Nuveen Investment Trust V NCSRS Certified semi-annual shareholder report (management investment company)

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 811-021979

Nuveen Investment Trust V

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(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: June 30, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1.

REPORTS TO STOCKHOLDERS.

LOGO

Mutual Funds

30 June

2021

Nuveen Equity Funds


Fund Name	Class A	Class C	Class R3	Class R6	Class I
Nuveen Global Infrastructure Fund	FGIAX	FGNCX	FGNRX	FGIWX	FGIYX
Nuveen Global Real Estate Securities Fund	NGJAX	NGJCX	—	NGJFX	NGJIX
Nuveen Real Asset Income Fund	NRIAX	NRICX	—	NRIFX	NRIIX
Nuveen Real Estate Securities Fund	FREAX	FRLCX	FRSSX	FREGX	FARCX

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

Semiannual Report

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

LOGO

Table

of Contents


Chair’s Letter to Shareholders			4

Important Semiannual Shareholder Report Notice			5

Risk Considerations and Dividend Information			6

Fund Performance and Expense Ratios			9

Holding Summaries			14

Expense Examples			18

Portfolios of Investments			20

Statement of Assets and Liabilities			55

Statement of Operations			56

Statement of Changes in Net Assets			57

Financial Highlights			60

Notes to Financial Statements			68

Additional Fund Information			81

Liquidity Risk Management Program			82

Glossary of Terms Used in this Report			83

Annual Investment Management Agreement Approval Process			85

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses of life. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.

Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021, providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and some market observers, while the Fed and other central banks believe it to be more transitory.

While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are rising again, as more virulent strains such as the delta variant have spread, both case counts and hospitalizations are rising, and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the spread of the virus, particularly in light of new variants. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

If you have concerns about what’s coming next, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

LOGO

Terence J. Toth

Chair of the Board

August 23, 2021

Important Semiannual Shareholder Report Notice

For Shareholders of

Nuveen Global Infrastructure Fund

Nuveen Global Real Estate Securities Fund

Nuveen Real Asset Income Fund

Nuveen Real Estate Securities Fund

Semiannual Shareholder Report for the period ending June 30, 2021

Beginning with this semiannual shareholder report, the Funds will only include portfolio manager commentaries in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s December 31, 2020 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section within this report and the Fund’s most recent prospectus at www.nuveen.com.

For average annual total returns as of the end of this reporting period, please refer to the Fund Performance and Expense Ratios section within this report.

Risk Considerations and Dividend Information

Risk Considerations

Nuveen Global Infrastructure Fund

Mutual fund investing involves risk; principal loss is possible. Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with master limited partnerships (MLPs) and real estate investment trusts (REITS). Foreign investments involve additional risks including currency fluctuations and economic and political instability. These risks are magnified in emerging markets. Common stocks are subject to market risk or the risk of decline. Small- and mid-cap stocks are subject to greater price volatility. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of fund expenses and indirectly, the expenses of other investment companies. Fund investments in exchange trade funds (ETFs) may involve tracking error. Preferred securities may involve greater credit risk than other debt instruments.

Nuveen Global Real Estate Securities Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The real estate industry is greatly affected by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of the REIT. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, derivatives, preferred security, and, small and mid-cap risks, are described in detail in the Fund’s prospectus.

Nuveen Real Asset Income Fund

Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Fund are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with master limited partnerships (MLPs). Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the exchange trade funds (ETFs) in which it invests.

Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.

Nuveen Real Estate Securities Fund

Mutual fund investing involves risk; principal loss is possible. Common stocks and REITs such as those held in the Fund involve market risk, concentration risk, sector risk, and non-diversification risk. The real estate industry is greatly affected by economic downturns that may persist as well as changes in property values, taxes, and regulatory developments. Foreign investments involve additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. The use of derivatives involves substantial financial risks and transaction costs. Small cap stocks may experience more volatility than large cap stocks.

Risk Considerations and Dividend Information (continued)

Dividend Information

Regular dividends are declared and distributed annually for Nuveen Global Infrastructure Fund, declared daily and distributed monthly for Nuveen Real Asset Income Fund and declared and distributed quarterly for Nuveen Global Real Estate Securities Fund and Nuveen Real Estate Securities Fund. To permit a Fund to maintain a more stable dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income it actually earned during the period.

In certain instances, a portion of each Fund’s distributions may be paid from sources or comprised of elements other than ordinary income, including capital gains and/or a return of capital. This is generally due to the fact that 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 Fund’s portfolio. Distributions received from certain securities in which the Fund invests, 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 typically reports the tax character of its distributions only once per year, generally during the first two months of the following calendar year. The full amount of the distributions received from such securities is included in the Fund’s ordinary income during the course of the year until such time the Fund is notified by the issuer of the actual tax character. To the extent that at the time of a particular distribution the Fund estimates that a portion of that distribution is attributable to a source or sources other than ordinary income, the Fund would send shareholders a notice to that effect. The final determination of the sources and tax character of all distributions for the fiscal year is made after the end of the fiscal year.

Additional Dividend Information for Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund

Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund seek to pay regular dividends at a rate that reflects the cash flow received from each Fund’s investments in portfolio securities. Fund distributions are not intended to include expected portfolio appreciation; however, the Funds invest in securities that make payments which ultimately may be fully or partially characterized for tax purposes by the securities’ issuers as gains or return of capital. While the reported sources of distributions may include capital gains and/or return of capital for tax purposes, the Funds intend to distribute only the net cash flow received as opposed to a distribution rate based on long-term total return. This tax treatment will generally “flow through” to the Funds’ distributions, but the specific tax treatment is often not known with certainty until after the end of the Funds’ tax year. As a result, certain portions of the regular distributions by Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund throughout the year were later re-characterized for tax purposes as either long-term gains (both realized and unrealized), or as a non-taxable return of capital, as set forth in each Fund’s table below. Nuveen Global Real Estate Securities Fund did not have any such distribution re-characterizations.

Nuveen Real Asset Income Fund – Data as of June 30, 2021


Calendar Year 2021
		Estimated Percentage of the Distribution						Estimated Per Share Amounts
Share Class	Ticker Symbol	Net Investment Income		Realized Gains		Return of Capital		Distributions		Net Investment Income		Realized Gains		Return of Capital
Class A	NRIAX		100.0%		0.0%		0.0%	$	0.4710	$	0.4710	$	0.0000	$	0.0000
Class C	NRICX		100.0%		0.0%		0.0%	$	0.3880	$	0.3880	$	0.0000	$	0.0000
Class R6	NRIFX		100.0%		0.0%		0.0%	$	0.5095	$	0.5095	$	0.0000	$	0.0000
Class I	NRIIX		100.0%		0.0%		0.0%	$	0.4990	$	0.4990	$	0.0000	$	0.0000

Nuveen Real Estate Securities Fund – Data as of June 30, 2021⁽¹⁾


Calendar Year 2021
		Estimated Percentage of the Distribution						Estimated Per Share Amounts
Share Class	Ticker Symbol	Net Investment Income		Realized Gains		Return of Capital		Distributions		Net Investment Income		Realized Gains		Return of Capital
Class A	FREAX		62.5%		37.5%		0.0%	$	0.1684	$	0.1052	$	0.0632	$	0.0000
Class C	FRLCX		17.6%		82.4%		0.0%	$	0.0902	$	0.0158	$	0.0744	$	0.0000
Class R3	FRSSX		33.5%		66.5%		0.0%	$	0.0744	$	0.0249	$	0.0495	$	0.0000
Class R6	FREGX		69.0%		31.0%		0.0%	$	0.2182	$	0.1505	$	0.0677	$	0.0000
Class I	FARCX		67.0%		33.0%		0.0%	$	0.1971	$	0.1321	$	0.0650	$	0.0000

(1)	The Fund owns REIT securities which attribute their distributions to various sources, including net investment income, gains and return of capital.

These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2021 will be made in early 2022 and reported to you on Form 1099-DIV. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com.

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

Fund Performance

Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for Class A Shares at NAV only.

Expense Ratios

The expense ratios shown are as of the Fund’s most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

Fund Performance and Expense Ratios (continued)

Nuveen Global Infrastructure Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratios


			Total Returns as of June 30, 2021*
			Cumulative		Average Annual						Expense Ratios**
	Inception Date		6-Month		1-Year		5-Year		10-Year		Gross		Net
Class A Shares at NAV		12/17/07		5.56%		18.49%		6.70%		7.54%		1.35%		1.22%
Class A Shares at maximum Offering Price		12/17/07		(0.52)%		11.73%		5.43%		6.91%		—		—
S&P Global Infrastructure Index (Net)		—		4.99%		22.22%		5.28%		5.27%		—		—
Lipper Global Infrastructure Funds Classification Average		—		7.68%		21.94%		7.11%		7.61%		—		—

Class C Shares		11/03/08		5.15%		17.57%		5.88%		6.89%		2.10%		1.97%
Class I Shares		12/17/07		5.67%		18.82%		6.96%		7.80%		1.10%		0.97%

			Total Returns as of June 30, 2021*
			Cumulative		Average Annual						Expense Ratios**
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Gross		Net
Class R6 Shares		6/30/16		5.66%		18.85%		7.08%		7.08%		1.01%		0.88%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value 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 have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that 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 1.00% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.

Fund Performance and Expense Ratios (continued)

Nuveen Global Real Estate Securities Fund

Fund Performance and Expense Ratios


			Total Returns as of June 30, 2021*
			Cumulative		Average Annual				Expense Ratios**
	Inception Date		6-Month		1-Year		Since Inception		Gross		Net
Class A Shares at NAV		3/20/18		15.37%		31.90%		11.62%		2.45%		1.30%
Class A Shares at maximum Offering Price		3/20/18		8.74%		24.32%		9.62%		—		—
FTSE EPRA/Nareit Developed Index (Net)		—		15.50%		33.55%		7.53%		—		—
Lipper Global Real Estate Funds Classification Average		—		15.70%		33.50%		9.40%		—		—

Class C Shares		3/20/18		14.95%		30.93%		10.79%		3.20%		2.05%
Class R6 Shares		3/20/18		15.54%		32.35%		11.98%		2.15%		1.00%
Class I Shares		3/20/18		15.56%		32.28%		11.91%		2.20%		1.05%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value 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 have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically converts to Class A shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that 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 1.09% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

Fund Performance and Expense Ratios (continued)

Nuveen Real Asset Income Fund

Fund Performance and Expense Ratios


			Total Returns as of June 30, 2021*
			Cumulative		Average Annual						Expense Ratios**
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Gross		Net
Class A Shares at NAV		9/13/11		7.87%		22.82%		5.80%		7.83%		1.16%		1.16%
Class A Shares at maximum Offering Price		9/13/11		1.67%		15.76%		4.55%		7.18%		—		—
Bloomberg Barclays U.S. Corporate High Yield Bond Index		—		3.62%		15.37%		7.48%		7.20%		—		—
Real Asset Income Custom Blended Fund Performance Benchmark¹		—		6.84%		22.05%		6.32%		7.55%		—		—
Lipper Real Return Funds Classification Average		—		12.92%		29.20%		5.66%		3.29%		—		—

Class C Shares		9/13/11		7.44%		21.90%		5.00%		7.18%		1.91%		1.91%
Class R6 Shares		6/30/16		8.05%		23.25%		6.16%		6.16%		0.82%		0.81%
Class I Shares		9/13/11		8.00%		23.17%		6.06%		8.10%		0.91%		0.91%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that 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 0.95% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of trustees of the Fund.

The Real Asset Income Custom Blended Fund Performance Benchmark consists of: 1) 25% of the return of the Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/Nareit) Developed Index (Net), 2) 22% of the return of the S&P Global Infrastructure Index (Net), 3) 20% of the return of the ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 20% of the Bloomberg Barclays U.S. Corporate High Yield Bond Index and 5) 13% of the return of the Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE Nareit) Preferred Stock Index.

Fund Performance and Expense Ratios (continued)

Nuveen Real Estate Securities Fund

Fund Performance and Expense Ratios


			Total Returns as of June 30, 2021*
			Cumulative		Average Annual							Expense Ratios**
	Inception Date		6-Month		1-Year		5-Year		10-Year			Gross		Net
Class A Shares at NAV		9/29/95		19.72%		31.77%		5.91%		8.87%			1.30%		1.22%
Class A Shares at maximum Offering Price		9/29/95		12.85%		24.18%		4.67%		8.23%			—		—
MSCI U.S. REIT Index		—		21.80%		38.05%		6.32%		9.38%	��		—		—
Lipper Real Estate Funds Classification Average		—		19.95%		35.24%		7.07%		9.07%			—		—

Class C Shares		2/01/00		19.25%		30.84%		5.13%		8.22%			2.05%		1.97%
Class I Shares		6/30/95		19.84%		32.09%		6.18%		9.14%			1.05%		0.97%

			Total Returns as of June 30, 2021*
			Cumulative		Average Annual							Expense Ratios**
	Inception Date		6-Month		1-Year		5-Year		Since Inception			Gross		Net
Class R6 Shares		4/30/13		19.92%		32.29%		6.35%		7.79%			0.90%		0.82%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2023 so that the total annual operating expenses of the Fund (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 0.97% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to July 31, 2023 only with the approval of the Board of Directors of the Fund.

Holding Summaries as of June 30, 2021

This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Nuveen Global Infrastructure Fund

Fund Allocation

(% of net assets)



Common Stocks			87.4%

Real Estate Investment Trust Common Stocks			9.8%

Investment Companies			0.3%

Repurchase Agreements			2.0%

Other Assets Less Liabilities			0.5%

Net Assets			100%

Top Five Common Stock & Real Estate Investment Trust

Common Stock Holdings

(% of net assets)



American Tower Corp			5.3%

NextEra Energy Inc			4.0%

TC Energy Corp			3.7%

Enbridge Inc			3.2%

Transurban Group			3.2%

Portfolio Composition

(% of net assets)



Transportation Infrastructure			26.0%

Electric Utilities			17.1%

Oil, Gas & Consumable Fuels			16.4%

Specialized			9.6%

Multi-Utilities			9.2%

Road & Rail			5.1%

Other²			13.8%

Investment Companies			0.3%

Repurchase Agreements			2.0%

Other Assets Less Liabilities			0.5%

Net Assets			100%

Country Allocation¹

(% of net assets)



United States			45.2%

Canada			8.7%

Australia			7.8%

France			7.4%

Spain			6.3%

Italy			5.7%

Mexico			3.5%

Germany			2.3%

New Zealand			2.0%

Japan			1.6%

Other			9.0%

Other Assets Less Liabilities			0.5%

Net Assets			100%

1	Includes 6.6% (as a percentage of net assets) in emerging market countries.

2	See Portfolio of Investments for details on “other” Portfolio Composition.

Nuveen Global Real Estate Securities Fund

Fund Allocation

(% of net assets)



Real Estate Investment Trust Common Stocks			75.9%

Common Stocks			23.4%

Repurchase Agreements			1.3%

Other Assets Less Liabilities			(0.6)%

Net Assets			100%

Top Five Common Stock & Real Estate Investment Trust

Common Stock Holdings

(% of net assets)



Prologis Inc			4.2%

Equinix Inc			2.9%

Public Storage			2.5%

American Tower Corp			2.4%

Simon Property Group Inc			2.3%

Portfolio Composition

(% of net assets)



Real Estate Management & Development			20.5%

Specialized			15.4%

Residential			12.3%

Industrial			12.3%

Retail			11.2%

Diversified			8.7%

Office			7.5%

Health Care			5.7%

Other			5.7%

Repurchase Agreements			1.3%

Other Assets Less Liabilities			(0.6)%

Net Assets			100%

Country Allocation¹

(% of net assets)



