Nuveen Investment Trust V

03/06/2026 | Press release | Distributed by Public on 03/06/2026 12:56

Annual Report by Investment Company (Form N-CSR)

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 811-21979                                
Nuveen Investment Trust V
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: December 31
Date of reporting period: December 31, 2025
Item 1.
Reports to Stockholders.
    

Annual Shareholder Report  
December 31, 2025  
Nuveen Global Real Estate Securities Fund
Class A Shares/NGJAX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Class A Shares
$136  1.30%
* Annualized for period less than one year.
 
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen Global Real Estate Securities Fund returned 9.13% for Class A Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.
•
Top contributors to relative performance
•
Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.
•
Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.
•
Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.
•
Top detractors from relative performance
•
An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.
•
Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.
•
Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.
1 continued»
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(March 20, 2018 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
1-Year 5-Year Since Inception
(3/20/18)
Class A Shares at NAV (excluding maximum sales charge)
9.13% 3.21% 4.95%
Class A Shares at maximum sales charge (Offering Price)
2.85% 1.99% 4.15%
MSCI ACWI Index (Net)
22.34% 11.19% 10.92%
FTSE EPRA/Nareit Developed Index (Net)
9.58% 2.76% 3.00%
Lipper Global Real Estate Funds Classification Average
7.86% 2.76% 3.85%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
2 continued»
Fund Statistics (as of December 31, 2025)
Fund net assets
$46,303,831
Total number of portfolio holdings
118
Portfolio turnover (%)
90%
Total management fees paid for the year
$  412,863
What did the Fund invest in? (as of December 31, 2025)
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
3 continued»
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
•
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257-8787.
670700665_AR_1225
5093104
4
    

Annual Shareholder Report  
December 31, 2025  
Nuveen Global Real Estate Securities Fund
Class C Shares/NGJCX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Class C Shares
$214  2.05%
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen Global Real Estate Securities Fund returned 8.33% for Class C Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.
•
Top contributors to relative performance
•
Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.
•
Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.
•
Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.
•
Top detractors from relative performance
•
An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.
•
Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.
•
Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.
1 continued»
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(March 20, 2018 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
1-Year 5-Year Since Inception
(3/20/18)
Class C Shares at NAV (excluding maximum sales charge)
8.33% 2.43% 4.16%
MSCI ACWI Index (Net)
22.34% 11.19% 10.92%
FTSE EPRA/Nareit Developed Index (Net)
9.58% 2.76% 3.00%
Lipper Global Real Estate Funds Classification Average
7.86% 2.76% 3.85%
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
2 continued»
Fund Statistics (as of December 31, 2025)
Fund net assets
$46,303,831
Total number of portfolio holdings
118
Portfolio turnover (%)
90%
Total management fees paid for the year
$  412,863
 
What did the Fund invest in? (as of December 31, 2025)
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
3 continued»
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
•
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257-8787.
670700657_AR_1225
5093104
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Annual Shareholder Report  
December 31, 2025  
Nuveen Global Real Estate Securities Fund
Class R6 Shares/NGJFX
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
$97  0.93%
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen Global Real Estate Securities Fund returned 9.59% for Class R6 Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.
•
Top contributors to relative performance
•
Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.
•
Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.
•
Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.
•
Top detractors from relative performance
•
An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.
•
Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.
•
Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.
1 continued»
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(March 20, 2018 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
1-Year 5-Year Since Inception
(3/20/18)
Class R6 Shares at NAV
9.59% 3.55% 5.29%
MSCI ACWI Index (Net)
22.34% 11.19% 10.92%
FTSE EPRA/Nareit Developed Index (Net)
9.58% 2.76% 3.00%
Lipper Global Real Estate Funds Classification Average
7.86% 2.76% 3.85%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
2 continued»
Fund Statistics (as of December 31, 2025)
Fund net assets
$46,303,831
Total number of portfolio holdings
118
Portfolio turnover (%)
90%
Total management fees paid for the year
$  412,863
What did the Fund invest in? (as of December 31, 2025)
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
3 continued»
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
•
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257-8787.
670700632_AR_1225
5093104
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Annual Shareholder Report  
December 31, 2025  
Nuveen Global Real Estate Securities Fund
Class I Shares/NGJIX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Class I Shares
$110  1.05%
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen Global Real Estate Securities Fund returned 9.40% for Class I Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the FTSE EPRA Nareit Developed Index (Net), which returned 9.58%.
•
Top contributors to relative performance
•
Security selection in the health care real estate investment trust (REIT) sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to CareTrust REIT, Inc. and Ventas, Inc.
•
Security selection and an underweight to the apartment sector, led by underweights to Mid-America Apartment Communities, Inc., Essex Property Trust, Inc. and Vonovia SE.
•
Security selection in the mall sector, led by an overweight to Unibail-Rodamco-Westfield SE.
•
Top detractors from relative performance
•
An overweight to the technology infrastructure sector, including out-of-benchmark exposure to Crown Castle Inc.
•
Security selection and an underweight to the diversified real estate sector, including lack of exposure to GPT Group.
•
Security selection in the community center sector, including overweights to Federal Realty Investment Trust and Kimco Realty Corporation.
1 continued»
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(March 20, 2018 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
1-Year 5-Year Since Inception
(3/20/18)
Class I Shares at NAV
9.40% 3.46% 5.20%
MSCI ACWI Index (Net)
22.34% 11.19% 10.92%
FTSE EPRA/Nareit Developed Index (Net)
9.58% 2.76% 3.00%
Lipper Global Real Estate Funds Classification Average
7.86% 2.76% 3.85%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
2 continued»
Fund Statistics (as of December 31, 2025)
Fund net assets
$46,303,831
Total number of portfolio holdings
118
Portfolio turnover (%)
90%
Total management fees paid for the year
$  412,863
What did the Fund invest in? (as of December 31, 2025)
 
 
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
3 continued»
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
•
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257-8787.
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4
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 and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.

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

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

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

Item 4.

Principal Accountant Fees and Services.

Nuveen Investment Trust V

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-auditservices that PwC provided to the Registrant, except for those non-auditservices that were subject to the pre-approvalexception under Rule 2-01of Regulation S-X(the "pre-approvalexception"). The pre-approvalexception for services provided directly to the Registrant waives the pre-approvalrequirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-auditservices 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-approvalresponsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

Fiscal Year Ended Audit Fees
Billed to Registrant1 		Audit-Related Fees
Billed to Registrant2 		Tax Fees
Billed to Registrant3 		All Other Fees
Billed to Registrant4
December 31, 2025 $54,889 $0 $0 $0

Percentage approved pursuant to pre-     

approval exception

0% 0% 0% 0%
December 31, 2024 $55,795 $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 Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2

"Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3

"Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4

"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approvalexception. The pre-approvalexception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approvalrequirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approvedby the Audit Committee; (B) the Registrant did not recognize the services as non-auditservices at the

time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

Fiscal Year Ended Audit-Related Fees
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, 2025 $0 $0 $0
Percentage approved pursuant to pre-approvalexception 0% 0% 0%
December 31, 2024 $0 $0 $0
Percentage approved pursuant to pre-approvalexception   0% 0% 0%

NON-AUDITSERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-auditservices. The Audit Committee is required to pre-approve non-auditservices that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approvalexception described above). The Audit Committee requested and received information from PwC about any non-auditservices rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

Fiscal Year Ended Total Non-Audit Fees
Billed to Registrant 		Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the
Registrant) 		Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) 		Total

December 31, 2025

$0 $0 $11,542,000 $11,542,000

December 31, 2024

$0 $0 $0 $0

"Non-AuditFees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-ApprovalPolicies and Procedures. Generally, the Audit Committee must approve (i) all non-auditservices to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-auditservices to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

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

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6.

Investments.

(a)

