329

CONSUMER SERVICES - 0.4%

944,128

(f)

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

.894

02/06/30

915,955

997,396

(f)

Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)

.894

01/29/29

997,506

TOTAL CONSUMER SERVICES

1,913,461

ENERGY - 0.3%

1,510,000

(f)

Venture Global Calcasieu Pass, LLC, Term Loan B, (TSFR6M +

3.250%)

.937

04/11/33

1,516,191

TOTAL ENERGY

1,516,191

HEALTH CARE EQUIPMENT & SERVICES - 0.2%

748,101

(f)

Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)

.644

12/03/31

748,412

TOTAL HEALTH CARE EQUIPMENT & SERVICES

748,412

MEDIA & ENTERTAINMENT - 0.5%

1,477,500

(f)

Charter Communications Operating, LLC, Term Loan B5,

(TSFR3M + 2.250%)

.942

12/15/31

1,458,943

1,000,000

(f)

Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +

2.470%)

.099

02/17/32

988,840

223,296

(f)

WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TSFR3M + 3.000%)

.931

12/11/28

204,594

TOTAL MEDIA & ENTERTAINMENT

2,652,377

TELECOMMUNICATION SERVICES - 0.2%

515,000

(f)

Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +

4.250%)

.903

04/03/31

484,888

250,000

(f)

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

.677

12/07/26

223,516

TOTAL TELECOMMUNICATION SERVICES

708,404

TRANSPORTATION - 0.5%

413,000

(f),(h)

Boluda Towage Luxembourg Sarl, Term Loan, (TBD)

TBD

414,293

602,545

(f)

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

1.750%)

.482

04/10/31

600,737

1,485,000

(f)

NA Rail HoldCo. LLC, Repriced Term Loan B, (TSFR3M +

2.500%)

.149

03/08/32

1,488,720

TOTAL TRANSPORTATION

2,503,750

UTILITIES - 0.4%

610,397

(f)

Hill Top Energy Center LLC, Term Loan B, (TSFR3M + 2.750%)

.482

06/28/32

612,399

493,750

(f)

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

.232

02/19/32

495,498

1,000,000

(f)

Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M +

2.000%)

.644

04/30/31

998,540

TOTAL UTILITIES

2,106,437

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $15,429,557)

15,421,893

TOTAL LONG-TERM INVESTMENTS

(Cost $673,864,805)

701,820,783

Portfolio of Investments June 30, 2026

(continued)

JRI

See Notes to Financial Statements

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

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

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

10602244

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

10602244

4,725,000

(i)

Fixed Income Clearing Corporation

.610

07/01/26

4,725,000

5,877,244

(j)

Fixed Income Clearing Corporation

.060

07/01/26

5,877,244

TOTAL REPURCHASE AGREEMENTS

(Cost $10,602,244)

10,602,244

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,602,244)

10,602,244

TOTAL INVESTMENTS - 146.5%

(Cost $684,467,049)

712,423,027

BORROWINGS - (46.2)% (k),(l)

(

224,445,000

)

OTHER ASSETS & LIABILITIES, NET - (0.3)%

(

1,806,441

)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

486,171,586

ADR

American Depositary Receipt

CAD

Canadian Dollar

EUR

Euro

GBP

Pound Sterling

MBS

Mortgage-Backed Security

PIK

Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash,

securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK

payment made by the issuer as of the end of the reporting period.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without

registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor

from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic

issuers that are made outside the United States.

REIT

Real Estate Investment Trust

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not

known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and

therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will

provide the Fund with the final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a)

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

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $111,674,858 or 15.7% of Total Investments.

(c)

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

(d)

Perpetual security. Maturity date is not applicable.

(e)

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

13.4% of Total Investments.

(f)

Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(g)

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

(h)

When-issued or delayed delivery security.

(i)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $4,725,474 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 1.625% and maturity date 5/15/31, valued at $4,819,659.

(j)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $5,877,417 on 7/1/26,

collateralized by Government Agency Securities, with coupon rates 3.500%–3.625% and maturity dates 12/31/30–2/15/33, valued at

$5,994,873.

(k)

Borrowings as a percentage of Total Investments is 31.5%.

(l)

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 $377,443,184 have been pledged as collateral for borrowings.

Portfolio of Investments June 30, 2026

JRS

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 135.0% (96.3% of Total Investments)

255050767

COMMON STOCKS - 95.6% (68.2% of Total Investments)

255050767

DATA CENTER REITS - 11.3%

82,314

Digital Realty Trust, Inc

14,781,948

14,833

Equinix, Inc

15,461,771

TOTAL DATA CENTER REITS

30,243,719

HEALTH CARE REITS - 17.5%

110,096

Alexandria Real Estate Equities, Inc

5,818,574

532,702

Healthpeak Properties, Inc

11,399,823

88,413

Janus Living, Inc

2,540,990

65,462

(a)

National Healthcare Properties, Inc

959,018

167,924

Ventas, Inc

14,911,652

49,253

Welltower, Inc

11,178,953

TOTAL HEALTH CARE REITS

46,809,010

HOTEL & RESORT REITS - 2.6%

165,121

Host Hotels & Resorts, Inc

3,915,019

109,965

Pebblebrook Hotel Trust

2,134,421

74,085

Sunstone Hotel Investors, Inc

848,273

TOTAL HOTEL & RESORT REITS

6,897,713

INDUSTRIAL REITS - 11.8%

135,821

First Industrial Realty Trust, Inc

8,327,185

171,334

ProLogis, Inc

23,210,617

TOTAL INDUSTRIAL REITS

31,537,802

MULTI-FAMILY RESIDENTIAL REITS - 10.2%

23,408

AvalonBay Communities, Inc

4,416,856

72,150

Camden Property Trust

8,260,453

72,423

Equity Residential

4,919,694

19,823

Essex Property Trust, Inc

5,780,189

97,133

UDR, Inc

3,877,549

TOTAL MULTI-FAMILY RESIDENTIAL REITS

27,254,741

OFFICE REITS - 4.9%

73,537

BXP, Inc

4,876,238

72,020

Cousins Properties, Inc

2,159,160

133,289

Douglas Emmett, Inc

1,572,810

61,980

Kilroy Realty Corp

2,322,391

43,521

SL Green Realty Corp

2,253,082

TOTAL OFFICE REITS

13,183,681

OTHER SPECIALIZED REITS - 3.8%

376,438

VICI Properties, Inc

9,994,429

TOTAL OTHER SPECIALIZED REITS

9,994,429

RETAIL REITS - 19.3%

61,687

Acadia Realty Trust

1,289,875

65,652

Agree Realty Corp

4,972,482

69,627

Federal Realty Investment Trust

8,594,757

150,394

Kimco Realty Corp

3,812,488

215,918

Kite Realty Group Trust

6,127,753

234,850

Macerich Co

5,915,872

139,872

NNN REIT, Inc

6,508,244

97,073

Realty Income Corp

6,014,643

36,391

Simon Property Group, Inc

8,138,847

TOTAL RETAIL REITS

51,374,961

SELF-STORAGE REITS - 6.8%

169,587

CubeSmart

6,744,475

29,366

Extra Space Storage, Inc

4,266,880

22,028

Public Storage

7,011,732

TOTAL SELF-STORAGE REITS

18,023,087

Portfolio of Investments June 30, 2026

(continued)