United States			54.4%

Japan			11.0%

Germany			7.3%

Hong Kong			5.1%

United Kingdom			4.7%

Australia			3.3%

Singapore			3.2%

Canada			3.1%

Sweden			2.4%

France			1.3%

Other			4.8%

Other Assets Less Liabilities			(0.6)%

Net Assets			100%

1	Includes 1.4% (as a percentage of net assets) in emerging market countries.

Holding Summaries as of June 30, 2021 (continued)

Nuveen Real Asset Income Fund

Fund Allocation

(% of net assets)



Common Stocks			25.0%

Real Estate Investment Trust Common Stocks			23.4%

Corporate Bonds			15.0%

$25 Par (or similar) Retail Preferred			14.2%

$1,000 Par (or similar) Institutional Preferred			10.0%

Convertible Preferred Securities			6.8%

Investment Companies			0.6%

Convertible Bonds			0.6%

Variable Rate Senior Loan Interests			0.4%

Asset-Backed Securities			0.3%

Investments Purchased with Collateral from Securities Lending			0.4%

Repurchase Agreements			2.1%

Other Assets Less Liabilities			1.2%

Net Assets			100%

Top Five Common Stock & Real Estate Investment Trust

Common Stock Holdings

(% of net assets)



Williams Cos Inc			1.8%

Simon Property Group Inc			1.2%

SSE PLC			1.1%

MGM Growth Properties LLC			1.0%

Enterprise Products Partners LP			0.9%

Portfolio Composition

(% of net assets)



Electric Utilities			14.4%

Oil, Gas & Consumable Fuels			13.4%

Equity Real Estate Investment Trust			10.6%

Multi-Utilities			7.9%

Real Estate Management & Development			5.8%

Retail			5.7%

Gas Utilities			4.1%

Diversified			3.8%

Office			3.7%

Industrial			3.3%

Health Care			3.1%

Other²			19.6%

Investment Companies			0.6%

Asset-Backed Securities			0.3%

Investments Purchased with Collateral from Securities Lending			0.4%

Repurchase Agreements			2.1%

Other Assets Less Liabilities			1.2%

Net Assets			100%

Country Allocation¹

(% of net assets)



United States			53.4%

Canada			14.1%

Australia			4.9%

United Kingdom			3.8%

Singapore			3.0%

Spain			2.9%

Hong Kong			2.2%

Italy			1.6%

Germany			1.3%

France			1.3%

Other			10.3%

Other Assets Less Liabilities			1.2%

Net Assets			100%

1	Includes 6.6% (as a percentage of net assets) in emerging market countries.

2	See Portfolio of Investments for details on “other” Portfolio Composition.

Nuveen Real Estate Securities Fund

Fund Allocation

(% of net assets)



Real Estate Investment Trust Common Stocks			98.2%

Common Stocks			0.9%

Repurchase Agreements			1.0%

Other Assets Less Liabilities			(0.1)%

Net Assets			100%

Portfolio Composition

(% of net assets)



Specialized			26.0%

Residential			18.5%

Industrial			13.4%

Retail			12.7%

Office			10.1%

Health Care			9.5%

Other			8.9%

Repurchase Agreements			1.0%

Other Assets Less Liabilities			(0.1)%

Net Assets			100%

Top Five Common Stock & Real Estate Investment Trust

Common Stock Holdings

(% of net assets)



Prologis Inc			7.9%

Equinix Inc			5.4%

Public Storage			4.7%

American Tower Corp			4.5%

Simon Property Group Inc			4.3%

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended June 30, 2021.

The beginning of the period is January 1, 2021.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Global Infrastructure Fund


	Share Class
	Class A		Class C		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,055.61	$	1,051.52	$	1,056.57	$	1,056.72
Expenses Incurred During the Period	$	6.17	$	9.97	$	4.49	$	4.90
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.79	$	1,015.08	$	1,020.43	$	1,020.03
Expenses Incurred During the Period	$	6.06	$	9.79	$	4.41	$	4.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 0.88%, and 0.96% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Global Real Estate Securities Fund


	Share Class
	Class A		Class C		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,153.72	$	1,149.50	$	1,155.44	$	1,155.60
Expenses Incurred During the Period	$	6.89	$	10.93	$	5.02	$	5.56
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.40	$	1,014.63	$	1,020.13	$	1,019.64
Expenses Incurred During the Period	$	6.46	$	10.24	$	4.71	$	5.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.05%, 0.94% and 1.04% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Real Asset Income Fund


	Share Class
	Class A		Class C		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,078.69	$	1,074.39	$	1,080.48	$	1,079.98
Expenses Incurred During the Period	$	5.88	$	9.72	$	4.18	$	4.59
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.14	$	1,015.42	$	1,020.78	$	1,020.38
Expenses Incurred During the Period	$	5.71	$	9.44	$	4.06	$	4.46

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.14%, 1.89%, 0.81% and 0.89% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Real Estate Securities Fund


	Share Class
	Class A		Class C		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,197.20	$	1,192.46	$	1,199.22	$	1,198.45
Expenses Incurred During the Period	$	6.92	$	11.04	$	4.80	$	5.56
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.50	$	1,014.73	$	1,020.43	$	1,019.74
Expenses Incurred During the Period	$	6.36	$	10.14	$	4.41	$	5.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.03%, 0.88% and 1.02% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Global Infrastructure Fund

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 97.5%

		COMMON STOCKS – 87.4%

		Commercial Services & Supplies – 2.7%

	281,322	Biffa PLC, 144A, (2)	$	1,264,746

	48,772	Casella Waste Systems Inc, (2)		3,093,608

	1,225,128	China Everbright Environment Group Ltd, (3)		694,269

	19,478	GFL Environmental Inc		621,738

	26,815	Republic Services Inc		2,949,918

	44,296	Waste Connections Inc		5,290,271

	26,368	Waste Management Inc		3,694,420
		Total Commercial Services & Supplies		17,608,970

		Construction & Engineering – 3.8%

	14,933	Ameresco Inc, (2)		936,598

	69,328	Eiffage SA, (3)		7,061,514

	59,790	Ferrovial SA, (3)		1,757,133

	139,363	Vinci SA, (3)		14,897,602
		Total Construction & Engineering		24,652,847

		Diversified Financial Services – 0.2%

	849,233	Cordiant Digital Infrastructure Ltd, 144A, (2)		1,245,229

		Diversified Telecommunication Services – 3.3%

	97,847	Cellnex Telecom SA, 144A, (3)		6,240,803

	1,096,952	HKBN Ltd		1,328,046

	644,877	Infrastrutture Wireless Italiane SpA, 144A, (3)		7,282,246

	3,447,822	NetLink NBN Trust, (3)		2,437,241

	85,997	Radius Global Infrastructure Inc, (2)		1,246,956

	88,892	Vantage Towers AG, (2)		2,862,765
		Total Diversified Telecommunication Services		21,398,057

		Electric Utilities – 17.1%

	329,329	Alupar Investimento SA		1,746,693

	1,424,253	AusNet Services Ltd, (3)		1,866,725

	327,241	CK Infrastructure Holdings Ltd, (3)		1,949,348

	78,528	Duke Energy Corp		7,752,284

	568,894	EDP – Energias de Portugal SA		3,015,311

	7,548	Elia Group SA/NV, (3)		796,740

	45,416	Endesa SA, (3)		1,102,509

	674,929	Enel SpA, (3)		6,272,026

	51,578	Entergy Corp		5,142,327


Shares		Description (1)	Value

		Electric Utilities (continued)

	67,567	Evergy Inc	$	4,083,074

	28,826	Eversource Energy		2,312,998

	790,477	Iberdrola SA, (3)		9,639,594

	360,323	NextEra Energy Inc		26,404,469

	47,304	Orsted AS, 144A, (3)		6,639,653

	464,388	Power Grid Corp of India Ltd, (3)		1,453,831

	225,878	Southern Co/The		13,667,878

	354,032	Spark Infrastructure Group, (3)		596,967

	42,580	SSE PLC, (3)		884,334

	1,034,116	Terna SPA, (3)		7,712,111

	138,089	Xcel Energy Inc		9,097,303
		Total Electric Utilities		112,136,175

		Gas Utilities – 0.4%

	45,524	AltaGas Ltd		955,578

	40,692	China Resources Gas Group Ltd, (3)		244,038

	18,691	Enagas SA, (3)		432,004

	197,162	Snam SpA, (3)		1,140,533
		Total Gas Utilities		2,772,153

		Independent Power & Renewable Electricity Producers – 1.1%

	19,141	Brookfield Renewable Corp		802,774

	105,144	Clearway Energy Inc		2,784,213

	31,665	Corp ACCIONA Energias Renovables SA, (2)		1,003,626

	38,903	EDP Renovaveis SA		901,365

	7,312	NextEra Energy Partners LP		558,344

	162,456	Omega Geracao SA, (2)		1,241,169
		Total Independent Power & Renewable Electricity Producers		7,291,491

		Industrial Conglomerates – 0.2%

	808,021	Sembcorp Industries Ltd, (3)		1,288,844

		IT Services – 0.2%

	6,144	GDS Holdings Ltd, ADR, (2)		482,243

	116,804	NEXTDC Ltd, (2), (3)		1,039,402
		Total IT Services		1,521,645

		Machinery – 0.2%

	36,264	Evoqua Water Technologies Corp, (2)		1,224,998

		Media – 0.1%

	1,922,305	Converge ICT Solutions Inc, (2)		893,912

		Multi-Utilities – 9.2%

	5,039	ACEA SpA, (3)		116,499

	243,009	CenterPoint Energy Inc		5,958,581

Nuveen Global Infrastructure Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Multi-Utilities (continued)

	56,590	CMS Energy Corp	$	3,343,337

	145,368	Dominion Energy Inc		10,694,724

	55,779	DTE Energy Co		7,228,958

	535,210	Engie SA, (3)		7,339,104

	421,759	EON SE, (3)		4,879,612

	132,242	Iren SpA, (3)		377,426

	12,052	National Grid PLC, Sponsored ADR		770,605

	163,040	NiSource Inc		3,994,480

	129,514	RWE AG, (3)		4,695,812

	13,595	Sempra Energy		1,801,066

	92,757	Veolia Environnement SA, (3)		2,804,124

	75,577	WEC Energy Group Inc		6,722,574
		Total Multi-Utilities		60,726,902

		Oil, Gas & Consumable Fuels – 16.4%

	167,016	Cheniere Energy Inc, (2)		14,486,968

	525,982	Enbridge Inc		21,060,319

	315,446	Enterprise Products Partners LP		7,611,712

	150,440	Gibson Energy Inc		2,882,341

	322,364	Kinder Morgan Inc		5,876,696

	17,508	Koninklijke Vopak NV, (3)		795,876

	44,730	ONEOK Inc		2,488,777

	163,290	Pembina Pipeline Corp		5,188,765

	229,990	Plains GP Holdings LP		2,746,081

	76,963	Targa Resources Corp		3,421,005

	490,625	TC Energy Corp		24,277,942

	624,723	Williams Cos Inc/The		16,586,396
		Total Oil, Gas & Consumable Fuels		107,422,878

		Road & Rail – 5.1%

	15,428	Canadian National Railway Co		1,627,962

	355,059	CSX Corp		11,390,293

	40,331	East Japan Railway Co, (3)		2,876,166

	22,629	Kansas City Southern		6,412,380

	15,025	Norfolk Southern Corp		3,987,785

	33,101	Union Pacific Corp		7,279,903
		Total Road & Rail		33,574,489

		Transportation Infrastructure – 26.0%

	124,821	Aena SME SA, 144A, (2), (3)		20,480,764

	50,731	Aeroports de Paris, (2), (3)		6,621,997

	727,938	Atlantia SpA, (2), (3)		13,217,903

	1,825,807	Atlas Arteria Ltd, (3)		8,721,908


Shares		Description (1)	Value

		Transportation Infrastructure (continued)

	1,987,918	Auckland International Airport Ltd, (2), (3)	$	10,099,296

	2,917,649	China Merchants Port Holdings Co Ltd, (3)		4,261,090

	1,808,448	COSCO SHIPPING Ports Ltd, (3)		1,411,981

	354,370	Enav SpA, 144A, (2), (3)		1,597,679

	43,303	Flughafen Wien AG, (2), (3)		1,506,659

	53,782	Flughafen Zurich AG, (2), (3)		8,903,239

	41,244	Fraport AG Frankfurt Airport Services Worldwide, (2), (3)		2,810,698

	615,079	Getlink SE, (3)		9,605,785

	126,946	Grupo Aeroportuario del Centro Norte SAB de CV, ADR, (2)		6,627,851

	86,459	Grupo Aeroportuario del Pacifico SAB de CV, ADR		9,241,603

	18,940	Grupo Aeroportuario del Sureste SAB de CV, ADR, (2)		3,502,006

	1,145,133	International Container Terminal Services Inc		3,840,178

	65,303	Japan Airport Terminal Co Ltd, (2), (3)		2,933,626

	230,551	Kamigumi Co Ltd, (3)		4,678,782

	101,369	Macquarie Infrastructure Corp		3,879,392

	663,787	Port of Tauranga Ltd, (3)		3,261,379

	450,993	Promotora y Operadora de Infraestructura SAB de CV		3,601,111

	732,487	Qube Holdings Ltd, (3)		1,741,055

	3,875,587	Sydney Airport, (2), (3)		16,816,230

	1,942,949	Transurban Group, (3)		20,721,702

	19,609	Westshore Terminals Investment Corp		270,185
		Total Transportation Infrastructure		170,354,099

		Water Utilities – 1.4%

	20,146	American Water Works Co Inc		3,105,103

	1,713,720	Guangdong Investment Ltd, (3)		2,461,438

	8,935	Pennon Group PLC, (3)		140,416

	93,527	Severn Trent PLC, (3)		3,237,691

	24,041	United Utilities Group PLC, (3)		324,486
		Total Water Utilities		9,269,134
		Total Common Stocks (cost $470,628,497)		573,381,823

Shares		Description (1)	Value

		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 9.8%

		Health Care – 0.1%

	263,171	Parkway Life Real Estate Investment Trust	$	898,308

		Mortgage – 0.1%

	5,261	Hannon Armstrong Sustainable Infrastructure Capital Inc		295,405

		Specialized – 9.6%

	128,496	American Tower Corp		34,711,910

	3,397	CoreSite Realty Corp		457,236

Nuveen Global Infrastructure Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)

Shares

Description (1)

Value

Specialized (continued)

29,211

Crown Castle International Corp

5,699,066

14,631

CyrusOne Inc

1,046,409

19,812

Digital Realty Trust Inc

2,980,914

4,784

Equinix Inc

3,839,638

44,654

SBA Communications Corp

14,231,230

Total Specialized

62,966,403

Total Real Estate Investment Trust Common Stocks (cost $53,528,877)

64,160,116

Shares

Description (1)

Value

INVESTMENT COMPANIES – 0.3%

541,815

3i Infrastructure PLC

2,234,501

Total Investment Companies (cost $1,982,034)

2,234,501

Total Long-Term Investments (cost $526,139,408)

639,776,440

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.0%

REPURCHASE AGREEMENTS – 2.0%

13,101

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $13,100,988, collateralized by $14,912,600, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $13,363,088

0.000%

7/01/21

13,100,988

Total Short-Term Investments (cost $13,100,988)

13,100,988

Total Investments (cost $539,240,396) – 99.5%

652,877,428

Other Assets Less Liabilities – 0.5%

3,279,921

Net Assets – 100%

656,157,349

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

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

(3)	For fair value measurement disclosure purposes, investment classified as Level 2.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