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

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

Report of Independent Registered
Public Accounting Firm
1
To the Board of Directors of Nuveen Investment Funds, Inc. and Board of Trustees of Nuveen Investment Trust V and
Shareholders of Nuveen Global Infrastructure Fund, Nuveen Global Real Estate Securities Fund, Nuveen Real Asset
Income Fund and Nuveen Real Estate Securities Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of
Nuveen Global Infrastructure Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund (three
of the funds constituting Nuveen Investment Funds, Inc.) and Nuveen Global Real Estate Securities Fund (one of the
funds constituting Nuveen Investment Trust V) (hereafter collectively referred to as the "Funds") as of December 31,
2025, the related statements of operations for the year ended December 31, 2025 , the statements of changes in net
assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial
highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of
each of the Funds as of December 31, 2025 , the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the
financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting
principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion
on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities
owned as of December 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were
not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide
a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 27, 2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
2
Portfolio of Investments December 31, 2025
Global Infrastructure
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 99.0%
473542528
COMMON STOCKS - 98.7%
AUSTRALIA - 5.1%
805,043
Atlas Arteria Ltd
$
2,618,425
542,919
Cleanaway Waste Management Ltd
936,009
542,155
Dalrymple Bay Infrastructure Ltd
1,810,515
86,968
(a)
NEXTDC Ltd
724,093
2,440,199
Qube Holdings Ltd
7,741,546
1,145,584
Transurban Group
10,841,342
TOTAL AUSTRALIA
24,671,930
BELGIUM - 0.9%
35,292
Elia Group SA/NV
4,541,471
TOTAL BELGIUM
4,541,471
CANADA - 5.5%
119,578
AltaGas Ltd
3,646,016
13,375
Canadian Pacific Kansas City Ltd
984,801
235,193
Enbridge Inc
11,249,281
139,621
Pembina Pipeline Corp
5,319,138
25,093
Rockpoint Gas Storage Inc, Class A
511,897
85,799
TC Energy Corp
4,724,555
TOTAL CANADA
26,435,688
FRANCE - 3.8%
24,978
Aeroports de Paris SA
3,259,522
121,572
Engie SA
3,193,616
305,311
Getlink SE
5,635,747
121,067
Veolia Environnement SA
4,212,825
13,993
Vinci SA
1,968,578
TOTAL FRANCE
18,270,288
GERMANY - 4.1%
600,378
E.ON SE
11,368,109
80,845
(a)
Fraport AG Frankfurt Airport Services Worldwide
6,610,905
29,832
RWE AG
1,580,704
TOTAL GERMANY
19,559,718
INDIA - 0.2%
356,724
Power Grid Corp of India Ltd
1,051,893
TOTAL INDIA
1,051,893
ITALY - 2.9%
1,065,736
Enel SpA
11,080,812
118,015
(b)
Infrastrutture Wireless Italiane SpA
1,092,133
163,677
Terna - Rete Elettrica Nazionale
1,741,310
TOTAL ITALY
13,914,255
JAPAN - 0.4%
171,659
(c)
Tokyo Metro Co Ltd
1,747,384
TOTAL JAPAN
1,747,384
MEXICO - 4.4%
27,294
Grupo Aeroportuario del Centro Norte SAB de CV, ADR
2,968,769
28,440
Grupo Aeroportuario del Pacifico SAB de CV, ADR
7,497,637
33,253
Grupo Aeroportuario del Sureste SAB de CV, ADR
10,754,020
TOTAL MEXICO
21,220,426
NEW ZEALAND - 1.9%
1,469,970
Auckland International Airport Ltd
7,049,972
327,415
Infratil Ltd
2,089,288
TOTAL NEW ZEALAND
9,139,260
PHILIPPINES - 0.7%
328,623
International Container Terminal Services Inc
3,153,553
TOTAL PHILIPPINES
3,153,553
3
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
SINGAPORE - 1.3%
3,026,022
(a)
NTT DC REIT
$
3,083,571
657,812
(c)
Sembcorp Industries Ltd
3,075,017
TOTAL SINGAPORE
6,158,588
SPAIN - 7.2%
599,783
(b)
Aena SME SA
16,758,452
114,651
(b)
Cellnex Telecom SA
3,691,953
552,407
Iberdrola SA
11,961,484
116,347
Redeia Corp SA
2,074,091
TOTAL SPAIN
34,485,980
UNITED KINGDOM - 4.0%
539,161
National Grid PLC
8,269,909
277,846
Pennon Group PLC
1,969,238
101,428
Severn Trent PLC
3,808,730
144,190
SSE PLC
4,227,350
60,365
United Utilities Group PLC
969,850
TOTAL UNITED KINGDOM
19,245,077
UNITED STATES - 56.3%
32,196
Alliant Energy Corp
2,093,062
111,747
Ameren Corp
11,159,055
86,601
American Electric Power Co Inc
9,985,961
5,497
American Water Works Co Inc
717,359
22,136
(a)
Casella Waste Systems Inc, Class A
2,168,000
291,340
CenterPoint Energy Inc
11,169,976
48,653
Cheniere Energy Inc
9,457,657
32,196
CMS Energy Corp
2,251,466
7,105
Constellation Energy Corp
2,509,983
52,564
Crown Castle Inc
4,671,363
157,859
CSX Corp
5,722,389
11,572
Digital Realty Trust Inc
1,790,304
13,564
DT Midstream Inc
1,623,340
303,462
Energy Transfer LP
5,004,088
264,323
Entergy Corp
24,431,375
93,797
Evergy Inc
6,799,345
13,715
Ferrovial SE
888,604
53,610
GFL Environmental Inc
2,302,549
15,132
IDACORP Inc
1,915,106
236,110
Kinder Morgan Inc
6,490,664
296,486
NextEra Energy Inc
23,801,896
353,257
NiSource Inc
14,752,012
10,379
Norfolk Southern Corp
2,996,625
32,048
NRG Energy Inc
5,103,324
114,235
ONEOK Inc
8,396,273
259,140
PG&E Corp
4,164,380
28,693
Republic Services Inc
6,080,907
221,234
Sempra
19,532,750
51,104
Southern Co/The
4,456,269
23,880
Targa Resources Corp
4,405,860
19,343
Union Pacific Corp
4,474,423
23,856
Vistra Corp
3,848,688
20,212
Waste Connections Inc
3,544,376
71,409
Waste Management Inc
15,689,271
215,439
Williams Cos Inc/The
12,950,038
305,961
Xcel Energy Inc
22,598,279
TOTAL UNITED STATES
269,947,017
TOTAL COMMON STOCKS
(Cost $350,275,233)
473,542,528
Portfolio of Investments December 31, 2025
(continued)
Global Infrastructure
4
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
1,517,212
INVESTMENT COMPANIES - 0.3%
301,493
3i Infrastructure PLC
$
1,517,212
TOTAL INVESTMENT COMPANIES
(Cost $1,190,306)
1,517,212
TOTAL LONG-TERM INVESTMENTS
(Cost $351,465,539)
475,059,740
SHARES
DESCRIPTION
Coupon
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5%
2,505,518
(d)
State Street Navigator Securities Lending
Government Money Market Portfolio
3.830%(e)
2,505,518
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $2,505,518)
2,505,518
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.4%
1,925,000
REPURCHASE AGREEMENTS - 0.4%
$
1,925,000
(f)
Fixed Income Clearing Corporation
3.780
01/02/26
1,925,000
TOTAL REPURCHASE AGREEMENTS
(Cost $1,925,000)
1,925,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,925,000)
1,925,000
TOTAL INVESTMENTS (Cost $355,896,057) - 99.9%
479,490,258
OTHER ASSETS & LIABILITIES, NET - 0.1%
644,501
NET ASSETS - 100%
$
480,134,759
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $21,542,538 or 4.5% of Total Investments.
(c)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $2,371,964.
(d)
Investments made with cash collateral received from securities on loan.
(e)
The rate shown is the one-day yield as of the end of the reporting period.
(f)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $1,925,404 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 2/15/41, valued at $1,963,717.
5
Portfolio of Investments December 31, 2025
Global Real Estate Securities
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 99.1%
45874827
COMMON STOCKS - 99.1%
AUSTRALIA - 6.8%
72,265
Goodman Group
$
1,487,081
117,247
Ingenia Communities Group
403,020
10,151
(a)
NEXTDC Ltd
84,517
218,046
Scentre Group
609,523
112,181
Stockland
427,714
69,750
Vicinity Ltd
118,749
TOTAL AUSTRALIA
3,130,604
BELGIUM - 0.7%
1,105
Montea NV
94,888
1,913
VGP NV
220,696
TOTAL BELGIUM
315,584
CANADA - 2.3%
26,653
Chartwell Retirement Residences
390,314
5,894
Dream Industrial Real Estate Investment Trust
54,021
1,589
Granite Real Estate Investment Trust
94,596
27,837
Primaris Real Estate Investment Trust
316,184
13,578
Sienna Senior Living Inc
202,104
TOTAL CANADA
1,057,219
FRANCE - 1.0%
6,929
Carmila SA
138,228
3,001
Unibail-Rodamco-Westfield
326,349
TOTAL FRANCE
464,577
GERMANY - 1.6%
242,100
Sirius Real Estate Ltd
314,264
28,468
TAG Immobilien AG
440,907
TOTAL GERMANY
755,171
HONG KONG - 3.3%
99,642
Hongkong Land Holdings Ltd
692,185
20,416
Link REIT
91,158
40,522
Sun Hung Kai Properties Ltd
493,407
95,494
Swire Properties Ltd
257,876
TOTAL HONG KONG
1,534,626
ITALY - 0.4%
18,766
(b)
Infrastrutture Wireless Italiane SpA
173,664
TOTAL ITALY
173,664
JAPAN - 9.1%
24,850
Arealink Co Ltd
169,175
69
GLP J-REIT
65,591
125
Invincible Investment Corp
51,329
290
KDX Realty Investment Corp
325,483
116
LaSalle Logiport REIT
117,428
11,967
Mitsubishi Estate Co Ltd
290,740
372
Mitsui Fudosan Accommodations Fund Inc
318,958
119,412
Mitsui Fudosan Co Ltd
1,357,030
301
Nippon Prologis REIT Inc
178,282
2,277
Open House Group Co Ltd
133,658
150
Orix JREIT Inc
101,676
209
Star Asia Investment Corp
82,263
29,630
Sumitomo Realty & Development Co Ltd
743,889
226
United Urban Investment Corp
263,575
TOTAL JAPAN
4,199,077
MEXICO - 0.3%
3,978
Corp Inmobiliaria Vesta SAB de CV, ADR
121,289
TOTAL MEXICO
121,289
NETHERLANDS - 0.8%
18,503
CTP NV
387,719
TOTAL NETHERLANDS
387,719
Portfolio of Investments December 31, 2025
(continued)
Global Real Estate Securities
6
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
SINGAPORE - 3.2%
192,346
CapitaLand Ascendas REIT
$
422,886
193,366
CapitaLand Integrated Commercial Trust
358,896
190,564
Frasers Centrepoint Trust
344,996
22,440
Keppel DC REIT
39,240
323,142
(a)
NTT DC REIT
329,287
TOTAL SINGAPORE
1,495,305
SPAIN - 1.7%
15,572
(b)
Cellnex Telecom SA
501,444
19,865
Merlin Properties Socimi SA
289,205
TOTAL SPAIN
790,649
SWEDEN - 2.7%
17,491
Cibus Nordic Real Estate AB publ
279,183
45,895
Dios Fastigheter AB
326,217
86,043
(a)
Fastighets AB Balder
635,110
TOTAL SWEDEN
1,240,510
UNITED KINGDOM - 3.5%
3,669
Big Yellow Group PLC
51,596
8,638
Derwent London PLC
201,519
113,029
LondonMetric Property PLC
288,162
12,955
Safestore Holdings PLC
128,526
19,123
Segro PLC
185,266
237,012
Tritax Big Box REIT PLC
484,320
39,625
UNITE Group PLC/The
298,329
TOTAL UNITED KINGDOM
1,637,718
UNITED STATES - 61.7%
9,553
Acadia Realty Trust
196,219
4,924
Agree Realty Corp
354,676
922
Alexandria Real Estate Equities Inc
45,123
5,216
American Homes 4 Rent, Class A
167,434
3,642
American Tower Corp
639,426
2,512
AvalonBay Communities Inc
455,451
16,060
Brixmor Property Group Inc
421,093
19,908
Broadstone Net Lease Inc
345,802
3,298
Camden Property Trust
363,044
18,940
CareTrust REIT Inc
684,870
1,524
(a)
CBRE Group Inc, Class A
245,044
5,928
COPT Defense Properties
164,798
11,601
Crown Castle Inc
1,030,981
5,241
CubeSmart
188,938
3,273
Curbline Properties Corp
75,966
9,197
Digital Realty Trust Inc
1,422,868
7,969
Douglas Emmett Inc
87,579
4,090
EastGroup Properties Inc
728,593
10,818
Empire State Realty Trust Inc, Class A
70,533
2,979
EPR Properties
148,652
2,383
Equinix Inc
1,825,759
15,234
Equity Residential
960,351
7,738
Essential Properties Realty Trust Inc
229,509
1,796
Essex Property Trust Inc
469,977
5,592
Extra Space Storage Inc
728,190
5,696
First Industrial Realty Trust Inc
326,210
8,492
Four Corners Property Trust Inc
195,826
15,220
Gaming and Leisure Properties Inc
680,182
25,717
GO Residential Real Estate Investment Trust
301,403
7,680
Highwoods Properties Inc
198,298
24,184
Invitation Homes Inc
672,073
11,978
Iron Mountain Inc
993,575
27,423
Kimco Realty Corp
555,864
1,050
Lamar Advertising Co, Class A
132,909
6,474
Lineage Inc
226,590
1,291
LXP Industrial Trust
64,008
7
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
UNITED STATES
(continued)
8,323
Macerich Co/The
$
153,643
484
Marriott International Inc/MD, Class A
150,156
2,872
Mid-America Apartment Communities Inc
398,950
12,531
NETSTREIT Corp
221,047
4,552
NNN REIT Inc
180,396
19,122
Prologis Inc
2,441,115
2,495
Public Storage
647,452
5,214
Realty Income Corp
293,913
4,372
Regency Centers Corp
301,799
4,577
Rexford Industrial Realty Inc
177,221
989
Ryman Hospitality Properties Inc
93,579
16,342
Sabra Health Care REIT Inc
309,517
5,200
Simon Property Group Inc
962,572
5,251
SITE Centers Corp
33,711
6,241
SL Green Realty Corp
286,275
6,576
Smartstop Self Storage REIT Inc
203,461
497
STAG Industrial Inc
18,270
4,165
Sun Communities Inc
516,085
4,750
Sunstone Hotel Investors Inc
42,465
4,214
Urban Edge Properties
80,867
11,560
Ventas Inc
894,513
7,474
Veris Residential Inc
111,213
10,396
VICI Properties Inc
292,336
16,348
Welltower Inc
3,034,352
1,998
Weyerhaeuser Co
47,333
4,367
WP Carey Inc
281,060
TOTAL UNITED STATES
28,571,115
TOTAL COMMON STOCKS
(Cost $39,157,147)
45,874,827
TOTAL LONG-TERM INVESTMENTS
(Cost $39,157,147)
45,874,827
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.8%
375,000
REPURCHASE AGREEMENTS - 0.8%
$
375,000
(c)
Fixed Income Clearing Corporation
3.780
%
01/02/26
375,000
TOTAL REPURCHASE AGREEMENTS
(Cost $375,000)
375,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $375,000)
375,000
TOTAL INVESTMENTS (Cost $39,532,147) - 99.9%
46,249,827
OTHER ASSETS & LIABILITIES, NET - 0.1%
54,004
NET ASSETS - 100%
$
46,303,831
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $675,108 or 1.5% of Total Investments.
(c)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $375,079 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.500% and maturity date 11/30/30, valued at $382,585.
8
Portfolio of Investments December 31, 2025
Real Asset Income
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.4%
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES - 0.1%
-
$
1,000,000
(a),(b)
Arbor Realty Collateralized Loan Obligation Ltd, Series 2025
BTR1, (TSFR1M + 1.925%)
5.659
%
01/20/41
$
1,003,568
TOTAL ASSET-BACKED AND MORTGAGE-BACKED SECURITIES
(Cost $997,594)
1,003,568
SHARES
DESCRIPTION
VALUE
564498782
COMMON STOCKS - 49.1%
564498782
CAPITAL GOODS - 0.4%
31,643
Vinci SA
4,451,634
TOTAL CAPITAL GOODS
4,451,634
ENERGY - 7.5%
245,914
Enbridge Inc
11,762,067
1,049,894
Energy Transfer LP
17,312,753
120,906
Enterprise Products Partners LP
3,876,247
467,674
Kinder Morgan Inc
12,856,358
135,575
MPLX LP
7,235,638
149,892
ONEOK Inc
11,017,062
267,489
(c)
Pembina Pipeline Corp
10,190,521
232,374
Plains All American Pipeline LP
4,173,437
79,497
TC Energy Corp
4,377,533
82,924
Western Midstream Partners LP
3,275,498
TOTAL ENERGY
86,077,114
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 23.8%
214,988
Apple Hospitality REIT Inc
2,547,608
231,944
Armada Hoffler Properties Inc
1,535,469
140,582