JRS

See Notes to Financial Statements

DESCRIPTION

VALUE

SINGLE-FAMILY RESIDENTIAL REITS - 6.5%

179,826

American Homes 4 Rent, Class A

6,027,768

237,390

Invitation Homes, Inc

7,171,552

33,640

Sun Communities, Inc

4,033,772

TOTAL SINGLE-FAMILY RESIDENTIAL REITS

17,233,092

TELECOM TOWER REITS - 0.9%

15,275

American Tower Corp

2,498,532

TOTAL TELECOM TOWER REITS

2,498,532

TOTAL COMMON STOCKS

(Cost $170,898,923)

255,050,767

DESCRIPTION

RATE

VALUE

1,821,965

CONVERTIBLE PREFERRED SECURITIES - 0.7% (0.5% of Total Investments)

1,821,965

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%

30,155

Kimco Realty Corp

.250

1,821,965

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,821,965

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $1,495,537)

1,821,965

DESCRIPTION

RATE

VALUE

103400572

PREFERRED STOCK - 38.7% (27.6% of Total Investments)

103400572

ASSET MANAGEMENT & CUSTODY BANKS - 0.5%

44,840

DigitalBridge Group, Inc

.125

679,774

52,815

DigitalBridge Group, Inc

.150

788,528

TOTAL ASSET MANAGEMENT & CUSTODY BANKS

1,468,302

DATA CENTER REITS - 3.6%

223,485

Digital Realty Trust, Inc

.200

4,395,950

150,750

Digital Realty Trust, Inc

.850

3,327,052

105,270

Digital Realty Trust, Inc

.250

2,103,295

TOTAL DATA CENTER REITS

9,826,297

DIVERSIFIED REITS - 0.4%

41,820

AH Realty Trust, Inc

.750

904,567

11,810

CTO Realty Growth, Inc

.375

246,829

TOTAL DIVERSIFIED REITS

1,151,396

HOTEL & RESORT REITS - 4.3%

127,885

Chatham Lodging Trust

.625

2,512,940

23,305

Pebblebrook Hotel Trust

.300

452,583

173,250

Pebblebrook Hotel Trust

.375

3,407,828

119,285

Pebblebrook Hotel Trust

.700

2,092,259

64,795

Sunstone Hotel Investors, Inc

.125

1,409,291

73,505

Sunstone Hotel Investors, Inc

.700

1,561,981

TOTAL HOTEL & RESORT REITS

11,436,882

INDUSTRIAL REITS - 2.7%

56,919

ProLogis, Inc

.540

3,034,352

26,026

Rexford Industrial Realty, Inc

.875

570,750

167,960

Rexford Industrial Realty, Inc

.625

3,540,597

TOTAL INDUSTRIAL REITS

7,145,699

MULTI-FAMILY RESIDENTIAL REITS - 0.7%

34,353

Mid-America Apartment Communities, Inc

.500

1,866,398

TOTAL MULTI-FAMILY RESIDENTIAL REITS

1,866,398

OFFICE REITS - 12.1%

12,713

Highwoods Properties, Inc

.625

13,025,473

152,950

SL Green Realty Corp

.500

3,224,186

203,925

Vornado Realty Trust

.450

2,956,912

293,370

Vornado Realty Trust

.250

5,192,649

293,242

Vornado Realty Trust

.250

5,263,694

143,089

Vornado Realty Trust

.400

2,555,570

TOTAL OFFICE REITS

32,218,484

See Notes to Financial Statements

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

DESCRIPTION

RATE

VALUE

OTHER SPECIALIZED REITS - 0.1%

15,395

EPR Properties

.750

314,366

TOTAL OTHER SPECIALIZED REITS

314,366

RETAIL REITS - 6.9%

119,200

Agree Realty Corp

.250

2,027,592

164,000

Federal Realty Investment Trust

.000

3,224,240

178,899

Kimco Realty Corp

.250

3,533,255

135,644

Kimco Realty Corp

.125

2,634,207

53,670

Regency Centers Corp

.875

1,156,589

77,870

Regency Centers Corp

.250

1,759,862

23,295

Saul Centers, Inc

.125

487,098

158,335

Saul Centers, Inc

.000

3,405,786

3,184

Simon Property Group, Inc

.375

175,438

TOTAL RETAIL REITS

18,404,067

SELF-STORAGE REITS - 6.0%

49,516

National Storage Affiliates Trust

.000

1,105,692

12,690

Public Storage

.100

198,472

14,665

Public Storage

.000

224,961

25,000

Public Storage

.950

381,000

98,965

Public Storage

.000

1,519,113

4,250

Public Storage

.900

63,792

22,539

Public Storage

.875

337,634

132,578

Public Storage

.625

2,358,563

32,845

Public Storage

.750

604,019

44,261

Public Storage

.700

794,928

108,255

Public Storage

.875

2,029,781

159,635

Public Storage

.600

3,451,309

131,239

Public Storage

.050

2,561,785

6,915

Public Storage

.150

137,401

5,965

Public Storage

.125

94,307

TOTAL SELF-STORAGE REITS

15,862,757

SINGLE-FAMILY RESIDENTIAL REITS - 1.4%

106,690

American Homes 4 Rent

.250

2,481,609

38,575

American Homes 4 Rent

.875

867,938

16,930

UMH Properties, Inc

.375

356,377

TOTAL SINGLE-FAMILY RESIDENTIAL REITS

3,705,924

TOTAL PREFERRED STOCK

(Cost $121,512,082)

103,400,572

TOTAL LONG-TERM INVESTMENTS

(Cost $293,906,542)

360,273,304

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 5.1%(3.7% of Total Investments)

13742199

REPURCHASE AGREEMENTS - 5.1% (3.7% of Total Investments)

13742199

7,825,000

(b)

Fixed Income Clearing Corporation

.610

07/01/26

7,825,000

5,917,199

(c)

Fixed Income Clearing Corporation

.060

07/01/26

5,917,199

TOTAL REPURCHASE AGREEMENTS

(Cost $13,742,199)

13,742,199

TOTAL SHORT-TERM INVESTMENTS

(Cost $13,742,199)

13,742,199

TOTAL INVESTMENTS - 140.1%

(Cost $307,648,741)

374,015,503

BORROWINGS - (38.4)% (d),(e)

(

102,400,000

)

OTHER ASSETS & LIABILITIES, NET - (1.7)%

(

4,726,349

)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

266,889,154

REIT

Real Estate Investment Trust

Statement of Assets and Liabilities

See Notes to Financial Statements

June 30, 2026 (Unaudited)

NMAI

JRI

JRS

ASSETS

Long-term investments, at value

†

711,249,452‌

701,820,783‌

360,273,304‌

Short-term investments, at value

◊

5,493,516‌

10,602,244‌

13,742,199‌

Cash

69,146‌

536‌

–‌

Cash denominated in foreign currencies

97,150‌

–‌

Unrealized appreciation on forward foreign currency contracts

9,681‌

–‌

Receivables:

Dividends

200,166‌

2,232,923‌

1,637,673‌

Interest

3,606,384‌

3,582,463‌

959‌

Investments sold

2,681,113‌

269,801‌

1,262,452‌

Reclaims

605,026‌

179,115‌

–‌

Reimbursement from Adviser

3,001‌

104,063‌

–‌

Other

72,339‌

31,754‌

38,859‌

Total assets

724,086,974‌

718,823,682‌

376,955,446‌

LIABILITIES

Cash overdraft denominated in foreign currencies

–‌

21,099‌

–‌

Borrowings

183,836,000‌

224,445,000‌

102,400,000‌

Reverse repurchase agreements, including accrued interest

26,088,310‌

–‌

Unrealized depreciation on forward foreign currency contracts

8,983‌

–‌

Payables:

Management fees

496,083‌

553,451‌

259,134‌

Dividends

3,761,773‌

4,706,689‌

5,320,915‌

Capital gain taxes

1,134‌

–‌

Interest

570,283‌

892,120‌

500,264‌

Investments purchased - regular settlement

23,902‌

1,189,326‌

1,366,305‌

Investments purchased - when-issued/delayed-delivery settlement

2,775,495‌

413,000‌

–‌

Unfunded loan commitments

225,643‌

–‌

Accrued expenses:

Custodian fees

563,651‌

333,042‌

66,350‌

Investor relations fees

17,419‌

15,498‌

75,566‌

Trustees fees

67,703‌

32,889‌

36,515‌

Professional fees

22,252‌

16,037‌

18,038‌

Shareholder reporting expenses

28,391‌

29,518‌

22,437‌

Shareholder servicing agent fees

630‌

1,570‌

–‌

Other

5,693‌

2,857‌

768‌

Total liabilities

218,493,345‌

232,652,096‌

110,066,292‌

Net assets applicable to common shares

505,593,629‌

486,171,586‌

266,889,154‌

Common shares outstanding

33,425,645‌

36,198,277‌

28,892,471‌

Net asset value ("NAV") per common share outstanding

.13‌

.43‌

.24‌

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

334,256‌

361,983‌

288,925‌

Paid-in capital

391,479,465‌

641,651,454‌

205,269,873‌

Total distributable earnings (loss)

113,779,908‌

(

155,841,851‌

)

61,330,356‌

Net assets applicable to common shares

505,593,629‌

486,171,586‌

266,889,154‌

Authorized shares:

Common

Unlimited

Preferred

Unlimited

†

Long-term investments, cost

607,257,923‌

673,864,805‌

293,906,542‌

◊

Short-term investments, cost

5,493,516‌

10,602,244‌

13,742,199‌

Cash denominated in foreign currencies, cost

95,490‌

–‌

Cash overdraft denominated in foreign currencies, cost

–‌

20,962‌

–‌

Statement of Operations

See Notes to Financial Statements

Six Months Ended June 30, 2026 (Unaudited)

NMAI

JRI

JRS

INVESTMENT INCOME

Affiliated income

7,514‌

197,573‌

—‌

Dividends

3,330,690‌

11,981,611‌

6,639,535‌

Interest

9,067,392‌

6,836,344‌

170,240‌

Rehypothecation income

33,933‌

—‌

Tax withheld

(202,292‌)

(763,557‌)

—‌

Total investment income

12,237,237‌

18,251,971‌

6,809,775‌

EXPENSES

–

Management fees

2,943,946‌

3,038,759‌

1,509,572‌

Shareholder servicing agent fees

1,060‌

4,186‌

426‌

Interest expense #

4,310,672‌

4,284,154‌

2,287,212‌

Trustees fees

21,250‌

18,914‌

10,804‌

Custodian expenses

159,000‌

76,685‌

22,124‌

Investor relations expenses

74,706‌

96,273‌

50,850‌

Professional fees

44,504‌

37,939‌

27,483‌

Shareholder reporting expenses

32,723‌

32,057‌

22,902‌

Stock exchange listing fees

5,176‌

4,248‌

4,478‌

Other

12,103‌

9,549‌

6,138‌

Total expenses

7,605,140‌

7,602,764‌

3,941,989‌

Net investment income (loss)

4,632,097‌

10,649,207‌

2,867,786‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

36,304,285‌

22,005,412‌

9,952,224‌

Forward foreign currency contracts

20,424‌

—‌

Futures contracts

—‌

165,171‌

—‌

Foreign currency transactions

(45,624‌)

(18,940‌)

—‌

Net realized gain (loss)

36,279,085‌

22,151,643‌

9,952,224‌

Change in unrealized appreciation (depreciation) on:

Investments *

9,484,505‌

3,283,782‌

27,224,286‌

Forward foreign currency contracts

2,430‌

—‌

Futures contracts

—‌

(18,483‌)

—‌

Foreign currency translations

(16,000‌)

(11,129‌)

—‌

Net change in unrealized appreciation (depreciation)

9,470,935‌

3,254,170‌

27,224,286‌

Net realized and unrealized gain (loss)

45,750,020‌

25,405,813‌

37,176,510‌

Net increase (decrease) in net assets applicable to common shares from operations

50,382,117‌

36,055,020‌

40,044,296‌

Net of change in foreign capital gains tax

(1,134‌)

—‌

# SUPPLEMENTAL INFORMATION FOR DEBT TRANSACTIONS

NMAI

JRI

JRS

Aggregate amount of debt outstanding

209,764,000

224,445,000

102,400,000

Aggregate average interest rate

4.12%

4.30%

4.50%

Statement of Changes in Net Assets

See Notes to Financial Statements

NMAI

JRI

Unaudited

Six Months Ended

6/30/26

Year Ended

12/31/25

Unaudited

Six Months Ended

6/30/26

Year Ended

12/31/25

OPERATIONS

Net investment income (loss)

4,632,097‌

12,876,688‌

10,649,207‌

17,010,597‌

Net realized gain (loss)

36,279,085‌

23,631,649‌

22,151,643‌

12,406,993‌

Net change in unrealized appreciation (depreciation)

9,470,935‌

44,756,935‌

3,254,170‌

19,693,627‌

Net increase (decrease) in net assets applicable to common shares

from operations

50,382,117‌

81,265,272‌

36,055,020‌

49,111,217‌

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(

23,264,249‌

)

(

13,281,245‌

)

(

25,490,445‌

)

(

22,392,838‌

)

Return of Capital

–‌

(

29,821,124‌

)

–‌

(

21,534,905‌

)

Total distributions

(

23,264,249‌

)

(

43,102,369‌

)

(

25,490,445‌

)

(

43,927,743‌

)

CAPITAL SHARE TRANSACTIONS

Common shares:

Proceeds from rights offering, net of offering costs

—‌

108,500,000‌

—‌

Reinvestments of distributions

—‌

109,719‌

316,245‌

Net increase (decrease) applicable to common shares from capital

share transactions

—‌

108,609,719‌

316,245‌

Net increase (decrease) in net assets applicable to common shares

27,117,868‌

38,162,903‌

119,174,294‌

5,499,719‌

Net assets applicable to common shares at the beginning of period

478,475,761‌

440,312,858‌

366,997,292‌

361,497,573‌

Net assets applicable to common shares at the end of period

505,593,629‌

478,475,761‌

486,171,586‌

366,997,292‌

Statement of Cash Flows

See Notes to Financial Statements

Six Months Ended June 30, 2026 (Unaudited)

NMAI

JRI

JRS

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations

50,382,117‌

36,055,020‌

40,044,296‌

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

(

319,013,968‌

)

(

404,365,866‌

)

(

57,970,318‌

)

Proceeds from sale and maturities of investments

331,575,609‌

254,600,641‌

70,376,524‌

Proceeds from (Purchase of) short-term investments, net

4,806,484‌

(

1,477,244‌

)

(

7,642,199‌

)

Proceeds from (Purchase of) closed foreign currency spot transactions

(

69,687‌

)

137,943‌

—‌

Proceeds from litigation settlement

59‌

33‌

—‌

Capital gains and return of capital distributions from investments

—‌

1,309,138‌

1,986,756‌

Amortization (Accretion) of premiums and discounts, net

1,034,477‌

217,020‌

—‌

(Increase) Decrease in:

Receivable for dividends

21,992‌

(

1,049,531‌

)

(

141,585‌

)

Receivable for interest

(

353,037‌

)

(

472,556‌

)

(

318‌

)

Receivable for reclaims

20,986‌

(

44,897‌

)

—‌

Receivable for investments sold

(

824,118‌

)

177,677‌

(

1,262,452‌

)

Receivable for reimbursement from Adviser

1,233‌

(

22,400‌

)

—‌

Receivable for variation margin on futures contracts

—‌

9,750‌

—‌

Other assets

(

1,148‌

)

(

7,915‌

)

(

2,177‌

)

Increase (Decrease) in:

Payable for interest

(

17,607‌

)

147,417‌

66,172‌

Payable for investments purchased - regular settlement

(

8,706‌

)

439,208‌

1,366,305‌

Payable for investments purchased - when-issued/delayed-delivery settlement

957,070‌

206,523‌

—‌

Payable for unfunded loan commitments

89,848‌

—‌

Payable for management fees

(

56‌

)

118,262‌

10,516‌

Accrued custodian fees

150,434‌

72,699‌

18,979‌

Accrued investor relations fees

(

16,728‌

)

5,587‌

22,154‌

Accrued Trustees fees

(

2,464‌

)

6,354‌

(

1,103‌

)

Accrued professional fees

18,545‌

12,209‌

13,117‌

Accrued shareholder reporting expenses

(

2,692‌

)

(

3,605‌

)

(

5,196‌

)

Accrued shareholder servicing agent fees

322‌

(

1,049‌

)

(

252‌

)

Accrued other expenses

(

5,160‌

)

1,214‌

768‌

Net realized (gain) loss from investments

(

36,304,285‌

)

(

22,005,412‌

)

(

9,952,224‌

)

Net realized (gain) loss from foreign currency transactions

45,624‌

18,940‌

—‌

Net realized (gain) loss from paydowns

(

324,306‌

)

(

10,182‌

)

—‌

Net change in unrealized (appreciation) depreciation of investments

(

9,484,505‌

)

(

3,283,782‌

)

(

27,224,286‌

)

Net change in unrealized (appreciation) depreciation of forward foreign currency

(

2,430‌

)

—‌

Net change in unrealized (appreciation) depreciation on foreign currency translations

16,000‌

11,129‌

—‌

Net cash provided by (used in) operating activities

22,689,903‌

(

139,197,675‌

)

9,703,477‌

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

9,050,000‌

53,500,000‌

—‌

(Repayments of) reverse repurchase agreements

(

9,050,000‌

)

—‌

Increase (Decrease) in:

Cash overdraft

(

3,049,665‌

)

(

3,181,402‌

)

(

4,623,102‌

)

Cash overdraft denominated in foreign currencies

—‌

21,099‌

—‌

Cash distributions paid to common shareholders

(

19,502,476‌

)

(

20,674,037‌

)

(

5,080,375‌

)

Proceeds from rights offering, net of offering costs

—‌

108,500,000‌

—‌

Net cash provided by (used in) financing activities

(

22,552,141‌

)

138,165,660‌

(

9,703,477‌

)

Net increase (decrease) in cash, cash denominated in foreign currencies and cash collateral at brokers

137,762‌

(

1,032,015‌

)

–‌

Cash and cash denominated in foreign currencies at the beginning of period

28,534‌

1,032,551‌

—‌

Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of period

166,296‌

536‌

—‌

Financial Highlights

Ratios of Interest

Expense

to Average Net

Assets Applicable

to Common Shares

NMAI

6/30/26

1.77%(e),(f)

12/31/25

2.02

12/31/24

2.06

12/31/23

2.32

12/31/22

1.04

12/31/21

0.12(g),(f)

JRI

6/30/26

1.94(e),(f)

12/31/25

2.34

12/31/24

2.48

12/31/23

2.53

12/31/22

1.04

12/31/21

0.34

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

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

Repurchased

and Retired

Net Asset

Value,

End of

Period

Price,

End of

Period

NMAI

6/30/26

(e)

14.31

0.14

1.38

1.52

(0.70)

—

(0.70)

—

15.13

14.17

12/31/25

13.17

0.39

2.04

2.43

(0.40)

—

(0.89)

(1.29)

—

14.31

13.04

12/31/24

13.76

0.37

0.69

1.06

(0.38)

—

(1.27)

(1.65)

—

13.17

12.04

12/31/23

13.41

0.39

1.26

1.65

(0.62)

—

(0.68)

(1.30)

—

13.76

12.30

12/31/22

20.03

0.47

(4.86)

(4.39)

(1.40)

(0.83)

—

(2.23)

—

13.41

11.49

12/31/21

(g)

20.00

0.07

0.31

0.38

(0.06)

(0.29)

—

(0.35)

—

20.03

18.65

JRI

6/30/26

(e)

13.37

0.32

0.54

0.86

(0.80)

—

(0.80)

—

13.43

12.96

12/31/25

13.19

0.62

1.1

1.7

(0.8

)

—

(0.79)

(1.6

)

—

13.37

13.61

12/31/24

13.69

0.54

0.39

0.93

(0.65)

—

(0.78)

(1.43)

—

13.19

12.13

12/31/23

13.57

0.55

0.65

1.20

(0.66)

—

(0.42)

(1.08)

—

(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

(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

(c)

• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse

repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase

agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as

follows:

(d)

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

(e)

Unaudited.

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

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From Net

Realized

Gains

Return of

Capital

Total

Net Asset

Value,

End of

Period

Price,

End of

Period

JRS

6/30/26

(e)

8.21

0.10

1.29

1.39

(0.36)

—

(0.36)

9.24

8.43

12/31/25

9.04

0.18

(0.33)

(0.15)

(0.21)

—

(0.47)

(0.68)

8.21

7.66

12/31/24

8.84

0.08

0.80

0.88

(0.24)

—

(0.44)

(0.68)

9.04

8.63

12/31/23

8.12

0.16

1.24

1.40

(0.23)

—

(0.45)

(0.68)

8.84

7.82

12/31/22

13.22

0.27

(4.54)

(4.27)

(0.26)

(0.30)

(0.27)

(0.83)

8.12

7.56

12/31/21

9.63

0.25

4.10

4.35

(0.20)

(0.56)

—

(0.76)

13.22

12.82

(a)

Based on average shares outstanding.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The

actual reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different

from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the

following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements

Ratios of Interest

Expense

to Average Net

Assets Applicable

to Common Shares

JRS

6/30/26

1.82%(e),(f)

12/31/25

2.07

12/31/24

2.25

12/31/23

2.31

12/31/22

1.01

12/31/21

2.70

Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

Net Asset

Value

(b)

Based

Price

(b)

Net

Assets,

End of

Period (000)

Expenses

(c)

Net

Investment

Income

(Loss)

(c),(d)

Portfolio

Turnover

Rate

17.22‌

15.08‌

266,889

3.14‌

(f)

2.28‌

(f)

17‌

(1.70‌)

(3.39‌)

237,246

3.40‌

2.09‌

22‌

10.28‌

19.66‌

261,205

3.52‌

0.93‌

31‌

18.14‌

13.46‌

255,548

3.64‌

1.88‌

33‌

(32.94‌)

(35.25‌)

234,497

2.33‌

2.58‌

58‌

46.38‌

62.73‌

381,815

1.54‌

2.16‌

92‌

(c)

• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse

repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase

agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as

follows:

(d)

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

(e)

Unaudited.