Nuveen Global Real Estate Securities Fund

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.3%

		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 75.9%

		Diversified – 8.7%

	61	Activia Properties Inc, (2)	$	288,750

	3,962	Broadstone Net Lease Inc		92,750

	70	Daiwa House REIT Investment Corp, (2)		205,987

	769	Empire State Realty Trust Inc		9,228

	3,249	Essential Properties Realty Trust Inc		87,853

	2,183	Gecina SA, (2)		334,461

	55,965	GPT Group/The, (2)		204,728

	4,487	H&R Real Estate Investment Trust		57,915

	52	Heiwa Real Estate REIT Inc, (2)		81,828

	213	Hulic Reit Inc, (2)		358,490

	41	Kenedix Office Investment Corp, (2)		288,754

	60,959	Land Securities Group PLC, (2)		568,910

	126,139	LondonMetric Property PLC, (2)		403,498

	221,665	LXI REIT Plc, (2)		408,685

	307,586	Mapletree North Asia Commercial Trust, (2)		237,946

	48,347	Merlin Properties Socimi SA, (2)		500,240

	89,854	Mirvac Group, (2)		195,914

	113	Nomura Real Estate Master Fund Inc, (2)		180,849

	1,939	PS Business Parks Inc		287,127

	371	Star Asia Investment Corp, (2)		207,300

	73,094	Stockland, (2)		254,531

	129	Tokyu REIT Inc, (2)		237,630

	10,292	VEREIT Inc		472,711

	1,974	Washington Real Estate Investment Trust		45,402

	1,992	WP Carey Inc		148,643
		Total Diversified		6,160,130

		Health Care – 5.7%

	2,174	Aedifica SA, (2)		287,189

	9,026	CareTrust REIT Inc		209,674

	6,318	Healthcare Realty Trust Inc		190,804

	10,700	Healthcare Trust of America Inc		285,690

	10,095	Healthpeak Properties Inc		336,063

	16,742	Medical Properties Trust Inc		336,514

	15,216	NorthWest Healthcare Properties Real Estate Investment Trust		156,260

	4,181	Omega Healthcare Investors Inc		151,729

Nuveen Global Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Health Care (continued)

	3,287	Sabra Health Care REIT Inc	$	59,823

	17,668	Ventas Inc		1,008,843

	12,071	Welltower Inc		1,003,100
		Total Health Care		4,025,689

		Hotels – 2.7%

	15,994	Apple Hospitality REIT Inc		244,068

	15,790	Host Hotels & Resorts Inc, (3)		269,851

	200	Japan Hotel REIT Investment Corp, (2)		119,740

	8,981	MGM Growth Properties LLC		328,884

	8,244	Pebblebrook Hotel Trust		194,146

	9,990	RLJ Lodging Trust		152,148

	2,227	Ryman Hospitality Properties Inc, (3)		175,844

	20,301	Summit Hotel Properties Inc, (3)		189,408

	15,087	Sunstone Hotel Investors Inc, (3)		187,381

	3,620	Xenia Hotels & Resorts Inc, (3)		67,803
		Total Hotels		1,929,273

		Industrial – 12.3%

	7,890	Americold Realty Trust		298,636

	89,187	Ascendas Real Estate Investment Trust, (2)		195,990

	50,916	Centuria Industrial REIT, (2)		141,792

	17,633	Deutsche Industrie REIT AG		358,578

	28,184	Dream Industrial Real Estate Investment Trust		347,412

	11,934	Duke Realty Corp		565,075

	953	EastGroup Properties Inc		156,721

	9	ESR-REIT, (2)		3

	1,116	First Industrial Realty Trust Inc		58,289

	318,786	Frasers Logistics & Commercial Trust, (2)		341,761

	122	GLP J-Reit		210,407

	9,015	Goodman Group, (2)		142,668

	3,061	Granite Real Estate Investment Trust		203,672

	263	LaSalle Logiport REIT		444,114

	26,199	Lexington Realty Trust		313,078

	168,003	Mapletree Industrial Trust, (2)		353,734

	14	Mitsubishi Estate Logistics REIT Investment Corp		61,938

	33	Mitsui Fudosan Logistics Park Inc		175,850

	69	Nippon Prologis REIT Inc, (2)		219,428

	25,208	Prologis Inc		3,013,112

	4,759	Rexford Industrial Realty Inc		271,025

	29,868	Segro PLC, (2)		452,150

	122	Summit Industrial Income REIT		1,749


Shares		Description (1)	Value

		Industrial (continued)

	6,147	Terreno Realty Corp	$	396,604
		Total Industrial		8,723,786

		Mortgage – 0.1%

	1,500	Blackstone Mortgage Trust Inc		47,835

	289	Hannon Armstrong Sustainable Infrastructure Capital Inc		16,227
		Total Mortgage		64,062

		Office – 7.5%

	5,347	Alexandria Real Estate Equities Inc		972,833

	3,123	Boston Properties Inc		357,865

	7,706	Columbia Property Trust Inc		134,007

	10,280	Corporate Office Properties Trust		287,737

	2,066	Cousins Properties Inc		75,987

	31	Daiwa Office Investment Corp, (2)		215,499

	10,175	Douglas Emmett Inc		342,084

	7,326	Dream Office Real Estate Investment Trust		135,693

	4,355	Easterly Government Properties Inc		91,803

	433	Franklin Street Properties Corp		2,278

	129,502	GDI Property Group, (2)		108,736

	14,703	Great Portland Estates PLC, (2)		144,144

	1,057	Highwoods Properties Inc		47,745

	1,945	Hudson Pacific Properties Inc		54,110

	68	Ichigo Office REIT Investment Corp, (2)		60,395

	80	Japan Excellent Inc, (2)		114,098

	9,995	JBG SMITH Properties		314,942

	3,985	Kilroy Realty Corp		277,515

	4,820	Mack-Cali Realty Corp		82,663

	61	Nippon Building Fund Inc, (2)		380,064

	2,781	NSI NV		107,336

	21	Orix JREIT Inc, (2)		40,314

	30,339	Paramount Group Inc		305,514

	12,068	Piedmont Office Realty Trust Inc		222,896

	174,984	Precinct Properties New Zealand Ltd, (2)		195,660

	288	SL Green Realty Corp		23,040

	5,109	Vornado Realty Trust		238,437
		Total Office		5,333,395

		Residential – 12.3%

	50	Advance Residence Investment Corp, (2)		166,558

	3,424	American Campus Communities Inc		159,969

	13,596	American Homes 4 Rent		528,205

	2,409	Apartment Income REIT Corp		114,259

Nuveen Global Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Residential (continued)

	2,710	AvalonBay Communities Inc	$	565,550

	4,331	Boardwalk Real Estate Investment Trust		142,829

	3,981	BSR Real Estate Investment Trust		52,589

	1,729	Camden Property Trust		229,386

	3,570	Canadian Apartment Properties REIT		167,383

	1,997	Centerspace		157,563

	1,082	Equity LifeStyle Properties Inc		80,403

	9,322	Equity Residential		717,794

	2,741	Essex Property Trust Inc		822,327

	21,426	Invitation Homes Inc		798,976

	14,012	Killam Apartment Real Estate Investment Trust		229,125

	4,188	Mid-America Apartment Communities Inc		705,343

	2,421	NexPoint Residential Trust Inc		133,107

	68	Nippon Accommodations Fund Inc, (2)		392,090

	5,769	Sun Communities Inc		988,807

	19,313	UDR Inc		945,951

	27,862	UNITE Group PLC/The		413,936

	4,549	Xior Student Housing NV		274,014
		Total Residential		8,786,164

		Retail – 11.2%

	2,332	Acadia Realty Trust		51,211

	2,792	Agree Realty Corp		196,808

	14,544	Brixmor Property Group Inc		332,912

	236,359	CapitaLand China Trust, (2)		241,036

	1,361	Federal Realty Investment Trust		159,468

	126,559	Fortune Real Estate Investment Trust, (2)		135,591

	233,538	Frasers Centrepoint Trust, (2)		422,735

	80	Kenedix Retail REIT Corp, (2)		216,327

	17,001	Kimco Realty Corp		354,471

	900	Kite Realty Group Trust		19,809

	5,036	Klepierre SA, (2)		129,746

	57,127	Link REIT, (2)		552,723

	8,436	National Retail Properties Inc		395,480

	7,174	Realty Income Corp		478,793

	6,202	Regency Centers Corp		397,362

	14,318	Retail Properties of America Inc		163,941

	18,468	RioCan Real Estate Investment Trust		328,956

	8,868	RPT Realty		115,107

	61,863	Scentre Group, (2)		126,591

	110,586	Shopping Centres Australasia Property Group, (2)		207,913


Shares		Description (1)	Value

		Retail (continued)

	12,514	Simon Property Group Inc	$	1,632,827

	6,646	SITE Centers Corp		100,089

	3,295	Spirit Realty Capital Inc		157,633

	1,856	Unibail – Rodamco-Westfield, (2)		160,908

	528	Unibail – Rodamco-Westfield, (2)		45,775

	1,618	Urban Edge Properties		30,904

	2,446	Urstadt Biddle Properties Inc		47,403

	419,013	Vicinity Centres, (2)		483,105

	47,980	Waypoint REIT, (2)		94,055

	5,695	Weingarten Realty Investors		182,639
		Total Retail		7,962,318

		Specialized – 15.4%

	6,332	American Tower Corp		1,710,527

	2,004	ARGAN SA, (2)		244,410

	15,891	Big Yellow Group PLC, (2)		287,045

	1,834	CoreSite Realty Corp		246,856

	366	Crown Castle International Corp		71,407

	3,412	CubeSmart		158,044

	4,479	CyrusOne Inc		320,338

	5,764	Digital Realty Trust Inc		867,251

	2,556	Equinix Inc		2,051,446

	1,924	Extra Space Storage Inc		315,190

	9,701	Four Corners Property Trust Inc		267,845

	10,325	Gaming and Leisure Properties Inc		478,357

	36,224	Keppel DC REIT, (2)		67,138

	4,538	Life Storage Inc		487,154

	641	National Storage Affiliates Trust		32,409

	121,704	National Storage REIT, (2)		180,581

	3,530	PotlatchDeltic Corp		187,620

	5,861	Public Storage		1,762,344

	27,512	Safestore Holdings PLC		360,403

	1,269	SBA Communications Corp		404,430

	8,508	VICI Properties Inc		263,918

	5,974	Weyerhaeuser Co		205,625
		Total Specialized		10,970,338
		Total Real Estate Investment Trust Common Stocks (cost $43,921,869)		53,955,155

Nuveen Global Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		COMMON STOCKS – 23.4%

		Diversified Telecommunication Services – 1.5%

	3,717	Cellnex Telecom SA, 144A, (2)	$	237,075

	43,153	Infrastrutture Wireless Italiane SpA, 144A, (2)		487,303

	11,216	Radius Global Infrastructure Inc, (3)		162,632

	5,468	Vantage Towers AG, (3)		176,097
		Total Diversified Telecommunication Services		1,063,107

		Equity Real Estate Investment Trust – 0.3%

	10,960	Flagship Communities REIT		193,992

		Health Care Providers & Services – 0.3%

	4,890	Chartwell Retirement Residences		52,269

	11,220	Sienna Senior Living Inc		148,803
		Total Health Care Providers & Services		201,072

		Hotels, Restaurants & Leisure – 0.2%

	124	Hilton Worldwide Holdings Inc, (3)		14,957

	7,773	Pandox AB, (3)		129,337
		Total Hotels, Restaurants & Leisure		144,294

		Household Durables – 0.3%

	4,203	PulteGroup Inc		229,358

		IT Services – 0.3%

	2,035	GDS Holdings Ltd, ADR, (3)		159,727

	11,277	NEXTDC Ltd, (2), (3)		100,351
		Total IT Services		260,078

		Real Estate Management & Development – 20.5%

	38,527	Amot Investments Ltd, (2)		252,939

	51,270	Aroundtown SA, (2)		400,020

	154,254	CapitaLand Ltd, (2)		426,085

	7,706	Castellum AB, (2)		196,203

	1,453	Catena AB		77,794

	79,160	China Resources Land Ltd, (2)		319,711

	12,665	Cibus Nordic Real Estate AB, (2)		302,568

	10,541	Citycon Oyj, (2)		89,777

	45,745	Corp Inmobiliaria Vesta SAB de CV		89,131

	30,299	Cyrela Commercial Properties SA Empreendimentos e Participacoes		72,491

	23,095	DIC Asset AG, (2)		398,813

	17,458	Dios Fastigheter AB, (2)		180,741

	40,814	ESR Cayman Ltd, 144A, (2), (3)		137,614

	2,605	Fastighets AB Balder, (2), (3)		163,302

	81,646	Grainger PLC, (2)		321,778


Shares		Description (1)					Value

		Real Estate Management & Development (continued)

	115,526	Hongkong Land Holdings Ltd, (2)					$	550,185

	30,521	Hulic Co Ltd, (2)						342,868

	66,197	Hysan Development Co Ltd						263,874

	8,237	Instone Real Estate Group AG, 144A, (2)						248,003

	26,137	Keihanshin Building Co Ltd, (2)						320,372

	4,658	Kennedy-Wilson Holdings Inc						92,554

	37,997	Kungsleden AB						459,972

	282,716	Land & Houses PCL, (2)						70,122

	568,618	Langham Hospitality Investments and Langham Hospitality Investments Ltd, (2), (3)						71,700

	10,021	LEG Immobilien SE, (2)						1,442,591

	8,026	Lifestyle Communities Ltd, (2)						94,227

	26,227	Longfor Group Holdings Ltd, 144A, (2)						146,088

	58,812	Mitsubishi Estate Co Ltd, (2)						950,612

	50,185	Mitsui Fudosan Co Ltd, (2)						1,160,462

	58,193	New World Development Co Ltd, (2)						301,786

	6,274	Platzer Fastigheter Holding AB						95,157

	21,893	Samhallsbyggnadsbolaget i Norden AB						91,736

	154,958	Sino Land Co Ltd, (2)						244,281

	197,976	Sirius Real Estate Ltd, (2)						302,682

	80,314	Sun Hung Kai Properties Ltd, (2)						1,193,622

	96,111	Swire Properties Ltd, (2)						286,284

	22,162	TAG Immobilien AG, (2)						702,458

	25,674	Tokyo Tatemono Co Ltd, (2)						366,434

	13,973	Tricon Residential Inc						160,741

	10,767	VIB Vermoegen AG						457,058

	11,471	Vonovia SE, (2)						741,319
		Total Real Estate Management & Development						14,586,155
		Total Common Stocks (cost $14,841,658)						16,678,056
		Total Long-Term Investments (cost $58,763,527)						70,633,211

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 1.3%

		REPURCHASE AGREEMENTS – 1.3%

$	919	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $918,749, collateralized by $1,045,800, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $937,135		0.000%		7/01/21	$	918,749
		Total Short-Term Investments (cost $918,749)						918,749
		Total Investments (cost $59,682,276) – 100.6%						71,551,960
		Other Assets Less Liabilities – (0.6)%						(441,337	)
		Net Assets – 100%					$	71,110,623

Nuveen Global Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	For fair value measurement disclosure purposes, investment classified as Level 2.