Brixmor Property Group Inc
3,686,060
750,736
Broadstone Net Lease Inc
13,040,284
670,104
CapitaLand Ascendas REIT
1,473,271
894,939
CapitaLand Integrated Commercial Trust
1,661,047
193,449
Carmila SA
3,859,147
576,170
Charter Hall Long Wale REIT
1,564,766
562,142
Charter Hall Retail REIT
1,524,674
227,137
Community Healthcare Trust Inc
3,729,590
182,064
Crombie Real Estate Investment Trust
2,025,513
124,628
Crown Castle Inc
11,075,690
245,049
CT Real Estate Investment Trust
2,904,774
119,307
CubeSmart
4,301,017
1,039
Daiwa Securities Living Investments Corp
755,893
66,424
Derwent London PLC
1,549,630
49,362
Douglas Emmett Inc
542,488
600,795
Dream Industrial Real Estate Investment Trust
5,506,540
34,858
EPR Properties
1,739,414
100,729
Equity Residential
6,349,956
11,122
Extra Space Storage Inc
1,448,307
5,926
Federal Realty Investment Trust
597,341
1,247,332
(b)
FIBRA Macquarie Mexico
2,350,242
348,531
Four Corners Property Trust Inc
8,037,125
3,743,376
Frasers Centrepoint Trust
6,776,978
341,546
Gaming and Leisure Properties Inc
15,263,691
36,449
Gecina SA
3,461,657
1,146
GLP J-REIT
1,089,373
178,234
GO Residential Real Estate Investment Trust
2,088,902
21,080
Granite Real Estate Investment Trust
1,254,925
236,771
Highwoods Properties Inc
6,113,427
3,398
Invincible Investment Corp
1,395,319
64,390
Iron Mountain Inc
5,341,150
1,455
Japan Metropolitan Fund Invest
1,151,178
2,949
KDX Realty Investment Corp
3,309,822
152,539
Kimco Realty Corp
3,091,966
9
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
22,980
Lamar Advertising Co, Class A
$
2,908,808
3,596
LaSalle Logiport REIT
3,640,279
4,487,100
Lendlease Global Commercial REIT
2,162,559
4,689
Lineage Inc
164,115
146,743
Link REIT
655,210
3,566,611
LondonMetric Property PLC
9,092,892
167,281
LXP Industrial Trust
8,293,792
884,482
Mapletree Logistics Trust
906,387
50,442
Mid-America Apartment Communities Inc
7,006,898
122,968
Millrose Properties Inc
3,673,054
62,991
Montea NV
5,409,133
260,491
NETSTREIT Corp
4,595,061
57,087
Nexus Industrial REIT
328,576
35,263
NNN REIT Inc
1,397,473
5,170,610
(d)
NTT DC REIT
5,268,945
198,730
Omega Healthcare Investors Inc
8,811,688
770
Orix JREIT Inc
521,939
119,185
Postal Realty Trust Inc, Class A
1,923,646
504,467
Primaris Real Estate Investment Trust
5,729,948
80,088
Realty Income Corp
4,514,561
2,813
Regency Centers Corp
194,181
8,235
Ryman Hospitality Properties Inc
779,196
523,333
Sabra Health Care REIT Inc
9,911,927
573,852
Scentre Group
1,604,138
155,109
Segro PLC
1,502,716
72,410
Simon Property Group Inc
13,403,815
825,504
SITE Centers Corp
5,299,736
59,236
SL Green Realty Corp
2,717,155
110,161
Smartstop Self Storage REIT Inc
3,408,381
6,391
Star Asia Investment Corp
2,515,524
1,609,296
Tritax Big Box REIT PLC
3,288,503
92,651
UDR Inc
3,398,439
490,691
UNITE Group PLC/The
3,694,320
2,700
United Urban Investment Corp
3,148,906
124,584
VICI Properties Inc
3,503,302
1,071,820
Waypoint REIT Ltd
1,820,197
29,073
WP Carey Inc
1,871,138
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
273,210,772
FINANCIAL SERVICES - 0.4%
102,622
Apollo Commercial Real Estate Finance Inc
993,381
48,117
KKR Real Estate Finance Trust Inc
395,522
200,685
Starwood Property Trust Inc
3,614,337
TOTAL FINANCIAL SERVICES
5,003,240
HEALTH CARE EQUIPMENT & SERVICES - 0.9%
711,024
Sienna Senior Living Inc
10,583,382
TOTAL HEALTH CARE EQUIPMENT & SERVICES
10,583,382
MATERIALS - 0.1%
4,017,438
Keppel Infrastructure Trust
1,530,055
TOTAL MATERIALS
1,530,055
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.7%
778,881
Capitaland India Trust
738,639
364,065
Cibus Nordic Real Estate AB publ
5,811,041
491,232
Hongkong Land Holdings Ltd
3,412,451
3,124,095
Sirius Real Estate Ltd
4,055,314
1,835,735
Swire Properties Ltd
4,957,287
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
18,974,732
TELECOMMUNICATION SERVICES - 0.9%
1,208,082
HKT Trust & HKT Ltd
1,788,877
893,686
(b)
Infrastrutture Wireless Italiane SpA
8,270,342
TOTAL TELECOMMUNICATION SERVICES
10,059,219
Portfolio of Investments December 31, 2025
(continued)
Real Asset Income
10
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
TRANSPORTATION - 2.7%
186,526
(b)
Aena SME SA
$
5,211,697
1,535,087
Atlas Arteria Ltd
4,992,914
1,509,827
Dalrymple Bay Infrastructure Ltd
5,042,034
365,149
(b)
Enav SpA
2,017,952
14,991
Grupo Aeroportuario del Pacifico SAB de CV, ADR
3,952,077
25,739
(c)
Grupo Aeroportuario del Sureste SAB de CV, ADR
8,323,993
198,755
Transurban Group
1,880,937
TOTAL TRANSPORTATION
31,421,604
UTILITIES - 10.7%
7,142
American Electric Power Co Inc
823,544
118,527
Capital Power Corp
5,056,104
251,157
CK Infrastructure Holdings Ltd
1,861,131
263,230
Clearway Energy Inc, Class A
8,270,687
134,390
Dominion Energy Inc
7,873,910
13,801
DTE Energy Co
1,780,053
13,467
Duke Energy Corp
1,578,467
304,552
E.ON SE
5,766,668
1,272,842
Enel SpA
13,234,162
165,661
Engie SA
4,351,805
17,773
Entergy Corp
1,642,758
160,081
Evergy Inc
11,604,272
117,010
Exelon Corp
5,100,466
107,060
Iberdrola SA
2,318,212
51,914
Italgas SpA
579,028
833,843
National Grid PLC
12,789,883
104,310
(c)
National Grid PLC, Sponsored ADR
8,068,378
16,895
Northwestern Energy Group Inc
1,090,403
122,595
OGE Energy Corp
5,234,807
745,035
Pennon Group PLC
5,280,446
145,773
Redeia Corp SA
2,598,661
45,245
Severn Trent PLC
1,698,998
619,265
Snam SpA
4,114,935
81,740
Terna - Rete Elettrica Nazionale
869,607
70,960
United Utilities Group PLC
1,140,074
78,426
Veolia Environnement SA
2,729,026
41,578
WEC Energy Group Inc
4,384,816
18,220
Xcel Energy Inc
1,345,729
TOTAL UTILITIES
123,187,030
TOTAL COMMON STOCKS
(Cost $500,592,421)
564,498,782
SHARES
DESCRIPTION
RATE
VALUE
24595171
CONVERTIBLE PREFERRED SECURITIES - 2.1%
24595171
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
26,641
Kimco Realty Corp
7.250
%
1,560,363
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
1,560,363
UTILITIES - 2.0%
17,100
NextEra Energy Inc
4.635
833,625
92,050
NextEra Energy Inc
7.299
4,765,429
76,550
PG&E Corp
6.000
3,138,550
283,900
Southern Co/The
7.125
14,297,204
TOTAL UTILITIES
23,034,808
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $24,426,255)
24,595,171
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
368729297
CORPORATE BONDS - 32.0% (e)
368729297
AUTOMOBILES & COMPONENTS - 0.1%
$
900,000
(b)
Clarios Global LP / Clarios US Finance Co
6.750
02/15/30
939,429
TOTAL AUTOMOBILES & COMPONENTS
939,429
11
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS - 1.2%
$
3,230,000
(b)
Advanced Drainage Systems Inc
6.375
%
06/15/30
$
3,302,904
2,500,000
(b)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
2,609,277
1,000,000
(b)
AmeriTex HoldCo Intermediate LLC
7.625
08/15/33
1,053,654
1,500,000
(b)
Herc Holdings Inc
7.250
06/15/33
1,590,576
1,000,000
(b)
Herc Holdings Inc
5.750
03/15/31
1,014,844
500,000
(b)
Quikrete Holdings Inc
6.750
03/01/33
522,146
750,000
(b)
Terex Corp
6.250
10/15/32
769,463
2,500,000
(b)
United Rentals North America Inc
5.375
11/15/33
2,498,230
TOTAL CAPITAL GOODS
13,361,094
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%
1,500,000
(b)
Asbury Automotive Group Inc
5.000
02/15/32
1,457,697
1,500,000
(b)
Cougar JV Subsidiary LLC
8.000
05/15/32
1,603,606
1,200,000
(b)
Kohl's Corp
10.000
06/01/30
1,321,514
1,715,000
(b)
LCM Investments Holdings II LLC
4.875
05/01/29
1,689,638
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
6,072,455
CONSUMER SERVICES - 1.5%
EUR
600,000
(f),(g)
Accor SA, Reg S
7.250
N/A
772,491
795,000
Choice Hotels International Inc
5.850
08/01/34
810,551
2,975,000
(b)
Churchill Downs Inc
5.750
04/01/30
3,003,974
780,000
(b)
Hilton Domestic Operating Co Inc
5.875
03/15/33
802,453
1,310,000
Hyatt Hotels Corp
5.400
12/15/35
1,312,704
1,250,000
(b)
Light & Wonder International Inc
6.250
10/01/33
1,265,497
1,000,000
(b)
Marriott Ownership Resorts Inc
6.500
10/01/33
959,306
380,000
(b)
Merlin Entertainments Group US Holdings Inc
7.375
02/15/31
338,495
2,000,000
(c)
MGM Resorts International
6.500
04/15/32
2,060,610
500,000
(b),(c)
Motion Bondco DAC
6.625
11/15/27
485,491
1,500,000
(b)
NCL Corp Ltd
5.875
01/15/31
1,494,325
1,385,000
(b)
Six Flags Entertainment Corp / Six Flags Theme Parks Inc
6.625
05/01/32
1,396,653
590,000
(b)
Vail Resorts Inc
5.625
07/15/30
599,594
1,655,000
(b)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6.250
03/15/33
1,692,198
TOTAL CONSUMER SERVICES
16,994,342
ENERGY - 8.9%
2,000,000
(b)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5.750
10/15/33
2,012,078
1,126,000
(b)
Archrock Partners LP / Archrock Partners Finance Corp
6.250
04/01/28
1,132,462
2,575,000
(b)
Archrock Partners LP / Archrock Partners Finance Corp
6.625
09/01/32
2,655,739
1,000,000
Buckeye Partners LP
5.850
11/15/43
937,777
1,500,000
(b)
Buckeye Partners LP
6.875
07/01/29
1,560,318
1,000,000
(b)
CITGO Petroleum Corp
8.375
01/15/29
1,039,824
1,500,000
(b)
CNX Midstream Partners LP
4.750
04/15/30
1,454,171
500,000
(b)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500
06/15/31
494,659
700,000
(b)
CQP Holdco LP / BIP-V Chinook Holdco LLC
7.500
12/15/33
750,028
3,000,000
(b)
DBR Land Holdings LLC
6.250
12/01/30
3,068,640
2,000,000
(b)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7.375
06/30/33
2,040,898
4,182,000
(g)
Enbridge Inc
6.000
01/15/77
4,188,733
3,187,000
(g)
Enbridge Inc
5.500
07/15/77
3,157,944
2,575,000
(g)
Enbridge Inc
7.625
01/15/83
2,794,547
2,836,000
(g)
Enbridge Inc
8.500
01/15/84
3,251,951
2,947,000
(g)
Enbridge Inc
6.250
03/01/78
2,980,446
2,278,000
(a),(c),(g)
Energy Transfer LP (TSFR3M + 3.279%)
7.133
11/01/66
2,286,773
3,801,000
(f),(g)
Energy Transfer LP
7.125
N/A
3,892,045
1,329,000
(f),(g)
Energy Transfer LP
6.500
N/A
1,334,853
975,000
(g)
Energy Transfer LP
8.000
05/15/54
1,040,769
1,444,000
(g)
Energy Transfer LP
7.125
10/01/54
1,481,590
1,998,000
(g)
Energy Transfer LP
6.750
02/15/56
2,005,628
3,166,000
(g)
Enterprise Products Operating LLC
5.250
08/16/77
3,160,581
2,951,000
(g)
Enterprise Products Operating LLC
5.375
02/15/78
2,931,685
CAD
1,060,000
(g)
Gibson Energy Inc
5.250
12/22/80
770,972
2,750,000
(b)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
2,896,509
1,000,000
(b)
Harvest Midstream I LP
7.500
05/15/32
1,042,384
CAD
1,350,000
(g)
Inter Pipeline Ltd/AB
6.625
11/19/79
1,029,966
Portfolio of Investments December 31, 2025
(continued)
Real Asset Income
12
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
CAD
1,380,000
(g)
Keyera Corp
6.875
%
06/13/79
$
1,069,705
CAD
2,123,000
(g)
Keyera Corp
5.950
03/10/81
1,591,782
$
500,000
(b)
Kodiak Gas Services LLC
6.500
10/01/33
510,606
2,580,000
ONEOK Inc
5.050
11/01/34
2,556,962
400,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
396,194
1,326,000
(a),(f),(g)
Plains All American Pipeline LP (TSFR3M + 4.372%)
8.223
N/A
1,329,762
700,000
(b)
Rockies Express Pipeline LLC
4.800
05/15/30
688,406
500,000
(b)
Rockies Express Pipeline LLC
6.750
03/15/33
527,660
1,405,000
(g)
South Bow Canadian Infrastructure Holdings Ltd
7.625
03/01/55
1,464,533
732,000
(g)
South Bow Canadian Infrastructure Holdings Ltd
7.500
03/01/55
782,412
1,860,000
South Bow USA Infrastructure Holdings LLC
5.584
10/01/34
1,878,418
1,500,000
(b)
Sunoco LP
7.250
05/01/32
1,586,004
2,500,000
(b)
Sunoco LP
6.250
07/01/33
2,560,794
1,905,000
(b),(f),(g)
Sunoco LP
7.875
N/A
1,956,959
1,000,000
(b)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6.000
09/01/31
995,324
750,000
Targa Resources Corp
6.150
03/01/29
789,535
1,910,000
Targa Resources Corp
6.125
03/15/33
2,043,084
2,885,000
(g)
TransCanada PipeLines Ltd
7.590
05/15/67
2,551,954
2,274,000
(g)
Transcanada Trust
5.875
08/15/76
2,276,783
572,000
(g)
Transcanada Trust
5.300
03/15/77
571,955
2,275,000
(g)
Transcanada Trust
5.500
09/15/79
2,257,892
2,345,000
(g)
Transcanada Trust
5.600
03/07/82
2,316,097
1,250,000
(b)
TransMontaigne Partners LLC
8.500
06/15/30
1,261,983
570,000
(b)
Transocean International Ltd
7.875
10/15/32
595,309
1,113,095
(b)
Transocean Titan Financing Ltd
8.375
02/01/28
1,136,784
1,550,000
(b)
USA Compression Partners LP / USA Compression Finance
Corp
7.125
03/15/29
1,604,423
7,571,000
(b),(f),(g)
Venture Global LNG Inc
9.000
N/A
5,979,051
1,000,000
(b)
Venture Global LNG Inc
9.875
02/01/32
1,033,072
1,000,000
(b)
Venture Global Plaquemines LNG LLC
6.500
01/15/34
1,024,240
TOTAL ENERGY
102,731,653
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.8%
2,585,000
Agree LP
4.800
10/01/32
2,601,036
1,625,000
American Assets Trust LP
6.150
10/01/34
1,648,371
2,280,000
American Homes 4 Rent LP
5.500
02/01/34
2,354,314
2,000,000
(b)
Diversified Healthcare Trust
7.250
10/15/30
2,044,976
2,390,000
Essex Portfolio LP
5.500
04/01/34
2,475,479
1,640,000
Extra Space Storage LP
5.700
04/01/28
1,694,389
1,820,000
Federal Realty OP LP
5.375
05/01/28
1,865,430
1,065,000
GLP Capital LP / GLP Financing II Inc
6.750
12/01/33
1,157,521
1,270,000
Highwoods Realty LP
5.350
01/15/33
1,269,048
3,270,000
(b)
Iron Mountain Inc
6.250
01/15/33
3,297,359
1,665,000
Kite Realty Group LP
5.500
03/01/34
1,718,372
1,835,000
Kite Realty Group LP
4.000
10/01/26
1,831,923
1,295,000
(b)
Lineage OP LP
5.250
07/15/30
1,306,444
1,270,000
Mid-America Apartments LP
5.300
02/15/32
1,325,706
1,000,000
(b)
Millrose Properties Inc
6.250
09/15/32
1,008,983
1,500,000
(b)
Millrose Properties Inc
6.375
08/01/30
1,534,836
2,665,000
(b)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
2,846,043
930,000
National Health Investors Inc
5.350
02/01/33
928,705
2,615,000
Piedmont Operating Partnership LP
9.250
07/20/28
2,889,388
3,415,000
(b)
RHP Hotel Properties LP / RHP Finance Corp
6.500
04/01/32
3,541,647
810,000
(b)
RHP Hotel Properties LP / RHP Finance Corp
6.500
06/15/33
842,025
760,000
(b)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
729,841
2,260,000
Ventas Realty LP
5.000
01/15/35
2,262,769
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
43,174,605
FINANCIAL SERVICES - 0.9%
1,000,000
(b)
Azorra Finance Ltd
7.750
04/15/30
1,055,919
500,000
(b)
Azorra Finance Ltd
7.250
01/15/31
523,916
750,000
(b)
Freedom Mortgage Holdings LLC
8.375
04/01/32
789,499
505,000
(b)
Freedom Mortgage Holdings LLC
7.875
04/01/33
522,959
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
1,076,000
(g)
HA Sustainable Infrastructure Capital Inc
8.000
%
06/01/56
$
1,124,485
2,700,000
(b)
Hunt Cos Inc
5.250
04/15/29
2,635,635
1,167,000
(g)
