UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23669

Nuveen Multi-Asset Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

December

31,

2024

Annual

Report

Nuveen

Multi-Asset

Income

Fund

NMAI

Nuveen

Real

Asset

Income

and

Growth

Fund

JRI

Nuveen

Real

Estate

Income

Fund

JRS

2

IMPORTANT

DISTRIBUTION

NOTICE

for

Shareholders

of

the

Nuveen

Real

Estate

Income

Fund

(JRS)

Annual

Shareholder

Report

for

the

period

ending

December

31,

2024

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.

Table

of

Contents

3

Important

Notices

4

Discussion

of

Fund

Performance

5

Common

Share

Information

10

About

the

Funds’

Benchmarks

13

Fund

Performance,

Leverage

and

Holdings

Summaries

14

Report

of

Independent

Registered

Public

Accounting

Firm

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

74

Statement

of

Operations

75

Statement

of

Changes

in

Net

Assets

76

Statement

of

Cash

Flows

78

Financial

Highlights

80

Notes

to

Financial

Statements

83

Shareholder

Update

98

Important

Tax

Information

131

Additional

Fund

Information

133

Glossary

of

Terms

Used

in

this

Report

134

Board

Members

&

Officers

135

4

Important

Notices

Management

fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

the

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

JRI

-

Portfolio

manager

updates:

Effective

March

31,

2024,

Jay

Rosenberg

is

no

longer

a

portfolio

manager

of

the

Fund.

Effective

May

1,

2024,

Noah

Hauser,

CFA

was

added

as

a

portfolio

manager

of

the

Fund.

Changes

in

Independent

Registered

Public

Accounting

Firm

(a)

Previous

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Funds’

Board

of

Trustees

(the

“Board”),

upon

recommendation

from

the

Audit

Committee,

notified

KPMG

LLP

(“KPMG”)

that

it

would

be

dismissed

as

the

independent

registered

public

accounting

firm

for

the

Funds

effective

upon

(i)

completion

of

KPMG’s

audit

of

the

Funds’

financial

statements

to

be

included

in

the

Funds’

Annual

Report

on

Form

N-CSR

(the

“2024

Annual

Report”)

for

the

fiscal

year

ended

December

31,

2024

and

(ii)

the

issuance

of

KPMG’s

report

on

the

same.

KPMG’s

dismissal

as

the

Funds’

independent

registered

public

accounting

firm

was

effective

on

February

28,

2025,

which

is

the

date

on

which

KPMG

issued

their

report

on

their

audit

of

the

Funds’

financial

statements

to

be

included

in

the

2024

Annual

Report.

KPMG’s

audit

reports

on

the

Funds’

financial

statements

as

of

and

for

the

fiscal

years

ended

December

31,

2024

and

December

31,

2023

contained

no

adverse

opinion

or

disclaimer

of

opinion

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope

or

accounting

principles.

During

the

Funds’

fiscal

years

ended

December

31,

2024

and

December

31,

2023,

and

for

the

subsequent

interim

period

through

February

28,

2025,

there

were

no

disagreements

with

KPMG

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure

or

auditing

scope

or

procedures,

which

disagreements

if

not

resolved

to

the

satisfaction

of

KPMG

would

have

caused

them

to

make

reference

in

connection

with

their

opinion

to

the

subject

matter

of

the

disagreement.

During

the

Funds’

fiscal

years

ended

December

31,

2024

and

December

31,

2023

and

for

the

subsequent

interim

period

through

February

28,

2025,

there

were

no

reportable

events

(as

defined

in

Regulation

S-K

Item

304(a)(1)(v)).

The

Funds

provided

KPMG

with

a

copy

of

the

foregoing

disclosures

and

requested

that

KPMG

furnish

the

Funds

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

stating

whether

KPMG

agrees

with

the

above

statements.

(b)

New

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Board,

upon

recommendation

from

the

Audit

Committee,

appointed

PricewaterhouseCoopers

LLP

(“PwC”)

as

the

new

independent

registered

public

accounting

firm

for

the

Funds

for

the

fiscal

year

ended

December

31,

2025

audit.

During

the

Funds’

fiscal

years

ended

December

31,

2024

and

December

31,

2023

and

for

the

subsequent

interim

period

through

February

28,

2025,

the

Funds

have

not

consulted

with

PwC

regarding

any

of

the

matters

described

in

Regulation

S-K

Item

304

(“S-K

304”),

S-K

304(a)(2)(i)

or

S-K

304(a)(2)(ii)

disclosure.

Subsequent

events

for

JRI

–

portfolio

manager

updates:

Jean

Lin

has

announced

that

she

will

retire

from

Nuveen

on

April

1,

2025.

She

will

continue

to

serve

as

a

portfolio

manager

of

the

Fund

until

April

1,

2025.

Effective

February

11,

2025,

James

Kim

has

been

named

a

portfolio

manager

on

the

Fund.

There

are

no

other

changes

to

the

Fund’s

portfolio

management

team

and

there

are

no

changes

to

the

Fund’s

investment

objective,

principal

investment

strategy

or

principal

risks.

Discussion

of

Fund

Performance

5

Nuveen

Multi-Asset

Income

Fund

(NMAI)

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

Nuveen

Real

Estate

Income

Fund

(JRS)

The

Nuveen

Multi-Asset

Income

Fund

(NMAI)

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

Teachers

Advisors,

LLC

(TAL)

and

Winslow

Capital

Management

LLC

(Winslow).

NAM,

TAL

and

Winslow

each

serve

as

a

sub-adviser

to

the

Fund

and

are

each

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Nathan

Shetty,

CFA,

FRM,

and

Anurag

Dugar.

The

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Tryg

Sarsland,

Brenda

Langenfeld,

CFA,

Jean

Lin,

CFA,

Benjamin

Kerl

and

Noah

Hauser,

CFA.

The

Nuveen

Real

Estate

Income

Fund

(JRS)

features

portfolio

management

by

a

team

of

real

estate

investment

professionals

at

Security

Capital

Research

&

Management

Incorporated

(Security

Capital),

a

wholly

owned

subsidiary

of

JPMorgan

Chase

&

Company.

Anthony

Manno

Jr.,

Kevin

Bedell

and

Nathan

Gear,

CFA,

lead

the

investment

and

portfolio

management

team.

Below

is

a

discussion

of

Fund

performance

and

the

factors

that

contributed

and

detracted

during

the

12-month

reporting

period

ended

December

31,

2024.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

Nuveen

Multi-Asset

Income

Fund

(NMAI)

What

factors

affected

markets

during

the

reporting

period?

U.S.

stocks

posted

strong

returns

and

outperformed

international

stocks.

In

the

U.S.

market,

large-cap

growth

stocks

outperformed

large-cap

value

stocks.

In

international

markets,

emerging

market

stocks

outperformed

non-U.S.

developed

stocks.

In

public

real

assets,

global

infrastructure

stocks

outperformed

U.S.

real

estate

investment

trusts

(REITs)

while

both

underperformed

the

cap-weighted

global

equities.

U.S.

Treasury

yields

increased,

and

the

yield

curve

steepened

during

the

reporting

period.

Shorter-duration

fixed

income

assets

generally

outperformed

longer-duration

assets

of

similar

credit

rating.

Credit

spreads

tightened

during

the

reporting

period.

Floating-rate

loans,

high-yield

bonds

and

preferred

securities

outperformed

investment-grade

bonds.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

The

Fund

seeks

to

provide

attractive

total

return

through

high

current

income

and

capital

appreciation.

The

Fund

dynamically

invests

in

a

portfolio

of

equity

and

debt

securities

of

issuers

located

around

the

world.

During

the

first

quarter,

the

Fund

reduced

the

exposure

to

shorter-duration

Treasury

inflation-protected

securities

after

a

steep

upward

move

in

the

breakeven

inflation

rate

at

the

front

end

of

the

curve.

Early

in

the

second

quarter,

after

a

steep

rise

in

long-term

rates

and

a

cheapening

in

REIT

valuations,

the

Fund

increased

exposure

to

U.S.

REITs.

During

the

latter

half

of

the

third

quarter,

after

a

rally

in

the

short-term

rates,

the

Fund

liquidated

the

short-term

bond

exchange-traded

fund

and

used

the

proceeds

to

lower

the

Fund’s

leverage

ratio

as

the

trade-off

between

the

short-

term

bonds

and

the

Fund’s

leverage

cost

turned

unfavorable.

Discussion

of

Fund

Performance

(continued)

6

In

November

2024,

after

the

U.S.

elections,

the

Fund

reduced

exposure

to

international

stocks

and

increased

exposures

to

U.S.

large-cap

value

and

dividend

growth

stocks,

while

increasing

exposure

to

preferred

securities

driven

by

the

portfolio

management

team’s

favorable

outlook

on

the

U.S.

financial

sector.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

NMAI

returned

7.85%.

The

Fund

underperformed

the

returns

of

the

NMAI

Blended

Benchmark,

which

returned

12.82%.

The

NMAI

Blended

Benchmark

consists

of

50%

MSCI

ACWI

Index

(Net)

and

50%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Top

contributors

to

relative

performance

Within

equities,

security

selection

within

global

developed

stocks.

Within

fixed

income,

out-of-benchmark

allocations

to

floating-rate

senior

loans

and

preferred

securities.

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements.

Top

detractors

from

relative

performance

Within

equities,

the

overweight

allocations

to

U.S.

REITs

and

global

infrastructure

stocks.

Additionally,

the

Fund’s

call-

overwriting

strategy

amid

generally

rising

equity

markets.

Within

fixed

income,

out-of-benchmark

allocations

to

mortgage-backed

securities

(MBS)

and

investment

grade

bonds.

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

What

factors

affected

markets

during

the

reporting

period?

The

U.S.

economy

continued

to

expand

during

the

year,

outpacing

its

developed

market

peers.

Pricing

pressures

eased

during

the

reporting

period,

but

inflation

remained

higher

than

central

banks’

long-term

targets.

Many

global

central

banks

began

monetary

policy

easing

campaigns

during

the

reporting

period.

However,

in

December,

U.S.

Federal

Reserve

(Fed)

policymakers

lowered

expectations

for

future

rate

cuts

in

2025

as

consumers

remained

resilient,

inflation

stayed

sticky,

and

U.S.

presidential

election

results

pointed

to

potential

future

pricing

pressures.

While

short-term

U.S.

Treasury

rates

fell,

yields

rose

across

the

rest

of

the

Treasury

yield

curve,

particularly

at

the

long

end,

returning

the

curve

to

a

positive

slope.

The

10-year

U.S.

Treasury

ended

the

reporting

period

70

basis

points

higher.

Of

the

five

segments

within

the

JRI

Blended

Benchmark,

global

infrastructure

common

equities

performed

best

during

the

reporting

period.

Infrastructure

preferred

securities

also

performed

well.

High

yield

bonds

also

rallied

throughout

the

reporting

period

as

U.S.

economic

growth

and

consumer

spending

remained

stronger

than

expected.

Despite

the

beginning

of

loosening

monetary

policy,

the

rate-sensitive

real

estate

preferred

securities

and

real

estate

common

equity

sectors

within

the

JRI

Blended

Benchmark

underperformed

during

the

reporting

period.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

The

Fund

generally

maintained

a

more

defensive

posture

throughout

its

portfolio

given

ongoing

geopolitical

risks,

along

with

uncertainty

surrounding

global

growth,

inflation,

and

interest

rates.

7

The

portfolio

management

team

shifted

the

Fund’s

common

equity

exposure

closer

to

neutral

by

period

end

through

modest

additions

to

both

global

infrastructure

and

real

estate

common

equities,

while

trimming

debt

and

preferred

securities

exposures.

Despite

the

trims,

the

debt

portion

of

the

Fund

remained

a

notable

overweight

at

period

end

because

of

the

potential

for

continued

stock

market

volatility,

particularly

considering

two

straight

years

of

strong

advances

in

equity

markets.

Additionally,

the

debt

segment

of

the

capital

structure

continued

to

offer

attractive

yields

and

pricing.

Within

the

debt

portfolio,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

higher-yielding

bonds

during

the

reporting

period,

while

lowering

exposure

to

higher-quality,

investment-grade

credits,

mainly

because

of

the

incrementally

more

constructive

outlook

regarding

the

U.S.

economy.

While

overall

exposure

to

preferred

securities

remained

an

underweight

throughout

the

reporting

period,

the

portfolio

management

team

decreased

exposure

to

real

estate

preferreds

due

to

lighter

issuance

and

increased

exposure

to

global

infrastructure

preferreds

because

of

an

uptick

in

issuance.

The

portfolio

management

team

maintained

the

Fund’s

overweight

to

U.S.

versus

non-U.S.

exposure

throughout

the

reporting

period

because

it

found

incrementally

more

attractive

opportunities

in

the

U.S.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

JRI

returned

7.03%.

The

Fund

underperformed

the

returns

of

the

JRI

Blended

Benchmark,

which

returned

7.88%.

The

JRI

Blended

Benchmark

consists

of

25%

FTSE

EPRA

Nareit

Developed

Index

(Net),

22%

S&P

Global

Infrastructure

Index

(Net),

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

13%

FTSE

Nareit

Preferred

Stock

Index

and

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Top

contributors

to

relative

performance

The

Fund’s

use

of

leverage

through

bank

borrowings.

In

addition,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Security

selection

among

global

infrastructure

common

equity,

led

by

pipeline

companies,

including

an

out-of-

benchmark

position

in

Energy

Transfer

LP.

Security

selection

among

real

estate

common

equity,

led

by

health

care

real

estate

investment

trusts

(REITs),

including

an

overweight

to

American

Healthcare

REIT,

Inc.

Top

detractors

from

relative

performance

Security

selection

among

real

estate

preferred

securities,

including

underweights

to

office

REITs.

Security

selection

among

global

infrastructure

preferred

securities,

most

notably

electric

utilities.

Nuveen

Real

Estate

Income

Fund

(JRS)

What

factors

affected

markets

during

the

reporting

period?

The

U.S.

economy

continued

to

expand

during

the

year,

outpacing

its

developed

market

peers.

Pricing

pressures

eased

during

the

period,

but

inflation

remained

higher

than

central

banks’

long-term

targets.

Many

global

central

banks

began

monetary

policy

easing

campaigns

during

the

year.

However,

in

December,

U.S.

Federal

Reserve

(Fed)

policymakers

lowered

expectations

for

future

rates

cuts

in

2025.

While

short-term

rates

fell

in

the

U.S.,

yields

rose

across

the

rest

of

the

Treasury

yield

curve,

particularly

at

the

long

end,

which

returned

the

curve

to

a

positive

slope.

Discussion

of

Fund

Performance

(continued)

8

Despite

the

beginning

of

rate

cut

cycles,

the

rate-sensitive

real

estate

sector

underperformed

broader

equity

markets

in

2024

as

investors

reacted

to

a

slower

pace

of

cuts

than

expected.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

The

portfolio

management

team

sought

to

maintain

significant

property

type

and

geographic

diversification

while

considering

company

credit

quality

and

security

type

allocations.

Investment

decisions

were

based

on

a

multi-layered

analysis

of

the

company,

the

real

estate

it

owns,

its

management

and

the

relative

price

of

the

security.

The

portfolio

management

team

used

fundamental

security

research

to

identify

securities

that

it

believed

would

be

best

positioned

to

generate

sustainable

income

and

potential

price

appreciation.

To

manage

risk

at

the

portfolio

level,

the

portfolio

management

team

continued

to

adjust

the

Fund’s

exposures

in

common

equity

versus

preferred

securities,

senior

unsecured

bonds,

and

cash

during

the

reporting

period.

In

general,

during

times

of

strong

economic

growth,

the

portfolio

management

team

increased

the

Fund’s

allocation

to

common

equity.

In

less

certain

times,

the

portfolio

management

team

tended

to

increase

the

Fund’s

allocation

toward

preferred

securities.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

JRS

returned

10.28%.

The

Fund

outperformed

the

returns

of

the

JRS

Blended

Benchmark,

which

returned

8.23%.

The

JRS

Blended

Benchmark

consists

of

60%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

and

40%

FTSE

Nareit

Preferred

Stock

Index.

Top

contributors

to

relative

performance

The

Fund’s

use

of

leverage

through

bank

borrowings.

In

addition,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

An

underweight

to

the

industrial

sector

and

most

notably

Prologis

Inc.

An

overweight

to

data

center

company

Digital

Realty

Trust

Inc.

An

overweight

to

health

care

company

Ventas

Inc.

Top

detractors

from

relative

performance

An

underweight

to

health

care

company

Welltower

Inc.

An

overweight

to

cell

tower

company

SBA

Communications

Corp.

An

overweight

to

self-storage

company

CubeSmart.

9

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s

Investors

Service,

Inc.

(Moody’s),

Standard

&

Poor’s

(S&P)

and

Fitch,

Inc.

(Fitch).

For

NMAI,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

JRI

and

JRS,

the

highest

rating

given

by

Moody’s,

S&P

and

Fitch

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

10

Common

Share

Information

NMAI

and

JRI

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

distributions

for

NMAI

and

JRI

are

current

as

of

December

31,

2024,

the

Funds’

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notices.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

quarterly

cash

distributions

for

NMAI

and

regular

monthly

cash

distributions

for

JRI

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

quarterly

or

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

quarterly

or

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

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.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

The

following

table

provides

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

a

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

a

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

Funds

attribute

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

the

Fund’s

performance,

those

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

Fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

the

Fund’s

distributions

are

available

on

www.nuveen.com/en-us/closed-

end-funds.

JRS

DISTRIBUTION

INFORMATION

The

following

19(a)

Notice

presents

JRS’s

most

current

distribution

information

as

of

November

30,

2024

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.

Data

as

of

December

31,

2024

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

$0.4175

$0.0956

$0.0000

$0.0000

$0.3219

22.90%

0.00%

0.00%

77.10%

Fiscal

YTD

$1.6525

$0.3792

$0.0000

$0.0000

$1.2733

22.90%

0.00%

0.00%

77.10%

JRI

(FYE

12/31)

Current

Distribution

$0.1335

$0.0613

$0.0000

$0.0000

$0.0722

45.90%

0.00%

0.00%

54.10%

Fiscal

YTD

$1.4345

$0.6585

$0.0000

$0.0000

$0.7760

45.90%

0.00%

0.00%

54.10%

11

JRS

makes

regular

cash

distributions

to

shareholders

of

a

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board

of

Trustees,

the

Fund

seeks

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

the

Fund’s

investment

strategy

through

regular

distributions

(a

“Managed

Distribution

Program”).

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

the

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

DISTRIBUTION

INFORMATION

-

AS

OF

November

30,

2024

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.

Data

as

of

November

30,

2024

Per

Share

Estimated

Sources

of

Distribution

1

Estimated

Percentage

of

Distributions

1

JRS

(FYE

12/31)

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Current

Quarter

$0.1700

$0.0600

$0.0000

$0.0000

$0.1100

35.30%

0.00%

0.00%

64.70%

Fiscal

YTD

$0.6800

$0.2399

$0.0000

$0.0000

$0.4401

35.30%

0.00%

0.00%

64.70%

1

Net

investment

income

(NII)

is

a

projection

through

the

end

of

the

current

calendar

quarter

using

actual

data

through

the

stated

month-end

date

above.

Capital

gain

amounts

are

as

of

the

stated

date

above.

JRS

owns

REIT

securities

which

attribute

their

distributions

to

various

sources

including

NII,

gains,

and

return

of

capital.

The

estimated

per

share

sources

above

include

an

allocation

of

the

NII

based

on

prior

year

attributions

which

can

be

expected

to

differ

from

the

actual

final

attributions

for

the

current

year.

Data

as

of

November

30,

2024

Annualized

Cumulative

5-Year

Fiscal

YTD

Fiscal

YTD

Fiscal

YTD

JRS

(FYE

12/31)

Inception

Date

Quarterly

Distribution

Fiscal

YTD

Distribution

Net

Asset

Value

(NAV)

Return

on

NAV

Dist

Rate

on

NAV

1

Return

on

NAV

Dist

Rate

on

NAV

1

Nov

2001

$0.1700

$0.6800

$10.00

5.41%

6.80%

19.74%

6.80%

1

As

a

percentage

of

11/30/24

NAV.

Common

Share

Information

(continued)

12

DISTRIBUTION

INFORMATION

-

AS

OF

December

31,

2024

The

following

tables

provide

information

regarding

the

Fund’s

common

share

distributions

and

total

return

performance

for

the

fiscal

year

ended

December

31,

2024.

This

information

is

intended

to

help

you

better

understand

whether

the

Fund’s

returns

for

the

specified

time

period

were

sufficient

to

meet

its

distributions.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

authorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

December

31,

2024

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

common

shares

as

shown

in

the

accompanying

table.

Data

as

of

December

31,

2024

Per

Share

Sources

of

Distribution

Percentage

of

Distributions

JRS

(FYE

12/31)

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Fiscal

YTD

$0.6800

$0.2431

$0.0000

$0.0000

$0.4369

35.80%

0.00%

0.00%

64.30%

1

Net

investment

income

(NII)

is

a

projection

through

the

end

of

the

current

calendar

quarter

using

actual

data

through

the

stated

month-end

date

above.

Capital

gain

amounts

are

as

of

the

stated

date

above.

JRS

owns

REIT

securities

which

attribute

their

distributions

to

various

sources

including

NII,

gains,

and

return

of

capital.

The

estimated

per

share

sources

above

include

an

allocation

of

the

NII

based

on

prior

year

attributions

which

can

be

expected

to

differ

from

the

actual

final

attributions

for

the

current

year.

Data

as

of

December

31,

2024

Annualized

1-Year

5-Year

Fiscal

YTD

JRS

(FYE

12/31)

Inception

Date

Net

Asset

Value

(NAV)

Return

on

NAV

Return

on

NAV

Dist

Rate

on

NAV

Nov

2001

$9.04

10.28%

3.44%

7.52%

1

Return

of

Capital

may

represent

unrealized

gains,

return

of

shareholder’s

principal,

or

both.

In

certain

circumstances,

all

or

a

portion

of

the

return

of

capital

may

be

characterized

as

ordinary

income

under

federal

tax

law.

The

actual

tax

characterization

will

be

provided

to

shareholders

on

Form

1099-DIV

shortly

after

calendar

year-end.

NMAI

JRI

JRS

Common

shares

cumulatively

repurchased

and

retired

0

243,500

0

Common

shares

authorized

for

repurchase

3,340,000

2,740,000

2,885,000

About

the

Funds’

Benchmarks

13

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.

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.

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):

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.

14

Fund

Performance,

Leverage

and

Holdings

Summaries

The

Fund

Performance,

Leverage

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

performance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-

term

periods.

Leverage

Ratios

Each

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

“Regulatory

Leverage”

consists

of

preferred

shares

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes

NMAI

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

15

For

financial

reporting

purposes

JRI

and

JRS

use

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

16

Nuveen

Multi-Asset

Income

Fund

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

NMAI

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NMAI

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

50%

MSCI

ACWI

Index

(Net)

and

2)

50%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

Since

Inception

NMAIF

at

Common

Share

NAV

11/22/21

7.85%

(1.02)%

NMAIF

at

Common

Share

Price

11/22/21

11.46%

(2.22)%

S&P

500®

Index

—

25.02%

9.29%

NMAIF

Blended

Benchmark

—

12.82%

4.42%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$13.17

$12.04

(8.58)%

(9.53)%

17

Leverage

and

Holdings

Leverage

Effective

Leverage

30.18%

Regulatory

Leverage

21.74%

Fund

Allocation

(%

of

net

assets)

Common

Stocks

47

.7‌

%

Mortgage-Backed

Securities

17

.7‌

%

Variable

Rate

Senior

Loan

Interests

14

.6‌

%

Real

Estate

Investment

Trust

Common

Stocks

12

.3‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

9

.8‌

%

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

9

.3‌

%

Exchange-Traded

Funds

8

.3‌

%

U.S.

Government

and

Agency

Obligations

7

.9‌

%

Contingent

Capital

Securities

7

.4‌

%

Corporate

Bonds

2

.9‌

%

$25

Par

(or

similar)

Retail

Preferred

2

.3‌

%

Asset-Backed

Securities

0

.2‌

%

Warrants

0

.1‌

%

Investment

Companies

0

.0‌

%

Options

Purchased

0

.0‌

%

Repurchase

Agreements

5

.9‌

%

Other

Assets

&

Liabilities,

Net

(3.1)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

15

.5‌

)

%

Borrowings

(27.8)%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

fixed-income

investments)

U.S.  Guaranteed

3.8%

AAA

1.8%

AA

17.7%

A

1.0%

BBB

18.2%

BB

or

Lower

23.6%

N/R

(not

rated)

1.6%

N/A

(not

applicable)

32.3%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

10.4%

Equity

Real

Estate

Investment

Trusts

(Reits)

8.5%

Exchange-Traded

Funds

5.7%

Utilities

5.3%

Energy

3.9%

Financial

Services

3.5%

Capital

Goods

3.3%

Transportation

2.9%

Software

&

Services

2.7%

Insurance

2.9%

Semiconductors

&

Semiconductor

Equipment

2.7%

Health

Care

Equipment

&

Services

2.3%

Materials

2.2%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2.1%

Consumer

Services

1.7%

Media

&

Entertainment

1.7%

Commercial

&

Professional

Services

1.7%

Technology

Hardware

&

Equipment

1.6%

Food,

Beverage

&

Tobacco

1.5%

Consumer

Discretionary

Distribution

&

Retail

1.3%

Other

4.1%

Mortgage-Backed

Securities

12.0%

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

6.4%

U.S.

Government

and

Agency

Obligations

5.4%

Asset-Backed

Securities

0.2%

Investment

Companies

0.0%

Options

Purchased

0.0%

Repurchase

Agreements

4.0%

Total

100%

Top

Five

Issuers

(%

of

total

investments)

Fannie

Mae

Pool

7.7%

iShares

Core

MSCI

Emerging

Markets

ETF

5.2%

United

States

Treasury

Inflation

Indexed

Bonds

4.2%

Taiwan

Semiconductor

Manufacturing

Co

Ltd

0.9%

Freddie

Mac

Pool

0.8%

Country

Allocation

2

(%

of

total

investments)

United

States

71

.2‌

%

United

Kingdom

2

.9‌

%

Japan

2

.8‌

%

France

2

.5‌

%

Spain

1

.7‌

%

Canada

1

.5‌

%

Mexico

1

.3‌

%

Switzerland

1

.3‌

%

Netherlands

1

.1‌

%

Germany

1

.0‌

%

Australia

1

.0‌

%

Other

11

.7‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

10.4%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

18

Nuveen

Real

Asset

Income

and

Growth

Fund

Fund

Performance,

Leverage

&

Holdings

December

31,

2024

JRI

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JRI

Blended

Benchmark.

Effective

April

1,

2021,

the

JRI

Blended

benchmark

consists

of:

1)

25%

FTSE

EPRA

Nareit

Developed

Index

(Net),

2)

22%

S&P

Global

Infrastructure

Index

(Net),

3)

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

4)

13%

FTSE

Nareit

Preferred

Stock

Index

and

5)

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Through

March

31,

2021,

the

JRI

Blended

Benchmark

consisted

of

1)

21%

FTSE

EPRA

Nareit

Developed

Index

(Net),

2)

28%

S&P

Global

Infrastructure

Index

(Net),

3)

15%

Bloomberg

Global

Capital

Securities

Index,

4)

18%

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index,

and

5)

18%

Bloomberg

US

Corporate

High

Yield

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JRI

at

Common

Share

NAV

4/25/12

7.03%

(0.09)%

3.74%

JRI

at

Common

Share

Price

4/25/12

16.12%

1.05%

4.37%

MSCI

World

Index

(Net)

—

18.67%

11.17%

9.95%

JRI

Blended

Benchmark

—

7.88%

2.78%

4.25%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$13.19

$12.13

(8.04)%

(9.62)%

19

Leverage

and

Holdings

Leverage

Effective

Leverage

33.11%

Regulatory

Leverage

33.11%

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

35

.4‌

%

Common

Stocks

34

.6‌

%

Corporate

Bonds

31

.9‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

20

.1‌

%

$25

Par

(or

similar)

Retail

Preferred

16

.9‌

%

Variable

Rate

Senior

Loan

Interests

3

.7‌

%

Convertible

Preferred

Securities

2

.6‌

%

Investment

Companies

0

.9‌

%

Mortgage-Backed

Securities

0

.2‌

%

Repurchase

Agreements

3

.4‌

%

Other

Assets

&

Liabilities,

Net

(0.2)%

Borrowings

(49.5)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

AA

0.2%

A

3.8%

BBB

24.0%

BB

or

Lower

19.4%

N/R

(not

rated)

52.6%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Utilities

26.0%

Real

Estate

Investment

Trust

Common

Stocks

23.7%

Energy

18.6%

Equity

Real

Estate

Investment

Trusts

(Reits)

8.2%

Equity

Real

Estate

Investment

Trusts

(REITs)

4.3%

Transportation

3.6%

Telecommunication

Services

2.8%

Real

Estate

Management

&

Development

2.1%

Consumer

Services

1.7%

Financial

Services

1.6%

Media

&

Entertainment

1.5%

Health

Care

Equipment

&

Services

1.2%

Capital

Goods

0.8%

Investment

Companies

0.6%

Materials

0.4%

Commercial

&

Professional

Services

0.3%

Consumer

Discretionary

Distribution

&

Retail

0.1%

Mortgage-Backed

Securities

0.1%

Technology

Hardware

&

Equipment

0.1%

Repurchase

Agreements

2.3%

Total

100%

Country

Allocation

1

(%

of

total

investments)

United

States

66

.5‌

%

Canada

11

.8‌

%

United

Kingdom

4

.4‌

%

Australia

2

.8‌

%

Italy

2

.1‌

%

Hong

Kong

2

.0‌

%

Singapore

2

.0‌

%

Japan

1

.7‌

%

France

1

.5‌

%

Spain

1

.5‌

%

Germany

0

.5‌

%

Other

3

.2‌

%

Total

100‌

%

Top

Five

Issuers

(%

of

total

investments)

Enbridge

Inc

3.7%

Energy

Transfer

LP

2.9%

Public

Storage

1.7%

Dominion

Energy

Inc

1.4%

Pembina

Pipeline

Corp

1.3%

1

Includes

1.7%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

20

Nuveen

Real

Estate

Income

Fund

Fund

Performance,

Leverage

&

Holdings

December

31,

2024

JRS

Performance

*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JRS

Blended

Benchmark.

Effective

April

1,

2021,

the

JRS

Blended

Benchmark

consists

of:

1)

60%

Wilshire

US

Real

Estate

Securities

Index

and

2)

40%

FTSE

Nareit

Preferred

Stock

Index.

Through

March

31,

2021,

the

JRS

Blended

Benchmark

consisted

of

1)

60%

Wilshire

US

Real

Estate

Securities

Index

and

2)

40%

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JRS

at

Common

Share

NAV

11/15/01

10.28%

3.44%

5.20%

JRS

at

Common

Share

Price

11/15/01

19.66%

4.67%

5.89%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

—

9.15%

4.57%

5.88%

JRS

Blended

Benchmark

—

8.23%

3.39%

5.18%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$9.04

$8.63

(4.54)%

(9.23)%

21

Leverage

and

Holdings

Leverage

Effective

Leverage

30.09%

Regulatory

Leverage

30.09%

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

100

.4‌

%

Real

Estate

Investment

Trust

Preferred

Stocks

38

.2‌

%

Corporate

Bonds

1

.6‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.7‌

%

Repurchase

Agreements

3

.9‌

%

Other

Assets

&

Liabilities,

Net

(1.8)%

Borrowings

(43.0)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

3.4%

BBB

14.0%

BB

or

Lower

4.9%

N/R

(not

rated)

77.7%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Retail

REITs

17.0%

Office

REITs

12.9%

Data

Center

REITs

11.3%

Multi-Family

Residential

REITs

10.7%

Health

Care

REITs

10.4%

Industrial

REITs

10.4%

Self-Storage

REITs

9.2%

Hotel

&

Resort

REITs

5.5%

Single-Family

Residential

REITs

5.1%

Other

4.8%

Repurchase

Agreements

2.7%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

total

investments)

Prologis

Inc

6.0%

Digital

Realty

Trust

Inc

5.2%

Ventas

Inc

4.1%

Simon

Property

Group

Inc

4.0%

Equinix

Inc

3.8%

Top

Five

Preferred

Stock

Issuers

(%

of

total

investments)

Highwoods

Properties

Inc

3.5%

Vornado

Realty

Trust

3.4%

Public

Storage

3.3%

Digital

Realty

Trust

Inc

2.3%

Kimco

Realty

Corp

1.6%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

22

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Multi-Asset

Income

Fund,

Nuveen

Real

Asset

Income

and

Growth

Fund,

and

Nuveen

Real

Estate

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

December

31,

2024,

the

related

statements

of

operations,

cash

flows

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

December

31,

2024,

the

results

of

their

operations,

cash

flows

and

the

changes

in

their

net

assets

and

their

financial

highlights

for

the

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

December

31,

2024,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

February

28,

2025

23

Appendix

A

For

the

year

ended

December

31,

2024

(statements

of

operations

and

cash

flows);

for

each

of

the

years

in

the

two-year

period

ended

December

31,

2024

(statements

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

December

31,

2024

(financial

highlights):

Nuveen

Real

Estate

Income

Fund

Nuveen

Real

Asset

Income

and

Growth

Fund

For

the

year

ended

December

31,

2024

(statements

of

operations

and

cash

flows);

for

each

of

the

years

in

the

two-year

period

ended

December

31,

2024

(statements

of

changes

in

net

assets);

for

each

of

the

years

in

the

three-year

period

ended

December

31,

2024,

and

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021

(financial

highlights):

Nuveen

Multi-Asset

Income

Fund

24

Portfolio

of

Investments

December

31,

2024

NMAI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

140.5%

(96.0%

of

Total

Investments)

42934116

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

9

.8

%

(

6

.7

%

of

Total

Investments)

42934116

AUTOMOBILES

&

COMPONENTS

-

0.3%

$

462,000

(a),(b)

General

Motors

Financial

Co

Inc

5

.700

%

N/A

$

448,987

755,000

(a),(b)

General

Motors

Financial

Co

Inc

5

.750

N/A

723,674

TOTAL

AUTOMOBILES

&

COMPONENTS

1,172,661

BANKS

-

4.0%

200,000

(c)

Banco

BBVA

Peru

SA

6

.200

06/07/34

202,844

75,000

(b)

Bank

of

America

Corp

6

.100

N/A

74,800

295,000

(b)

Bank

of

America

Corp

4

.375

N/A

284,038

877,000

(a),(b)

Bank

of

America

Corp

5

.875

N/A

879,133

436,000

(b)

Bank

of

America

Corp

6

.125

N/A

438,868

200,000

Bank

of

Montreal

7

.700

05/26/84

207,501

200,000

Bank

of

Nova

Scotia/The

8

.000

01/27/84

210,453

314,000

(b)

Citigroup

Inc

7

.000

N/A

331,137

1,000,000

(a),(b)

Citigroup

Inc

5

.950

N/A

998,966

1,190,000

(a),(b)

Citigroup

Inc

6

.250

N/A

1,190,572

260,000

(b)

Citigroup

Inc

7

.375

N/A

267,863

655,000

(a),(b)

Citigroup

Inc

7

.625

N/A

682,401

378,000

(b)

Citigroup

Inc

7

.125

N/A

385,022

125,000

(b),(d)

Citizens

Financial

Group

Inc

(TSFR3M

+

3.419%)

8

.008

N/A

124,092

335,000

(b)

Citizens

Financial

Group

Inc

4

.000

N/A

318,024

229,000

(b),(d)

Fifth

Third

Bancorp

(TSFR3M

+

3.295%)

7

.623

N/A

228,423

520,000

(a),(b),(d)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

8

.592

N/A

533,088

555,000

(a),(b)

Huntington

Bancshares

Inc/OH

5

.625

N/A

541,650

1,072,000

(a),(b)

JPMorgan

Chase

&

Co

6

.875

N/A

1,119,424

205,000

(b)

JPMorgan

Chase

&

Co

3

.650

N/A

198,867

270,000

(b)

M&T

Bank

Corp

5

.125

N/A

265,900

325,000

(b)

PNC

Financial

Services

Group

Inc/The

6

.000

N/A

324,375

415,000

(b)

PNC

Financial

Services

Group

Inc/The

3

.400

N/A

389,515

448,000

(b)

PNC

Financial

Services

Group

Inc/The

5

.000

N/A

440,836

529,000

(b)

PNC

Financial

Services

Group

Inc/The

6

.250

N/A

533,980

370,000

(b)

Regions

Financial

Corp

5

.750

N/A

366,906

200,000

Toronto-Dominion

Bank/The

8

.125

10/31/82

208,464

295,000

(b)

Truist

Financial

Corp

5

.100

N/A

285,136

1,194,000

(a),(b)

Truist

Financial

Corp

6

.669

N/A

1,187,530

200,000

(c)

Turkiye

Garanti

Bankasi

AS

8

.375

02/28/34

203,744

161,000

(b)

US

Bancorp

5

.300

N/A

158,749

1,030,000

(a),(b)

Wells

Fargo

&

Co

7

.625

N/A

1,092,957

708,000

(a),(b)

Wells

Fargo

&

Co

6

.850

N/A

730,763

875,000

(a),(b)

Wells

Fargo

&

Co

5

.875

N/A

873,416

663,000

(a),(b)

Wells

Fargo

&

Co

3

.900

N/A

644,184

200,000

(c)

Yapi

ve

Kredi

Bankasi

AS

9

.250

01/17/34

208,210

TOTAL

BANKS

17,131,831

CAPITAL

GOODS

-

0.3%

610,000

(a),(c)

AerCap

Global

Aviation

Trust

6

.500

06/15/45

608,667

93,000

(b)

Air

Lease

Corp

4

.125

N/A

87,510

185,000

(b)

Air

Lease

Corp

6

.000

N/A

179,176

395,000

(b)

Air

Lease

Corp

4

.650

N/A

382,074

TOTAL

CAPITAL

GOODS

1,257,427

ENERGY

-

0.6%

305,000

Enbridge

Inc

7

.625

01/15/83

320,002

968,000

(a)

Enbridge

Inc

8

.500

01/15/84

1,075,113

351,000

(b)

Energy

Transfer

LP

7

.125

N/A

352,264

49,000

(b)

Energy

Transfer

LP

6

.625

N/A

48,190

250,000

(b)

Energy

Transfer

LP

6

.500

N/A

250,103

95,000

Energy

Transfer

LP

8

.000

05/15/54

99,555

144,000

(c)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.500

03/01/55

148,899

75,000

Transcanada

Trust

5

.875

08/15/76

74,000

25

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

$

440,000

Transcanada

Trust

5

.600

%

03/07/82

$

417,218

TOTAL

ENERGY

2,785,344

FINANCIAL

SERVICES

-

1.8%

1,030,000

(a)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6

.950

03/10/55

1,060,050

159,600

(b)

Ally

Financial

Inc

4

.700

N/A

148,933

400,000

(b)

Ally

Financial

Inc

4

.700

N/A

349,574

555,000

(a),(b),(c)

American

AgCredit

Corp

5

.250

N/A

541,050

180,000

(b)

American

Express

Co

3

.550

N/A

173,012

150,000

(b)

Bank

of

New

York

Mellon

Corp/The

4

.700

N/A

148,576

200,000

(b)

Capital

One

Financial

Corp

3

.950

N/A

190,226

800,000

(a),(b)

Charles

Schwab

Corp/The

4

.000

N/A

773,756

375,000

(b)

Charles

Schwab

Corp/The

5

.375

N/A

373,003

150,000

(b)

Discover

Financial

Services

6

.125

N/A

149,175

130,000

(b)

Discover

Financial

Services

5

.500

N/A

126,542

720,000

(a),(b)

Goldman

Sachs

Group

Inc/The

7

.379

N/A

719,438

475,000

(a),(b)

Goldman

Sachs

Group

Inc/The

5

.300

N/A

471,428

430,000

(a),(b)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

453,512

371,000

(b)

Goldman

Sachs

Group

Inc/The

6

.125

N/A

366,219

543,000

(a),(b)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

566,465

320,000

(b)

State

Street

Corp

6

.700

N/A

326,322

420,000

(a),(b)

Voya

Financial

Inc

7

.758

N/A

442,160

TOTAL

FINANCIAL

SERVICES

7,379,441

FOOD,

BEVERAGE

&

TOBACCO

-

0.5%

2,250,000

(a),(b),(c)

Land

O'

Lakes

Inc

8

.000

N/A

2,092,999

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,092,999

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

142,000

CVS

Health

Corp

6

.750

12/10/54

139,237

80,000

CVS

Health

Corp

7

.000

03/10/55

80,268

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

219,505

INSURANCE

-

1.1%

118,000

American

International

Group

Inc

5

.750

04/01/48

117,231

450,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

422,417

381,000

Corebridge

Financial

Inc

6

.375

09/15/54

378,394

325,000

Enstar

Finance

LLC

5

.750

09/01/40

320,554

235,000

Enstar

Finance

LLC

5

.500

01/15/42

224,399

541,000

(a),(b)

Markel

Group

Inc

6

.000

N/A

539,987

580,000

(a),(c)

MetLife

Inc

9

.250

04/08/38

682,067

360,000

Provident

Financing

Trust

I

7

.405

03/15/38

381,711

210,000

Prudential

Financial

Inc

5

.125

03/01/52

199,841

150,000

Prudential

Financial

Inc

6

.500

03/15/54

154,270

81,000

Prudential

Financial

Inc

5

.375

05/15/45

80,453

420,000

(b),(c)

QBE

Insurance

Group

Ltd

5

.875

N/A

419,545

575,000

(a),(b),(c)

SBL

Holdings

Inc

6

.500

N/A

500,575

600,000

(a),(b),(c)

SBL

Holdings

Inc

7

.000

N/A

543,990

TOTAL

INSURANCE

4,965,434

MATERIALS

-

0.0%

200,000

(b),(c)

Cemex

SAB

de

CV

9

.125

N/A

206,129

TOTAL

MATERIALS

206,129

MEDIA

&

ENTERTAINMENT

-

0.0%

190,000

Paramount

Global

6

.375

03/30/62

183,651

TOTAL

MEDIA

&

ENTERTAINMENT

183,651

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

193,000

(c)

EUSHI

Finance

Inc

7

.625

12/15/54

200,779

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

200,779

TELECOMMUNICATION

SERVICES

-

0.1%

365,000

Vodafone

Group

PLC

7

.000

04/04/79

373,786

TOTAL

TELECOMMUNICATION

SERVICES

373,786

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

26

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

1.1%

$

300,000

(c)

AES

Andes

SA

6

.350

%

10/07/79

$

297,750

400,000

(c)

AES

Andes

SA

8

.150

06/10/55

404,581

113,000

AES

Corp/The

7

.600

01/15/55

116,064

120,000

(c)

AltaGas

Ltd

7

.200

10/15/54

120,656

310,000

American

Electric

Power

Co

Inc

3

.875

02/15/62

291,463

165,000

CMS

Energy

Corp

4

.750

06/01/50

156,293

115,000

Dominion

Energy

Inc

7

.000

06/01/54

121,438

144,000

Duke

Energy

Corp

6

.450

09/01/54

145,749

150,000

(b)

Edison

International

5

.375

N/A

147,912

200,000

(b)

Edison

International

5

.000

N/A

194,945

695,000

(a)

Emera

Inc

6

.750

06/15/76

698,607

314,000

Entergy

Corp

7

.125

12/01/54

320,038

262,000

NextEra

Energy

Capital

Holdings

Inc

6

.750

06/15/54

268,414

91,000

PG&E

Corp

7

.375

03/15/55

93,387

239,000

Sempra

6

.550

04/01/55

237,124

510,000

(a),(b)

Sempra

4

.875

N/A

503,363

340,000

Southern

Co/The

4

.000

01/15/51

333,181

175,000

(b),(c)

Vistra

Corp

7

.000

N/A

175,998

140,000

(b),(c)

Vistra

Corp

8

.875

N/A

149,362

185,000

(b),(c)

Vistra

Corp

8

.000

N/A

188,804

TOTAL

UTILITIES

4,965,129

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$43,065,840)

42,934,116

SHARES

DESCRIPTION

RATE

VALUE

10022121

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

2

.3

%

(

1

.6

%

of

Total

Investments)

10022121

BANKS

-

0.4%

15,622

Fifth

Third

Bancorp

8

.296

395,549

121,800

Itau

Unibanco

Holding

SA

0.000

602,535

27,025

(a)

KeyCorp

6

.200

659,140

8,825

(a)

KeyCorp

6

.125

216,654

TOTAL

BANKS

1,873,878

CAPITAL

GOODS

-

0.0%

6,800

WESCO

International

Inc

10

.625

173,536

TOTAL

CAPITAL

GOODS

173,536

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

403,733

Raizen

SA

0.000

141,057

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

141,057

ENERGY

-

0.0%

29,500

Petroleo

Brasileiro

SA

0.000

174,477

TOTAL

ENERGY

174,477

FINANCIAL

SERVICES

-

0.7%

11,100

(a)

Equitable

Holdings

Inc

5

.250

227,106

17,175

Morgan

Stanley

6

.500

441,741

4,206

Morgan

Stanley

7

.125

106,117

21,600

Morgan

Stanley

6

.625

572,616

25,000

Morgan

Stanley

6

.875

629,750

8,848

(a)

Synchrony

Financial

5

.625

169,705

17,343

Voya

Financial

Inc

5

.350

402,878

TOTAL

FINANCIAL

SERVICES

2,549,913

FOOD,

BEVERAGE

&

TOBACCO

-

0.3%

34,746

(a)

CHS

Inc

7

.100

877,684

17,393

CHS

Inc

6

.750

430,999

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,308,683

INSURANCE

-

0.9%

22,866

(a)

American

National

Group

Inc

8

.372

576,223

24,200

(a)

American

National

Group

Inc

6

.625

601,370

15,200

Aspen

Insurance

Holdings

Ltd

5

.625

307,496

6,775

Aspen

Insurance

Holdings

Ltd

7

.125

172,288

9,600

Assurant

Inc

5

.250

192,672

27

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

RATE

VALUE

INSURANCE

(continued)

16,890

Athene

Holding

Ltd

6

.375

%

$

423,263

19,836

(a)

Athene

Holding

Ltd

6

.350

483,205

10,532

(a)

Enstar

Group

Ltd

7

.000

214,326

14,737

Reinsurance

Group

of

America

Inc

5

.750

362,383

9,609

Reinsurance

Group

of

America

Inc

7

.125

247,912

8,200

Selective

Insurance

Group

Inc

4

.600

142,024

TOTAL

INSURANCE

3,723,162

TELECOMMUNICATION

SERVICES

-

0.0%

3,900

AT&T

Inc

4

.750

77,415

TOTAL

TELECOMMUNICATION

SERVICES

77,415

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$10,881,213)

10,022,121

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

0.2%

(0.2%

of

Total

Investments)

–

$

250,001

(c)

Hertz

Vehicle

Financing

III

LLC,

2023

3A

5

.940

02/25/28

253,997

250,000

(e)

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

215,798

158,826

(c)

MVW

2020-1

LLC,

2020

1A

1

.740

10/20/37

152,303

244,817

(c)

OneMain

Financial

Issuance

Trust

2022-2,

2022

2A

4

.890

10/14/34

244,933

125,000

(c)

PenFed

Auto

Receivables

Owner

Trust

2022-A,

2022

A

4

.600

12/15/28

124,602

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$1,008,665)

991,633

SHARES

DESCRIPTION

VALUE

209590790

COMMON

STOCKS

-

47

.7

%

(

32

.4

%

of

Total

Investments)

209590790

AUTOMOBILES

&

COMPONENTS

-

0.6%

13,678

BYD

Co

Ltd,

Class

A

529,053

1,127

Hyundai

Motor

Co

160,001

346

(a),(f)

Tesla

Inc

139,729

88,100

(f)

Toyota

Motor

Corp

1,720,172

TOTAL

AUTOMOBILES

&

COMPONENTS

2,548,955

BANKS

-

4.2%

534,588

Agricultural

Bank

of

China

Ltd,

Class

A

391,102

124,766

Banco

Bilbao

Vizcaya

Argentaria

SA

1,220,764

204,285

Banco

Santander

SA

945,073

15,784

(a)

Bank

of

America

Corp

693,707

588,000

Bank

of

China

Ltd

299,210

1,996,100

Bank

Rakyat

Indonesia

Persero

Tbk

PT

503,912

2,697

BNP

Paribas

SA

165,587

1,269

Capitec

Bank

Holdings

Ltd

210,813

52,046

China

Merchants

Bank

Co

Ltd,

Class

A

280,218

10,267

Commonwealth

Bank

of

Australia

971,475

4,492

Fifth

Third

Bancorp

189,922

57,600

Grupo

Financiero

Banorte

SAB

de

CV

370,086

19,661

HDFC

Bank

Ltd,

ADR

1,255,551

69,956

ING

Groep

NV

1,096,321

12,167

JPMorgan

Chase

&

Co

2,916,552

3,121

KB

Financial

Group

Inc

175,747

159,200

Mitsubishi

UFJ

Financial

Group

Inc

1,858,613

49,142

Nordea

Bank

Abp

536,176

5,561

(f)

NU

Holdings

Ltd/Cayman

Islands,

Class

A

57,612

1,792

(a)

PNC

Financial

Services

Group

Inc/The

345,587

92,300

Sumitomo

Mitsui

Financial

Group

Inc

2,215,221

22,834

(a),(g)

Wells

Fargo

&

Co

1,603,860

TOTAL

BANKS

18,303,109

CAPITAL

GOODS

-

3.5%

12,050

Airbus

SE

1,929,577

968

Allegion

plc

126,498

10,091

Ashtead

Group

PLC

624,310

731,500

Astra

International

Tbk

PT

222,364

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

28

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

CAPITAL

GOODS

(continued)

2,289

(f)

Boeing

Co/The

$

405,153

1,659

(a)

Caterpillar

Inc

601,819

5,181

Cie

de

Saint-Gobain

SA

460,392

4,583

Contemporary

Amperex

Technology

Co

Ltd,

Class

A

167,053

489

Deere

&

Co

207,189

1,854

(a)

Dover

Corp

347,810

2,526

Eaton

Corp

PLC

838,304

2,868

Emerson

Electric

Co

355,431

13,306

Ferrovial

SE

558,514

107,100

(f)

Hitachi

Ltd

2,622,885

5,485

Honeywell

International

Inc

1,239,007

35,718

Infratil

Ltd

251,766

2,716

(a)

Masco

Corp

197,100

457

Northrop

Grumman

Corp

214,466

725

Parker-Hannifin

Corp

461,122

4,184

RTX

Corp

484,172

7,351

Siemens

AG

1,433,406

1,349

Trane

Technologies

PLC

498,253

732

(a)