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

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Real Asset Income Fund

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 96.3%

		COMMON STOCKS – 25.0%

		Air Freight & Logistics – 0.3%

	73,680	Oesterreichische Post AG	$	3,918,368

	154,971	PostNL NV, (2)		842,016
		Total Air Freight & Logistics		4,760,384

		Commercial Services & Supplies – 0.3%

	7,722,158	China Everbright Environment Group Ltd, (2)		4,376,075

		Diversified Financial Services – 0.2%

	2,051,204	Sdcl Energy Efficiency Income Trust PLC		3,319,794

		Diversified Telecommunication Services – 1.3%

	4,613,353	HKBN Ltd		5,585,245

	974,914	HKT Trust & HKT Ltd, (2)		1,327,906

	17,615,812	NetLink NBN Trust, (2)		12,452,494
		Total Diversified Telecommunication Services		19,365,645

		Electric Utilities – 5.1%

	5,127,146	AusNet Services Ltd, (2)		6,719,996

	95,942	CEZ AS, (2)		2,845,166

	430,168	Cia de Transmissao de Energia Eletrica Paulista		2,169,954

	171,829	CK Infrastructure Holdings Ltd, (2)		1,023,571

	74,001	Emera Inc		3,357,386

	392,588	Endesa SA, (2)		9,530,380

	258,860	Enel Chile SA, ADR		763,637

	119,786	Enel SpA, (2)		1,113,156

	257,705	OGE Energy Corp		8,671,773

	268,527	Power Assets Holdings Ltd, (2)		1,647,697

	79,144	PPL Corp		2,213,658

	463,644	Red Electrica Corp SA, (2)		8,608,100

	6,001,476	Spark Infrastructure Group, (2)		10,119,665

	799,003	SSE PLC, (2)		16,594,305

	356,617	Transmissora Alianca de Energia Eletrica SA		2,645,697
		Total Electric Utilities		78,024,141

		Equity Real Estate Investment Trust – 0.0%

	111,938	Nexus Real Estate Investment Trust		904,823

		Gas Utilities – 2.8%

	360,386	AltaGas Ltd		7,564,733

	206,239	APA Group, (2)		1,376,156

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Gas Utilities (continued)

	579,739	Enagas SA, (2)	$	13,399,470

	682,688	Italgas SpA, (2)		4,465,595

	180,394	Naturgy Energy Group SA, (2)		4,642,705

	2,018,129	Snam SpA, (2)		11,674,373
		Total Gas Utilities		43,123,032

		Health Care Providers & Services – 0.3%

	122,837	Chartwell Retirement Residences		1,312,996

	245,927	Sienna Senior Living Inc		3,261,568
		Total Health Care Providers & Services		4,574,564

		Independent Power & Renewable Electricity Producers – 1.1%

	62,287	Atlantica Sustainable Infrastructure PLC		2,318,322

	1,824	Canadian Solar Infrastructure Fund Inc, (2)		2,074,286

	145,488	Clearway Energy Inc		3,669,207

	495,836	TransAlta Renewables Inc		8,331,933
		Total Independent Power & Renewable Electricity Producers		16,393,748

		Industrial Conglomerates – 0.1%

	983,573	NWS Holdings Ltd, (2)		1,046,305

		Multi-Utilities – 1.6%

	40,322	ACEA SpA, (2)		932,223

	201,290	Canadian Utilities Ltd		5,585,976

	160,099	Engie SA, (2)		2,195,368

	119,187	National Grid PLC, Sponsored ADR		7,620,817

	2,463,347	REN – Redes Energeticas Nacionais SGPS SA, (2)		6,833,160

	738,430	Vector Ltd		2,090,459
		Total Multi-Utilities		25,258,003

		Oil, Gas & Consumable Fuels – 6.7%

	313,676	Enbridge Inc		12,559,587

	588,916	Enterprise Products Partners LP		14,210,543

	325,097	Gibson Energy Inc		6,228,666

	412,497	Kinder Morgan Inc		7,519,820

	98,566	Magellan Midstream Partners LP		4,820,863

	62,397	ONEOK Inc		3,471,769

	349,324	Pembina Pipeline Corp		11,100,252

	354,172	Plains GP Holdings LP		4,228,814

	212,834	TC Energy Corp		10,531,815

	1,032,411	Williams Cos Inc		27,410,512

	253,230	Z Energy Ltd, (2)		484,996
		Total Oil, Gas & Consumable Fuels		102,567,637


Shares		Description (1)	Value

		Real Estate Management & Development – 3.0%

	600,868	Amot Investments Ltd, (2)	$	3,944,847

	32	Ascendas India Trust, (2)		33

	384,321	Cibus Nordic Real Estate AB, (2)		9,181,471

	103,240	Citycon Oyj, (2)		879,286

	1,643,252	Corp Inmobiliaria Vesta SAB de CV		3,201,761

	285,304	DIC Asset AG, (2)		4,926,738

	274,621	Dios Fastigheter AB, (2)		2,843,118

	653,514	Hongkong Land Holdings Ltd, (2)		3,112,316

	639,420	Hysan Development Co Ltd		2,548,852

	96,868	Kennedy-Wilson Holdings Inc		1,924,767

	5,496,039	Land & Houses PCL, (2)		1,363,189

	996,837	New World Development Co Ltd, (2)		5,169,546

	4,870,774	Sino Land Co Ltd, (2)		7,678,451
		Total Real Estate Management & Development		46,774,375

		Road & Rail – 0.3%

	1,652,672	Aurizon Holdings Ltd, (2)		4,603,266

		Thrifts & Mortgage Finance – 0.1%

	818,596	Real Estate Credit Investments Ltd/Fund		1,677,932

		Transportation Infrastructure – 0.7%

	493,490	Atlas Arteria Ltd, (2)		2,357,409

	2,353,928	China Merchants Port Holdings Co Ltd, (2)		3,437,802

	2,721,277	COSCO SHIPPING Ports Ltd, (2)		2,124,690

	70,822	Dalrymple Bay Infrastructure Ltd		111,537

	1,433,341	Jiangsu Expressway Co Ltd, (2)		1,622,208

	29,182	Macquarie Infrastructure Corp		1,116,795
		Total Transportation Infrastructure		10,770,441

		Water Utilities – 1.1%

	3,750,744	Guangdong Investment Ltd, (2)		5,387,242

	735,896	Inversiones Aguas Metropolitanas SA		401,823

	303,624	Pennon Group PLC, (2)		4,771,519

	522,284	United Utilities Group PLC, (2)		7,049,374
		Total Water Utilities		17,609,958
		Total Common Stocks (cost $330,294,093)		385,150,123

Shares		Description (1)	Value

		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 23.4%

		Diversified – 3.8%

	1,189,753	Abacus Property Group, (2)		2,805,036

	59,675	Alpine Income Property Trust Inc		1,135,019

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Diversified (continued)

	105,628	Broadstone Net Lease Inc	$	2,472,751

	1,055,627	Charter Hall Long Wale REIT, (2)		3,752,524

	7,976	Cofinimmo SA, (2)		1,214,982

	1,756,065	GPT Group, (2)		6,423,935

	1,001,430	Growthpoint Properties Australia Ltd, (2)		3,050,053

	592	Hulic Reit Inc, (2)		996,366

	51,626	ICADE, (2)		4,454,851

	220,556	Land Securities Group PLC, (2)		2,058,375

	1,654,942	LXI REIT Plc, (2)		3,051,225

	5,045,389	Mapletree North Asia Commercial Trust, (2)		3,903,068

	6,563	Star Asia Investment Corp, (2)		3,667,136

	1,625,053	Stockland, (2)		5,658,839

	449,294	Stride Property Group, (2)		749,561

	130,180	Washington Real Estate Investment Trust		2,994,140

	129,721	WP Carey Inc		9,679,781
		Total Diversified		58,067,642

		Health Care – 3.1%

	41,591	CareTrust REIT Inc		966,159

	181,306	Global Medical REIT Inc		2,676,077

	252,407	Healthcare Trust of America Inc		6,739,267

	9,884	LTC Properties Inc		379,447

	341,509	Medical Properties Trust Inc		6,864,331

	651,337	NorthWest Healthcare Properties Real Estate Investment Trust		6,688,867

	323,914	Omega Healthcare Investors Inc		11,754,839

	332,847	Physicians Realty Trust		6,147,684

	269,790	Sabra Health Care REIT Inc		4,910,178
		Total Health Care		47,126,849

		Hotels – 1.0%

	412,144	MGM Growth Properties LLC		15,092,713

		Industrial – 3.3%

	514,906	APN Industria REIT		1,282,031

	2,114,355	Ascendas Real Estate Investment Trust, (2)		4,646,334

	2,078,066	Centuria Industrial REIT, (2)		5,787,024

	1,051,947	Dream Industrial Real Estate Investment Trust		12,966,885

	4,842,433	ESR-REIT, (2)		1,478,582

	7,183,766	Frasers Logistics & Commercial Trust, (2)		7,701,513

	90,301	Industrial Logistics Properties Trust		2,360,468

	2,210,986	Mapletree Industrial Trust, (2)		4,655,284

	1,793,078	PLA Administradora Industrial S de RL de CV		2,723,708


Shares		Description (1)	Value

		Industrial (continued)

	1,572,740	Urban Logistics REIT PLC	$	3,415,647

	937,151	Warehouse Reit PLC		1,944,541

	83,874	WPT Industrial Real Estate Investment Trust		1,520,636
		Total Industrial		50,482,653

		Mortgage – 1.4%

	126,734	Ares Commercial Real Estate Corp		1,861,722

	311,199	Blackstone Mortgage Trust Inc		9,924,136

	219,942	KKR Real Estate Finance Trust Inc		4,757,346

	63,583	Nexpoint Real Estate Finance Inc		1,328,249

	137,606	Starwood Property Trust Inc		3,601,149
		Total Mortgage		21,472,602

		Office – 3.7%

	339,006	Brandywine Realty Trust		4,647,772

	1,302,574	Centuria Office REIT, (2)		2,280,528

	141,867	Columbia Property Trust Inc		2,467,067

	61,834	Covivio, (2)		5,293,436

	92,011	Dexus, (2)		733,485

	96,390	Dream Office Real Estate Investment Trust		1,785,346

	317,433	Easterly Government Properties Inc		6,691,488

	14,853	Franklin Street Properties Corp		78,127

	2,648,118	GDI Property Group, (2)		2,223,483

	3,629	Highwoods Properties Inc		163,922

	1,264	Ichigo Office REIT Investment Corp, (2)		1,122,639

	171,788	Intervest Offices & Warehouses NV, (2)		4,654,659

	138,121	NSI NV		5,330,941

	289,201	Piedmont Office Realty Trust Inc		5,341,542

	144,823	Postal Realty Trust Inc		2,641,571

	1,646,159	Precinct Properties New Zealand Ltd, (2)		1,840,672

	10,548	SL Green Realty Corp		843,840

	615,937	True North Commercial Real Estate Investment Trust		3,681,908

	96,760	Vornado Realty Trust		4,515,789
		Total Office		56,338,215

		Residential – 0.1%

	5,194	Altarea SCA, (2)		1,090,974

	82,259	BSR Real Estate Investment Trust		1,086,641
		Total Residential		2,177,615

		Retail – 5.6%

	555,886	APN Convenience Retail REIT, (2)		1,550,328

	5,037,367	CapitaLand China Trust, (2)		5,137,047

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)							Value

		Retail (continued)

	443,515	Choice Properties Real Estate Investment Trust							$	5,112,802

	341,831	Crombie Real Estate Investment Trust								4,891,967

	130,428	CT Real Estate Investment Trust								1,723,468

	4,639,992	Fortune Real Estate Investment Trust, (2)								4,971,127

	2,853,915	Frasers Centrepoint Trust, (2)								5,165,968

	1,983	Kenedix Retail REIT Corp, (2)								5,362,219

	242,049	National Retail Properties Inc								11,347,257

	434,714	RioCan Real Estate Investment Trust								7,743,212

	35,026	Saul Centers Inc								1,591,932

	1,397,963	Scentre Group, (2)								2,860,680

	551,531	Shopping Centres Australasia Property Group, (2)								1,036,934

	142,956	Simon Property Group Inc								18,652,899

	151,612	Spirit Realty Capital Inc								7,253,118

	3,747	Urstadt Biddle Properties Inc								72,617

	1,290,212	Waypoint REIT, (2)								2,529,206
		Total Retail								87,002,781

		Specialized – 1.4%

	307,161	Automotive Properties Real Estate Investment Trust								3,080,035

	355,076	CatchMark Timber Trust Inc								4,154,389

	423,296	Charter Hall Social Infrastructure REIT, (2)								1,101,108

	2,884	CoreSite Realty Corp								388,186

	180,752	Four Corners Property Trust Inc								4,990,563

	170,029	Gaming and Leisure Properties Inc								7,877,444

	369	VICI Properties Inc								11,446
		Total Specialized								21,603,171
		Total Real Estate Investment Trust Common Stocks (cost $303,457,689)								359,364,241

Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		CORPORATE BONDS – 15.0%

		Air Freight & Logistics – 0.2%

$	2,300	Cargo Aircraft Management Inc, 144A		4.750%		2/01/28		BB	$	2,345,609

		Auto Components – 0.1%

	1,450	NESCO Holdings II Inc, 144A		5.500%		4/15/29		B		1,513,438

		Chemicals – 0.0%

	500	Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A		11.000%		4/15/25		B–		543,750

		Commercial Services & Supplies – 0.2%

	1,300	GFL Environmental Inc, 144A		3.500%		9/01/28		BB–		1,296,750

	1,085	GFL Environmental Inc, 144A		4.750%		6/15/29		B–		1,126,555


Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (4)		Value

			Commercial Services & Supplies (continued)

$	550		Stericycle Inc, 144A		3.875%		1/15/29		BB	$	548,917
			Total Commercial Services & Supplies								2,972,222

			Communications Equipment – 0.3%

	650		Liquid Telecommunications Financing Plc, 144A		5.500%		9/04/26		B1		665,568

	780		Viasat Inc, 144A		5.625%		9/15/25		BB–		794,820

	3,325		Viasat Inc, 144A		6.500%		7/15/28		BB–		3,545,979
			Total Communications Equipment								5,006,367

			Construction & Engineering – 0.3%

	1,800		GMR Hyderabad International Airport Ltd, 144A		5.375%		4/10/24		BB+		1,863,316

	1,500		IHS Netherlands Holdco BV, 144A		8.000%		9/18/27		B2		1,623,750

	798		International Airport Finance SA, 144A		12.000%		3/15/33		B–		841,047
			Total Construction & Engineering								4,328,113

			Diversified Financial Services – 0.5%

	1,010		Cometa Energia SA de CV, 144A		6.375%		4/24/35		Baa3		1,158,941

	975		Genesis Energy LP / Genesis Energy Finance Corp		7.750%		2/01/28		B+		1,007,604

	1,815		Minejesa Capital BV, 144A		5.625%		8/10/37		Baa3		1,964,737

	16,426	BRL	Swiss Insured Brazil Power Finance Sarl, 144A		9.850%		7/16/32		AAA		3,426,343
			Total Diversified Financial Services								7,557,625

			Diversified Telecommunication Services – 1.1%

	1,325		Altice France SA/France, 144A		5.500%		1/15/28		B		1,374,953

	1,925		Altice France SA/France, 144A		5.125%		7/15/29		B		1,934,432

	3,280		Cellnex Finance Co SA, 144A, (WI/DD)		3.875%		7/07/41		BB+		3,270,029

	1,670		Level 3 Financing Inc, 144A		4.625%		9/15/27		BB		1,733,326

	2,750		Level 3 Financing Inc, 144A		4.250%		7/01/28		BB		2,790,590

	1,155		Switch Ltd, 144A		4.125%		6/15/29		BB		1,185,319

	2,495		Vmed O2 UK Financing I PLC, 144A, (WI/DD)		4.750%		7/15/31		BB–		2,532,425

	2,000		Zayo Group Holdings Inc, 144A		4.000%		3/01/27		B1		1,986,240
			Total Diversified Telecommunication Services								16,807,314