National Rural Utilities Cooperative Finance Corp
7.125
09/15/53
1,224,039
2,890,000
(b)
Starwood Property Trust Inc
6.000
04/15/30
2,966,302
TOTAL FINANCIAL SERVICES
10,842,754
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
1,000,000
(b)
CHS/Community Health Systems Inc
5.250
05/15/30
939,193
1,090,000
(b)
Global Medical Response Inc
7.375
10/01/32
1,132,917
625,000
(b)
LifePoint Health Inc
11.000
10/15/30
685,397
1,250,000
(b)
Prime Healthcare Services Inc
9.375
09/01/29
1,312,501
850,000
(b)
Tenet Healthcare Corp
6.000
11/15/33
875,155
TOTAL HEALTH CARE EQUIPMENT & SERVICES
4,945,163
MATERIALS - 0.1%
750,000
(b)
Mineral Resources Ltd
7.000
04/01/31
782,103
TOTAL MATERIALS
782,103
MEDIA & ENTERTAINMENT - 0.4%
1,500,000
(b)
Cablevision Lightpath LLC
5.625
09/15/28
1,466,026
2,000,000
(b),(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4.250
01/15/34
1,700,548
1,370,000
(b)
Directv Financing LLC
8.875
02/01/30
1,386,158
615,000
(b)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5.875
08/15/27
618,610
TOTAL MEDIA & ENTERTAINMENT
5,171,342
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
2,000,000
(c)
Kennedy-Wilson Inc
5.000
03/01/31
1,880,963
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,880,963
TELECOMMUNICATION SERVICES - 1.8%
1,500,000
(b)
Altice France SA
6.500
04/15/32
1,438,023
650,000
(b)
Digicel International Finance Ltd / Difl US LLC
8.625
08/01/32
674,341
600,000
EchoStar Corp
10.750
11/30/29
663,481
1,000,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
1,024,468
1,200,000
(b)
Holdco II SAS
7.000
04/15/32
1,236,784
1,945,000
(b)
Holdco II SAS
8.500
04/15/31
2,093,304
1,000,000
(b)
Level 3 Financing Inc
6.875
06/30/33
1,023,278
850,000
(b)
Level 3 Financing Inc
8.500
01/15/36
870,385
1,000,000
(b)
Level 3 Financing Inc
7.000
03/31/34
1,030,572
500,000
(b)
Lumen Technologies Inc
4.500
01/15/29
462,500
1,810,000
(b)
Sable International Finance Ltd
7.125
10/15/32
1,831,570
1,600,000
(b)
Vmed O2 UK Financing I PLC
6.750
01/15/33
1,585,656
800,000
(b)
Windstream Services LLC
7.500
10/15/33
820,086
1,385,000
(b)
Windstream Services LLC / Windstream Escrow Finance Corp
8.250
10/01/31
1,453,931
2,709,697
(b)
Zayo Group Holdings Inc
9.250
03/09/30
2,574,212
412,218
(b)
Zayo Group Holdings Inc
13.750
09/09/30
378,210
1,934,000
(b)
Zegona Finance PLC
8.625
07/15/29
2,051,359
TOTAL TELECOMMUNICATION SERVICES
21,212,160
TRANSPORTATION - 0.4%
500,000
(b)
Rand Parent LLC
8.500
02/15/30
520,927
1,500,000
(b)
Stonepeak Nile Parent LLC
7.250
03/15/32
1,587,444
1,100,000
(b)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9.500
06/01/28
1,137,709
1,305,000
(b)
XPO Inc
7.125
06/01/31
1,360,710
TOTAL TRANSPORTATION
4,606,790
UTILITIES - 11.8%
1,270,000
AEP Transmission Co LLC
5.150
04/01/34
1,294,751
1,925,000
(b),(g)
AES Andes SA
8.150
06/10/55
2,014,301
3,575,000
(g)
AES Corp/The
7.600
01/15/55
3,640,809
1,501,000
(g)
AES Corp/The
6.950
07/15/55
1,481,966
3,330,000
(g)
Alliant Energy Corp
5.750
04/01/56
3,323,933
1,510,000
(b)
Alpha Generation LLC
6.250
01/15/34
1,523,555
CAD
2,479,000
(g)
AltaGas Ltd
7.350
08/17/82
1,893,417
CAD
1,285,000
(g)
AltaGas Ltd
8.900
11/10/83
1,039,656
4,043,000
(b),(g)
AltaGas Ltd
7.200
10/15/54
4,191,548
2,775,000
(b)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6.375
02/15/32
2,779,576
Portfolio of Investments December 31, 2025
(continued)
Real Asset Income
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
CAD
1,328,000
(g)
Capital Power Corp
7.950
%
09/09/82
$
1,080,841
$
3,000,000
(b)
Clearway Energy Operating LLC
3.750
01/15/32
2,726,779
4,630,000
(g)
CMS Energy Corp
6.500
06/01/55
4,760,890
1,270,000
(b)
ContourGlobal Power Holdings SA
6.750
02/28/30
1,309,510
3,203,000
(g)
Dominion Energy Inc
7.000
06/01/54
3,468,052
8,270,000
(g)
Dominion Energy Inc
6.625
05/15/55
8,521,879
4,911,000
(g)
Duke Energy Corp
6.450
09/01/54
5,154,479
860,000
Duke Energy Progress LLC
5.100
03/15/34
886,105
807,000
(g)
Edison International
8.125
06/15/53
839,701
514,000
(g)
Edison International
7.875
06/15/54
539,573
1,987,000
(b),(f),(g)
Electricite de France SA
9.125
N/A
2,310,790
GBP
1,700,000
(f),(g)
Electricite de France SA, Reg S
5.875
N/A
2,301,415
1,573,000
(g)
Emera Inc
6.750
06/15/76
1,580,200
3,174,000
(g)
Entergy Corp
7.125
12/01/54
3,332,552
1,463,000
(g)
EUSHI Finance Inc
7.625
12/15/54
1,537,978
3,111,000
(g)
Evergy Inc
6.650
06/01/55
3,179,871
4,736,000
(g)
Exelon Corp
6.500
03/15/55
4,928,008
1,975,000
(b)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
1,897,785
1,825,000
Interstate Power and Light Co
5.600
06/29/35
1,899,299
1,879,000
(g)
NextEra Energy Capital Holdings Inc
5.650
05/01/79
1,897,341
1,154,000
(g)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
1,231,994
3,894,000
(g)
NextEra Energy Capital Holdings Inc
6.375
08/15/55
4,019,570
4,844,000
(g)
NiSource Inc
6.950
11/30/54
5,041,645
4,000,000
(b)
NRG Energy Inc
5.750
01/15/34
4,040,680
855,000
OGE Energy Corp
5.450
05/15/29
885,529
2,010,000
(b)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4.500
08/15/28
1,982,430
3,064,000
(g)
PG&E Corp
7.375
03/15/55
3,191,128
1,607,000
(g)
PPL Capital Funding Inc
6.612
03/30/67
1,570,463
2,689,000
(g)
Sempra
6.875
10/01/54
2,766,395
3,097,000
(g)
Sempra
6.550
04/01/55
3,156,890
4,343,000
(g)
Sempra
6.400
10/01/54
4,417,393
1,211,000
(g)
Sempra
6.375
04/01/56
1,236,220
3,436,000
(g)
Southern Co/The
6.375
03/15/55
3,586,087
2,013,000
(g)
Spire Inc
6.450
06/01/56
2,005,223
550,000
(b)
Superior Plus LP / Superior General Partner Inc
4.500
03/15/29
536,887
1,715,000
(b)
Talen Energy Supply LLC
6.250
02/01/34
1,749,152
1,500,000
(b)
Talen Energy Supply LLC
6.500
02/01/36
1,551,135
3,315,000
(b)
TerraForm Power Operating LLC
4.750
01/15/30
3,220,807
1,056,000
(b),(f),(g)
Vistra Corp
8.000
N/A
1,082,550
652,000
(b),(f),(g)
Vistra Corp
7.000
N/A
663,386
4,981,000
(b),(f),(g)
Vistra Corp
8.875
N/A
5,488,021
840,000
(b)
VoltaGrid LLC
7.375
11/01/30
832,226
2,358,000
(g)
WEC Energy Group Inc
5.625
05/15/56
2,372,851
2,000,000
(b)
XPLR Infrastructure Operating Partners LP
7.250
01/15/29
2,049,222
TOTAL UTILITIES
136,014,444
TOTAL CORPORATE BONDS
(Cost $361,007,843)
368,729,297
SHARES
DESCRIPTION
VALUE
INVESTMENT COMPANIES - 0.5%
-
2,662,896
Foresight Environmental Infrastructure Ltd
2,361,859
977,180
Greencoat UK Wind PLC/Funds
1,290,205
1,558,473
Sdcl Efficiency Income Trust PLC
1,100,790
1,265,310
Sequoia Economic Infrastructure Income Fund Ltd
1,345,706
36,421
Starwood European Real Estate Finance Ltd
42,711
TOTAL INVESTMENT COMPANIES
(Cost $7,993,889)
6,141,271
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 1.9%
-
$
1,000,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8.250
%
06/15/35
$
1,004,062
300,000
(a)
BANK 2017-BNK6, Series 2017 BNK6
3.964
07/15/60
286,778
400,000
(a),(b)
BLP Commercial Mortgage Trust, Series 2025 IND2, (TSFR1M
+ 2.050%)
5.800
12/15/42
401,363
250,000
(a),(b)
BMP 2024-MF23, Series 2024 MF23, (TSFR1M + 2.390%)
7.194
06/15/41
251,064
980,000
(a),(b)
BX Commercial Mortgage Trust 2021-21M, Series 2021 21M,
(TSFR1M + 2.285%)
6.607
10/15/36
979,558
1,206,000
(a),(b)
BX Commercial Mortgage Trust 2022-AHP, Series 2022 AHP,
(TSFR1M + 2.090%)
5.840
01/17/39
1,205,553
1,113,571
(a),(b)
BX Trust 2021-SDMF, Series 2021 SDMF, (TSFR1M + 1.701%)
2.911
09/15/34
1,110,004
1,000,000
(a),(b)
BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)
8.036
06/15/36
1,000,004
500,000
(a),(b)
BX Trust 2022-LBA6, Series 2022 LBA6, (TSFR1M + 2.000%)
4.845
01/15/39
500,026
598,177
(a),(b)
BX Trust 2024-FNX, Series 2024 FNX, (TSFR1M + 2.291%)
6.603
11/15/41
600,800
887,680
(a),(b)
BX Trust 2025-LUNR, Series 2025 LUNR, (TSFR1M + 2.000%)
5.750
06/15/40
892,169
200,000
(a),(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.767
06/10/47
93,538
1,000,000
(a),(b)
DBGS 2024-SBL, Series 2024 SBL, (TSFR1M + 2.740%)
7.062
08/15/34
1,002,163
1,000,000
(a),(b)
GSAT Trust 2025-BMF, Series 2025 BMF, (TSFR1M + 2.500%)
6.250
07/15/40
1,000,447
1,000,000
(a),(b)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
6.508
07/13/42
1,026,791
1,000,000
(a),(b)
IP 2025-IP Mortgage Trust, Series 2025 IP
5.831
06/10/42
1,019,781
758,190
(a),(b)
LBA Trust 2024-7IND, Series 2024 7IND, (TSFR1M + 2.641%)
6.391
10/15/41
760,991
650,000
(a),(b)
MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025
MHIL2, (TSFR1M + 2.650%)
6.400
09/15/40
651,718
1,000,000
(a),(b)
MILE Trust 2025-STNE, Series 2025 STNE, (TSFR1M + 1.700%)
5.450
07/15/42
1,002,323
300,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 2.394%)
3.673
03/15/39
300,631
1,300,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 4.329%)
8.080
07/15/36
907,022
400,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 2.829%)
6.580
07/15/36
326,929
1,000,000
(a),(b)
SCG Commercial Mortgage Trust 2025-FLWR, Series 2025
FLWR, (TSFR1M + 1.750%)
5.500
08/15/42
1,002,982
1,000,000
(a),(b)
SYCA Commercial Mortgage Trust 2025-WAG, Series 2025
WAG
6.806
11/10/30
1,006,651
1,050,000
(a),(b)
WCORE Commercial Mortgage Trust 2024-CORE, Series 2024
CORE, (TSFR1M + 2.241%)
5.991
11/15/41
1,057,098
1,000,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series
2025 AGLN, (TSFR1M + 2.292%)
6.042
07/15/37
1,001,641
600,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-AURA, Series
2025 AURA, (TSFR1M + 2.292%)
6.042
10/15/42
599,721
535,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series
2025 B33RP, (TSFR1M + 2.500%)
6.850
08/15/42
535,247
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $21,995,066)
21,527,055
SHARES
DESCRIPTION
RATE
VALUE
118865403
PREFERRED STOCK - 10.3%
118865403
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 7.5%
309,301
Agree Realty Corp
4.250
5,295,233
107,375
Alpine Income Property Trust Inc
0.000
2,669,342
155,477
American Homes 4 Rent
5.875
3,589,964
87,565
American Homes 4 Rent
6.250
2,128,705
124,131
Armada Hoffler Properties Inc
6.750
2,622,888
79,759
DiamondRock Hospitality Co
8.250
1,993,975
159,795
Digital Realty Trust Inc
5.250
3,309,354
144,462
Digital Realty Trust Inc
5.850
3,448,308
164,970
Digital Realty Trust Inc
5.200
3,376,936
153,547
Federal Realty Investment Trust
5.000
3,086,295
172,590
Kimco Realty Corp
5.250
3,563,984
125,852
Kimco Realty Corp
5.125
2,542,210
16,486
LXP Industrial Trust
6.500
776,491
4,704
Mid-America Apartment Communities Inc
8.500
251,664
Portfolio of Investments December 31, 2025
(continued)
Real Asset Income
16
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
158,753
National Storage Affiliates Trust
6.000
%
$
3,341,751
84,312
Pebblebrook Hotel Trust
6.375
1,576,634
124,599
Pebblebrook Hotel Trust
6.300
2,373,611
101,354
Pebblebrook Hotel Trust
5.700
1,791,939
67,287
Public Storage
4.125
1,102,834
54,195
Public Storage
4.000
862,242
45,837
Public Storage
4.100
745,310
28,481
Public Storage
5.050
574,177
71,720
Public Storage
4.875
1,384,913
23,748
Public Storage
4.700
443,138
69,361
Public Storage
4.750
1,317,859
63,214
Public Storage
4.625
1,169,459
54,552
Public Storage
4.000
870,650
135,428
Regency Centers Corp
5.875
3,056,610
153,061
Regency Centers Corp
6.250
3,606,117
76,309
Rexford Industrial Realty Inc
5.875
1,753,581
182,003
Rexford Industrial Realty Inc
5.625
3,898,504
21,577
RLJ Lodging Trust
1.950
537,267
40,732
Summit Hotel Properties Inc
5.875
737,249
74,470
Summit Hotel Properties Inc
6.250
1,347,907
78,370
Sunstone Hotel Investors Inc
6.125
1,563,482
100,413
Sunstone Hotel Investors Inc
5.700
1,936,967
35,129
UMH Properties Inc
6.375
766,515
172,273
Vornado Realty Trust
5.400
3,044,064
148,116
Vornado Realty Trust
5.250
2,503,160
215,319
Vornado Realty Trust
4.450
3,068,296
171,808
Vornado Realty Trust
5.250
2,912,146
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
86,941,731
FINANCIAL SERVICES - 0.1%
49,287
Brookfield Finance Inc
4.625
811,264
TOTAL FINANCIAL SERVICES
811,264
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
50,559
(c)
Brookfield Property Partners LP
6.500
738,161
20,831
Brookfield Property Partners LP
6.375
297,467
66,459
Brookfield Property Partners LP
5.750
883,905
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,919,533
UTILITIES - 2.5%
49,883
BIP Bermuda Holdings I Ltd
5.125
824,566
81,264
Brookfield BRP Holdings Canada Inc
4.625
1,249,840
26,883
Brookfield Infrastructure Finance ULC
5.000
437,924
126,274
Brookfield Infrastructure Partners LP
5.125
2,115,089
41,025
(c)
Brookfield Infrastructure Partners LP
5.000
671,989
147,550
Brookfield Renewable Partners LP
5.250
2,692,787
23,707
CMS Energy Corp
5.625
520,606
39,358
CMS Energy Corp
5.875
911,138
39,380
CMS Energy Corp
5.875
891,957
33,686
DTE Energy Co
5.250
712,122
32,405
DTE Energy Co
4.375
552,505
33,080
DTE Energy Co
4.375
567,984
99,697
DTE Energy Co
6.250
2,481,458
74,268
Duke Energy Corp
5.625
1,826,993
88,178
Duke Energy Corp
5.750
2,201,805
57,922
Georgia Power Co
5.000
1,297,453
44,931
SCE Trust VII
7.500
1,135,856
40,585
SCE Trust VIII
6.950
964,705
26,675
Southern Co/The
4.200
473,215
76,650
Southern Co/The
6.500
1,946,910
31,714
Southern Co/The
4.950
641,891
34,881
Southern Co/The
5.250
753,778
17
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
UTILITIES
(continued)
133,025
Xcel Energy Inc
6.250
%
$
3,320,304
TOTAL UTILITIES
29,192,875
TOTAL PREFERRED STOCK
(Cost $134,999,100)
118,865,403
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
26936489
VARIABLE RATE SENIOR LOAN INTERESTS - 2.4%
26936489
AUTOMOBILES & COMPONENTS - 0.1%
$
1,396,500
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.466
01/28/32
1,405,444
TOTAL AUTOMOBILES & COMPONENTS
1,405,444
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
2,135,000
(a)
Wash Multifamily Parent Inc, Term Loan B, (TSFR1M + 3.250%)
6.966
09/10/32
2,155,902
2,017,703
(a)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6.581
03/27/28
2,025,693
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
4,181,595
CONSUMER SERVICES - 0.2%
1,899,948
(a)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5.966
02/06/30
1,889,973
TOTAL CONSUMER SERVICES
1,889,973
MEDIA & ENTERTAINMENT - 0.5%
2,970,000
(a)
Charter Communications Operating, LLC, Term Loan B5,
(TSFR3M + 2.250%)
6.235
12/15/31
2,975,569
2,000,000
(a)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.500%)
6.691
02/17/32
2,009,610
498,737
(a),(h)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TBD)
TBD
TBD
455,098
TOTAL MEDIA & ENTERTAINMENT
5,440,277