United

Rentals

Inc

515,650

4,784

Vinci

SA

492,544

TOTAL

CAPITAL

GOODS

15,254,785

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

1,591

(f)

Casella

Waste

Systems

Inc,

Class

A

168,344

165,485

Cleanaway

Waste

Management

Ltd

270,796

7,954

GFL

Environmental

Inc

354,271

24,100

Infomart

Corp

46,259

19,700

Recruit

Holdings

Co

Ltd

1,369,306

6,985

Republic

Services

Inc

1,405,243

7,240

Waste

Connections

Inc

1,242,239

1,098

Waste

Management

Inc

221,565

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,078,023

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.2%

69,200

Alibaba

Group

Holding

Ltd

732,368

2,742

Alibaba

Group

Holding

Ltd,

Sponsored

ADR

232,494

8,354

(f)

Amazon.com

Inc

1,832,785

1

(e),(f)

Belk

Inc

8

2,174

(a)

Home

Depot

Inc/The

845,664

1,138

JD.com

Inc,

ADR

39,454

17,800

JD.com

Inc,

Class

A

309,065

1,061

(f)

Jo-Ann

Stores

LLC

663

1,399

Lowe's

Cos

Inc

345,273

192

(f)

O'Reilly

Automotive

Inc

227,674

1,710

(f)

PDD

Holdings

Inc

165,853

3,063

TJX

Cos

Inc/The

370,041

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

5,101,342

CONSUMER

DURABLES

&

APPAREL

-

1.1%

5,401

Cie

Financiere

Richemont

SA

817,031

1,807

Kering

SA

446,321

3,954

LG

Electronics

Inc

222,152

758

LVMH

Moet

Hennessy

Louis

Vuitton

SE

498,607

9,124

Moncler

SpA

481,661

5,064

(a)

NIKE

Inc,

Class

B

383,193

43

(f)

NVR

Inc

351,693

84,000

Sony

Group

Corp

1,770,344

TOTAL

CONSUMER

DURABLES

&

APPAREL

4,971,002

CONSUMER

SERVICES

-

0.8%

83,128

(f)

24

Hour

Fitness

Worldwide

Inc

2,494

174,789

(f)

24

Hour

Fitness

Worldwide

Inc

1,748

66,724

(a)

Arcos

Dorados

Holdings

Inc,

Class

A

485,751

51

Booking

Holdings

Inc

253,389

96

(f)

Crown

Finance

US

Inc

2,410

29

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

CONSUMER

SERVICES

(continued)

11,373

(f)

Despegar.com

Corp

$

218,930

4,622

H

World

Group

Ltd,

ADR

152,665

1,473

Hilton

Worldwide

Holdings

Inc

364,067

2,770

McDonald's

Corp

802,995

24,827

(a),(f)

Melco

Resorts

&

Entertainment

Ltd

143,748

11,800

Oriental

Land

Co

Ltd/Japan

254,363

5,284

Starbucks

Corp

482,165

328,000

Wynn

Macau

Ltd

226,217

TOTAL

CONSUMER

SERVICES

3,390,942

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.7%

977,935

(f)

Cia

Brasileira

de

Distribuicao

403,181

1,094

(a)

Costco

Wholesale

Corp

1,002,399

94,683

Sendas

Distribuidora

S/A

86,343

19,984

Walmart

Inc

1,805,554

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,297,477

ENERGY

-

4.8%

44,925

BP

PLC

222,063

8,832

(a)

Cheniere

Energy

Inc

1,897,732

3,312

(a)

Chevron

Corp

479,710

4,033

ConocoPhillips

399,953

2,555

(a)

Diamondback

Energy

Inc

418,586

1,524

DT

Midstream

Inc

151,531

57,710

(a)

Enbridge

Inc

2,448,634

62,355

(a),(g)

Energy

Transfer

LP

1,221,534

10,246

Enterprise

Products

Partners

LP

321,315

2,646

(a)

EOG

Resources

Inc

324,347

19,856

(a)

Exxon

Mobil

Corp

2,135,910

6,201

Gibson

Energy

Inc

105,604

23,747

(g)

Kinder

Morgan

Inc

650,668

4,983

(g)

MPLX

LP

238,486

19,699

(g)

ONEOK

Inc

1,977,780

25,300

Pembina

Pipeline

Corp

934,769

8,158

(c)

Reliance

Industries

Ltd,

Sponsored

GDR

463,374

16,720

(c)

Reliance

Industries

Ltd,

Sponsored

GDR

949,696

58,449

Shell

PLC

1,821,913

4,487

(a)

Targa

Resources

Corp

800,930

5,963

TC

Energy

Corp

277,896

10,747

TotalEnergies

SE

598,767

7,368

(f)

Transocean

Ltd

27,630

5,791

(a)

Valero

Energy

Corp

709,919

33,033

(a)

Williams

Cos

Inc/The

1,787,746

TOTAL

ENERGY

21,366,493

FINANCIAL

SERVICES

-

1.6%

3,301

American

Express

Co

979,705

1,541

(a),(f)

Berkshire

Hathaway

Inc,

Class

B

698,504

391

Blackrock

Inc

400,818

3,825

(a)

Charles

Schwab

Corp/The

283,088

1,937

(f)

Fiserv

Inc

397,899

881

Goldman

Sachs

Group

Inc/The

504,478

2,698

Intercontinental

Exchange

Inc

402,029

1,495

Mastercard

Inc,

Class

A

787,222

4,821

(a)

Morgan

Stanley

606,096

21,500

ORIX

Corp

461,903

709

S&P

Global

Inc

353,103

16,500

SBI

Holdings

Inc

414,415

1,941

(a)

Visa

Inc,

Class

A

613,434

TOTAL

FINANCIAL

SERVICES

6,902,694

FOOD,

BEVERAGE

&

TOBACCO

-

1.0%

8,053

(a)

Coca-Cola

Co/The

501,380

9,375

Fomento

Economico

Mexicano

SAB

de

CV,

Sponsored

ADR

801,469

7,220

Heineken

NV

514,563

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

30

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

FOOD,

BEVERAGE

&

TOBACCO

(continued)

5,708

Keurig

Dr

Pepper

Inc

$

183,341

7,112

Mondelez

International

Inc,

Class

A

424,800

6,442

(f)

Monster

Beverage

Corp

338,592

3,554

Nestle

SA

291,581

1,460

PepsiCo

Inc

222,008

9,894

(g)

Philip

Morris

International

Inc

1,190,742

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,468,476

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.4%

7,220

Abbott

Laboratories

816,654

7,113

(a),(f)

Boston

Scientific

Corp

635,333

1,010

(a)

Cigna

Group/The

278,901

1,468

(a)

Elevance

Health

Inc

541,545

4,020

EssilorLuxottica

SA

980,598

913

HCA

Healthcare

Inc

274,037

625

Humana

Inc

158,569

1,498

Medtronic

PLC

119,660

12,280

(e),(f)

Millennium

Health

LLC

1,228

11,534

(e),(f)

Millennium

Health

LLC

115

1,449

(g)

Stryker

Corp

521,712

3,443

(a)

UnitedHealth

Group

Inc

1,741,677

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

6,070,029

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.7%

1,889

(f)

Amorepacific

Corp

133,679

206,969

Haleon

PLC

975,890

6,261

(a)

Procter

&

Gamble

Co/The

1,049,657

16,446

Unilever

PLC

934,471

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,093,697

INSURANCE

-

0.7%

38,600

AIA

Group

Ltd

277,258

5,630

American

International

Group

Inc

409,864

1,624

Chubb

Ltd

448,711

3,509

(a)

Marsh

&

McLennan

Cos

Inc

745,347

3,672

(a)

MetLife

Inc

300,663

37,006

Ping

An

Insurance

Group

Co

of

China

Ltd,

Class

A

267,004

1,258

Zurich

Insurance

Group

AG

748,216

TOTAL

INSURANCE

3,197,063

MATERIALS

-

2.5%

28,596

BHP

Group

Ltd

697,592

7,239

(a)

Corteva

Inc

412,333

17,499

CRH

PLC

1,619,007

3,963

(a)

DuPont

de

Nemours

Inc

302,179

16,132

Freeport-McMoRan

Inc

614,307

220,435

Glencore

PLC

970,835

7,493

Heidelberg

Materials

AG

925,858

5,914

(f)

Linde

PLC

2,476,014

688

POSCO

Holdings

Inc

117,362

578

Reliance

Inc

155,632

42,953

(a)

Smurfit

WestRock

PLC

2,313,449

4,323

Sociedad

Quimica

y

Minera

de

Chile

SA,

Sponsored

ADR

157,184

21,200

Vale

SA

187,485

14,415

Vale

SA,

Sponsored

ADR

127,861

TOTAL

MATERIALS

11,077,098

MEDIA

&

ENTERTAINMENT

-

1.4%

2,928

(a)

Alphabet

Inc,

Class

A

554,270

1,386

(a)

Alphabet

Inc,

Class

C

263,950

14,922

Comcast

Corp,

Class

A

560,023

58,224

(a)

Grupo

Televisa

SAB,

Sponsored

ADR

97,816

42,787

HUYA

Inc,

ADR

131,356

2,385

(a)

Meta

Platforms

Inc

1,396,441

1,384

(f)

NAVER

Corp

184,667

28,810

Nintendo

Co

Ltd

1,677,946

31

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

MEDIA

&

ENTERTAINMENT

(continued)

15,600

Tencent

Holdings

Ltd

$

832,616

4,134

Walt

Disney

Co/The

460,321

TOTAL

MEDIA

&

ENTERTAINMENT

6,159,406

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

2.6%

4,738

AbbVie

Inc

841,943

10,638

Aspen

Pharmacare

Holdings

Ltd

92,928

12,865

AstraZeneca

PLC

1,677,334

1,045

(f)

BeiGene

Ltd,

ADR

193,022

41,300

Daiichi

Sankyo

Co

Ltd

1,130,102

1,439

Danaher

Corp

330,322

1,040

Eli

Lilly

&

Co

802,880

4,105

Johnson

&

Johnson

593,665

1,222

Lonza

Group

AG

721,271

4,507

Merck

&

Co

Inc

448,356

10,569

Novartis

AG

1,028,969

28,642

Novo

Nordisk

A/S,

Class

B

2,471,284

1,940

Novo

Nordisk

A/S,

Sponsored

ADR

166,879

4,912

Sanofi

SA,

ADR

236,906

75,000

(c),(f)

Wuxi

Biologics

Cayman

Inc

168,081

1,995

Zoetis

Inc

325,045

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

11,228,987

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

13,167

KE

Holdings

Inc,

ADR

242,536

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

242,536

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3.8%

22,800

Advantest

Corp

1,296,381

1,195

(a)

Analog

Devices

Inc

253,890

1,351

(a)

Applied

Materials

Inc

219,713

1,892

ASML

Holding

NV

1,325,222

3,087

(f)

Bright

Bidco

BV

1,198

4,217

(f)

Bright

Bidco

BV

1,636

13,143

Broadcom

Inc

3,047,073

19,247

Infineon

Technologies

AG

628,255

4,683

Intel

Corp

93,894

2,109

Lam

Research

Corp

152,333

3,000

MediaTek

Inc

128,969

2,212

Micron

Technology

Inc

186,162

23,261

(a)

NVIDIA

Corp

3,123,721

1,151

(a)

NXP

Semiconductors

NV

239,235

668

SK

Hynix

Inc

76,546

31,000

SUMCO

Corp

228,299

83,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2,697,502

14,794

(a),(g)

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

2,921,667

816

Texas

Instruments

Inc

153,008

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

16,774,704

SOFTWARE

&

SERVICES

-

1.7%

2,750

(a)

Accenture

PLC,

Class

A

967,423

4,662

(f)

Avaya

Inc

28,359

21,660

(f)

Avaya

Inc

131,758

18,158

(a)

Infosys

Ltd,

Sponsored

ADR

398,023

238,500

(c)

LWSA

SA

127,868

9,266

(a)

Microsoft

Corp

3,905,618

25,916

(f)

NEXTDC

Ltd

241,095

1,334

Oracle

Corp

222,298

2,068

(a)

Salesforce

Inc

691,394

735

(a),(f)

ServiceNow

Inc

779,188

TOTAL

SOFTWARE

&

SERVICES

7,493,024

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.9%

4,934

Amphenol

Corp,

Class

A

342,666

17,171

(a)

Apple

Inc

4,299,962

4,410

Cisco

Systems

Inc

261,072

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

32

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

24,834

E

Ink

Holdings

Inc

$

206,786

49,000

Hon

Hai

Precision

Industry

Co

Ltd

273,942

1,146

Motorola

Solutions

Inc

529,716

3,294

(f)

Riverbed

Technology

LLC/US

33

50,879

Samsung

Electronics

Co

Ltd

1,815,709

747

(f)

Samsung

SDI

Co

Ltd

123,471

2,328

TE

Connectivity

PLC

332,834

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

8,186,191

TELECOMMUNICATION

SERVICES

-

0.4%

11,956

(c)

Cellnex

Telecom

SA

377,648

17,028

Infrastrutture

Wireless

Italiane

SpA

172,974

142,045

Koninklijke

KPN

NV

517,959

1,844,100

Telkom

Indonesia

Persero

Tbk

PT

308,676

1,869

T-Mobile

US

Inc

412,544

TOTAL

TELECOMMUNICATION

SERVICES

1,789,801

TRANSPORTATION

-

3.7%

12,063

Aena

SME

SA

2,462,029

7,508

Aeroports

de

Paris

SA

869,321

125,686

Atlas

Arteria

Ltd

368,732

283,483

Auckland

International

Airport

Ltd

1,379,896

2,978

Canadian

Pacific

Kansas

City

Ltd

215,518

13,917

(a)

CSX

Corp

449,102

9,106

Deutsche

Post

AG

321,463

4,163

DSV

A/S

886,576

4,400

East

Japan

Railway

Co

77,928

361

FedEx

Corp

101,560

2,320

Flughafen

Zurich

AG

556,938

5,204

(f)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

316,551

21,117

Full

Truck

Alliance

Co

Ltd

228,486

71,087

Getlink

SE

1,133,532

60,628

(f)

Grab

Holdings

Ltd

286,164

7,644

(a)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

524,684

2,923

(a)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

511,496

4,287

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

1,104,460

36,920

International

Container

Terminal

Services

Inc

246,367

14,600

Japan

Airport

Terminal

Co

Ltd

460,322

6,900

Kamigumi

Co

Ltd

149,682

1,903

Norfolk

Southern

Corp

446,634

57,649

Qube

Holdings

Ltd

141,276

12,600

(f)

Tokyo

Metro

Co

Ltd

129,007

190,286

Transurban

Group

1,572,715

6,813

(a)

Union

Pacific

Corp

1,553,637

TOTAL

TRANSPORTATION

16,494,076

UTILITIES

-

6.1%

10,314

(a)

Alliant

Energy

Corp

609,970

13,959

(a)

Ameren

Corp

1,244,305

2,551

(a)

American

Electric

Power

Co

Inc

235,279

19,993

(a)

CenterPoint

Energy

Inc

634,378

35,500

CLP

Holdings

Ltd

297,749

13,199

(a)

CMS

Energy

Corp

879,713

4,297

Constellation

Energy

Corp

961,282

1,967

Duke

Energy

Corp

211,925

41,833

E.ON

SE

487,273

1,598

Elia

Group

SA/NV

122,955

15,925

Endesa

SA

342,455

194,356

Enel

SpA

1,386,958

23,996

Engie

SA

380,562

38,800

ENN

Energy

Holdings

Ltd

275,704

13,998

(a)

Entergy

Corp

1,061,328

3,516

Eversource

Energy

201,924

6,725

Exelon

Corp

253,129

33

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

91,448

Iberdrola

SA

$

1,260,173

20,905

National

Grid

PLC

248,357

5,572

National

Grid

PLC,

Sponsored

ADR

331,088

41,542

(a)

NextEra

Energy

Inc

2,978,145

32,914

(g)

NiSource

Inc

1,209,919

54,550

(g)

PG&E

Corp

1,100,819

7,523

Pinnacle

West

Capital

Corp

637,725

9,836

Public

Service

Enterprise

Group

Inc

831,044

26,338

Redeia

Corp

SA

449,755

19,427

RWE

AG

580,159

112,400

Sembcorp

Industries

Ltd

454,712

15,390

(a),(g)

Sempra

1,350,011

12,705

Severn

Trent

PLC

398,333

91,422

Snam

SpA

405,251

10,601

(g)

Southern

Co/The

872,674

34,293

SSE

PLC

687,386

89,232

Terna

-

Rete

Elettrica

Nazionale

705,095

10,648

Veolia

Environnement

SA

298,756

6,038

Vistra

Corp

832,459

3,328

(a)

WEC

Energy

Group

Inc

312,965

23,240

(g)

Xcel

Energy

Inc

1,569,165

TOTAL

UTILITIES

27,100,880

TOTAL

COMMON

STOCKS

(Cost

$165,664,750)

209,590,790

PRINCIPAL

DESCRIPTION

(h)

RATE

MATURITY

VALUE

32620335

CONTINGENT

CAPITAL

SECURITIES

-

7

.4

%

(

5

.1

%

of

Total

Investments)

32620335

BANKS

-

6.3%

$

440,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6

.125

%

N/A

423,331

673,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

9

.375

N/A

732,509

400,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6

.500

N/A

398,421

200,000

(b),(c)

Banco

de

Credito

e

Inversiones

SA

8

.750

N/A

208,574

200,000

(b),(c)

Banco

del

Estado

de

Chile

7

.950

N/A

205,432

200,000

(b),(c)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.375

N/A

199,537

509,800

(b),(c)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.750

N/A

507,480

500,000

(b),(c)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

7

.625

N/A

490,694

400,000

(b)

Banco

Santander

SA

4

.750

N/A

380,505

1,000,000

(b)

Banco

Santander

SA

9

.625

N/A

1,152,633

600,000

(b)

Banco

Santander

SA

8

.000

N/A

621,121

200,000

Bancolombia

SA

8

.625

12/24/34

209,397

200,000

(c)

Bank

Hapoalim

BM,

Reg

S

3

.255

01/21/32

188,114

800,000

(a),(b)

Barclays

PLC

8

.000

N/A

827,660

1,625,000

(a),(b)

Barclays

PLC

9

.625

N/A

1,788,104

230,000

(b)

Barclays

PLC

6

.125

N/A

229,459

200,000

(c)

BBVA

Bancomer

SA/Texas

8

.450

06/29/38

207,130

1,252,000

(b),(c)

BNP

Paribas

SA

7

.750

N/A

1,279,888

625,000

(b),(c)

BNP

Paribas

SA

8

.000

N/A

642,861

484,000

(b),(c)

BNP

Paribas

SA

9

.250

N/A

516,577

610,000

(b),(c)

BNP

Paribas

SA

8

.500

N/A

635,627

200,000

(b),(c)

BNP

Paribas

SA

7

.000

N/A

199,961

409,000

(b),(c)

BNP

Paribas

SA

7

.375

N/A

406,048

515,000

(a),(b),(c)

Credit

Agricole

SA

8

.125

N/A

525,377

1,359,000

(a),(b),(c)

Credit

Agricole

SA

6

.700

N/A

1,303,996

394,000

(b)

HSBC

Holdings

PLC

6

.875

N/A

392,200

910,000

(a),(b)

HSBC

Holdings

PLC

6

.000

N/A

889,732

479,000

(a),(b)

HSBC

Holdings

PLC

6

.375

N/A

479,038

715,000

(a),(b)

HSBC

Holdings

PLC

8

.000

N/A

750,078

200,000

(b)

HSBC

Holdings

PLC

6

.500

N/A

198,810

1,123,000

(a),(b)

HSBC

Holdings

PLC

6

.950

N/A

1,124,785

845,000

(a),(b)

ING

Groep

NV

5

.750

N/A

833,855

380,000

(b)

ING

Groep

NV

6

.500

N/A

379,994

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

34

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION(h)

RATE

MATURITY

VALUE

BANKS

(continued)

$

400,000

(b)

ING

Groep

NV,

Reg

S

7

.500

%

N/A

$

408,627

620,000

(a),(b),(c)

Intesa

Sanpaolo

SpA

7

.700

N/A

620,013

630,000

(a),(b)

Lloyds

Banking

Group

PLC

7

.500

N/A

634,956

771,000

(a),(b)

Lloyds

Banking

Group

PLC

8

.000

N/A

800,414

221,000

(b)

Lloyds

Banking

Group

PLC

6

.750

N/A

211,365

500,000

(a),(b),(c)

Macquarie

Bank

Ltd/London

6

.125

N/A

504,076

680,000

(b)

NatWest

Group

PLC

8

.000

N/A

686,097

222,000

(b)

NatWest

Group

PLC

6

.000

N/A

220,801

682,000

(a),(b)

NatWest

Group

PLC

8

.125

N/A

726,348

242,000

(b)

NatWest

Group

PLC

7

.300

N/A

238,649

446,000

(b),(c)

Nordea

Bank

Abp

6

.300

N/A

426,115

420,000

(b),(c)

Societe

Generale

SA

8

.000

N/A

424,610

765,000

(a),(b),(c)

Societe

Generale

SA

10

.000

N/A

815,577

205,000

(b),(c)

Societe

Generale

SA

8

.500

N/A

204,532

725,000

(a),(b),(c)

Societe

Generale

SA

9

.375

N/A

753,627

600,000

(b),(c)

Standard

Chartered

PLC

7

.750

N/A

617,363

TOTAL

BANKS

27,622,098

FINANCIAL

SERVICES

-

1.1%

1,000,000

(a),(b)

Deutsche

Bank

AG

6

.000

N/A

979,565

200,000

(b)

Deutsche

Bank

AG

7

.500

N/A

199,542

200,000

(b)

Deutsche

Bank

AG,

Reg

S

4

.789

N/A

196,000

993,000

(a),(b),(c)

UBS

Group

AG

9

.250

N/A

1,137,910

420,000

(a),(b),(c)

UBS

Group

AG

9

.250

N/A

454,050

250,000

(b),(c)

UBS

Group

AG

7

.750

N/A

260,426

932,000

(b)

UBS

Group

AG,

Reg

S

6

.875

N/A

933,379

630,000

(b)

UBS

Group

AG,

Reg

S

7

.000

N/A

630,296

TOTAL

FINANCIAL

SERVICES

4,791,168

INSURANCE

-

0.0%

200,000

(b)

Phoenix

Group

Holdings

PLC,

Reg

S

8

.500

N/A

207,069

TOTAL

INSURANCE

207,069

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(Cost

$32,296,748)

32,620,335

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

12675853

CORPORATE

BONDS

-

2

.9

%

(

2

.0

%

of

Total

Investments)

12675853

AUTOMOBILES

&

COMPONENTS

-

0.0%

15,000

Ford

Motor

Co

6

.100

08/19/32

14,927

50,000

General

Motors

Financial

Co

Inc

4

.900

10/06/29

49,252

TOTAL

AUTOMOBILES

&

COMPONENTS

64,179

BANKS

-

0.1%

35,000

Bank

of

America

Corp

5

.518

10/25/35

34,220

85,000

Bank

of

America

Corp

5

.819

09/15/29

87,099

70,000

Bank

of

America

Corp

5

.468

01/23/35

70,077

65,000

Citibank

NA

5

.570

04/30/34

65,760

55,000

JPMorgan

Chase

&

Co

4

.851

07/25/28

54,982

115,000

JPMorgan

Chase

&

Co

4

.946

10/22/35

110,806

35,000

Morgan

Stanley

Bank

NA

4

.952

01/14/28

35,050

35,000

Wells

Fargo

&

Co

5

.574

07/25/29

35,535

20,000

Wells

Fargo

&

Co

5

.211

12/03/35

19,459

TOTAL

BANKS

512,988

CAPITAL

GOODS

-

0.1%

35,000

Boeing

Co/The

5

.805

05/01/50

32,555

15,000

Boeing

Co/The

3

.250

02/01/28

14,123

15,000

Honeywell

International

Inc

5

.250

03/01/54

14,047

20,000

L3Harris

Technologies

Inc

5

.400

07/31/33

19,964

25,000

RTX

Corp

2

.250

07/01/30

21,744

375,000

(c)

TransDigm

Inc

6

.875

12/15/30

380,578

TOTAL

CAPITAL

GOODS

483,011

35

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

$

75,000

(c)

Boost

Newco

Borrower

LLC

7

.500

%

01/15/31

$

78,627

625,000

(a),(c)

GFL

Environmental

Inc

5

.125

12/15/26

621,639

325,000

(c)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6

.250

01/15/28

323,214

973,000

(a),(c)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

5

.750

04/15/26

972,454

200,000

(c)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3

.375

08/31/27

187,054

10,000

Waste

Management

Inc

4

.950

03/15/35

9,749

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,192,737

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

10,000

Home

Depot

Inc/The

4

.950

06/25/34

9,865

15,000

Lowe's

Cos

Inc

4

.250

04/01/52

11,707

20,000

O'Reilly

Automotive

Inc

4

.200

04/01/30

19,227

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

40,799

CONSUMER

DURABLES

&

APPAREL

-

0.0%

5,000

Tapestry

Inc

5

.100

03/11/30

4,945

TOTAL

CONSUMER

DURABLES

&

APPAREL

4,945

CONSUMER

SERVICES

-

0.0%

30,000

Piedmont

Operating

Partnership

LP

9

.250

07/20/28

32,917

TOTAL

CONSUMER

SERVICES

32,917

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

200,000

(c)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

5

.875

02/15/28

199,174

25,000

Kroger

Co/The

5

.000

09/15/34

24,213

10,000

Kroger

Co/The

5

.500

09/15/54

9,419

5,000

Sysco

Corp

6

.600

04/01/50

5,481

5,000

Target

Corp

4

.500

09/15/34

4,753

15,000

Walmart

Inc

2

.500

09/22/41

10,326

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

253,366

ENERGY

-

0.2%

40,000

Cheniere

Energy

Partners

LP

4

.500

10/01/29

38,727

300,000

(c)

CITGO

Petroleum

Corp

7

.000

06/15/25

300,310

20,000

Diamondback

Energy

Inc

3

.250

12/01/26

19,476

30,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

23,597

100,000

(c)

EQM

Midstream

Partners

LP

6

.500

07/01/27

101,298

100,000

(c)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6

.250

04/15/32

92,003

15,000

Marathon

Petroleum

Corp

6

.500

03/01/41

15,541

50,000

MPLX

LP

4

.875

06/01/25

49,965

15,000

MPLX

LP

2

.650

08/15/30

13,125

20,000

ONEOK

Inc

5

.050

11/01/34

19,127

40,000

ONEOK

Inc

5

.700

11/01/54

37,612

20,000

Phillips

66

Co

5

.300

06/30/33

19,820

TOTAL

ENERGY

730,601

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.1%

70,000

American

Tower

Corp

2

.750

01/15/27

67,233

20,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

19,974

20,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

18,275

15,000

Essential

Properties

LP

2

.950

07/15/31

12,770

25,000

Essex

Portfolio

LP

5

.500

04/01/34

25,011

15,000

Federal

Realty

OP

LP

1

.250

02/15/26

14,399

250,000

(c)

RLJ

Lodging

Trust

LP

3

.750

07/01/26

243,137

15,000

Ventas

Realty

LP

5

.000

01/15/35

14,332

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

415,131

FINANCIAL

SERVICES

-

0.0%

35,000

Morgan

Stanley

5

.320

07/19/35

34,427

25,000

Morgan

Stanley

4

.654

10/18/30

24,464

TOTAL

FINANCIAL

SERVICES

58,891

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

65,000

Constellation

Brands

Inc

2

.875

05/01/30

58,080

40,000

Philip

Morris

International

Inc

4

.750

11/01/31

39,118

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

97,198

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

36

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.5%

$

625,000

(a),(c)

CHS/Community

Health

Systems

Inc

8

.000

%

12/15/27

$

623,852

25,000

CVS

Health

Corp

5

.050

03/25/48

20,614

10,000

Elevance

Health

Inc

4

.625

05/15/42

8,634

30,000

HCA

Inc

3

.500

09/01/30

27,246

20,000

Humana

Inc

4

.875

04/01/30

19,569

152,624

(c)

Radiology

Partners

Inc,

(cash

4.275%,

PIK

3.500%)

7

.775

01/31/29

150,716

346,584

(c)

Team

Health

Holdings

Inc,

(cash

9.000%,

PIK

4.500%)

13

.500

06/30/28

382,975

250,000

Tenet

Healthcare

Corp

6

.125

10/01/28

249,536

625,000

(a)

Tenet

Healthcare

Corp

4

.625

06/15/28

598,117

15,000

UnitedHealth

Group

Inc

5

.050

04/15/53

13,507

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,094,766

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

15,000

Haleon

US

Capital

LLC

3

.625

03/24/32

13,583

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

13,583

INSURANCE

-

0.4%

475,000

(a),(c)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

4

.250

10/15/27

453,396

907,000

(a)

Assurant

Inc

7

.000

03/27/48

921,907

25,000

Berkshire

Hathaway

Finance

Corp

2

.850

10/15/50

15,688

35,000

Hartford

Financial

Services

Group

Inc/The

2

.800

08/19/29

31,877

375,000

(c)

HUB

International

Ltd

7

.250

06/15/30

384,281

15,000

Principal

Life

Global

Funding

II

0

.875

01/12/26

14,418

20,000

Reinsurance

Group

of

America

Inc

5

.750

09/15/34

20,157

TOTAL

INSURANCE

1,841,724

MATERIALS

-

0.1%

15,000

Amcor

Flexibles

North

America

Inc

4

.000

05/17/25

14,944

25,000

Amcor

Group

Finance

PLC

5

.450

05/23/29

25,207

250,000

(c)

Arsenal

AIC

Parent

LLC

8

.000

10/01/30

258,699

75,000

Ball

Corp

6

.000

06/15/29

75,544

25,000

Berry

Global

Inc

1

.570

01/15/26

24,126

TOTAL

MATERIALS

398,520

MEDIA

&

ENTERTAINMENT

-

0.2%

200,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4

.500

05/01/32

172,033

35,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3

.500

03/01/42

23,783

25,000

Comcast

Corp

2

.800

01/15/51

14,859

20,000

Comcast

Corp

1

.500

02/15/31

16,278

10,000

Comcast

Corp

5

.350

05/15/53

9,256

175,000

(c)

CSC

Holdings

LLC

5

.500

04/15/27

156,625

69,000

(c)

McGraw-Hill

Education

Inc

5

.750

08/01/28

67,369

250,000

(c)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

5

.000

08/15/27

243,306

25,000

Warnermedia

Holdings

Inc

5

.141

03/15/52

18,575

TOTAL

MEDIA

&

ENTERTAINMENT

722,084

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

10,000

AbbVie

Inc

5

.400

03/15/54

9,626

15,000

AbbVie

Inc

4

.950

03/15/31

14,997

10,000

Amgen

Inc

5

.250

03/02/25

10,005

15,000

Amgen

Inc

5

.250

03/02/33

14,889

35,000

Amgen

Inc

5

.650

03/02/53

33,697

250,000

(c)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5

.125

04/30/31

224,703

35,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

32,771

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

340,688

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

40,000

Broadcom

Inc

5

.150

11/15/31

40,259

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

40,259

SOFTWARE

&

SERVICES

-

0.0%

25,000

(c)

Amentum

Escrow

Corp

7

.250

08/01/32

25,189

5,000

AppLovin

Corp

5

.500

12/01/34

4,963

15,000

Oracle

Corp

5

.375

09/27/54

13,826

15,000

Oracle

Corp

4

.900

02/06/33

14,604

30,000

Roper

Technologies

Inc

2

.000

06/30/30

25,573

TOTAL

SOFTWARE

&

SERVICES

84,155

37

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

$

10,000

Apple

Inc

2

.650

%

05/11/50

$

6,213

50,000

(c)

CommScope

LLC

6

.000

03/01/26

49,750

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

55,963

TELECOMMUNICATION

SERVICES

-

0.3%

30,000

AT&T

Inc

3

.500

09/15/53

20,200

50,000

AT&T

Inc

3

.800

12/01/57

34,495

25,000

AT&T

Inc

3

.650

06/01/51

17,656

375,000

(c)

Frontier

Communications

Holdings

LLC

5

.875

10/15/27

373,811

375,000

(c)

Level

3

Financing

Inc

10

.500

05/15/30

408,375

80,000

(c)

Level

3

Financing

Inc

10

.500

04/15/29

89,152

50,000

T-Mobile

USA

Inc

2

.250

11/15/31

41,535

15,000

T-Mobile

USA

Inc

5

.150

04/15/34

14,758

143,000

(c)

Zayo

Group

Holdings

Inc

4

.000

03/01/27

131,883

TOTAL

TELECOMMUNICATION

SERVICES

1,131,865

TRANSPORTATION

-

0.1%

250,000

(c)

United

Airlines

Inc

4

.375

04/15/26

245,815

TOTAL

TRANSPORTATION

245,815

UTILITIES

-

0.2%

40,000

AEP

Transmission

Co

LLC

5

.400

03/15/53

38,116

30,000

Ameren

Illinois

Co

4

.950

06/01/33

29,444

15,000

Atmos

Energy

Corp

5

.000

12/15/54

13,511

10,000

Consolidated

Edison

Co

of

New

York

Inc

5

.500

03/15/55

9,611

20,000

DTE

Electric

Co

5

.200

03/01/34

19,925

30,000

Duke

Energy

Carolinas

LLC

4

.250

12/15/41

25,426

25,000

Duke

Energy

Carolinas

LLC

5

.350

01/15/53

23,783

15,000

Florida

Power

&

Light

Co

5

.050

04/01/28

15,144

35,000

Florida

Power

&

Light

Co

4

.800

05/15/33

34,048

55,000

Georgia

Power

Co

2

.650

09/15/29

49,885

15,000

Interstate

Power

and

Light

Co

3

.100

11/30/51

9,563

50,000

PG&E

Corp

5

.250

07/01/30

48,941

484,000

(a)

PG&E

Corp

5

.000

07/01/28

472,840

15,000

Public

Service

Co

of

Colorado

2

.700

01/15/51

8,869

25,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

20,562

TOTAL

UTILITIES

819,668

TOTAL

CORPORATE

BONDS

(Cost

$12,697,333)

12,675,853

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

41135811

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

9

.3

%

(

6

.4

%

of

Total

Investments)

41135811

ANGOLA

-

0.1%

270,000

(c)

Angolan

Government

International

Bond

9

.375

05/08/48

221,400

200,000

(c)

Angolan

Government

International

Bond

8

.750

04/14/32

176,743

TOTAL

ANGOLA

398,143

ARGENTINA

-

0.2%

475,000

Argentine

Republic

Government

International

Bond

4

.125

07/09/35

314,999

200,000

Argentine

Republic

Government

International

Bond

5

.000

01/09/38

139,818

457,615

(c)

Provincia

de

Buenos

Aires/Government

Bonds

6

.375

09/01/37

304,543

139,000

(c)

YPF

SA

6

.950

07/21/27

136,031

TOTAL

ARGENTINA

895,391

AUSTRALIA

-

0.1%

200,000

AngloGold

Ashanti

Holdings

PLC

3

.750

10/01/30

180,699

200,000

AngloGold

Ashanti

Holdings

PLC

3

.375

11/01/28

184,740

TOTAL

AUSTRALIA

365,439

BARBADOS

-

0.0%

200,000

(c)

Barbados

Government

International

Bond

6

.500

10/01/29

195,400

TOTAL

BARBADOS

195,400

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

38

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BELGIUM

-

0.0%

$

24,000

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4

.900

%

02/01/46

$

21,825

10,000

Anheuser-Busch

InBev

Worldwide

Inc

5

.000

06/15/34

9,883

TOTAL

BELGIUM

31,708

BENIN

-

0.1%

EUR

100,000

(c)

Benin

Government

International

Bond

6

.875

01/19/52

86,857

EUR

190,000

(c)

Benin

Government

International

Bond

4

.950

01/22/35

166,188

TOTAL

BENIN

253,045

BRAZIL

-

0.6%

200,000

(c)

B3

SA

-

Brasil

Bolsa

Balcao

4

.125

09/20/31

176,752

200,000

(c)

Banco

do

Brasil

SA/Cayman

4

.875

01/11/29

190,201

BRL

1,150,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/31

148,252

210,000

Brazilian

Government

International

Bond

5

.000

01/27/45

154,272

200,000

Brazilian

Government

International

Bond

4

.750

01/14/50

136,213

340,000

Brazilian

Government

International

Bond

6

.000

10/20/33

317,330

200,000

(c)

Klabin

Austria

GmbH

3

.200

01/12/31

168,062

200,000

(c)

Klabin

Austria

GmbH

5

.750

04/03/29

195,128

200,000

(c)

LD

Celulose

International

GmbH

7

.950

01/26/32

200,578

200,000

(c)

Minerva

Luxembourg

SA

8

.875

09/13/33

207,507

145,000

Petrobras

Global

Finance

BV

6

.750

06/03/50

133,397

115,000

Petrobras

Global

Finance

BV

5

.500

06/10/51

87,000

200,000

(c)

Raizen

Fuels

Finance

SA

5

.700

01/17/35

185,150

TOTAL

BRAZIL

2,299,842

CAMEROON

-

0.0%

EUR

100,000

(c)

Republic

of

Cameroon

International

Bond

5

.950

07/07/32

83,615

TOTAL

CAMEROON

83,615

CANADA

-

0.2%

150,000

(c)

Air

Canada

3

.875

08/15/26

145,742

75,000

(c)

BC

ULC

/

New

Red

Finance

Inc

4

.000

10/15/30

67,075

45,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

39,079

5,000

Cenovus

Energy

Inc

5

.400

06/15/47

4,449

175,000

Enbridge

Inc

5

.500

07/15/77

167,742

330,000

Enbridge

Inc

5

.750

07/15/80

319,022

25,000

Enbridge

Inc

2

.500

08/01/33

20,067

25,000

Nutrien

Ltd

4

.900

03/27/28

24,990

75,000

(c)

Open

Text

Holdings

Inc

4

.125

12/01/31

66,503

TOTAL

CANADA

854,669

CHILE

-

0.3%

198,208

(c)

Alfa

Desarrollo

SpA

2021

1

4

.550

09/27/51

146,098

175,000

(c)

Cia

Cervecerias

Unidas

SA

3

.350

01/19/32

150,393

200,000

(c)

Corp

Nacional

del

Cobre

de

Chile

3

.000

09/30/29

177,422

200,000

(c)

Corp

Nacional

del

Cobre

de

Chile

6

.440

01/26/36

203,772

150,000

(c)

Empresa

Nacional

de

Telecomunicaciones

SA

3

.050

09/14/32

123,116

200,000

(c)

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

201,545

200,000

(c)

Inversiones

CMPC

SA

6

.125

06/23/33

200,546

TOTAL

CHILE

1,202,892

CHINA

-

0.1%

200,000

(c)

ENN

Clean

Energy

International

Investment

Ltd

3

.375

05/12/26

194,792

200,000

(c)

Lenovo

Group

Ltd

3

.421

11/02/30

179,561

TOTAL

CHINA

374,353

COLOMBIA

-

0.4%

350,000

Colombia

Government

International

Bond

3

.125

04/15/31

277,725

200,000

Colombia

Government

International

Bond

7

.500

02/02/34

196,700

200,000

Colombia

Government

International

Bond

8

.000

11/14/35

201,100

COP

415,000,000

Colombian

TES

6

.000

04/28/28

82,799

COP

1,073,000,000

Colombian

TES

7

.000

06/30/32

189,945

200,000

Ecopetrol

SA

4

.625

11/02/31

165,847

200,000

Ecopetrol

SA

5

.875

11/02/51

134,198

200,000

(c)

Empresas

Publicas

de

Medellin

ESP

4

.250

07/18/29

178,252

200,000

(c)

Grupo

Aval

Ltd

4

.375

02/04/30

176,148

TOTAL

COLOMBIA

1,602,714

39

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COSTA

RICA

-

0.1%

$

200,000

(c)

Costa

Rica

Government

International

Bond

6

.550

%

04/03/34

$

203,100

200,000

(c)

Instituto

Costarricense

de

Electricidad

6

.750

10/07/31

200,524

200,000

(c)

Liberty

Costa

Rica

Senior

Secured

Finance

10

.875

01/15/31

213,400

TOTAL

COSTA

RICA

617,024

COTE

D'IVOIRE

-

0.1%

EUR

170,000

Ivory

Coast

Government

International

Bond,

Reg

S

6

.875

10/17/40

152,135

395,000

Ivory

Coast

Government

International

Bond,

Reg

S

6

.125

06/15/33

352,044

TOTAL

COTE

D'IVOIRE

504,179

CZECH

REPUBLIC

-

0.0%

CZK

4,300,000

Czech

Republic

Government

Bond

1

.750

06/23/32

151,454

TOTAL

CZECH

REPUBLIC

151,454

DOMINICAN

REPUBLIC

-

0.2%

200,000

(c)

Aeropuertos

Dominicanos

Siglo

XXI

SA

7

.000

06/30/34

203,837

125,000

Dominican

Republic

International

Bond,

Reg

S

7

.450

04/30/44

130,938

150,000

(c)

Dominican

Republic

International

Bond

4

.875

09/23/32

133,800

150,000

(c)

Dominican

Republic

International

Bond

7

.050

02/03/31

153,600

DOP

6,700,000

(c)

Dominican

Republic

International

Bond

13

.000

06/10/34

129,612

TOTAL

DOMINICAN

REPUBLIC

751,787

ECUADOR

-

0.1%

372,513

(c)

Ecuador

Government

International

Bond

1

.000

07/31/35

211,011

137,000

Ecuador

Government

International

Bond,

Reg

S

5

.500

07/31/35

77,604

TOTAL

ECUADOR

288,615

EGYPT

-

0.2%

220,000

(c)

Egypt

Government

International

Bond

7

.300

09/30/33

186,239

225,000

(c)

Egypt

Government

International

Bond

8

.500

01/31/47

174,575

200,000

(c)

Egypt

Government

International

Bond

7

.600

03/01/29

193,510

205,000

(c)

Egypt

Government

International

Bond

8

.875

05/29/50

163,647

300,000

Egypt

Government

International

Bond,

Reg

S

7

.903

02/21/48

219,784

TOTAL

EGYPT

937,755

EL

SALVADOR

-

0.0%

150,000

(c)

El

Salvador

Government

International

Bond

0

.250

04/17/30

2,670

190,000

(c)

El

Salvador

Government

International

Bond

7

.125

01/20/50

159,885

TOTAL

EL

SALVADOR

162,555

FRANCE

-

0.0%

10,000

TotalEnergies

Capital

SA

5

.488

04/05/54

9,584

TOTAL

FRANCE

9,584

GERMANY

-

0.0%

30,000

Deutsche

Bank

AG/New

York

NY

6

.819

11/20/29

31,393

TOTAL

GERMANY

31,393

GHANA

-

0.1%

292,320

(c)

Ghana

Government

International

Bond

5

.000

07/03/35

205,341

26,880

(c)

Ghana

Government

International

Bond

0

.000

07/03/26

25,075

203,280

(c)

Ghana

Government

International

Bond

5

.000

07/03/29

175,306

47,052

(c)

Ghana

Government

International

Bond

0

.000

01/03/30

36,478

200,000

(c)

Kosmos

Energy

Ltd

7

.500

03/01/28

189,419

TOTAL

GHANA

631,619

GUATEMALA

-

0.1%

200,000

(c)

CT

Trust

5

.125

02/03/32

178,980

200,000

(c)

Guatemala

Government

Bond

3

.700

10/07/33

161,300

180,000

(c)

Millicom

International

Cellular

SA

2029

2029

6

.250

03/25/29

177,076

TOTAL

GUATEMALA

517,356

HONDURAS

-

0.1%

150,000

(c)

Honduras

Government

International

Bond

8

.625

11/27/34

149,025

175,000

(c)

Honduras

Government

International

Bond

5

.625

06/24/30

156,100

TOTAL

HONDURAS

305,125

HUNGARY

-

0.1%

HUF

13,000,000

Hungary

Government

Bond

4

.500

03/23/28

30,924

HUF

11,500,000

Hungary

Government

Bond

2

.750

12/22/26

27,178

200,000

(c)

Hungary

Government

International

Bond

5

.250

06/16/29

196,624

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

40

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HUNGARY

$

210,000

(c)

Hungary

Government

International

Bond

5

.500

%

03/26/36

$

196,484

200,000

(c)

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

201,500

TOTAL

HUNGARY

652,710

INDIA

-

0.3%

200,000

(c)

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

151,500

200,000

(c)

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

179,084

200,000

(c)

IRB

Infrastructure

Developers

Ltd

7

.110

03/11/32

202,041

200,000

(c)

Muthoot

Finance

Ltd

6

.375

04/23/29

198,849

200,000

(c)

Network

i2i

Ltd

3

.975

06/03/73

194,563

200,000

(c)

ReNew

Wind

Energy

AP2

/

ReNew

Power

Pvt

Ltd

other

9

Subsidiaries

4

.500

07/14/28

185,640

200,000

(c)

Shriram

Finance

Ltd

6

.150

04/03/28

197,560

200,000

UPL

Corp

Ltd,

Reg

S

5

.250

11/27/72

179,000

TOTAL

INDIA

1,488,237

INDONESIA

-

0.3%

200,000

(c)

Indika

Energy

Tbk

PT

8

.750

05/07/29

205,768

IDR

2,219,999,999

Indonesia

Treasury

Bond

7

.125

06/15/38

137,887

IDR

1,360,000,000

Indonesia

Treasury

Bond

7

.000

09/15/30

83,679

200,000

(c)

Medco

Maple

Tree

Pte

Ltd

8

.960

04/27/29

210,493

200,000

(c)

Pertamina

Persero

PT

2

.300

02/09/31

167,328

335,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

3

.875

07/17/29

313,701

200,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

5

.250

05/15/47

173,400

TOTAL

INDONESIA

1,292,256

IRAQ

-

0.0%

175,000

(c)

Iraq

International

Bond

5

.800

01/15/28

170,275

TOTAL

IRAQ

170,275

IRELAND

-

0.0%

75,000

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6

.100

01/15/27

76,702

TOTAL

IRELAND

76,702

ISRAEL

-

0.1%

180,000

(c)

Energean

Israel

Finance

Ltd,

Reg

S

4

.875

03/30/26

176,004

200,000

(c)

Israel

Electric

Corp

Ltd,

Reg

S

4

.250

08/14/28

191,410

127,000

(c)

Leviathan

Bond

Ltd,

Reg

S

6

.500

06/30/27

122,880

32,000

(c)

Leviathan

Bond

Ltd,

Reg

S

6

.125

06/30/25

31,760

75,000

(c)

Leviathan

Bond

Ltd,

Reg

S

6

.750

06/30/30

70,934

TOTAL

ISRAEL

592,988

JAMAICA

-

0.1%

215,000

Jamaica

Government

International

Bond

7

.875

07/28/45

248,325

200,000

(c)

Kingston

Airport

Revenue

Finance

Ltd

6

.750

12/15/36

200,900

TOTAL

JAMAICA

449,225

JORDAN

-

0.0%

200,000

(c)

Jordan

Government

International

Bond

5

.850

07/07/30

182,881

TOTAL

JORDAN

182,881

KAZAKHSTAN

-

0.1%

200,000

(c)

Development

Bank

of

Kazakhstan

JSC

5

.500

04/15/27

201,040

200,000

(c)

KazMunayGas

National

Co

JSC

3

.500

04/14/33

165,567

200,000

(c)

Tengizchevroil

Finance

Co

International

Ltd

4

.000

08/15/26

194,078

TOTAL

KAZAKHSTAN

560,685

KENYA

-

0.1%

200,000

(c)

Republic

of

Kenya

Government

International

Bond

7

.250

02/28/28

190,500

200,000

(c)

Republic

of

Kenya

Government

International

Bond

6

.300

01/23/34

157,488

TOTAL

KENYA

347,988

MACAU

-

0.0%

200,000

(c)

MGM

China

Holdings

Ltd

7

.125

06/26/31

202,179

TOTAL

MACAU

202,179

41

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MALAYSIA

-

0.2%

MYR

600,000

Malaysia

Government

Bond

3

.900

%

11/30/26

$

135,340

$

215,000

(c)

MISC

Capital

Two

Labuan

Ltd

3

.750

04/06/27

209,093

205,000

(c)

Petronas

Capital

Ltd

3

.404

04/28/61

134,896

200,000

(c)

Petronas

Capital

Ltd

3

.500

04/21/30

185,359

TOTAL

MALAYSIA

664,688

MEXICO

-

0.9%

200,000

(c)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2

.720

08/11/31

183,646

200,000

(c)

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5

.621

12/10/29

199,000

185,366

(c)

Borr

IHC

Ltd

/

Borr

Finance

LLC

10

.000

11/15/28

184,465

200,000

(c)

Braskem

Idesa

SAPI

6

.990

02/20/32

147,021

200,000

(c)

Comision

Federal

de

Electricidad

6

.125

06/16/45

179,000

200,000

(c)

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7

.250

01/31/41

195,790

200,000

(c)

Gruma

SAB

de

CV

5

.761

12/09/54

189,000

200,000

(c)

Grupo

Aeromexico

SAB

de

CV

8

.625

11/15/31

197,000

MXN

1,900,000

Mexican

Bonos

7

.750

11/23/34

76,038

MXN

3,600,000

Mexican

Bonos

8

.500

11/18/38

147,082

200,000

Mexico

Government

International

Bond

4

.280

08/14/41

146,665

300,000

Mexico

Government

International

Bond

4

.400

02/12/52

202,604

250,000

Mexico

Government

International

Bond

6

.400

05/07/54

223,872

200,000

(c)

Nemak

SAB

de

CV

3

.625

06/28/31

155,643

140,000

Petroleos

Mexicanos

6

.375

01/23/45

93,674

200,000

Petroleos

Mexicanos

6

.950

01/28/60

137,330

25,000

Petroleos

Mexicanos

6

.500

01/23/29

23,238

445,000

Petroleos

Mexicanos

6

.840

01/23/30

406,479

245,000

Petroleos

Mexicanos

5

.950

01/28/31

206,899

412,000

Petroleos

Mexicanos

6

.750

09/21/47

283,239

TOTAL

MEXICO

3,577,685

MOROCCO

-

0.1%

200,000

(c)

Morocco

Government

International

Bond

5

.500

12/11/42

177,525

200,000

(c)

OCP

SA

5

.125

06/23/51

150,758

TOTAL

MOROCCO

328,283

NETHERLANDS

-

0.2%

185,000

Aegon

Ltd

5

.500

04/11/48

181,953

200,000

VEON

Holdings

BV,

Reg

S

4

.000

04/09/25

197,432

375,000

(c)