			Electric Utilities – 1.5%

	1,808		Acwa Power Management And Investments One Ltd, 144A		5.950%		12/15/39		Baa3		2,147,184

	1,925		Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ, 144A		6.250%		12/10/24		BB+		2,130,012

	374		Adani Transmission Ltd, 144A		4.250%		5/21/36		BBB–		380,902

	650		AES Panama Generation Holdings SRL, 144A		4.375%		5/31/30		Baa3		679,351

	1,500		Cikarang Listrindo Tbk PT, 144A		4.950%		9/14/26		BB+		1,535,700

	2,325		Clearway Energy Operating LLC, 144A		3.750%		2/15/31		BB		2,313,375

	1,200		Empresa de Transmision Electrica SA, 144A		5.125%		5/02/49		Baa2		1,332,012

	5,700,000	COP	Empresas Publicas de Medellin ESP, 144A		8.375%		11/08/27		Baa3		1,435,282

	1,600		Instituto Costarricense de Electricidad, 144A		6.950%		11/10/21		B1		1,606,000

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Electric Utilities (continued)

$	1,500	Lamar Funding Ltd, 144A		3.958%		5/07/25		Ba3	$	1,503,750

	1,185	LLPL Capital Pte Ltd, 144A		6.875%		2/04/39		Baa3		1,375,889

	2,175	Pacific Gas and Electric Co		3.300%		8/01/40		BBB–		1,964,184

	1,155	Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A		4.500%		8/15/28		BB–		1,195,656

	3,115	TerraForm Power Operating LLC, 144A		4.750%		1/15/30		BB		3,190,289
		Total Electric Utilities								22,789,586

		Energy Equipment & Services – 0.2%

	850	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.250%		4/01/28		B+		887,323

	1,550	Galaxy Pipeline Assets Bidco Ltd, 144A		3.250%		9/30/40		Aa2		1,539,299
		Total Energy Equipment & Services								2,426,622

		Equity Real Estate Investment Trust – 2.3%

	2,750	Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A		5.750%		5/15/26		BB+		2,890,937

	1,455	CTR Partnership LP / CareTrust Capital Corp, 144A		3.875%		6/30/28		BB+		1,485,730

	1,250	Diversified Healthcare Trust		4.375%		3/01/31		BB		1,196,875

	1,075	GLP Capital LP / GLP Financing II Inc		4.000%		1/15/31		BBB–		1,158,291

	1,740	HAT Holdings I LLC / HAT Holdings II LLC, 144A		3.375%		6/15/26		BB+		1,753,050

	1,300	HAT Holdings I LLC / HAT Holdings II LLC, 144A		3.750%		9/15/30		BB+		1,269,125

	1,535	Iron Mountain Inc, 144A		5.250%		3/15/28		BB–		1,606,454

	800	Iron Mountain Inc, 144A		4.500%		2/15/31		BB–		810,000

	2,250	iStar Inc		4.750%		10/01/24		BB+		2,368,125

	1,500	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc		5.750%		2/01/27		BB+		1,668,930

	3,375	MPT Operating Partnership LP / MPT Finance Corp		3.500%		3/15/31		BBB–		3,408,716

	1,600	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 144A		4.875%		5/15/29		B+		1,655,120

	1,800	Retail Properties of America Inc		4.750%		9/15/30		BBB–		1,994,013

	2,450	RHP Hotel Properties LP / RHP Finance Corp, 144A		4.500%		2/15/29		B1		2,452,009

	1,370	RLJ Lodging Trust LP, 144A		3.750%		7/01/26		BB–		1,383,700

	2,830	Scentre Group Trust 2, 144A		5.125%		9/24/80		BBB+		3,017,487

	1,150	Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A		4.750%		4/15/28		BB+		1,147,125

	975	VICI Properties LP / VICI Note Co Inc, 144A		4.625%		12/01/29		BB		1,035,938

	2,625	VICI Properties LP / VICI Note Co Inc, 144A		4.125%		8/15/30		BB		2,695,403

	1,140	XHR LP, 144A		4.875%		6/01/29		B		1,177,050
		Total Equity Real Estate Investment Trust								36,174,078

		Gas Utilities – 0.3%

	2,100	LBC Tank Terminals Holding Netherlands BV, 144A		6.875%		5/15/23		B–		2,094,750

	2,550	National Gas Co of Trinidad & Tobago Ltd, 144A		6.050%		1/15/36		BBB–		2,626,500
		Total Gas Utilities								4,721,250


Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Health Care Providers & Services – 0.6%

$	1,825	CHS/Community Health Systems Inc, 144A		6.875%		4/15/29		CCC	$	1,909,808

	950	CHS/Community Health Systems Inc, 144A		4.750%		2/15/31		B		953,562

	1,200	Cushman & Wakefield US Borrower LLC, 144A		6.750%		5/15/28		Ba3		1,294,152

	1,675	LifePoint Health Inc, 144A		5.375%		1/15/29		CCC+		1,633,125

	3,925	Tenet Healthcare Corp, 144A		6.125%		10/01/28		B		4,182,637
		Total Health Care Providers & Services								9,973,284

		Hotels, Restaurants & Leisure – 0.7%

	575	Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp / Millennium Op, 144A		5.500%		5/01/25		Ba2		600,156

	2,250	Hilton Domestic Operating Co Inc, 144A		4.000%		5/01/31		N/R		2,269,957

	3,200	Hilton Domestic Operating Co Inc, 144A		3.625%		2/15/32		BB		3,160,000

	1,605	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A		5.000%		6/01/29		B2		1,641,113

	1,065	Marriott Ownership Resorts Inc, 144A		4.500%		6/15/29		B1		1,079,644

	1,695	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc		4.500%		1/15/28		BB+		1,792,462
		Total Hotels, Restaurants & Leisure								10,543,332

		Household Durables – 0.1%

	1,775	WASH Multifamily Acquisition Inc, 144A		5.750%		4/15/26		B–		1,853,278

		Independent Power & Renewable Electricity Producers – 0.8%

	1,350	Atlantica Sustainable Infrastructure PLC, 144A		4.125%		6/15/28		BB+		1,375,380

	1,685	Azure Power Energy Ltd, 144A		5.500%		11/03/22		Ba2		1,710,275

	4,200	Calpine Corp, 144A		3.750%		3/01/31		BB+		3,999,870

	1,170	Clearway Energy Operating LLC, 144A		4.750%		3/15/28		BB		1,227,037

	1,300	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A		5.375%		12/30/30		BBB–		1,293,500

	1,500	Kallpa Generacion SA, 144A		4.125%		8/16/27		Baa3		1,539,390

	1,006	UEP Penonome II SA, 144A		6.500%		10/01/38		BB		1,025,814
		Total Independent Power & Renewable Electricity Producers								12,171,266

		Internet Software & Services – 0.2%

	3,075	Cogent Communications Group Inc, 144A		3.500%		5/01/26		BB		3,144,187

		Media – 0.6%

	1,775	Altice Financing SA, 144A		5.000%		1/15/28		B		1,739,802

	200	Cablevision Lightpath LLC, 144A		3.875%		9/15/27		B+		197,668

	4,600	CCO Holdings LLC / CCO Holdings Capital Corp		4.500%		5/01/32		BB+		4,766,750

	1,900	Lamar Media Corp		3.750%		2/15/28		BB–		1,933,250
		Total Media								8,637,470

		Mortgage Real Estate Investment Trust – 0.2%

	1,720	Starwood Property Trust Inc		4.750%		3/15/25		BB+		1,788,800

	1,875	Starwood Property Trust Inc, 144A, (WI/DD)		3.625%		7/15/26		Ba3		1,889,062
		Total Mortgage Real Estate Investment Trust								3,677,862

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (4)		Value

			Oil, Gas & Consumable Fuels – 2.3%

$	1,800		Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A		7.875%		5/15/26		BB–	$	2,011,698

	500		Calumet Specialty Products Partners LP / Calumet Finance Corp		7.750%		4/15/23		B–		497,500

	2,235		Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A		5.625%		5/01/27		BB–		2,293,669

	1,820		DT Midstream Inc, 144A		4.375%		6/15/31		BB+		1,859,658

	424		Energean Israel Finance Ltd		5.375%		3/30/28		BB-		435,115

	200		EnLink Midstream LLC, 144A		5.625%		1/15/28		BB+		211,278

	1,215		EQM Midstream Partners LP		5.500%		7/15/28		BB		1,312,905

	1,300		EQM Midstream Partners LP, 144A		4.750%		1/15/31		BB		1,339,572

	1,425		Leviathan Bond Ltd , Reg S, 144A		6.750%		6/30/30		BB		1,604,890

	2,875		M/I Homes Inc		4.950%		2/01/28		BB		2,999,344

	1,750		New Fortress Energy Inc, 144A		6.500%		9/30/26		BB–		1,788,150

	1,350		NGL Energy Operating LLC / NGL Energy Finance Corp, 144A		7.500%		2/01/26		BB–		1,417,500

	675		NuStar Logistics LP		6.375%		10/01/30		BB–		745,807

	300		Oleoducto Central SA, 144A, (5)		4.000%		7/14/27		Baa3		309,516

	3,668	CAD	Pembina Pipeline Corp		4.800%		1/25/81		BB+		2,899,336

	1,200		Peru LNG Srl, 144A		5.375%		3/22/30		BB–		1,035,000

	275		Promigas SA ESP / Gases del Pacifico SAC, 144A		3.750%		10/16/29		Baa3		272,814

	3,000		Sunoco LP / Sunoco Finance Corp		5.875%		3/15/28		BB		3,187,500

	600		Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A		4.000%		1/15/32		BB+		617,190

	3,015		TransMontaigne Partners LP / TLP Finance Corp		6.125%		2/15/26		BB		3,082,837

	600		Transportadora de Gas del Sur SA, 144A		6.750%		5/02/25		CCC+		561,000

	900		Tullow Oil PLC, 144A		10.250%		5/15/26		B–		944,370

	1,325		USA Compression Partners LP / USA Compression Finance Corp		6.875%		9/01/27		BB–		1,415,471

	1,675		Western Midstream Operating LP		5.050%		2/01/30		BB		1,876,008
			Total Oil, Gas & Consumable Fuels								34,718,128

			Real Estate Management & Development – 0.8%

	1,225		Howard Hughes Corp, 144A		4.125%		2/01/29		BB		1,225,025

	1,300		Howard Hughes Corp, 144A		4.375%		2/01/31		BB		1,295,294

	2,700		Hunt Cos Inc, 144A		5.250%		4/15/29		BB–		2,619,000

	1,175		Kennedy-Wilson Inc		4.750%		3/01/29		BB		1,210,250

	2,250		Kennedy-Wilson Inc		5.000%		3/01/31		BB		2,314,687

	2,775	EUR	Peach Property Finance GmbH, 144A		4.375%		11/15/25		BB		3,449,075

	600		RKI Overseas Finance 2016 B Ltd		4.700%		9/06/21		BB–		600,300
			Total Real Estate Management & Development								12,713,631

			Road & Rail – 0.2%

	525		ENA Master Trust, 144A		4.000%		5/19/48		BBB		528,208

	1,700		Rumo Luxembourg Sarl, 144A, (5)		5.875%		1/18/25		BB		1,780,767

	1,400		Transnet SOC Ltd, 144A		4.000%		7/26/22		Ba2		1,426,169
			Total Road & Rail								3,735,144


Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Specialty Retail – 0.4%

$	2,025	Ferrellgas LP / Ferrellgas Finance Corp, 144A		5.375%		4/01/26		B–	$	2,007,281

	2,225	Ferrellgas LP / Ferrellgas Finance Corp, 144A		5.875%		4/01/29		B–		2,197,188

	1,000	LCM Investments Holdings II LLC, 144A		4.875%		5/01/29		BB–		1,025,000

	700	Superior Plus LP / Superior General Partner Inc, 144A		4.500%		3/15/29		BB–		721,014
		Total Specialty Retail								5,950,483

		Trading Companies & Distributors – 0.2%

	2,430	Fortress Transportation and Infrastructure Investors LLC, 144A		6.500%		10/01/25		Ba3		2,524,163

		Transportation Infrastructure – 0.7%

	1,400	Adani Ports & Special Economic Zone Ltd, 144A		4.000%		7/30/27		BBB–		1,458,215

	1,627	Aeropuerto Internacional de Tocumen SA, 144A		6.000%		11/18/48		BB+		1,768,503

	2,810	Aeropuertos Dominicanos Siglo XXI SA, 144A		6.750%		3/30/29		B+		2,939,962

	1,108	Autopistas del Sol SA/Costa Rica, 144A		7.375%		12/30/30		B		1,135,288

	1,700	DP World PLC, 144A		5.625%		9/25/48		Baa3		2,122,790

	1,800	Mexico City Airport Trust, 144A		4.250%		10/31/26		BBB		1,953,900
		Total Transportation Infrastructure								11,378,658

		Wireless Telecommunication Services – 0.2%

	2,225	Hughes Satellite Systems Corp		6.625%		8/01/26		BB		2,494,781
		Total Corporate Bonds (cost $224,654,846)								230,701,641

Shares		Description (1)	Coupon				Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 14.2%

		Diversified Financial Services – 0.1%

	51,033	Brookfield Finance Inc		4.625%				BBB	$	1,315,631

	28,354	National Rural Utilities Cooperative Finance Corp, (5)		5.500%				A3		776,332
		Total Diversified Financial Services								2,091,963

		Electric Utilities – 1.8%

	98,516	DTE Energy Co		4.375%				BBB–		2,556,490

	13,048	Duke Energy Corp, (5)		5.750%				BBB–		374,869

	36,322	Entergy Arkansas LLC, (5)		4.875%				A		929,117

	34,610	Entergy Texas Inc		5.375%				BBB–		963,889

	104,701	Georgia Power Co		5.000%				BBB		2,811,222

	225,075	Integrys Holding Inc, (2), (6)		6.000%				BBB		5,964,487

	51,805	NextEra Energy Capital Holdings Inc		5.250%				BBB		1,313,775

	130,819	Southern Co/The		5.250%				BBB		3,341,117

	156,099	Southern Co/The		4.950%				BBB		4,186,575

	203,899	Southern Co/The		4.200%				BBB		5,264,672
		Total Electric Utilities								27,706,213

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		Equity Real Estate Investment Trust – 7.9%