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
1,301,645
(a)
Hill Top Energy Center LLC, Term Loan B, (TSFR3M + 3.250%)
6.922
06/28/32
1,315,748
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,315,748
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
750,000
(a)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
8.466
12/17/29
752,385
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
752,385
TELECOMMUNICATION SERVICES - 0.2%
500,000
(a)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR3M +
4.250%)
7.947
04/03/31
437,032
464,000
(a)
GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M +
3.750%)
7.581
04/28/28
425,430
984,812
(a)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.181
04/15/30
980,730
500,000
(a)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6.834
12/07/26
395,445
TOTAL TELECOMMUNICATION SERVICES
2,238,637
TRANSPORTATION - 0.4%
1,212,719
(a)
Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M +
1.750%)
5.422
04/10/31
1,214,035
2,985,000
(a)
NA Rail HoldCo. LLC, Term Loan B, (TSFR3M + 3.000%)
6.738
03/08/32
3,014,850
TOTAL TRANSPORTATION
4,228,885
UTILITIES - 0.5%
2,500,000
(a)
Calpine Corporation, Term Loan B10, (TSFR1M + 1.750%)
5.466
01/31/31
2,502,637
992,500
(a)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8.172
02/19/32
984,436
1,984,061
(a)
Vistra Operations Company LLC, First Lien Term Loan B3,
(TSFR1M + 1.750%)
5.466
12/20/30
1,996,472
TOTAL UTILITIES
5,483,545
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $26,873,246)
26,936,489
TOTAL LONG-TERM INVESTMENTS
(Cost $1,078,885,414)
1,132,297,036
Portfolio of Investments December 31, 2025
(continued)
Real Asset Income
18
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.4%
16,030,145
(i)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.830%(j)
$
16,030,145
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $16,030,145)
16,030,145
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.6%
7,275,000
REPURCHASE AGREEMENTS - 0.6%
7,275,000
$
7,275,000
(k)
Fixed Income Clearing Corporation
3.780
01/02/26
7,275,000
TOTAL REPURCHASE AGREEMENTS
(Cost $7,275,000)
7,275,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,275,000)
7,275,000
TOTAL INVESTMENTS - 100.4%
(Cost $1,102,190,559)
1,155,602,181
OTHER ASSETS & LIABILITIES, NET - (0.4)%
(4,778,053)
NET ASSETS - 100%
$
1,150,824,128
ADR
American Depositary Receipt
CAD
Canadian Dollar
EUR
Euro
GBP
Pound Sterling
PIK
Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering
those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the
registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are
made outside the United States.
REIT
Real Estate Investment Trust
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
(a)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $216,739,700 or 18.8% of Total Investments.
(c)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $14,942,717.
(d)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(e)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(f)
Perpetual security. Maturity date is not applicable.
(g)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
14.6% of Total Investments.
(h)
When-issued or delayed delivery security.
(i)
Investments made with cash collateral received from securities on loan.
(j)
The rate shown is the one-day yield as of the end of the reporting period.
(k)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $7,276,528 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $7,420,564.
19
See Notes to Financial Statements
Investments in Derivatives
Futures Contracts - Short
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury Ultra 10-Year Note
(105)
3/26
$
(12,113,962)
$
(12,076,641)
$
37,321
20
Portfolio of Investments December 31, 2025
Real Estate Securities
See Notes to Financial Statements
g
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 98.6%
749629907
COMMON STOCKS - 98.6%
749629907
DATA CENTER REITS - 11.2%
245,520
Digital Realty Trust Inc
$
37,984,399
61,358
Equinix Inc
47,010,045
TOTAL DATA CENTER REITS
84,994,444
DIVERSIFIED REITS - 2.9%
517,273
Broadstone Net Lease Inc
8,985,032
201,180
Essential Properties Realty Trust Inc
5,966,999
112,731
WP Carey Inc
7,255,367
TOTAL DIVERSIFIED REITS
22,207,398
HEALTH CARE FACILITIES - 1.4%
745,828
Chartwell Retirement Residences
10,922,111
TOTAL HEALTH CARE FACILITIES
10,922,111
HEALTH CARE REITS - 16.2%
24,151
Alexandria Real Estate Equities Inc
1,181,950
490,712
CareTrust REIT Inc
17,744,146
424,306
Sabra Health Care REIT Inc
8,036,356
302,249
Ventas Inc
23,388,028
393,591
Welltower Inc
73,054,425
TOTAL HEALTH CARE REITS
123,404,905
HOTEL & RESORT REITS - 0.5%
26,214
Ryman Hospitality Properties Inc
2,480,368
126,387
Sunstone Hotel Investors Inc
1,129,900
TOTAL HOTEL & RESORT REITS
3,610,268
HOTELS, RESORTS & CRUISE LINES - 0.5%
12,589
Marriott International Inc/MD, Class A
3,905,611
TOTAL HOTELS, RESORTS & CRUISE LINES
3,905,611
INDUSTRIAL REITS - 13.8%
107,288
EastGroup Properties Inc
19,112,284
149,824
First Industrial Realty Trust Inc
8,580,421
172,563
Lineage Inc
6,039,705
34,376
LXP Industrial Trust
1,704,362
503,184
Prologis Inc
64,236,469
118,376
Rexford Industrial Realty Inc
4,583,519
13,192
STAG Industrial Inc
484,938
TOTAL INDUSTRIAL REITS
104,741,698
MULTI-FAMILY RESIDENTIAL REITS - 9.9%
65,943
AvalonBay Communities Inc
11,956,126
87,763
Camden Property Trust
9,660,951
396,707
Equity Residential
25,008,409
46,541
Essex Property Trust Inc
12,178,849
256,111
GO Residential Real Estate Investment Trust
3,001,621
75,992
Mid-America Apartment Communities Inc
10,556,049
195,639
Veris Residential Inc
2,911,108
TOTAL MULTI-FAMILY RESIDENTIAL REITS
75,273,113
OFFICE REITS - 2.8%
153,945
COPT Defense Properties
4,279,671
207,649
Douglas Emmett Inc
2,282,062
282,027
Empire State Realty Trust Inc, Class A
1,838,816
198,755
Highwoods Properties Inc
5,131,854
163,532
SL Green Realty Corp
7,501,213
TOTAL OFFICE REITS
21,033,616
OTHER SPECIALIZED REITS - 8.5%
79,021
EPR Properties
3,943,148
225,538
Four Corners Property Trust Inc
5,200,906
406,365
Gaming and Leisure Properties Inc
18,160,452
310,895
Iron Mountain Inc
25,788,740
27,488
Lamar Advertising Co, Class A
3,479,431
21
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
OTHER SPECIALIZED REITS
(continued)
274,056
VICI Properties Inc
$
7,706,455
TOTAL OTHER SPECIALIZED REITS
64,279,132
REAL ESTATE SERVICES - 0.8%
39,496
(a)
CBRE Group Inc, Class A
6,350,562
TOTAL REAL ESTATE SERVICES
6,350,562
RETAIL REITS - 13.3%
267,385
Acadia Realty Trust
5,492,088
130,011
Agree Realty Corp
9,364,692
418,095
Brixmor Property Group Inc
10,962,451
87,296
Curbline Properties Corp
2,026,140
726,885
Kimco Realty Corp
14,733,959
212,499
Macerich Co/The
3,922,731
327,065
NETSTREIT Corp
5,769,427
119,606
NNN REIT Inc
4,739,986
137,545
Realty Income Corp
7,753,412
114,134
Regency Centers Corp
7,878,670
139,510
Simon Property Group Inc
25,824,696
133,353
SITE Centers Corp
856,126
109,367
Urban Edge Properties
2,098,753
TOTAL RETAIL REITS
101,423,131
SELF-STORAGE REITS - 6.1%
135,582
CubeSmart
4,887,731
146,902
Extra Space Storage Inc
19,129,579
65,136
Public Storage
16,902,792
172,298
Smartstop Self Storage REIT Inc
5,330,900
TOTAL SELF-STORAGE REITS
46,251,002
SINGLE-FAMILY RESIDENTIAL REITS - 4.7%
137,778
American Homes 4 Rent, Class A
4,422,674
627,680
Invitation Homes Inc
17,443,227
110,174
Sun Communities Inc
13,651,660
TOTAL SINGLE-FAMILY RESIDENTIAL REITS
35,517,561
TELECOM TOWER REITS - 5.8%
107,257
American Tower Corp
18,831,112
288,720
Crown Castle Inc
25,658,546
TOTAL TELECOM TOWER REITS
44,489,658
TIMBER REITS - 0.2%
51,739
Weyerhaeuser Co
1,225,697
TOTAL TIMBER REITS
1,225,697
TOTAL COMMON STOCKS
(Cost $533,936,904)
749,629,907
TOTAL LONG-TERM INVESTMENTS
(Cost $533,936,904)
749,629,907
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.4%
3,000,000
REPURCHASE AGREEMENTS - 0.4%
3,000,000
$
3,000,000
(b)
Fixed Income Clearing Corporation
3.780
%
01/02/26
3,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost $3,000,000)
3,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,000,000)
3,000,000
TOTAL INVESTMENTS - 99.0%
(Cost $536,936,904)
752,629,907
OTHER ASSETS & LIABILITIES, NET - 1.0%
7,848,080
NET ASSETS - 100%
$
760,477,987
Portfolio of Investments December 31, 2025
(continued)
Real Estate Securities
22
See Notes to Financial Statements
REIT
Real Estate Investment Trust
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $3,000,630 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $3,060,051.
Statement of Assets and Liabilities
See Notes to Financial Statements
23
December 31, 2025
Global
Infrastructure
Global Real
Estate Securities
Real Asset
Income
Real Estate
Securities
ASSETS
Long-term investments, at value
†‡
$
475,059,740‌
$
45,874,827‌
$
1,132,297,036‌
$
749,629,907‌
Investments purchased with collateral from securities lending, at value (cost approximates
value)
2,505,518‌
-‌
16,030,145‌
-‌
Short-term investments, at value
◊
1,925,000‌
375,000‌
7,275,000‌
3,000,000‌
Cash
75,112‌
20,032‌
4,875,238‌
97,897‌
Cash denominated in foreign currencies
^
632,324‌
3,292‌
50,779‌
68,256‌
Cash collateral at broker for investments in futures contracts
(1)
-‌
-‌
267,761‌
-‌
Receivables:
Dividends
900,704‌
160,478‌
2,538,850‌
2,986,486‌
Interest
202‌
39‌
6,575,551‌
315‌
Investments sold
1,397,867‌
48,320‌
902,475‌
8,894,779‌
Reclaims
212,688‌
16,606‌
645,435‌
22,435‌
Reimbursement from Adviser
96,770‌
33,678‌
156,346‌
364,470‌
Shares sold
2,387,589‌
-‌
1,098,232‌
449,873‌
Variation margin on futures contracts
-‌
-‌
19,688‌
-‌
Other
77,706‌
11,964‌
108,871‌
184,204‌
Total assets
485,271,220‌
46,544,236‌
1,172,841,407‌
765,698,622‌
LIABILITIES
Payables:
Management fees
370,700‌
35,777‌
708,263‌
527,979‌
Collateral from securities lending
2,505,518‌
-‌
16,030,145‌
-‌
Dividends
-‌
-‌
241,447‌
-‌
Capital gain taxes
64,523‌
-‌
-‌
-‌
Interest
88‌
9‌
212‌
178‌
Investments purchased - regular settlement
717,977‌
67,040‌
1,636,541‌
1,775,429‌
Investments purchased - when-issued/delayed-delivery settlement
-‌
-‌
458,838‌
-‌
Shares redeemed
1,137,552‌
180‌
2,123,064‌
2,244,554‌
Accrued expenses:
Custodian fees
169,304‌
114,669‌
285,391‌
91,062‌
Directors/Trustees fees
27,862‌
972‌
60,790‌
153,967‌
Professional fees
8,174‌
5,909‌
25,489‌
21,051‌
Shareholder reporting expenses
15,155‌
13,804‌
181,556‌
50,624‌
Shareholder servicing agent fees
103,660‌
1,754‌
209,695‌
335,152‌
12b-1 distribution and service fees
15,948‌
226‌
46,526‌
20,639‌
Other
-‌
65‌
9,322‌
-‌
Total liabilities
5,136,461‌
240,405‌
22,017,279‌
5,220,635‌
Net assets
$
480,134,759‌
$
46,303,831‌
$
1,150,824,128‌
$
760,477,987‌
NET ASSETS CONSIST OF:
Paid-in capital
$
355,243,995‌
$
44,736,332‌
$
1,358,354,598‌
$
548,897,159‌
Total distributable earnings (loss)
124,890,764‌
1,567,499‌
(
207,530,470‌
)
211,580,828‌
Net assets
$
480,134,759‌
$
46,303,831‌
$
1,150,824,128‌
$
760,477,987‌
†
Long-term investments, cost
$
351,465,539‌
$
39,157,147‌
$
1,078,885,414‌
$
533,936,904‌
◊
Short-term investments, cost
$
1,925,000‌
$
375,000‌
$
7,275,000‌
$
3,000,000‌
‡ Includes securities loaned of
$
2,371,964‌
$
-‌
$
14,942,717‌
$
-‌
^
Cash denominated in foreign currencies, cost
$
633,135‌
$
3,293‌
$
51,115‌
$
68,169‌
(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
24
Global
Infrastructure
Global Real
Estate Securities
Real Asset
Income
Real Estate
Securities
CLASS A:
Net assets
$
51,753,080‌
$
790,670‌
$
130,389,512‌
$
90,384,787‌
Shares outstanding
4,286,062‌
41,415‌
5,863,156‌
6,407,115‌
Net asset value ("NAV") per share
$
12.07‌
$
19.09‌
$
22.24‌
$
14.11‌
Maximum sales charge
5.75%
5.75%
5.75%
5.75%
Offering price per share (NAV per share plus maximum sales charge)
$
12.81‌
$
20.25‌
$
23.60‌
$
14.97‌
CLASS C:
Net assets
$
5,811,307‌
$
68,024‌
$
21,613,884‌
$
1,351,656‌
Shares outstanding
491,288‌
3,566‌
971,407‌
100,658‌
NAV and offering price per share
$
11.83‌
$
19.08‌
$
22.25‌
$
13.43‌
CLASS R6:
Net assets
$
97,173,330‌
$
41,751,389‌
$
232,249,371‌
$
227,639,265‌
Shares outstanding
8,060,682‌
2,187,651‌
10,376,020‌
15,418,867‌
NAV and offering price per share
$
12.06‌
$
19.09‌
$
22.38‌
$
14.76‌
CLASS I:
Net assets
$
325,397,042‌
$
3,693,748‌
$
766,571,361‌
$
441,102,279‌
Shares outstanding
27,072,696‌
193,590‌
34,460,344‌
30,460,653‌
NAV and offering price per share
$
12.02‌
$
19.08‌
$
22.25‌
$
14.48‌
Authorized shares - per class
2 billion
Unlimited
2 billion
2 billion
Par value per share
$
0.0001
$
0.01
$
0.0001
$
0.0001
Statement of Operations
See Notes to Financial Statements
25
Year Ended December 31, 2025
Global
Infrastructure
Global Real Estate
Securities
Real Asset Income
Real Estate
Securities
INVESTMENT INCOME
Affiliated income
$
287,707‌
$
47,814‌
$
769,716‌
$
1,187,288‌
Dividends
16,109,132‌
1,494,622‌
36,705,993‌
27,866,717‌
Interest
226,420‌
18,295‌
28,429,378‌
376,428‌
Securities lending income, net
12,075‌
234‌
139,020‌
-‌
Tax withheld
(76,529‌)
(58,433‌)
(1,313,057‌)
(27,376‌)
Total investment income
16,558,805‌
1,502,532‌
64,731,050‌
29,403,057‌
EXPENSES
-
-
-
-
Management fees
4,209,030‌
412,863‌
8,123,617‌
7,135,019‌
12b-1 service fees - Class A
125,565‌
2,043‌
332,147‌
247,257‌
12b-1 distribution and service fees - Class C
60,993‌
664‌
280,688‌
18,608‌
Shareholder servicing agent fees - Class A
41,487‌
983‌
155,621‌
217,827‌
Shareholder servicing agent fees - Class C
5,045‌
80‌
33,030‌
4,103‌
Shareholder servicing agent fees - Class R6
8,085‌
2,544‌
34,878‌
22,778‌
Shareholder servicing agent fees - Class I
267,044‌
4,556‌
854,033‌
1,216,953‌
Interest expense
731‌
42‌
4,845‌
1,676‌
Directors/Trustees fees
16,156‌
1,585‌
39,135‌
31,089‌
Custodian expenses
134,128‌
95,154‌
238,903‌
92,207‌
Registration fees
67,918‌
65,503‌
106,395‌
75,081‌
Professional fees
184,547‌
79,753‌
190,547‌
80,272‌
Shareholder reporting expenses
33,486‌
26,988‌
291,749‌
153,817‌
Other
53,969‌
11,958‌
11,245‌
10,241‌
Total expenses before fee waiver/expense reimbursement
5,208,184‌
704,716‌
10,696,833‌
9,306,928‌
Fee waiver/expense reimbursement
(573,339‌)
(272,030‌)
(193,485‌)
(1,127,077‌)
Net expenses
4,634,845‌
432,686‌
10,503,348‌
8,179,851‌
Net investment income (loss)
11,923,960‌
1,069,846‌
54,227,702‌
21,223,206‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
45,766,622‌
291,913‌
22,502,706‌
55,978,606‌
Futures contracts
-‌
-‌
356,760‌
-‌