Ziggo

Bond

Co

BV

6

.000

01/15/27

371,967

TOTAL

NETHERLANDS

751,352

NIGERIA

-

0.2%

200,000

(c)

IHS

Holding

Ltd

7

.875

05/29/30

196,825

200,000

(c)

Nigeria

Government

International

Bond

7

.375

09/28/33

170,807

200,000

Nigeria

Government

International

Bond,

Reg

S

7

.625

11/28/47

152,499

275,000

(c)

Nigeria

Government

International

Bond

10

.375

12/09/34

280,775

TOTAL

NIGERIA

800,906

OMAN

-

0.1%

200,000

Oman

Government

International

Bond,

Reg

S

6

.750

01/17/48

202,658

385,000

Oman

Government

International

Bond,

Reg

S

5

.625

01/17/28

384,162

TOTAL

OMAN

586,820

PAKISTAN

-

0.0%

260,000

(c)

Pakistan

Government

International

Bond

8

.875

04/08/51

201,825

TOTAL

PAKISTAN

201,825

PANAMA

-

0.3%

200,000

(c)

Aeropuerto

Internacional

de

Tocumen

SA

5

.125

08/11/61

144,400

200,000

(c)

C&W

Senior

Finance

Ltd

6

.875

09/15/27

197,675

200,000

(c)

Empresa

de

Transmision

Electrica

SA

5

.125

05/02/49

141,830

190,000

Panama

Bonos

del

Tesoro

3

.362

06/30/31

152,285

300,000

Panama

Government

International

Bond

4

.500

04/01/56

176,380

200,000

Panama

Government

International

Bond

8

.000

03/01/38

200,480

80,000

Panama

Government

International

Bond

6

.700

01/26/36

74,118

166,301

(c)

UEP

Penonome

II

SA

2020

1

6

.500

10/01/38

150,071

TOTAL

PANAMA

1,237,239

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

42

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PARAGUAY

-

0.0%

$

200,000

(c)

Paraguay

Government

International

Bond

6

.000

%

02/09/36

$

198,200

TOTAL

PARAGUAY

198,200

PERU

-

0.2%

120,000

(c)

Banco

de

Credito

del

Peru

S.A

3

.125

07/01/30

117,505

65,000

(c)

Banco

de

Credito

del

Peru

S.A

3

.250

09/30/31

61,518

200,000

(c)

Niagara

Energy

SAC

5

.746

10/03/34

193,877

PEN

300,000

Peru

Government

Bond

5

.400

08/12/34

72,737

PEN

250,000

(c)

Peruvian

Government

International

Bond

5

.400

08/12/34

60,614

200,000

Peruvian

Government

International

Bond

3

.000

01/15/34

160,500

85,000

Peruvian

Government

International

Bond

5

.375

02/08/35

81,615

TOTAL

PERU

748,366

PHILIPPINES

-

0.0%

200,000

Philippine

Government

International

Bond

4

.200

03/29/47

160,891

TOTAL

PHILIPPINES

160,891

POLAND

-

0.2%

200,000

(c)

Bank

Gospodarstwa

Krajowego

5

.375

05/22/33

195,232

200,000

(c)

Bank

Gospodarstwa

Krajowego

5

.750

07/09/34

198,713

PLN

370,000

Republic

of

Poland

Government

Bond

0

.250

10/25/26

82,207

PLN

525,000

Republic

of

Poland

Government

Bond

2

.750

10/25/29

112,535

PLN

375,000

Republic

of

Poland

Government

Bond

6

.000

10/25/33

91,809

142,000

Republic

of

Poland

Government

International

Bond

5

.500

04/04/53

131,193

TOTAL

POLAND

811,689

QATAR

-

0.1%

310,000

(c)

QatarEnergy

3

.300

07/12/51

212,112

200,000

QNB

Finance

Ltd,

Reg

S

2

.625

05/12/25

198,144

TOTAL

QATAR

410,256

REPUBLIC

OF

SERBIA

-

0.0%

200,000

(c)

Serbia

International

Bond

6

.500

09/26/33

205,388

TOTAL

REPUBLIC

OF

SERBIA

205,388

ROMANIA

-

0.1%

RON

550,000

Romania

Government

Bond

3

.650

09/24/31

91,807

RON

200,000

Romania

Government

Bond

4

.150

01/26/28

38,046

EUR

185,000

(c)

Romanian

Government

International

Bond

5

.250

05/30/32

187,497

102,000

(c)

Romanian

Government

International

Bond

5

.875

01/30/29

99,320

260,000

(c)

Romanian

Government

International

Bond

5

.750

03/24/35

231,993

TOTAL

ROMANIA

648,663

RWANDA

-

0.1%

300,000

(c)

Rwanda

International

Government

Bond

5

.500

08/09/31

252,330

TOTAL

RWANDA

252,330

SAUDI

ARABIA

-

0.2%

200,000

(c)

EIG

Pearl

Holdings

Sarl

4

.387

11/30/46

154,798

200,000

Saudi

Arabian

Oil

Co,

Reg

S

4

.250

04/16/39

171,052

385,000

Saudi

Government

International

Bond,

Reg

S

3

.750

01/21/55

255,426

325,000

(c)

Saudi

Government

International

Bond

2

.250

02/02/33

258,200

TOTAL

SAUDI

ARABIA

839,476

SENEGAL

-

0.1%

215,000

Senegal

Government

International

Bond,

Reg

S

6

.750

03/13/48

145,637

200,000

(c)

Senegal

Government

International

Bond

6

.750

03/13/48

135,476

TOTAL

SENEGAL

281,113

SOUTH

AFRICA

-

0.4%

200,000

(c)

Eskom

Holdings

SOC

Ltd

6

.350

08/10/28

198,500

500,000

(c)

Eskom

Holdings

SOC

Ltd

8

.450

08/10/28

524,007

200,000

(c)

MTN

Mauritius

Investments

Ltd

6

.500

10/13/26

201,500

ZAR

650,000

Republic

of

South

Africa

Government

Bond

8

.750

01/31/44

27,943

ZAR

4,000,000

Republic

of

South

Africa

Government

Bond

8

.875

02/28/35

192,964

ZAR

975,000

Republic

of

South

Africa

Government

Bond

7

.000

02/28/31

45,884

200,000

Republic

of

South

Africa

Government

International

Bond

5

.650

09/27/47

149,517

200,000

Republic

of

South

Africa

Government

International

Bond

5

.375

07/24/44

149,946

200,000

(c)

Republic

of

South

Africa

Government

International

Bond

7

.100

11/19/36

194,938

43

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH

AFRICA

$

250,000

(c)

Transnet

SOC

Ltd

8

.250

%

02/06/28

$

254,705

TOTAL

SOUTH

AFRICA

1,939,904

SRI

LANKA

-

0.1%

61,436

(c)

Sri

Lanka

Government

International

Bond

4

.000

04/15/28

57,215

56,938

(c)

Sri

Lanka

Government

International

Bond

3

.600

06/15/35

40,853

39,516

(c)

Sri

Lanka

Government

International

Bond

3

.600

05/15/36

29,835

84,323

(c)

Sri

Lanka

Government

International

Bond

3

.350

03/15/33

63,563

79,065

(c)

Sri

Lanka

Government

International

Bond

3

.600

02/15/38

59,995

42,989

(c)

Sri

Lanka

Government

International

Bond

3

.100

01/15/30

35,358

TOTAL

SRI

LANKA

286,819

SUPRANATIONAL

-

0.1%

INR

5,000,000

Asian

Development

Bank

6

.150

02/25/30

56,080

200,000

(c)

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

180,571

INR

12,500,000

European

Bank

for

Reconstruction

&

Development

6

.300

10/26/27

142,854

TOTAL

SUPRANATIONAL

379,505

SWITZERLAND

-

0.1%

1,000,000

(e)

Credit

Suisse

Group

AG

0

.000

01/17/72

110,000

300,000

(e)

Credit

Suisse

Group

AG

6

.380

02/21/72

33,000

575,000

(e)

Credit

Suisse

Group

AG

7

.500

06/11/72

63,250

735,000

(e)

Credit

Suisse

Group

AG

7

.500

01/17/72

80,850

1,645,000

(e)

Credit

Suisse

Group

AG

7

.250

03/12/72

180,950

25,000

(c)

UBS

Group

AG

5

.617

09/13/30

25,398

TOTAL

SWITZERLAND

493,448

THAILAND

-

0.1%

200,000

(c)

Bangkok

Bank

PCL/Hong

Kong

5

.650

07/05/34

202,567

200,000

(c)

Bangkok

Bank

PCL/Hong

Kong

3

.466

09/23/36

170,829

THB

3,600,000

Thailand

Government

Bond

1

.585

12/17/35

98,003

TOTAL

THAILAND

471,399

TOGO

-

0.0%

200,000

(c)

Ecobank

Transnational

Inc

10

.125

10/15/29

209,300

TOTAL

TOGO

209,300

TURKEY

-

0.6%

200,000

(c)

Akbank

TAS

7

.498

01/20/30

202,060

200,000

(c)

Ford

Otomotiv

Sanayi

AS

7

.125

04/25/29

200,500

200,000

(c)

Limak

Cimento

Sanayi

ve

Ticaret

AS

9

.750

07/25/29

196,656

TRY

4,400,000

Turkiye

Government

Bond

12

.600

10/01/25

104,121

TRY

2,400,000

Turkiye

Government

Bond

37

.000

02/18/26

66,816

250,000

Turkiye

Government

International

Bond

7

.625

05/15/34

253,860

200,000

Turkiye

Government

International

Bond

7

.125

07/17/32

198,250

250,000

Turkiye

Government

International

Bond

6

.000

01/14/41

205,402

EUR

200,000

Turkiye

Government

International

Bond

5

.875

05/21/30

216,847

200,000

(c)

Turkiye

Ihracat

Kredi

Bankasi

AS

7

.500

02/06/28

203,787

200,000

(c)

Ulker

Biskuvi

Sanayi

AS

7

.875

07/08/31

202,851

TOTAL

TURKEY

2,051,150

UGANDA

-

0.0%

UGX

669,000,000

Republic

of

Uganda

Government

Bonds

14

.250

08/23/29

171,128

TOTAL

UGANDA

171,128

UKRAINE

-

0.1%

96,177

(c)

Ukraine

Government

International

Bond

0

.000

02/01/34

39,673

67,730

(c)

Ukraine

Government

International

Bond

0

.000

02/01/36

39,622

38,699

(c)

Ukraine

Government

International

Bond

1

.750

02/01/29

26,579

127,902

(c)

Ukraine

Government

International

Bond

1

.750

02/01/34

71,721

145,559

(c)

Ukraine

Government

International

Bond

1

.750

02/01/35

80,057

159,009

(c)

Ukraine

Government

International

Bond

1

.750

02/01/36

85,866

25,736

(c)

Ukraine

Government

International

Bond

0

.000

02/01/30

13,936

81,275

(c)

Ukraine

Government

International

Bond

0

.000

02/01/35

47,952

TOTAL

UKRAINE

405,406

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

44

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED

ARAB

EMIRATES

-

0.2%

$

400,000

Emirate

of

Dubai

Government

International

Bonds,

Reg

S

3

.900

%

09/09/50

$

289,515

435,000

(c)

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

354,132

215,938

(c)

Galaxy

Pipeline

Assets

Bidco

Ltd

2022

2022

2

.940

09/30/40

170,588

188,782

(c)

Sweihan

PV

Power

Co

PJSC

2022

1

3

.625

01/31/49

153,375

TOTAL

UNITED

ARAB

EMIRATES

967,610

UNITED

KINGDOM

-

0.1%

300,000

(c)

Merlin

Entertainments

Group

US

Holdings

Inc

7

.375

02/15/31

289,626

200,000

(c)

Standard

Chartered

PLC

5

.905

05/14/35

200,345

190,000

Vodafone

Group

PLC

4

.125

06/04/81

168,186

TOTAL

UNITED

KINGDOM

658,157

URUGUAY

-

0.1%

100,000

Oriental

Republic

of

Uruguay

5

.250

09/10/60

90,967

UYU

6,200,000

Uruguay

Government

International

Bond

8

.250

05/21/31

131,412

TOTAL

URUGUAY

222,379

UZBEKISTAN

-

0.1%

200,000

(c)

Navoi

Mining

&

Metallurgical

Combinat

6

.700

10/17/28

199,001

200,000

(c)

Republic

of

Uzbekistan

International

Bond

7

.850

10/12/28

206,515

TOTAL

UZBEKISTAN

405,516

ZAMBIA

-

0.1%

198,483

(c)

Zambia

Government

International

Bond

5

.750

06/30/33

174,169

197,169

(c)

Zambia

Government

International

Bond

0

.500

12/31/53

112,968

TOTAL

ZAMBIA

287,137

TOTAL

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

(Cost

$48,275,873)

41,135,811

SHARES

DESCRIPTION

VALUE

36479108

EXCHANGE-TRADED

FUNDS

-

8

.3

%

(

5

.7

%

of

Total

Investments)

36479108

642,894

iShares

Core

MSCI

Emerging

Markets

ETF

33,571,925

13,828

(a)

iShares

MSCI

India

ETF

727,906

13,485

iShares

MSCI

Saudi

Arabia

ETF

550,727

17,500

iShares

U.S.

Real

Estate

ETF

1,628,550

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$32,605,219)

36,479,108

SHARES

DESCRIPTION

VALUE

INVESTMENT

COMPANIES

-

0.0%

(0.0%

of

Total

Investments)

–

43,834

3i

Infrastructure

PLC

173,894

TOTAL

INVESTMENT

COMPANIES

(Cost

$173,020)

173,894

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

17.7%

(12.0%

of

Total

Investments)

–

420,000

BANK

2019-BNK24,

2019

BN24

3

.283

11/15/62

378,435

332,503

(c),(d)

BX

Commercial

Mortgage

Trust

2021-CIP,

(TSFR1M

+

1.035%),

2021

CIP

5

.432

12/15/38

332,661

820,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

+

3.500%),

2022

R03

8

.069

03/25/42

861,744

410,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R04,

(SOFR30A

+

3.100%),

2022

R04

7

.669

03/25/42

426,629

475,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

+

7.000%),

2022

R05

11

.569

04/25/42

519,608

60,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

+

3.000%),

2022

R05

7

.569

04/25/42

62,227

970,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R06,

(SOFR30A

+

3.850%),

2022

R06

8

.419

05/25/42

1,028,763

900,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

+

4.650%),

2022

R07

9

.210

06/25/42

973,500

35,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R08,

(SOFR

+

3.600%),

2022

R08

8

.169

07/25/42

36,950

45

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

105,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

+

4.750%),

2022

R09

9

.310

%

09/25/42

$

114,026

500,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R01,

(SOFR30A

+

3.750%),

2023

R01

8

.310

12/25/42

534,213

355,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R05,

(SOFR30A

+

3.100%),

2023

R05

7

.660

06/25/43

374,487

210,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

+

3.900%),

2023

R06

9

.188

07/25/43

222,715

1,304,840

(i)

Fannie

Mae

Pool,

FN

CB3905

3

.500

06/01/52

1,156,590

634,090

(i)

Fannie

Mae

Pool,

FN

MA5247

6

.000

01/01/54

637,218

2,759,202

(i)

Fannie

Mae

Pool,

FN

MA5165

5

.500

10/01/53

2,724,627

1,515,646

(i)

Fannie

Mae

Pool,

FN

FS1533

3

.000

04/01/52

1,301,201

457,438

(i)

Fannie

Mae

Pool,

FN

MA5106

5

.000

08/01/53

441,762

3,272,650

(i)

Fannie

Mae

Pool,

FN

MA4600,

2022

2

3

.500

05/01/52

2,900,475

1,624,082

(i)

Fannie

Mae

Pool,

FN

FS1535

3

.000

04/01/52

1,388,994

490,588

(i)

Fannie

Mae

Pool,

FN

FS7299

3

.000

05/01/52

420,719

1,948,005

(i)

Fannie

Mae

Pool,

FN

FS0522

2

.500

02/01/52

1,608,709

1,082,367

(i)

Fannie

Mae

Pool,

FN

MA4942

6

.000

03/01/53

1,087,706

865,652

(i)

Fannie

Mae

Pool,

FN

MA4644,

2022

1

4

.000

05/01/52

793,330

1,349,195

(i)

Fannie

Mae

Pool,

FN

MA4626

4

.000

06/01/52

1,236,071

4,497,328

(i)

Fannie

Mae

Pool,

FN

BW3382

4

.500

07/01/52

4,237,735

1,217,140

(i)

Fannie

Mae

Pool,

FN

CB3599

3

.500

05/01/52

1,078,761

657,551

(i)

Fannie

Mae

Pool,

FN

MA4785

5

.000

10/01/52

636,663

2,627,997

(i)

Fannie

Mae

Pool,

FN

MA4783

4

.000

10/01/52

2,406,975

3,713,747

(i)

Fannie

Mae

Pool,

FN

MA4737,

2022

1

5

.000

08/01/52

3,596,350

132,903

Fannie

Mae

Pool,

FN

MA4920

6

.000

02/01/53

133,640

783,027

(i)

Fannie

Mae

Pool,

FN

CB2795

3

.000

02/01/52

669,229

3,292,360

(i)

Fannie

Mae

Pool,

FN

MA4919

5

.500

02/01/53

3,252,258

3,004,189

(i)

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4

.500

11/01/52

2,831,629

3,938,564

(i)

Fannie

Mae

Pool,

FN

MA4733

4

.500

09/01/52

3,711,911

1,878,690

(i)

Fannie

Mae

Pool,

FN

MA4700,

2022

1

4

.000

07/01/52

1,720,882

2,581,753

(i)

Fannie

Mae

Pool,

FN

MA4655

4

.000

07/01/52

2,363,745

3,124,605

(i)

Fannie

Mae

Pool,

FN

MA4732

4

.000

09/01/52

2,862,137

744,108

(i)

Fannie

Mae

Pool,

FN

MA5039

5

.500

06/01/53

735,026

1,123,666

(i)

Fannie

Mae

Pool,

FN

MA4918

5

.000

02/01/53

1,087,709

883,611

(i)

Fannie

Mae

Pool,

FN

MA4978

5

.000

04/01/53

853,151

1,413,573

Fannie

Mae

Pool,

FN

CB1301

2

.500

08/01/51

1,164,058

501,698

(i)

Fannie

Mae

Pool,

FN

BW3383

4

.500

07/01/52

472,862

1,390,577

(i)

Freddie

Mac

Pool,

FR

RA6766

2

.500

02/01/52

1,146,659

883,555

(i)

Freddie

Mac

Pool,

FR

QE5382

4

.500

07/01/52

832,473

788,878

(i)

Freddie

Mac

Pool,

FR

SD8288

5

.000

01/01/53

761,745

809,314

(i)

Freddie

Mac

Pool,

FR

SD8220

3

.000

06/01/52

688,457

1,616,112

(i)

Freddie

Mac

Pool,

FR

RA9629

5

.500

08/01/53

1,601,504

378,441

(i)

Freddie

Mac

Pool,

FR

SD4810

3

.000

04/01/52

325,260

1,221,299

Freddie

Mac

REMICS,

2021

5160

3

.000

09/25/50

856,384

695,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

+

2.900%),

2022

DNA3

7

.469

04/25/42

720,440

275,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4,

(SOFR30A

+

3.350%),

2022

DNA4

7

.919

05/25/42

287,967

1,000,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

(SOFR30A

+

4.500%),

2022

DNA5

9

.234

06/25/42

1,073,439

165,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA2,

(SOFR30A

+

4.000%),

2022

HQA2

8

.569

07/25/42

175,932

285,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2023-DNA1,

(SOFR30A

+

3.100%),

2023

DNA1

8

.444

03/25/43

299,408

383,522

Ginnie

Mae

II

Pool,

G2

MA7768,

2021

1

3

.000

12/20/51

332,972

467,884

(i)

Ginnie

Mae

II

Pool,

G2

MA7871,

2022

1

2

.500

02/20/52

379,628

1,351,788

(i)

Ginnie

Mae

II

Pool,

G2

MA8149

3

.500

07/20/52

1,209,003

299,362

(i)

Ginnie

Mae

II

Pool,

G2

MA7419,

2021

MTGE

3

.000

06/20/51

260,065

856,662

(i)

Ginnie

Mae

II

Pool,

G2

MA8200

4

.000

08/20/52

789,510

660,954

(i)

Ginnie

Mae

II

Pool,

G2

MA8428

5

.000

11/20/52

643,105

780,691

Government

National

Mortgage

Association,

2013

188

2

.500

12/20/43

681,571

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

46

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

242,441

Government

National

Mortgage

Association,

2021

209

3

.000

%

11/20/51

$

170,235

462,928

Government

National

Mortgage

Association,

2022

174

4

.500

09/20/52

415,450

258,809

Government

National

Mortgage

Association,

2022

124

4

.000

07/20/52

204,078

416,304

Government

National

Mortgage

Association,

2023

111

3

.000

02/20/52

275,320

100,000

(c),(d)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

+

1.364%),

2021

ARDN

5

.762

11/15/36

99,472

810,899

(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2022-PJ2,

2022

PJ2

3

.000

06/25/52

672,318

287,931

(c)

GS

Mortgage-Backed

Securities

Trust

2021-PJ10,

2021

PJ10

2

.500

03/25/52

228,918

419,832

(c)

GS

Mortgage-Backed

Securities

Trust

2022-GR2,

2022

GR2

3

.000

08/26/52

348,084

297,740

(c)

GS

Mortgage-Backed

Securities

Trust

2022-HP1,

2022

HP1

3

.000

09/25/52

246,857

480,943

(c)

GS

Mortgage-Backed

Securities

Trust

2022-INV1,

2022

INV1

3

.000

07/25/52

398,751

245,829

(c)

GS

Mortgage-Backed

Securities

Trust

2022-PJ5,

2022

PJ5

3

.000

10/25/52

203,817

252,641

(c)

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

2023

PJ1

3

.500

02/25/53

216,471

397,901

(c)

J.P.

Morgan

Mortgage

Trust

2021-15,

2021

15

2

.500

06/25/52

316,349

336,263

(c)

J.P.

Morgan

Mortgage

Trust

2022-4,

2022

4

3

.000

10/25/52

278,797

212,460

(c)

J.P.

Morgan

Mortgage

Trust

2022-6,

2022

6

3

.000

11/25/52

176,151

515,763

(c)

J.P.

Morgan

Mortgage

Trust

2022-INV3,

2022

INV3

3

.000

09/25/52

424,892

124,764

(c)

J.P.

Morgan

Mortgage

Trust

2022-LTV2,

2022

LTV2

3

.500

09/25/52

107,213

1,167,364

(c)

JP

Morgan

Mortgage

Trust

2022-2,

2022

2

3

.000

08/25/52

961,688

718,519

(c)

JP

Morgan

Mortgage

Trust

2022-3,

2022

3

3

.000

08/25/52

595,726

1,589,278

(a),(c)

JP

Morgan

Mortgage

Trust

2022-LTV1,

2022

LTV1

3

.250

07/25/52

1,361,794

585,736

(c)

JP

Morgan

Mortgage

Trust

Series

2024-3,

2024

3

3

.000

05/25/54

485,635

284,735

(c)

OBX

2022-INV5

Trust,

2022

INV5

4

.000

10/25/52

251,972

652,280

(c)

RCKT

Mortgage

Trust

2022-2,

2022

2

2

.500

02/25/52

518,983

84,449

(c)

RCKT

Mortgage

Trust

2022-3,

2022

3

3

.000

05/25/52

70,017

175,688

(c)

RCKT

Mortgage

Trust

2022-4,

2022

4

3

.500

06/25/52

150,973

110,886

(c)

Wells

Fargo

Mortgage

Backed

Securities

2021-2

Trust,

2021

2

2

.500

06/25/51

88,160

170,875

(c)

Wells

Fargo

Mortgage

Backed

Securities

2022-2

Trust,

2022

2

2

.500

12/25/51

135,853

206,910

(c)

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

2022

INV1

3

.500

03/25/52

177,932

124,146

(c)

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

2022

INV1

3

.000

03/25/52

102,930

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$81,319,040)

78,128,439

TYPE

DESCRIPTION(j)

NUMBER

OF

CONTRACTS

NOTIONAL

AMOUNT

(k)

EXERCISE

PRICE

EXPIRATION

DATE

VALUE

OPTIONS

PURCHASED

-

0

.0

%

(

0

.0

%

of

Total

Investments)

Put

Chicago

Board

Options

Exchange

SPX

Volatility

Index

25

$

35,000

$

14

01/22/25

188

TOTAL

OPTIONS

PURCHASED

(Cost

$459)

25

$

35,000

188

SHARES

DESCRIPTION

VALUE

54323169

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

12

.3

%

(

8

.4

%

of

Total

Investments)

54323169

DATA

CENTER

REITS

-

1.9%

22,910

(a)

Digital

Realty

Trust

Inc

4,062,630

4,481

(a)

Equinix

Inc

4,225,091

75,000

Keppel

DC

REIT

119,567

TOTAL

DATA

CENTER

REITS

8,407,288

HEALTH

CARE

REITS

-

1.5%

12,800

American

Healthcare

REIT

Inc

363,776

35,500

(a)

Healthpeak

Properties

Inc

719,585

74,700

Parkway

Life

Real

Estate

Investment

Trust

205,149

24,700

Sabra

Health

Care

REIT

Inc

427,804

24,700

Ventas

Inc

1,454,583

26,600

(a)

Welltower

Inc

3,352,398

TOTAL

HEALTH

CARE

REITS

6,523,295

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

HOTEL

&

RESORT

REITS

-

0.2%

47,500

Host

Hotels

&

Resorts

Inc

$

832,200

TOTAL

HOTEL

&

RESORT

REITS

832,200

INDUSTRIAL

REITS

-

1.5%

3,800

EastGroup

Properties

Inc

609,862

48,874

(a)

Prologis

Inc

5,165,982

15,300

(a)

Terreno

Realty

Corp

904,842

TOTAL

INDUSTRIAL

REITS

6,680,686

MULTI-FAMILY

RESIDENTIAL

REITS

-

1.1%

10,300

AvalonBay

Communities

Inc

2,265,691

1,900

Camden

Property

Trust

220,476

11,700

Equity

Residential

839,592

1,400

Essex

Property

Trust

Inc

399,616

6,200

Mid-America

Apartment

Communities

Inc

958,334

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

4,683,709

OFFICE

REITS

-

0.5%

6,800

BXP

Inc

505,648

17,200

SL

Green

Realty

Corp

1,168,224

12,600

(a)

Vornado

Realty

Trust

529,704

TOTAL

OFFICE

REITS

2,203,576

OTHER

SPECIALIZED

REITS

-

1.1%

18,400

(a)

Gaming

and

Leisure

Properties

Inc

886,144

17,700

(a)

Iron

Mountain

Inc

1,860,447

67,000

(a)

VICI

Properties

Inc

1,957,070

TOTAL

OTHER

SPECIALIZED

REITS

4,703,661

RETAIL

REITS

-

2.2%

7,600

Agree

Realty

Corp

535,420

32,600

Brixmor

Property

Group

Inc

907,584

15,500

Curbline

Properties

Corp

359,910

3,400

Federal

Realty

Investment

Trust

380,630

61,300

(a)

Kimco

Realty

Corp

1,436,259

27,800

Kite

Realty

Group

Trust

701,672

13,900

Realty

Income

Corp

742,399

12,000

(a)

Regency

Centers

Corp

887,160

20,900

(a)

Simon

Property

Group

Inc

3,599,189

11,400

Tanger

Inc

389,082

TOTAL

RETAIL

REITS

9,939,305

SELF-STORAGE

REITS

-

0.6%

10,000

(a)

Extra

Space

Storage

Inc

1,496,000

4,400

(a)

Public

Storage

1,317,536

TOTAL

SELF-STORAGE

REITS

2,813,536

SINGLE-FAMILY

RESIDENTIAL

REITS

-

0.6%

17,300

(a)

American

Homes

4

Rent,

Class

A

647,366

11,900

(a)

Equity

LifeStyle

Properties

Inc

792,540

8,500

Invitation

Homes

Inc

271,745

6,700

Sun

Communities

Inc

823,899

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

2,535,550

TELECOM

TOWER

REITS

-

1.1%

19,921

(a)

American

Tower

Corp

3,653,710

9,500

(a)

Crown

Castle

Inc

862,220

2,377

(a)

SBA

Communications

Corp

484,433

TOTAL

TELECOM

TOWER

REITS

5,000,363

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(Cost

$41,090,105)

54,323,169

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

34975664

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

7

.9

%

(

5

.4

%

of

Total

Investments)

34975664

$

765,000

(a)

CoBank

ACB

6

.450

%

12/30/49

767,215

93,000

CoBank

ACB

7

.250

07/01/73

95,112

325,000

CoBank

ACB

6

.250

10/01/73

323,704

152,000

(c)

Farm

Credit

Bank

of

Texas

7

.750

12/30/49

159,629

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

48

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

$

525,000

(a),(c)

Farm

Credit

Bank

of

Texas

6

.200

%

09/15/73

$

519,750

925,508

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

857,140

1,437,615

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

1,372,542

109,983

(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

109,302

1,306,730

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

1,266,985

1,533,575

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

1,392,770

1,544,149

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.875

07/15/34

1,496,273

15,458

(l)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

10/15/28

15,698

556,630

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

556,667

878,220

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

921,593

1,535,616

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

1,467,955

489,684

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

486,082

355,664

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

384,923

288,015

(l)

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

308,891

1,288,587

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

1,270,851

1,212,570

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

1,076,108

1,694,108

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.375

07/15/33

1,584,720

2,104,699

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

04/15/28

2,050,572

1,059,680

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

974,598

1,097,048

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

2

.125

04/15/29

1,098,373

1,397,450

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

1,339,419

1,134,702

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/34

1,087,815

1,443,938

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

1,403,769

1,177,720

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

1,036,634

962,904

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

939,797

310,215

(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

306,630

823,663

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

791,094

1,969,824

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

1,775,380

386,220

(l)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0

.000

10/15/29

379,731

1,086,400

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0

.625

07/15/32

970,874

1,708,065

(i),(l)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0

.125

01/15/32

1,480,494

160,000

United

States

Treasury

Note/Bond

4

.125

10/31/26

159,636

106,200

United

States

Treasury

Note/Bond

4

.000

02/15/34

101,672

50,000

United

States

Treasury

Note/Bond

4

.625

05/31/31

50,411

80,000

United

States

Treasury

Note/Bond

3

.750

08/31/31

76,646

60,000

United

States

Treasury

Note/Bond

4

.625

05/15/54

58,296

160,000

United

States

Treasury

Note/Bond

3

.750

08/31/26

158,734

215,000

United

States

Treasury

Note/Bond

3

.875

08/15/34

203,291

212,700

United

States

Treasury

Note/Bond

3

.875

08/15/33

202,431

449,400

(i)

United

States

Treasury

Note/Bond

3

.875

05/15/43

395,519

475,100

(i)

United

States

Treasury

Note/Bond

3

.625

05/15/53

386,210

445,700

(i)

United

States

Treasury

Note/Bond

2

.875

05/15/49

315,944

200,000

United

States

Treasury

Note/Bond

4

.375

11/15/39

191,686

313,500

(i)

United

States

Treasury

Note/Bond

4

.125

07/31/28

311,336

235,000

United

States

Treasury

Note/Bond

4

.875

10/31/30

240,185

55,000

United

States

Treasury

Note/Bond

4

.000

12/15/27

54,577

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$35,068,258)

34,975,664

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

64261818

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

14

.6

%

(

10

.0

%

of

Total

Investments)

64261818

AUTOMOBILES

&

COMPONENTS

-

0.1%

235,348

(d)

Adient

US

LLC,

Term

Loan

B2,

(TSFR1M

+

2.500%)

6

.857

01/29/31

236,567

389,025

(d)

Clarios

Global

LP,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

05/06/30

391,116

22,000

(d),(m)

DexKo

Global

Inc.,

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.340

10/04/28

20,853

TOTAL

AUTOMOBILES

&

COMPONENTS

648,536

CAPITAL

GOODS

-

0.9%

100,855

(d)

ACProducts,

Inc.,

Term

Loan

B,

(TSFR3M

+

4.250%)

8

.840

05/17/28

81,944

161,753

(d)

Ali

Group

North

America

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.471

10/13/28

162,405

89,655

(d)

Archkey

Solutions

LLC,

Term

Loan

B,

(TSFR1M

+

4.750%)

9

.303

11/03/31

90,398

124,688

(d)

Azorra

Soar

TLB

Finance

Ltd,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.859

10/18/29

125,701

49

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL

GOODS

(continued)

$

44,000

(d),(n)

Bleriot

US

Bidco

Inc,

(TBD)

TBD

TBD

$

44,285

61,692

(d)

Centuri

Group,

Inc,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.959

%

08/28/28

62,067

217,381

(d)

Chamberlain

Group

Inc,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.707

10/22/28

218,944

216,732

(d)

Chart

Industries,

Inc.,

Term

Loan

B,

(TSFR3M

+

2.500%)

7

.092

03/18/30

217,861

148,241

(d)

Core

&

Main

LP,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.339

07/27/28

148,735

64,310

(d)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.747

04/12/28

61,593

240,033

(d)

Filtration

Group

Corporation,

Incremental

Term

Loan,

(TSFR1M

+

3.500%)

7

.971

10/23/28

242,224

244,388

(d)

Gates

Global

LLC,

Term

Loan

B5,

(TSFR1M

+

1.750%)

6

.107

05/23/31

245,198

208,000

(d),(n)

Goat

Holdco

LLC,

(TBD)

TBD

TBD

208,416

69,825

(d)

Madison

Safety

&

Flow

LLC,

(CME

Term

SOFR

1

Month

+

3.250%)

7

.607

09/19/31

70,425

84,575

(d)

MI

Windows

and

Doors,

LLC,

Term

Loan

B2,

(TSFR1M

+

3.000%)

7

.357

03/28/31

85,544

163,182

(d)

Quikrete

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

04/14/31

163,293

4,808

(d)

Signia

Aerospace

LLC,

(CME

Term

SOFR

1

Month

+

3.000%)

0

.000

11/22/31

4,817

57,692

(d)

Signia

Aerospace

LLC,

(CME

Term

SOFR

1

Month

+

3.000%)

7

.396

11/22/31

57,801

443,801

(d)

TK

Elevator

US

Newco

Inc,

Term

Loan

B,

(TSFR6M

+

3.500%)

8

.588

04/15/30

447,576

155,660

(d),(m)

TransDigm,

Inc.,

Term

Loan,

(TSFR3M

+

2.500%)

6

.829

09/07/32

156,167

87,605

(d)

TransDigm,

Inc.,

Term

Loan

J,

(TSFR3M

+

2.500%)

6

.829

02/28/31

87,853

430,736

(d)

Victory

Buyer

LLC,

Term

Loan,

(TSFR1M

+

3.750%)

8

.221

11/20/28

423,967

355,518

(d)

Windsor

Holdings

III,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.856

08/01/30

360,406

TOTAL

CAPITAL

GOODS

3,767,620

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.8%

456,109

(d)

Allied

Universal

Holdco

LLC,

Incremental

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.207

05/15/28

458,167

221,964

(d)

Anticimex

International

AB,

Term

Loan

B1,

(SOFR90A

+

3.150%)

7

.720

11/16/28

223,814

10,345

(d),(o)

Archkey

Solutions

LLC,

Delayed

Draw

Term

Loan

B

0

.000

10/10/31

10,430

78,635

(d)

CHG

Healthcare

Services

Inc.,

Term

Loan,

(TSFR1M

+

TSFR3M

+

3.500%)

8

.124

09/29/28

79,017

324,076

(d),(m)

CoreLogic,

Inc.,

Term

Loan,

(TSFR1M

+

3.500%)

7

.971

06/02/28

320,575

171,699

(d)

Covanta

Holding

Corporation,

Term

Loan

B,

(TSFR1M

+

TSFR6M

+

2.500%)

7

.222

11/30/28

172,199

13,191

(d)

Covanta

Holding

Corporation,

Term

Loan

C,

(TSFR6M

+

2.500%)

7

.588

11/30/28

13,230

29,626

(d)

Creative

Artists

Agency,

LLC

,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

10/01/31

29,805

115,551

(d)

Dun

&

Bradstreet

Corporation

(The),

Term

Loan,

(TSFR1M

+

2.250%)

6

.588

01/18/29

115,767

116,414

(d)

Ensemble

RCM,

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.585

08/01/29

117,411

76,500

(d)

Evertec

Group,

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

10/15/30

77,552

201,000

(d)

First

Advantage

Holdings,

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

09/19/31

203,387

248,109

(d)

Garda

World

Security

Corporation,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.897

02/01/29

249,506

254,363

(d)

GFL

Environmental

Inc.,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.610

06/27/31

255,157

85,291

(d)

LABL,

Inc.,

First

Lien

Term

Loan,

(TSFR1M

+

5.000%)

9

.457

10/29/28

82,679

194,139

(d)

OMNIA

Partners

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.367

07/25/30

195,334

54,863

(d)

Prime

Security

Services

Borrower,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.524

10/15/30

55,057

55,000

(d),(n)

Prime

Security

Services

Borrower,

LLC,

Term

Loan,

(TBD)

TBD

TBD

55,195

74,518

(d)

Signal

Parent,

Inc,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.957

04/03/28

67,007

591,273

(d)

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.221

03/27/28

579,325

120,000

(d)

XPLOR

T1

LLC,

Term

Loan

B,

(TSFR3M

+

4.250%)

7

.829

06/13/31

121,200

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

3,481,814

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.7%

102,485

(d)

Barentz

International

B.V.,

Term

Loan

B2,

(TSFR3M

+

4.000%)

8

.429

03/28/31

103,126

119,700

(d)

Belron

Finance

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.273

10/02/31

120,991

65,000

(d),(n)

CNT

Holdings

I

Corp

,Term

Loan,

(TBD)

TBD

TBD

65,506

301,372

(d)

CNT

Holdings

I

Corp,

Term

Loan,

(TSFR3M

+

3.500%)

8

.085

11/08/27

303,718

175,360

(d)

Driven

Holdings,

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.471

12/18/28

175,579

114,613

(d)

EOS

Finco

Sarl,

Term

Loan,

(TSFR6M

+

6.000%)

10

.285

08/03/29

78,044

48,890

(d)

Fastlane

Parent

Company,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.500%)

8

.857

09/29/28

45,628

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

50

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

$

633,413

(d)

Frontier

Communications

Corp.,

Term

Loan

B,

(TSFR3M

+

3.500%)

8

.763

%

06/21/31

$

642,121

47,282

(d)

Gulfside

Supply

Inc,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.326

05/29/31

47,560

119,700

(d)

Johnstone

Supply

LLC,

Term

Loan,

(TSFR1M

+

3.000%)

7

.507

05/16/31

120,239

248,070

(d)

LBM

Acquisition

LLC,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.207

12/20/27

249,001

152,260

(d)

Les

Schwab

Tire

Centers,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

04/16/31

153,212

64,838

(d)

Mister

Car

Wash

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.089

03/27/31

65,225

596,843

(d)

PetSmart,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.207

02/14/28

595,599

174,932

(d)

Restoration

Hardware,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.971

10/15/28

173,661

139,300

(d)

Wand

NewCo

3,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

01/30/31

140,044

79,000

(d),(m)

White

Cap

Buyer

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

10/19/29

79,250

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,158,504

CONSUMER

DURABLES

&

APPAREL

-

0.4%

719,505

(d)

AI

Aqua

Merger

Sub,

Inc.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.500%)

8

.053

07/31/28

721,009

248,072

(d)

Hayward

Industries,

Inc.,

Term

Loan,

(TSFR1M

+

2.500%)

6

.971

05/30/28

249,681

2,941

(d)

Serta

Simmons

Bedding,

LLC,

New

Term

Loan,

(TSFR3M

+

7.500%)

11

.943

06/29/28

2,770

8,415

(d),(m)

Serta

Simmons

Bedding,

LLC,

Super

Priority

First

Out

Term

Loan,

(TSFR3M

+

7.500%)

11

.943

08/10/23

7,153

54,225

(d)

SRAM,

LLC

,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.221

05/18/28

54,586

125,000

(d)

Tempur

Sealy

International

Inc.,

Term

Loan

B,

(SOFR30A

+

2.500%)

6

.810

10/04/31

125,508

61,263

(d)

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

03/18/30

61,071

342,056

(d)

Weber-Stephen

Products

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.721

10/29/27

341,521

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,563,299

CONSUMER

SERVICES

-

1.7%

54,725

(d)

101B.C.

Unlimited

Liability

Company,

Term

Loan

B6,

(TSFR1M

+

1.750%)

6

.107

09/23/30

54,531

405,868

(d)

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

(TSFR3M

+

5.000%),

(cash

9.865%,

PIK

5.000%)

9

.590

12/29/25

160,825

49,750

(d)

Allwyn

Entertainment

Financing

US

LLC,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.908

06/30/31

50,201

740,648

(d)

Alterra

Mountain

Company,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

08/17/28

746,435

249,375

(d)

Alterra

Mountain

Company,

Term

Loan

B7,

(TSFR1M

+

3.000%)

7

.357

05/31/30

251,870

310,503

(d)

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

(TSFR1M

+

7.000%)

11

.356

01/04/29

316,409

74

(d)

Bally's

Corporation,

Term

Loan

B,

(TSFR3M

+

3.250%)

8

.143

10/02/28

70

172,725

(d)

Caesars

Entertainment

Inc.,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

02/06/30

173,084

496,250

(d)

Caesars

Entertainment

Inc.,

Term

Loan

B1,

(TSFR1M

+

2.250%)

6

.607

02/06/31

497,955

92,441

(d)

Carnival

Corporation,

Term

Loan

B2,

(TSFR1M

+

2.750%)

7

.107

08/09/27

93,235

70,000

(d),(n)

Catawba

Nation

Gaming

Authority,

(TBD)

TBD

TBD

70,307

215,874

(d)

Churchill

Downs

Incorporated,

Incremental

Term

Loan

B1,

(TSFR1M

+

2.000%)

6

.457

03/17/28

216,414

248,128

(d)

Cinemark

USA,

Inc.,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

2.750%)

7

.093

05/24/30

249,989

590,338

(d)

ClubCorp

Holdings,

Inc.,

Term

Loan

B2,

(TSFR3M

+

5.000%)

9

.590

09/18/26

592,862

428,000

(d)

Crown

Finance

US,

Inc.,

Term

Loan

B,

(Prime

+

4.250%)

9

.803

10/31/31

428,736

122,833

(d)

Delta

2

(LUX)

S.a.r.l.,

Term

Loan

B1,

(TSFR3M

+

2.000%)

6

.329

09/10/31

123,309

415,840

(d)

Fertitta

Entertainment,

LLC,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.857

01/29/29

417,898

497,494

(d)

Flutter

Financing

B.V.,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.329

11/29/30

497,029

138,000

(d)

GBT

US

III

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.626

07/28/31

138,845

132,647

(d)

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B3,

(TSFR3M

+

2.750%)

7

.079

10/31/29

133,186

92,158

(d)

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

08/02/28

92,614

119,517

(d)

IRB

Holding

Corp,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.500%)

7

.190

12/15/27

119,783

438,942

(d)

Light

and

Wonder

International,

Inc.,

Term

Loan

B2,

(TSFR1M

+

2.250%)

6

.632

04/16/29

441,294

248,130

(d)

Motion

Finco

Sarl,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.829

11/30/29

245,906

55,695

(d)

PCI

Gaming

Authority,

Term

Loan,

(TSFR1M

+

2.000%)

6

.357

06/06/31

55,676

164,531

(d)

PENN

Entertainment,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

04/20/29

165,406

51

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

SERVICES

(continued)

$

85,000

(d)

PG

Investment

Company

59

S.a

r.l.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.329

%

03/24/31

$

85,806

163,467

(d)

Scientific

Games

Holdings

LP,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.590

04/04/29

164,059

264,287

(d)

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B3,

(TSFR1M

+

2.000%)

6

.357

11/19/31

264,178

89,550

(d)

Six

Flags

Entertainment

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

04/18/31

89,942

451,796

(d)

Spin

Holdco

Inc.,

Term

Loan,

(TSFR3M

+

4.000%)

8

.706

03/06/28

382,511

100,000

(d)

UFC

Holdings,

LLC,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.770

11/13/31

100,676

260,132

(d)

William

Morris

Endeavor

Entertainment,

LLC,

First

Lien

Term

Loan,

(TSFR1M

+

2.750%)

7

.221

05/16/25

261,075

TOTAL

CONSUMER

SERVICES

7,682,116

ENERGY

-

0.3%

152,539

(d)

EG

Group

Limited,

Term

Loan

B,

(TSFR3M

+

4.250%)

8

.579

02/07/28

154,119

125,000

(d)

Epic

Crude

Services,

LP,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.656

10/09/31

126,250

1,001,849

(d),(m)

Freeport

LNG

Investments,

LLLP,

Term

Loan

A,

(TSFR3M

+

3.000%)

7

.879

11/16/26

1,002,351

227,950

(d)

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

11/05/28

230,211

TOTAL

ENERGY

1,512,931

FINANCIAL

SERVICES

-

0.2%

69,487

(d)

Aragorn

Parent

Corporation,

Term

Loan,

(TSFR1M

+

4.000%)

8

.339

12/15/28

70,130

464,834

(d)

Boost

Newco

Borrower,

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.829

01/31/31

468,226

62,000

(d),(n)

Dechra

Finance

US

LLC,

(TBD)

TBD

TBD

62,368

167,886

(d),(e),(p)

Ditech

Holding

Corporation,

Term

Loan

0

.000

06/30/24

17

7,759

(d),(o)

Focus

Financial

Partners,

LLC,

Delayed

Draw

Term

Loan

0

.000

09/10/31

7,840

72,241

(d)

Focus

Financial

Partners,

LLC,

Term

Loan

B8,

(TSFR1M

+

3.250%)

7

.607

09/10/31

72,995

122,693

(d)

Kestra

Advisor

Services

Holdings

A,

Inc.,

Repriced

Term

Loan,

(TSFR1M

+

3.000%)

7

.370

03/24/31

122,986

34,000

(d)

NCR

Atleos

LLC,

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.397

04/16/29

34,223

197,228

(d)

Trans

Union,

LLC,

Term

Loan

B8,

(TSFR1M

+

1.750%)

6

.107

06/24/31

197,197

TOTAL

FINANCIAL

SERVICES

1,035,982

FOOD,

BEVERAGE

&

TOBACCO

-

0.4%

253,414

(d)

8th

Avenue

Food

&

Provisions,

Inc.,

First

Lien

Term

Loan,

(TSFR1M

+

3.750%)

8

.221

10/01/25

248,726

18,758

(d)

8th

Avenue

Food

&

Provisions,

Inc.,

Incremental

Term

Loan,

(TSFR1M

+

4.750%)

9

.221

10/01/25

18,429

44,887

(d)

Aspire

Bakeries

Holdings

LLC,

Term

Loan,

(TSFR1M

+

4.250%)

8

.607

12/23/30

45,392

247,929

(d)

CHG

PPC

Parent

LLC,

Term

Loan,

(TSFR1M

+

3.000%)

7

.471

12/08/28

249,635

21,186

(d)

City

Brewing

Company,

LLC,

First

Lien

Second

Out

PIK

TL,

(TSFR3M

+

5.000%)

9

.909

04/14/28

8,333

30,526

(d),(m)

City

Brewing

Company,

LLC,

First

Out

New

Money

Term

Loan,

(TSFR3M

+

6.250%)

10

.906

04/05/28

23,200

76,682

(d)

City

Brewing

Company,

LLC,

FLFO

Roll

Up

Term

Loan,

(TSFR3M

+

3.500%)

8

.418

04/14/28

54,636

248,752

(d)

Fiesta

Purchaser,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

02/12/31

249,257

16,818

(d)

Naked

Juice

LLC,

Term

Loan,

(TSFR3M

+

3.000%)

7

.429

01/20/29

11,181

244,723

(d)

Pegasus

BidCo

BV,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.773

07/12/29

247,324

226,805

(d)

Sycamore

Buyer

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.702

07/23/29

227,230

266,655

(d)

Triton

Water

Holdings,

Inc,

Term

Loan,

(TSFR3M

+

3.250%)

7

.840

03/31/28

269,091

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,652,434

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.6%

206,677

(d)

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

(LIBOR

3

M

+

14.000%)

18

.815

09/30/26

113,673

99,000

(d)

ADMI

Corp.,

Term

Loan

B5,

(TSFR1M

+

5.750%)

10

.107

12/23/27

99,619

213,785

(d)

AHP

Health

Partners,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

08/24/28

216,124

596,869

(d)

Bausch

&

Lomb

Corporation,

Term

Loan,

(TSFR1M

+

3.250%)

7

.689

05/05/27

599,880

39,900

(d)

Concentra

Health

Services

Inc,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

06/26/31

40,249

181,792

(d)

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan,

(TSFR3M

+

3.750%)

8

.079

04/12/29

183,213

228,530

(d)

Gainwell

Acquisition

Corp.,

Term

Loan

B,

(TSFR3M

+

4.000%)

8

.429

10/01/27

221,928

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

52

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

$

605,935

(d)

Global

Medical

Response,

Inc.,

PIK

Term

Loan,

(TSFR1M

+

5.500%)

9

.856

%

10/02/28

$

608,776

1,217,983

(d),(m)

Medline

Borrower,

LP,

Add-on

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

10/23/28

1,223,658

147,801

(d),(m)

National

Mentor

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

TSFR3M

+

3.750%)

8

.193

03/02/28

146,761

4,872

(d),(m)

National

Mentor

Holdings,

Inc.,

Term

Loan

C,

(TSFR3M

+

3.750%)

8

.179

03/02/28

4,838

153,191

(d)

Onex

TSG

Intermediate

Corp.,

Term

Loan

B,

(TSFR3M

+

4.750%)

9

.597

02/28/28

154,651

172,695

(d)

Pacific

Dental

Services,

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.125

03/17/31

174,098

614,039

(d)

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.835

11/30/27

617,493

652,998

(d)

Parexel

International

Corporation,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

11/15/28

658,303

189,566

(d)

Phoenix

Guarantor

Inc,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

02/21/31

190,479

114,628

(d)

Radiology

Partners

Inc,

Extended

Term

Loan

B,

(TSFR3M

+

2.500%),

(cash

8.275%,

PIK

1.500%)

4

.888

01/31/29

113,568

69,825

(d)

Resonetics,

LLC,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.603

06/18/31

70,362

94,210

(d)

Select

Medical

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.531

11/18/31

94,641

121,158

(d)