(f)

Annualized.

Financial Highlights

The following table sets forth information regarding each Fund's outstanding senior securities as of the

end of each of the Fund's last five fiscal periods, as applicable.

Borrowings

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$1,000

(b)

NMAI

6/30/26

(c)

183,836

3,750

12/31/25

174,786

3,737

12/31/24

122,336

4,599

12/31/23

85,416

6,383

12/31/22

175,601

3,553

12/31/21

(d)

178,550

4,750

JRI

6/30/26

(c)

224,445

3,166

12/31/25

170,945

3,147

12/31/24

178,945

3,020

12/31/23

151,695

3,474

12/31/22

166,985

3,230

12/31/21

197,935

3,414

JRS

6/30/26

(c)

102,400

3,606

12/31/25

102,400

3,317

12/31/24

112,400

3,324

12/31/23

94,400

3,707

12/31/22

104,400

3,246

12/31/21

144,000

3,651

(a)

Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if

applicable, as of the end of the relevant fiscal year.

(b)

Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented

by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s borrowings (excluding

temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities

consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the

economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments

were included, the asset coverage amounts presented would be lower.

(c)

Unaudited.

(d)

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

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, 2026, and the period covered by these Notes to Financial

Statements is the six months ended June 30, 2026 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC

(“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolio, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. For NMAI, the Adviser has entered

into sub-advisory agreements (each a “Sub-Advisory Agreement”) with each of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC

(“TAL”) and Winslow Capital Management LLC (“Winslow”), each of which are affiliates of the Adviser. Pursuant to the Sub-Advisory Agreement

with NAM, NAM is responsible for the Fund’s dynamic asset allocation strategy and for allocating the Fund’s assets among each of the various Sub-

Advisers. NAM, TAL and Winslow under each Sub-Advisory Agreement manages the investment portfolios of the Fund allocated to it. For JRI, the

Adviser has entered into a sub-advisory agreement with NAM under which NAM manages the investment portfolio of JRI. For JRS, the Adviser has

entered into sub-advisory agreements with Security Capital Research & Management Incorporated ("Security Capital"), under which Security Capital

manages JRS's investment portfolio. The Adviser is responsible for managing the Funds' investments in swap contracts. NAM, TAL, Winslow and

Security Capital are each a "Sub-Adviser".

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

(“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board (“FASB”)

Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes

may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and

common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common

share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds

from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees

that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

NMAI and JRI make monthly cash distributions, while JRS makes quarterly cash distributions to common shareholders of a stated dollar amount

per share. Prior to the June 2025 distribution, NMAI made quarterly cash distribution. Subject to approval and oversight by the Board, JRS seeks to

maintain a stable distribution level designed to deliver the long-term return potential of each Fund’s investment strategy through regular quarterly

distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from each Fund’s net investment

income, net realized capital gains and net unrealized capital gains in the Fund’s portfolio, if any. The portion of distributions paid attributed to net

unrealized gains, if any, is distributed from the Fund’s assets and is treated by common shareholders as a non-taxable distribution (“return of capital”)

for tax purposes. In the event that total distributions during a calendar year exceed a Fund’s total return on NAV, the difference will reduce NAV per

share. If a Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share.

The final determination of the source and character of all distributions paid by a Fund during the fiscal year is made after the end of the fiscal year

and is reflected in the financial statements contained in the annual report as of December 31 each year.

The distribution policy for NMAI and JRI, which may be changed by the Board, is to make regular monthly cash distributions to holders of its

common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund

intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized

Notes to Financial Statements

(continued)

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 each Fund’s investment

strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund

returns will cause its NAV per share to erode.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities

held in a Fund’s portfolio. Distributions received from certain securities in which a Fund invests, most notably real estate investment trust securities,

may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax

character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The distribution is

included in a Fund’s ordinary income until such time a Fund is notified by the issuer of the actual tax character. Dividend income, net realized gain

(loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain,

and/or return of capital as reported by the issuers of such securities for distributions during the prior fiscal period.

Foreign Currency Transactions and Translation:

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency

other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency

will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated

in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot

rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in

foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies

are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the

prevailing exchange rate on the respective dates of the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign

currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be

reflected in non-deliverable forward rates (NDF), or prevailing “offshore” rates that apply to non-local investors. Accordingly, the Fund may apply

NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where

applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in

markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or “onshore” foreign currency

exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

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

(i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of foreign

currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized

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

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

NMAI

Value

% of Total

Investments

Country:

Japan

35,200,066

4.9

United Kingdom

18,301,457

2.6

Spain

18,119,080

2.5

South Korea

18,014,051

2.5

France

17,853,762

2.5

Germany

16,587,988

2.3

Taiwan

15,335,728

2.1

Switzerland

13,687,635

1.9

Canada

8,773,062

1.2

Other

69,333,773

9.8

Total non-U.S. Securities

$231,206,602

32.3%

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general

indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and

expects the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date

for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade

date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains

and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for

certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend

date and recorded at fair value. Interest income, is recorded on an accrual basis and includes accretion of discounts and amortization of premiums

for financial reporting purposes. Interest income also reflects payment-in kind (“PIK”) interest, paydown gains and losses and fee income, if any.

PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment

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

Rehypothecation income when applicable, is comprised of fees earned in connection with the rehypothecation of pledged collateral as further

described later in these Notes to Financial Statements

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”).

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

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

Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

(“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-

term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess

the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment,

is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as

“total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued Accounting Standard Updated ("ASU") No. 2025-11,

Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of

interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the

end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting

periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently

evaluating the implications of these changes on the financial statements.

JRI

Value

% of Total

Investments

Country:

Canada

50,741,894

7.1

Australia

28,116,146

3.9

United Kingdom

26,728,600

3.8

France

24,378,372

3.4

Mexico

15,589,099

2.2

Singapore

15,041,968

2.1

Italy

14,181,697

2.0

Hong Kong

11,098,744

1.6

Japan

10,357,321

1.5

Other

22,904,856

3.2

Total non-U.S. Securities

$219,138,697

30.8%

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.

The fair values of borrowings approximate their carrying value. Borrowings are generally classified as Level 2 and are further described in these Notes

to Financial Statements.

The fair values of reverse repurchase agreements approximate their carrying value. Reverse repurchase agreements are generally classified as Level 2

and are further described in these Notes to Financial Statements.