Foreign currency transactions
75,400‌
4,581‌
351,575‌
1,511‌
Net realized gain (loss)
45,842,022‌
296,494‌
23,211,041‌
55,980,117‌
Change in unrealized appreciation (depreciation) on:
Investments **
18,860,047‌
2,758,044‌
44,115,254‌
(54,518,128‌)
Futures contracts
-‌
-‌
(703,240‌)
-‌
Foreign currency translations
33,814‌
13,274‌
207,270‌
(86‌)
Net change in unrealized appreciation (depreciation)
18,893,861‌
2,771,318‌
43,619,284‌
(54,518,214‌)
Net realized and unrealized gain (loss)
64,735,883‌
3,067,812‌
66,830,325‌
1,461,903‌
Net increase (decrease) in net assets from operations
$
76,659,843‌
$
4,137,658‌
$
121,058,027‌
$
22,685,109‌
**
Net of change in foreign capital gains tax
$
34,540‌
$
-‌
$
-‌
$
-‌
Statement of Changes in Net Assets
See Notes to Financial Statements
26
Global Infrastructure
Global Real Estate Securities
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
OPERATIONS
Net investment income (loss)
$
11,923,960‌
$
11,636,809‌
$
1,069,846‌
$
896,213‌
Net realized gain (loss)
45,842,022‌
31,530,956‌
296,494‌
951,309‌
Net change in unrealized appreciation (depreciation)
18,893,861‌
6,085,588‌
2,771,318‌
(1,503,311‌)
Net increase (decrease) in net assets from operations
76,659,843‌
49,253,353‌
4,137,658‌
344,211‌
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(4,813,929‌)
(3,257,073‌)
(24,350‌)
(23,292‌)
Class C
(513,884‌)
(416,631‌)
(1,508‌)
(1,177‌)
Class R6
(9,546,461‌)
(5,833,578‌)
(1,383,831‌)
(1,306,482‌)
Class I
(32,130,250‌)
(24,931,069‌)
(126,023‌)
(83,874‌)
Return of Capital:
Class A
-‌
-‌
-‌
(348‌)
Class C
-‌
-‌
-‌
(22‌)
Class R6
-‌
-‌
-‌
(17,497‌)
Class I
-‌
-‌
-‌
(1,095‌)
Total distributions
(47,004,524‌)
(34,438,351‌)
(1,535,712‌)
(1,433,787‌)
FUND SHARE TRANSACTIONS
Subscriptions
107,788,062‌
58,571,072‌
2,574,407‌
1,234,328‌
Reinvestments of distributions
36,579,271‌
24,728,866‌
176,133‌
126,227‌
Redemptions
(157,149,589‌)
(109,408,532‌)
(1,665,092‌)
(689,362‌)
Net increase (decrease) from Fund share transactions
(12,782,256‌)
(26,108,594‌)
1,085,448‌
671,193‌
Net increase (decrease) in net assets
16,873,063‌
(11,293,592‌)
3,687,394‌
(418,383‌)
Net assets at the beginning of period
463,261,696‌
474,555,288‌
42,616,437‌
43,034,820‌
Net assets at the end of period
$
480,134,759‌
$
463,261,696‌
$
46,303,831‌
$
42,616,437‌
Statement of Changes in Net Assets
(continued)
See Notes to Financial Statements
27
Real Asset Income
Real Estate Securities
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
OPERATIONS
Net investment income (loss)
$
54,227,702‌
$
50,826,542‌
$
21,223,206‌
$
16,602,917‌
Net realized gain (loss)
23,211,041‌
17,920,929‌
55,980,117‌
59,133,437‌
Net change in unrealized appreciation (depreciation)
43,619,284‌
1,343,767‌
(54,518,214‌)
(15,617,539‌)
Net increase (decrease) in net assets from operations
121,058,027‌
70,091,238‌
22,685,109‌
60,118,815‌
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(7,069,118‌)
(6,653,431‌)
(5,097,772‌)
(8,824,499‌)
Class C
(1,230,585‌)
(1,947,060‌)
(77,396‌)
(187,933‌)
Class R6
(12,858,555‌)
(9,770,976‌)
(14,542,208‌)
(21,777,545‌)
Class I
(41,052,956‌)
(34,071,957‌)
(27,623,311‌)
(53,231,243‌)
Return of Capital:
Class A
(476,975‌)
(56,082‌)
-‌
(925,438‌)
Class C
(100,856‌)
(19,521‌)
-‌
(23,905‌)
Class R6
(803,719‌)
(76,251‌)
-‌
(2,104,277‌)
Class I
(2,619,694‌)
(273,533‌)
-‌
(4,679,522‌)
Total distributions
(66,212,458‌)
(52,868,811‌)
(47,340,687‌)
(91,754,362‌)
FUND SHARE TRANSACTIONS
Subscriptions
190,001,603‌
249,378,073‌
151,033,137‌
347,178,436‌
Reinvestments of distributions
62,956,012‌
50,841,248‌
41,594,023‌
76,569,971‌
Redemptions
(250,054,844‌)
(316,456,732‌)
(440,938,560‌)
(355,168,719‌)
Net increase (decrease) from Fund share transactions
2,902,771‌
(16,237,411‌)
(248,311,400‌)
68,579,688‌
Net increase (decrease) in net assets
57,748,340‌
985,016‌
(272,966,978‌)
36,944,141‌
Net assets at the beginning of period
1,093,075,788‌
1,092,090,772‌
1,033,444,965‌
996,500,824‌
Net assets at the end of period
$
1,150,824,128‌
$
1,093,075,788‌
$
760,477,987‌
$
1,033,444,965‌
Financial Highlights
28
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Global Infrastructure
Class
A
12/31/25
$
11.28
$
0.29
$
1.70
$
1.99
$
(0.27)
$
(0.93)
$
-
$
(1.20)
$
12.07
12/31/24
10.94
0.25
0.93
1.18
(0.26)
(0.58)
-
(0.84)
11.28
12/31/23
10.31
0.22
0.66
0.88
(0.24)
-
(0.01)
(0.25)
10.94
12/31/22
11.69
0.13
(0.88)
(0.75)
(0.25)
(0.38)
-
(0.63)
10.31
12/31/21
10.97
0.19
1.37
1.56
(0.20)
(0.64)
-
(0.84)
11.69
Class
C
12/31/25
11.07
0.19
1.68
1.87
(0.18)
(0.93)
-
(1.11)
11.83
12/31/24
10.75
0.17
0.91
1.08
(0.18)
(0.58)
-
(0.76)
11.07
12/31/23
10.13
0.13
0.65
0.78
(0.15)
-
(0.01)
(0.16)
10.75
12/31/22
11.50
0.04
(0.87)
(0.83)
(0.16)
(0.38)
-
(0.54)
10.13
12/31/21
10.87
0.10
1.35
1.45
(0.18)
(0.64)
-
(0.82)
11.50
Class
R6
12/31/25
11.26
0.33
1.71
2.04
(0.31)
(0.93)
-
(1.24)
12.06
12/31/24
10.92
0.29
0.93
1.22
(0.30)
(0.58)
-
(0.88)
11.26
12/31/23
10.29
0.25
0.66
0.91
(0.27)
-
(0.01)
(0.28)
10.92
12/31/22
11.68
0.16
(0.89)
(0.73)
(0.28)
(0.38)
-
(0.66)
10.29
12/31/21
10.96
0.23
1.37
1.60
(0.24)
(0.64)
-
(0.88)
11.68
Class
I
12/31/25
11.23
0.32
1.70
2.02
(0.30)
(0.93)
-
(1.23)
12.02
12/31/24
10.90
0.28
0.92
1.20
(0.29)
(0.58)
-
(0.87)
11.23
12/31/23
10.26
0.24
0.67
0.91
(0.26)
-
(0.01)
(0.27)
10.90
12/31/22
11.65
0.16
(0.90)
(0.74)
(0.27)
(0.38)
-
(0.65)
10.26
12/31/21
10.93
0.22
1.37
1.59
(0.23)
(0.64)
-
(0.87)
11.65
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
29
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
17.69‌
%
$
51,753
1.33‌
%
1.21‌
%
2.32‌
%
95‌
%
10.74‌
45,733
1.34‌
1.21‌
2.22‌
83‌
8.51‌
47,992
1.31‌
1.22‌
2.05‌
90‌
(6.28‌)
47,824
1.34‌
1.22‌
1.18‌
121‌
14.44‌
52,495
1.32‌
1.21‌
1.66‌
128‌
16.88‌
5,811
2.08‌
1.96‌
1.55‌
95‌
9.90‌
6,430
2.09‌
1.96‌
1.49‌
83‌
7.74‌
7,998
2.06‌
1.97‌
1.29‌
90‌
(7.04‌)
10,463
2.09‌
1.97‌
0.40‌
121‌
13.58‌
14,905
2.07‌
1.96‌
0.89‌
128‌
18.16‌
97,173
1.00‌
0.88‌
2.65‌
95‌
11.09‌
77,562
1.02‌
0.89‌
2.53‌
83‌
8.87‌
71,444
0.99‌
0.90‌
2.37‌
90‌
(6.06‌)
76,161
1.02‌
0.90‌
1.45‌
121‌
14.84‌
133,575
0.99‌
0.88‌
2.00‌
128‌
18.05‌
325,397
1.08‌
0.96‌
2.54‌
95‌
10.94‌
333,536
1.09‌
0.96‌
2.48‌
83‌
8.90‌
347,121
1.06‌
0.97‌
2.30‌
90‌
(6.15‌)
371,573
1.09‌
0.97‌
1.40‌
121‌
14.78‌
471,885
1.07‌
0.96‌
1.89‌
128‌
30
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Global Real Estate Securities
Class
A
12/31/25
$
18.02
$
0.37
$
1.27
$
1.64
$
(0.57)
$
-
$
-
$
(0.57)
$
19.09
12/31/24
18.48
0.32
(0.23)
0.09
(0.54)
-
(0.01)
(0.55)
18.02
12/31/23
17.10
0.46
1.42
1.88
(0.50)
-
-
(0.50)
18.48
12/31/22
24.08
0.37
(6.42)
(6.05)
(0.47)
(0.32)
(0.14)
(0.93)
17.10
12/31/21
21.25
0.54
5.32
5.86
(1.08)
(1.95)
-
(3.03)
24.08
Class
C
12/31/25
18.01
0.23
1.26
1.49
(0.42)
-
-
(0.42)
19.08
12/31/24
18.47
0.18
(0.23)
(0.05)
(0.40)
-
(0.01)
(0.41)
18.01
12/31/23
17.09
0.32
1.43
1.75
(0.37)
-
-
(0.37)
18.47
12/31/22
24.06
0.21
(6.40)
(6.19)
(0.32)
(0.32)
(0.14)
(0.78)
17.09
12/31/21
21.25
0.35
5.31
5.66
(0.90)
(1.95)
-
(2.85)
24.06
Class
R6
12/31/25
18.01
0.44
1.28
1.72
(0.64)
-
-
(0.64)
19.09
12/31/24
18.48
0.38
(0.24)
0.14
(0.60)
-
(0.01)
(0.61)
18.01
12/31/23
17.10
0.50
1.44
1.94
(0.56)
-
-
(0.56)
18.48
12/31/22
24.09
0.37
(6.36)
(5.99)
(0.54)
(0.32)
(0.14)
(1.00)
17.10
12/31/21
21.27
0.56
5.38
5.94
(1.17)
(1.95)
-
(3.12)
24.09
Class
I
12/31/25
18.01
0.43
1.25
1.68
(0.61)
-
-
(0.61)
19.08
12/31/24
18.47
0.38
(0.25)
0.13
(0.58)
-
(0.01)
(0.59)
18.01
12/31/23
17.09
0.49
1.43
1.92
(0.54)
-
-
(0.54)
18.47
12/31/22
24.07
0.39
(6.39)
(6.00)
(0.52)
(0.32)
(0.14)
(0.98)
17.09
12/31/21
21.25
0.59
5.32
5.91
(1.14)
(1.95)
-
(3.09)
24.07
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
31
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
9.13‌
%
$
791
1.89‌
%
1.30‌
%
1.99‌
%
90‌
%
0.47‌
803
1.94‌
1.30‌
1.76‌
72‌
11.22‌
792
1.83‌
1.30‌
2.67‌
81‌
(25.09‌)
482
2.14‌
1.30‌
1.90‌
102‌
28.21‌
254
1.89‌
1.29‌
2.19‌
130‌
8.33‌
68
2.64‌
2.05‌
1.25‌
90‌
(0.27‌)
64
2.69‌
2.05‌
0.98‌
72‌
10.40‌
55
2.58‌
2.05‌
1.85‌
81‌
(25.66‌)
47
2.89‌
2.05‌
1.07‌
102‌
27.16‌
53
2.64‌
2.04‌
1.44‌
130‌
9.59‌
41,751
1.52‌
0.93‌
2.36‌
90‌
0.76‌
39,080
1.62‌
0.98‌
2.08‌
72‌
11.61‌
39,977
1.49‌
0.96‌
2.91‌
81‌
(24.84‌)
37,200
1.79‌
0.95‌
1.86‌
102‌
28.57‌
73,585
1.54‌
0.94‌
2.33‌
130‌
9.40‌
3,694
1.64‌
1.05‌
2.31‌
90‌
0.72‌
2,669
1.69‌
1.05‌
2.07‌
72‌
11.50‌
2,212
1.58‌
1.05‌
2.86‌
81‌
(24.90‌)
1,767
1.89‌
1.05‌
1.94‌
102‌
28.48‌
2,091
1.64‌
1.04‌
2.45‌
130‌
32
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Real Asset Income
Class
A
12/31/25
$
21.16
$
1.02
$
1.31
$
2.33
$
(1.17)
$
-
$
(0.08)
$
(1.25)
$
22.24
12/31/24
20.77
0.96
0.42
1.38
(0.98)
-
(0.01)
(0.99)
21.16
12/31/23
20.18
0.93
0.66
1.59
(1.00)
-
-
(1.00)
20.77
12/31/22
24.07
0.91
(3.75)
(2.84)
(0.91)
-
(0.14)
(1.05)
20.18
12/31/21
22.75
1.05
1.54
2.59
(1.27)
-
-
(1.27)
24.07
Class
C
12/31/25
21.17
0.84
1.33
2.17
(1.01)
-
(0.08)
(1.09)
22.25
12/31/24
20.79
0.79
0.42
1.21
(0.82)
-
(0.01)
(0.83)
21.17
12/31/23
20.19
0.77
0.67
1.44
(0.84)
-
-
(0.84)
20.79
12/31/22
24.07
0.74
(3.74)
(3.00)
(0.74)
-
(0.14)
(0.88)
20.19
12/31/21
22.76
0.86
1.55
2.41
(1.10)
-
-
(1.10)
24.07
Class
R6
12/31/25
21.29
1.10
1.33
2.43
(1.26)
-
(0.08)
(1.34)
22.38
12/31/24
20.91
1.04
0.41
1.45
(1.06)
-
(0.01)
(1.07)
21.29
12/31/23
20.30
1.01
0.67
1.68
(1.07)
-
-
(1.07)
20.91
12/31/22
24.21
0.98
(3.77)
(2.79)
(0.98)
-
(0.14)
(1.12)
20.30
12/31/21
22.87
1.13
1.56
2.69
(1.35)
-
-
(1.35)
24.21
Class
I
12/31/25
21.16
1.07
1.33
2.40
(1.23)
-
(0.08)
(1.31)
22.25
12/31/24
20.77
1.01
0.42
1.43
(1.03)
-
(0.01)
(1.04)
21.16
12/31/23
20.18
0.98
0.65
1.63
(1.04)
-
-
(1.04)
20.77
12/31/22
24.07
0.97
(3.76)
(2.79)
(0.96)
-
(0.14)
(1.10)
20.18
12/31/21
22.75
1.10
1.55
2.65
(1.33)
-
-
(1.33)
24.07
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
33
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
11.23‌
%
$
130,390
1.17‌
%
1.16‌
%
4.64‌
%
74‌
%
6.83‌
131,917
1.18‌
1.16‌
4.54‌
82‌
8.13‌
148,967
1.18‌
1.16‌
4.64‌
60‌
(12.00‌)
154,979
1.17‌
1.16‌
4.18‌
73‌
11.60‌
192,591
1.14‌
1.14‌
4.42‌
73‌
10.41‌
21,614
1.92‌
1.91‌
3.85‌
74‌
5.98‌
36,758
1.93‌
1.91‌
3.77‌
82‌
7.36‌
61,250
1.93‌
1.91‌
3.83‌
60‌
(12.64‌)
91,024
1.92‌
1.91‌
3.40‌
73‌
10.75‌
134,834
1.89‌
1.89‌
3.62‌
73‌
11.63‌
232,249
0.82‌
0.81‌
5.00‌
74‌
7.13‌
207,176
0.83‌
0.81‌
4.90‌
82‌
8.56‌
181,053
0.83‌
0.81‌
5.01‌
60‌
(11.72‌)
161,185
0.82‌
0.81‌
4.45‌
73‌
11.99‌
252,907
0.80‌
0.80‌
4.75‌
73‌
11.55‌
766,571
0.92‌
0.91‌
4.89‌
74‌
7.07‌
717,225
0.93‌
0.91‌
4.81‌
82‌
8.38‌
700,821
0.93‌
0.91‌
4.87‌
60‌
(11.77‌)
798,370
0.92‌
0.91‌
4.43‌
73‌
11.88‌
976,385
0.89‌
0.89‌
4.64‌
73‌
34
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Real Estate Securities
Class
A
12/31/25
$
14.56
$
0.30
$
0.04
$
0.34
$
(0.42)
$
(0.37)
$
-
$
(0.79)
$
14.11
12/31/24
15.02
0.20
0.69
0.89
(0.38)
(0.85)
(0.12)
(1.35)
14.56
12/31/23
13.95
0.34
1.19
1.53
(0.35)
(0.11)
-
(0.46)
15.02
12/31/22
22.36
0.25
(5.82)
(5.57)
(0.74)
(2.10)
-
(2.84)
13.95
12/31/21
18.40
0.23
7.12
7.35
(0.33)
(3.06)
-
(3.39)
22.36
Class
C
12/31/25
13.88
0.17
0.04
0.21
(0.29)
(0.37)
-
(0.66)
13.43
12/31/24
14.36
0.07
0.67
0.74
(0.25)
(0.85)
(0.12)
(1.22)
13.88
12/31/23
13.33
0.20
1.17
1.37
(0.23)
(0.11)
-
(0.34)
14.36
12/31/22
21.51
0.09
(5.58)
(5.49)
(0.59)
(2.10)
-
(2.69)
13.33
12/31/21
17.80
0.03
6.90
6.93
(0.16)
(3.06)
-
(3.22)
21.51
Class
R6
12/31/25
15.21
0.39
0.03
0.42
(0.50)
(0.37)
-
(0.87)
14.76
12/31/24
15.65
0.27
0.72
0.99
(0.46)
(0.85)
(0.12)
(1.43)
15.21
12/31/23
14.53
0.41
1.24
1.65
(0.42)
(0.11)
-
(0.53)
15.65
12/31/22
23.15
0.33
(6.03)
(5.70)
(0.82)
(2.10)
-
(2.92)
14.53
12/31/21
18.98
0.32
7.34
7.66
(0.43)
(3.06)
-
(3.49)
23.15
Class
I
12/31/25
14.94
0.34
0.04
0.38
(0.47)
(0.37)
-
(0.84)
14.48
12/31/24
15.39
0.26
0.69
0.95
(0.43)
(0.85)
(0.12)
(1.40)
14.94
12/31/23
14.29
0.38
1.23
1.61
(0.40)
(0.11)
-
(0.51)
15.39
12/31/22
22.83
0.28
(5.93)
(5.65)
(0.79)
(2.10)
-
(2.89)
14.29
12/31/21
18.74
0.27
7.27
7.54
(0.39)
(3.06)
-
(3.45)
22.83
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
See Notes to Financial Statements
35
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
2.32‌
%
$
90,385
1.30‌
%
1.18‌
%
2.08‌
%
69‌
%
5.78‌
107,921
1.30‌
1.19‌
1.33‌
62‌
11.22‌
124,579
1.31‌
1.22‌
2.39‌
72‌
(24.87‌)
131,155
1.30‌
1.22‌
1.34‌
78‌
40.98‌
207,384
1.28‌
1.24‌
1.05‌
101‌
1.53‌
1,352
2.05‌
1.93‌
1.25‌
69‌
4.97‌
2,452
2.05‌
1.94‌
0.49‌
62‌
10.46‌
3,713
2.06‌
1.97‌
1.47‌
72‌
(25.45‌)
6,377
2.05‌
1.97‌
0.56‌
78‌
39.85‌
12,195
2.03‌
2.00‌
0.16‌
101‌
2.75‌
227,639
0.84‌
0.72‌
2.55‌
69‌
6.20‌
265,665
0.90‌
0.79‌
1.70‌
62‌
11.66‌
322,442
0.93‌
0.84‌
2.80‌
72‌
(24.59‌)
313,047
0.93‌
0.85‌
1.70‌
78‌
41.48‌
556,126
0.89‌
0.85‌
1.46‌
101‌
2.52‌
441,102
1.05‌
0.93‌
2.26‌
69‌
6.05‌
657,407
1.05‌
0.94‌
1.68‌
62‌
11.51‌
545,767
1.06‌
0.97‌
2.62‌
72‌
(24.70‌)
600,459
1.05‌
0.97‌
1.48‌
78‌
41.32‌
1,476,888
1.03‌
0.99‌
1.23‌
101‌
36
Notes to Financial Statements
1. General Information
Trust and Fund Information:
Nuveen Investment Funds, Inc. and Nuveen Investment Trust V (each a "Trust" and collectively, the "Trusts"), are open-
end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act") as amended. Nuveen Investment
Funds, Inc. is comprised of Nuveen Global Infrastructure Fund ("Global Infrastructure"), Nuveen Real Asset Income Fund ("Real Asset Income") and
Nuveen Real Estate Securities Fund ("Real Estate Securities"), among others, and Nuveen Investment Trust V is comprised of Nuveen Global Real
Estate Securities Fund ("Global Real Estate Securities"), among others, (each a "Fund" and collectively, the "Funds"). Nuveen Investment Funds, Inc.
was incorporated in the State of Maryland on August 20, 1987 and Nuveen Investment Trust V was organized as a Massachusetts business trust on
September 27, 2006.
Current Fiscal Period
: The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to Financial
Statements is the fiscal year ended December 31, 2025 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC
("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall
responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides
certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-
advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolios of the Funds.
Share Classes and Sales Charges:
Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more
are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1%
if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if
redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and