Sound

Inpatient

Physicians,

Tranche

B

Term

Loan

(Second

Out),

(TSFR3M

+

2.500%),

(cash

8.090%,

PIK

1.500%)

4

.795

06/28/28

111,768

910,680

(d)

Surgery

Center

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.089

12/19/30

918,867

247,999

(d)

Team

Health

Holdings,

Inc.,

Term

Loan

B,

(TSFR3M

+

5.250%)

9

.835

03/02/27

240,466

19,331

(d),(m),(o)

Viant

Medical

Holdings

Inc,

(CME

Term

SOFR

1

Month

+

4.000%)

0

.000

10/15/31

19,570

191,858

(d),(m)

Viant

Medical

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.000%)

8

.357

10/15/31

194,227

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

7,017,212

INSURANCE

-

0.9%

233,255

(d)

Acrisure,

LLC,

Term

Loan

B6,

(TSFR1M

+

3.000%)

7

.357

11/06/30

233,929

764,022

(d),(m)

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B6,

(TSFR1M

+

2.750%)

7

.106

09/12/31

766,934

198,500

(d)

AssuredPartners,

Inc.,

Incremental

Term

Loan

B5,

(TSFR1M

+

3.500%)

7

.857

02/14/31

199,151

91,407

(d)

Asurion

LLC,

Term

Loan

B11,

(TSFR1M

+

4.250%)

8

.707

08/21/28

91,604

202,969

(d)

Asurion

LLC,

Term

Loan

B8,

(TSFR1M

+

3.250%)

7

.721

12/23/26

203,063

126,066

(d)

Asurion

LLC,

Term

Loan

B9,

(TSFR1M

+

3.250%)

7

.709

07/30/27

125,939

645,678

(d)

Broadstreet

Partners,

Inc.,

Term

Loan

B2,

(TSFR1M

+

3.000%)

8

.694

01/27/27

648,641

460,726

(d)

HUB

International

Limited,

First

Lien

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.367

06/20/30

464,098

319,273

(d)

Ryan

Specialty

Group,

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

09/11/31

320,869

83,938

(d)

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.585

06/27/31

84,547

199,960

(d)

Truist

Insurance

Holdings

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.079

05/06/31

200,866

322,999

(d)

USI,

Inc.,

Term

Loan

(2029),

(TSFR3M

+

2.250%)

6

.576

11/23/29

322,879

103,693

(d)

USI,

Inc.,

Term

Loan

(2030),

(TSFR3M

+

2.250%)

6

.579

09/27/30

103,667

TOTAL

INSURANCE

3,766,187

MATERIALS

-

0.6%

30,000

(d)

AAP

Buyer

Inc,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

08/01/31

30,281

24,689

(d)

Arsenal

AIC

Parent

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.607

08/19/30

24,929

71,088

(d)

Ascend

Performance

Materials

Operations

LLC,

Term

Loan

B,

(TSFR6M

+

4.750%)

9

.095

08/27/26

61,377

170,210

(d)

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

Term

Loan

B4,

(TSFR3M

+

1.750%)

6

.079

12/20/29

170,883

241,165

(d)

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B,

(TSFR1M

+

3.175%)

7

.532

04/13/29

241,920

231,000

(d)

CPC

Acquisition

Corp,

Term

Loan,

(TSFR3M

+

3.750%)

8

.340

12/29/27

207,467

113

(d)

Derby

Buyer

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.370

11/01/30

114

200,885

(d)

Discovery

Purchaser

Corporation,

Term

Loan,

(TSFR3M

+

4.375%)

8

.965

08/03/29

202,354

132,104

(d)

INEOS

Quattro

Holdings

UK

Ltd,

First

Lien

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.707

03/29/29

133,259

34,475

(d)

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan,

(TSFR1M

+

3.750%)

8

.207

03/03/30

34,626

115,000

(d)

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.607

10/02/31

116,294

53

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

$

199,903

(d)

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B,

(TSFR6M

+

4.725%)

9

.723

%

02/09/26

$

183,411

123,433

(d)

Lonza

Group

AG,

Term

Loan

B,

(TSFR3M

+

3.925%)

8

.354

07/03/28

121,343

245,503

(d)

Nouryon

Finance

B.V.,

Term

Loan

B1,

(TSFR6M

+

3.250%)

7

.657

04/03/28

247,731

14,850

(d)

Nouryon

Finance

B.V.,

Term

Loan

B2,

(TSFR6M

+

3.250%)

7

.657

04/03/28

15,039

166,533

(d)

Pactiv

Evergreen

Group

Holdings

Inc.,

Term

Loan

B4,

(TSFR1M

+

2.500%)

6

.857

09/25/28

167,444

94,052

(d)

Proampac

PG

Borrower

LLC,

Term

Loan,

(TSFR3M

+

4.000%)

8

.590

09/15/28

94,463

54,588

(d)

SupplyOne,

Inc,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.107

04/21/31

55,111

97,000

(d),(e),(n)

TRICORBRAUN

HOLDINGS

INC,

(TBD)

TBD

TBD

96,758

44,086

(d)

TricorBraun

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

3.250%)

7

.721

03/03/28

44,110

94,763

(d)

Tronox

Finance

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.101

04/04/29

95,148

16,346

(d),(o)

USALCO,

LLC,

Delayed

Draw

Term

Loan

4

.000

09/17/31

16,506

158,654

(d)

USALCO,

LLC,

Term

Loan

B,

(TSFR1M

+

4.000%)

8

.357

09/17/31

160,207

1,216

(d)

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.579

09/22/28

1,227

TOTAL

MATERIALS

2,522,002

MEDIA

&

ENTERTAINMENT

-

0.8%

134,599

(d)

ABG

Intermediate

Holdings

2

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.595

12/21/28

135,293

143,477

(d)

Advantage

Sales

&

Marketing,

Inc.,

Term

Loan,

(TSFR3M

+

4.250%)

9

.121

10/28/27

143,264

117,901

(d)

Cable

One,

Inc.,

Term

Loan

B4,

(TSFR1M

+

2.000%)

6

.471

05/03/28

116,103

214,920

(d)

Cengage

Learning,

Inc.,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

3.875%)

7

.935

03/24/31

216,302

124,375

(d)

Century

De

Buyer

LLC,

Term

Loan

B,

(TSFR3M

+

4.000%)

8

.359

10/30/30

125,670

412,605

(d)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

4.000%)

8

.471

08/23/28

415,871

251,556

(d),(m)

Crown

Finance

US,

Inc.,

Exit

Term

Loan,

(TSFR1M

+

8.500%),

(cash

6.167%,

PIK

7.000%)

6

.650

07/31/28

251,988

121,000

(d)

CSC

Holdings,

LLC,

Term

Loan

B5,

(LIBOR

6

M

+

2.500%)

7

.173

04/15/27

111,925

453,469

(d)

CSC

Holdings,

LLC,

Term

Loan

B6,

(TSFR1M

+

4.500%)

8

.897

01/18/28

445,786

112,972

(d)

DirecTV

Financing,

LLC,

Term

Loan,

(TSFR3M

+

5.000%)

9

.847

08/02/27

113,548

168,296

(d)

Dotdash

Meredith

Inc,

Term

Loan,

(TSFR1M

+

3.500%)

8

.053

12/01/28

169,769

150,100

(d)

iHeartCommunications,

Inc.,

Term

Loan,

(TSFR3M

+

5.775%)

10

.391

05/01/29

134,527

145,827

(d)

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

B,

(TSFR3M

+

4.000%)

8

.329

08/06/31

147,665

82,238

(d)

Mission

Broadcasting,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

7

.167

06/02/28

82,272

322,379

(d)

NEP

Group,

Inc.,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

2.375%),

(cash

7.772%,

PIK

1.500%)

4

.611

08/19/26

295,460

38,000

(d),(m)

Planet

US

Buyer

LLC,

(CME

Term

SOFR

3

Month

+

3.000%)

7

.521

02/10/31

38,374

274,685

(d)

Planet

US

Buyer

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.521

02/10/31

277,389

82,134

(d)

UPC

Financing

Partnership,

Term

Loan

AX,

(TSFR1M

+

2.925%)

7

.437

01/31/29

82,665

100,000

(d)

Virgin

Media

Bristol

LLC,

Term

Loan

Y,

(TSFR6M

+

3.175%)

7

.724

03/06/31

99,201

TOTAL

MEDIA

&

ENTERTAINMENT

3,403,072

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.4%

1,341,742

(d)

Jazz

Financing

Lux

S.a.r.l.,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

05/05/28

1,346,774

917

(d)

Mallinckrodt

International

Finance

S.A.,

Second

Out

Term

Loan,

(TSFR1M

+

9.500%)

14

.000

11/14/28

978

318,452

(d)

Organon

&

Co,

Term

Loan,

(TSFR1M

+

2.250%)

6

.620

05/19/31

319,912

109,156

(d)

Perrigo

Investments,

LLC,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

04/05/29

109,674

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,777,338

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

377,859

(d)

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

01/31/30

379,748

124,688

(d)

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Tranche

2

Incremental

Term

Loan,

(TSFR1M

+

3.250%)

7

.607

01/31/30

126,246

205,000

(d),(m)

Forest

City

Enterprises,

L.P.,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.959

12/08/25

201,413

377,501

(d),(m)

Verifone

Systems,

Inc.,

First

Lien

Term

Loan,

(TSFR3M

+

4.000%)

8

.782

08/20/25

355,153

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,062,560

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

54

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

$

400,000

(d)

Instructure

Holdings,

Inc.,

Term

Loan,

(TSFR3M

+

3.000%)

7

.516

%

09/12/31

$

401,938

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

401,938

SOFTWARE

&

SERVICES

-

2.4%

211,000

(d)

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

07/30/31

210,516

65,407

(d)

Apttus

Corporation,

Term

Loan

B,

(TSFR3M

+

3.500%)

8

.085

05/08/28

66,068

573,219

(d)

Avaya,

Inc.,

Exit

Term

Loan,

(TSFR1M

+

7.500%)

11

.857

08/01/28

488,955

813,403

(d),(m)

Boxer

Parent

Company

Inc.,

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.335

07/30/31

821,123

340,125

(d)

Camelot

U.S.

Acquisition

LLC,

Incremental

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

10/30/26

340,285

496,256

(d)

Cotiviti

Corporation,

Term

Loan,

(TSFR1M

+

2.750%)

7

.303

04/30/31

499,670

200,000

(d)

Darktrace

PLC,

First

Lien

Term

Loan,

(TSFR3M

+

3.250%)

7

.887

07/02/31

200,062

73,815

(d)

Drake

Software,

LLC,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.607

06/05/31

71,970

110,754

(d)

DTI

Holdco,

Inc.,

Term

Loan,

(TSFR1M

+

4.750%)

9

.107

04/21/29

111,792

252,717

(d)

Ellucian

Holdings

Inc,

(CME

Term

SOFR

1

Month

+

3.000%)

7

.357

10/29/29

254,739

110,000

(d),(n)

Envestnet

Inc,Term

Loan,

(TBD)

TBD

TBD

111,041

660,306

(d)

Epicor

Software

Corporation,

Term

Loan

E,

(TSFR1M

+

2.750%)

7

.107

05/23/31

665,843

125,000

(d)

FNZ

Group

Services

Ltd,

Term

Loan

B,

(TSFR3M

+

5.000%)

9

.554

10/05/31

122,227

98,753

(d)

Fortress

Intermediate

3,

Inc,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.857

05/08/31

99,185

141,501

(d)

Gen

Digital

Inc.,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.107

09/12/29

141,226

734,769

(d)

Genesys

Cloud

Services

Holdings

II

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

12/01/27

741,857

117,216

(d)

IGT

Holding

IV

AB,

Term

Loan

B2,

(SOFR90A

+

3.650%)

8

.222

03/29/28

117,948

264,982

(d)

Informatica

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

10/30/28

266,638

166,000

(d),(m)

Javelin

Buyer,

Inc.,

First

Lien

Term

Loan,

(Prime

+

2.250%)

10

.000

10/08/31

167,505

39,800

(d)

Marcel

LUX

IV

SARL,

Term

Loan

B7,

(SOFR30A

+

3.500%)

8

.070

11/13/30

40,397

476,462

(d)

McAfee,

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.370

03/01/29

477,474

503,365

(d),(m)

Mitchell

International,

Inc.,

First

Lien

Term

Loan,

(TSFR1M

+

3.250%)

7

.607

06/06/31

504,261

399,098

(d)

Open

Text

Corporation,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.107

01/31/30

399,672

40,000

(d),(n)

Perforce

Software

Inc,

(TBD)

TBD

TBD

39,572

114,425

(d)

Perforce

Software,

Inc.,

Add-on

Term

Loan,

(TSFR1M

+

4.750%)

9

.107

03/24/31

113,174

115,000

(d)

PointClickCare

Technologies,

Inc.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.579

10/11/31

115,863

63,401

(d)

Proofpoint,

Inc.,

Term

Loan,

(TSFR1M

+

3.000%)

7

.357

08/31/28

63,782

93,813

(d)

Quartz

Acquireco

LLC,

Term

Loan

B1,

(TSFR3M

+

2.750%)

7

.079

06/28/30

94,633

179,337

(d)

Rackspace

Finance,

LLC,

First

Lien

First

Out

Term

Loan,

(TSFR1M

+

6.250%)

10

.847

05/15/28

186,137

446,682

(d)

Rackspace

Finance,

LLC,

First

Lien

Second

Out

Term

Loan,

(TSFR1M

+

2.750%)

7

.347

05/15/28

260,380

163,350

(d)

Rocket

Software,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.607

11/28/28

164,770

88,000

(d),(n)

Sophos

Intermediate

II

Ltd,

(TBD)

TBD

TBD

87,450

200,127

(d)

SS&C

Technologies

Inc.,

Term

Loan

B8,

(TSFR1M

+

2.000%)

6

.357

05/09/31

200,878

125,000

(d)

Synechron

Inc,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.107

10/03/31

126,094

572,046

(d)

Syniverse

Holdings,

Inc.,

Term

Loan,

(TSFR3M

+

7.000%)

11

.329

05/10/29

574,489

208,764

(d)

Tempo

Acquisition

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

08/31/28

209,808

106,733

(d)

Thunder

Generation

Funding

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.329

09/26/31

107,566

709,759

(d)

UKG

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.329

02/10/31

715,653

49,237

(d)

Vision

Solutions,

Inc.,

Incremental

Term

Loan,

(TSFR3M

+

4.000%)

8

.847

04/24/28

48,572

84,788

(d)

VS

Buyer,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.120

04/14/31

85,529

181,745

(d),(m)

West

Corporation,

Term

Loan

B3,

(TSFR3M

+

4.000%)

8

.835

04/12/27

134,969

92,233

(d)

WEX

Inc.,

Term

Loan,

(TSFR1M

+

1.750%)

6

.107

04/03/28

92,265

247,131

(d)

Zelis

Payments

Buyer,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

09/28/29

247,819

TOTAL

SOFTWARE

&

SERVICES

10,589,857

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.5%

359,171

(d),(n)

CommScope

LLC,

(TBD)

TBD

TBD

364,336

813,256

(d)

CommScope,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.721

04/06/26

804,106

750,000

(d),(n)

Delta

TopCo,

Inc.,

Term

Loan,

(TBD)

TBD

TBD

756,799

86,604

(d)

Ingram

Micro

Inc.,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.077

09/22/31

87,199

260,655

(d)

MLN

US

HoldCo

LLC,

First

Lien

Term

Loan,

(TSFR3M

+

4.500%)

8

.953

12/01/25

7,820

55

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

$

151,479

(d)

MLN

US

HoldCo

LLC,

Second

Out

Term

Loan,

(TSFR3M

+

6.700%)

11

.385

%

10/18/27

$

2,904

159,086

(d)

Riverbed

Technology,

Inc.,

PIK

Term

Loan,

(TSFR3M

+

1.250%)

3

.414

07/03/28

96,963

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,120,127

TELECOMMUNICATION

SERVICES

-

0.8%

128,890

(d)

Altice

France

S.A.,

Term

Loan

B12,

(LIBOR

6

M

+

3.688%)

8

.370

02/02/26

106,496

203,729

(d)

Altice

France

S.A.,

Term

Loan

B13,

(LIBOR

3

M

+

4.000%)

8

.682

08/14/26

166,039

120,331

(d)

Cincinnati

Bell,

Inc.,

Term

Loan

B2,

(TSFR1M

+

2.750%)

7

.107

11/24/28

121,191

201,761

(d),(e),(p)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

0

.000

05/01/25

1,110

15,000

(d),(n)

Dawn

Acquisitions

LLC,

Term

Loan,

(TBD)

TBD

TBD

14,719

288,536

(d)

Digicel

International

Finance

Limited,

Term

Loan,

(TSFR3M

+

6.750%),

(cash

11.335%,

PIK

1.500%)

11

.335

05/27/27

281,006

248,120

(d)

Iridium

Satellite

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

09/20/30

247,500

272,630

(d)

Level

3

Financing

Inc.,

Extended

Term

Loan

B1,

(TSFR1M

+

6.560%)

10

.917

04/16/29

278,458

360,370

(d),(m)

Level

3

Financing

Inc.,

Extended

Term

Loan

B2,

(TSFR1M

+

6.560%)

10

.917

04/15/30

367,893

430,248

(d),(m)

Lumen

Technologies,

Inc.,

Extended

Term

Loan

B2,

(TSFR1M

+

2.350%)

6

.821

04/15/30

401,804

272,494

(d)

Lumen

Technologies,

Inc.,

Term

Loan

A,

(TSFR1M

+

6.000%)

10

.357

06/01/28

273,662

110,000

(d)

Numericable

Group

SA,

Term

Loan

B11,

(LIBOR

6

M

+

2.750%)

7

.432

07/31/25

98,381

828,001

(d),(m)

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

3.000%)

7

.471

03/09/27

777,317

480,992

(d)

Ziggo

Financing

Partnership,

Term

Loan

I,

(TSFR1M

+

2.500%)

7

.012

04/28/28

479,580

TOTAL

TELECOMMUNICATION

SERVICES

3,615,156

TRANSPORTATION

-

0.4%

193,538

(d)

Air

Canada,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.337

03/21/31

194,687

113,669

(d)

American

Airlines,

Inc.,

Term

Loan,

(TSFR3M

+

4.750%)

9

.629

04/20/28

116,886

147,385

(d)

Brown

Group

Holding,

LLC,

Incremental

Term

Loan

B2,

(TSFR1M

+

TSFR3M

+

2.500%)

6

.953

07/02/29

147,989

186,449

(d)

Brown

Group

Holding,

LLC,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

07/01/31

187,367

184,866

(d)

First

Student

Bidco

Inc,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.590

07/21/28

185,443

56,588

(d)

First

Student

Bidco

Inc,

Term

Loan

C,

(TSFR3M

+

3.000%)

7

.865

07/21/28

56,765

117,611

(d)

KKR

Apple

Bidco,

LLC,

Incremental

Term

Loan,

(TSFR1M

+

3.500%)

7

.857

09/23/28

118,530

224,839

(d)

KKR

Apple

Bidco,

LLC,

Term

Loan,

(TSFR1M

+

2.750%)

7

.221

09/25/28

226,405

32,515

(d)

PODS,

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.847

03/31/28

30,513

119,584

(d)

SkyMiles

IP

Ltd.,

Skymiles

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.367

10/20/27

121,882

223,936

(d)

United

Airlines,

Inc.,

First

Lien

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.635

02/24/31

224,956

124,747

(d)

WestJet

Loyalty

LP,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.579

02/14/31

125,415

TOTAL

TRANSPORTATION

1,736,838

UTILITIES

-

0.4%

242,000

(d),(n)

Cornerstone

Generation

LLC,

(TBD)

TBD

TBD

244,420

64,675

(d)

EFS

Cogen

Holdings

I

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

8

.104

10/01/27

65,079

99,750

(d)

Kestrel

Acquisition,

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.829

10/29/31

100,548

580,000

(d)

Talen

Energy

Supply,

LLC,

Incremental

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.849

12/11/31

582,900

646,898

(d)

Talen

Energy

Supply,

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

8

.023

05/17/30

650,627

2,848

(d)

Vistra

Operations

Company

LLC,

First

Lien

Term

Loan

B3,

(TSFR1M

+

1.750%)

6

.107

12/20/30

2,858

99,500

(d)

Vistra

Zero

Operating

Company,

LLC,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

04/30/31

99,863

TOTAL

UTILITIES

1,746,295

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$64,697,870)

64,261,818

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

56

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.

SHARES

DESCRIPTION

VALUE

449,089

WARRANTS

-

0

.1

%

(

0

.1

%

of

Total

Investments)

449,089

MEDIA

&

ENTERTAINMENT

-

0.1%

17,892

(f)

Cineworld

Group

PLC

$

449,089

TOTAL

MEDIA

&

ENTERTAINMENT

449,089

TOTAL

WARRANTS

(Cost

$285,429)

449,089

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$569,129,822)

618,762,028

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 5.9%(4.0%

of

Total

Investments)

25875000

REPURCHASE

AGREEMENTS

-

5

.9

%

(

4

.0

%

of

Total

Investments)

25875000

$

25,875,000

(q)

Fixed

Income

Clearing

Corporation

4

.430

%

01/02/25

25,875,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$25,875,000)

25,875,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$25,875,000)

25,875,000

TOTAL

INVESTMENTS

-

146

.4

%

(Cost

$

595,004,822

)

644,637,028

BORROWINGS

-

(27.8)%

(r),(s)

(

122,336,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(15.5)%(t)

(

68,207,746

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (3.1)%

(

13,780,424

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

440,312,858

ADR

American

Depositary

Receipt

BRL

Brazilian

Real

COP

Colombian

Peso

CZK

Czech

Koruna

DOP

Dominican

Peso

ETF

Exchange-Traded

Fund

EUR

Euro

GDR

Global

Depositary

Receipt

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

LIBOR

London

Inter-Bank

Offered

Rate

M

Month

MSCI

Morgan

Stanley

Capital

International

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

Sol

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

PLN

Polish

Zloty

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

RON

Romanian

Leu

S&P

Standard

&

Poor's

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

THB

Thai

Baht

TRY

Turkish

Lira

57

See

Notes

to

Financial

Statements

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

TSFR6M

CME

Term

Secured

Overnight

Financing

Rate

6

Month

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

ZAR

South

African

Rand

(a)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$131,507,804.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$75,870,189

or

11.8%

of

Total

Investments.

(d)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(g)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(h)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

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.

(i)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$74,222,892

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(j)

Exchange-traded,

unless

otherwise

noted.

(k)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

(l)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(m)

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

(n)

When-issued

or

delayed

delivery

security.

(o)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(p)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(q)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.430%

dated

12/31/24

to

be

repurchased

at

$25,875,000

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

5/15/42,

valued

at

$26,392,713.

(r)

Borrowings

as

a

percentage

of

Total

Investments

is

19.0%.

(s)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$221,653,326

have

been

pledged

as

collateral

for

borrowings.

(t)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.6%.

Options

Written

Type

Description

(a)

Number

of

Contracts

Notional

Amount

(b)

Exercise

Price

Expiration

Date

Value

Call

S&P

500

Index

(10)

$

(

6,300,000

)

$

6,300

1/03/25

$

(

50

)

Call

S&P

500

Index

(5)

(

3,050,000

)

6,100

1/17/25

(

2,375

)

Call

S&P

500

Index

(5)

(

3,125,000

)

6,250

1/17/25

(

238

)

Call

S&P

500

Index

(5)

(

3,150,000

)

6,300

1/17/25

(

162

)

Call

S&P

500

Index

(10)

(

6,400,000

)

6,400

1/17/25

(

250

)

Call

S&P

500

Index

(15)

(

9,300,000

)

6,200

1/31/25

(

6,600

)

Call

S&P

500

Index

(25)

(

15,750,000

)

6,300

1/31/25

(

3,000

)

Call

S&P

500

Index

(5)

(

3,175,000

)

6,350

1/31/25

(

375

)

Call

S&P

500

Index

(5)

(

3,125,000

)

6,250

2/21/25

(

4,575

)

Call

S&P

500

Index

(5)

(

3,150,000

)

6,300

2/21/25

(

2,700

)

Total

Options

Written

(premiums

received

$136,239)

(90)

$(56,525,000)

$(20,325)

(a)

Exchange-traded,

unless

otherwise

noted.

(b)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

Portfolio

of

Investments

December

31,

2024

(continued)

NMAI

58

See

Notes

to

Financial

Statements

Forward

Foreign

Currency

Contracts

Currency

Purchased

Notional

Amount

(Local

Currency)

Currency

Sold

Notional

Amount

(Local

Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Euro

98,579

U.S.

Dollar

104,038

Bank

of

America,

N.A.

1/13/25

$

(

1,884

)

U.S.

Dollar

1,092,177

Euro

995,692

Bank

of

America,

N.A.

1/13/25

$

60,377

Total

        $58,493

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

        $60,377

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

        $(1,884)

59

Portfolio

of

Investments

December

31,

2024

JRI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

146.3%

(97.7%

of

Total

Investments)

72709684

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

20

.1

%

(

13

.4

%

of

Total

Investments)

72709684

ENERGY

-

8.0%

$

696,000

Enbridge

Inc

5

.750

%

07/15/80

$

672,846

1,530,000

Enbridge

Inc

6

.250

03/01/78

1,511,546

2,406,000

Enbridge

Inc

5

.500

07/15/77

2,306,217

1,260,000

Enbridge

Inc

7

.625

01/15/83

1,321,976

2,315,000

Enbridge

Inc

6

.000

01/15/77

2,292,771

930,000

Enbridge

Inc

8

.500

01/15/84

1,032,907

1,190,000

(a)

Energy

Transfer

LP

6

.500

N/A

1,190,490

580,000

Energy

Transfer

LP

8

.000

05/15/54

607,810

1,184,000

(b)

Energy

Transfer

LP

(TSFR3M

+

3.279%)

7

.850

11/01/66

1,178,050

1,451,000

(a)

Energy

Transfer

LP

7

.125

N/A

1,456,225

648,000

Energy

Transfer

LP

7

.125

10/01/54

656,552

2,369,000

Enterprise

Products

Operating

LLC

5

.375

02/15/78

2,262,594

3,085,000

Enterprise

Products

Operating

LLC

5

.250

08/16/77

3,014,396

CAD

780,000

Inter

Pipeline

Ltd/AB

6

.625

11/19/79

551,196

725,000

(c)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.625

03/01/55

743,319

378,000

(c)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.500

03/01/55

390,860

829,000

TransCanada

PipeLines

Ltd

7

.590

05/15/67

778,128

1,194,000

Transcanada

Trust

5

.500

09/15/79

1,147,401

1,200,000

Transcanada

Trust

5

.600

03/07/82

1,137,867

1,274,000

Transcanada

Trust

5

.875

08/15/76

1,257,022

300,000

Transcanada

Trust

5

.300

03/15/77

287,080

3,064,000

(a),(c)

Venture

Global

LNG

Inc

9

.000

N/A

3,203,547

TOTAL

ENERGY

29,000,800

FINANCIAL

SERVICES

-

0.5%

375,000

National

Rural

Utilities

Cooperative

Finance

Corp

5

.250

04/20/46

369,014

1,340,000

Transcanada

Trust

5

.625

05/20/75

1,329,247

TOTAL

FINANCIAL

SERVICES

1,698,261

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

733,000

(c)

EUSHI

Finance

Inc

7

.625

12/15/54

762,543

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

762,543

TRANSPORTATION

-

0.3%

999,000

BNSF

Funding

Trust

I

6

.613

12/15/55

1,001,494

TOTAL

TRANSPORTATION

1,001,494

UTILITIES

-

11.1%

950,000

(c)

AES

Andes

SA

8

.150

06/10/55

960,881

1,560,000

AES

Corp/The

7

.600

01/15/55

1,602,299

CAD

625,000

AltaGas

Ltd

8

.900

11/10/83

479,099

2,010,000

(c)

AltaGas

Ltd

7

.200

10/15/54

2,020,991

CAD

675,000

Capital

Power

Corp

7

.950

09/09/82

514,647

1,749,000

CMS

Energy

Corp

4

.750

06/01/50

1,656,705

1,704,000

Dominion

Energy

Inc

7

.000

06/01/54

1,799,397

2,981,000

Dominion

Energy

Inc

6

.625

05/15/55

3,030,675

2,555,000

Duke

Energy

Corp

6

.450

09/01/54

2,586,036

1,375,000

(a)

Edison

International

5

.000

N/A

1,340,250

1,090,000

(a)

Edison

International

5

.375

N/A

1,074,825

GBP

900,000

(a)

Electricite

de

France

SA,

Reg

S

5

.875

N/A

1,089,772

1,838,000

Emera

Inc

6

.750

06/15/76

1,847,537

1,622,000

Entergy

Corp

7

.125

12/01/54

1,653,188

1,698,000

Evergy

Inc

6

.650

06/01/55

1,697,515

2,657,000

NextEra

Energy

Capital

Holdings

Inc

5

.650

05/01/79

2,589,849

825,000

NextEra

Energy

Capital

Holdings

Inc

3

.800

03/15/82

784,854

581,000

NextEra

Energy

Capital

Holdings

Inc

6

.750

06/15/54

595,224

2,475,000

NiSource

Inc

6

.950

11/30/54

2,519,819

1,247,000

PG&E

Corp

7

.375

03/15/55

1,279,711

1,608,000

Sempra

6

.550

04/01/55

1,595,379

1,547,000

Sempra

6

.400

10/01/54

1,533,891

1,381,000

Sempra

6

.875

10/01/54

1,396,424

Portfolio

of

Investments

December

31,

2024

(continued)

JRI

60

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,625,000

Sempra

4

.125

%

04/01/52

$

1,550,707

1,265,000

Southern

Co/The

4

.000

01/15/51

1,239,628

1,694,000

(a),(c)

Vistra

Corp

8

.875

N/A

1,807,283

TOTAL

UTILITIES

40,246,586

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$72,117,195)

72,709,684

SHARES

DESCRIPTION

RATE

VALUE

61121931

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

16

.9

%

(

11

.3

%

of

Total

Investments)

61121931

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

11.1%

146,415

Agree

Realty

Corp

4

.250

2,682,323

81,222

American

Homes

4

Rent

5

.875

1,924,961

67,405

Armada

Hoffler

Properties

Inc

6

.750

1,544,922

42,093

DiamondRock

Hospitality

Co

8

.250

1,079,686

58,794

Digital

Realty

Trust

Inc

5

.250

1,319,925

68,807

Digital

Realty

Trust

Inc

5

.200

1,459,396

81,388

Federal

Realty

Investment

Trust

5

.000

1,750,656

64,558

Kimco

Realty

Corp

5

.125

1,330,540

86,943

Kimco

Realty

Corp

5

.250

1,831,889

13,513

Kimco

Realty

Corp

7

.250

813,753

2,301

Mid-America

Apartment

Communities

Inc

8

.500

129,569

54,508

National

Storage

Affiliates

Trust

6

.000

1,163,201

57,380

Pebblebrook

Hotel

Trust

5

.700

1,061,530

43,067

Pebblebrook

Hotel

Trust

6

.375

850,573

69,500

Pebblebrook

Hotel

Trust

6

.300

1,414,325

35,300

Public

Storage

4

.750

714,472

34,150

Public

Storage

4

.125

608,895

28,444

Public

Storage

5

.050

616,381

41,213

Public

Storage

4

.625

799,944

31,672

Public

Storage

4

.700

622,355

41,114

Public

Storage

3

.875

687,015

40,054

Public

Storage

3

.900

669,302

56,168

Public

Storage

4

.000

948,678

33,970

Public

Storage

3

.950

577,830

68,020

Public

Storage

4

.000

1,145,457

53,330

Public

Storage

4

.100

940,208

52,143

Public

Storage

4

.875

1,097,610

30,049

Rexford

Industrial

Realty

Inc

5

.875

701,644

89,453

Rexford

Industrial

Realty

Inc

5

.625

1,975,122

10,819

RLJ

Lodging

Trust

1

.950

265,715

38,516

Summit

Hotel

Properties

Inc

6

.250

788,037

20,251

Summit

Hotel

Properties

Inc

5

.875

411,095

51,424

Sunstone

Hotel

Investors

Inc

5

.700

1,108,187

40,419

Sunstone

Hotel

Investors

Inc

6

.125

904,982

18,724

UMH

Properties

Inc

6

.375

427,095

46,658

Vornado

Realty

Trust

4

.450

737,196

75,541

Vornado

Realty

Trust

5

.250

1,297,794

37,425

Vornado

Realty

Trust

5

.400

655,686

77,577

Vornado

Realty

Trust

5

.250

1,394,059

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

40,452,008

FINANCIAL

SERVICES

-

0.2%

25,426

Brookfield

Finance

Inc

4

.625

425,377

16,112

National

Rural

Utilities

Cooperative

Finance

Corp

5

.500

366,226

TOTAL

FINANCIAL

SERVICES

791,603

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

25,270

Brookfield

Property

Partners

LP

6

.500

346,199

10,309

Brookfield

Property

Partners

LP

6

.375

140,203

35,153

Brookfield

Property

Partners

LP

5

.750

436,600

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

923,002

61

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

RATE

VALUE

UTILITIES

-

5.3%

25,854

BIP

Bermuda

Holdings

I

Ltd

5

.125

%

$

435,382

41,127

Brookfield

BRP

Holdings

Canada

Inc

4

.625

648,984

13,470

Brookfield

Infrastructure

Finance

ULC

5

.000

224,410

65,426

Brookfield

Infrastructure

Partners

LP

5

.125

1,114,205

20,719

Brookfield

Infrastructure

Partners

LP

5

.000

354,709

75,784

Brookfield

Renewable

Partners

LP

5

.250

1,358,049

25,340

CMS

Energy

Corp

5

.625

565,336

43,248

CMS

Energy

Corp

5

.875

1,000,326

66,406

CMS

Energy

Corp

4

.200

1,241,792

35,357

CMS

Energy

Corp

5

.875

810,736

72,521

DTE

Energy

Co

4

.375

1,330,035

79,517

DTE

Energy

Co

4

.375

1,445,619

46,327

DTE

Energy

Co

5

.250

1,021,047

40,529

Duke

Energy

Corp

5

.625

957,700

46,170

Duke

Energy

Corp

5

.750

1,125,625

45,803

Georgia

Power

Co

5

.000

989,345

19,300

SCE

Trust

VIII

6

.950

490,799

83,174

Southern

Co/The

4

.200

1,572,820

32,867

Southern

Co/The

5

.250

722,088

74,701

Southern

Co/The

4

.950

1,546,311

TOTAL

UTILITIES

18,955,318

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$70,290,526)

61,121,931

SHARES

DESCRIPTION

VALUE

125129181

COMMON

STOCKS

-

34

.6

%

(

23

.1

%

of

Total

Investments)

125129181

ENERGY

-

13.8%

250,909

Enbridge

Inc

10,646,069

540,142

Energy

Transfer

LP

10,581,382

136,142

Enterprise

Products

Partners

LP

4,269,413

189,665

Gibson

Energy

Inc

3,230,025

34,274

Keyera

Corp

1,048,165

111,639

Kinder

Morgan

Inc

3,058,908

83,822

MPLX

LP

4,011,721

34,442

ONEOK

Inc

3,457,977

154,595

Pembina

Pipeline

Corp

5,711,879

73,997

Plains

All

American

Pipeline

LP

1,263,869

28,721

Plains

GP

Holdings

LP,

Class

A

527,892

40,806

Williams

Cos

Inc/The

2,208,421

TOTAL

ENERGY

50,015,721

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.1%

220,305

Chartwell

Retirement

Residences

2,311,176

145,420

Sienna

Senior

Living

Inc

1,580,201

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,891,377

MATERIALS

-

0.5%

4,794,957

Keppel

Infrastructure

Trust

1,580,213

TOTAL

MATERIALS

1,580,213

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

1.8%

689,511

Capitaland

India

Trust

538,743

52,794

Cibus

Nordic

Real

Estate

AB

publ

841,938

288,599

Hongkong

Land

Holdings

Ltd

1,285,098

215,364

Hysan

Development

Co

Ltd

326,900

1,478,908

Sino

Land

Co

Ltd

1,492,280

26,320

Sun

Hung

Kai

Properties

Ltd

250,444

909,279

Swire

Properties

Ltd

1,843,866

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

6,579,269

TELECOMMUNICATION

SERVICES

-

0.9%

386,968

HKT

Trust

&

HKT

Ltd

477,914

128,312

Infrastrutture

Wireless

Italiane

SpA

1,303,421

982,577

NETLINK

NBN

TRUST

625,960

Portfolio

of

Investments

December

31,

2024

(continued)

JRI

62

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

TELECOMMUNICATION

SERVICES

(continued)

165,426

(c)

RAI

Way

SpA

$

942,461

TOTAL

TELECOMMUNICATION

SERVICES

3,349,756

TRANSPORTATION

-

3.1%

11,498

Aena

SME

SA

2,346,715

672,317

Atlas

Arteria

Ltd

1,972,416

438,110

Aurizon

Holdings

Ltd

879,747

533,284

Dalrymple

Bay

Infrastructure

Ltd

1,188,274

330,701

Enav

SpA

1,396,187

13,492

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

926,091

9,860

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

1,725,401

88,758

Transurban

Group

733,586

TOTAL

TRANSPORTATION

11,168,417

UTILITIES

-

13.4%

84,451

APA

Group

363,574

12,639

Capital

Power

Corp

560,268

124,619

CK

Infrastructure

Holdings

Ltd

925,102

50,282

Clearway

Energy

Inc,

Class

A

1,229,395

291,122

CLP

Holdings

Ltd

2,441,724

216,152

Contact

Energy

Ltd

1,148,902

55,491

Dominion

Energy

Inc

2,988,745

19,539

Duke

Energy

Corp

2,105,132

7,043

Emera

Inc

263,258

56,042

Endesa

SA

1,205,141

533,938

Enel

SpA

3,810,273

142,741

Engie

SA

2,263,786

186,545

ENN

Energy

Holdings

Ltd

1,325,545

26,116

Entergy

Corp

1,980,115

62,388

Evergy

Inc

3,839,981

17,077

Eversource

Energy

980,732

72,780

Exelon

Corp

2,739,439

145,336

Iberdrola

SA

2,002,762

119,764

Italgas

SpA

672,157

121,514

National

Grid

PLC

1,443,617

72,615

National

Grid

PLC,

Sponsored

ADR

4,314,783

23,356

OGE

Energy

Corp

963,435

47,376

Pennon

Group

PLC

352,005

17,093

Pinnacle

West

Capital

Corp

1,448,974

145,363

Redeia

Corp

SA

2,482,261

332,134

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

784,413

794,212

Snam

SpA

3,520,545

177,981

Vector

Ltd

388,364

TOTAL

UTILITIES

48,544,428

TOTAL

COMMON

STOCKS

(Cost

$106,890,952)

125,129,181

SHARES

DESCRIPTION

RATE

VALUE

9178136

CONVERTIBLE

PREFERRED

SECURITIES

-

2

.6

%

(

1

.7

%

of

Total

Investments)

9178136

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.9%

8,595

LXP

Industrial

Trust

6

.500

%

419,006

69,118

Regency

Centers

Corp

6

.250

1,577,273

58,012

Regency

Centers

Corp

5

.875

1,303,530

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,299,809

UTILITIES

-

1.7%

39,250

NextEra

Energy

Inc

7

.299

1,915,007

53,706

NextEra

Energy

Inc

6

.926

2,197,649

23,800

PG&E

Corp

6

.000

1,185,002

22,463

SCE

Trust

VII

7

.500

580,669

TOTAL

UTILITIES

5,878,327

TOTAL

CONVERTIBLE

PREFERRED

SECURITIES

(Cost

$9,764,656)

9,178,136

63

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

115434400

CORPORATE

BONDS

-

31

.9

%

(

21

.3

%

of

Total

Investments)

115434400

CAPITAL

GOODS

-

1.2%

$

1,600,000

(c)

Advanced

Drainage

Systems

Inc

6

.375

%

06/15/30

$

1,600,141

1,080,000

(c)

Chart

Industries

Inc

7

.500

01/01/30

1,122,851

750,000

(c)

Dcli

Bidco

LLC

7

.750

11/15/29

766,791

930,000

(c)

Trinity

Industries

Inc

7

.750

07/15/28

965,091

TOTAL

CAPITAL

GOODS

4,454,874

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.2%

705,000

(c)

LCM

Investments

Holdings

II

LLC

4

.875

05/01/29

658,296

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

658,296

CONSUMER

SERVICES

-

1.9%

EUR

300,000

(a)

Accor

SA,

Reg

S

7

.250

N/A

344,588

475,000

Choice

Hotels

International

Inc

5

.850

08/01/34

475,576

1,500,000

(c)

Churchill

Downs

Inc

5

.750

04/01/30

1,472,179

1,025,000

(c)

Hilton

Domestic

Operating

Co

Inc

5

.875

03/15/33

1,008,568

400,000

(c)

Merlin

Entertainments

Group

US

Holdings

Inc

7

.375

02/15/31

386,169

750,000

MGM

Resorts

International

6

.500

04/15/32

747,344

1,085,000

Piedmont

Operating

Partnership

LP

9

.250

07/20/28

1,190,487

695,000

(c)

Six

Flags

Entertainment

Corp

/

Six

Flags

Theme

Parks

Inc

6

.625

05/01/32

704,393

690,000

(c)

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

6

.250

03/15/33

677,915

TOTAL

CONSUMER

SERVICES

7,007,219

ENERGY

-

6.0%

935,000

(c)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6

.250

04/01/28

930,016

790,000

(c)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6

.625

09/01/32

789,017

1,240,000

(c)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7

.000

07/15/29

1,266,471

1,250,000

(c)

Buckeye

Partners

LP

6

.875

07/01/29

1,265,144

1,495,000

Cheniere

Energy

Partners

LP

4

.500

10/01/29

1,447,428

510,000

(c)

CNX

Midstream

Partners

LP

4

.750

04/15/30

465,097

300,000

(c)

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

7

.500

12/15/33

315,401

700,000

(c)

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5

.500

06/15/31

668,589

765,000

(c)

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp

8

.625

03/15/29

790,962

630,000

(c)

DT

Midstream

Inc

4

.375

06/15/31

574,825

205,000

(c)

EQM

Midstream

Partners

LP

7

.500

06/01/27

209,039

665,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8

.000

05/15/33

650,790

CAD

515,000

Gibson

Energy

Inc

5

.250

12/22/80

348,564

1,000,000

(c)

Global

Partners

LP

/

GLP

Finance

Corp

8

.250

01/15/32

1,028,133

750,000

(c)

Harvest

Midstream

I

LP

7

.500

05/15/32

763,670

CAD

670,000

Keyera

Corp

6

.875

06/13/79

488,788

CAD

1,110,000

Keyera

Corp

5

.950

03/10/81

779,143

2,195,000

ONEOK

Inc

5

.050

11/01/34

2,099,199

340,000

(c)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7

.875

09/15/30

333,640

CAD

1,784,000

Pembina

Pipeline

Corp

4

.800

01/25/81

1,189,706

731,000

(a),(b)

Plains

All

American

Pipeline

LP

(TSFR3M

+

4.372%)

8

.895

N/A

725,577

780,000

(c)

Sunoco

LP

7

.000

05/01/29

800,490

460,000

Targa

Resources

Corp

6

.150

03/01/29

477,458

975,000

Targa

Resources

Corp

6

.125

03/15/33

1,005,225

CAD

195,000

Transcanada

Trust

4

.200

03/04/81

127,455

400,000

(c)

Transocean

Titan

Financing

Ltd

8

.375

02/01/28

408,151

1,150,000

(c)

US

LIQUIDSCO0

5

.584

10/01/34

1,118,489

720,000

(c)

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

7

.125

03/15/29

732,706

TOTAL

ENERGY

21,799,173

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

6.4%

1,735,000

Agree

LP

4

.800

10/01/32

1,661,289

840,000

Alexandria

Real

Estate

Equities

Inc

5

.250

05/15/36

815,171

1,060,000

American

Assets

Trust

LP

6

.150

10/01/34

1,054,235

1,155,000

American

Homes

4

Rent

LP

5

.500

02/01/34

1,150,233

1,505,000

American

Tower

Corp

5

.500

03/15/28

1,527,246

1,465,000

Essex

Portfolio

LP

5

.500

04/01/34

1,465,617

1,305,000

Extra

Space

Storage

LP

5

.700

04/01/28

1,332,216

1,215,000

Federal

Realty

OP

LP

5

.375

05/01/28

1,227,270

650,000

GLP

Capital

LP

/

GLP

Financing

II

Inc

6

.750

12/01/33

688,074

1,635,000

(c)

Iron

Mountain

Inc

6

.250

01/15/33

1,628,471

Portfolio

of

Investments

December

31,

2024

(continued)

JRI

64

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

$

375,000

Kilroy

Realty

LP

6

.250

%

01/15/36

$

372,036

665,000

Kimco

Realty

OP

LLC

4

.600

02/01/33

633,024

1,015,000

Kite

Realty

Group

LP

5

.500

03/01/34

1,009,554

823,000

Kite

Realty

Group

LP

4

.000

10/01/26

810,290

785,000

Mid-America

Apartments

LP

5

.300

02/15/32

788,243

444,000

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5

.000

10/15/27

374,328

485,000

Prologis

LP

5

.000

03/15/34

473,680

3,000,000

(c)

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

6

.500

04/01/32

3,015,099

660,000

(c)

Scentre

Group

Trust

2

5

.125

09/24/80

644,134

1,000,000

(c)

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

10

.500

02/15/28

1,066,280

500,000

(c)

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

6

.500

02/15/29

453,682

1,010,000

Ventas

Realty

LP

5

.000

01/15/35

965,016

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

23,155,188

FINANCIAL

SERVICES

-

1.7%

1,000,000

(c)

Azorra

Finance

Ltd

7

.750

04/15/30

994,067

1,200,000

(c)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

8

.000

06/15/27

1,250,304

1,150,000

(c)

Hunt

Cos

Inc

5

.250

04/15/29

1,090,027

930,000

National

Rural

Utilities

Cooperative

Finance

Corp

7

.125

09/15/53

959,543

585,000

(c)

Starwood

Property

Trust

Inc

7

.250

04/01/29

600,095

1,445,000

(c)

Starwood

Property

Trust

Inc

6

.000

04/15/30

1,418,306

TOTAL

FINANCIAL

SERVICES

6,312,342

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.8%

750,000

(c)

CHS/Community

Health

Systems

Inc

5

.250

05/15/30

615,996

600,000

(c)

LifePoint

Health

Inc

11

.000

10/15/30

658,598

1,500,000

(c)

Prime

Healthcare

Services

Inc

9

.375

09/01/29

1,459,065

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,733,659

MATERIALS

-

0.2%

750,000

(c)

Mineral

Resources

Ltd

8

.000

11/01/27

766,739

TOTAL

MATERIALS

766,739

MEDIA

&

ENTERTAINMENT

-

1.7%

750,000

(c)

Cablevision

Lightpath

LLC

5

.625

09/15/28

695,738

1,713,000

(c)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

6

.375

09/01/29

1,698,356

500,000

(c)

CSC

Holdings

LLC

5

.500

04/15/27

447,500

375,000

(c)

CSC

Holdings

LLC

11

.250

05/15/28

370,092

1,800,000

(c)

DISH

Network

Corp

11

.750

11/15/27

1,906,546

1,050,000

(c)

LCPR

Senior

Secured

Financing

DAC

6

.750

10/15/27

950,040

TOTAL

MEDIA

&

ENTERTAINMENT

6,068,272

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.8%

750,000

(c)

Cushman

&

Wakefield

US

Borrower

LLC

6

.750

05/15/28

750,681

750,000

Kennedy-Wilson

Inc

4

.750

03/01/29

677,471

1,500,000

Tenet

Healthcare

Corp

6

.750

05/15/31

1,515,361

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,943,513

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.2%

250,000

(c)

CommScope

LLC

6

.000

03/01/26

248,750

283,000

(c)

CommScope

LLC

9

.500

12/15/31

293,361

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

542,111

TELECOMMUNICATION

SERVICES

-

2.7%

1,100,000

EchoStar

Corp

10

.750

11/30/29

1,182,814

865,000

(c)

Iliad

Holding

SASU

8

.500

04/15/31

919,637

645,000

(c)

Iliad

Holding

SASU

7

.000

04/15/32

648,263

400,000

(c)

Level

3

Financing

Inc

10

.500

04/15/29

445,760

950,000

(c)

Level

3

Financing

Inc

4

.875

06/15/29

826,500

500,000

(c)

Level

3

Financing

Inc

3

.750

07/15/29

386,677

775,000

(c)

Lumen

Technologies

Inc

4

.500

01/15/29

658,750

1,000,000

(c)

Sable

International

Finance

Ltd

7

.125

10/15/32

979,840

470,000

(c)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

8

.250

10/01/31

485,427

850,000

(c)

Zayo

Group

Holdings

Inc

6

.125

03/01/28

722,493

1,550,000

(c)

Zayo

Group

Holdings

Inc

4

.000

03/01/27

1,429,502

910,000

(c)

Zegona

Finance

PLC

8

.625

07/15/29

964,630

TOTAL

TELECOMMUNICATION

SERVICES

9,650,293

65

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

-

1.5%

$

2,700,000

(c)

Brightline

East

LLC

11

.000

%

01/31/30

$

2,576,826

1,000,000

(c)

Cargo

Aircraft

Management

Inc

4

.750

02/01/28

991,936

750,000

(c)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9

.500

06/01/28

754,711

1,200,000

(c)

XPO

Inc

7

.125

06/01/31

1,230,351

TOTAL

TRANSPORTATION

5,553,824

UTILITIES

-

6.6%

785,000

AEP

Transmission

Co

LLC

5

.150

04/01/34

772,294

CAD

1,425,000

AltaGas

Ltd

7

.350

08/17/82

1,033,590

1,295,000

Ameren

Illinois

Co

4

.950

06/01/33

1,270,991

1,295,000

(c)

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6

.375

02/15/32

1,291,563

635,000

CenterPoint

Energy

Houston

Electric

LLC

5

.200

10/01/28

642,712

2,500,000

(c)

Clearway

Energy

Operating

LLC

4

.750

03/15/28

2,390,834

985,000

CMS

Energy

Corp

3

.750

12/01/50

857,492

435,000

DTE

Electric

Co

5

.200

03/01/34

433,358

670,000

Duke

Energy

Progress

LLC

5

.100

03/15/34

662,256

1,125,000

(c)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5

.875

04/01/29

1,028,259

649,000

(c)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5

.375

04/01/26

642,178

1,090,000

(c)

ITC

Holdings

Corp

4

.950

09/22/27

1,091,573

580,000

(c)