	120,471	American Homes 4 Rent		5.875%		BB	$	3,098,514

	151,769	American Homes 4 Rent		5.875%		BB		3,918,676

	5,337	American Homes 4 Rent		6.250%		Ba1		147,355

	155,079	Armada Hoffler Properties Inc		6.750%		N/R		4,149,914

	231,039	Centerspace		6.625%		N/R		6,055,532

	55,490	Chatham Lodging Trust, (2), (6)		6.625%		N/R		1,442,740

	98,347	City Office REIT Inc, (5)		6.625%		N/R		2,562,923

	134,544	DiamondRock Hospitality Co, (5)		8.250%		N/R		3,868,140

	159,527	Digital Realty Trust Inc		5.250%		Baa3		4,147,702

	101,034	Digital Realty Trust Inc		5.850%		Baa3		2,870,376

	149,573	Digital Realty Trust Inc		5.200%		Baa3		4,214,967

	2,620	DigitalBridge Group Inc, (6)		7.125%		N/R		67,439

	5,788	Federal Realty Investment Trust		5.000%		BBB		152,919

	159,118	Kimco Realty Corp		5.250%		Baa2		4,256,406

	5,162	Mid-America Apartment Communities Inc		8.500%		BBB–		333,930

	170,505	Monmouth Real Estate Investment Corp		6.125%		N/R		4,308,661

	39,142	National Retail Properties Inc		5.200%		Baa2		1,012,212

	47,659	National Storage Affiliates Trust		6.000%		N/R		1,286,793

	112,006	Pebblebrook Hotel Trust		6.500%		N/R		2,807,990

	116,474	Pebblebrook Hotel Trust		6.375%		N/R		2,937,474

	157,895	Pebblebrook Hotel Trust		6.300%		N/R		3,993,165

	71,146	Pebblebrook Hotel Trust, (6)		6.375%		N/R		1,939,440

	118,477	PS Business Parks Inc		5.200%		BBB		3,164,521

	270,056	PS Business Parks Inc		4.875%		BBB		7,507,557

	104,578	Public Storage		4.875%		A3		2,888,444

	293	Public Storage		4.750%		A3		8,081

	84,599	Public Storage		4.625%		A3		2,329,856

	3,839	QTS Realty Trust Inc		7.125%		B		99,008

	195,935	Rexford Industrial Realty Inc		5.625%		BB+		5,358,822

	57,827	Saul Centers Inc		6.125%		N/R		1,525,476

	81,910	Saul Centers Inc		6.000%		N/R		2,232,048

	104,685	SITE Centers Corp		6.375%		BB+		2,818,120

	31,224	SL Green Realty Corp		6.500%		Ba1		794,651

	31,568	Summit Hotel Properties Inc		6.450%		N/R		794,882

	139,118	Summit Hotel Properties Inc, (5)		6.250%		N/R		3,632,371

	147,328	Sunstone Hotel Investors Inc		6.450%		N/R		3,793,696

	102,625	Sunstone Hotel Investors Inc		6.125%		N/R		2,913,524

	135,949	UMH Properties Inc		6.750%		N/R		3,561,864

	92,168	Urstadt Biddle Properties Inc		6.250%		N/R		2,412,958

	91,006	Urstadt Biddle Properties Inc		5.875%		N/R		2,385,267


Shares		Description (1)	Coupon		Ratings (4)		Value

		Equity Real Estate Investment Trust (continued)

	31,623	Vornado Realty Trust		5.700%		Baa3	$	822,830

	300,879	Vornado Realty Trust		5.250%		Baa3		8,072,584

	181,419	Vornado Realty Trust		5.250%		Baa3		4,894,685
		Total Equity Real Estate Investment Trust						121,584,513

		Gas Utilities – 0.4%

	211,688	South Jersey Industries Inc		5.625%		BB+		5,561,044

	40,621	Spire Inc		5.900%		BBB		1,148,762
		Total Gas Utilities						6,709,806

		Independent Power & Renewable Electricity Producers – 0.6%

	101,928	Brookfield BRP Holdings Canada Inc, (6)		4.625%		BBB–		2,585,913

	98,427	Brookfield Renewable Partners LP		5.750%		BBB–		2,024,757

	174,381	Brookfield Renewable Partners LP		5.250%		BBB–		4,568,782
		Total Independent Power & Renewable Electricity Producers						9,179,452

		Multi-Utilities – 2.0%

	54,061	Algonquin Power & Utilities Corp		6.200%		BB+		1,508,302

	35,122	Brookfield Infrastructure Finance ULC, (6)		5.000%		BBB–		892,099

	210,219	Brookfield Infrastructure Partners LP		5.350%		BBB–		4,275,267

	190,225	Brookfield Infrastructure Partners LP		5.125%		BBB–		4,976,286

	55,805	Brookfield Infrastructure Partners LP, (5)		5.000%		BBB–		1,451,488

	97,972	CMS Energy Corp		5.875%		BBB–		2,715,784

	67,664	CMS Energy Corp, (2), (6)		4.200%		BBB–		1,709,869

	149,703	Dominion Energy Inc, (5)		5.250%		BBB–		3,826,409

	5,876	DTE Energy Co		5.250%		BBB–		155,773

	54,019	NiSource Inc		6.500%		BBB–		1,548,184

	292,265	Sempra Energy		5.750%	��	BBB–		8,040,210
		Total Multi-Utilities						31,099,671

		Oil, Gas & Consumable Fuels – 0.1%

	41,277	NuStar Energy LP		7.625%		B2		912,635

		Real Estate Management & Development – 1.2%

	175,695	Brookfield Property Partners LP		6.375%		BB+		4,620,779

	197,393	Brookfield Property Partners LP, (5)		6.500%		BB+		5,155,905

	209,259	Brookfield Property Partners LP		5.750%		BB+		5,225,197

	112,449	Landmark Infrastructure Partners LP		7.900%		N/R		2,861,827
		Total Real Estate Management & Development						17,863,708

		Trading Companies & Distributors – 0.1%

	67,409	Fortress Transportation and Infrastructure Investors LLC		8.250%		B		1,893,519
		Total $25 Par (or similar) Retail Preferred (cost $201,725,853)						219,041,480

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Principal Amount (000) (3)			Description (1)	Coupon		Maturity			Ratings (4)		Value

			$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 10.0%

			Diversified Financial Services – 0.3%

$	360		National Rural Utilities Cooperative Finance Corp		5.250%		4/20/46			A3	$	390,054

	3,957		Transcanada Trust, (5)		5.625%		5/20/75			BBB		4,283,453
			Total Diversified Financial Services									4,673,507

			Electric Utilities – 3.0%

	3,625		AusNet Services Holdings Pty Ltd		5.750%		3/17/76			BBB		3,659,435

	1,800		ComEd Financing III		6.350%		3/15/33			Baa2		2,206,429

	6,205		Duke Energy Corp		4.875%		N/A	(7)		BBB–		6,592,812

	4,390		Edison International		5.375%		N/A	(7)		BB+		4,422,047

	2,100	GBP	Electricite de France SA		5.875%		N/A	(7)		BBB		3,296,515

	7,540		Emera Inc, (5)		6.750%		6/15/76			BB+		8,831,225

	5,740		Enel SpA, 144A		8.750%		9/24/73			BBB		6,672,750

	2,070		NextEra Energy Capital Holdings Inc		4.800%		12/01/77			BBB		2,326,320

	4,085		NextEra Energy Capital Holdings Inc		5.650%		5/01/79			BBB		4,746,905

	1,990		Southern Co/The		4.000%		1/15/51			BBB		2,104,425

	1,515		SSE PLC		4.750%		9/16/77			BBB–		1,566,359
			Total Electric Utilities									46,425,222

			Marine – 0.2%

	2,195		Royal Capital BV		4.875%		N/A	(7)		N/R		2,285,544

			Multi-Utilities – 1.9%

	7,995		CenterPoint Energy Inc		6.125%		N/A	(7)		BBB–		8,494,688

	1,465		CMS Energy Corp		4.750%		6/01/50			BBB–		1,632,559

	2,440		Dominion Energy Inc		5.750%		10/01/54			BBB–		2,664,264

	3,100		Dominion Energy Inc		4.650%		N/A	(7)		BBB–		3,293,750

	1,895		NiSource Inc		5.650%		N/A	(7)		BBB–		2,020,544

	4,556		RWE AG		6.625%		7/30/75			BBB–		5,278,627

	6,020		Sempra Energy		4.875%		N/A	(7)		BBB–		6,531,700
			Total Multi-Utilities									29,916,132

			Oil, Gas & Consumable Fuels – 4.0%

	9,742		Enbridge Inc		6.000%		1/15/77			BBB–		10,803,359

	11,104		Enbridge Inc		5.500%		7/15/77			BBB–		11,814,656

	3,947		Enbridge Inc		6.250%		3/01/78			BBB–		4,308,299

	3,605		Enbridge Inc		5.750%		7/15/80			BBB–		4,019,575

	3,478		Energy Transfer LP, (3-Month LIBOR reference rate + 3.018% spread), (8)		3.193%		11/01/66			Ba1		2,812,815

	1,275		Energy Transfer LP		6.500%		N/A	(7)		BB		1,299,862

	7,251		Enterprise Products Operating LLC		5.250%		8/16/77			Baa2		7,602,485

	4,840		Enterprise Products Operating LLC		5.375%		2/15/78			Baa2		5,039,411

	2,005	CAD	Inter Pipeline Ltd		6.625%		11/19/79			BB		1,775,839


Principal Amount (000) (3)			Description (1)	Coupon		Maturity			Ratings (4)		Value

			Oil, Gas & Consumable Fuels (continued)

$	2,315	CAD	Keyera Corp		5.950%		3/10/81			BB	$	1,927,635

	5,285		Transcanada Trust		5.875%		8/15/76			BBB		5,899,381

	3,170		Transcanada Trust		5.500%		9/15/79			BBB		3,455,300
			Total Oil, Gas & Consumable Fuels									60,758,617

			Real Estate Management & Development – 0.4%

	5,750		AT Securities BV		5.250%		N/A	(7)		BBB-		6,005,875

			Road & Rail – 0.2%

	2,790		BNSF Funding Trust I		6.613%		12/15/55			A		3,194,103
			Total $1,000 Par (or similar) Institutional Preferred (cost $140,360,346)									153,259,000

Shares			Description (1)	Coupon					Ratings (4)		Value

			CONVERTIBLE PREFERRED SECURITIES – 6.8%

			Commercial Services & Supplies – 0.3%

	58,545		GFL Environmental Inc		6.000%					N/R	$	4,376,239

			Electric Utilities – 2.9%

	160,880		American Electric Power Co Inc		6.125%					BBB		7,904,035

	106,812		American Electric Power Co Inc		6.125%					BBB		5,473,047

	138,535		NextEra Energy Inc		4.872%					A–		7,778,740

	167,698		NextEra Energy Inc		5.279%					BBB		8,210,494

	69,922		NextEra Energy Inc		6.219%					BBB		3,454,147

	43,271		PG&E Corp		5.500%					N/R		4,386,381

	151,686		Southern Co/The		6.750%					BBB		7,679,862
			Total Electric Utilities									44,886,706

			Equity Real Estate Investment Trust – 0.3%

	23,760		Equity Commonwealth		6.500%					N/R		763,884

	20,450		Lexington Realty Trust		6.500%					N/R		1,231,090

	41,758		RPT Realty		7.250%					BB		2,380,624
			Total Equity Real Estate Investment Trust									4,375,598

			Gas Utilities – 0.6%

	50,677		South Jersey Industries Inc		8.750%					N/R		2,827,777

	66,322		Spire Inc, (2)		7.500%					N/R		3,579,398

	22,624		UGI Corp		7.250%					N/R		2,411,718
			Total Gas Utilities									8,818,893

			Independent Power & Renewable Electricity Producers – 0.3%

	42,550		AES Corp/The		6.875%					BB		4,577,103

			Multi-Utilities – 2.3%

	53,458		Algonquin Power & Utilities Corp		7.750%					N/R		2,654,612

	109,103		CenterPoint Energy Inc		7.000%					N/R		4,944,548

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)					Coupon				Ratings (4)		Value

		Multi-Utilities (continued)

	80,158	Dominion Energy Inc						7.250%				BBB–	$	7,785,746

	230,785	DTE Energy Co						6.250%				BBB–		11,407,703

	45,237	NiSource Inc						7.750%				BBB–		4,649,911

	32,335	Sempra Energy						6.750%				N/R		3,193,728
		Total Multi-Utilities												34,636,248

		Water Utilities – 0.1%

	40,127	Essential Utilities Inc						6.000%				N/R		2,294,462
		Total Convertible Preferred Securities (cost $99,203,690)												103,965,249

Shares		Description (1)											Value

		INVESTMENT COMPANIES – 0.6%

	1,019,440	Greencoat UK Wind PLC/Funds											$	1,785,302

	1,118,775	JLEN Environmental Assets Group Ltd												1,546,054

	921,969	Keppel Infrastructure Trust												380,526

	1,127,923	Renewables Infrastructure Group Ltd/The												1,997,814

	939,058	Sequoia Economic Infrastructure Income Fund Ltd												1,444,487

	1,823,093	Starwood European Real Estate Finance Ltd												2,370,571
		Total Investment Companies (cost $9,315,120)												9,524,754

Principal Amount (000)		Description (1)					Coupon		Maturity		Ratings (4)		Value

		CONVERTIBLE BONDS – 0.6%

		Oil, Gas & Consumable Fuels – 0.4%

$	7,990	Cheniere Energy Inc						4.250%		3/15/45		N/R	$	6,729,241

		Real Estate Management & Development – 0.2%

	2,330	Tricon Residential Inc, 144A						5.750%		3/31/22		N/R		2,597,717

	10,320	Total Convertible Bonds (cost $7,999,138)												9,326,958

Principal Amount (000)		Description (1)	Coupon (9)		Reference Rate (9)		Spread (9)		Maturity (10)		Ratings (4)		Value

		VARIABLE RATE SENIOR LOAN INTERESTS – 0.4% (9)

		Electric Utilities – 0.1%

$	2,009	ExGen Renewables IV, LLC, Term Loan		3.500%		3-Month LIBOR		2.500%		12/15/27		BB–	$	2,011,688

		Real Estate Management & Development – 0.3%

	3,880	Brookfield Property REIT Inc., Term Loan B		2.604%		1-Month LIBOR		2.500%		8/24/25		BB+		3,794,553

	5,889	Total Variable Rate Senior Loan Interests (cost $5,867,205)												5,806,241

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (4)

Value

ASSET-BACKED SECURITIES – 0.3%

550

Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (8)

4.073%

4/15/34

BB–

554,559

1,265

Benchmark 2020-B18 Mortgage Trust, 144A

4.139%

7/15/53

B–

1,283,114

100

COMM 2014-UBS3 Mortgage Trust, 144A

4.927%

6/10/47

N/R

101,047

405

COMM 2015-CCRE24 Mortgage Trust

3.463%

8/10/48

BBB–

372,340

400

GS Mortgage Securities Corp Trust 2017-SLP, 144A

4.744%

10/10/32

399,002

560

GS Mortgage Securities Trust 2016-GS4

3.930%

11/10/49

A–

560,678

400

Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 2.750% spread), (8)

2.823%

7/15/36

N/R

399,880

1,300

Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 4.250% spread), (8)

4.323%

7/15/36

N/R

1,277,154

4,980

Total Asset-Backed Securities (cost $4,873,113)

4,947,774

Total Long-Term Investments (cost $1,327,751,093)

1,481,087,461

Shares

Description (1)

Coupon

Value

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.4%

Money Market Funds – 0.4%

5,787,587

State Street Navigator Securities Lending Government Money Market Portfolio, (11)

0.020%(12)

5,787,587

Total Investments Purchased with Collateral from Securities Lending (cost $5,787,587)

5,787,587

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.1%

REPURCHASE AGREEMENTS – 2.1%

32,241

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $32,241,055, collateralized by $36,699,200, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $32,885,924

0.000%

7/01/21

32,241,055

Total Short-Term Investments (cost $32,241,055)

32,241,055

Total Investments (cost $1,365,779,735) – 98.8%

1,519,116,103

Other Assets Less Liabilities – 1.2% (13)

19,152,382

Net Assets – 100%

1,538,268,485

Nuveen Real Asset Income Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)

Investments in Derivatives

Futures Contracts – Short


Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)			Variation Margin Receivable/ (Payable)
U.S. Treasury 10-Year Note		(80	)		9/21	$	(10,566,090	)	$	(10,600,000	)	$	(33,910	)	$	(18,750	)
U.S. Treasury Ultra 10-Year Note		(68	)		9/21		(9,876,299	)		(10,009,813	)		(133,514	)		(32,938	)
U.S. Treasury Ultra Bond		(43	)		9/21		(7,971,886	)		(8,285,562	)		(313,676	)		(48,375	)
Total						$	(28,414,275	)	$	(28,895,375	)	$	(481,100	)	$	(100,063	)

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	For fair value measurement disclosure purposes, investment classified as Level 2.