Class I Shares are sold without an up-front sales charge.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board
("FASB") Accounting Standards Codification 946, Financial Services - Investment Companies. The NAV for financial reporting purposes may differ
from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust
from the Adviser or its affiliates. The Funds' Board of Directors/Trustees (the ''Board'') has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive
from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of
select Nuveen-advised funds.
Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of
distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held
in the Funds' portfolios. Distributions received from certain securities in which the Funds invest, most notably real estate investment trust ("REIT")
securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security
reports the tax character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The
distribution is included in the Funds' ordinary income until such time the Fund is notified by the issuer of the actual tax character. For the current
fiscal period, dividend income, net realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect
the amounts of ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities as of the current calendar year end.
Foreign Currency Transactions and Translation:
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,
and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and
expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign
currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be
reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply
NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where
applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in
markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency
exchange rates.
37
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)
derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized
as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with
(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign
currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange
rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized
appreciation (depreciation)" on the Statement of Operations, when applicable.
As of the end of the reporting period Global Infrastructure, Global Real Estate Securities and Real Asset Income are invested in non-U.S. securities.
The percentage of investments in non-U.S. securities for Global Infrastructure and Global Real Estate Securities are included within each Fund's
Portfolio of Investments. As of the end of the reporting period, the percentage of investments in non-U.S. securities for Real Asset Income are as
follows:
Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may
be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that
exist in the markets in which the Funds invest.
Indemnifications:
Under each Trust's organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising
out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide
general indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims
that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts
and expects the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date
for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade
date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains
and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for
foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date
and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums
for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest, paydown gains and losses and fee income, if any.
PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable.
Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when
received. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
Multiclass Operations and Allocations:
Income and expenses of Global Infrastructure, Global Real Estate Securities and Real Estate Securities that
are not directly attributable to a specific class of shares are prorated among the classes of each Fund based on the relative net assets of each class.
Income and expenses of Real Asset Income that are not directly attributable to a specific class of shares are prorated among the classes based on
the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and
service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of
Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets for Global Infrastructure,
Global Real Estate Securities and Real Estate Securities and relative settled shares for Real Asset Income.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Real Asset Income
Value
% of Total
Investments
Country:
Canada
$
114,177,427
9.9
%
United Kingdom
61,408,781
5.3
Italy
29,086,026
2.5
France
29,006,076
2.5
Singapore
20,517,882
1.8
Australia
19,211,763
1.7
Japan
17,528,233
1.5
Mexico
14,626,311
1.3
Hong Kong
12,674,956
1.1
Other
41,829,909
3.6
Total non-U.S. Securities
$360,067,364
31.2%
38
Notes to Financial Statements
(continued)
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase
agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").
Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when
applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages
its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting
agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can
be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.
The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-
term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the
Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,
is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal
period, the Funds adopted the new guidance. See Note 7 for more information.
New Accounting Pronouncement (ASU No. 2025-11)
: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow
Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required
by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting
period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting
periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these
changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's
assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
39
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,
official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally
classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as
Level 1.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
Global Infrastructure
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
325,511,883
$
148,030,645
$
-
$
473,542,528
Investment Companies
1,517,212
-
-
1,517,212
Investments Purchased with Collateral from Securities
Lending
2,505,518
-
-
2,505,518
Short-Term Investments:
Repurchase Agreements
-
1,925,000
-
1,925,000
Total
$
329,534,613
$
149,955,645
$
-
$
479,490,258
Global Real Estate Securities
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
30,537,187
$
15,337,640
$
-
$
45,874,827
Short-Term Investments:
Repurchase Agreements
-
375,000
-
375,000
Total
$
30,537,187
$
15,712,640
$
-
$
46,249,827
Real Asset Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed and Mortgage-Backed Securities
$
-
$
1,003,568
$
-
$
1,003,568
Common Stocks
387,156,297
177,342,485
-
564,498,782
Convertible Preferred Securities
24,595,171
-
-
24,595,171
Corporate Bonds
-
368,729,297
-
368,729,297
Investment Companies
6,141,271
-
-
6,141,271
Mortgage-Backed Securities
-
21,527,055
-
21,527,055
Preferred Stock
118,865,403
-
-
118,865,403
Variable Rate Senior Loan Interests
-
26,936,489
-
26,936,489
Investments Purchased with Collateral from Securities
Lending
16,030,145
-
-
16,030,145
Short-Term Investments:
Repurchase Agreements
-
7,275,000
-
7,275,000
Investments in Derivatives:
Futures Contracts*
37,321
-
-
37,321
Total
$
552,825,608
$
602,813,894
$
-
$
1,155,639,502
40
Notes to Financial Statements
(continued)
4. Portfolio Securities
Repurchase Agreements:
In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the
underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all
times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal
period, and the collateral delivered related to those repurchase agreements.
Securities Lending:
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other
institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the
economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set
maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the
market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.
Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements
of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the
Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,
which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of
the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination
at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the
securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent
may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned
securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities
have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and
compensation to the Agent. Such income is recognized on the Statement of Operations.
As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:
Real Estate Securities
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
749,629,907
$
-
$
-
$
749,629,907
Short-Term Investments:
Repurchase Agreements
-
3,000,000
-
3,000,000
Total
$
749,629,907
$
3,000,000
$
-
$
752,629,907
*
Represents net unrealized appreciation (depreciation).
Fund
Counterparty
Short-term
Investments,
at Value
Collateral
Pledged (From)
Counterparty
Global Infrastructure
Fixed Income Clearing Corporation
$
1,925,000
$
(1,963,717)
Global Real Estate Securities
Fixed Income Clearing Corporation
375,000
(382,585)
Real Asset Income
Fixed Income Clearing Corporation
7,275,000
(7,420,564)
Real Estate Securities
Fixed Income Clearing Corporation
3,000,000
(3,060,051)
Aggregate Value of Securities on Loan
Fund
Equity
Securities
Fixed Income
Securities
Cash Collateral
Received*
Global Infrastructure
$2,371,964
$-
$2,505,518
Real Asset Income
8,391,437
6,551,280
16,030,145
*May include cash and investment of cash collateral.
41
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Futures Contracts:
During the current fiscal period, Real Asset Income used interest rate futures to partially hedge the portfolio against movements
in interest rates.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a
futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker
equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments
and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-
to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value
of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a
receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss
equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized
gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of
Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the
possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with
a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
As of the end of the current fiscal period, the following Fund has invested in derivative contracts which are reflected in the Statement of Assets and
Liabilities as follows:
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
Global Infrastructure
$
442,835,160
$
492,390,506
Global Real Estate Securities
41,106,237
40,326,910
Real Asset Income
808,977,972
812,098,371
Real Estate Securities
623,742,885
888,579,875
Fund
Average Notional Amount of Futures
Contracts Outstanding
*
Real Asset Income
$
16,074,841
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of
the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value
Location
Value
Real Asset Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
$
37,321
-
$
-
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
Statement of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.
42
Notes to Financial Statements
(continued)
During the current fiscal period, the effect of derivative contracts on the Fund's Statement of Operations was as follows:
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Real Asset Income
Futures contracts
Interest rate
$
356,760
$
(703,240)
Year Ended
12/31/25
Year Ended
12/31/24
Global Infrastructure
Shares
Value
Shares
Value
Subscriptions:
Class A
619,900
$7,745,392
378,914
$4,376,216
Class A - automatic conversion of Class C
131
1,529
-
-
Class C
112,733
1,385,593
74,979
805,990
Class R6
1,153,310
14,052,332
544,791
6,365,682
Class I
6,769,608
84,603,216
4,251,411
47,023,184
Total subscriptions
8,655,682
107,788,062
5,250,095
58,571,072
Reinvestments of distributions:
Class A
375,198
4,614,110
270,969
3,129,067
Class C
36,856
441,910
32,853
371,261
Class R6
507,729
6,245,000
339,642
3,919,997
Class I
2,062,015
25,278,251
1,503,944
17,308,541
Total reinvestments of distributions
2,981,798
36,579,271
2,147,408
24,728,866
Redemptions:
Class A
(764,504)
(9,594,006)
(980,046)
(11,118,236)
Class C
(239,133)
(2,877,899)
(270,620)
(2,986,145)
Class C - automatic conversion to Class A
(134)
(1,529)
-
-
Class R6
(490,333)
(6,068,576)
(535,033)
(6,078,432)
Class I
(11,464,042)
(138,607,579)
(7,906,080)
(89,225,719)
Total redemptions
(12,958,146)
(157,149,589)
(9,691,779)
(109,408,532)
Net increase (decrease)
(1,320,666)
$(12,782,256)
(2,294,276)
$(26,108,594)
43
Year Ended
12/31/25
Year Ended
12/31/24
Global Real Estate Securities
Shares
Value
Shares
Value
Subscriptions:
Class A
3,722
$69,035
2,235
$43,083
Class C
-
-
976
19,000
Class R6
21,308
401,120
7,590
137,651
Class I
115,006
2,104,252
56,311
1,034,594
Total subscriptions
140,036
2,574,407
67,112
1,234,328
Reinvestments of distributions:
Class A
1,245
23,643
1,259
22,956
Class C
52
977
38
687
Class R6
1,379
26,256
1,006
18,356
Class I
6,609
125,257
4,618
84,228
Total reinvestments of distributions
9,285
176,133
6,921
126,227
Redemptions:
Class A
(8,139)
(152,754)
(1,743)
(31,293)
Class C
(25)
(470)
(436)
(7,737)
Class R6
(4,534)
(84,952)
(2,889)
(53,108)
Class I
(76,258)
(1,426,916)
(32,461)
(597,224)
Total redemptions
(88,956)
(1,665,092)
(37,529)
(689,362)
Net increase (decrease)
60,365
$1,085,448
36,504
$671,193
Year Ended