NextEra

Energy

Operating

Partners

LP

7

.250

01/15/29

593,251

420,000

(c)

NextEra

Energy

Operating

Partners

LP

4

.500

09/15/27

400,612

GBP

1,210,000

NGG

Finance

PLC,

Reg

S

5

.625

06/18/73

1,513,031

555,000

OGE

Energy

Corp

5

.450

05/15/29

564,080

1,235,000

Pacific

Gas

and

Electric

Co

6

.150

01/15/33

1,281,823

805,000

(c)

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4

.500

08/15/28

755,534

898,000

PPL

Capital

Funding

Inc

7

.251

03/30/67

898,422

190,000

Public

Service

Electric

and

Gas

Co

5

.200

03/01/34

189,238

690,000

Public

Service

Enterprise

Group

Inc

5

.850

11/15/27

709,793

760,000

(c)

RWE

Finance

US

LLC

5

.875

04/16/34

762,325

GBP

1,075,000

(a)

SSE

PLC,

Reg

S

3

.740

N/A

1,316,964

275,000

(c)

Superior

Plus

LP

/

Superior

General

Partner

Inc

4

.500

03/15/29

250,032

1,435,000

(c)

TerraForm

Power

Operating

LLC

4

.750

01/15/30

1,326,461

1,115,000

Wisconsin

Power

and

Light

Co

5

.375

03/30/34

1,110,231

TOTAL

UTILITIES

23,788,897

TOTAL

CORPORATE

BONDS

(Cost

$115,009,368)

115,434,400

SHARES

DESCRIPTION

VALUE

INVESTMENT

COMPANIES

-

0.9%

(0.6%

of

Total

Investments)

–

1,280,345

Foresight

Environmental

Infrastructure

Ltd

1,163,679

268,487

Greencoat

UK

Wind

PLC/Funds

429,224

311,162

Renewables

Infrastructure

Group

Ltd/The

333,682

776,716

Sdcl

Energy

Efficiency

Income

Trust

PLC

529,942

630,610

Sequoia

Economic

Infrastructure

Income

Fund

Ltd

622,215

148,757

Starwood

European

Real

Estate

Finance

Ltd

170,958

TOTAL

INVESTMENT

COMPANIES

(Cost

$4,330,681)

3,249,700

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

–

310,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

2.829%),

2019

MILE

7

.227

07/15/36

235,356

525,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

4.329%),

2019

MILE

8

.727

07/15/36

341,420

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$835,000)

576,776

Portfolio

of

Investments

December

31,

2024

(continued)

JRI

66

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

127932978

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

35

.4

%

(

23

.7

%

of

Total

Investments)

127932978

DATA

CENTER

REITS

-

0.5%

55,763

Digital

Realty

Trust

Inc

$

1,306,527

283,318

Keppel

DC

REIT

451,675

TOTAL

DATA

CENTER

REITS

1,758,202

DIVERSIFIED

REITS

-

4.2%

91,207

Armada

Hoffler

Properties

Inc

933,048

471,728

British

Land

Co

PLC/The

2,126,472

110,590

Broadstone

Net

Lease

Inc

1,753,957

118,226

Charter

Hall

Long

Wale

REIT

272,712

102,362

GPT

Group/The

275,751

24,188

ICADE

577,238

1,939

KDX

Realty

Investment

Corp

1,840,766

1,152,610

LondonMetric

Property

PLC

2,599,734

42,923

Sila

Realty

Trust

Inc

1,043,887

6,111

Star

Asia

Investment

Corp

2,001,154

303,285

Stockland

899,558

819

United

Urban

Investment

Corp

731,673

TOTAL

DIVERSIFIED

REITS

15,055,950

HEALTH

CARE

REITS

-

4.9%

2,380

Alexandria

Real

Estate

Equities

Inc

232,169

37,515

American

Healthcare

REIT

Inc

1,066,176

3,684,126

Assura

PLC

1,757,347

11,832

CareTrust

REIT

Inc

320,056

62,816

Community

Healthcare

Trust

Inc

1,206,695

71,540

Healthcare

Realty

Trust

Inc

1,212,603

233,769

Healthpeak

Properties

Inc

4,738,498

111,252

Omega

Healthcare

Investors

Inc

4,210,888

421,654

Parkway

Life

Real

Estate

Investment

Trust

1,157,992

106,390

Sabra

Health

Care

REIT

Inc

1,842,675

TOTAL

HEALTH

CARE

REITS

17,745,099

HOTEL

&

RESORT

REITS

-

1.6%

204,398

Apple

Hospitality

REIT

Inc

3,137,509

54,815

Host

Hotels

&

Resorts

Inc

960,359

2,433

Invincible

Investment

Corp

1,019,629

4,683

Ryman

Hospitality

Properties

Inc

488,624

TOTAL

HOTEL

&

RESORT

REITS

5,606,121

INDUSTRIAL

REITS

-

4.6%

8,288

ARGAN

SA

519,400

612,069

Centuria

Industrial

REIT

1,065,410

793,369

Frasers

Logistics

&

Commercial

Trust

510,135

1,260

LaSalle

Logiport

REIT

1,137,770

304,104

LXP

Industrial

Trust

2,469,325

557,731

Mapletree

Industrial

Trust

901,671

1,714,645

Mapletree

Logistics

Trust

1,592,600

7,952

Montea

NV

520,943

332,038

Nexus

Industrial

REIT

1,776,321

1,703

Plymouth

Industrial

REIT

Inc

30,313

20,265

Rexford

Industrial

Realty

Inc

783,445

51,649

STAG

Industrial

Inc

1,746,769

505,516

Tritax

Big

Box

REIT

PLC

839,799

585,626

Urban

Logistics

REIT

PLC

750,741

95,046

Warehouses

De

Pauw

CVA

1,868,435

TOTAL

INDUSTRIAL

REITS

16,513,077

MORTGAGE

REITS

-

0.9%

43,414

Apollo

Commercial

Real

Estate

Finance

Inc

375,965

49,210

Blackstone

Mortgage

Trust

Inc,

Class

A

856,746

110,791

Starwood

Property

Trust

Inc

2,099,490

TOTAL

MORTGAGE

REITS

3,332,201

67

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

MULTI-FAMILY

RESIDENTIAL

REITS

-

2.0%

3,529

Daiwa

Securities

Living

Investments

Corp

$

1,997,161

45,499

Elme

Communities

694,770

14,677

Equity

Residential

1,053,222

1,768,627

(d),(e)

Home

Reit

PLC

2,214

2,571

Mid-America

Apartment

Communities

Inc

397,399

52,536

UDR

Inc

2,280,588

72,751

UNITE

Group

PLC/The

736,117

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

7,161,471

OFFICE

REITS

-

1.9%

10,091

BXP

Inc

750,367

15,379

Cousins

Properties

Inc

471,213

19,044

Gecina

SA

1,784,139

39,043

Highwoods

Properties

Inc

1,193,935

38,455

Kilroy

Realty

Corp

1,555,505

79,187

Postal

Realty

Trust

Inc,

Class

A

1,033,390

TOTAL

OFFICE

REITS

6,788,549

OTHER

SPECIALIZED

REITS

-

3.0%

74,601

Four

Corners

Property

Trust

Inc

2,024,671

132,990

Gaming

and

Leisure

Properties

Inc

6,404,798

14,424

Lamar

Advertising

Co,

Class

A

1,755,978

24,690

VICI

Properties

Inc

721,195

TOTAL

OTHER

SPECIALIZED

REITS

10,906,642

REAL

ESTATE

OPERATING

COMPANIES

-

0.5%

1,934,315

Sirius

Real

Estate

Ltd

1,897,834

TOTAL

REAL

ESTATE

OPERATING

COMPANIES

1,897,834

RETAIL

REITS

-

10.1%

612,924

CapitaLand

Integrated

Commercial

Trust

864,352

655,987

Charter

Hall

Retail

REIT

1,276,180

177,860

Choice

Properties

Real

Estate

Investment

Trust

1,651,835

116,727

Crombie

Real

Estate

Investment

Trust

1,072,708

154,489

CT

Real

Estate

Investment

Trust

1,535,808

264

Federal

Realty

Investment

Trust

29,555

682,424

Fortune

Real

Estate

Investment

Trust

350,162

1,549,590

Frasers

Centrepoint

Trust

2,391,055

373,748

Hammerson

PLC

1,308,234

713

Japan

Metropolitan

Fund

Invest

409,066

53,119

Kimco

Realty

Corp

1,244,578

375,163

Link

REIT

1,577,752

103,738

NETSTREIT

Corp

1,467,893

32,963

NNN

REIT

Inc

1,346,538

116,047

Primaris

Real

Estate

Investment

Trust

1,248,911

111,670

Realty

Income

Corp

5,964,295

49,806

RioCan

Real

Estate

Investment

Trust

633,381

535,399

Scentre

Group

1,133,359

38,371

Simon

Property

Group

Inc

6,607,870

1,776,641

Vicinity

Ltd

2,302,579

877,291

Waypoint

REIT

Ltd

1,262,043

68,435

Wereldhave

NV

976,099

TOTAL

RETAIL

REITS

36,654,253

SELF-STORAGE

REITS

-

0.8%

62,490

CubeSmart

2,677,696

65

Extra

Space

Storage

Inc

9,724

30,290

Safestore

Holdings

PLC

243,721

TOTAL

SELF-STORAGE

REITS

2,931,141

SINGLE-FAMILY

RESIDENTIAL

REITS

-

0.3%

44,326

American

Homes

4

Rent

1,082,441

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

1,082,441

Portfolio

of

Investments

December

31,

2024

(continued)

JRI

68

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.

SHARES

DESCRIPTION

VALUE

TELECOM

TOWER

REITS

-

0.1%

5,509

Crown

Castle

Inc

$

499,997

TOTAL

TELECOM

TOWER

REITS

499,997

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(Cost

$132,943,723)

127,932,978

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

13444883

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

3

.7

%

(

2

.5

%

of

Total

Investments)

13444883

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

$

1,496,250

(b)

GFL

Environmental

Inc.,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.610

%

06/27/31

1,500,926

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,500,926

CONSUMER

SERVICES

-

0.6%

1,362,885

(b),(f)

Caesars

Entertainment

Inc.,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

02/06/30

1,365,720

825,930

(b)

Light

and

Wonder

International,

Inc.,

Term

Loan

B2,

(TSFR1M

+

2.250%)

6

.632

04/16/29

830,357

TOTAL

CONSUMER

SERVICES

2,196,077

MEDIA

&

ENTERTAINMENT

-

0.7%

1,500,000

(b),(f)

Charter

Communications

Operating,

LLC,

Term

Loan

B5,

(TSFR1M

+

2.250%)

6

.781

11/22/31

1,498,538

1,000,000

(b),(g)

UPC

Financing

Partnership,

Term

Loan

AX,

(TBD)

TBD

TBD

1,006,475

TOTAL

MEDIA

&

ENTERTAINMENT

2,505,013

TELECOMMUNICATION

SERVICES

-

0.5%

1,000,000

(b)

Virgin

Media

Bristol

LLC,

Term

Loan

N,

(TSFR1M

+

2.500%)

7

.012

01/31/28

994,685

1,000,000

(b)

Ziggo

Financing

Partnership,

Term

Loan

I,

(TSFR1M

+

2.500%)

7

.012

04/28/28

997,065

TOTAL

TELECOMMUNICATION

SERVICES

1,991,750

TRANSPORTATION

-

0.5%

1,662,500

(b)

Genesee

&

Wyoming

Inc.

(New),

Term

Loan

B,

(TSFR3M

+

1.750%)

6

.079

04/10/31

1,661,461

TOTAL

TRANSPORTATION

1,661,461

UTILITIES

-

1.0%

598,493

(b)

Calpine

Corporation,

Term

Loan

B10,

(TSFR1M

+

1.750%)

6

.107

01/31/31

597,439

1,496,231

(b)

NRG

Energy,

Inc.,

Term

Loan,

(TSFR3M

+

1.750%)

6

.355

04/16/31

1,499,792

1,485,000

(b)

Talen

Energy

Supply,

LLC,

Incremental

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.849

12/11/31

1,492,425

TOTAL

UTILITIES

3,589,656

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$13,446,155)

13,444,883

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$525,628,256)

528,777,669

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 3.4%(2.3%

of

Total

Investments)

12,425,000

REPURCHASE

AGREEMENTS

-

3

.4

%

(

2

.3

%

of

Total

Investments)

12,425,000

12,425,000

(h)

Fixed

Income

Clearing

Corporation

4

.430

01/02/25

12,425,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$12,425,000)

12,425,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$12,425,000)

12,425,000

TOTAL

INVESTMENTS

-

149

.7

%

(Cost

$

538,053,256

)

541,202,669

BORROWINGS

-

(49.5)%

(i),(j)

(

178,945,000

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (0.2)%

(

760,096

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

361,497,573

ADR

American

Depositary

Receipt

CAD

Canadian

Dollar

EUR

Euro

GBP

Pound

Sterling

69

See

Notes

to

Financial

Statements

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

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

(a)

Perpetual

security.

Maturity

date

is

not

applicable.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$80,806,747

or

14.9%

of

Total

Investments.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(f)

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

(g)

When-issued

or

delayed

delivery

security.

(h)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.430%

dated

12/31/24

to

be

repurchased

at

$12,428,058

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

5/15/42,

valued

at

$12,673,527.

(i)

Borrowings

as

a

percentage

of

Total

Investments

is

33.1%.

(j)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$325,258,551

have

been

pledged

as

collateral

for

borrowings.

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

Long

Bond

(18)

3/25

$

(

2,118,900

)

$

(

2,049,187

)

$

69,713

U.S.

Treasury

Ultra

10-Year

Note

(64)

3/25

(

7,291,106

)

(

7,124,000

)

167,106

U.S.

Treasury

Ultra

Bond

(18)

3/25

(

2,245,474

)

(

2,140,313

)

105,161

Total

$(11,655,480)

$(11,313,500)

$341,980

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(a)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

$

112,400,000

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

1,577,197

$

1,577,197

SOFR

Secured

Overnight

Financing

Rate

(a)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

70

Portfolio

of

Investments

December

31,

2024

JRS

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

RATE

VALUE

LONG-TERM

INVESTMENTS

-

140.9%

(97.3%

of

Total

Investments)

1,815,934

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0

.7

%

(

0

.5

%

of

Total

Investments)

1,815,934

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.7%

30,155

Kimco

Realty

Corp

7

.250

%

$

1,815,934

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,815,934

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$1,495,537)

1,815,934

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

4,210,452

CORPORATE

BONDS

-

1

.6

%

(

1

.1

%

of

Total

Investments)

4,210,452

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.6%

$

4,500,000

Healthpeak

OP

LLC

3

.500

07/15/29

4,210,452

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,210,452

TOTAL

CORPORATE

BONDS

(Cost

$4,249,895)

4,210,452

SHARES

DESCRIPTION

VALUE

262218483

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

100

.4

%

(

69

.3

%

of

Total

Investments)

262218483

DATA

CENTER

REITS

-

13.0%

110,079

Digital

Realty

Trust

Inc

19,520,309

15,300

Equinix

Inc

14,426,217

TOTAL

DATA

CENTER

REITS

33,946,526

HEALTH

CARE

REITS

-

15.1%

62,289

Alexandria

Real

Estate

Equities

Inc

6,076,292

367,943

Healthpeak

Properties

Inc

7,458,205

263,415

Ventas

Inc

15,512,509

83,281

Welltower

Inc

10,495,904

TOTAL

HEALTH

CARE

REITS

39,542,910

HOTEL

&

RESORT

REITS

-

3.0%

292,071

Host

Hotels

&

Resorts

Inc

5,117,084

91,020

Sunstone

Hotel

Investors

Inc

1,077,677

106,592

Xenia

Hotels

&

Resorts

Inc

1,583,957

TOTAL

HOTEL

&

RESORT

REITS

7,778,718

INDUSTRIAL

REITS

-

12.1%

153,655

First

Industrial

Realty

Trust

Inc

7,702,725

213,866

Prologis

Inc

22,605,636

34,055

Rexford

Industrial

Realty

Inc

1,316,567

TOTAL

INDUSTRIAL

REITS

31,624,928

MULTI-FAMILY

RESIDENTIAL

REITS

-

14.8%

34,067

AvalonBay

Communities

Inc

7,493,718

105,274

Camden

Property

Trust

12,215,995

100,354

Equity

Residential

7,201,403

17,105

Essex

Property

Trust

Inc

4,882,451

21,410

Mid-America

Apartment

Communities

Inc

3,309,344

81,810

UDR

Inc

3,551,372

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

38,654,283

OFFICE

REITS

-

7.4%

68,390

BXP

Inc

5,085,480

95,660

Cousins

Properties

Inc

2,931,022

109,155

Douglas

Emmett

Inc

2,025,917

33,685

JBG

SMITH

Properties

517,739

129,575

Kilroy

Realty

Corp

5,241,309

51,745

SL

Green

Realty

Corp

3,514,520

TOTAL

OFFICE

REITS

19,315,987

OTHER

SPECIALIZED

REITS

-

1.5%

132,935

VICI

Properties

Inc

3,883,032

TOTAL

OTHER

SPECIALIZED

REITS

3,883,032

71

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

RETAIL

REITS

-

18.0%

106,880

Acadia

Realty

Trust

$

2,582,221

101,821

Curbline

Properties

Corp

2,364,284

85,935

Federal

Realty

Investment

Trust

9,620,423

182,495

Kimco

Realty

Corp

4,275,858

353,256

Kite

Realty

Group

Trust

8,916,181

175,889

Macerich

Co/The

3,503,709

86,664

Simon

Property

Group

Inc

14,924,407

50,913

SITE

Centers

Corp

778,460

TOTAL

RETAIL

REITS

46,965,543

SELF-STORAGE

REITS

-

8.0%

165,082

CubeSmart

7,073,764

35,915

Extra

Space

Storage

Inc

5,372,884

28,015

Public

Storage

8,388,811

TOTAL

SELF-STORAGE

REITS

20,835,459

SINGLE-FAMILY

RESIDENTIAL

REITS

-

5.7%

159,597

American

Homes

4

Rent,

Class

A

5,972,120

105,635

Invitation

Homes

Inc

3,377,151

46,325

Sun

Communities

Inc

5,696,585

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

15,045,856

TELECOM

TOWER

REITS

-

1.8%

22,695

SBA

Communications

Corp

4,625,241

TOTAL

TELECOM

TOWER

REITS

4,625,241

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(Cost

$190,169,767)

262,218,483

SHARES

DESCRIPTION

RATE

VALUE

99725245

REAL

ESTATE

INVESTMENT

TRUST

PREFERRED

STOCKS

-

38

.2

%

(

26

.4

%

of

Total

Investments)

99725245

DATA

CENTER

REITS

-

3.4%

194,920

Digital

Realty

Trust

Inc

5

.200

%

4,134,253

96,245

Digital

Realty

Trust

Inc

5

.850

2,255,020

105,960

Digital

Realty

Trust

Inc

5

.250

2,378,802

TOTAL

DATA

CENTER

REITS

8,768,075

DIVERSIFIED

REITS

-

1.3%

34,560

Armada

Hoffler

Properties

Inc

6

.750

792,115

10,000

CTO

Realty

Growth

Inc

6

.375

231,100

44,840

DigitalBridge

Group

Inc

7

.125

1,113,377

52,815

DigitalBridge

Group

Inc

7

.150

1,296,609

TOTAL

DIVERSIFIED

REITS

3,433,201

HOTEL

&

RESORT

REITS

-

4.9%

90,130

Chatham

Lodging

Trust

6

.625

2,041,444

134,915

DiamondRock

Hospitality

Co

8

.250

3,460,570

21,740

Pebblebrook

Hotel

Trust

6

.300

442,409

151,610

Pebblebrook

Hotel

Trust

6

.375

2,994,297

88,100

Pebblebrook

Hotel

Trust

5

.700

1,629,850

41,335

Sunstone

Hotel

Investors

Inc

6

.125

925,491

64,310

Sunstone

Hotel

Investors

Inc

5

.700

1,385,881

TOTAL

HOTEL

&

RESORT

REITS

12,879,942

INDUSTRIAL

REITS

-

2.8%

59,877

Prologis

Inc

8

.540

3,369,251

23,316

Rexford

Industrial

Realty

Inc

5

.875

544,429

158,030

Rexford

Industrial

Realty

Inc

5

.625

3,489,302

TOTAL

INDUSTRIAL

REITS

7,402,982

MULTI-FAMILY

RESIDENTIAL

REITS

-

0.8%

35,658

Mid-America

Apartment

Communities

Inc

8

.500

2,007,902

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

2,007,902

OFFICE

REITS

-

11.3%

12,713

Highwoods

Properties

Inc

8

.625

13,101,636

144,320

SL

Green

Realty

Corp

6

.500

3,418,941

176,330

Vornado

Realty

Trust

4

.450

2,786,014

Portfolio

of

Investments

December

31,

2024

(continued)

JRS

72

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.

SHARES

DESCRIPTION

RATE

VALUE

OFFICE

REITS

(continued)

226,090

Vornado

Realty

Trust

5

.250

%

$

4,062,837

222,827

Vornado

Realty

Trust

5

.250

3,828,168

126,524

Vornado

Realty

Trust

5

.400

2,216,701

TOTAL

OFFICE

REITS

29,414,297

OTHER

SPECIALIZED

REITS

-

0.1%

12,465

EPR

Properties

5

.750

246,184

TOTAL

OTHER

SPECIALIZED

REITS

246,184

RETAIL

REITS

-

6.6%

123,025

Agree

Realty

Corp

4

.250

2,253,818

144,110

Federal

Realty

Investment

Trust

5

.000

3,099,806

156,704

Kimco

Realty

Corp

5

.250

3,301,753

126,039

Kimco

Realty

Corp

5

.125

2,597,664

51,590

Regency

Centers

Corp

5

.875

1,159,227

60,045

Regency

Centers

Corp

6

.250

1,370,227

130,415

Saul

Centers

Inc

6

.000

2,818,268

19,725

Saul

Centers

Inc

6

.125

421,314

5,494

Simon

Property

Group

Inc

8

.375

319,916

TOTAL

RETAIL

REITS

17,341,993

SELF-STORAGE

REITS

-

5.4%

74,661

National

Storage

Affiliates

Trust

6

.000

1,593,266

72,365

Public

Storage

4

.000

1,222,245

88,555

Public

Storage

4

.625

1,718,853

79,910

Public

Storage

4

.875

1,682,105

227,370

Public

Storage

5

.600

5,286,352

112,599

Public

Storage

5

.050

2,440,020

TOTAL

SELF-STORAGE

REITS

13,942,841

SINGLE-FAMILY

RESIDENTIAL

REITS

-

1.6%

102,970

American

Homes

4

Rent

6

.250

2,514,527

63,105

American

Homes

4

Rent

5

.875

1,495,589

12,175

UMH

Properties

Inc

6

.375

277,712

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

4,287,828

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

PREFERRED

STOCKS

(Cost

$113,803,556)

99,725,245

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$309,718,755)

367,970,114

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 3.9%(2.7%

of

Total

Investments)

10,300,000

REPURCHASE

AGREEMENTS

-

3

.9

%

(

2

.7

%

of

Total

Investments)

10,300,000

$

10,300,000

(a)

Fixed

Income

Clearing

Corporation

4

.430

01/02/25

10,300,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$10,300,000)

10,300,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$10,300,000)

10,300,000

TOTAL

INVESTMENTS

-

144

.8

%

(Cost

$

320,018,755

)

378,270,114

BORROWINGS

-

(43.0)%

(b),(c)

(

112,400,000

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (1.8)%

(

4,665,227

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

261,204,887

(a)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.430%

dated

12/31/24

to

be

repurchased

at

$10,302,535

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.750%

and

maturity

date

8/15/41,

valued

at

$10,506,078.

(b)

Borrowings

as

a

percentage

of

Total

Investments

is

29.7%.

(c)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$213,456,214

have

been

pledged

as

collateral

for

borrowings.

73

See

Notes

to

Financial

Statements

Investments

in

Derivatives

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(a)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

$

72,400,000

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

1,015,917

$

1,015,917

SOFR

Secured

Overnight

Financing

Rate

(a)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

74

December

31,

2024

NMAI

JRI

JRS

ASSETS

Long-term

investments,

at

value

†

$

618,762,028‌

$

528,777,669‌

$

367,970,114‌

Short-term

investments,

at

value

◊

25,875,000‌

12,425,000‌

10,300,000‌

Cash

denominated

in

foreign

currencies

^

43,938‌

2,126,298‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

60,377‌

–‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

–‌

1,577,197‌

1,015,917‌

Receivables:

Dividends

414,586‌

1,242,914‌

1,512,751‌

Interest

2,899,439‌

3,359,846‌

73,892‌

Investments

sold

1,385,267‌

167,825‌

–‌

Reclaims

701,485‌

129,282‌

–‌

Reimbursement

from

Adviser

16,943‌

127,379‌

–‌

Variation

margin

on

futures

contracts

–‌

28,375‌

–‌

Other

83,816‌

28,818‌

40,931‌

Total

assets

650,242,879‌

549,990,603‌

380,913,605‌

LIABILITIES

Cash

overdraft

12,728,005‌

4,077,518‌

4,417,127‌

Cash

collateral

due

to

broker

for

investments

in

swaps

(1)

–‌

1,225,766‌

1,067,199‌

Borrowings

122,336,000‌

178,945,000‌

112,400,000‌

Reverse

repurchase

agreements,

including

accrued

interest

68,207,746‌

–‌

–‌

Written

options,

at

value

#

20,325‌

–‌

–‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

1,884‌

–‌

–‌

Payables:

Management

fees

452,811‌

443,987‌

278,686‌

Interest

475,189‌

841,340‌

528,900‌

Investments

purchased

-

regular

settlement

93,515‌

230,141‌

888,933‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

5,165,433‌

2,501,265‌

–‌

Unfunded

senior

loans

39,258‌

–‌

–‌

Accrued

expenses:

Custodian

fees

235,961‌

139,012‌

24,796‌

Investor

relations

30,636‌

7,309‌

21,947‌

Trustees

fees

80,506‌

30,000‌

43,737‌

Professional

fees

20,254‌

5,152‌

5,260‌

Shareholder

reporting

expenses

42,393‌

45,176‌

31,316‌

Shareholder

servicing

agent

fees

105‌

1,364‌

817‌

Total

liabilities

209,930,021‌

188,493,030‌

119,708,718‌

Net

assets

applicable

to

common

shares

$

440,312,858‌

$

361,497,573‌

$

261,204,887‌

Common

shares

outstanding

33,425,645‌

27,416,679‌

28,892,471‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13

.17‌

$

13

.19‌

$

9

.04‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

334,256‌

$

274,167‌

$

288,925‌

Paid-in

capital

421,287,101‌

555,068,795‌

218,858,449‌

Total

distributable

earnings

(loss)

18,691,501‌

(

193,845,389‌

)

42,057,513‌

Net

assets

applicable

to

common

shares

$

440,312,858‌

$

361,497,573‌

$

261,204,887‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

569,129,822‌

$

525,628,256‌

$

309,718,755‌

◊

Short-term

investments,

cost

25,875,000‌

12,425,000‌

10,300,000‌

#

Written

options,

premiums

received

$

136,239‌

$

–‌

$

–‌

^

Cash

denominated

in

foreign

currencies,

cost

$

53,150‌

$

2,167,993‌

$

–‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives

is

in

addition

to

the

Fund’s

securities

pledged

as

collateral

as

noted

in

the

Portfolio

of

Investments.

Statement

of

Operations

See

Notes

to

Financial

Statements

75

Year

Ended

December

31,

2024

NMAI

JRI

JRS

INVESTMENT

INCOME

Affiliated

income

$

61,994‌

$

427,364‌

$

—‌

Dividends

9,513,898‌

18,127,299‌

11,019,677‌

Interest

19,247,694‌

12,674,013‌

541,801‌

Rehypothecation

income

33,598‌

—‌

—‌

Tax

withheld

(

402,635‌

)

(

953,707‌

)

—‌

Total

investment

income

28,454,549‌

30,274,969‌

11,561,478‌

EXPENSES

–

–

–

Management

fees

5,361,554‌

5,069,213‌

3,077,495‌

Shareholder

servicing

agent

fees

1,699‌

9,441‌

4,061‌

Interest

expense

9,500,802‌

9,240,046‌

5,844,023‌

Trustees

fees

22,190‌

19,562‌

13,240‌

Custodian

expenses

466,969‌

222,025‌

43,833‌

Investor

relations

expenses

8,986‌

150,717‌

9,874‌

Professional

fees

273,704‌

141,050‌

70,598‌

Shareholder

reporting

expenses

470,163‌

515,070‌

51,558‌

Stock

exchange

listing

fees

10,582‌

8,680‌

9,147‌

Other

48,277‌

41,369‌

17,596‌

Total

expenses

16,164,926‌

15,417,173‌

9,141,425‌

Net

investment

income

(loss)

12,289,623‌

14,857,796‌

2,420,053‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

4,190,902‌

7,576,271‌

6,609,803‌

Futures

contracts

—‌

30,084‌

—‌

Written

options

(

1,919,897‌

)

—‌

—‌

Swap

contracts

—‌

3,862,964‌

2,486,987‌

Foreign

currency

transactions

(

131,025‌

)

(

444,237‌

)

(

105,340‌

)

Net

realized

gain

(loss)

2,139,980‌

11,025,082‌

8,991,450‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

21,070,326‌

474,591‌

15,452,946‌

Forward

foreign

currency

contracts

87,482‌

—‌

—‌

Futures

contracts

—‌

1,640,650‌

—‌

Written

options

220,565‌

—‌

—‌

Swap

contracts

—‌

(

2,422,344‌

)

(

1,560,301‌

)

Foreign

currency

translations

(

32,903‌

)

(

68,160‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

21,345,470‌

(

375,263‌

)

13,892,645‌

Net

realized

and

unrealized

gain

(loss)

23,485,450‌

10,649,819‌

22,884,095‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

35,775,073‌

$

25,507,615‌

$

25,304,148‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

76

NMAI

JRI

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

12,289,623‌

$

12,963,860‌

$

14,857,796‌

$

15,151,992‌

Net

realized

gain

(loss)

2,139,980‌

(

20,581,308‌

)

11,025,082‌

(

16,481,183‌

)

Net

change

in

unrealized

appreciation

(depreciation)

21,345,470‌

62,487,737‌

(

375,263‌

)

34,130,561‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

35,775,073‌

54,870,289‌

25,507,615‌

32,801,370‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

12,673,637‌

)

(

20,649,058‌

)

(

18,052,526‌

)

(

18,037,353‌

)

Return

of

Capital

(

42,562,242‌

)

(

22,804,280‌

)

(

21,276,701‌

)

(

11,483,011‌

)

Total

distributions

(

55,235,879‌

)

(

43,453,338‌

)

(

39,329,227‌

)

(

29,520,364‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Cost

of

shares

repurchased

and

retired

–‌

–‌

–‌

(

413,224‌

)

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

—‌

(

413,224‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

19,460,806‌

)

11,416,951‌

(

13,821,612‌

)

2,867,782‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

459,773,664‌

448,356,713‌

375,319,185‌

372,451,403‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

440,312,858‌

$

459,773,664‌

$

361,497,573‌

$

375,319,185‌

See

Notes

to

Financial

Statements

77

JRS

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

2,420,053‌

$

4,483,378‌

Net

realized

gain

(loss)

8,991,450‌

(

368,112‌

)

Net

change

in

unrealized

appreciation

(depreciation)

13,892,645‌

36,582,147‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

25,304,148‌

40,697,413‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

7,022,713‌

)

(

6,688,820‌

)

Return

of

Capital

(

12,624,167‌

)

(

12,958,060‌

)

Total

distributions

(

19,646,880‌

)

(

19,646,880‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

5,657,268‌

21,050,533‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

255,547,619‌

234,497,086‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

261,204,887‌

$

255,547,619‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

78

Year

Ended

December

31,

2024

NMAI

JRI

JRS

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

35,775,073‌

$

25,507,615‌

$

25,304,148‌

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

(

251,886,659‌

)

(

428,716,611‌

)

(

128,329,541‌

)

Proceeds

from

sale

and

maturities

of

investments

268,790,189‌

411,953,362‌

108,628,450‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

2,475,000‌

)

7,525,000‌

10,825,000‌

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

(

24,194‌

)

(

303,003‌

)

(

105,340‌

)

Proceeds

from

litigation

settlement

14,726‌

27,925‌

—‌

Capital

gains

and

return

of

capital

distributions

from

investments

287,361‌

1,195,295‌

4,978,859‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

491,948‌

)

(

181,227‌

)

(

285‌

)

(Increase)

Decrease

in:

Receivable

for

dividends

79,670‌

38,957‌

418,263‌

Receivable

for

interest

758,888‌

(

269,008‌

)

19,185‌

Receivable

for

reclaims

28,998‌

23,504‌

—‌

Receivable

for

investments

sold

182,647‌

(

51,365‌

)

—‌

Receivable

for

reimbursement

from

Adviser

5,712‌

(

41,136‌

)

—‌

Receivable

for

variation

margin

on

futures

contracts

—‌

844‌

—‌

Other

assets

157,032‌

13,205‌

89,425‌

Increase

(Decrease)

in:

Payable

for

interest

(

530,837‌

)

53,948‌

88,556‌

Payable

for

investments

purchased

-

regular

settlement

80,733‌

36,045‌

888,933‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

1,359,906‌

2,501,265‌

—‌

Payable

for

unfunded

senior

loans

26,377‌

—‌

—‌

Payable

for

management

fees

2,512‌

21,570‌

28,002‌

Accrued

custodian

fees

50,196‌

(

45,309‌

)

(

4,758‌

)

Accrued

investor

relations

fees

(

57,923‌

)

6,386‌

(

39,616‌

)

Accrued

Trustees

fees

(

149,015‌

)

(

14,428‌

)

(

89,662‌

)

Accrued

professional

fees

16,436‌

(

1,026‌

)

340‌

Accrued

shareholder

reporting

expenses

(

21,626‌

)

715‌

(

2,795‌

)

Accrued

shareholder

servicing

agent

fees

(

41‌

)

(

972‌

)

689‌

Accrued

other

expenses

(

669‌

)

(

388‌

)

—‌

Net

realized

(gain)

loss

from

investments

(

4,190,902‌

)

(

7,576,271‌

)

(

6,609,803‌

)

Net

realized

(gain)

loss

from

foreign

currency

transactions

131,025‌

444,237‌

105,340‌

Net

realized

(gain)

loss

from

written

options

1,919,897‌

—‌

—‌

Net

realized

(gain)

loss

from

paydowns

(

258,318‌

)

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

21,070,326‌

)

(

474,591‌

)

(

15,452,946‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

forward

foreign

currency

(

87,482‌

)

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

swap

contracts

—‌

2,422,344‌

1,560,301‌

Net

change

in

unrealized

(appreciation)

depreciation

of

written

options

(

220,565‌

)

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

32,903‌

68,160‌

—‌

Net

cash

provided

by

(used

in)

operating

activities

28,234,776‌

14,165,042‌

2,300,745‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

63,720,000‌

27,250,000‌

18,000,000‌

(Repayments)

of

borrowings

(

26,800,000‌

)

—‌

—‌

Proceeds

from

reverse

repurchase

agreements

68,016,160‌

—‌

—‌

(Repayments

of)

reverse

repurchase

agreements

(

78,516,160‌

)

—‌

—‌

Increase

(Decrease)

in:

Cash

overdraft

609,991‌

2,032,911‌

318,135‌

Cash

collateral

due

to

broker

—‌

1,225,766‌

1,067,199‌

Cash

collateral

due

to

broker

for

investments

in

futures

contracts

—‌

(

3,462,780‌

)

(

2,039,199‌

)

Cash

distributions

paid

to

common

shareholders

(

55,235,879‌

)

(

39,329,227‌

)

(

19,646,880‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

28,205,888‌

)

(

12,283,330‌

)

(

2,300,745‌

)

Net

increase

(decrease)

in

Cash

and

cash

denominated

in

foreign

currencies

28,888‌

1,881,712‌

–‌

Cash

and

cash

denominated

in

foreign

currencies

at

the

beginning

of

period

15,050‌

244,586‌

—‌

Cash

and

cash

denominated

in

foreign

currencies

at

the

end

of

period

$

43,938‌

$

2,126,298‌

$

—‌

See

Notes

to

Financial

Statements

79

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NMAI

JRI

JRS

Cash

paid

for

interest

$

10,002,064‌

$

9,195,736‌

$

5,750,283‌

Financial

Highlights

80

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NMAI

12/31/24

$

13.76

$

0.37

$

0.69

$

1.06

$

(0.38)

$

—

$

(1.27)

$

(1.65)

$

—

$

13.17

$

12.04

12/31/23

13.41

0.39

1.26

1.65

(0.62)

—

(0.68)

(1.30)

—

13.76

12.30

12/31/22

20.03

0.47

(4.86)

(4.39)

(1.40)

(0.83)

—

(2.23)

—

13.41

11.49

12/31/21

(e)

20.00

0.07

0.31

0.38

(0.06)

(0.29)

—

(0.35)

—

20.03

18.65

JRI

12/31/24

13.69

0.54

0.39

0.93

(0.65)

—

(0.78)

(1.43)

—

13.19

12.13

12/31/23

13.57

0.55

0.65

1.20

(0.66)

—

(0.42)

(1.08)

—

(g)

13.69

11.72

12/31/22

17.41

0.78

(3.46)

(2.68)

(0.77)

—

(0.39)

(1.16)

—

13.57

11.70

12/31/21

15.84

1.00

1.73

2.73

(1.09)

—

(

0.07)

(1.16)

—

17.41

16.12

12/31/20

20.04

0.80

(3.78)

(2.98)

(0.99)

—

(0.23)

(1.22)

—

(g)

15.84

13.46

JRS

12/31/24

8.84

0.08

0.80

0.88

(0.24)

—

(0.44)

(0.68)

—

9.04

8.63

12/31/23

8.12

0.16

1.24

1.40

(0.23)

—

(0.45)

(0.68)

—

8.84

7.82

12/31/22

13.22

0.27

(4.54)

(

4.27)

(0.26)

(0.30)

(0.27)

(0.83)

—

8.12

7.56

12/31/21

9.63

0.25

4.10

4.35

(0.20)

(0.56)

—

(0.76)

—

13.22

12.82

12/31/20

11.35

0.26

(1.22)

(0.96)

(0.23)

(0.46)

(0.07)

(0.76)

—

9.63

8.44

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

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

dividend

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

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

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

dividend

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

81

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMAI

JRI

JRS

12/31/24

2.06

%

2.48

%

2.25

%

12/31/23

2.32

2.53

2.31

12/31/22

1.04

1.04

1.01

12/31/21

0.12

(e)(f)

0.34

0.27

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value

(b)

Based

on

Share

Price

(b)

Net

Assets,

End

of

Period

(000)

Expenses

(c)

Net

Investment

Income

(Loss)

(c),(d)

Portfolio

Turnover

Rate

7.85‌

%

11.46‌

%

$

440,313

3.50‌

%

2.66‌

%

41‌

%

12

.87‌

19.43‌

459,774

3.68‌

2.86‌

46‌

(21.91‌)

(26.29‌)

448,357

2.53‌

2.88‌

129‌

1.90‌

(5.00‌)

669,611

1.63‌

(f)

3.35‌

(f)

66‌

7.03‌

16.12‌

361,498

4.14‌

3.99‌

80‌

9.32‌

10.02‌

375,319

4.07‌

4.15‌

59‌

(15.83‌)

(20.83‌)

372,451

2.63‌

5.09‌

71‌

17.73‌

29.09‌

477,911

1.82‌

5.94‌

73‌

(14.15‌)

(19.31‌)

434,736

2.20‌

5.26‌

102‌

10.28‌

19.66‌

261,205

3.52‌

0.93‌

31‌

18.14‌

13.46‌

255,548

3.64‌

1.88‌

33‌

(32.94‌)

(35.25‌)

234,497

2.33‌

2.58‌

58‌

46.38‌

62.73‌

381,815

1.54‌

2.16‌

92‌

(7.42‌)

(12.24‌)

278,287

1.79‌

2.83‌

116‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings,

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expense

and

other

costs

related

to

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)

For

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021.

(f)

Annualized.

(g)

Value

rounded

to

zero.

82

Financial

Highlights

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

NMAI

12/31/24

$

122,336

$

4,599

12/31/23

85,416

6,383

12/31/22

175,601

3,553

12/31/21(c)

178,550

4,750

JRI

12/31/24

178,945

3,020

12/31/23

151,695

3,474

12/31/22

166,985

3,230

12/31/21

197,935

3,414

12/31/20

166,035

3,618

JRS

12/31/24

112,400

3,324

12/31/23

94,400

3,707

12/31/22

104,400

3,246

12/31/21

144,000

3,651

12/31/20

110,000

3,530

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

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

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

(c)

For

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021.

Notes

to

Financial

Statements

83

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Multi-Asset

Income

Fund

(NMAI)

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

Nuveen

Real

Estate

Income

Fund

(JRS)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

closed-end

management

investment

companies.

NMAI,

JRI

and

JRS

were

organized

as

Massachusetts

business

trusts

on

April

22,

2021,

January

10,

2012

and

August

27,

2001,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

December

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2024

(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".

Developments

Regarding

the

Fund’s

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(

i

)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Funds'

Board

of

Trustees

(the

"Board")

amended

the

Fund’s

by-laws

to

provide

that

the

Funds'

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund's

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit. 

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The

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

Common

Shareholders:

Distributions

to

common 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.

84

Notes

to

Financial

Statements

(continued)

NMAI

and

JRS

make

quarterly

cash

distributions,

while

JRI

makes

monthly

cash

distributions

to

common

shareholders

of

a

stated

dollar

amount

per

share.

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.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

for

NMAI

and

regular

monthly

cash

distributions

for

JRI

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

quarterly

or

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

quarterly

or

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

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

current

fiscal

period.

Foreign

Currency

Transactions

and

Translation:

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

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.

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

85

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in

kind

(“PIK”)

interest,

paydown

gains

and

losses

and

fee

income,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Rehypothecation

income

when

applicable,

is

comprised

of

fees

earned

in

connection

with

the

rehypothecation

of

pledged

collateral

as

further

described

later

in

these

Notes

to

Financial

Statements

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

In

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

in

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

a

public

entity

that

has

a

single

reportable

segment

to

provide

all

the

disclosures

required

by

the

amendments

in

ASU

2023-07

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

in

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

The

Funds

adopted

ASU

2023-07

during

the

current

reporting

period.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds’

financial

positions

or

the

results

of

their

operations.

The

officers

of

the

Funds

act

as

the

chief

operating

decision

maker

(“CODM”).

Each

Fund

represents

a

single

operating

segment.

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.  

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,

86

Notes

to

Financial

Statements

(continued)

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the Board,

and

are

generally

classified

as

Level

2. 

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

Purchased

and

written

options

traded

and

listed

on

a

national

market

or

exchange

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

are

generally

classified

as

Level

1.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

I

NMAI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

42,934,116

$

–

$

42,934,116

$25

Par

(or

similar)

Retail

Preferred

9,104,052

918,069

–

10,022,121

Asset-Backed

Securities

–

775,835

215,798

991,633

Common

Stocks

129,945,787

79,643,652

1,351

209,590,790

Contingent

Capital

Securities

–

32,620,335

–

32,620,335

Corporate

Bonds

–

12,675,853

–

12,675,853

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

–

40,667,761

468,050

41,135,811

Exchange-Traded

Funds

36,479,108

–

–

36,479,108

Investment

Companies

–

173,894

–

173,894

Mortgage-Backed

Securities

–

78,128,439

–

78,128,439

Options

Purchased

188

–

–

188

Real

Estate

Investment

Trust

Common

Stocks

53,998,453

324,716

–

54,323,169

U.S.

Government

and

Agency

Obligations

–

34,975,664

–

34,975,664

Variable

Rate

Senior

Loan

Interests

–

64,163,933

97,885

64,261,818

Warrants

–

449,089

–

449,089

Short-Term

Investments:

Repurchase

Agreements

–

25,875,000

–

25,875,000

Investments

in

Derivatives:

Forward

Foreign

Currency

Contracts*

–

58,493

–

58,493

Options

Written

(20,325)

–

–

(20,325)

Total

$

229,507,263

$

414,384,849

$

783,084

$

644,675,196

87

4.

Portfolio

Securities

Unfunded

Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

NMAI

and

JRI

may

have

unfunded

senior

loan

commitments.

The

Fund

will

maintain

with

its

custodian,

cash,

liquid

securities

and/or

liquid

senior

loans

having

an

aggregate

value

at

least

equal

to

the

amount

of

unfunded

senior

loan

commitments.

As

of

the

end

of

the

reporting

period,

JRI

had

no

value

in

outstanding

unfunded

senior

loan

commitments,

whereas

NMAI’s

outstanding

unfunded

senior

loan

commitments

were

as

follows:

Participation

Commitments

:

With

respect

to

the

senior

loans

held

in

NMAI

and

JRI

portfolio,

the

Funds

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

the

Funds

purchases

a

participation

of

a

senior

loan

interest,

the

Funds

would

typically

enter

into

a

contractual

agreement

with

the

lender

or

other

third

party

selling

the

participation,

rather

than

directly

with

the

borrower.

As

such,

the

Funds

not

only

assumes

the

credit

risk

of

the

borrower,

but

also

that

of

the

selling

participant

or

other

persons

interpositioned

between

the

Fund

and

the

borrower.

As

of

the

end

of

the

reporting

period,

the

Funds

had

no

such

outstanding

participation

commitments.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

JRI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

72,709,684

$

–

$

72,709,684

$25

Par

(or

similar)

Retail

Preferred

61,121,931

–

–

61,121,931

Common

Stocks

85,403,226

39,725,955

–

125,129,181

Convertible

Preferred

Securities

9,178,136

–

–

9,178,136

Corporate

Bonds

–

115,434,400

–

115,434,400

Investment

Companies

2,293,803

955,897

–

3,249,700

Mortgage-Backed

Securities

–

576,776

–

576,776

Real

Estate

Investment

Trust

Common

Stocks

85,420,480

42,510,284

2,214

127,932,978

Variable

Rate

Senior

Loan

Interests

–

13,444,883

–

13,444,883

Short-Term

Investments:

Repurchase

Agreements

–

12,425,000

–

12,425,000

Investments

in

Derivatives:

Futures

Contracts*

341,980

–

–

341,980

Interest

Rate

Swaps*

–

1,577,197

–

1,577,197

Total

$

243,759,556

$

299,360,076

$

2,214

$

543,121,846

JRS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$25

Par

(or

similar)

Retail

Preferred

$

1,815,934

$

–

$

–

$

1,815,934

Corporate

Bonds

–

4,210,452

–

4,210,452

Real

Estate

Investment

Trust

Common

Stocks

262,218,483

–

–

262,218,483

Real

Estate

Investment

Trust

Preferred

Stocks

99,725,245

–

–

99,725,245

Short-Term

Investments:

Repurchase

Agreements

–

10,300,000

–

10,300,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

1,015,917

–

1,015,917

Total

$

363,759,662

$

15,526,369

$

–

$

379,286,031

*

Represents

net

unrealized

appreciation

(depreciation).

Fund

Outstanding

Unfunded

Senior

Loan

Commitments

NMAI

$

39,258

88

Notes

to

Financial

Statements

(continued)

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

JRI

continued

to

use

interest

rate

futures

to

partially

hedge

the

portfolio

against

movements

in

interest

rates.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

NMAI

Fixed

Income

Clearing

Corporation

$

25,875,000

$

(26,392,713)

JRI

Fixed

Income

Clearing

Corporation

12,425,000

(12,673,527)

JRS

Fixed

Income

Clearing

Corporation

10,300,000

(10,506,078)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

NMAI

$

228,947,134

$

22,939,525

$

234,725,374

$

34,064,815

JRI

428,716,611

—

411,953,362

—

JRS

128,329,541

—

108,628,450

—

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

JRI

$

21,274,105

*

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.

89

Options

Transactions:

The

Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

"baskets"

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

When

a

Fund

purchases

an

option,

an

amount

equal

to

the

premium

paid

(the

premium

plus

commission)

is

recognized

as

an

asset

on

the

Statement

of

Asset

and

Liabilities.

When

a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statement

of

Operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

During

the

current

fiscal

period,

NMAI

purchased

put

and

call

options

as

well

as

wrote

call

options

as

part

of

its

overwrite

strategy.

During

the

current

fiscal

period,

NMAI

wrote

call

options

on

U.S.

equity

indexes

while

investing

in

a

portfolio

that

included

U.S.

equities

to

generate

additional

income

and

provide

downside

protection.

The

average

notional

amount

of

outstanding

options purchased

during

the

current

fiscal

period,

was

as

follows:

The

average

notional

amount

of

outstanding

options

written

during

the

current

fiscal

period,

was

as

follows:

Forward

Foreign

Currency

Contracts:

During

the

current

fiscal

period,

NMAI

used

foreign

exchange

forwards

partially

hedge

its

exposure

to

non-

U.S.

dollar

denominated

positions.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

Assets

and

Liabilities.

The

Funds

realizes

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

foreign

currency

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

forward

foreign

currency

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

forward

foreign

currency

contracts

as

of

the

end

of

the

reporting

period.

Fund

Average

Notional

Amount

of

Purchased

Options

Contracts

Outstanding

*

NMAI

$

1,138,750

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Written

Options

Contracts

Outstanding

*

NMAI

$

33,389,000

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding

*

NMAI

$

1,204,250

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

90

Notes

to

Financial

Statements

(continued)

Interest

Rate

Swap

Contracts:

During

the

current

fiscal

period,

JRI

and

JRS

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

its

interest

cost

of

leverage,

which

the

Funds

employed

through

the

use

if

bank

borrowings.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

contracts on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps

contracts.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

contracts on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swaps

on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

Fund

Counterparty

Gross

Unrealized

Appreciation

on

Forward

Foreign

Currency

Contracts*

Gross

Unrealized

(Depreciation)

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

NMAI

Bank

of

America,

N.A

$

-

$

(1,884)

$

(1,884)

$

-

$

(1,884)

NMAI

Bank

of

America,

N.A

$

60,377

$

$

60,377

$

-

$

60,377

*  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Funds’

Portfolio

of

Investments.