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, and the fair value of certain other assets and liabilities, when

applicable, as of the end of the current fiscal period, based on the inputs used to value them:

4. Portfolio Securities

Unfunded Commitments:

Pursuant to the terms of certain of the variable rate senior loan agreements, NMAI and JRI may have unfunded 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 loan commitments. As of the end of the current fiscal period, JRI had no value in outstanding unfunded loan commitments,

whereas NMAI’s outstanding unfunded loan commitments were as follows:

NMAI

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

–

3,959,579

203,684

4,163,263

Common Stocks

270,696,305

132,566,607

403,262,961

Corporate Bonds

–

90,965,447

–

90,965,447

Emerging Market Debt and Foreign Corporate Bonds

–

74,591,336

1,446,700

76,038,036

Mortgage-Backed Securities

–

49,414,445

–

49,414,445

Preferred Stock

5,062,385

–

5,062,385

U.S. Government and Agency Obligations

–

33,790,020

–

33,790,020

Variable Rate Senior Loan Interests

–

48,551,768

1,127

48,552,895

Short-Term Investments:

Repurchase Agreements

–

5,493,516

–

5,493,516

275,758,690

439,332,718

1,651,560

716,742,968

Investments in Derivatives:

Forward Foreign Currency Contracts*

–

698

–

698

–

698

–

698

Liabilities at Fair Value:

Borrowings

–

183,836,000

–

183,836,000

Reverse Repurchase Agreements

–

26,088,310

–

26,088,310

–

209,924,310

–

209,924,310

JRI

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

263,611,861

125,333,900

–

388,945,761

Convertible Preferred Securities

23,484,454

–

23,484,454

Corporate Bonds

–

189,731,516

–

189,731,516

Investment Companies

2,559,597

–

695

2,560,292

Mortgage-Backed Securities

–

20,480,726

–

20,480,726

Preferred Stock

61,196,141

–

61,196,141

Variable Rate Senior Loan Interests

–

15,421,893

–

15,421,893

Short-Term Investments:

Repurchase Agreements

–

10,602,244

–

10,602,244

350,852,053

361,570,279

695

712,423,027

Liabilities at Fair Value:

Borrowings

–

224,445,000

–

224,445,000

–

224,445,000

–

224,445,000

JRS

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

255,050,767

–

255,050,767

Convertible Preferred Securities

1,821,965

–

1,821,965

Preferred Stock

103,400,572

–

103,400,572

Short-Term Investments:

Repurchase Agreements

–

13,742,199

–

13,742,199

360,273,304

13,742,199

–

374,015,503

Liabilities at Fair Value:

Borrowings

–

102,400,000

–

102,400,000

–

102,400,000

–

102,400,000

Represents net unrealized appreciation (depreciation).

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 current fiscal period, the Funds had no such outstanding participation commitments.

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Purchases and Sales:

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

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Forward Foreign Currency Contracts:

During the current fiscal period, the Fund used foreign exchange forwards to partially hedge its exposure to

non-U.S. dollar denominated positions.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the

future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery

of foreign currency. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated

between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are

reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward

contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated

movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets

and Liabilities.

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

Fund

Outstanding Unfunded Loan Commitments

NMAI

225,643

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

NMAI

Fixed Income Clearing Corporation

5,493,516

(5,603,721)

JRI

Fixed Income Clearing Corporation

10,602,244

(10,814,532)

JRS

Fixed Income Clearing Corporation

13,742,199

(14,017,286)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

U.S.

Government

Sales

NMAI

306,898,231

12,115,737

316,993,628

14,581,981

JRI

404,365,866

—

254,600,641

—

JRS

57,970,318

—

70,376,524

—

Fund

Average Notional Amount of Forward

Contracts Outstanding

NMAI

785,479

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal

period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those

forward foreign currency contracts as of the end of the current fiscal period.

Futures Contracts:

During the current fiscal period, the Fund 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:

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

Liabilities as follows:

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

Fund

Counterparty

Gross Unrealized

Appreciation on

Forward Foreign

Currency Contracts*

Gross Unrealized

(Depreciation) on

Forward Foreign

Currency Contracts*

Net Unrealized

Collateral

Pledged to (from)

Counterparty

Net Exposure

NMAI

Citibank, N.A

9,681

(8,983)

698

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

Fund

Average Notional Amount of Futures

Contracts Outstanding

JRI

3,933,325

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal

period and at the end of each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NMAI

Forward Foreign Currency

Contracts

Foreign currency

exchange rate

Unrealized appreciation on

forward contracts

9,681

Unrealized depreciation on

forward contracts

(8,983)

Notes to Financial Statements

(continued)

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

JRI – Rights Offering:

On January 15, 2026, the Board approved the terms of the issuance of transferable rights ("Rights") to the holders of the

Fund's common shares (par value $0.01 per share) ("Common Shares") as of February 6, 2026 (the "Record Date"). Holders of Common Shares on

the Record Date received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled the holders to purchase

one new Common Share for every four Rights held (1-for-4) for an aggregate of up to an additional 8,750,000 Common Shares.

Holders of Rights were entitled to subscribe for additional Common Shares (the "Offer") at a discount to the market price of the Common Shares,

prior to 5:00 p.m., Eastern time, on March 9, 2026 (the "Expiration Date"). The subscription price per Common Share (the "Subscription Price") was

$12.40 per Common Share, which was equal to 90% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the

Expiration Date. The gross proceeds of the Offer were approximately $108.5 million.

The Common Shares subscribed for were issued on March 16, 2026, after completion and receipt of all shareholder payments. The final Subscription

Price was lower than the original estimated Subscription Price.

Common Share Transactions:

Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable,

were as follows:

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.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

NMAI

Forward foreign currency contracts

Foreign currency exchange rate

20,424

2,430

JRI

Futures contracts

Interest rate

165,171

(18,483)

JRI

Unaudited

Six Months

Ended

6/30/26

Year Ended

12/31/25

Common Shares:

Sold through rights offering

8,750,000

—

Issued to shareholders due to reinvestment of distributions

8,206

23,392

Total

8,758,206

23,392

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:

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:

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

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:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual

Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NMAI

615,021,116

120,916,966

(19,194,416)

101,722,550

JRI

689,085,511

47,105,352

(23,767,836)

23,337,516

JRS

314,751,073

85,326,843

(26,062,413)

59,264,430

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NMAI

—

92,325,152

(5,663,112)

—

86,662,040

JRI

—

20,119,979

(186,526,405)

—

(166,406,426)

JRS

—

32,040,143

(316,032)

—

(36,762)

31,687,349

Fund

Short-Term

Long-Term

Total

NMAI

—

5,663,112

JRI

52,614,366

133,912,039

186,526,405

JRS

316,032

—

316,032

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

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

Notes to Financial Statements

(continued)

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

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

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research

services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the

Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period

is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary

compensation were as follows:

Each Fund is 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.

9. Fund Leverage

Borrowings:

Each Fund entered into a borrowing arrangement (“Borrowings”) as a means of leverage. As of the end of the current fiscal period,

each Fund’s maximum commitment amount under these Borrowings is as follows:

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

Fund

Fund-Level Fee

Complex-Level Fee

Total Management Fee

NMAI

0.6892

0.1544

0.8436

JRI

0.7979

0.1544

0.9523

JRS

0.7000

0.1544

0.8544

Fund

Value

NMAI

7,514

JRI

197,573

JRS

—

Fund

Purchases

Sales

Realized

Gain (Loss)

NMAI

25,947,475

555,817

107,083

JRI

—

JRS

—

Fund

Commitment

Amount

NMAI

215,000,000

JRI

250,000,000

JRS

150,000,000

For NMAI interest is charged on the Borrowings at a rate per annum equal to OBFR (Overnight Bank Funding Rate) plus a spread that is determined

by a portion of the underlying collateral pledged to secure the amount borrowed. The Fund is charged an undrawn fee of 0.50% per annum if the

undrawn portion of the Borrowings on that day is more than 20% of the maximum commitment amount, however this fee was waived during the

current fiscal period.

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

these Borrowings at 1-Month Term SOFR plus 0.610% per annum on the amounts borrowed.

During the current fiscal period, the average daily balance outstanding, average annual interest rate and ending interest rate on each Fund’s

Borrowings were as follows:

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 current fiscal period, NMAI had Hypothecated Securities as follows:

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:

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

Fund

Outstanding

balance

on Borrowings

NMAI

183,836,000

JRI

224,445,000

JRS

102,400,000

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Interest Rate as of

End of Period

NMAI

181

183,136,000

4.14

4.01

JRI

181

199,467,099

4.30

4.32

JRS

181

102,400,000

4.50

4.54

NMAI

Hypothecated Securities

$165,681,252

NMAI

Rehypothecation Fees

33,933

Notes to Financial Statements

(continued)

may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to

be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to

counterparties are recognized as a component of "Interest expense" on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the

risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a

counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be

delayed.