12/31/25
Year Ended
12/31/24
Real Asset Income
Shares
Value
Shares
Value
Subscriptions:
Class A
775,415
$16,893,530
1,084,437
$22,894,632
Class A - automatic conversion of Class C
27
579
-
-
Class C
53,603
1,183,206
60,862
1,284,945
Class R6
1,305,932
28,309,250
834,569
17,974,764
Class I
6,531,856
143,615,038
9,769,081
207,223,732
Total subscriptions
8,666,833
190,001,603
11,748,949
249,378,073
Reinvestments of distributions:
Class A
321,663
7,082,775
300,231
6,312,419
Class C
58,478
1,285,067
90,608
1,900,150
Class R6
548,479
12,148,969
460,523
9,762,313
Class I
1,926,528
42,439,201
1,562,297
32,866,366
Total reinvestments of distributions
2,855,148
62,956,012
2,413,659
50,841,248
Redemptions:
Class A
(1,469,095)
(32,133,500)
(2,320,626)
(48,769,308)
Class C
(877,138)
(19,120,379)
(1,361,742)
(28,619,646)
Class C - automatic conversion to Class A
(27)
(579)
-
-
Class R6
(1,207,999)
(26,536,682)
(225,660)
(4,830,670)
Class I
(7,890,513)
(172,263,704)
(11,173,701)
(234,237,108)
Total redemptions
(11,444,772)
(250,054,844)
(15,081,729)
(316,456,732)
Net increase (decrease)
77,209
$2,902,771
(919,121)
$(16,237,411)
44
Notes to Financial Statements
(continued)
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains
and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted
in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character
adjustments, deemed dividend due to corporate actions, distribution reallocations, foreign currency transactions, investments in partnerships,
investments in passive foreign investment companies, paydowns, return of capital and long-term capital gain distributions received from portfolio
investments, and tax equalization. Temporary and permanent differences have no impact on a Fund's net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as
follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of year end, the components of accumulated earnings on a tax basis were as follows:
Year Ended
12/31/25
Year Ended
12/31/24
Real Estate Securities
Shares
Value
Shares
Value
Subscriptions:
Class A
1,117,564
$16,168,431
1,346,611
$20,443,116
Class A - automatic conversion of Class C
123
1,793
-
-
Class C
6,202
86,637
14,583
225,004
Class R6
3,267,717
49,492,667
3,664,764
57,412,412
Class I
5,748,598
85,283,609
17,396,356
269,097,904
Total subscriptions
10,140,204
151,033,137
22,422,314
347,178,436
Reinvestments of distributions:
Class A
257,224
3,696,529
505,440
7,651,959
Class C
4,529
61,889
11,957
172,626
Class R6
899,569
13,530,930
1,421,221
22,459,978
Class I
1,646,348
24,304,675
2,979,676
46,285,408
Total reinvestments of distributions
2,807,670
41,594,023
4,918,294
76,569,971
Redemptions:
Class A
(2,377,951)
(34,243,285)
(2,733,437)
(41,941,446)
Class C
(86,571)
(1,193,021)
(108,517)
(1,540,030)
Class C - automatic conversion to Class A
(130)
(1,793)
-
-
Class R6
(6,210,409)
(93,350,278)
(8,226,658)
(128,447,922)
Class I
(20,936,333)
(312,150,183)
(11,828,803)
(183,239,321)
Total redemptions
(29,611,394)
(440,938,560)
(22,897,415)
(355,168,719)
Net increase (decrease)
(16,663,520)
$(248,311,400)
4,443,193
$68,579,688
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global Infrastructure
$
361,028,705
$
125,204,548
$
(6,742,995)
$
118,461,553
Global Real Estate Securities
40,898,376
7,795,277
(2,443,826)
5,351,451
Real Asset Income
1,111,769,097
86,985,054
(43,114,649)
43,870,405
Real Estate Securities
561,215,978
239,343,822
(47,929,893)
191,413,929
45
The tax character of distributions paid was as follows:
As of year end, the Funds had capital loss carryforwards, which will not expire:
As of year end, the Funds utilized the following capital loss carryforwards:
The following table presents income taxes paid by the Funds in foreign jurisdictions during the current fiscal period. The Funds did not pay any
other income taxes.
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Global Infrastructure
$
2,934,535
$
3,562,021
$
118,420,622
$
-
$
-
$
(26,414)
$
124,890,764
Global Real Estate Securities
84,390
-
5,352,070
(3,868,961)
-
-
1,567,499
Real Asset Income
-
-
43,908,362
(251,381,431)
-
(57,401)
(207,530,470)
Real Estate Securities
-
20,319,540
191,413,843
-
-
(152,555)
211,580,828
12/31/25
12/31/24
Fund
Ordinary
Income
Long-Term
Capital Gains
Return
of Capital
Ordinary
Income
Long-Term
Capital Gains
Return
of Capital
Global Infrastructure
$
20,012,226
$
26,992,298
$
-
$
18,808,882
$
15,629,469
$
-
Global Real Estate Securities
1,535,712
-
-
1,414,825
-
18,962
Real Asset Income
62,211,214
-
4,001,244
52,443,424
-
425,387
Real Estate Securities
21,220,211
26,120,476
-
47,738,234
36,282,986
7,733,142
Fund
Short-Term
Long-Term
Total
Global Infrastructure
$
-
$
-
$
-
Global Real Estate Securities
804,111
3,064,850
3,868,961
Real Asset Income
143,583,452
107,797,979
251,381,431
Real Estate Securities
-
-
-
Fund
Utilized
Global Infrastructure
$
-
Global Real Estate Securities
-
Real Asset Income
14,040,826
Real Estate Securities
-
Fund
Global
Infrastructure
Global
Real Estate
Securities
Real Asset
Income
Real Estate
Securities
Income taxes by foreign jurisdictions:
Australia
$31,993
$9,204
$135,578
$-
Belgium
3,633
4,499
9,396
-
Bermuda
-
-
27,621
-
Canada
224,478
10,012
469,825
21,103
Denmark
(11,164)
-
-
-
France
-
356
-
-
Germany
45,008
1,201
-
-
India
8,152
-
-
-
Ireland
-
85
-
-
Italy
125,422
1488
237,333
-
Japan
14,427
14,899
120,359
-
Mexico
192556
591
139,498
-
Netherlands
10,246
1,526
29,069
-
New Zealand
27,696
-
3,772
-
Philippines
15,507
-
-
-
Portugal
(6,876)
-
(45,991)
-
Singapore
940
2,506
48,654
-
Spain
138,644
642
58,275
-
Sweden
-
2,494
34,987
-
Switzerland
36,667
-
-
-
46
Notes to Financial Statements
(continued)
8. Management Fees and Other Transactions with Affiliates
Management Fees:
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components - a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed
by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
The annual complex-level fee, payable monthly, for each Fund is calculated according the following schedule:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.
As of the end of reporting period, the complex-level fee rate for each Fund was as follows:
United Kingdom
-
9,647
148,594
-
Total income taxes paid, net of refunds
$857,329
$59,150
$1,416,970
$21,103
Average Daily Net Assets
Global
Infrastructure
Global Real Estate
Securities
Real Estate
Securities
For the first $125 million
0.7500
%
0.7500
%
0.6500
%
For the next $125 million
0.7375
0.7375
0.6375
For the next $250 million
0.7250
0.7250
0.6250
For the next $500 million
0.7125
0.7125
0.6125
For the next $1 billion
0.7000
0.7000
0.6000
For the next $3 billion
0.6750
0.6750
0.5750
For the next $2.5 billion
0.6500
0.6500
0.5500
For the next $2.5 billion
0.6375
0.6375
0.5375
For net assets over $10 billion
0.6250
0.6250
0.5250
Average Daily Net Assets
Real Asset Income
For the first $125 million
0.6000
%
For the next $125 million
0.5875
For the next $250 million
0.5750
For the next $500 million
0.5625
For the next $1 billion
0.5500
For the next $3 billion
0.5250
For the next $5 billion
0.5000
For net assets over $10 billion
0.4875
Complex-Level Asset Breakpoint Level*
Complex-Level Fee
For the first $124.3 billion
0.1600
%
For the next $75.7 billion
0.1350
For the next $200 billion
0.1325
For eligible assets over $400 billion
0.1300
Fund
Complex-Level Fee
Global Infrastructure
0.1560
%
Global Real Estate Securities
0.1560
Real Asset Income
0.1560
Real Estate Securities
0.1560
47
The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the Funds so that the total annual Fund operating expenses
(excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing
of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the
time period stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual
fund operating expenses for the Class R6 Shares will not be less than the expense limitation. The expense limitation expiring July 31, 2027, may be
terminated or modified prior to that date only with the approval of the Board.
Distribution and Service Fees:
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur
a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6
Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the
"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing
and maintaining shareholder accounts.
Other Transactions with Affiliates:
The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research
services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the
Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period
is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary
compensation were as follows:
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as
concessions to financial intermediaries as follows:
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for
providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as
follows:
Fund
Temporary
Expense Cap
Temporary
Expense Cap
Expiration Date
Global Infrastructure
1.00%
July 31, 2027
Global Real Estate Securities
1.09
July 31, 2027
Real Asset Income
0.95
July 31, 2027
Real Estate Securities
0.97
July 31, 2027
Fund
Value
Global Infrastructure
$
287,707
Global Real Estate Securities
47,814
Real Asset Income
769,716
Real Estate Securities
1,187,288
Fund
Sales Charges
Collected
(Unaudited)
Paid to Financial
Intermediaries
(Unaudited)
Global Infrastructure
$
80,420
$
71,535
Global Real Estate Securities
394
341
Real Asset Income
21,106
18,668
Real Estate Securities
22,458
19,556
48
Notes to Financial Statements
(continued)
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the
first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to
their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Affiliate Owned Shares:
As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:
9. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established
a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other
than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its
associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the
size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to
those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating
Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the
Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest
expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the
relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each
Participating Fund.
During the current fiscal period, the Funds did not utilize this facility.
Fund
Commission
Advances
(Unaudited)
Global Infrastructure
$
21,097
Global Real Estate Securities
-
Real Asset Income
12,870
Real Estate Securities
661
Fund
12b-1 Fees
Retained
(Unaudited)
Global Infrastructure
$
5,548
Global Real Estate Securities
102
Real Asset Income
12,193
Real Estate Securities
1,915
Fund
CDSC
Retained
(Unaudited)
Global Infrastructure
$
6,458
Global Real Estate Securities
-
Real Asset Income
3,607
Real Estate Securities
96
Underlying Fund
TIAA
Total
Global Infrastructure
-%
-%
Global Real Estate Securities
88
88
Real Asset Income
-
-
Real Estate Securities
-
-
49
Important Tax Information
(Unaudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must
be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications
of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which
will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being
from Section 1250 gains and net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
eligible for the dividends received deduction for corporate shareholders:
Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:
Qualified Interest Income (QII)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal
Revenue Code:
Fund
Section 1250
Gains
Net Long-Term
Capital Gains
Global Infrastructure
$
-
$
30,609,140
Global Real Estate Securities
-
-
Real Asset Income
-
-
Real Estate Securities
1,788,909
24,898,567
Fund
Percentage
Global Infrastructure
30
.4
%
Global Real Estate Securities
1
.4
Real Asset Income
13
.1
Real Estate Securities
3
.1
Fund
Percentage
Global Infrastructure
74
.8
%
Global Real Estate Securities
25
.4
Real Asset Income
34
.5
Real Estate Securities
3
.9
Fund
1/1 to Current
Year End
Percentage
Global Infrastructure
1.6
%
Global Real Estate Securities
0.9
Real Asset Income
29.5
Real Estate Securities
1.3
50
Important Tax Information
(Unaudited) (continued)
Qualified Business Income (QBI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:
163(j)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as
Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:
Fund
Percentage
Global Infrastructure
1.2
%
Global Real Estate Securities
50.4
Real Asset Income
18.0
Real Estate Securities
84.8
Fund
Percentage
Global Infrastructure
0.9
%
Global Real Estate Securities
0.9
Real Asset Income
34.2
Real Estate Securities
1.3
Item 8.

Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

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

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable to open-endinvestment companies.

Item 13.

Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable to open-endinvestment companies.

Item 14.

Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable to open-endinvestment companies.

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 of Trustees 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-EndManagement Investment Companies.

(a)

Not applicable to open-endinvestment companies.

(b)

Not applicable to open-endinvestment companies.

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 800-257-8787and there were no amendments during the period covered by this report.

(a)(2)

Not applicable.

(a)(3)

30a-2(a)

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)

30a-2(b)

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 Investment Trust V

Date: March 6, 2026

By: /s/ Jordan M. Farris       
Jordan M. Farris
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 6, 2026

By: /s/ Jordan M. Farris       
Jordan M. Farris
Chief Administrative Officer (principal executive officer)

Date: March 6, 2026

By: /s/ Marc Cardella         
Marc Cardella

Vice President and Controller

(principal financial officer)

Nuveen Investment Trust V published this content on March 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 06, 2026 at 18:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]