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JRI

$

112,400,000

JRS

72,400,000

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Counterparty

Gross

Unrealized

Appreciation

Interest

Rate

Swaps***

Gross

Unrealized

(Depreciation)

Interest

Rate

Swaps***

Net

Unrealized

Appreciation(Depreciation)

on

Interest

Rate

Swaps

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

JRI

Morgan

Stanley

Capital

Services

LLC

$

1,577,197

$

-

$

1,577,197

$

(1,578,935)

$

(1,738)

JRS

Morgan

Stanley

Capital

Services

LLC

1,015,917

-  

1,015,917

(1,067,199)

(51,282)

***  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

91

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

NMAI

Options

Purchased

Equity

Long-term

investments,

at

value

$

188

-

$-

Options

Written

Equity

-

–

Options

written,

at

value

$

(20,325)

Forward

Foreign

Currency

Contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

60,377

Unrealized

depreciation

on

forward

contracts

(1,884)

1

1

1

1

1

1

1

1

JRI

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

341,980

-

–

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

1,577,197

-

–

1

1

1

1

1

1

1

1

JRS

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

1,015,917

-

–

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

NMAI

Purchased

options

Equity

$

(2,641)

$

(272)

Written

options

Equity

(1,919,897)

220,565

Forward

contracts

Foreign

currency

exchange

rate

–

87,482

JRI

Futures

contracts

Interest

rate

30,084

1,640,650

Swap

contracts

Interest

rate

3,862,964

(2,422,344)

JRS

Swap

contracts

Interest

rate

2,486,987

(1,560,301)

*

Shown

as

a

component

of

Realized

gain

(loss)

from

Investments

on

the

Statement

of

Operations.

92

Notes

to

Financial

Statements

(continued)

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

foreign

currency

transactions,

investments

in

passive

foreign

investment

companies,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

taxable

market

discount,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

JRI

Year

Ended

12/31/24

Year

Ended

12/31/23

Common

Shares:

Repurchased

and

retired

—

37,001

Total

—

37,001

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

–

11.15

Discount

per

share

repurchased

and

retired

–%

(16.36)%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NMAI

$

604,018,899

$

77,096,815

$

(36,440,518)

$

40,656,297

JRI

542,593,846

30,933,118

(30,405,118)

528,000

JRS

329,282,610

75,164,950

(25,161,530)

50,003,420

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NMAI

$

—

$

—

$

40,625,232

$

(21,933,731)

$

—

$

—

$

18,691,501

JRI

—

—

461,367

(194,041,503)

—

(265,253)

(193,845,389)

JRS

—

—

50,003,420

(7,734,446)

—

(211,461)

42,057,513

12/31/24

12/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NMAI

$

12,673,637

$

—

$

42,562,242

$

20,649,058

$

—

$

22,804,280

JRI

18,052,526

—

21,276,701

18,037,353

—

11,483,011

JRS

7,022,713

—

12,624,167

6,688,820

—

12,958,060

93

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

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.

Annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Short-Term

Long-Term

Total

NMAI

$

1,864,901

$

20,068,830

$

21,933,731

JRI

56,281,448

137,760,055

194,041,503

JRS

7,734,446

—

7,734,446

Fund

Utilized

NMAI

$

2,219,467

JRI

6,528,149

JRS

6,706,625

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

94

Notes

to

Financial

Statements

(continued)

For

the

period

January

1,

2024

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

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

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Effective

May

1,

2024,

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

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.

E

As

of

December

31,

2024,

the

annual

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

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

NMAI

0.1575%

JRI

0.1575%

JRS

0.1575%

95

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“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

did

not engage

in

cross-trades

pursuant

to

these

procedures.

9.

Fund

Leverage

Borrowings:

Each

Fund

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

For

NMAI

interest

is

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

OBFR

(Overnight

Bank

Funding

Rate)

plus

a

spread

that

is

determined

by

a

portion

of

the

underlying

collateral

pledged

to

secure

the

amount

borrowed.

The

Fund

is

charged

an

undrawn

fee

of

0.50%

per

annum

if

the

undrawn

portion

of

the

Borrowings

on

that

day

is

more

than

20%

of

the

maximum

commitment

amount,

however

this

fee

was

waived

during

the

reporting

period.

For

JRS

interest

is

charged

on

these

Borrowings

at

1-Month

Term

SOFR

plus

0.610%

per

annum

on

the

amounts

borrowed.

For

JRI

interest

is

charged

on

these

Borrowings

at

Daily

SOFR

plus

0.600%

per

annum

on

the

amounts

borrowed.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

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.

Fund

Amount

NMAI

$

61,994

JRI

427,364

JRS

—

Fund

Commitment

Amount

NMAI

$

300,000,000

JRI

200,000,000

JRS

150,000,000

Fund

Outstanding

balance

on

Borrowings

NMAI

$

122,336,000

JRI

178,945,000

JRS

112,400,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NMAI

366

$

97,891,847

5.72

%

JRI

366

157,822,732

5.84

JRS

366

99,219,672

5.87

96

Notes

to

Financial

Statements

(continued)

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

and

other

fees

incurred

on

the

drawn

amount

and

undrawn

balance

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Rehypothecation

:

NMAI

has

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Fund

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Fund

total

assets.

The

Fund

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Fund

may

also

recall

Hypothecated

Securities

on

demand.

The

Fund

also

has

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Fund

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Fund

income

generating

potential

may

decrease.

Even

if

the

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Fund

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

NMAI

had

Hypothecated

Securities

as

follows:

NMAI

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

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

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.

NMAI

Hypothecated

Securities

$131,507,804

NMAI

Rehypothecation

Fees

$33,598

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

NMAI

BNP

Paribas

SA

SOFR+0.26%

$

(37,742,160)

12/05/25

$

(37,742,160)

$

(37,881,927)

NMAI

Royal

Bank

of

Canada

4.80%

(30,274,000)

12/31/49

(30,274,000)

(30,325,819)

Total

$(68,016,160)

$(68,016,160)

$(68,207,746)

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Weighted

Average

Interest

rate

NMAI

366

$

(69,626,701)

5.54%

97

10.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

NMAI

BNP

Paribas

SA

$

(37,881,927)

$

40,010,092

NMAI

RBC

Capital

Markets,

LLC

(30,325,819)

34,212,800

Total

(68,207,746)

74,222,892

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

98

Shareholder

Update

(U

naudited)

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUND

NUVEEN

MULTI-ASSET

INCOME

FUND

(NMAI)

Investment

Objective

The

Fund’s

investment

objective

is

to

provide

total

return

through

high

current

income

and

capital

appreciation.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

dynamically

invest

in

a

portfolio

of

equity

and

debt

securities

of

issuers

located

around

the

world.

This

dynamic

investment

strategy

uses

a

risk-based

framework

in

which

any

amount

can

be

allocated

to

an

asset-class

at

any

time.

The

Fund

may

invest

in

equity

and

debt

securities

of

any

type.

The

Fund

may

use

derivatives

for

a

variety

of

reasons,

including

but

not

limited

to,

adjusting

its

exposures

to

markets,

sectors,

asset

classes

and

securities,

and

may

utilize

derivatives

of

any

type.

As

part

of

its

investment

strategy,

the

Fund

may

employ

an

options

strategy

whereby

the

Fund

sells

(writes)

call

options

on

a

percentage

of

the

market

value

of

the

Fund’s

equity

portfolio.

The

Fund

is

not

required

to

allocate

its

investments

among

asset

classes,

issuer

jurisdiction,

or

any

other

investment

parameter

in

any

fixed

proportion

except

as

specifically

described

herein.

The

Fund

will

employ

a

dynamic

asset

allocation

strategy

in

seeking

to

achieve

the

Fund’s

investment

objective.

Nuveen

Asset

Management,

LLC

(“Nuveen

Asset

Management”)

will

implement

the

Fund’s

dynamic

multi-asset

income

strategy

by

allocating

the

Fund’s

assets

among

equity

and

debt

investments.

The

relative

allocations

of

the

Fund’s

Managed

Assets

(as

defined

below)

for

investment

between

equity

and

debt

securities,

and

relative

allocations

to

the

different

types

of

equity

and

income

strategies,

will

vary

from

time

to

time

consistent

with

the

Fund’s

investment

objective.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

may

invest

in

equity

securities

of

any

type

and

across

various

investment

styles

(e.g.,

growth-

or

value-oriented

styles),

sectors,

market

capitalizations

(e.g.,

large-, mid-, and small-cap) and

geographic

regions

throughout

the

world

(including

the

United

States

(“U.S.”), non-U.S. developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

debt

securities

of

any

type

without

limit.

The

Fund

may

invest

in

debt

securities

paying

a

fixed

or

fluctuating

rate

of

interest,

and

with

any

maturity

or

duration.

The

Fund

may

invest

in

debt

securities

across

various

geographic

regions

throughout

the

world

(including

the

U.S.,

non-U.S.

developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

debt

securities

of

any

rating

(including

below-investment-grade

debt

securities,

commonly

known

as

“high

yield”

or

“junk”

bonds),

distressed

securities,

and

in

debt

securities

that

are

unrated.

The

Acquiring

Fund

may

invest

in

the

securities

of

companies

of

any

market

capitalization.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

Act,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

invest

in

inverse

floating

rate

securities.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

Portfolio

Contents

The

Fund

may

invest

in

equity

securities

of

any

type

and

across

various

investment

styles

(e.g.,

growth-

or

value-oriented

styles),

sectors,

market

capitalizations

(e.g.,

large-, mid-, and small-cap) and

geographic

regions

throughout

the

world

(including

the

U.S.

and

emerging

markets)

without

limit.

These

securities

may

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

securities

convertible

into

common,

depositary

receipts,

stock,

master-limited

partnership

(“MLPs”)

and

other

partnership

interests,

real

estate

investment

trusts

(“REITs”),

rights

and

warrants,

or

securities

or

other

instruments

whose

price

is

linked

to

(or

derived

from)

the

value

of

common

stock.

99

Common

stocks

generally

represent

an

ownership

interest

in

an

issuer,

without

preference

over

any

other

class

of

securities,

including

such

issuer’s

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

are

entitled

to

the

income

and

increase

in

the

value

of

the

assets

and

business

of

the

issuer

after

all

its

debt

obligations

and

obligations

to

preferred

stockholders

are

satisfied.

Common

stocks

generally

have

voting

rights.

Common

stocks

fluctuate

in

price

in

response

to

many

factors,

including

historical

and

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

perceptions

and

market

liquidity.

Equity

securities

in

which

the

Fund

may

invest

include

MLPs.

An

MLP

is

an

entity,

most

commonly

a

limited

partnership,

that

is

taxed

as

a

partnership,

publicly

traded

and

listed

on

a

national

securities

exchange.

Holders

of

common

units

of

MLPs

typically

have

limited

control

and

limited

voting

rights

as

compared

to

holders

of

a

corporation’s

common

shares. 

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

a

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

securities

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

may

be

perpetual

or

have

a

term,

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

The

Fund

may

invest

in

contingent

capital

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities,

issued

primarily

by  non-

U.S. financial

institutions,

which

have

loss

absorption

mechanisms

benefitting

the

issuer

built

into

their

terms.

CoCos

generally

provide

for

mandatory

conversion

into

the

common

stock

of

the

issuer

or

a

write-down

of

the

principal

amount

or

value

of

the

CoCos

upon

the

occurrence

of

certain

triggers

linked

to

regulatory

capital

thresholds.

In

addition,

they

may

provide

for

mandatory

conversion

or

a

principal

write-down

upon

the

occurrence

of

certain

events

such

as

regulatory

actions

calling

into

question

the

issuing

banking

institution’s

continued

viability

as

a

going-concern.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary.

The

Fund

may

invest

in

REITs.

REITs

are

publicly

traded

corporations

or

trusts

that

specialize

in

acquiring,

holding,

and

managing

residential,

commercial

or

industrial

real

estate.

A

REIT

is

not

taxed

at

the

entity

level

on

income

distributed

to

its

shareholders

or

unitholders

if

it

distributes

to

shareholders

or

unitholders

at

least

90%

of

its

taxable

income

for

each

taxable

year

and

complies

with

regulatory

requirements

relating

to

its

organization,

ownership,

assets

and

income.

The

Fund

may

invest

in

equity

securities

of

special

purpose

acquisition

companies

(“SPACs”).

Also

known

as

a

“blank

check

company,”

a

SPAC

is

a

company

with

no

commercial

operations

that

is

formed

solely

to

raise

capital

from

investors

for

the

purpose

of

acquiring

one

or

more

existing

private

companies.

SPACs

often

have pre-determined time

frames

to

make

an

acquisition

(typically

two

years),

or

the

SPAC

will

liquidate. 

The

Fund

may

invest

in

debt

securities

of

any

type

without

limit,

including

but

not

limited

to

debt

securities

of

the

U.S.

government

and

other

governments

throughout

the

world

(including

emerging

markets)

as

well

as

their

agencies

and

instrumentalities

and

government-sponsored

enterprises,

municipal

securities,

domestic

and

foreign

corporate

debt

obligations,

convertible

bonds,

municipal

bonds,

structured

notes,

credit-

linked

notes,

loan

assignments

and

participations,

repurchase

agreements,

residential

and

commercial

mortgage-backed

securities,

asset-backed

securities,

debt

obligations

of

MLPs,

and

securities

issued

or

guaranteed

by

certain

international

organizations

such

as

the

World

Bank.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

invest

in

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

debt

obligations

in

which

the

Fund

may

invest

may

have

variable,

floating,

or

fixed

interest

rates.

Variable

rate

securities

provide

for

periodic

adjustments

in

the

interest

rate.

Floating

rate

securities

are

generally

offered

at

an

initial

interest

rate

which

is

at

or

above

prevailing

market

rates.

The

interest

rate

paid

on

floating

rate

securities

is

then

reset

periodically

(commonly

every

90

days)

to

an

increment

over

some

predetermined

interest

rate

index.

Commonly

utilized

indices

include

the

three-month

Treasury

bill

rate,

the 180-day Treasury

bill

rate,

the

prime

rate

of

a

bank,

the

commercial

paper

rates,

or

the

longer-term

rates

on

U.S.

Treasury

securities.

Variable

and

floating

rate

securities

are

relatively

long-term

instruments

that

often

carry

demand

features

permitting

the

holder

to

demand

payment

of

principal

at

any

time

or

at

specified

intervals

prior

to

maturity

plus

accrued

interest.

In

order

to

most

effectively

use

these

securities,

the

Fund

must

correctly

assess

probable

movements

in

interest

rates.

The

Fund

may

invest

in

debt

securities

paying

a

fixed

or

fluctuating

rate

of

interest,

including

senior

loans

and

secured

and

unsecured

junior

loans,

and

with

any

maturity

or

duration.

The

Fund

may

invest

in

debt

securities

across

various

geographic

regions

throughout

the

world

(including

the

U.S.,

non-U.S.

developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

foreign

securities

payable

in

either

U.S.

dollars

or

foreign

currencies.

These

securities

may

include

securities

issued

or

guaranteed

by

(i) the

Government

of

Canada,

any

Canadian

Province

or

any

instrumentality

and

political

subdivision

thereof;

(ii) any

other

foreign

government

agency

or

instrumentality;

(iii) foreign

subsidiaries

of

U.S.

corporations;

and

(iv) other

foreign

issuers.

100

Shareholder

Update

(continued)

The

Fund

has

no

geographic

limits

on

where

it

may

invest,

and

therefore

may

invest

in

the

securities

of

corporate

and

governmental

issuers

in

both

developed

and

emerging

markets

around

the

world.

The

Fund

may

emphasize

foreign

securities

when

the

Fund’s

applicable

sub-adviser

expects

these

investments

to

outperform

U.S.

securities.

In

addition

to

investing

in

foreign

securities,

the

Fund

may

actively

manage

its

exposure

to

foreign

currencies

through

the

use

of

forward

currency

contracts

and

other

currency

derivatives.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

predominately

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

Furthermore,

a

country

is

considered

to

be

an

“emerging

market”

if

it

has

a

relatively

low

gross

national

product

per

capita

compared

to

the

world’s

major

economies

and

the

potential

for

rapid

economic

growth.

The

Fund

considers

a

country

an

emerging

market

country

based

on

the

determination

of

an

international

organization,

such

as

the

International

Monetary

Fund

(“IMF”),

or

an

unaffiliated,

recognized

financial

data

provider.

The

Fund

may

invest

in

debt

securities

of

any

rating

(including

below-investment-grade

debt

securities,

commonly

known

as

“high

yield”

or

“junk”

bonds),

distressed

securities,

and

in

debt

securities

that

are

unrated.

The

Fund

may

invest

in

junk

bonds

and

distressed

securities

when

the

Fund’s

applicable

sub-adviser believes

that

they

will

provide

an

attractive

total

return,

relative

to

their

risk,

as

compared

to

higher

quality

debt

securities.

The

Fund

may

invest

in

distressed

securities

when

the

Fund’s

applicable

sub-adviser believes

they

offer

significant

potential

for

higher

returns

or

can

be

exchanged

for

other

securities

that

offer

this

potential.

The

Fund

may

invest

in

debt

securities

of

governmental

issuers

in

all

countries,

including

emerging

market

countries.

These

debt

securities

may

include:

debt

securities

issued

or

guaranteed

by

governments

and

governmental

agencies

or

instrumentalities;

debt

securities

issued

by

government

owned,

controlled

or

sponsored

entities;

interests

in

entities

organized

and

operated

for

the

purpose

of

restructuring

the

investment

characteristics

of

instruments

issued

by

any

of

the

above

issuers;

Brady

Bonds,

which

are

debt

securities

issued

under

the

framework

of

the

Brady

Plan

as

a

means

for

debtor

nations

to

restructure

their

outstanding

external

indebtedness;

participations

in

loans

between

governments

and

financial

institutions;

or

debt

securities

issued

by

supranational

entities

such

as

the

World

Bank

or

the

European

Economic

Community.

A

supranational

entity

is

a

bank,

commission

or

company

established

or

financially

supported

by

the

national

governments

of

one

or

more

countries

to

promote

reconstruction

or

development.

The

Fund

may

invest

in

U.S.

dollar-denominated

“Brady

Bonds.”

Brady

Bonds

are

created

through

the

exchange

of

existing

commercial

bank

loans

to

public

and

private

entities

in

certain

emerging

markets

for

new

obligations

in

connection

with

debt

restructurings.

These

foreign

debt

obligations,

which

may

be

fixed

rate

par

bonds

or

floating

rate

discount

bonds,

are

generally

collateralized

in

full

as

to

repayment

of

principal

at

maturity

by

U.S.

Treasury zero-coupon obligations

that

have

the

same

maturity

as

the

Brady

Bonds.

Brady

Bonds

can

be

viewed

as

having

three

or

four

valuation

components:

(i) the

collateralized

repayment

of

principal

at

final

maturity;

(ii) the

collateralized

interest

payments;

(iii) the

uncollateralized

interest

payments;

and

(iv) any

uncollateralized

repayment

of

principal

at

maturity. 

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

applicable

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

corporate

debt

securities.

Corporate

debt

securities

are

bonds,

senior

loans

and

notes

issued

by

corporations

or

other

business

entities.

Corporate

debt

securities

are

fully

taxable

debt

obligations

that

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

debt

securities.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

exchange-traded

notes

(“ETNs”).

ETNs

are

a

type

of

senior,

unsecured,

unsubordinated

debt

security

issued

by

financial

institutions

that

combine

aspects

of

both

bonds

and

exchange-traded

fund

(“ETFs”).

An

ETN’s

returns

are

based

on

the

performance

of

a

market

index

minus

fees

and

expenses.

Similar

to

ETFs,

ETNs

are

listed

on

an

exchange

and

traded

in

the

secondary

market.

However,

unlike

an

ETF,

an

ETN

has

a

maturity

date,

at

which

time

the

issuer

will

pay

a

return

linked

to

the

performance

of

the

market

index

to

which

the

ETN

is

linked

minus

certain

fees.

The

Fund

may

invest

in

the

securities

of

companies

of

any

market

capitalization.

The

Fund

will

generally

seek

diversification

across

markets

and

industries.

The

Fund

may

invest

in

senior

loans.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer. 

Senior

loans

generally

include:

(i) senior

loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii) assignments

of

such

interests

in

senior

loans,

or

(iii) participation

interests

in

senior

loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

101

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

Borrower.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

senior

loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

senior

loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

corporate

purposes.

A

senior

loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

senior

loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

senior

loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

typically

have

rates

of

interest

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

These

base

lending

rates

are

primarily

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

and

the

certificate

of

deposit

rate

or

other

base

lending

rates

used

by

commercial

lenders.

The

base

rate

for

senior

loans

are

generally

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

The

Fund

may

purchase

participation

interests

in

the

original

syndicate

making

senior

loans.

Loan

participation

interests

typically

represent

direct

participations

in

a

loan

to

a

corporate

Borrower,

and

generally

are

offered

by

banks

or

other

financial

institutions

or

lending

syndicates.

The

Fund

may

participate

in

such

syndications,

or

can

buy

part

of

a

senior

loan,

becoming

a

Lender.

When

purchasing

a

participation

interest,

the

Fund

assumes

the

credit

risk

associated

with

the

corporate

Borrower

and

may

assume

the

credit

risk

associated

with

an

interposed

bank

or

other

financial

intermediary.

The

participation

interests

in

which

the

Fund

may

invest

may

not

be

rated

by

any

nationally

recognized

statistical

rating

organization.

The

Fund

may

invest

in

second

lien

loans

and

unsecured

loans.

Such

loans

are

made

by

public

and

private

corporations

and

other

non-governmental

Borrowers

for

a

variety

of

purposes.

As

in

the

case

of

senior

loans,

the

Fund

may

purchase

interests

in

second

lien

loans

and

unsecured

loans

through

assignments

or

participations.

Second

lien

loans

have

similar

characteristics

as

senior

loans

except

that

such

interests

are

junior

in

priority

to

debt

secured

with

a

first

lien.

Second

lien

loans

are

second

in

priority

of

payment

to

one

or

more

senior

loans

of

the

related

Borrower

and

are

typically

secured

by

a

second

priority

security

interest

or

lien

to

or

on

specified

collateral

securing

the

Borrower’s

obligation

under

the

indebtedness.

They

typically

have

similar

protections

and

rights

as

senior

loans.

Second

lien

loans

are

not

(and

by

their

terms

cannot

become)

subordinate

in

priority

of

payment

to

any

obligation

of

the

related

Borrower

other

than

senior

loans

of

such

Borrower.

Second

lien

loans

may

feature

fixed

or

floating

rate

interest

payments.

Because

second

lien

loans

are

junior

to

senior

loans,

they

present

a

greater

degree

of

investment

risk

but

often

pay

interest

at

higher

rates

reflecting

this

additional

risk.

In

addition,

second

lien

loans

of

below

investment

grade

quality

share

many

of

the

risk

characteristics

of

other

below

investment

grade

debt

instruments.

Unsecured

loans

generally

have

lower

priority

in

right

of

payment

compared

to

holders

of

secured

interests

of

the

Borrower.

Unsecured

loans

are

not

secured

by

a

security

interest

or

lien

to

or

on

specified

collateral

securing

the

Borrower’s

obligation

under

the

indebtedness.

Unsecured

loans

by

their

terms

may

be

or

may

become

subordinate

in

right

of

payment

to

other

obligations

of

the

Borrower,

including

senior

loans,

second

lien

loans

and

other

interests.

Unsecured

loans

may

have

fixed

or

adjustable

floating

rate

interest

payments.

Because

unsecured

loans

are

subordinate

to

senior

loans

and

other

secured

debt

of

the

Borrower,

they

present

a

greater

degree

of

investment

risk

but

often

pay

interest

at

higher

rates

reflecting

this

additional

risk.

Such

investments

generally

are

of

below

investment

grade

quality.

Unsecured

loans

of

below

investment

grade

quality

share

many

of

the

same

risks

of

other

below

investment

grade

debt

instruments.

The

Fund

may

invest

in

subordinated

loans

that

are

primarily

unsecured

and

that

provide

for

relatively

high,

adjustable

rates

of

interest,

providing

the

Fund

with

significant

current

interest

income.

The

subordinated

loans

in

which

the

Fund

may

invest

may

have

interest-only

payments

in

the

early

years,

with

amortization

of

principal

deferred

to

the

later

years

of

the

subordinated

loans.

In

some

cases,

the

Fund

may

acquire

subordinated

loans

that,

by

their

terms,

convert

into

equity

or

additional

debt

instruments

or

defer

payments

of

interest

for

the

first

few

years

after

issuance.

Also,

in

some

cases

the

subordinated

loans

in

which

the

Fund

may

invest

will

be

collateralized

by

a

subordinated

lien

on

some

or

all

of

the

assets

of

the

Borrower.

The

Fund

may

invest

in

asset-backed

securities

(“ABS”).

ABS

are

securities

that

are

secured

or

“backed”

by

pools

of

various

types

of

assets

on

which

cash

payments

are

due

at

fixed

intervals

over

set

periods

of

time.

ABS

are

created

in

a

process

called

securitization.

In

a

securitization

transaction,

an

originator

of

loans

or

an

owner

of

accounts

receivables

of

a

certain

type

of

asset

class

sells

such

underlying

assets

in

a

“true

sale”

to

a

special

purpose

entity,

so

that

there

is

no

recourse

to

such

originator

or

owner.

Payments

of

principal

and

interest

on

asset-

backed

securities

typically

are

tied

to

payments

made

on

the

pool

of

underlying

assets

in

the

related

securitization.

Such

payments

on

the

underlying

assets

are

effectively

“passed

through”

to

the

asset-backed

security

holders

on

a

monthly

or

other

regular,

periodic

basis.

The

level

of

seniority

of

a

particular

asset-backed

security

will

determine

the

priority

in

which

the

holder

of

such

asset-backed

security

is

paid,

relative

to

other

security

holders

and

parties

in

such

securitization.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”).

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

102

Shareholder

Update

(continued)

The

Fund

may

invest

in

residential

mortgage-backed

securities

(“RMBS”).

RMBS

are

securities

with

payments

which

depend

(except

for

rights

or

other

assets

designed

to

assure

the

servicing

or

timely

distribution

of

proceeds

to

holders

of

such

securities)

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

on

a

first

priority

basis

or

second

priority

basis,

subject

to

permitted

liens,

easements

and

other

encumbrances

by

residential

real

estate (one-to four-family

properties)

the

proceeds

of

which

are

used

to

purchase

real

estate

and

purchase

or

construct

dwellings

thereon

(or

to

refinance

indebtedness

previously

so

used).

Residential

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

secured

by

residential

property

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrowers’

abilities

to

repay

their

loans.

The

Fund

may

invest

in

commercial

mortgage-backed

securities

(“CMBS”).

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other  non-

governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

may

purchase

event-linked

bonds

or

“catastrophe

bonds.”

Event-linked

bonds

are

asset-backed

securities

generally

issued

by

special

purpose

vehicles

organized

by

insurance

companies,

with

interest

payments

tied

to

the

insurance

losses

of

casualty

insurance

contracts.

Large

insurance

losses,

such

as

those

caused

by

a

trigger

event,

such

as

a

hurricane,

earthquake

or

other

physical

or

weather

related

phenomenon,

will

reduce

the

interest

payments

and,

accordingly,

the

Fund

may

lose

a

portion

or

all

of

its

principal

invested

in

the

bond

or

suffer

a

reduction

in

credited

interest.

Small

losses

will

lead

to

above-market

interest

payments.

Generally,

event-linked

bonds

are

issued

as

Rule

144A

securities

(i.e.,

securities

which

are

not

registered

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

but

which

can

be

sold

to

certain

institutional

buyers

in

accordance

with

Rule

144A

under

the

Securities

Act).

If

a

trigger

event

causes

losses

exceeding

a

specific

amount

in

the

geographic

region

and

time

period

specified

in

a

bond,

liability

under

the

terms

of

the

bond

is

limited

to

the

principal

and

accrued

interest

of

the

bond.

If

no

trigger

event

occurs,

the

Fund

will

recover

its

principal

plus

interest.

Often,

event-linked

bonds

provide

for

extensions

of

maturity

that

are

mandatory,

or

optional

at

the

discretion

of

the

issuer,

in

order

to

process

and

audit

loss

claims

in

those

cases

where

a

trigger

event

has,

or

possibly

has,

occurred.

An

extension

of

maturity

may

increase

volatility.

The

Fund

may

invest

in

Collateralized

Debt

Obligations

(“CDOs”)

and

Collateralized

Loan

Obligations

(“CLOs”).

CDOs

are

debt

obligations

typically

issued

by

a

private

special-purpose

entity

and

collateralized

principally

by

debt

securities,

including,

for

example,

high

yield,

high-risk

bonds,

structured

finance

securities

including

ABS,

mortgage-backed

securities

and

REITs.

CLOs

are

similar

to

CDOs,

but

are

typically

collateralized

principally

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

(commonly

known

as

“high

yield”

or

“junk”

bonds).

The

special

purpose

entity

typically

issues

one

or

more

classes

(sometimes

referred

to

as

“tranches”)

of

rated

debt

securities,

one

or

more

unrated

classes

of

debt

securities

that

are

generally

treated

as

equity

interests,

and

a

residual

equity

interest.

The

tranches

of

CDOs

and

CLOs

typically

have

different

interest

rates,

projected

weighted

average

lives

and

ratings,

with

the

higher

rated

tranches

paying

lower

interest

rates.

One

or

more

forms

of

credit

enhancement

are

almost

always

necessary

in

a

CDO/CLO

structure

to

obtain

the

desired

credit

ratings

for

the

most

highly

rated

debt

securities

issued

by

a

CDO

or

CLO.

The

types

of

credit

enhancement

used

include

“internal”

credit

enhancement

provided

by

the

underlying

assets

themselves,

such

as

subordination,

excess

spread

and

cash

collateral

accounts,

hedges

provided

by

interest

rate

swaps,

and

“external”

credit

enhancement

provided

by

third

parties,

principally

financial

guaranty

insurance

issued

by

monoline

insurers.

Despite

this

credit

enhancement,

CDO

and

CLO

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

lower

rated

protecting

tranches,

market

anticipation

of

defaults,

as

well

as

aversion

to

CDO

and

CLO

securities

as

a

class.

The

Fund

may

invest

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

invest

in

tobacco

settlement

bonds,

which

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement.

The

Fund

may

enter

into

mortgage

dollar

rolls

in

which

the

Fund

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

the

Fund

forgoes

principal

and

interest

paid

on

the

securities.

The

Fund

is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

The

Fund’s

investments

in

foreign

securities

may

include

investment

in

depositary

receipts,

including

American

Depositary

Receipts

(“ADRs”),

European

Depositary

Receipts

(“EDRs”)

and

Global

Depositary

Receipts

(“GDRs”).

U.S.

dollar-denominated

ADRs,

which

are

traded

in

the

United

States

on

exchanges

or over-the-counter, are

issued

by

domestic

banks.

ADRs

represent

the

right

to

receive

securities

of

foreign

issuers

deposited

in

a

domestic

bank

or

a

correspondent

bank.

In

general,

there

is

a

large,

liquid

market

in

the

United

States

for

many

ADRs.

The

information

available

for

ADRs

is

subject

to

the

accounting,

auditing

and

financial

reporting

standards

of

the

domestic

market

or

exchange

on

which

they

are

traded,

which

standards

are

more

uniform

and

more

exacting

than

those

to

which

many

foreign

issuers

may

be

subject.

103

The

Fund

may

also

invest

in

EDRs,

GDRs

and

in

other

similar

instruments

representing

securities

of

foreign

companies.

EDRs

and

GDRs

are

securities

that

are

typically

issued

by

foreign

banks

or

foreign

trust

companies,

although

U.S.

banks

or

U.S.

trust

companies

may

issue

them.

EDRs

and

GDRs

are

structured

similarly

to

the

arrangements

of

ADRs.

EDRs,

in

bearer

form,

are

designed

for

use

in

European

securities

markets

and

are

not

necessarily

denominated

in

the

currency

of

the

underlying

security.

The

Fund

may

invest

in

inflation

protected

securities.

Inflation

protected

securities

are

debt

securities

designed

to

provide

protection

against

the

negative

effects

of

inflation.

Two

structures

are

common.

The

U.S.

Treasury

and

some

other

issuers

use

a

structure

that

accrues

inflation

into

the

principal

value

of

the

bond.

Most

other

issuers

pay

out

the

inflation

accruals

as

part

of

a

semiannual

coupon.

The

Fund

may

invest

a

portion

of

their

assets

in

securities

of

companies

offering

shares

in

initial

public

offerings

(“IPOs”).

IPOs

may

have

a

magnified

performance

impact

on

the

Fund

with

a

small

asset

base.

The

impact

of

IPOs

on

the

Fund’s

performance

likely

will

decrease

as

the

Fund’s

asset

size

increases,

which

could

reduce

the

Fund’s

total

returns.

IPOs

may

not

be

consistently

available

to

the

Fund

for

investing,

particularly

as

the

Fund’s

asset

base

grows.

Because

IPO

shares

frequently

are

volatile

in

price,

the

Fund

may

hold

IPO

shares

for

a

very

short

period

of

time.

The

Fund

may

invest

in

participatory

notes

issued

by

banks

or

broker-dealers

that

are

designed

to

replicate

the

performance

of

certain  non-

U.S. companies

traded

on

a non-U.S. exchange.

Participatory

notes

are

a

type

of

equity-linked

derivative

which

generally

are

traded  over-the-

counter. 

The

Fund

may

invest

in

debentures

the

interest

on

which

may

be

paid

in

other

securities

rather

than

cash

(“PIKs”)

or

may

be

delayed

(“delayed

interest

securities”).

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

hold

a

portion

of

its

assets

in

cash

or

cash

equivalents,

including

foreign

cash

equivalents

or

foreign

bank

deposits.

As

part

of

its

investment

strategy,

the

Fund

may

employ

an

options

strategy

whereby

the

Fund

sells

(writes)

call

options

on

a

varying

percentage

of

the

market

value

of

the

Fund’s

equity

portfolio.

The

Fund

may

also

buy

calls,

buy

puts,

and

sell

puts

as

a

secondary

emphasis

of

the

options

strategy.

This

may

also

include

certain

uncovered

options

positions.

The

options

may

be

on

indexes,

custom

baskets

of

securities

and

individual

securities.

The

Fund’s

options

strategy

may

include

options

traded

in

the

over-the-counter

(“OTC”)

market

and

exchange-traded

options.

An

option

contract

is

a

contract

that

gives

the

holder

of

the

option,

in

return

for

a

premium,

the

right

to

buy

from

(in

the

case

of

a

call)

or

sell

to

(in

the

case

of

a

put)

the

writer

of

the

option

the

reference

instrument

underlying

the

option

(or

the

cash

value

of

the

index)

at

a

specified

exercise

price

at

any

time

during

the

term

of

the

option.

The

writer

of

an

option

on

a

security

has

the

obligation

upon

exercise

of

the

option

to

deliver

the

reference

instrument

(or

the

cash)

upon

payment

of

the

exercise

price

or

to

pay

the

exercise

price

upon

delivery

of

the

reference

instrument

(or

the

cash).

Upon

exercise

of

an

index

option,

the

writer

of

an

option

on

an

index

is

obligated

to

pay

the

difference

between

the

cash

value

of

the

index

and

the

exercise

price

multiplied

by

the

specified

multiplier

for

the

index

option.

Options

may

be

“covered,”

meaning

that

the

party

required

to

deliver

the

reference

instrument

if

the

option

is

exercised

owns

that

instrument

(or

has

set

aside

sufficient

assets

to

meet

its

obligation

to

deliver

the

instrument).

Options

may

be

listed

on

an

exchange

or

traded

in

the

OTC

market.

In

general,

exchange-traded

options

have

standardized

exercise

prices

and

expiration

dates

and

may

require

the

parties

to

post

margin

against

their

obligations,

and

the

performance

of

the

parties’

obligations

in

connection

with

such

options

is

guaranteed

by

the

exchange

or

a

related

clearing

corporation.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

purchase

equity

securities

in

a

private

placement

that

are

issued

by

issuers

who

have

outstanding,

publicly-traded

equity

securities

of

the

same

class

(“private

investments

in

public

equity”

or

“PIPES”).

Shares

in

PIPES

generally

are

not

registered

with

the

SEC

until

after

a

certain

time

period

from

the

date

the

private

sale

is

completed.

This

restricted

period

can

last

many

months.

Until

the

public

registration

process

is

completed,

PIPES

are

restricted

as

to

resale

and

the

Fund

cannot

freely

trade

the

securities.

Generally,

such

restrictions

cause

the

PIPES

to

be

illiquid

during

this

time.

The

Fund

may

use

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

include

financial

futures

contracts,

forward

contracts,

swap

contracts

(including

interest

rate,

total

return

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

credit

default

swaps

in

which

the

Fund

may

invest

include

credit

default

swap

indexes

and

single-name

credit

default

swaps.

A

credit

default

swap

index

is

a

portfolio

of

credit

default

swaps

with

similar

characteristics,

such

as

credit

default

swaps

on

high-yield

bonds.

The

Fund

will

usually

enter

into

interest

rate

swaps

on

a

net

basis;

that

is,

the

two

payment

streams

will

be

netted

out

in

a

cash

settlement

on

the

payment

date

or

dates

specified

in

the

instrument,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940

Act,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

104

Shareholder

Update

(continued)

Use

of

Leverage

The

Fund

may

use

leverage

to

seek

to

achieve

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

under

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings,

the

issuance

of

preferred

shares,

commercial

paper

or

notes,

by

entering

into

reverse

repurchase

agreements,

and

by

investing

in

inverse

floating

rate

securities.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

invest

any

percentage

of

its

total

assets

in

short-term

high

quality

debt

securities.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

105

NUVEEN

REAL

ESTATE

INCOME

FUND

(JRS)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

provide

high

current

income.

The

Fund’s

secondary

investment

objective

is

capital

appreciation.

Investment

Policies

Under

normal

market

conditions,

the

Fund

will

invest

at

least

90%

of

its

total

assets

in

income-producing

common

stocks,

preferred

stocks,

convertible

securities

and

debt

securities

issued

by

real

estate

companies.

The

Fund

has

a

fundamental

policy

of

concentrating

its

investments

in

the

United

States

(“U.S.”)

real

estate

industry

and

not

in

any

other

industry.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

will

invest

at

least

80%

of

its

total

assets

in

income

producing

equity

securities

issued

by

Real

Estate

Investment

Trusts

(“REITs”),

excluding

convertible

securities.

The

Fund

will

not

invest

more

than

25%

of

its

total

assets

in

non-investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities.

Investment

grade

quality

preferred

stocks,

convertible

preferred

stocks

and

debt

securities

are

those

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

letter

grades

(BBB

or

Baa

or

better)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

that

rates

such

instrument

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

portfolio

managers.

The

Fund

may

invest

up

to

20%

of

its

total

assets

in

debt

securities,

including

convertible

debt

securities,

issued

or

guaranteed

by

real

estate

companies.

The

Fund

will

invest

at

least

25%

of

its

Managed

Assets

in

securities

of

companies

in

the

financial

services

sector.

The

Fund

will

not

invest

more

than

10%

of

its

total

assets

in

the

securities

of

any

one

issuer.

The

Fund

will

not

enter

into

short

sales

or

invest

in

derivatives,

except

as

described

below

in

connection

with

the

interest

rate

swap

or

interest

rate

cap

transactions.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

90%

of

its

total

assets

in

income-producing

securities

issued

by

real

estate

companies,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

The

Fund

has

a

fundamental

policy

of

concentrating

its

investments

in

the

U.S.

real

estate

industry

and

not

in

any

other

industry.

This

policy

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund’s

investments

are

concentrated

in

the

U.S.

real

estate

industry.

A

real

estate

company

generally

derives

at

least

50%

of

its

revenue

from

the

ownership,

construction,

financing,

management

or

sale

of

commercial,

industrial

or

residential

real

estate

(or

that

has

at

least

50%

of

its

assets

invested

in

such

real

estate).

A

common

type

of

real

estate

company,

a

REIT,

is

a

company

that

pools

investors’

funds

for

investment

primarily

in

income-producing

real

estate

or

in

real

estate

related

loans

(such

as

mortgages)

or

other

interests.

Therefore,

a

REIT

normally

derives

its

income

from

rents

or

from

interest

payments,

and

may

realize

capital

gains

by

selling

properties

that

have

appreciated

in

value.

REITs

generally

pay

relatively

high

dividends

(as

compared

to

other

types

of

companies)

and

the

Fund

intends

to

use

these

REIT

dividends

in

an

effort

to

meet

its

primary

objective

of

high

current

income.

The

Fund

may

invest

in

common

stocks.

 Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer,

without

preference

over

and

with

a

lower

priority

than

any

other

class

of

securities,

including

such

issuer's

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

usually

carry

voting

rights

and

earn

dividends.

Common

stocks

fluctuate

in

price

in

response

to

many

factors

including

historical

and

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

perceptions

and

market

liquidity,

as

such

the

company

may

or

may

not

pay

dividends.

Dividends

on

common

stocks

are

declared

at

the

discretion

of

the

company’s

board.

In

addition,

common

stock

generally

has

the

greatest

appreciation

and

depreciation

potential

because

increases

and

decreases

in

earnings

are

usually

reflected

in

a

company's

stock

price.

106

Shareholder

Update

(continued)

The

Fund

may

invest

in

preferred

stocks.

Preferred

stock,

which

generally

pays

fixed

or

adjustable

rate

dividends

or

interest

to

investors,

has

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

stock

before

paying

any

dividends

on

its

common

stock.

On

the

other

hand,

preferred

stock

is

junior

to

all

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

its

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

adverse

consequences

to

the

issuer,

and

certain

other

features,

preferred

stock

is

often

treated

as

an

equity-like

instrument

by

both

issuers

and

investors,

as

its

quality

and

value

is

heavily

dependent

on

the

profitability

and

cash

flows

of

the

issuer

rather

than

on

any

legal

claims

to

specific

assets.

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

debt

securities,

including

convertible

debt

securities,

issued

or

guaranteed

by

real

estate

companies.

The

Fund’s

may

invest

in

below

investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities.

Below

investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

will

invest

in

securities

of

companies

in

the

financial

services

sector.

For

purposes

of

identifying

companies

in

the

financial

services

sector,

the

Fund

will

use

sector

and

industry

classifications

such

as

those

provided

by

MSCI

and

Standard &

Poor’s

(The

Global

Industry

Classification

Standard

(GICS)),

Bloomberg,

Barclays

or

similar

sources

commonly

used

in

the

financial

industry.

As

a

result,

if

one

or

more

of

these

classifications

include

a

company

“in”

the

financial

services

sector,

the

Fund

will

consider

such

company

as

“in”

the

financial

services

sector.

The

Fund

may

invest

directly

or

indirectly

in

foreign

securities,

including

securities

denominated

in

foreign

currencies

or

in

multinational

currency

units.

Since

foreign

securities

often

are

purchased

with

and

payable

in

currencies

of

foreign

countries,

the

value

of

these

assets

as

measured

in

U.S.

dollars

may

be

affected

favorably

or

unfavorably

by

changes

in

currency

rates

and

exchange

control

regulations.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

interest

rate

swap

transactions

that

are

intended

to

hedge

the

Fund’s

payment

obligations.

Interest

rate

swaps

involve

the

Fund’s

agreement

with

the

swap

counterparty

to

pay

a

fixed

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

rate

payment

that

is

intended

to

approximate

the

Fund’s

variable

rate

payment

obligation

on

Borrowings

or

any

preferred

shares.

The

payment

obligation

is

based

on

the

notional

amount

of

the

swap.

The

Fund

may

also

enter

into

interest

rate

cap

transactions,

which

would

require

it

to

pay

a

premium

to

the

cap

counterparty

and

would

entitle

it,

to

the

extent

that

a

specified

variable

rate

index

exceeds

a

predetermined

fixed

rate,

to

receive

from

the

counterparty

payment

of

the

difference

based

on

the

notional

amount.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings

and

the

issuance

of

preferred

shares

of

beneficial

interest. In

addition,

the

Fund

may

also

use

certain

derivatives,

such

as

interest

rate

swaps,

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

investment

objectives

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

any

percentage

of

its

net

assets

in

short-term

investments

including

high

quality,

short-term

debt

securities

that

may

be

either tax-exempt or

taxable.

The

Fund

may

not

achieve

its

investment

objectives

during

such

periods.

107

NUVEEN

REAL

ASSET

INCOME

AND

GROWTH

FUND

(JRI)

Investment

Objective

The

Fund's

investment

objective

is

to

provide

a

high

level

of

current

income

and

long-term

capital

appreciation.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Managed

Assets

(as

defined

below)

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world. 

Real

asset-related

companies

are

defined

as:

(i) companies

that

are

in

the

energy,

telecommunications,

utilities

or

materials

sectors;

(ii) companies

in

the

real

estate

or

transportation

industry

groups;

(iii) companies

that,

if

not

in

one

of

these

sectors

or

industry

groups

(a) derive

at

least

50%

of

their

revenues

or

profits

from

the

ownership,

management,

operation,

development,

construction,

financing

or

sale

of

real

assets

or

(b) have

at

least

50%

of

the

fair

market

value

of

their

assets

invested

in

real

assets;

or

(iv) pooled

investment

vehicles

that

primarily

invest

in

the

foregoing

companies

or

that

are

otherwise

designed

primarily

to

provide

investment

exposure

to

real

assets.

The

Fund

also

employs

an

option

strategy

focused

on

securities

issued

by

real

asset-related

companies

that

seeks

to

generate

option

premiums

for

the

purpose

of

enhancing

the

Fund’s

risk-adjusted

total

returns

over

time.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund’s

investments

will

be

concentrated

in

the

infrastructure

and

real

estate

sectors.

The

Fund

will

not

have

more

than

40%

of

its

Managed

Assets,

at

the

time

of

purchase,

in

debt

securities.

All

of

the

Fund’s

debt

securities

may

be

rated

lower

than

investment

grade

quality

(BB+/Ba1

or

lower);

however,

no

more

than

10%

of

its

Managed

Assets

may

be

invested

in

debt

securities

rated

CCC+/Caa1

or

lower

at

any

time.

The

Fund

may

invest

up

to

5%

of

its

Managed

Assets

in

senior

loans.

The

Fund

will

invest

at

least

25%

and

no

more

than

75%

of

its

Managed

Assets

in

securities

of

non-United

States

(“U.S.”)

issuers

through

the

direct

investment

in

securities

of

non-U.S.

companies

and

depository

receipts. 

The

Fund

may

invest

up

to

50%

of

its

Managed

Assets

in

securities

of

emerging

markets

issuers.

The

Fund

may

write

(sell)

options

with

a

notional

value

of

options

ranging

from

0%

to

25%

of

its

Managed

Assets.

The

Fund

may

invest

up

to

10%

of

is

Managed

Assets

in

securities

of

other

open-

or

closed-end

investment

companies

(including

exchange-

traded

fund

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Managed

Assets

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world

in

the

infrastructure

and

real

estate

sectors.

The

infrastructure

sector

includes

investments

related

to

the

energy,

telecommunications,

utilities

and

materials

sectors.

The

real

estate

sector

includes

investments

in

real

estate

companies.

Debt

securities

in

which

the

Fund

may

invest

include: 

corporate

debt,

high

yield

debt,

mortgage-backed

securities

(“MBS”),

commercial

mortgage-

backed

securities

(“CMBS”),

debt

securities

issued

by

master-limited

partnerships

(“MLPs”)

and

REITs,

exchange-traded

notes

(“ETNs”),

commercial

paper

&

repurchase

agreements,

asset-backed

securities

(“ABS”)

and

senior

loans.

The

Fund

may

invest

in

common

stocks

issued

by

real

asset-related

companies.

 Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer,

without

preference

over

and

with

a

lower

priority

than

any

other

class

of

securities,

including

such

issuer's

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

usually

carry

voting

rights

and

earn

dividends.

Common

stocks

fluctuate

in

price

in

response

to

many

factors

including

historical

and

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

108

Shareholder

Update

(continued)

perceptions

and

market

liquidity,

as

such

the

company

may

or

may

not

pay

dividends.

Dividends

on

common

stocks

are

declared

at

the

discretion

of

the

company’s

board.

In

addition,

common

stock

generally

has

the

greatest

appreciation

and

depreciation

potential

because

increases

and

decreases

in

earnings

are

usually

reflected

in

a

company's

stock

price.

The

Fund

may

invest

in

rights

and

warrants

of

common

stock.

Rights

and

warrants

are pure

speculation

in

that

they

have

no

voting

rights,

pay

no

dividends

and

have

no

rights

with

respect

to

the

assets

of

the

entity

issuing

them.

They

do

not

represent

ownership

of

the

securities,

but

only

the

right

to

buy

them.

The

prices

of

rights

(if

traded

independently)

and

warrants

do

not

necessarily

move

parallel

to

the

prices

of

the

underlying

securities.

The

Fund

may

invest

in

the

securities

of

less

seasoned

companies,

which

may

include

start-up

companies

that

have

insubstantial

operational

or

earnings

history

or

limited

products,

markets,

financial

resources

or

management

depth.

These

companies

may

also

include

emerging

companies

at

the

research

and

development

stage

with

no

products

or

technologies

to

market

or

that

are

approved

for

marketing.

The

Fund

may

invest

in

preferred

stocks

issued

by

real

asset-related

companies.

Preferred

stock,

which

generally

pays

fixed

or

adjustable

rate

dividends

or

interest

to

investors,

has

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

stock

before

paying

any

dividends

on

its

common

stock.

On

the

other

hand,

preferred

stock

is

junior

to

all

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

its

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

adverse

consequences

to

the

issuer,

and

certain

other

features,

preferred

stock

is

often

treated

as

an

equity-like

instrument

by

both

issuers

and

investors,

as

its

quality

and

value

is

heavily

dependent

on

the

profitability

and

cash

flows

of

the

issuer

rather

than

on

any

legal

claims

to

specific

assets.

The

Fund

may

invest

in

convertible

securities

issued

by

real

asset-related

companies,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

securities

of

non-U.S.

issuers,

including

emerging

market

issuers.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

predominately

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

Furthermore,

a

country

is

considered

to

be

an

“emerging

market”

if

it

has

a

relatively

low

gross

national

product

per

capita

compared

to

the

world’s

major

economies

and

the

potential

for

rapid

economic

growth.

The

Fund

considers

a

country

an

emerging

market

country

based

on

the

determination

of

an

international

organization,

such

as

the

International

Monetary

Fund

(“IMF”),

or

an

unaffiliated,

recognized

financial

data

provider.

The

Fund

may

invest

in

debt

securities

issued

or

guaranteed

by

real

asset-related

companies.

The

Fund’s

investments

in

debt

securities

may

include

investment

grade

and

below

investment

grade

securities.

Below

investment

grade

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

may

invest

in

corporate

debt

securities,

including

corporate

bonds.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

debt

securities.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

invest

in

PIKs.

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

invest

in

senior

loans.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer. 

Senior

loans

generally

include:

(i) senior

loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii) assignments

of

such

interests

in

senior

loans,

or

(iii) participation

interests

in

senior

loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

Borrower.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

109

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

senior

loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

senior

loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

corporate

purposes.