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

During the current fiscal period, the average daily balance outstanding, average annual interest rate and ending interest rate on the Funds’ reverse

repurchase agreements were as follows:

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

repurchase agreements.

Inter-Fund Lending Program:

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate

in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to

satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-

end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund

Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number

of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless

it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund

may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the

inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other

lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent

percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than

10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would

cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund

loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to

receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value and Accrued

Interest

NMAI

BNP Paribas SA

3.82%

(8,610,000)

35-day

Evergreen

(8,610,000)

(8,648,262)

NMAI

Royal Bank of Canada

4.05%

(11,268,000)

On-Demand

(11,268,000)

(11,384,624)

NMAI

Societe Generale SA

4.03%

(6,050,000)

6/23/27

(6,050,000)

(6,055,424)

Total

$(25,928,000)

$(26,088,310)

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Interest Rate as of

End of Period

NMAI

181

(26,678,000)

4.05

4.02

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged to

Counterparty

NMAI

BNP Paribas SA

(8,648,262)

10,181,684

NMAI

RBC Capital Markets, LLC

(11,384,624)

11,776,104

NMAI

Societe Generale SA

(6,055,424)

7,724,039

Total

(26,088,310)

29,681,827

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

Additional Fund Information

(Unaudited)

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.

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

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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

NMAI

JRI

JRS

Common shares repurchased

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.

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

(collectively, the

“Funds”)

I. The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a

“Board Member”) of the Funds approved, for their respective Fund, the renewal of the investment management agreement (each, an “Investment

Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”) pursuant to which NFAL serves as the investment adviser

to such Fund. The Board 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 Income Fund”), each of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC

(“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”; NAM, TAL, Winslow and Security Capital are each, a “Sub-Adviser”). At the time of the Meeting, prior to the Restructuring (as

defined below), the Nuveen fund complex consisted of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group

of funds advised by TAL (such funds, the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the

“funds”). TAL and NFAL were affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity

Association of America (“TIAA”), and TAL was an indirect wholly owned subsidiary of TIAA. NAM and Winslow are also affiliates of NFAL.

The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the

Board is comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary

of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory

Agreement on behalf of the applicable Fund.

In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Investment

Management Agreement and Sub-Advisory Agreement on behalf of the applicable 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 the Sub-Advisers are

collectively, the “Fund Advisers” and each, a “Fund Adviser.”

In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as

materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members

considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year,

including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided

by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information

provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal

of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons

for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic

priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d)

compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to

meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable);

(f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and

execution quality of portfolio transactions; (j) management of distributions; and (k) with respect to closed-end funds, 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.

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. The materials provided in conjunction

with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b)

a review of each Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered

to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have

certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees

assessed to other types of clients; (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary

of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) a description of indirect benefits received

by the Fund Advisers as a result of their relationships with the 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 Fund to those of a

peer universe, as well as a description of Broadridge’s methodology in compiling the expense universe.

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

With respect to Security Capital, which is unaffiliated with NFAL, the Board, through independent legal counsel, requested and received materials

and information prepared specifically for its review of the Sub-Advisory Agreement applicable to such Sub-Adviser. 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 (which it sub-advises); certain

profitability data of such Sub-Adviser; and indirect benefits to such Sub-Adviser as a result of its relationship with the Real Estate Fund.

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 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. The Board Members

employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the

Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory

Agreements.

As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”)

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 received the responses to these follow-up

questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during

the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with

independent legal counsel at various executive sessions without the presence of any Fund Adviser management. 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 Funds for an additional one-year period until May 1, 2027. 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.

In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an

annual basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory

Agreements to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st

deadline. To implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved

the continuance of the Investment Management Agreements, the Sub-Advisory Agreements between NFAL and NAM (collectively, the “NAM

Sub-Advisory Agreements”), the Sub-Advisory Agreement between NFAL and Winslow (the “Winslow Sub-Advisory Agreement”) and the Sub-

Advisory Agreement between NFAL and Security Capital (the “Security Capital Sub-Advisory Agreement,” and together with the NAM Sub-Advisory

Agreements and the Winslow Sub-Advisory Agreement, the “Continuing Sub-Advisory Agreements”) on behalf of the applicable Funds through July

31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of such Advisory Agreements is set forth in Section II below.

At the May Meeting, in addition to revising the renewal schedule, management also proposed an internal restructuring (the “Restructuring”)

pursuant to which TAL would be merged into NAM, anticipated to be effective on or about August 1, 2026. In connection with the Restructuring, it

was generally proposed, in relevant part, for the Nuveen funds that were sub-advised by TAL, that NAM would serve as the sub-adviser to such funds

pursuant to new sub-advisory agreements with NAM. With respect to the Multi-Asset Income Fund, however, as NAM already also served as a Sub-

Adviser to such Fund, it was not necessary to appoint NAM to replace TAL.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements at the Meeting, 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 each Sub-Adviser in providing services to the applicable Fund(s).

The Board considered that the Adviser provides a wide array of management, oversight and other services necessary to manage and operate

the Funds. The Board considered the Adviser’s 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. In its review of the services provided by the Adviser and its affiliates, the Board

considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel;

succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or

departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the

services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition

of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure

in seeking to attract and retain high quality talent.

In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through sub-

advisers. In this regard, each Fund utilizes one or more Sub-Advisers and their respective investment teams to manage the portfolios of such Fund

subject to the supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the

Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters;

setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance

and investment capabilities of the Sub-Adviser(s) and/or investment teams and recommending changes thereto as appropriate; monitoring

compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.

The Board considered the division of responsibilities between the Adviser and the Sub-Advisers and considered that each Sub-Adviser and its

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 which included, among other things, a summary of

changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by such 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. With respect to Security Capital, the Board also considered, among other things, a description of the services provided to the Real

Estate Fund; a summary of the key personnel’s experience and qualifications; its investment process; the organizational structure of such Sub-Adviser;

an analysis of the performance of the Real Estate Fund; a description of portfolio manager compensation; and its process in selecting brokers and

evaluating its execution quality. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management

services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance,

regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such

services include, but are 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; regulatory and regulatory advocacy services, including monitoring regulatory developments that may

impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support

services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing

reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund

performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management;

oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian,

accountant, and transfer agent); and legal support services.

With respect to closed-end Nuveen funds, such services also include managing leverage; managing distributions; providing capital management

and secondary market services (such as implementing common share shelf offerings, rights offerings, capital return programs and common share

repurchases); and maintaining a closed-end fund investor relations program. The Board considered that, with respect to such funds, management

actively monitors any discount from net asset value per share at which the respective 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.

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

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment

performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee

monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual

performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, 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 ended December 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis

and as compared to the performance of comparable funds (the “Performance Peer Group”) and to a benchmark for the prescribed periods. Prior to

the Meeting, the Board also received updated Fund performance over various periods ended March 31, 2026. 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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between

a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to

significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the

relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding

periods which may differ from the performance of the periods reviewed by the Board.