A

senior

loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

senior

loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

senior

loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

typically

have

rates

of

interest

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

These

base

lending

rates

are

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

and

the

certificate

of

deposit

rate

or

other

base

lending

rates

used

by

commercial

lenders.

The

base

rate

for

senior

loans

are

generally

based

on

SOFR,

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

The

Fund

may

invest

in

MBS.

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

The

Fund

may

invest

in

CMBS.

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other non-governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

may

also

invest

in

ABS.

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

While

residential

mortgages

were

the

first

financial

assets

to

be

securitized

in

the

form

of

MBS, non-mortgage related

securitizations

have

grown

to

include

many

other

types

of

financial

assets,

such

as

credit

card

receivables,

auto

loans

and

student

loans.

The

Fund

may

invest

in

ETNs.

ETNs

are

a

type

of

senior,

unsecured,

unsubordinated

debt

security

issued

by

financial

institutions

that

combine

aspects

of

both

bonds

and

ETFs.

An

ETN’s

returns

are

based

on

the

performance

of

a

market

index

minus

fees

and

expenses.

Similar

to

ETFs,

ETNs

are

listed

on

an

exchange

and

traded

in

the

secondary

market.

However,

unlike

an

ETF,

an

ETN

has

a

maturity

date,

at

which

time

the

issuer

will

pay

a

return

linked

to

the

performance

of

the

market

index

to

which

the

ETN

is

linked

minus

certain

fees.

The

Fund

may

invest

in

REITs.

A

common

type

of

real

estate

company,

a

REIT

is

a

company

that

pools

investors’

funds

for

investment

primarily

in

income-producing

real

estate

or

in

real

estate

related

loans

(such

as

mortgages)

or

other

interests.

Therefore,

a

REIT

normally

derives

its

income

from

rents

or

from

interest

payments,

and

may

realize

capital

gains

by

selling

properties

that

have

appreciated

in

value.

REITs

generally

pay

relatively

high

dividends

(as

compared

to

other

types

of

companies)

and

the

Fund

intends

to

use

these

REIT

dividends

in

an

effort

to

meet

its

primary

objective

of

high

current

income.

REITs

generally

can

be

classified

as

Equity

REITs,

Mortgage

REITs

and

Hybrid

REITs.

An

Equity

REIT

invests

the

majority

of

its

assets

directly

in

real

property

and

derives

its

income

primarily

from

rents

and

from

capital

gains

on

real

estate

appreciation

which

are

realized

through

property

sales.

A

Mortgage

REIT

invests

the

majority

of

its

assets

in

real

estate

mortgage

loans

and

derives

its

income

primarily

from

interest

payments.

A

Hybrid

REIT

combines

the

characteristics

of

an

Equity

REIT

and

a

Mortgage

REIT.

Although

each

Fund

can

invest

in

all

three

kinds

of

REITs,

the

emphasis

of

each

Fund

is

expected

to

be

on

investments

in

the

common

stock

and

preferred

stock

of

Equity

REITs.

The

Fund

may

invest

in

MLPs.

MLPs

are

publicly

traded

limited

partnerships.

The

partnership

units

are

registered

with

the

SEC

and

are

freely

exchanged

on

a

securities

exchange

or

in

the

over-the-counter

(“OTC”)

market.

MLPs

that

are

taxed

as

partnerships

for

federal

income

tax

purposes

are

limited

by

the

Code

to

enterprises

that

engage

in

certain

businesses,

mostly

pertaining

to

the

use

of

natural

resources,

such

as

petroleum

and

natural

gas

extraction

and

transportation.

Some

real

estate

enterprises

also

may

qualify

as

MLPs

taxed

as

partnerships.

The

Fund

may

enter

into

repurchase

agreements

(the

purchase

of

a

security

coupled

with

an

agreement

to

resell

that

security

at

a

higher

price)

with

respect

to

its

permitted

investments.

The

Fund’s

repurchase

agreements

will

provide

that

the

value

of

the

collateral

underlying

the

repurchase

agreement

will

always

be

at

least

equal

to

the

repurchase

price,

including

any

accrued

interest

earned

on

the

agreement,

and

will

be  marked-to-

market  daily.

The

Fund

may

invest

in

commercial

paper.

Commercial

paper

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

corporations

such

as

banks

or

bank

holding

companies

and

finance

companies.

The

rate

of

return

on

commercial

paper

may

be

linked

or

indexed

to

the

level

of

exchange

rates

between

the

U.S.

dollar

and

a

foreign

currency

or

currencies.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

110

Shareholder

Update

(continued)

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

opportunistically

employ

an

option

strategy

by

writing

(selling)

call

options

on

custom

baskets

of

real

estate

securities

not

owned

by

the

Fund.

The

Fund

may

also

write

(sell)

covered

call

options

on

individual

real

estate

and/or

infrastructure

securities

owned

by

the

Fund.

The

Fund

also

may

write

(sell)

covered

call

options

on

individual

securities

issued

by

real

asset-related

companies.

An

option

contract

is

a

contract

that

gives

the

holder

of

the

option,

in

return

for

a

premium,

the

right

to

buy

from

(in

the

case

of

a

call)

or

sell

to

(in

the

case

of

a

put)

the

writer

of

the

option

the

reference

instrument

underlying

the

option

(or

the

cash

value

of

the

index)

at

a

specified

exercise

price

at

any

time

during

the

term

of

the

option.

The

writer

of

an

option

on

a

security

has

the

obligation

upon

exercise

of

the

option

to

deliver

the

reference

instrument

(or

the

cash)

upon

payment

of

the

exercise

price

or

to

pay

the

exercise

price

upon

delivery

of

the

reference

instrument

(or

the

cash).

Upon

exercise

of

an

index

option,

the

writer

of

an

option

on

an

index

is

obligated

to

pay

the

difference

between

the

cash

value

of

the

index

and

the

exercise

price

multiplied

by

the

specified

multiplier

for

the

index

option.

Options

may

be

“covered,”

meaning

that

the

party

required

to

deliver

the

reference

instrument

if

the

option

is

exercised

owns

that

instrument

(or

has

set

aside

sufficient

assets

to

meet

its

obligation

to

deliver

the

instrument). Options

may

be

listed

on

an

exchange

or

traded

in

the

OTC

market. In

general,

exchange-traded

options

have

standardized

exercise

prices

and

expiration

dates

and

may

require

the

parties

to

post

margin

against

their

obligations,

and

the

performance

of

the

parties’

obligations

in

connection

with

such

options

is

guaranteed

by

the

exchange

or

a

related

clearing

corporation.

OTC

options

have

more

flexible

terms

negotiated

between

the

buyer

and

the

seller,

but

generally

are

subject

to

counterparty

risk. The

ability

of

the

Fund

to

transact

business

with

any

one

or

any

number

of

counterparties,

the

lack

of

any

independent

evaluation

of

the

counterparties

or

their

financial

capabilities,

and

the

absence

of

a

regulated

market

to

facilitate

settlement,

may

increase

the

potential

for

losses

to

the

Fund. OTC

options

also

involve

greater

liquidity

risk. This

risk

may

be

increased

in

times

of

financial

stress,

if

the

trading

market

for

OTC

derivative

contracts

becomes

limited.

The

staff

of

the

SEC

takes

the

position

that

certain

purchased

OTC

options,

and

assets

used

as

cover

for

certain

written

OTC

options,

are

illiquid.

The

Fund

may

also

write

call

options

on

custom

baskets

of

real

estate

securities.

A

custom

basket

call

option

is

an

OTC

option

with

a

counterparty

whose

value

is

linked

to

the

market

value

of

a

portfolio

of

underlying

securities

and

is

collateralized

by

a

portion

of

the

Fund’s

portfolio.

In

order

to

minimize

the

difference

between

the

returns

of

the

underlying

securities

in

the

custom

basket

(commonly

referred

to

as

a

tracking

error),

the

sub-

adviser

will

use

optimization

calculations

when

selecting

the

individual

securities

for

inclusion

in

the

custom

basket.

In

selecting

real

estate

securities

for

each

custom

basket,

the

Fund

seeks

to

minimize

the

difference

between

the

returns

of

the

underlying

stocks

of

the

custom

basket

and

an

index

of

real

estate

securities

(commonly

referred

to

as

tracking

error)

and,

at

the

same

time,

maximize

exposure

to

securities

that

the

portfolio

managers

believe

are

less

likely

to

outperform

the

relevant

market

benchmarks

over

time.

Securities

selected

for

each

custom

basket

will

primarily

consist

of

underweighted

positions

relative

to

the

relevant

market

benchmarks,

and

may

include

securities

held

and

not

held

in

the

Fund’s

portfolio.

The

objective

in

structuring

these

custom

baskets

is

to

produce

option

premiums

without

limiting

the

upside

potential

for

specific

securities

that

the

portfolio

managers

believe

may

outperform

over

time.

In

addition

to

the

use

of

call

options

as

described

above,

the

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

fixed-income

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate,

credit

default

swaps

and

credit

default

swap

indices),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940

Act,

as

amended

(the

“1940

Act”).

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

and

the

issuance

of

preferred

shares

of

beneficial

interest. In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

its

investment

objective

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

up

to

100%

of

its

Managed

Assets

in

short-term

investments,

including

high

quality,

short-term

securities

or

may

invest

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

Bonds.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

111

PRINCIPAL

RISKS

OF

THE

FUND

The

factors

that

are

most

likely

to

have

a

material

effect

on

the

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

The

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

The

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

the

Fund

can

change

over

time.

Risk

NMAI

JRS

JRI

Portfolio

Level

Risks

Basis

Risk

X

-

-

Below

Investment

Grade

Risk

X

X

X

Call

Option

Risk

X

-

X

Call

Risk

X

X

X

Collateralized

Debt

Obligation

(“CDO”)

and

Collateralized

Loan

Obligation

("CLO")

Risk

X

-

-

Common

Stock

Risk

X

X

X

Contingent

Capital

Security

("CoCos")

Risk

X

-

-

Convertible

Securities

Risk

X

X

X

Counterparty

Risk

X

X

X

Credit

Risk

X

X

X

Credit

Spread

Risk

X

X

X

Debt

Securities

Risk

X

X

X

Deflation

Risk

X

X

X

Depositary

Receipts

Risk

X

-

-

Derivatives

Risk

X

X

X

Dividend-Paying

Securities

Risk

X

-

X

Distressed

or

Defaulted

Securities

Risk

X

-

-

Duration

Risk

X

X

X

Emerging

Markets

Risk

X

-

X

Exchange-Traded

Notes

("ETNs")

Risk

X

-

X

Extension

Risk

X

-

-

Financial

Futures

and

Options

Transactions

Risk

X

-

X

Financial

Services

Sector

Risk

-

X

-

Floating

and

Variable

Rate

Securities

Risk

X

-

-

Foreign

Currency

Risk

X

X

X

Foreign

Currency

Contracts

Risk

X

-

-

Foreign

Debt

Investment

Risk

X

-

-

Frequent

Trading

Risk

X

-

X

Growth

Stock

Risk

X

-

-

Hedging

Risk

X

X

X

Illiquid

and

Restricted

Investments

Risk

X

X

X

Income

Risk

X

X

X

Inflation

Risk

X

X

X

Infrastructure

Related

Securities

Risk

X

-

X

Interest

Rate

Risk

X

X

X

Inverse

Floating

Rate

Securities

Risk

X

-

-

Large-Cap

Company

Risk

X

-

X

112

Shareholder

Update

(continued)

Risk

NMAI

JRS

JRI

Portfolio

Level

Risks

Loan

Risk

X

-

-

Master

Limited

Partnerships

("MLPs")

Risk

X

-

X

Mortgage-Backed

Securities

("MBS")

and

Asset-Backed

Securities

("ABS")

Risk

X

-

-

Mortgage

Roll

Risk

X

-

-

Municipal

Securities

Risk

X

-

-

Natural

Resource

Related

Securities

Risk

-

-

X

Non-U.S.

Securities

Risk

X

X

X

Options

Strategy

Risk

X

-

X

Other

Investment

Companies

Risk

X

X

X

Preferred

Securities

Risk

X

X

X

Prepayment

Risk

X

-

-

Put

Options

Risk

X

-

-

Real

Estate

Related

Securities

Risk

X

X

X

Reinvestment

Risk

X

X

X

Rights

and

Warrants

Risk

X

-

X

Senior

Loan

Risk

X

-

X

Senior

Loan

Agent

Risk

X

-

X

Small

and

Mid-Cap

Company

Risk

X

-

X

Sovereign

Government

and

Supranational

Debt

Risk

X

-

-

Special

Risks

for

Inflation-Indexed

Bonds

X

-

-

Swap

Transactions

Risk

X

X

X

Unrated

Securities

Risk

X

X

X

U.S.

Government

Securities

Risk

X

-

-

Unseasoned

Company

Risk

-

-

X

Valuation

Risk

X

X

X

Value

Stock

Risk

X

-

-

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

-

X

Whole

Loans,

Loan

Participations

and

Other

Mortgage-Related

Interests

Risk

-

-

X

Zero

Coupon

or

Pay-In-Kind

Securities

Risk

X

-

X

Fund

Level

and

Other

Risks

Allocation

Risk

X

-

-

Anti-Takeover

Provisions

X

X

X

Borrowing

Risk

X

X

X

Cybersecurity

Risk

X

X

X

Distribution

Risk

-

-

X

Global

Economic

Risk

X

X

X

Investment

and

Market

Risk

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

Leverage

Risk

X

X

X

Market

Discount

from

Net

Asset

Value

X

X

X

Multi-Manager

Risk

X

-

-

Recent

Market

Conditions

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

Fund

Tax

Risk

X

X

X

113

Portfolio

Level

Risks:

Basis

Risk

.

As

short-term

rates

change,

interest

income

from

floating

rate

loans

may

not

increase

in

concert

with

increases

in

the

costs

of

floating

rate

leverage

or

other

borrowings,

introducing

basis

or

imperfect

hedging

risk.

Below

Investment

Grade

Risk

.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

investment.

If

a

below

investment

grade

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Call

Risk

.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Call

Option

Risk

.

As

the

writer

of

a

call

option,

the

Fund

foregoes,

during

the

option’s

life,

the

opportunity

to

profit

from

increases

in

the

market

value

of

the

instrument

underlying

the

call

option

above

the

sum

of

the

premium

and

the

strike

price

of

the

option,

but

will

retain

the

risk

of

loss

should

the

market

value

of

the

instrument

underlying

the

call

option

decline.

The

purchaser

of

the

call

option

has

the

right

to

any

appreciation

in

the

value

of

the

underlying

instrument

over

the

exercise

price

upon

the

exercise

of

the

call

option

or

the

expiration

date.

As

the

Fund

increases

the

option

overlay

percentage,

its

ability

to

benefit

from

capital

appreciation

becomes

more

limited

and

the

risk

of

net

asset

value

(“NAV”)

erosion

increases.

If

the

Fund

experiences

NAV

erosion,

which

itself

may

have

a

negative

effect

on

the

market

price

of

the

Fund’s

shares,

the

Fund

will

have

a

reduced

asset

base

over

which

to

write

call

options,

which

may

eventually

lead

to

reduced

distributions

to

shareholders.

In

addition,

because

the

exercise

of

index

options

is

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

The

Fund

bears

a

risk

that

the

value

of

the

securities

held

by

the

Fund

will

vary

from

the

value

of

the

underlying

index

and

relative

to

the

written

index

call

option

positions.

Accordingly,

the

Fund

may

incur

losses

on

the

index

call

options

that

it

has

sold

that

exceed

gains

on

the

Fund’s

equity

portfolio.

The

value

of

index

options

written

by

the

Fund,

which

will

be

priced

daily,

will

be

affected

by

changes

in

the

value

of

and

dividend

rates

of

the

underlying

common

stocks

in

the

index,

changes

in

the

actual

or

perceived

volatility

of

the

stock

market

and

the

remaining

time

to

the

options’

expiration.

The

value

of

the

index

options

also

may

be

adversely

affected

if

the

market

for

the

index

options

becomes

less

liquid

or

smaller.

Collateralized

Debt

Obligation

(“CDO”)

and

Collateralized

Loan

Obligation

(“CLO”)

Risk

.

The

risks

of

an

investment

in

CDOs,

including

CLOs,

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Fund

invests.

In

addition

to

the

normal

risks

associated

with

fixed-income

investments,

CDOs

and

CLOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

collateral

assets

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

fact

that

the

CDOs

or

CLOs

may

be

subordinate

to

other

classes;

and

(4)

the

complex

structure

of

the

Investment

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

--CDOs

and

CLOs

may

also

charge

management

and

other

administrative

fees,

which

are

in

addition

to

those

charged

by

the

Fund.

Common

Stock

Risk

.

Common

stocks

have

experienced

significantly

more

volatility

in

returns

and

may

significantly

underperform

relative

to

fixed-income

securities

during

certain

periods.

An

adverse

event,

such

as

an

unfavorable

earnings

report,

may

depress

the

value

of

a

particular

common

stock

held

by

the

Fund.

Also,

the

prices

of

common

stocks

are

sensitive

to

general

movements

in

the

stock

market,

and

a

drop

in

the

stock

market

may

depress

the

price

of

common

stocks

to

which

the

Fund

has

exposure.

Common

stock

prices

fluctuate

for

several

reasons,

including

changes

in

investors’

perceptions

of

the

financial

condition

of

an

issuer,

the

general

condition

of

the

relevant

stock

market

or

the

current

and

expected

future

conditions

of

the

broader

economy,

or

when

political

or

economic

events

affecting

the

issuer

in

particular

or

the

stock

market

in

general

occur.

In

addition,

common

stock

prices

may

be

particularly

sensitive

to

rising

interest

rates,

as

the

cost

of

capital

rises

and

borrowing

costs

increase.

Contingent

Capital

Securities

(“CoCos”)

Risk

.

A

loss

absorption

mechanism

trigger

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

(e.g.,

a

decrease

in

the

issuer’s

capital

ratio)

and

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

trigger

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline,

which

may

adversely

affect

the

Fund’s

NAV.

Further,

the

issuer’s

common

stock

would

be

subordinate

to

the

issuer’s

other

classes

of

securities

and

therefore

would

worsen

the

Fund’s

standing

in

a

bankruptcy

proceeding.

In

addition,

because

the

common

stock

of

the

issuer

may

not

pay

a

dividend,

investors

in

these

instruments

could

experience

a

reduced

income

rate,

potentially

to

zero.

In

view

of

the

foregoing,

CoCos

are

often

rated

below

investment

grade

and

are

subject

to

the

risks

of

below

investment

grade

securities.

CoCos

may

be

subject

to

an

automatic

write-down

(i.e.,

the

automatic

write-down

of

the

principal

amount

or

value

of

the

securities,

potentially

to

zero,

and

the

cancellation

of

the

securities)

under

certain

circumstances,

which

could

result

in

the

Fund

losing

a

portion

or

all

of

its

investment

in

such

securities.

In

addition,

the

Fund

may

not

have

any

rights

with

respect

to

repayment

of

the

principal

amount

of

the

securities

that

has

not

become

due

or

the

payment

of

interest

or

dividends

on

such

securities

for

any

period

from

(and

including)

the

interest

or

dividend

payment

date

falling

immediately

prior

to

the

occurrence

of

such

automatic

write-down.

An

automatic

write-down

could

also

result

in

a

reduced

income

rate

if

the

114

Shareholder

Update

(continued)

dividend

or

interest

payment

is

based

on

the

security’s

par

value.

Coupon

payments

on

CoCos

may

be

discretionary

and

may

be

cancelled

by

the

issuer

for

any

reason

or

may

be

subject

to

approval

by

the

issuer’s

regulator

and

may

be

suspended

in

the

event

there

are

insufficient

distributable

reserves.

In

certain

scenarios,

investors

in

CoCos

may

suffer

a

loss

of

capital

ahead

of

equity

holders

or

when

equity

holders

do

not.

There

is

no

guarantee

that

the

Fund

will

receive

a

return

of

principal

on

CoCos.

Any

indication

that

an

automatic

write-down

or

conversion

event

may

occur

can

be

expected

to

have

a

material

adverse

effect

on

the

market

price

of

CoCos.

The

prices

of

CoCos

may

be

volatile.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

a

fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

similarly

structured

securities.

CoCos

are

issued

primarily

by

financial

institutions.

Therefore,

CoCos

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

institutions

more

than

companies

in

other

sectors

and

industries.

Convertible

Securities

Risk

.

Convertible

securities

have

characteristics

of

both

equity

and

debt

securities

and,

as

a

result,

are

exposed

to

certain

additional

risks

that

are

typically

associated

with

debt,

including

but

not

limited

to

Interest

Rate

Risk,

Credit

Risk,

Below

Investment

Grade

Risk

and

Unrated

Securities

Risk.

The

value

of

a

convertible

security

is

influenced

by

both

the

yield

of

non-convertible

securities

of

comparable

issuers

and

by

the

value

of

the

underlying

common

stock.

Convertible

securities

generally

offer

lower

interest

or

dividend

yields

than

non-convertible

securities

of

similar

credit

quality.

The

market

values

of

convertible

securities

tend

to

decline

as

interest

rates

increase

and,

conversely,

to

increase

as

interest

rates

decline.

However,

the

convertible

security’s

market

value

tends

to

reflect

the

market

price

of

the

common

stock

of

the

issuing

company

when

that

stock

price

is

greater

than

the

convertible

security’s

“conversion

price.”

The

conversion

price

is

defined

as

the

predetermined

price

at

which

the

convertible

security

could

be

exchanged

for

the

associated

common

stock.

As

the

market

price

of

the

underlying

common

stock

declines,

the

price

of

the

convertible

security

tends

to

be

influenced

more

by

the

yield

of

the

convertible

security.

Thus,

the

convertible

security

may

not

decline

in

price

to

the

same

extent

as

the

underlying

common

stock.

Convertible

securities

fall

below

debt

obligations

of

the

same

issuer

in

order

of

preference

or

priority

in

the

event

of

a

liquidation

and

are

typically

unrated

or

rated

lower

than

such

debt

obligations.

Counterparty

Risk

.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Credit

Risk

.

Issuers

of

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-

payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

security

experiencing

non-payment

and

potentially

a

decrease

in

the

NAV

of

the

Fund.

With

respect

to

the

Fund’s

investments

that

are

secured,

there

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

dividend,

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

the

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

an

investment.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk

.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Debt

Securities

Risk

.

Issuers

of

debt

instruments

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

instrument

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

There

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

security.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

In

addition,

decreased

market

making

capacity

has

the

potential

to

decrease

liquidity

and

increase

price

volatility

in

the

fixed

income

markets

in

which

the

Fund

invests,

particularly

during

periods

of

economic

or

market

stress.

Decreased

liquidity

may

result

in

the

Fund

having

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

Deflation

Risk

.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Depositary

Receipts

Risk

.

Foreign

securities

may

trade

in

the

form

of

depositary

receipts.

In

addition

to

investment

risks

associated

with

the

underlying

issuer,

depositary

receipts

may

expose

the

Fund

to

additional

risks

associated

with

non-uniform

terms

that

apply

to

depositary

receipt

programs,

including

credit

exposure

to

the

depository

bank

and

to

the

sponsors

and

other

parties

with

whom

the

depository

bank

establishes

the

programs,

currency,

political,

economic,

market

risks

and

the

risks

of

an

illiquid

market

for

depositary

receipts.

Depositary

receipts

are

generally

subject

to

the

same

risks

as

the

foreign

securities

that

they

evidence

or

into

which

they

may

be

converted.

Depositary

receipts

may

not

track

115

the

price

of

the

underlying

foreign

securities

on

which

they

are

based,

may

have

limited

voting

rights,

and

may

have

a

distribution

subject

to

a

fee

charged

by

the

depository.

As

a

result,

equity

shares

of

the

underlying

issuer

may

trade

at

a

discount

or

premium

to

the

market

price

of

the

depositary

receipts.

Derivatives

Risk

.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

security

or

other

asset

without

buying

or

selling

the

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Distressed

or

Defaulted

Securities

Risk

.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

investment,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Dividend-Paying

Securities

Risk

.

The

Fund’s

investment

in

dividend-paying

stocks

could

cause

the

Fund

to

underperform

similar

funds

that

invest

without

consideration

of

a

company’s

track

record

of

paying

dividends.

Stocks

of

companies

with

a

history

of

paying

dividends

may

not

participate

in

a

broad

market

advance

to

the

same

degree

as

most

other

stocks,

and

a

sharp

rise

in

interest

rates

or

economic

downturn

could

cause

a

company

to

unexpectedly

reduce

or

eliminate

its

dividend.

There

is

no

guarantee

that

the

issuers

of

the

stocks

held

by

the

Fund

will

declare

dividends

in

the

future

or

that,

if

declared,

they

will

remain

at

their

current

levels

or

increase

over

time.

The

Fund

may

also

be

harmed

by

changes

to

the

favorable

federal

income

tax

treatment

generally

afforded

to

dividends.

Duration

Risk

.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Emerging

Markets

Risk

.

Risks

of

investing

in

securities

of

emerging

markets

issuers

include:

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

restrictions

on

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales;

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

Certain

emerging

markets

also

may

face

other

significant

internal

or

external

risks,

including

a

heightened

risk

of

war,

and

ethnic,

religious

and

racial

conflicts.

In

addition,

governments

in

many

emerging

market

countries

participate

to

a

significant

degree

in

their

economies

and

securities

markets,

which

may

impair

investment

and

economic

growth,

and

which

may

in

turn

diminish

the

value

of

the

securities

in

those

markets.

The

considerations

noted

below

in

“Non-U.S.

Securities

Risk”

are

generally

intensified

for

investments

in

emerging

market

countries.

Exchange-Traded

Notes

(“ETNs”)

Risk

.

Like

other

index-tracking

instruments,

ETNs

are

subject

to

the

risk

that

the

value

of

the

index

may

decline,

at

times

sharply

and

unpredictably.

In

addition,

ETNs—which

are

debt

instruments—are

subject

to

risk

of

default

by

the

issuer.

ETNs

differ

from

ETFs.

While

ETFs

are

subject

to

market

risk,

ETNs

are

subject

to

both

market

risk

and

the

risk

of

default

by

the

issuer.

ETNs

are

also

subject

to

the

risk

that

a

liquid

secondary

market

for

any

particular

ETN

might

not

be

established

or

maintained.

Extension

Risk

.

Extension

risk

is

the

flip

side

of

call

or

prepayment

risk.

Extension,

or

slower

prepayments

of

the

underlying

mortgage

loans,

would

extend

the

time

it

would

take

to

receive

cash

flows

and

would

generally

compress

the

yield

on

non-agency

RMBS

and

CMBS.

Rising

interest

rates

can

cause

the

average

maturity

of

the

Fund

to

lengthen

due

to

a

drop

in

mortgage

prepayments.

This

will

increase

both

the

sensitivity

to

rising

interest

rates

and

the

potential

for

price

declines

of

the

Fund.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

116

Shareholder

Update

(continued)

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Financial

Services

Sector

Risk

.

The

Fund’s

investment

in

securities

issued

by

financial

services

companies

makes

the

Fund

more

susceptible

to

adverse

economic

or

regulatory

occurrences

affecting

those

companies.

Investments

in

financial

services

companies

includes

the

following

risks:

financial

services

companies

may

suffer

a

setback

if

regulators

change

the

rules

under

which

they

operate;

unstable

interest

rates

can

have

a

disproportionate

effect

on

the

financial

services

sector;

financial

services

companies

whose

securities

the

Fund

may

purchase

may

themselves

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

real

estate

developers,

which

makes

them

vulnerable

to

economic

conditions

that

affect

that

sector;

financial

services

companies

have

been

affected

by

increased

competition,

which

could

adversely

affect

the

profitability

or

viability

of

such

companies;

and

financial

services

companies

have

been

significantly

and

negatively

affected

by

the

downturn

in

the

subprime

mortgage

lending

market

and

the

resulting

impact

on

the

world’s

economies.

Floating

and

Variable

Rate

Securities

Risk

.

Floating

and

variable

rate

securities

provide

for

adjustment

in

the

interest

rate

paid

on

the

obligations.

The

terms

of

such

obligations

typically

provide

that

interest

rates

are

adjusted

based

upon

an

interest

or

market

rate

adjustment

as

provided

in

the

respective

obligations.

The

adjustment

intervals

may

be

regular,

and

range

from

daily

up

to

annually,

or

may

be

event-based,

such

as

based

on

a

change

in

the

prime

rate.

Because

of

the

interest

rate

adjustment

feature,

floating

and

variable

rate

securities

provide

an

investor

with

a

certain

degree

of

protection

against

rises

in

interest

rates,

although

the

investor

will

participate

in

any

declines

in

interest

rates

as

well.

Generally,

changes

in

interest

rates

will

have

a

smaller

effect

on

the

market

value

of

floating

and

variable

rate

securities

than

on

the

market

value

of

comparable

fixed-

income

obligations.

Thus,

investing

in

floating

and

variable

rate

securities

generally

allows

less

opportunity

for

capital

appreciation

and

depreciation

than

investing

in

comparable

fixed-income

securities.

Floating

and

variable

rate

securities

may

be

subject

to

greater

liquidity

risk

than

other

debt

securities,

meaning

that

there

may

be

limitations

on

the

Fund’s

ability

to

sell

the

securities

at

any

given

time.

Such

securities

also

may

lose

value.

Foreign

Currency

Risk

.

Because

the

Fund

may

invest

in

securities

denominated

or

quoted

in

currencies

other

than

the

U.S.

dollar,

changes

in

foreign

currency

exchange

rates

may

affect

the

value

of

securities

held

by

the

Fund

and

the

unrealized

appreciation

or

depreciation

of

investments.

Currencies

of

certain

countries

may

be

volatile

and

therefore

may

affect

the

value

of

securities

denominated

in

such

currencies,

which

means

that

the

Fund’s

NAV

could

decline

as

a

result

of

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

certain

countries,

particularly

emerging

market

countries,

may

impose

foreign

currency

exchange

controls

or

other

restrictions

on

the

transferability,

repatriation

or

convertibility

of

currency.

Forward

Currency

Contracts

Risk

.

Forward

currency

contracts

are

not

standardized;

rather,

banks

and

dealers

act

as

principals

in

these

markets,

negotiating

each

transaction

on

an

individual

basis.

Forward

and

“cash”

trading

is

substantially

unregulated;

there

is

no

limitation

on

daily

price

movements

and

speculative

position

limits

are

not

applicable.

The

principals

who

deal

in

the

forward

currency

markets

are

not

required

to

continue

to

make

markets

in

the

securities

they

trade

and

these

markets

can

experience

periods

of

illiquidity,

sometimes

of

significant

duration.

There

have

been

periods

during

which

certain

participants

in

these

markets

have

refused

to

quote

prices

for

certain

securities

or

have

quoted

prices

with

an

unusually

wide

spread

between

the

price

at

which

they

were

prepared

to

buy

and

that

at

which

they

were

prepared

to

sell.

Market

illiquidity

or

disruption

could

result

in

major

losses

to

the

Fund.

In

addition,

trading

forward

currency

contracts

can

have

the

effect

of

financial

leverage

by

creating

additional

investment

exposure.

Foreign

Debt

Investment

Risk

.

Foreign

investments,

which

may

include

debt

securities

of

foreign

issuers,

or

securities

or

contracts

payable

or

denominated

in

non-U.S.

currencies,

can

involve

special

risks

that

arise

from

one

or

more

of

the

following

events

or

circumstances:

(1)

changes

in

currency

exchange

rates;

(2)

possible

imposition

of

market

controls

or

currency

exchange

controls;

(3)

possible

imposition

of

withholding

taxes

on

dividends

and

interest;

(4)

possible

seizure,

expropriation

or

nationalization

of

assets;

(5)

more

limited

financial

information

about

the

foreign

debt

issuer

or

difficulties

interpreting

it

because

of

foreign

regulations

and

accounting

standards;

(6)

lower

liquidity

and

higher

volatility

in

some

foreign

markets;

(7)

the

impact

of

political,

social

or

diplomatic

events;

(8)

economic

sanctions

or

other

measures

by

the

United

States

or

other

governments;

(9)

the

difficulty

of

evaluating

some

foreign

economic

trends;

and

(10)

the

possibility

that

a

foreign

government

could

restrict

an

issuer

from

paying

principal

and

interest

on

its

debt

obligations

to

investors

outside

the

country.

It

may

also

be

difficult

to

use

foreign

laws

and

courts

to

force

a

foreign

issuer

to

make

principal

and

interest

payments

on

its

debt

obligations.

In

addition,

the

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates

because

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

To

the

extent

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

companies

in

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region.

Investment

in

the

Fund

may

be

more

exposed

to

a

single

country

or

a

region’s

economic

cycles,

stock

market

valuations

and

currency,

which

could

increase

its

risk

compared

with

a

more

geographically

diversified

fund.

In

addition,

political,

social,

regulatory,

economic

or

environmental

events

that

occur

in

a

single

country

or

region

may

adversely

affect

the

values

of

that

country

or

region’s

securities

and

thus

the

holdings

of

the

Fund.

Frequent

Trading

Risk

.

The

Fund’s

portfolio

turnover

rate

may

exceed

100%.

Frequent

trading

of

portfolio

securities

may

produce

capital

gains,

which

are

taxable

to

shareholders

when

distributed.

Frequent

trading

may

also

increase

the

amount

of

commissions

or

mark-ups

to

broker-dealers

that

the

Fund

pays

when

it

buys

and

sells

securities,

which

may

detract

from

the

Fund’s

performance.

Growth

Stock

Risk

.

The

growth

stocks

in

which

the

Fund

may

invest

tend

to

be

more

volatile

than

certain

other

types

of

stocks

and

their

prices

usually

fluctuate

more

dramatically

than

the

overall

stock

market.

Growth

stocks

may

be

more

expensive

relative

to

their

earnings

or

assets

compared

to

other

types

of

equity

securities.

Accordingly,

a

stock

with

growth

characteristics

can

have

sharp

price

declines

due

to

decreases

in

current

or

117

expected

earnings

and

may

lack

dividends

that

can

help

cushion

its

share

price

in

a

declining

market.

In

addition,

growth

stocks,

at

times,

may

not

perform

as

well

as

value

stocks

or

the

stock

market

in

general,

and

may

be

out

of

favor

with

investors

for

varying

periods

of

time.

Growth

companies

may

be

newer

or

smaller

companies

and

may

retain

a

large

part

of

their

earnings

for

research,

development

or

investments

in

capital

assets.

Hedging

Risk

.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/

or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

applicable

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

and

Restricted

Investments

Risk

.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk

.

The

Fund’s

level

of

current

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk

.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Infrastructure

Related

Securities

Risk,

General.

The

Fund

invests

significantly

in

infrastructure

related

securities,

which

will

expose

the

Fund

to

the

consequences

of

any

adverse

economic,

regulatory,

political,

legal

and

other

changes

affecting

the

issuers

of

such

securities.

Infrastructure

related

businesses

are

subject

to

a

variety

of

factors

that

may

adversely

affect

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

high

leverage,

costs

associated

with

environmental

and

other

regulations,

the

effects

of

economic

slowdown

and

surplus

capacity,

increased

competition

from

other

providers

of

services,

uncertainties

concerning

the

availability

of

fuel

at

reasonable

prices,

the

effects

of

energy

conservation

policies

and

other

factors.

Additionally,

infrastructure

related

businesses

may

be

subject

to

regulation

by

various

governmental

authorities

and

may

also

be

affected

by

governmental

regulation

of

rates

charged

to

customers,

service

interruption

and/or

legal

challenges

due

to

environmental,

operational

or

other

mishaps

and

the

imposition

of

special

tariffs

and

changes

in

tax

laws,

regulatory

policies

and

accounting

standards.

There

is

also

the

risk

that

corruption

may

negatively

affect

publicly

funded

infrastructure

projects,

especially

in

emerging

markets,

resulting

in

delays

and

cost

overruns.

Technological

Risk.

Technological

changes

in

the

way

a

service

or

product

is

delivered

may

render

existing

technologies

obsolete.

Infrastructure

assets

have

very

few

alternative

uses

should

they

become

obsolete.

Communications

utilities

may

be

particularly

sensitive

to

these

risks,

as

telecommunications

products

and

services

also

may

be

subject

to

rapid

obsolescence

resulting

from

changes

in

consumer

tastes,

intense

competition

and

strong

market

reactions

to

technological

development.

Developing

Industries

Risk.

Some

infrastructure

companies

are

focused

on

developing

new

technologies

and

are

strongly

influenced

by

technological

changes.

Product

development

efforts

by

infrastructure

companies

may

not

result

in

viable

commercial

products.

Infrastructure

companies

may

bear

high

research

and

development

costs,

which

can

limit

their

ability

to

maintain

operations

during

periods

of

organizational

growth

or

instability.

Some

infrastructure

companies

may

be

in

the

early

stages

of

operations

and

may

have

limited

operating

histories

and

smaller

market

capitalizations

on

average

than

companies

in

other

sectors.

As

a

result

of

these

and

other

factors,

the

value

of

investments

in

such

infrastructure

issuers

may

be

considerably

more

volatile

than

those

in

more

established

segments

of

the

economy.

Regional

Risk.

Should

an

event

that

impairs

assets

occur

in

a

region

where

an

infrastructure

company

operates,

the

performance

of

such

infrastructure

company

may

be

adversely

affected.

As

many

infrastructure

assets

are

not

moveable,

such

an

event

may

have

enduring

effects

on

the

infrastructure

company

that

are

difficult

to

mitigate.

Strategic

Asset

Risk.

Infrastructure

companies

may

control

significant

strategic

assets.

Strategic

assets

are

assets

that

have

a

national

or

regional

profile,

and

may

have

monopolistic

characteristics.

Given

the

national

or

regional

profile

and/or

their

irreplaceable

nature,

strategic

assets

may

constitute

a

higher

risk

target

for

terrorist

acts

or

adverse

political

actions.

Environmental

Risk.

Infrastructure

companies,

in

particular

those

in

the

electrical

utility

industry,

can

have

substantial

environmental

impacts.

Ordinary

operations

or

operational

accidents

may

cause

major

environmental

damage,

which

could

cause

infrastructure

companies

significant

financial

distress.

Community

and

environmental

groups

may

protest

the

development

or

operation

of

assets

or

facilities

of

infrastructure

companies,

and

these

protests

may

induce

government

action

to

the

detriment

of

infrastructure

companies.

118

Shareholder

Update

(continued)

Political

and

Expropriation

Risk.

Governments

may

attempt

to

influence

the

operations,

revenue,

profitability

or

contractual

relationships

of

infrastructure

companies

or

expropriate

infrastructure

companies’

assets.

The

public

interest

aspect

of

the

products

and

services

provided

by

infrastructure

companies

means

political

oversight

will

remain

pervasive.

Operational

Risk.

The

long-term

profitability

of

infrastructure

companies

is

partly

dependent

on

the

efficient

operation

and

maintenance

of

their

assets.

Infrastructure

companies

may

be

subject

to

service

interruptions

due

to

environmental

disasters,

operational

accidents

or

terrorist

activities,

which

may

impair

their

ability

to

maintain

payments

of

dividends

or

interest

to

investors.

The

destruction

or

loss

of

an

asset

or

facility

may

have

a

major

adverse

impact

on

an

infrastructure

company.

Failure

by

the

infrastructure

company

to

operate

and

maintain

its

assets

or

facilities

appropriately

or

to

carry

appropriate,

enforceable

insurance

could

lead

to

significant

losses.

Regulatory

Risk.

Many

infrastructure

companies

are

subject

to

significant

national,

regional

and

local

government

regulation,

which

may

include

how

facilities

are

constructed,

maintained

and

operated,

environmental

and

safety

controls

and

the

prices

they

may

charge

for

the

products

and

services

they

provide.

Various

governmental

authorities

have

the

power

to

enforce

compliance

with

these

regulations

and

the

permits

issued

under

them,

and

violators

are

subject

to

administrative,

civil

and

criminal

penalties,

including

civil

fines,

injunctions

or

both.

Stricter

laws,

regulations

or

enforcement

policies

could

be

enacted

in

the

future

which

would

likely

increase

compliance

costs

and

may

adversely

affect

the

operations

and

financial

performance

of

infrastructure

issuers.

Regulators

that

have

the

power

to

set

or

modify

the

prices

infrastructure

issuers

can

charge

for

their

products

or

services

can

have

a

significant

impact

on

the

profitability

of

such

infrastructure

issuers.

The

returns

on

regulated

assets

or

services

are

usually

stable

during

regulated

periods,

but

may

be

volatile

during

any

period

that

rates

are

reset

by

the

regulator.

Infrastructure

companies

may

be

adversely

affected

by

additional

regulatory

requirements

enacted

in

response

to

environmental

disasters

or

to

address

ongoing

environment

concerns,

which

may

impose

additional

costs

or

limit

certain

operations

by

such

companies

operating

in

various

sectors.

Non-U.S.

infrastructure

companies

are

also

subject

to

regulation,

although

such

regulations

may

or

may

not

be

comparable

to

those

in

the

United

States.

Non-U.S.

infrastructure

companies

may

be

more

heavily

regulated

by

their

respective

governments

than

companies

in

the

United

States

and,

as

in

the

United

States,

may

be

required

to

seek

government

approval

for

rate

increases.

In

addition,

non-U.S.

infrastructure

companies

in

the

electrical

utility

industry

may

use

fuels

that

may

cause

more

pollution

than

those

used

in

the

United

States,

which

may

require

such

companies

to

invest

in

pollution

control

equipment

to

meet

any

proposed

pollution

restrictions.

Non-U.S.

regulatory

systems

vary

from

country

to

country

and

may

evolve

in

ways

different

from

regulation

in

the

United

States.

Interest

Rate

Risk.

Due

to

the

high

costs

of

developing,

constructing,

operating

and

distributing

assets

and

facilities,

many

infrastructure

companies

are

highly

leveraged.

As

such,

movements

in

the

level

of

interest

rates

may

affect

the

returns

from

these

assets.

The

structure

and

nature

of

the

debt

is

therefore

an

important

element

to

consider

in

assessing

the

interest

rate

risk

posed

by

infrastructure

companies.

In

particular,

the

type

of

facilities,

maturity

profile,

rates

being

paid,

fixed

versus

variable

components

and

covenants

in

place

(including

how

they

impact

returns

to

equity

holders)

are

crucial

factors

in

assessing

the

degree

of

interest

rate

risk.

Inflation

Risk.

Many

infrastructure

companies

may

have

fixed

income

streams

and,

therefore,

may

be

unable

to

increase

their

dividends

during

inflationary

periods.

The

market

value

of

infrastructure

companies

may

decline

in

value

in

times

of

higher

inflation

rates.

The

prices

that

an

infrastructure

company

is

able

to

charge

users

of

its

assets

may

not

always

be

linked

to

inflation.

In

this

case,

changes

in

the

rate

of

inflation

may

affect

the

forecast

profitability

of

the

infrastructure

company.

Interest

Rate

Risk

.

Interest

rate

risk

is

the

risk

that

debt

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

debt

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

debt

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-term

debt

securities

generally

fluctuate

more

than

prices

of

shorter-term

debt

securities

as

interest

rates

change.

If

the

Fund

invests

in

floating

rate

securities,

the

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

rest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating

rate

securities

may

decline

due

to

lower

coupon

payments

on

floating-rate

securities.

Inverse

Floating

Rate

Securities

Risk

.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

119

Large-Cap

Company

Risk

.

While

large-cap

companies

may

be

less

volatile

than

those

of

mid-and

small-cap

companies,

they

still

involve

risk.

To

the

extent

the

Fund

invests

in

large-capitalization

securities,

the

Fund

may

underperform

funds

that

invest

primarily

in

securities

of

smaller

capitalization

companies

during

periods

when

the

securities

of

such

companies

are

in

favor.

Large-capitalization

companies

may

be

unable

to

respond

as

quickly

as

smaller

capitalization

companies

to

competitive

challenges

or

to

changes

in

business,

product,

financial

or

other

market

conditions.

Loan

Risk

.

The

lack

of

an

active

trading

market

for

certain

loans

may

impair

the

ability

of

the

Fund

to

realize

full

value

in

the

event

of

the

need

to

sell

a

loan

and

may

make

it

difficult

to

value

such

loans.

Portfolio

transactions

in

loans

may

settle

in

as

short

as

seven

days

but

typically

can

take

up

to

two

or

three

weeks,

and

in

some

cases

much

longer.

As

a

result

of

these

extended

settlement

periods,

the

Fund

may

incur

losses

if

it

is

required

to

sell

other

investments

or

temporarily

borrow

to

meet

its

cash

needs.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral,

are

higher

than

those

for

comparable

loans

that

are

secured

by

specific

collateral.

For

secured

loans,

there

is

a

risk

that

the

value

of

any

collateral

securing

a

loan

in

which

the

Fund

has

an

interest

may

decline

and

that

the

collateral

may

not

be

sufficient

to

cover

the

amount

owed

on

the

loan.

Interests

in

loans

made

to

finance

highly

leveraged

companies

or

transactions

such

as

corporate

acquisitions

may

be

especially

vulnerable

to

adverse

changes

in

economic

or

market

conditions.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

However,

in

periods

of

high

demand

by

lenders

like

the

Fund

for

loan

investments,

borrowers

may

limit

these

covenants

and

weaken

a

lender’s

ability

to

access

collateral

securing

the

loan;

reprice

the

credit

risk

associated

with

the

borrower;

and

mitigate

potential

loss.

The

Fund

may

experience

relatively

greater

realized

or

unrealized

losses

or

delays

and

expenses

in

enforcing

its

rights

with

respect

to

loans

with

fewer

restrictive

covenants.

Additionally,

loans

may

not

be

considered

“securities”

and,

as

a

result,

the

Fund

may

not

be

entitled

to

rely

on

the

anti-

fraud

protections

of

the

securities

laws.

Because

junior

loans

have

a

lower

place

in

an

issuer’s

capital

structure

and

may

be

unsecured,

junior

loans

involve

a

higher

degree

of

overall

risk

than

senior

loans

of

the

issuer.

Master

Limited

Partnerships

(“MLPs”)

Risk

.

An

MLP

is

an

investment

that

combines

the

tax

benefits

of

a

limited

partnership

with

the

liquidity

of

publicly

traded

securities.

Entities

commonly

referred

to

as

MLPs

are

generally

organized

under

state

law

as

limited

partnerships

or

limited

liability

companies.

An

investment

in

MLP

units

involves

risks

that

differ

from

a

similar

investment

in

equity

securities,

such

as

common

stock,

of

a

corporation.

Holders

of

MLP

units

have

the

rights

typically

afforded

to

limited

partners

in

a

limited

partnership.

As

compared

to

common

stockholders

of

a

corporation,

holders

of

MLP

units

have

significantly

more

limited

rights

to

exercise

control

over

the

partnership

and

to

vote

on

matters

affecting

the

partnership.

In

addition,

state

law

governing

partnerships

is

often

less

restrictive

than

state

law

governing

corporations.

Accordingly,

there

may

be

fewer

protections

afforded

investors

in

an

MLP

than

investors

in

a

corporation.

Investments

held

by

MLPs

may

be

relatively

illiquid,

limiting

the

MLPs’

ability

to

vary

their

portfolios

promptly

in

response

to

changes

in

economic

or

other

conditions.

MLPs

may

have

limited

financial

resources

and

their

securities

may

trade

infrequently

and

in

limited

volumes

and

be

subject

to

more

abrupt

or

erratic

price

movements

than

securities

of

larger

or

more

broadly-based

companies.

The

Fund’s

investment

in

MLPs

also

subjects

the

Fund

to

the

risks

associated

with

the

specific

industry

or

industries

in

which

the

MLPs

invest.

Currently,

most

MLPs

operate

in

the

energy,

natural

resources

or

real

estate

sectors.

Additionally,

since

MLPs

generally

conduct

business

in

multiple

states,

the

Fund

may

be

subject

to

income

or

franchise

tax

in

each

of

the

states

in

which

the

partnership

does

business.

The

additional

cost

of

preparing

and

filing

the

tax

returns

and

paying

the

related

taxes

may

adversely

impact

the

Fund’s

return

on

its

investment

in

MLPs.

The

value

of

any

investment

by

the

Fund

in

MLP

units

will

depend

on

the

MLP’s

ability

to

qualify

as

a

partnership

for

federal

income

tax

purposes.

If

an

MLP

fails

to

meet

the

requirements

for

partnership

status

under

the

Code,

or

if

the

MLP

is

unable

to

do

so

because

of

changes

in

tax

law

or

regulation,

the

MLP

could

be

taxed

as

a

corporation.

In

that

case,

the

MLP

would

be

obligated

to

pay

federal

income

tax

at

the

entity

level,

and

distributions

received

by

the

Fund

would

be

taxed

as

dividend

income.

The

Fund

may

also

invest

in

debt

securities

issued

by

MLPs.

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

.

These

securities

generally

can

be

prepaid

at

any

time,

and

prepayments

that

occur

either

more

quickly

or

more

slowly

than

expected

can

adversely

impact

the

value

of

such

securities.

They

are

also

subject

to

extension

risk,

which

is

the

risk

that

rising

interest

rates

could

cause

mortgages

or

other

obligations

underlying

the

securities

to

be

prepaid

more

slowly

than

expected,

thereby

lengthening

the

duration

of

such

securities,

increasing

their

sensitivity

to

interest

rate

changes

and

causing

their

prices

to

decline.

MBS

may

be

negatively

affected

by

the

quality

of

the

mortgages

underlying

such

security,

the

credit

quality

of

its

issuer

or

guarantor,

and

the

nature

and

structure

of

its

credit

support.

Certain

types

of

ABS

may

result

in

gains

or

losses

that

are

typically

contingent

upon,

or

formulaically

related

to,

defined

trigger

events.

If

a

trigger

event

occurs,

the

Fund

may

lose

a

portion

or

all

of

its

investments

in

such

security,

including

accrued

interest

and/or

principal

invested

in

such

security.

Such

losses

may

be

substantial.

If

no

trigger

event

occurs,

the

Fund

typically

would

recover

its

principal

plus

interest.

Mortgage

Roll

Risk

.

The

risk

that

the

Fund’s

adviser

or

an

applicable

sub-adviser

will

not

correctly

predict

mortgage

prepayments

and

interest

rates,

which

will

diminish

the

investment

performance

of

the

Fund

compared

with

what

such

performance

would

have

been

without

the

use

of

the

strategy.

Municipal

Securities

Risk

.

The

values

of

municipal

securities

may

be

adversely

affected

by

local

political

and

economic

conditions

and

developments.

Adverse

conditions

in

an

industry

significant

to

a

local

economy

could

have

a

correspondingly

adverse

effect

on

the

financial

condition

of

local

issuers.