With respect to closed-end Nuveen funds, 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 reviewed certain

performance data reflecting, among other things, premium/discount data at their quarterly meetings with an annual review of the closed-end fund

market for the 2025 calendar year at the February Meeting. 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. From year to year, the Board may place different emphasis on

particular performance information given changing circumstances in market and economic conditions. 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 evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its

discussions with management. 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 as experiencing performance

issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to

monitor such funds more closely until performance improves.

Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above

are set forth below in Section I.F.

With respect to each Fund, 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.

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In

addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a

shareholder’s total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component

and a complex-level component, each with its own breakpoint schedule. 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 Broadridge, an independent third-party provider of fund data.

More specifically, the Board Members generally considered, 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”). The Board 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 for closed-end funds) that

met 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.

In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce

some of the value of the comparative data. In addition, the Board considered that the fee and expense information in the Broadridge report for

each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period

of market volatility.

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 differences into account in considering the comparative peer data.

The Board further 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 addition, although the Board reviewed a fund’s net total expense ratio both including and excluding investment-related expenses (e.g., leverage

costs) for certain of the closed-end Nuveen funds, 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 the fund’s net total expense ratio

and fees excluding investment-related costs and taxes for the closed-end funds. The Board also considered that the use of leverage for closed-end

funds may create a conflict of interest for the Adviser and Sub-Advisers (as applicable) 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 applicable fund’s return.

With respect to the Sub-Advisers, the Board also considered, among other things, the sub-advisory fee schedule paid to each Sub-Adviser in light of

the sub-advisory services provided to the respective Fund(s). In its review, the Board considered that the compensation paid to each Sub-Adviser is

the responsibility of the Adviser, not the applicable Fund(s).

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F

below. 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.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also requested and received information concerning the advisory fees and services provided

to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately managed accounts

(“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable).

The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to

the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the

funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared

to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in

regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements;

the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies

and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. The Board, however,

considered that there were no comparable clients for the closed-end Nuveen funds. Further, the Board considered the differences in risks the

Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other

types of clients or sub-adviser to other funds.

With respect to the Sub-Advisers, 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. With respect to Security Capital,

the unaffiliated Sub-Adviser, the Board Members reviewed certain fee data that such Sub-Adviser charges for other clients. The Board Members

considered that the Sub-Advisory Agreement with such Sub-Adviser, including the fees thereunder, was the result of arm’s length negotiations and

the respective Sub-Adviser’s fees were reasonable in relation to the fees it assessed other clients.

The Board concluded that the varying levels of fees were reasonable given the foregoing.

3. Profitability of 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 (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds

for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate

(i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of

both the Adviser and TAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.

In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a

per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various

expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used

to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly

different profit and loss results.

Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds

compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data

given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors

including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology

used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain

financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant

resources, particularly during periods of market volatility.

With respect to Security Capital, the Board Members considered a margin analysis for such Sub-Adviser, generally including revenues, expenses

and operating margins, for its advisory services to the Real Estate Fund for the 2024 and 2025 calendar years. As Security Capital is unaffiliated with

NFAL, the Board considered that the sub-advisory fee would have been established through arm’s length negotiations between NFAL and such Sub-

Adviser, and NFAL pays such Sub-Adviser out of its own revenues.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or a Sub-Adviser

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 its affiliated Sub-Advisers) and Security Capital’s level of profitability from its relationship with the

applicable Fund(s) 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 Nuveen 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 as a fund and/or

the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means

the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.

The Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management

fees of the funds generally are comprised of 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 revised the breakpoint schedule which reduced the complex-level fee

rates at various thresholds and expanded the assets included in calculating the complex-level fee rates. The Board considered that the complex-

level breakpoint schedule was designed to share the benefits of economies of scale with the participating funds as a result of an increase in the asset

size of the complex even if the particular fund has not grown or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to

share economies of scale with shareholders if the particular fund grows. The Board considered the fee reductions achieved overall from the fund-

level breakpoints and the complex-level breakpoints for the 2025 calendar year. With respect to closed-end funds, the Board considered the limited

ability of closed-end funds to increase their assets as fund growth is primarily a result of portfolio appreciation with some funds occasionally raising

assets in rights offerings and shelf offerings. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business,

including investments in various technology initiatives from which the fund complex may benefit as well as 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.

The Board further considered that the scope of 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.

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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services

as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in

which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other

products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that

an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may

be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the

Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on

shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.

In addition, the Board Members considered that the Adviser and the affiliated Sub-Advisers may utilize soft dollar brokerage arrangements

attributable to the respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.

With respect to the Real Estate Fund, Security Capital has advised that it does not enter into formal soft dollar arrangements, although it may receive

or have access to research generally made available to its trading clients and may consider the quality of proprietary research in allocating trades to

brokers. Further, Security Capital reimburses the Real Estate Fund for certain additional commission amounts related to research.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex 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 non-profit 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 applicable

Fund(s) were reasonable in light of the services provided.

F. Additional Fund-Specific Factors

For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered

in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to

that described above.

___________________________________________________________________________

Nuveen Multi-Asset Income Fund

Relative Net Performance

Comparative Fees and Expenses

••

In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

___________________________________________________________________________

Nuveen

Real Asset Income and Growth

Fund

Relative Net Performance

Comparative Fees and Expenses

••

In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

___________________________________________________________________________

Nuveen

Real Estate Income

Fund

Relative Net Performance

One-Year Period

Three-Year Period

Five-Year Period

Performance Peer Group Quartile

Second Quartile

N/A

Performance Benchmark

Outperformed

Underperformed

N/A

Expense Universe

Actual Management Fee Rate

Above Median

Net Total Expense Ratio

Below Median

One-Year Period

Three-Year Period

Five-Year Period

Performance Peer Group Quartile

Third Quartile

Fourth Quartile

Third Quartile

Performance Benchmark

Outperformed

Expense Universe

Actual Management Fee Rate

Above Median

Net Total Expense Ratio

Above Median

One-Year Period

Three-Year Period

Five-Year Period

Performance Peer Group Quartile

Fourth Quartile

First Quartile

Second Quartile

Performance Benchmark

Underperformed

Statement Regarding Basis for Approval of Investment Advisory Contract

(continued)

Comparative Fees and Expenses

••

In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

___________________________________________________________________________

G. 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.

II. Subsequent Approvals of Advisory Agreements

As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more

than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review,

management and the Board proposed, in relevant part, to reset the annual review schedule for the advisory and sub-advisory agreements of the

Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st

annual deadline. In addition to the new review schedule, management also proposed the internal Restructuring pursuant to which TAL would be

merged into NAM.

At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with certain minor changes as

appropriate to reflect the Restructuring and the Continuing Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the

foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the

proposed renewal of such Advisory Agreements and the Restructuring.

In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting

and many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Investment Management

Agreements and the Continuing Sub-Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the

Board Members relied upon their knowledge and experience with the Adviser and the Sub-Advisers and considered the information received

and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and

materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects.

Further, with respect to the continuance of the Investment Management Agreements and the Continuing Sub-Advisory Agreements, the Board

considered the terms of such agreements with certain minor changes as appropriate to reflect the Restructuring.

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 Investment Management Agreement and each Continuing Sub-Advisory Agreement were reasonable, that the fees of each of the

Adviser and applicable Sub-Adviser(s) were reasonable in light of the services provided to each respective Fund and that each of the foregoing be

renewed for an additional one-year period through July 31, 2027.

Expense Universe

Actual Management Fee Rate

Below Median

Net Total Expense Ratio

Below Median

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-C-0626P 5711740

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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


(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.