Other

factors

that

could

affect

municipal

securities

include

a

change

in

the

local,

state,

or

national

economy,

a

downgrade

of

a

state’s

credit

rating

or

the

rating

of

authorities

or

political

subdivisions

of

the

state,

demographic

factors,

ecological

or

environmental

concerns,

inability

or

perceived

inability

of

a

government

authority

to

collect

sufficient

tax

or

other

revenues,

statutory

limitations

on

the

issuer’s

ability

to

increase

taxes,

and

other

developments

generally

affecting

the

revenue

of

issuers

(for

example,

legislation

or

court

decisions

reducing

state

aid

to

local

governments

or

mandating

additional

services).

This

risk

would

be

heightened

to

the

extent

that

the

Fund

invests

a

substantial

portion

of

the

below-investment

grade

quality

portion

of

its

portfolio

in

the

bonds

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

in

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

municipal

lease

obligations,

private

activity

bonds

or

moral

obligation

bonds)

that

are

particularly

exposed

to

specific

types

of

adverse

economic,

business

or

political

events.

The

value

of

municipal

securities

may

also

be

adversely

affected

by

rising

health

care

costs,

increasing

unfunded

pension

liabilities,

and

by

the

phasing

out

of

federal

programs

providing

financial

support.

In

recent

periods,

a

number

of

municipal

issuers

have

defaulted

on

obligations,

been

downgraded

or

commenced

insolvency

proceedings.

Financial

difficulties

of

municipal

issuers

may

continue

or

worsen.

In

addition,

120

Shareholder

Update

(continued)

the

amount

of

public

information

available

about

municipal

bonds

is

generally

less

than

for

certain

corporate

equities

or

bonds,

meaning

that

the

investment

performance

of

the

Fund

may

be

more

dependent

on

the

analytical

abilities

of

the

Fund’s

sub-adviser

than

funds

that

invest

in

stock

or

other

corporate

investments.

To

the

extent

that

a

fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

located

in

a

given

state

or

U.S.

territory,

it

will

be

disproportionally

affected

by

political

and

economic

conditions

and

developments

in

that

state

or

territory

and

may

involve

greater

risk

than

funds

that

invest

in

a

larger

universe

of

securities.

In

addition,

economic,

political

or

regulatory

changes

in

that

state

or

territory

could

adversely

affect

municipal

securities

issuers

in

that

state

or

territory

and

therefore

the

value

of

a

fund’s

investment

portfolio.

Natural

Resource

Related

Securities

Risk

.

During

periods

of

financial

or

economic

instability,

the

securities

of

companies

engaged

in

the

ownership,

development,

exploration,

production,

distribution

or

processing

of

natural

resources,

as

well

as

the

securities

of

companies

that

are

suppliers

to

firms

producing

natural

resources,

instruments

with

economic

characteristics

similar

to

natural

resources

securities

or

direct

holdings

of

natural

resources,

may

be

subject

to

extreme

price

fluctuations,

reflecting

the

high

volatility

of

natural

resources’

prices.

In

addition,

the

instability

of

the

prices

of

particular

natural

resources

may

result

in

volatile

earnings

of

natural

resource

companies,

which

could

lead

to

volatility

in

their

financial

condition

and

in

the

value

of

their

securities.

Additionally,

due

to

the

close

connection

between

natural

resources

and

where

they

are

located,

securities

of

natural

resource

companies

may

be

particularly

affected

by

events

occurring

in

the

countries

or

regions

where

such

natural

resources

are

found.

This

is

heightened

with

respect

to

natural

resources

that

are

scarce

or

that

are

predominantly

located

in

particular

areas.

Non-U.S.

Securities

Risk

.

Investments

in

securities

of

non-U.S.

issuers

involve

special

risks,

including:

less

publicly

available

information

about

non-U.S.

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

many

non-U.S.

markets

are

smaller,

less

liquid

and

more

volatile;

the

economies

of

non-U.S.

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

the

impact

of

economic,

political,

social

or

diplomatic

events;

possible

seizure

of

a

company’s

assets;

restrictions

imposed

by

foreign

countries

limiting

the

ability

of

foreign

issuers

to

make

payments

of

principal

and/or

interest

due

to

blockages

of

foreign

currency

exchanges

or

otherwise;

and

withholding

and

other

non-U.S.

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

issuers

located

in

one

region.

In

addition,

to

the

extent

the

Fund

custodies

its

assets

with

non-U.S.

banks

or

securities

depositories,

and

such

entity

goes

bankrupt,

the

Fund

may

be

limited

in

its

ability

to

recover

such

assets.

Options

Strategy

Risk

.

The

value

of

call

options

sold

(written)

by

the

Fund

will

fluctuate.

The

Fund

may

not

participate

in

any

appreciation

of

its

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

its

portfolio.

Other

Investment

Companies

Risk

.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Preferred

Securities

Risk

.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

In

addition,

preferred

stockholders

(such

as

the

Fund,

to

the

extent

it

invests

in

preferred

stocks

of

other

issuers)

generally

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

stockholders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

stockholders

no

longer

have

voting

rights.

In

the

case

of

certain

taxable

preferred

stocks,

holders

generally

have

no

voting

rights,

except

(i)

if

the

issuer

fails

to

pay

dividends

for

a

specified

period

of

time

or

(ii)

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

rights

of

preferred

stockholders

generally

would

include

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

In

certain

varying

circumstances,

an

issuer

of

preferred

stock

may

redeem

the

securities

prior

to

a

specified

date.

For

instance,

for

certain

types

of

preferred

stock,

a

redemption

may

be

triggered

by

a

change

in

U.S.

federal

income

tax

or

securities

laws.

As

with

call

provisions,

a

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

Prepayment

Risk

.

The

risk

that,

during

periods

of

falling

interest

rates,

borrowers

may

pay

off

their

mortgage

loans

sooner

than

expected,

forcing

the

Fund

to

reinvest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

income.

These

risks

are

normally

present

in

MBS

and

other

ABS.

For

example,

homeowners

have

the

option

to

prepay

their

mortgages.

Therefore,

the

duration

of

a

security

backed

by

home

mortgages

can

shorten

depending

on

homeowner

prepayment

activity.

A

rise

in

the

prepayment

rate

and

the

resulting

decline

in

duration

of

debt

securities

held

by

the

Fund

can

result

in

losses

to

investors

in

the

Fund.

Put

Options

Risk

.

By

writing

put

options,

the

Fund

takes

on

the

risk

of

declines

in

the

value

of

the

underlying

instrument,

including

the

possibility

of

a

loss

up

to

the

entire

strike

price

of

each

option

it

sells

but

without

the

corresponding

opportunity

to

benefit

from

potential

increases

in

the

value

of

the

underlying

instrument.

When

the

Fund

writes

a

put

option,

it

assumes

the

risk

that

it

must

purchase

the

underlying

instrument

at

a

strike

price

that

may

be

higher

than

the

market

price

of

the

instrument.

If

there

is

a

broad

market

decline

and

the

Fund

is

not

able

to

close

out

its

written

put

options,

it

may

result

in

substantial

losses

to

the

Fund.

The

Fund

will

receive

a

premium

from

writing

options,

but

the

premium

received

may

not

be

sufficient

to

offset

any

losses

sustained

from

exercised

put

options.

121

Real

Estate

Related

Securities

Risk

.

Real

estate

companies

have

been

subject

to

substantial

fluctuations

and

declines

on

a

local,

regional

and

national

basis

in

the

past

and

may

continue

to

be

in

the

future.

Real

property

values

and

incomes

from

real

property

may

decline

due

to

general

and

local

economic

conditions,

overbuilding

and

increased

competition

for

tenants,

increases

in

property

taxes

and

operating

expenses,

changes

in

zoning

laws,

casualty

or

condemnation

losses,

regulatory

limitations

on

rents,

changes

in

neighborhoods

and

in

demographics,

increases

in

market

interest

rates,

or

other

factors.

Factors

such

as

these

may

adversely

affect

companies

that

own

and

operate

real

estate

directly,

companies

that

lend

to

them,

and

companies

that

service

the

real

estate

industry.

Equity

REITs

may

be

affected

by

changes

in

the

values

of

and

incomes

from

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

REITs

are

subject

to

other

risks

as

well,

including

the

fact

that

REITs

are

dependent

on

specialized

management

skills,

which

may

affect

their

ability

to

generate

cash

flow

for

operating

purposes

and

to

make

distributions

to

shareholders

or

unitholders.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

A

U.S.

domestic

REIT

can

pass

its

income

through

to

shareholders

or

unitholders

without

any

U.S.

federal

income

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Code.

There

is

the

risk

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income,

in

which

case

the

REIT

would

become

subject

to

U.S.

federal

income

tax.

Similarly,

REITs

formed

under

the

laws

of

non-U.S.

countries

may

fail

to

qualify

for

corporate

tax

benefits

made

available

by

the

governments

of

such

countries.

The

Fund,

as

a

holder

of

a

REIT,

will

bear

its

pro

rata

portion

of

the

REIT’s

expenses.

Reinvestment

Risk

.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Rights

and

Warrants

Risk

.

Rights

and

warrants

are

subject

to

the

same

market

risks

as

common

stocks,

but

are

more

volatile

in

price.

Rights

and

warrants

do

not

carry

the

right

to

dividends

or

voting

rights

with

respect

to

their

underlying

securities,

and

they

do

not

represent

any

rights

in

the

assets

of

the

issuer.

An

investment

in

rights

or

warrants

may

be

considered

speculative.

In

addition,

the

value

of

a

right

or

warrant

does

not

necessarily

change

with

the

value

of

the

underlying

security

and

a

right

or

warrant

ceases

to

have

value

if

it

is

not

exercised

prior

to

its

expiration

date.

The

purchase

of

warrants

or

rights

involves

the

risk

that

the

Fund

could

lose

the

purchase

value

of

a

right

or

warrant

if

the

right

to

subscribe

for

additional

shares

is

not

exercised

prior

to

the

rights'

or

warrants'

expiration.

Also,

the

purchase

of

rights

and

warrants

involves

the

risk

that

the

effective

price

paid

for

the

right

or

warrant

added

to

the

subscription

price

of

the

related

security

may

exceed

the

value

of

the

subscribed

security's

market

price

such

as

when

there

is

no

movement

in

the

price

of

the

underlying

security.

Senior

Loan

Risk

.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could,

under

certain

circumstances,

include

invalidation

of

senior

loans.

Senior

Loan

Agent

Risk

.

A

financial

institution’s

employment

as

an

agent

under

a

senior

loan

might

be

terminated

if

it

fails

to

observe

a

requisite

standard

of

care

or

becomes

insolvent.

A

successor

agent

would

generally

be

appointed

to

replace

the

terminated

agent,

and

assets

held

by

the

agent

under

the

loan

agreement

would

likely

remain

available

to

holders

of

such

indebtedness.

However,

if

assets

held

by

the

terminated

agent

for

the

benefit

of

the

Fund

were

determined

to

be

subject

to

the

claims

of

the

agent’s

general

creditors,

the

Fund

might

incur

certain

costs

and

delays

in

realizing

payment

on

a

senior

loan

or

loan

participation

and

could

suffer

a

loss

of

principal

and/or

interest.

In

situations

involving

other

interposed

financial

institutions

(e.g.,

an

insurance

company

or

government

agency)

similar

risks

may

arise.

Small

and

Mid-Cap

Company

Risk

.

The

Fund

may

invest

in

companies

with

small,

medium

and

large

capitalizations.

Smaller

and

medium-sized

company

stocks

can

be

more

volatile

than,

and

perform

differently

from,

larger

company

stocks.

There

may

be

less

trading

in

the

stock

of

a

smaller

or

medium-sized

company,

which

means

that

buy

and

sell

transactions

in

that

stock

could

have

a

larger

impact

on

the

stock’s

price

than

is

typically

the

case

with

larger

company

stocks.

Smaller

and

medium-sized

companies

may

have

fewer

business

lines;

changes

in

any

one

line

of

business,

therefore,

may

have

a

greater

impact

on

a

smaller

or

medium-sized

company’s

stock

price

than

is

the

case

for

a

larger

company.

As

a

result,

the

purchase

or

sale

of

more

than

a

limited

number

of

shares

of

a

small

or

medium-sized

company

may

affect

its

market

price.

The

Fund

may

need

a

considerable

amount

of

time

to

purchase

or

sell

its

positions

in

these

securities.

In

addition,

smaller

or

medium-sized

company

stocks

may

not

be

well

known

to

the

investing

public.

Sovereign

Government

and

Supranational

Debt

Risk

.

Investments

in

sovereign

debt,

including

supranational

debt,

involves

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

122

Shareholder

Update

(continued)

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Special

Purpose

Acquisition

Companies

(“SPACs”)

Risk

.

Unless

and

until

an

acquisition

is

completed,

a

SPAC

generally

invests

its

assets

(less

a

portion

retained

to

cover

expenses)

in

U.S.

government

securities,

money

market

funds

and

similar

investments

whose

returns

or

yields

may

be

significantly

lower

than

those

of

the

Fund’s

other

investments.

If

an

acquisition

that

meets

the

requirements

for

the

SPAC

is

not

completed

within

the

pre-established

period

of

time,

the

invested

funds

are

returned

to

the

SPAC’s

shareholders,

less

certain

permitted

expenses,

and

any

warrants

issued

by

the

SPAC

will

expire

worthless.

SPACs

have

no

operating

history

or

ongoing

business

other

than

seeking

acquisitions.

The

value

of

a

SPAC’s

securities

is

particularly

dependent

on

the

ability

of

its

management

to

identify

and

complete

a

profitable

acquisition.

There

is

no

guarantee

that

any

SPAC

which

the

Fund

invests

may

will

complete

an

acquisition

or

that

any

acquisitions

completed

by

such

SPAC

will

be

profitable.

Public

stockholders

of

SPACs,

such

as

the

Fund,

may

not

be

afforded

a

meaningful

opportunity

to

vote

on

a

proposed

initial

business

combination

because

certain

stockholders,

including

stockholders

affiliated

with

the

management

of

the

SPAC,

may

have

sufficient

voting

power,

and

a

financial

incentive,

to

approve

such

a

transaction

without

support

from

public

stockholders.

As

a

result,

a

SPAC

may

complete

a

transaction

even

though

a

majority

of

its

public

stockholders

do

not

support

such

a

business

combination.

Some

SPACs

may

pursue

acquisitions

or

mergers

only

within

certain

industries

or

regions,

which

may

lead

to

an

increase

in

the

volatility

of

their

prices

following

completion

of

a

business

combination.

An

investment

in

SPACs,

which

are

typically

traded

in

the

over-the-counter

market,

may

also

have

little

or

no

liquidity

and

may

be

subject

to

restrictions

on

resale.

Special

Risks

for

Inflation-Indexed

Bonds

.

The

risk

that

market

values

of

inflation-indexed

investments

held

by

the

Fund

may

be

adversely

affected

by

a

number

of

factors,

including

changes

in

the

market’s

inflation

expectations,

changes

in

real

rates

of

interest

or

declines

in

inflation

(or

deflation).

There

is

a

risk

that

interest

payments

in

inflation-indexed

investments

may

fall

because

of

a

decline

in

inflation

(or

deflation).

In

addition,

the

Consumer

Price

Index

for

All

Urban

Consumers

(“CPI-U”)

may

not

accurately

reflect

the

true

rate

of

inflation.

If

the

market

perceives

that

any

of

these

events

have

occurred,

then

the

market

value

of

those

investments

could

be

adversely

affected.

Swap

Transactions

Risk

.

-Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

applicable

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

applicable

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Unrated

Securities

Risk

.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

U.S.

Government

Securities

Risk

.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

Unseasoned

Company

Risk

.

Investments

in

unseasoned

companies

may

involve

greater

risks

than

customarily

are

associated

with

investments

in

securities

of

more

established

companies.

Securities

of

unseasoned

companies

may

lack

an

active

secondary

market

and

may

be

subject

to

more

abrupt

or

erratic

price

movements

than

securities

of

larger,

more

established

companies

or

stock

market

averages

in

general.

Less

seasoned

companies

may

seek

to

compete

in

markets

and

industries

in

which

there

are

more

established

companies

with

substantially

greater

financial

resources

than

they

have,

which

could

place

such

less

seasoned

companies

at

a

significant

competitive

disadvantage

and

make

it

difficult

for

them

to

gain

market

share.

Valuation

Risk

.

The

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

Value

Stock

Risk

.

Value

stocks

are

securities

of

companies

that

typically

trade

at

a

perceived

discount

to

their

intrinsic

value

and

at

valuation

discounts

relative

to

companies

in

the

same

industry.

Value

stocks

are

often

also

in

sectors

that

trade

at

a

discount

to

the

broader

market.

The

reasons

for

their

discount

may

vary

greatly,

but

some

examples

may

include

adverse

business,

industry

or

other

developments

that

may

cause

the

company

to

be

subject

to

special

risks.

The

intrinsic

value

of

a

stock

with

value

characteristics

may

be

difficult

to

identify

and

may

not

be

fully

recognized

by

the

market

for

a

long

time

or

a

stock

identified

to

be

undervalued

may

actually

be

appropriately

priced

at

a

low

level.

123

When-Issued

and

Delayed-Delivery

Transactions

Risk

.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Whole

Loans,

Loan

Participations

and

Other

Mortgage-Related

Interests

Risk

.

Whole

loans

and

loan

participations

represent

undivided

(in

the

case

of

the

whole

loans)

and

fractional

(in

the

case

of

loan

participations)

interests

in

individual

loans

secured

by

residential

real

estate,

including

multi-family

and/or

single

family

residences,

or

commercial

real

estate,

including

shopping

malls,

retail

space,

office

buildings

and/or

industrial

or

warehouse

properties.

The

market

values

of

and

cash

flows

to

these

instruments

are

highly

dependent

on

creditworthiness

and

economic

situation

of

the

particular

borrowers

under

each

loan,

and

therefore

the

performance

of

individual

whole

loans

and

loan

participations

may

suffer

even

when

general

economic

conditions

are

favorable.

Whole

loans

and

loan

participations

also

may

subject

the

Fund

to

a

greater

risk

of

loss

arising

from

defaults

by

borrowers

under

the

related

loans

than

do

mortgage-backed

securities

because

whole

loans

and

loan

participations,

unlike

most

mortgage-backed

securities,

generally

are

not

backed

by

any

government

guarantee

or

private

credit

enhancement.

Such

risks

may

be

greater

during

a

period

of

declining

or

stagnant

real

estate

values.

The

individual

loans

underlying

whole

loans

and

loan

participations

may

be

larger

than

those

underlying

mortgage-backed

securities.

There

may

be

certain

costs

and

delays

in

the

event

of

a

foreclosure,

and

there

is

no

assurance

that

the

subsequent

sale

of

the

property

will

produce

an

amount

equal

to

the

sum

of

the

unpaid

principal

balance

of

the

loan

as

of

the

date

the

borrower

went

into

default,

accrued

but

unpaid

interest

and

all

foreclosure

expenses,

in

which

case

the

Fund

may

suffer

a

loss.

In

addition

to

the

foregoing,

with

respect

to

loan

participations,

the

Fund

generally

will

not

be

able

to

unilaterally

enforce

its

rights

in

the

event

of

a

default,

but

rather

will

be

dependent

upon

the

cooperation

of

the

other

participation

holders.

Investment

in

whole

loans

and

loan

participations

relating

to

multi-family

residential

properties

may

subject

the

Fund

to

a

higher

level

of

risk

than

investment

in

whole

loans

and

loan

participations

relating

to

other

residential

properties.

Multi-family

lending

is

generally

viewed

as

involving

a

greater

risk

of

loss

than

one-

to

four-family

residential

lending.

Multi-family

lending

typically

involves

larger

loans

to

single

borrowers

or

groups

of

related

borrowers

than

residential

one-

to

four-family

mortgage

loans.

Furthermore,

the

repayment

of

loans

secured

by

income-producing

multifamily

properties

is

typically

dependent

upon

the

successful

operation

of

the

underlying

real

estate

project.

If

the

cash

flow

from

the

project

is

reduced

(for

example,

if

leases

are

not

obtained

or

renewed),

the

borrower’s

ability

to

repay

the

multi-family

loan

may

be

impaired.

The

market

values

of

and

cash

flow

to

multi-family

real

estate

can

be

affected

significantly

by

supply

and

demand

in

the

local

market

for

the

residential

rental

property

and,

therefore,

the

value

to

the

Fund

of

any

whole

loans

or

loan

participations

relating

to

multi-family

properties

will

be

highly

sensitive

to

changes

in

the

local

economic

conditions

where

such

multi-family

properties

are

located.

In

addition,

market

values

may

vary

as

a

result

of

economic

events

or

governmental

regulations

outside

the

control

of

the

borrower

or

lender,

such

as

rent

control

laws,

which

impact

the

future

cash

flow

to

the

property.

Investment

in

whole

loans

and

loan

participations

relating

to

commercial

properties

may

subject

the

Fund

to

certain

risks

that

do

not

typically

apply

to

investment

in

whole

loans

and

loan

participations

relating

to

residential

properties.

Market

values

of

and

cash

flows

to

commercial

real

estate

may

be

adversely

affected

by

declines

in

rental

or

occupancy

rates

and

extended

vacancies,

the

management

skills

of

the

borrower

or

third-

party

manager

operating

a

business

at

the

commercial

property,

overbuilding

and

changes

in

zoning

laws

and

other

environmental

and

land

use

regulations.

Mortgage

loans

relating

to

commercial

properties

are

also

generally

not

fully

amortizing,

meaning

they

may

have

a

significant

“balloon”

payment

due

at

maturity.

Loans

with

a

balloon

payment

may

be

riskier

than

fully

amortizing

loans

because

the

ability

of

a

borrower

to

make

a

balloon

payment

will

typically

depend

on

its

ability

to

either

refinance

the

loan

or

sell

the

property,

which

the

borrower

may

not

be

able

to

accomplish

on

commercially

acceptable

terms,

if

at

all.

In

addition,

mortgage

loans

relating

to

commercial

properties

are

typically

non-recourse

to

the

borrowers,

resulting

in

a

higher

risk

of

loss

in

the

event

of

a

foreclosure.

Certain

loan

participations

held

by

the

Fund

may

continue

to

have

the

mortgage

servicers

reflected

as

record

owners

of

the

underlying

mortgages.

Accordingly,

if

the

mortgage

servicer

under

a

particular

loan

participation

were

to

become

insolvent,

to

have

a

receiver,

conservator

or

similar

official

appointed

for

it

by

an

appropriate

regulatory

authority

or

to

become

a

debtor

in

a

bankruptcy

proceeding,

there

is

a

risk

that

the

Fund’s

rights

to

payments

under

the

loan

participation

could

become

subject

to

the

claims

of

the

mortgage

servicer’s

creditors,

which

would

adversely

affect

the

value

of

the

loan

participation

to

the

Fund.

The

Fund

could

also

incur

costs

and

delays

in

enforcing

its

rights

to

such

payments.

Whole

loans

and

loan

participations

are

illiquid

and

may

be

difficult

to

sell

when

the

sub-adviser

deems

it

advisable

to

do

so.

See

“Illiquid

Securities

Risk”

above.

Whole

loans

and

loan

participations,

like

mortgage-backed

securities,

are

also

subject

to

pre-payment

risk,

which

is

the

risk

that

the

borrowers

under

the

mortgage

loans

might

pay

off

their

mortgage

loans

sooner

than

expected,

which

could

happened

when

interest

rates

fall

or

for

other

reasons,

which

could

cause

the

value

of

the

Fund’s

whole

loans

and

loan

participations

to

fall.

Moreover,

if

the

mortgage

loans

are

paid

off

sooner

than

expected,

the

Fund

may

have

to

reinvest

the

proceeds

in

other

securities

that

have

lower

yields.

Zero

Coupon

or

Pay-In-Kind Securities  Risk

.

 Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

Fund

Level

and

Other

Risks:

Allocation

Risk

.

The

Fund’s

ability

to

achieve

its

investment

objective

depends

upon

Nuveen

Asset

Management’s

skill

in

determining

the

Fund’s

allocation

to

different

sub-advisers

and

strategies.

There

is

the

risk

that

Nuveen

Asset

Management’s

evaluations

and

assumptions

used

in

making

such

allocations

may

be

incorrect.

124

Shareholder

Update

(continued)

Anti-Takeover

Provisions

.

The

Declaration

of

Trust

and

the

Fund’s

by-laws

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status.

These

provisions

could

have

the

effect

of

depriving

the

Common

Shareholders

of

opportunities

to

sell

their

Common

Shares

at

a

premium

over

the

then-current

market

price

of

the

Common

Shares.

Borrowing

Risk

.

In

addition

to

borrowing

for

leverage,

the

Fund

may

borrow

for

temporary

or

emergency

purposes,

to

pay

dividends,

repurchase

its

shares,

or

clear

portfolio

transactions.

Borrowing

may

exaggerate

changes

in

the

NAV

of

the

Fund’s

shares

and

may

affect

the

Fund’s

net

income.

When

the

Fund

borrows

money,

it

must

pay

interest

and

other

fees,

which

will

reduce

the

Fund’s

returns

if

such

costs

exceed

the

returns

on

the

portfolio

securities

purchased

or

retained

with

such

borrowings.

Any

such

borrowings

are

intended

to

be

temporary.

However,

under

certain

market

circumstances,

such

borrowings

might

be

outstanding

for

longer

periods

of

time.

Cybersecurity

Risk

.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Distribution

Risk

.

The

Fund’s

distributions

will

be

composed

of

net

investment

income

and

a

supplemental

amount

generally

representing

the

potential

for

capital

appreciation,

which

will

take

the

form

of

realized

capital

gains

and/or

a

return

of

capital.

The

return

of

capital

component

of

a

Fund

distribution

may

(but

will

not

necessarily)

represent

unrealized

capital

gains.

A

return

of

capital

is

a

non-taxable

distribution

of

a

portion

of

the

Fund’s

capital.

If

over

the

life

of

a

shareholder’s

investment,

the

total

return

of

the

Fund’s

overall

strategy

is

less

than

the

distribution

rate,

a

return

of

capital

will

represent

a

portion

of

a

shareholder’s

original

principal

(in

effect

a

partial

return

of

the

amount

a

shareholder

invested

in

the

Fund).

A

return

of

capital

reduces

a

shareholder’s

tax

cost

basis

(but

not

below

zero)

in

Fund

shares,

which

could

result

in

more

taxable

gain

or

less

taxable

loss

when

the

shareholder

sells

their

shares.

This

may

cause

the

shareholder

to

pay

taxes

even

if

he

or

she

sells

shares

for

less

than

the

original

price.

The

Fund’s

distribution

policy,

rate

of

distributions

on

the

Common

Shares

and

the

portion

of

distributions

composed

of

net

investment

income,

realized

capital

gain

and

return

of

capital

may

vary

over

time.

Shareholders

who

periodically

receive

the

payment

of

a

distribution

consisting

of

a

return

of

capital

may

be

under

the

impression

that

they

are

receiving

net

income

or

profits

when

they

are

not.

Shareholders

should

not

assume

that

the

source

of

a

return

of

capital

distribution

from

the

Fund

is

net

income

or

profit.

Global

Economic

Risk

.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

assets

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

possible

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events,

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

Investment

and

Market

Risk

.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

125

Legislation

and

Regulatory

Risk

.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk

.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

Certain

types

of

leverage

may

result

in

the

Fund

being

subject

to

certain

covenants,

asset

coverage

or

other

portfolio

composition

limits

by

its

lenders,

debt

or

preferred

securities

purchasers,

rating

agencies

that

may

rate

the

debt

or

preferred

securities,

or

reverse

repurchase

counterparties.

Such

limitations

may

be

more

stringent

than

those

imposed

by

the

1940

Act

and

may

impact

whether

the

Fund

is

able

to

maintain

its

desired

amount

of

leverage.

In

addition,

whenever

the

Fund

incurs

borrowings

and/or

preferred

shares

are

outstanding,

Common

Shareholders

will

not

be

entitled

to

receive

any

cash

distributions

from

the

Fund

unless

all

interest

on

such

borrowings

has

been

paid

and

all

accumulated

dividends

on

preferred

shares

have

been

paid,

unless

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

any

borrowings

would

be

at

least

300%

after

giving

effect

to

the

distributions

and

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

preferred

shares

would

be

at

least

200%

after

giving

effect

to

the

distributions.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

There

is

no

assurance

that

the

Fund’s

use

of

leverage

will

be

successful.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

applicable

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

applicable

sub-adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value

.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Multi-Manager

Risk

.

The

interplay

of

the

various

strategies

employed

by

portfolio

managers

of

Nuveen

and

its

affiliates

may

result

in

the

Fund

holding

a

significant

amount

of

certain

types

of

securities.

This

may

be

beneficial

or

detrimental

to

the

Fund’s

performance

depending

upon

the

performance

of

those

securities

and

the

overall

economic

environment.

The

portfolio

managers

may

make

investment

decisions

which

conflict

with

each

other;

for

example,

at

any

particular

time,

portfolio

managers

of

one

strategy

may

be

purchasing

shares

of

an

issuer

whose

shares

are

being

sold

by

portfolio

managers

of

another

strategy.

Consequently,

the

Fund

could

indirectly

incur

transaction

costs

without

accomplishing

any

net

investment

result.

In

addition,

the

multi-manager

approach

could

increase

the

Fund’s

portfolio

turnover

rate

which

may

result

in

higher

transaction

costs

and

a

greater

amount

of

tax

on

the

Fund’s

shareholders.

Recent

Market

Conditions

.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

126

Shareholder

Update

(continued)

Additionally,

in

October

2023

armed

conflict

broke

out

between

Isreal

and

the

militant

group

Hamas

after

Hamas

infiltrated

Isreal’s

southern

border

from

the

Gaza

Strip.

Isreal

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

sharply

raised

interest

rates,

and

while

the

Fed

has

recently

lowered

the

federal

funds

rate,

it

has

signaled

an

intention

to

maintain

relatively

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk

.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

Fund

Tax

Risk

.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

127

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

the

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

the

Fund’s

(i)

continued

use

of

leverage

as

of

December

31,

2024

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Fund

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

December

31,

2024)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Fund.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Fund

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

NMAI

JRI

JRS

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

30.18%

33.11%

30.09%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

5.65%

5.85%

5.88%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.71%

1.94%

1.77%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(16.77)%

(17.85)%

(16.84)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(9.61)%

(10.37)%

(9.68)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(2.44)%

(2.90)%

(2.53)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.72%

4.58%

4.62%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

11.88%

12.05%

11.77%

128

Shareholder

Update

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

quarter

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

adviser

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

129

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

the

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Fund’s

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Fund;

(iv)

the

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders,

except

as

follows:

Amended

and

Restated

By-Laws

On

October

5,

2020,

the

Nuveen

S&P

500

Buy-Write

Income

Fund,

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund,

Nuveen

S&P

500

Dynamic

Overwrite

Fund,

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund,

and

Nuveen

Core

Equity

Alpha

Fund

(each

a

“Fund”

and

collectively

the

“Funds”)

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

February

24,

2022,

the

Board

of

the

Funds

suspended

the

Control-Share

By-Law

provisions.

Subsequently,

on

February

28,

2024,

the

Board

of

the

Funds

adopted

Amended

and

Restated

By-Laws

to

eliminate

the

Control

Share

By-Law

provision

in

its

entirety.

Other

than

the

elimination

of

the

Control

Share

By-Law

provisions,

the

Amended

and

Restated

By-Laws

are

identical

to

the

previously

adopted

by-laws.

Principal

Risks

The

following

risk

factors

were

added

as

principal

risks

for

Nuveen

Multi-Asset

Income

Fund

(NMAI):

Depositary

Receipts

Risk

.

Foreign

securities

may

trade

in

the

form

of

depositary

receipts.

In

addition

to

investment

risks

associated

with

the

underlying

issuer,

depositary

receipts

may

expose

the

Fund

to

additional

risks

associated

with

non-uniform

terms

that

apply

to

depositary

receipt

programs,

including

credit

exposure

to

the

depository

bank

and

to

the

sponsors

and

other

parties

with

whom

the

depository

bank

establishes

the

programs,

currency,

political,

economic,

market

risks

and

the

risks

of

an

illiquid

market

for

depositary

receipts.

Depositary

receipts

are

generally

subject

to

the

same

risks

as

the

foreign

securities

that

they

evidence

or

into

which

they

may

be

converted.

Depositary

receipts

may

not

track

the

price

of

the

underlying

foreign

securities

on

which

they

are

based,

may

have

limited

voting

rights,

and

may

have

a

distribution

subject

to

a

fee

charged

by

the

depository.

As

a

result,

equity

shares

of

the

underlying

issuer

may

trade

at

a

discount

or

premium

to

the

market

price

of

the

depositary

receipts.

Exchange-Traded

Notes

(“ETNs”)

Risk

.

Like

other

index-tracking

instruments,

ETNs

are

subject

to

the

risk

that

the

value

of

the

index

may

decline,

at

times

sharply

and

unpredictably.

In

addition,

ETNs—which

are

debt

instruments—are

subject

to

risk

of

default

by

the

issuer.

ETNs

differ

from

ETFs.

While

ETFs

are

subject

to

market

risk,

ETNs

are

subject

to

both

market

risk

and

the

risk

of

default

by

the

issuer.

ETNs

are

also

subject

to

the

risk

that

a

liquid

secondary

market

for

any

particular

ETN

might

not

be

established

or

maintained.

Special

Purpose

Acquisition

Companies

(“SPACs”)

Risk

.

Unless

and

until

an

acquisition

is

completed,

a

SPAC

generally

invests

its

assets

(less

a

portion

retained

to

cover

expenses)

in

U.S.

government

securities,

money

market

funds

and

similar

investments

whose

returns

or

yields

may

be

significantly

lower

than

those

of

the

Fund’s

other

investments.

If

an

acquisition

that

meets

the

requirements

for

the

SPAC

is

not

completed

within

the

pre-established

period

of

time,

the

invested

funds

are

returned

to

the

SPAC’s

shareholders,

less

certain

permitted

expenses,

and

any

warrants

issued

by

the

SPAC

will

expire

worthless.

SPACs

have

no

operating

history

or

ongoing

business

other

than

seeking

acquisitions.

The

value

of

a

SPAC’s

securities

is

particularly

dependent

on

the

ability

of

its

management

to

identify

and

complete

a

profitable

acquisition.

There

is

no

guarantee

that

any

SPAC

which

the

Fund

invests

may

will

complete

an

acquisition

or

that

any

acquisitions

completed

by

such

SPAC

will

be

profitable.

Public

stockholders

of

SPACs,

such

as

the

Fund,

may

not

be

afforded

a

meaningful

opportunity

to

vote

on

a

proposed

initial

business

combination

because

certain

stockholders,

including

stockholders

affiliated

with

the

management

of

the

SPAC,

may

have

sufficient

voting

power,

and

a

financial

incentive,

to

approve

such

a

transaction

without

support

from

public

stockholders.

As

a

result,

a

SPAC

may

complete

a

transaction

even

though

a

majority

of

its

public

stockholders

do

not

support

such

a

business

combination.

Some

SPACs

may

pursue

acquisitions

or

mergers

only

within

certain

industries

or

regions,

which

may

lead

to

an

increase

in

the

volatility

of

their

prices

following

completion

of

a

business

combination.

An

investment

in

SPACs,

which

are

typically

traded

in

the

over-the-counter

market,

may

also

have

little

or

no

liquidity

and

may

be

subject

to

restrictions

on

resale.

The

following

risk

factors

were

added

as

principal

risks

for

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI):

Senior

Loan

Risk.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

130

Shareholder

Update

(continued)

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could,

under

certain

circumstances,

include

invalidation

of

senior

loans.

Senior

Loan

Agent

Risk

.

A

financial

institution’s

employment

as

an

agent

under

a

senior

loan

might

be

terminated

if

it

fails

to

observe

a

requisite

standard

of

care

or

becomes

insolvent.

A

successor

agent

would

generally

be

appointed

to

replace

the

terminated

agent,

and

assets

held

by

the

agent

under

the

loan

agreement

would

likely

remain

available

to

holders

of

such

indebtedness.

However,

if

assets

held

by

the

terminated

agent

for

the

benefit

of

the

Fund

were

determined

to

be

subject

to

the

claims

of

the

agent’s

general

creditors,

the

Fund

might

incur

certain

costs

and

delays

in

realizing

payment

on

a

senior

loan

or

loan

participation

and

could

suffer

a

loss

of

principal

and/or

interest.

In

situations

involving

other

interposed

financial

institutions

(e.g.,

an

insurance

company

or

government

agency)

similar

risks

may

arise.

Distribution

Risk

.

The

Fund’s

distributions

will

be

composed

of

net

investment

income

and

a

supplemental

amount

generally

representing

the

potential

for

capital

appreciation,

which

will

take

the

form

of

realized

capital

gains

and/or

a

return

of

capital.

The

return

of

capital

component

of

a

Fund

distribution

may

(but

will

not

necessarily)

represent

unrealized

capital

gains.

A

return

of

capital

is

a

non-taxable

distribution

of

a

portion

of

the

Fund’s

capital.

If

over

the

life

of

a

shareholder’s

investment,

the

total

return

of

the

Fund’s

overall

strategy

is

less

than

the

distribution

rate,

a

return

of

capital

will

represent

a

portion

of

a

shareholder’s

original

principal

(in

effect

a

partial

return

of

the

amount

a

shareholder

invested

in

the

Fund).

A

return

of

capital

reduces

a

shareholder’s

tax

cost

basis

(but

not

below

zero)

in

Fund

shares,

which

could

result

in

more

taxable

gain

or

less

taxable

loss

when

the

shareholder

sells

their

shares.

This

may

cause

the

shareholder

to

pay

taxes

even

if

he

or

she

sells

shares

for

less

than

the

original

price.

The

Fund’s

distribution

policy,

rate

of

distributions

on

the

Common

Shares

and

the

portion

of

distributions

composed

of

net

investment

income,

realized

capital

gain

and

return

of

capital

may

vary

over

time.

Shareholders

who

periodically

receive

the

payment

of

a

distribution

consisting

of

a

return

of

capital

may

be

under

the

impression

that

they

are

receiving

net

income

or

profits

when

they

are

not.

Shareholders

should

not

assume

that

the

source

of

a

return

of

capital

distribution

from

the

Fund

is

net

income

or

profit.

The

following

principal

risks

are

no

longer

included

as

stand-alone

risks

because

they

were

consolidated

into

other

principal

risk

factors

as

indicated

below:

Portfolio

Managers

Nuveen

Real

Asset

Income

and

Growth

Fund

(“JRI”)

Effective

March

31,

2024,

Jay

Rosenberg

is

no

longer

a

portfolio

manager

of

the

Fund.

Effective

May

1,

2024,

Noah

Hauser

was

added

as

portfolio

manager

of

the

Fund.

The

biography

of

Noah

Hauser

is

presented

below:

Noah

serves

as

Head

of

Infrastructure

Investments

for

Nuveen,

overseeing

strategy,

investment

process

and

performance

of

the

firm’s

infrastructure

platform

and

also

serves

as

a

portfolio

manager

for

Nuveen's

public

global

infrastructure

strategies.

Offerings

span

both

the

traditional

public

real

assets

and

responsible

investing-focused

investment

styles.

Previously,

Noah

served

as

a

senior

research

analyst

and

head

of

North

American

utilities.

Prior

to

joining

Nuveen

in

2015,

Noah

worked

at

Xcel

Energy

as

the

director

of

investor

relations.

Previously,

he

was

a

buy-side

investment

analyst

for

an

energy-focused,

relative

value

equity

strategy

at

Decade

Capital

Management,

a

Millennium

Group

company.

In

that

role,

Noah

performed

detailed

analysis

on

regulated

utilities,

independent

power

producers,

pipelines

and

master

limited

partnerships.

He

began

his

career

working

as

a

sell-side

equity

analyst

covering

regulated

utilities

and

power

companies

at

Barclays

Capital

and

Lehman

Brothers.

Noah

began

working

in

the

investment

industry

in

2008.

Stand-Alone

Risk

Removed

Consolidated

Into

the

Following

Risk

Bond

Market

Liquidity

Risk

Debt

Securities

Risk

Downgrade

Risk

Credit

Risk

Exchange-Traded

Funds

(“ETFs”)

Risk

Other

Investment

Companies

Risk

Income

Volatility

Risk

Income

Risk

Infrastructure

and

Real

Estate

Concentration

Risk

Infrastructure

Related

Securities

Risk

Real

Estate

Related

Securities

Risk

Infrastructure

Sector

Risk

Infrastructure

Related

Securities

Risk

Real

Estate

Industry

Concentration

Risk

Real

Estate

Related

Securities

Risk

Rule

144A

Securities

Risk

Illiquid

and

Restricted

Investments

Risk

131

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified  interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Qualified Business

Income

(QBI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

business

income

for

individuals

pursuant

to

Section

199A

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NMAI

$

—

JRI

—

JRS

—

Fund

Percentage

NMAI

33

.0

%

JRI

20

.3

JRS

3

.6

Fund

Percentage

NMAI

75

.4

%

JRI

60

.0

JRS

3

.6

Fund

1/1

to

Current

Year

End

Percentage

NMAI

38

.4

%

JRI

28

.7

JRS

3

.3

132

Important

Tax

Information

(Unaudited)

(continued)

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Percentage

NMAI

4

.8

%

JRI

19

.3

JRS

75

.3

Fund

Percentage

NMAI

50

.6

%

JRI

32

.3

JRS

3

.3

133

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

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

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

*

Serves

as

a

Trustee

to

JRS

and

a

consultant

to

NMAI

and

JRI

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

0

0

0

134

Glossary

of

Terms

Used

in

this

Report

(U

naudited)

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.

135

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Joseph

A.

Boateng

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2019

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

VA-1.

213

Michael

A.

Forrester

1967

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2007

Class

I

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2007–2023).

213

Thomas

J.

Kenny

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2011

Class

I

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–

2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

VA-1.

218

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

218

136

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

218

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

218

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President’s

Council

of

Fordham

University

(2010–2019);

formerly,

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009–2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012–2014);

formerly,

Trustee

and

Chairman

of

the

Board

of

Trustees

of

Marian

University

(2010–2013);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007–2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

218

Loren

M.

Starr

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2022

Class

III

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Chair

of

the

Audit

Committee

(since

2024),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2022–2023).

217

137

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

218

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2008

Class

II

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

Chair

and

Member

of

the

Board

of

Directors

(2021–2024),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010–2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012–2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008–2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004–2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000–2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005–2007),

Northern

Trust

Global

Investments

Board

(2004–2007),

Northern

Trust

Japan

Board

(2004–2007),

Northern

Trust

Securities

Inc.

Board

(2003–

2007)

and

Northern

Trust

Hong

Kong

Board

(1997–2004).

218

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-

2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

218

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

218

138

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

(Principal

Executive

Officer)

2015

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Nuveen

Securities,

LLC

and

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Marc

Cardella

1984

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

(Principal

Financial

Officer)

2024

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC,

Managing

Director

of

Teachers

Insurance

and

Annuity

Association

of

America

and

TIAA

SMA

Strategies

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

139

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

TIAA.

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

Executive

Vice

President,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-C-1224P

4148277-0226

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

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

Nuveen Multi-Asset Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees   Billed to Fund1		Audit-Related Fees  Billed to Fund2		Tax Fees  Billed to Fund3		All Other Fees  Billed to Fund4
December 31, 2024		$42,800		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%
December 31, 2023		$45,000		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and

Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees  Billed to Adviser  and Affiliated Fund  Service Providers		Tax Fees  Billed to Adviser  and Affiliated Fund  Service Providers		All Other Fees  Billed to Adviser  and Affiliated Fund  Service Providers
December 31, 2024		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%
December 31, 2023		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

Fiscal Year Ended	Total Non-Audit Fees  Billed to Fund		Total Non-Audit Fees  Billed to Adviser and  Affiliated Fund Service  Providers (engagements  related directly to the  operations and financial  reporting of the Fund)		Total Non-Audit Fees  Billed to Adviser and  Affiliated Fund Service  Providers (all other  engagements)		Total
December 31, 2024		$0		$0		$0		$0
December 31, 2023		$0		$0		$0		$0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management”), Teachers Advisors LLC (“Teachers Advisors”) and Winslow Capital Management, LLC (“Winslow”), as Sub-Advisers to provide discretionary investment advisory services, respectively (Nuveen Asset Management, Teachers Advisors and Winslow are also collectively referred to as “Sub-Advisers”). As part of these services, the Adviser has also delegated to the Sub-Advisers the full responsibility for proxy voting on securities held in its portfolio and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Advisers’ voting to ensure that it is carrying out its duties. The Sub-Advisers’ proxy voting policies and procedures are attached to this filing as exhibits.

Teachers Advisors LLC (“Teachers Advisors”)

Proxy Voting Guidelines

The Fund has adopted policies and procedures to govern the Fund’s voting of proxies of portfolio companies. The Fund seeks to use proxy voting as a tool to promote positive returns for long-term shareholders. The Fund believes that sound corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of shareholders.

As a general matter, the Fund’s Board has delegated to Teachers Advisors responsibility for voting proxies of the Fund’s portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this filing.

Teachers Advisors has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and TIAA investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the Fund’s shareholders. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, Teachers Advisors may seek guidance from the Fund’s Board or a designated committee thereof.

The Fund and Teachers Advisors believes that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by TIAA’s Board of Trustees or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee, or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) by Teachers Advisors’ legal and compliance professionals.

There could be rare instances in which an individual who has a direct role in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.

A record of all proxy votes cast for the Fund for the 12-month period ended June 30 can be obtained, free of charge, at www.tiaa.org, and on the SEC’s website at www.sec.gov.

Winslow Capital Management, LLC (“Winslow”)

Winslow Capital, pursuant to Rule 206(4)-6 under the Investment Advisers Act of 1940, has adopted Proxy Voting Policies and Procedures pursuant to which it has undertaken to vote all proxies or other beneficial interests in an equity security prudently and solely in the best long-term economic interest of its advisory clients and their beneficiaries, considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote.

Winslow Capital will vote all proxies appurtenant to shares of corporate stock held by a plan or account with respect to which it serves as investment manager, unless the investment management contract expressly precludes Winslow Capital, as investment manager, from voting such proxy.

Winslow Capital has delegated the authority to vote proxies in accordance with its Proxy Voting Policies and Procedures to Institutional Shareholder Services Inc. (“ISS”), a third party proxy-voting agency. Winslow Capital subscribes to ISS’s Implied Consent service feature. As ISS research is completed, the ISS Account Manager executes the ballots as Winslow Capital’s agent according to the vote recommendations and consistent with the applicable ISS Proxy Voting Guidelines. If new material public information becomes available after ISS recommends a vote or ISS finds that a report contains a material error, ISS issues a proxy alert to inform Winslow Capital of any corrections and, if necessary, any resulting changes in the vote recommendations. In casting its vote, Winslow Capital reviews any updated information from ISS.

Winslow Capital retains the ability to override any vote if it disagrees with ISS’s vote recommendation, and always maintains the option to review and amend votes before they are cast, except in the case of a conflict of interest. When there is an apparent conflict of interest, or the appearance of a conflict of interest, e.g., where Winslow Capital may receive fees from a company for advisory or other services at the same time that Winslow Capital has investments in the stock of that company, Winslow Capital will follow the vote recommendation of ISS. Winslow Capital retains documentation of all amended votes.

Although Winslow Capital has affiliates that provide investment advisory, broker-dealer, insurance or other financial services, Winslow Capital does not receive non-public information about the business arrangements of such affiliates (except with regard to major distribution partners of its investment products) or the directors, officers and employees of such affiliates. Therefore, Winslow Capital is unable to consider such information when determining whether there are material conflicts of interests.

Winslow Capital has adopted ISS Proxy Voting Guidelines. While these guidelines are not intended to be all-inclusive, they do provide guidance on the Sub-Adviser’s general voting policies. ISS’s website at http://www.issgovernance.com/policy-gateway/voting-policies provides access to all of the current ISS Proxy Voting Guidelines.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management”), Teachers Advisors LLC (“Teachers Advisors”) and Winslow Capital Management, LLC (“Winslow”), as Sub-Advisers to provide discretionary investment advisory services, respectively (Nuveen Asset Management, Teachers Advisors and Winslow are also collectively referred to as “Sub-Advisers”). The following section provides information on the portfolio managers at Nuveen Asset Management:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Nathan Shetty, CFA, oversees Nuveen’s Multi-Asset team. In addition to managing multi-asset mandates, commingled funds, and model portfolios, the team collaborates with the broader investment platform in developing capital markets views, asset allocation advice, and thought leadership for Nuveen’s clients and broader investment industry. Nathan joined the firm from UBS, where he was global co-head of portfolio management for Investment Solutions. In that role, he oversaw $110 billion of client assets and managed a large team of portfolio managers. Similar to Nuveen, the team delivered customized investment solutions to institutional and wealth management clients around the globe. Prior to that, he launched the Investment Solutions group at Mesirow Financial after having been a senior portfolio manager in the currency group. Prior to that, he was at Pareto Partners. He started in the industry in 2001.

Anurag Dugar is a portfolio manager on Nuveen’s Multi-Asset portfolio management team. He focuses on research and implementation of investment views across asset classes, portfolio construction and portfolio management for multi-asset model portfolios and strategies. Prior to joining Nuveen in July 2017, Anurag worked at BlackRock where his primary responsibilities were portfolio management, multi-asset investment research and construction of model portfolios and investment solutions. At BlackRock, Anurag was the co-portfolio manager for the suite of multi-asset target allocation model portfolios. Anurag also managed the strategic asset allocation model portfolios for BlackRock’s Private Investor’s team. Prior to BlackRock, Anurag worked at Mellon Capital Management as a senior research analyst in the Multi-Asset research group where he researched and developed fixed income models and strategies that were used in Mellon’s Global Fixed Income Hedge Fund and Global Opportunities Hedge Fund.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of     Accounts	Assets*
Nathan Shetty	Registered Investment Company	0	$0
	Other Pooled Investment Vehicles	1	$14.64 million
	Other Accounts	5	$94.81 million
Anurag Dugar	Registered Investment Company	0	$0
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	0	$0

* Assets are as of December 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4) Beneficial Ownership of NMAI Securities

As of December 31, 2024, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager	None	$1-   $10,000	$10,001-   $50,000	$50,001-   $100,000	$100,001-   $500,000	$500,001-   $1,000,000	Over  $1,000,000
Nathan Shetty	X
Anurag Dugar	X

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Change in the registrant’s independent public accountant. Filed herewith.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Multi-Asset Income Fund
Date: March 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer

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

Date: March 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)
Date: March 7, 2025	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)