(3)	Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(5)	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 reporting period was $5,669,298.

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

(7)	Perpetual security. Maturity date is not applicable.

(8)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(9)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(10)

Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(11)

The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund.

(12)	The rate shown is the one-day yield as of the end of the reporting period.

(13)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

ADR	American Depositary Receipt

BRL	Brazilian Real

CAD	Canadian Dollar

COP	Colombian Peso

EUR

Euro

GBP	Pound Sterling

LIBOR

London Inter-Bank Offered Rate

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

WI/DD

Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

Nuveen Real Estate Securities Fund

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.1%

		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 98.2%

		Diversified – 3.0%

	270,104	Broadstone Net Lease Inc	$	6,323,135

	51,900	Empire State Realty Trust Inc		622,800

	219,074	Essential Properties Realty Trust Inc		5,923,761

	130,947	PS Business Parks Inc		19,390,632

	703,634	VEREIT Inc		32,317,909

	133,994	Washington Real Estate Investment Trust		3,081,862

	135,428	WP Carey Inc		10,105,637
		Total Diversified		77,765,736

		Health Care – 9.5%

	610,505	CareTrust REIT Inc		14,182,031

	429,970	Healthcare Realty Trust Inc		12,985,094

	729,087	Healthcare Trust of America Inc		19,466,623

	683,485	Healthpeak Properties Inc		22,753,216

	1,136,202	Medical Properties Trust Inc		22,837,660

	284,269	Omega Healthcare Investors Inc		10,316,122

	223,487	Sabra Health Care REIT Inc		4,067,464

	1,193,520	Ventas Inc		68,149,992

	827,281	Welltower Inc		68,747,051
		Total Health Care		243,505,253

		Hotels – 4.8%

	1,085,222	Apple Hospitality REIT Inc		16,560,488

	1,079,125	Host Hotels & Resorts Inc, (2)		18,442,246

	605,558	MGM Growth Properties LLC		22,175,534

	559,465	Pebblebrook Hotel Trust		13,175,401

	678,929	RLJ Lodging Trust		10,340,088

	151,155	Ryman Hospitality Properties Inc, (2)		11,935,199

	1,369,023	Summit Hotel Properties Inc, (2)		12,772,984

	1,012,735	Sunstone Hotel Investors Inc, (2)		12,578,169

	247,012	Xenia Hotels & Resorts Inc, (2)		4,626,535
		Total Hotels		122,606,644

		Industrial – 13.4%

	535,267	Americold Realty Trust		20,259,856

	804,633	Duke Realty Corp		38,099,372

	63,785	EastGroup Properties Inc		10,489,443

Nuveen Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)


Shares		Description (1)	Value

		Industrial (continued)

	74,755	First Industrial Realty Trust Inc	$	3,904,454

	1,778,264	Lexington Realty Trust		21,250,255

	1,698,687	Prologis Inc		203,044,057

	326,263	Rexford Industrial Realty Inc		18,580,678

	414,219	Terreno Realty Corp		26,725,410
		Total Industrial		342,353,525

		Mortgage – 0.2%

	103,181	Blackstone Mortgage Trust Inc		3,290,442

	20,072	Hannon Armstrong Sustainable Infrastructure Capital Inc		1,127,043
		Total Mortgage		4,417,485

		Office – 10.1%

	360,643	Alexandria Real Estate Equities Inc		65,615,387

	209,053	Boston Properties Inc		23,955,383

	515,772	Columbia Property Trust Inc		8,969,275

	694,322	Corporate Office Properties Trust		19,434,073

	139,171	Cousins Properties Inc		5,118,709

	681,048	Douglas Emmett Inc		22,896,834

	295,244	Easterly Government Properties Inc		6,223,743

	29,434	Franklin Street Properties Corp		154,823

	70,770	Highwoods Properties Inc		3,196,681

	130,236	Hudson Pacific Properties Inc		3,623,166

	683,951	JBG SMITH Properties		21,551,296

	266,727	Kilroy Realty Corp		18,574,868

	325,685	Mack-Cali Realty Corp		5,585,498

	2,051,531	Paramount Group Inc		20,658,917

	807,696	Piedmont Office Realty Trust Inc		14,918,145

	19,838	SL Green Realty Corp		1,587,040

	344,977	Vornado Realty Trust		16,100,077
		Total Office		258,163,915

		Residential – 18.5%

	229,193	American Campus Communities Inc		10,707,897

	920,627	American Homes 4 Rent		35,766,359

	166,758	Apartment Income REIT Corp		7,909,332

	184,937	AvalonBay Communities Inc		38,594,503

	286,056	BSR Real Estate Investment Trust		3,778,800

	117,812	Camden Property Trust		15,630,118

	135,479	Centerspace		10,689,293

	73,768	Equity LifeStyle Properties Inc		5,481,700

	632,437	Equity Residential		48,697,649


Shares		Description (1)	Value

		Residential (continued)

	187,176	Essex Property Trust Inc	$	56,154,672

	1,458,132	Invitation Homes Inc		54,373,742

	282,182	Mid-America Apartment Communities Inc		47,525,092

	164,619	NexPoint Residential Trust Inc		9,050,753

	389,403	Sun Communities Inc		66,743,674

	1,312,360	UDR Inc		64,279,393
		Total Residential		475,382,977

		Retail – 12.7%

	157,300	Acadia Realty Trust		3,454,308

	189,292	Agree Realty Corp		13,343,193

	977,292	Brixmor Property Group Inc		22,370,214

	91,132	Federal Realty Investment Trust		10,677,936

	1,149,014	Kimco Realty Corp		23,956,942

	60,886	Kite Realty Group Trust		1,340,101

	566,946	National Retail Properties Inc		26,578,429

	486,787	Realty Income Corp		32,488,164

	427,043	Regency Centers Corp		27,360,645

	970,736	Retail Properties of America Inc		11,114,927

	593,546	RPT Realty		7,704,227

	847,586	Simon Property Group Inc		110,593,021

	448,109	SITE Centers Corp		6,748,522

	225,281	Spirit Realty Capital Inc		10,777,443

	110,573	Urban Edge Properties		2,111,944

	165,975	Urstadt Biddle Properties Inc		3,216,596

	381,275	Weingarten Realty Investors		12,227,489
		Total Retail		326,064,101

		Specialized – 26.0%

	427,982	American Tower Corp		115,615,057

	123,990	CoreSite Realty Corp		16,689,054

	24,706	Crown Castle International Corp		4,820,141

	229,976	CubeSmart		10,652,488

	303,551	CyrusOne Inc		21,709,968

	389,180	Digital Realty Trust Inc		58,556,023

	172,988	Equinix Inc		138,840,169

	130,125	Extra Space Storage Inc		21,317,077

	656,695	Four Corners Property Trust Inc		18,131,349

	702,810	Gaming and Leisure Properties Inc		32,561,187

	310,558	Life Storage Inc		33,338,401

	43,607	National Storage Affiliates Trust		2,204,770

Nuveen Real Estate Securities Fund (continued)

Portfolio of Investments June 30, 2021

(Unaudited)

Shares

Description (1)

Value

Specialized (continued)

240,522

PotlatchDeltic Corp

12,783,744

401,111

Public Storage

120,610,067

85,527

SBA Communications Corp

27,257,455

580,247

VICI Properties Inc

17,999,262

406,848

Weyerhaeuser Co

14,003,708

Total Specialized

667,089,920

Total Real Estate Investment Trust Common Stocks (cost $1,745,994,414)

2,517,349,556

Shares

Description (1)

Value

COMMON STOCKS – 0.9%

Hotels, Restaurants & Leisure – 0.0%

8,473

Hilton Worldwide Holdings Inc, (2)

1,022,013

Household Durables – 0.6%

287,812

PulteGroup Inc

15,705,901

Real Estate Management & Development – 0.3%

320,432

Kennedy-Wilson Holdings Inc

6,366,984

Total Common Stocks (cost $22,668,830)

23,094,898

Total Long-Term Investments (cost $1,768,663,244)

2,540,444,454

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 1.0%

REPURCHASE AGREEMENTS – 1.0%

24,630

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $24,629,599, collateralized by $22,311,500, U.S. Treasury Inflation Index Notes, 0.125%, due 4/15/22, value $25,122,277

0.000%

7/01/21

24,629,599

Total Short-Term Investments (cost $24,629,599)

24,629,599

Total Investments (cost $1,793,292,843) – 100.1%

2,565,074,053

Other Assets Less Liabilities – (0.1)%

(1,519,944

)

Net Assets – 100%

2,563,554,109

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

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

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


	Global Infrastructure		Global Real Estate Securities		Real Asset Income			Real Estate Securities
Assets
Long-term investments, at value (cost $526,139,408, $58,763,527, $1,327,751,093 and $1,768,663,244, respectively)⁽¹⁾	$	639,776,440	$	70,633,211	$	1,481,087,461		$	2,540,444,454
Investment purchased with collateral from securities lending, at value (cost approximates value)		—		—		5,787,587			—
Short-term investments, at value (cost approximates value)		13,100,988		918,749		32,241,055			24,629,599
Cash		13,666		815		15,494			—
Cash collateral at brokers for investments in futures contracts⁽²⁾		—		—		605,006			—
Cash denominated in foreign currencies (cost $14,250, $67,415, $190,996 and $—, respectively)		13,943		67,180		190,781			—
Receivable for:
Dividends		1,442,375		239,303		5,873,871			8,248,864
From Adviser		—		9,727		—			—
Interest		—		—		5,972,804			—
Investments sold		10,013,572		620,610		26,628,044			14,905,751
Reclaims		182,302		11,912		584,037			36,137
Shares sold		822,412		110,750		6,204,930			3,189,333
Other assets		86,291		35,356		140,508			400,948
Total assets		665,451,989		72,647,613		1,565,331,578			2,591,855,086
Liabilities
Cash overdraft		—		—		—			540
Payable for:
Collateral from securities lending program		—		—		5,787,587			—
Dividends		—		216,013		295,103			2,018,178
Investments purchased – regular settlement		7,786,296		882,217		8,206,542			20,123,369
Investments purchased – when-issued/delayed-delivery settlement		—		—		7,650,000			—
Shares redeemed		389,782		796		2,737,877			2,197,038
Variation margin on futures contracts		—		—		100,063			—
Accrued expenses:
Custodian fees		333,008		354,197		536,660			160,557
Directors/Trustees fees		48,055		691		95,869			365,765
Management fees		451,322		—		918,181			1,905,072
Professional fees		33,196		80,089		63,133			81,929
12b-1 distribution and service fees		22,966		41		158,433			49,532
Other		230,015		2,946		513,645			1,398,997
Total liabilities		9,294,640		1,536,990		27,063,093			28,300,977
Net assets	$	656,157,349	$	71,110,623	$	1,538,268,485		$	2,563,554,109
Class A Shares
Net assets	$	49,283,486	$	101,987	$	186,243,535		$	188,704,055
Shares outstanding		4,257,328		4,202		7,745,668			8,635,187
Net asset value (“NAV”) per share	$	11.58	$	24.27	$	24.04		$	21.85
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	12.29	$	25.75	$	25.51		$	23.18
Class C Shares
Net assets	$	15,117,882	$	30,336	$	143,137,659		$	11,486,096
Shares outstanding		1,323,101		1,250		5,951,105			543,597
NAV and offering price per share	$	11.43	$	24.27	$	24.05		$	21.13
Class R6 Shares
Net assets	$	121,020,070	$	69,245,490	$	235,890,235		$	510,540,100
Shares outstanding		10,452,205		2,850,376		9,756,566			22,659,808
NAV and offering price per share	$	11.58	$	24.29	$	24.18		$	22.53
Class I Shares
Net assets	$	470,735,911	$	1,732,810	$	972,997,056		$	1,852,823,858
Shares outstanding		40,772,209		71,377		40,463,977			83,255,231
NAV and offering price per share	$	11.55	$	24.28	$	24.05		$	22.25
Fund level net assets consist of:
Capital paid-in	$	535,429,421	$	56,501,058	$	1,616,265,348		$	1,712,630,355
Total distributable earnings		120,727,928		14,609,565		(77,996,863	)		850,923,754
Fund level net assets	$	656,157,349	$	71,110,623	$	1,538,268,485		$	2,563,554,109
Authorized shares – per class		2 billion		Unlimited		2 billion			2 billion
Par value per share	$	0.0001	$	0.01	$	0.0001		$	0.0001

(1)	Includes securities loaned of $5,669,298 for Real Asset Income.

(2)	Cash pledged to collateralize the net payment obligations for investments in derivatives.

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended June 30, 2021

(Unaudited)


	Global Infrastructure			Global Real Estate Securities			Real Asset Income			Real Estate Securities

Investment Income

Dividends	$	8,871,409		$	1,066,294		$	34,586,654		$	34,882,620

Interest		6,624			—			10,736,721			—

Foreign tax withheld on dividend income		(604,394	)		(55,244	)		(1,746,486	)		(11,450	)

Foreign tax withheld from interest income		—			—			(2,866	)		—

Securities lending income, net		7,905			19			66,814			—

Total investment income		8,281,544			1,011,069			43,640,837			34,871,170

Expenses

Management fees		2,803,502			287,931			5,523,971			9,980,103

12b-1 service fees – Class A Shares		57,832			57			221,833			212,130

12b-1 distribution and service fees – Class C Shares		79,492			141			735,957			61,734

12b-1 distribution and service fees – Class R3 Shares⁽¹⁾		257			—			—			26,945

Shareholder servicing agent fees		225,023			1,170			623,126			1,343,111

Interest expense		2,056			160			6,622			8,470

Custodian fees		128,364			138,360			205,520			87,791

Directors/Trustees fees		6,619			761			16,894			24,571

Professional fees		48,306			61,083			78,997			90,538

Shareholder reporting expenses		73,782			11,069			242,496			148,149

Federal and state registration fees		43,962			41,044			49,734			50,733

Other		7,593			4,476			13,251			17,261

Total expenses before fee waiver/expense reimbursement		3,476,788			546,252			7,718,401			12,051,536

Fee waiver/expense reimbursement		(365,270	)		(246,494	)		—			—

Net expenses		3,111,518			299,758			7,718,401			12,051,536

Net investment income (loss)		5,170,026			711,311			35,922,436			22,819,634

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investments and foreign currency		23,683,248			4,512,362			66,244,807			172,456,645

Futures contracts		—			—			1,757,097			—

Change in net unrealized appreciation (depreciation) of:

Investments and foreign currency		5,752,669			4,060,462			14,376,018			236,989,818

Futures contracts		—			—			(548,735	)		—

Net realized and unrealized gain (loss)		29,435,917			8,572,824			81,829,187			409,446,463

Net increase (decrease) in net assets from operations	$	34,605,943		$	9,284,135		$	117,751,623		$	432,266,097

(1)	Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	Global Infrastructure						Global Real Estate Securities
	Unaudited Six Months Ended 6/30/21			Year Ended 12/31/20			Unaudited Six Months Ended 6/30/21			Year Ended 12/31/20

Operations

Net investment income (loss)	$	5,170,026		$	8,229,508		$	711,311		$	763,753

Net realized gain (loss) from:

Investments and foreign currency		23,683,248			(8,819,624	)		4,512,362			(638,998	)

Futures contracts		—			—			—			—

Change in net unrealized appreciation (depreciation) of:

Investments and foreign currency		5,752,669			(16,594,704	)		4,060,462			4,912,232

Futures contracts		—			—			—			—

Net increase (decrease) in net assets from operations		34,605,943			(17,184,820	)		9,284,135			5,036,987

Distributions to Shareholders

Dividends:

Class A Shares		—			(610,511	)		(794	)		(1,051	)

Class C Shares		—			(128,020	)		(191	)		(667	)

Class R3 Shares⁽¹⁾		—			(2,658	)		—			—

Class R6 Shares		—			(1,787,597	)		(773,600	)		(1,702,248	)

Class I Shares		—			(6,941,931	)		(16,847	)		(5,631	)

Decrease in net assets from distributions to shareholders		—			(9,470,717	)		(791,432	)		(1,709,597	)

Fund Share Transactions

Proceeds from sale of shares		84,902,487			175,535,225			3,536,502			26,732,246

Proceeds from shares issued to shareholders due to reinvestment of distributions		—			6,595,453			447,019			840,457

		84,902,487			182,130,678			3,983,521			27,572,703

Cost of shares redeemed		(73,030,173	)		(165,539,064	)		(96,725	)		(136,501	)

Net increase (decrease) in net assets from Fund share transactions		11,872,314			16,591,614			3,886,796			27,436,202

Net increase (decrease) in net assets		46,478,257			(10,063,923	)		12,379,499			30,763,592

Net assets at the beginning of period		609,679,092			619,743,015			58,731,124			27,967,532

Net assets at the end of period	$	656,157,349		$	609,679,092		$	71,110,623		$	58,731,124

(1)	Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

Statement of Changes in Net Assets (continued)


	Real Asset Income						Real Estate Securities
	Unaudited Six Months Ended 6/30/21			Year Ended 12/31/20			Unaudited Six Months Ended 6/30/21			Year Ended 12/31/20

Operations

Net investment income (loss)	$	35,922,436		$	76,346,037		$	22,819,634		$	34,582,405

Net realized gain (loss) from:

Investments and foreign currency		66,244,807			(253,449,443	)		172,456,645			(60,061,464	)

Futures contracts		1,757,097			(1,513,596	)		—			—

Change in net unrealized appreciation (depreciation) of:

Investments and foreign currency		14,376,018			2,745,237			236,989,818			(189,321,504	)

Futures contracts		(548,735	)		67,635			—			—

Net increase (decrease) in net assets from operations		117,751,623			(175,804,130	)		432,266,097			(214,800,563	)

Distributions to Shareholders

Dividends:

Class A Shares		(3,609,786	)		(8,322,205	)		(1,434,760	)		(5,074,310	)

Class C Shares		(2,467,326	)		(6,771,926	)		(51,582	)		(396,370	)

Class R3 Shares⁽¹⁾		—			—			(47,135	)		(340,462	)

Class R6 Shares		(5,142,540	)		(5,360,790	)		(5,023,398	)		(13,385,125	)

Class I Shares		(21,002,105	)		(65,114,685	)		(16,436,450	)		(48,899,918	)

Decrease in net assets from distributions to shareholders		(32,221,757	)		(85,569,606	)		(22,993,325	)		(68,096,185	)

Fund Share Transactions

Proceeds from sale of shares		156,550,022			609,855,057			333,811,150			576,399,850

Proceeds from shares issued to shareholders due to reinvestment of distributions		30,193,094			78,076,488			18,886,159			55,749,963

		186,743,116			687,931,545			352,697,309			632,149,813

Cost of shares redeemed		(342,865,512	)		(1,062,944,740	)		(444,050,639	)		(1,039,354,881	)

Net increase (decrease) in net assets from Fund share transactions		(156,122,396	)		(375,013,195	)		(91,353,330	)		(407,205,068	)

Net increase (decrease) in net assets		(70,592,530	)		(636,386,931	)		317,919,442			(690,101,816	)

Net assets at the beginning of period		1,608,861,015			2,245,247,946			2,245,634,667			2,935,736,483

Net assets at the end of period	$	1,538,268,485		$	1,608,861,015		$	2,563,554,109		$	2,245,634,667

(1)	Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

THIS PAGE INTENTIONALLY LEFT BLANK

Financial Highlights

Global Infrastructure

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions

Class (Commencement Date) Year Ended December 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Ending NAV

Class A (12/07)

2021(f)	$	10.97	$	0.08	$	0.53		$	0.61		$	—		$	—		$	—		$	—		$	11.58

2020		11.45		0.13		(0.46	)		(0.33	)		(0.11	)		(0.04	)		—			(0.15	)		10.97

2019		9.48		0.22		2.56			2.78			(0.20	)		(0.61	)		—			(0.81	)		11.45

2018		10.93		0.20		(1.05	)		(0.85	)		(0.22	)		(0.36	)		(0.02	)		(0.60	)		9.48

2017		9.69		0.22		1.66			1.88			(0.23	)		(0.41	)		—			(0.64	)		10.93

2016		9.75		0.25		0.49			0.74			(0.30	)		(0.50	)		—			(0.80	)		9.69

Class C (11/08)

2021(f)		10.87		0.04		0.52			0.56			—			—			—			—			11.43

2020		11.35		0.05		(0.46	)		(0.41	)		(0.03	)		(0.04	)		—			(0.07	)		10.87

2019		9.41		0.14		2.52			2.66			(0.11	)		(0.61	)		—			(0.72	)		11.35

2018		10.85		0.12		(1.04	)		(0.92	)		(0.14	)		(0.36	)		(0.02	)		(0.52	)		9.41

2017		9.62		0.14		1.65			1.79			(0.15	)		(0.41	)		—			(0.56	)		10.85

2016		9.69		0.16		0.49			0.65			(0.22	)		(0.50	)		—			(0.72	)		9.62

Class R6 (6/16)

2021(f)		10.96		0.10		0.52			0.62			—			—			—			—			11.58

2020		11.42		0.16		(0.44	)		(0.28	)		(0.14	)		(0.04	)		—			(0.18	)		10.96

2019		9.47		0.26		2.54			2.80			(0.24	)		(0.61	)		—			(0.85	)		11.42

2018		10.91		0.22		(1.03	)		(0.81	)		(0.25	)		(0.36	)		(0.02	)		(0.63	)		9.47

2017		9.65		0.27		1.66			1.93			(0.26	)		(0.41	)		—			(0.67	)		10.91

2016(e)		11.06		0.11		(0.67	)		(0.56	)		(0.35	)		(0.50	)		—			(0.85	)		9.65

Class I (12/07)

2021(f)		10.93		0.09		0.53			0.62			—			—			—			—			11.55

2020		11.40		0.15		(0.44	)		(0.29	)		(0.14	)		(0.04	)		—			(0.18	)		10.93

2019		9.44		0.25		2.54			2.79			(0.22	)		(0.61	)		—			(0.83	)		11.40

2018		10.89		0.22		(1.04	)		(0.82	)		(0.25	)		(0.36	)		(0.02	)		(0.63	)		9.44

2017		9.66		0.26		1.64			1.90			(0.26	)		(0.41	)		—			(0.67	)		10.89

2016		9.73		0.27		0.50			0.77			(0.34	)		(0.50	)		—			(0.84	)		9.66

See accompanying notes to financial statements.


			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)



	5.56	%	$	49,283		1.33	%*		1.31	%*		1.21	%*		1.43	%*		67	%

	(2.76	)		44,235		1.35			1.11			1.22			1.24			181

	29.27			57,379		1.36			1.85			1.22			1.99			144

	(7.88	)		55,856		1.35			1.74			1.22			1.87			174

	19.38			87,876		1.42			1.85			1.22			2.05			161

	7.61			70,173		1.45			2.20			1.22			2.42			149



	5.15			15,118		2.08	*		0.57	*		1.96	*		0.68	*		67

	(3.56	)		18,465		2.10			0.37			1.97			0.49			181

	28.37			24,640		2.11			1.11			1.97			1.26			144

	(8.60	)		24,556		2.11			1.00			1.97			1.13			174

	18.55			29,227		2.17			1.11			1.97			1.31			161

	6.71			22,868		2.21			1.30			1.97			1.53			149



	5.66			121,020		1.00	*		1.64	*		0.88	*		1.76	*		67

	(2.39	)		107,342		1.01			1.44			0.88			1.57			181

	29.70			60,187		1.03			2.11			0.89			2.26			144

	(7.56	)		11,520		1.02			1.93			0.89			2.06			174

	19.95			19,575		1.02			2.24			0.80			2.46			161

	(5.08	)		7,627		1.09	*		1.78	*		0.86	*		2.02	*		149



	5.67			470,736		1.08	*		1.56	*		0.96	*		1.68	*		67

	(2.55	)		439,399		1.10			1.37			0.97			1.50			181

	29.69			477,180		1.11			2.10			0.97			2.24			144

	(7.67	)		345,782		1.10			1.98			0.97			2.11			174

	19.61			472,564		1.17			2.14			0.97			2.34			161

	7.91			314,001		1.20			2.30			0.97			2.54			149

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information.

(d)

Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives) divided by the average long-term market value during the period.

(e)

For the period June 30, 2016 (commencement of operations) through December 31, 2016.

(f)

Unaudited. For the six months ended June 30, 2021.

Annualized.

See accompanying notes to financial statements.

Financial Highlights (continued)

Global Real Estate Securities

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions

Class (Commencement Date) Year Ended December 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV

Class A (03/18)

2021(f)	$	21.25	$	0.27	$	2.99		$	3.26		$	(0.24	)	$	—		$	(0.24	)	$	24.27

2020		22.22		0.30		(0.64	)		(0.34	)		(0.45	)		(0.18	)		(0.63	)		21.25

2019		19.07		0.36		4.84			5.20			(1.33	)		(0.72	)		(2.05	)		22.22

2018(e)		20.00		0.32		(0.54	)		(0.22	)		(0.53	)		(0.18	)		(0.71	)		19.07

Class C (03/18)

2021(f)		21.25		0.12		3.05			3.17			(0.15	)		—			(0.15	)		24.27

2020		22.21		0.14		(0.62	)		(0.48	)		(0.30	)		(0.18	)		(0.48	)		21.25

2019		19.06		0.19		4.84			5.03			(1.16	)		(0.72	)		(1.88	)		22.21

2018(e)		20.00		0.20		(0.55	)		(0.35	)		(0.41	)		(0.18	)		(0.59	)		19.06

Class R6 (03/18)

2021(f)		21.27		0.25		3.05			3.30			(0.28	)		—			(0.28	)		24.29

2020		22.23		0.37		(0.63	)		(0.26	)		(0.52	)		(0.18	)		(0.70	)		21.27

2019		19.07		0.43		4.85			5.28			(1.40	)		(0.72	)		(2.12	)		22.23

2018(e)		20.00		0.37		(0.55	)		(0.18	)		(0.57	)		(0.18	)		(0.75	)		19.07

Class I (03/18)

2021(f)		21.25		0.27		3.03			3.30			(0.27	)		—			(0.27	)		24.28

2020		22.22		0.34		(0.63	)		(0.29	)		(0.50	)		(0.18	)		(0.68	)		21.25

2019		19.07		0.47		4.79			5.26			(1.39	)		(0.72	)		(2.11	)		22.22

2018(e)		20.00		0.36		(0.54	)		(0.18	)		(0.57	)		(0.18	)		(0.75	)		19.07

See accompanying notes to financial statements.


			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)



	15.37	%	$	102		2.07	%*		1.63	%*		1.29	%*		2.40	%*		68	%

	(1.32	)		37		2.45			0.33			1.30			1.48			159

	27.55			35		3.21			(0.31	)		1.30			1.60			198

	(1.21	)		24		2.65	*		0.67	*		1.30	*		2.02	*		161



	14.95			30		2.82	*		0.33	*		2.05	*		1.11	*		68

	(2.04	)		27		3.20			(0.44	)		2.05			0.71			159

	26.56			33		3.96			(1.05	)		2.05			0.86			198

	(1.77	)		24		3.41	*		(0.09	)*		2.05	*		1.27	*		161



	15.54			69,245		1.71	*		1.46	*		0.94	*		2.23	*		68

	(0.95	)		58,480		2.15			0.72			1.00			1.87			159

	27.91			27,709		2.88			0.01			0.97			1.93			198

	(0.97	)		23,770		2.38	*		0.94	*		1.02	*		2.30	*		161



	15.56			1,733		1.82	*		1.62	*		1.04	*		2.40	*		68

	(1.02	)		188		2.20			0.56			1.05			1.71			159

	27.80			190		2.96			0.15			1.05			2.06			198

	(1.03)			26		2.42	*		0.86	*		1.05	*		2.24	*		161

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information.

(d)

(e)

For the period March 20, 2018 (commencement of operations) though December 31, 2018.

(f)

Unaudited. For the six months ended June 30, 2021.

Annualized.

See accompanying notes to financial statements.

Financial Highlights (continued)

Real Asset Income

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions

Class (Commencement Date) Year Ended December 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital			Total			Ending NAV

Class A (9/11)

2021(f)	$	22.75	$	0.53	$	1.23		$	1.76		$	(0.47	)	$	—	$	—		$	(0.47	)	$	24.04

2020		24.76		0.90		(1.91	)		(1.01	)		(1.00	)		—		—			(1.00	)		22.75

2019		21.46		0.99		3.73			4.72			(1.38	)		—		(0.04	)		(1.42	)		24.76

2018		24.14		1.12		(2.61	)		(1.49	)		(1.07	)		—		(0.12	)		(1.19	)		21.46

2017		22.76		1.11		1.59			2.70			(1.32	)		—		—			(1.32	)		24.14

2016		21.87		1.08		1.00			2.08			(1.12	)		—		(0.07	)		(1.19	)		22.76

Class C (9/11)

2021(f)		22.76		0.44		1.24			1.68			(0.39	)		—		—			(0.39	)		24.05

2020		24.77		0.73		(1.90	)		(1.17	)		(0.84	)		—		—			(0.84	)		22.76

2019		21.47		0.81		3.74			4.55			(1.21	)		—		(0.04	)		(1.25	)		24.77

2018		24.15		0.95		(2.62	)		(1.67	)		(0.89	)		—		(0.12	)		(1.01	)		21.47

2017		22.77		0.94		1.59			2.53			(1.15	)		—		—			(1.15	)		24.15

2016		21.89		0.91		0.99			1.90			(0.95	)		—		(0.07	)		(1.02	)		22.77

Class R6 (6/16)

2021(f)		22.87		0.57		1.25			1.82			(0.51	)		—		—			(0.51	)		24.18

2020		24.89		1.00		(1.95	)		(0.95	)		(1.07	)		—		—			(1.07	)		22.87

2019		21.56		1.10		3.73			4.83			(1.46	)		—		(0.04	)		(1.50	)		24.89

2018		24.24		1.20		(2.63	)		(1.43	)		(1.13	)		—		(0.12	)		(1.25	)		21.56

2017		22.83		1.22		1.58			2.80			(1.39	)		—		—			(1.39	)		24.24

2016(e)		23.49		0.48		(0.57	)		(0.09	)		(0.50	)		—		(0.07	)		(0.57	)		22.83

Class I (9/11)

2021(f)		22.75		0.55		1.25			1.80			(0.50	)		—		—			(0.50	)		24.05

2020		24.76		0.94		(1.90	)		(0.96	)		(1.05	)		—		—			(1.05	)		22.75

2019		21.46		1.05		3.73			4.78			(1.44	)		—		(0.04	)		(1.48	)		24.76

2018		24.14		1.18		(2.61	)		(1.43	)		(1.13	)		—		(0.12	)		(1.25	)		21.46

2017		22.76		1.18		1.58			2.76			(1.38	)		—		—			(1.38	)		24.14

2016		21.88		1.14		0.98			2.12			(1.17	)		—		(0.07	)		(1.24	)		22.76

See accompanying notes to financial statements.


			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)



	7.87	%	$	186,244		1.14	%*		4.58	%*		1.14	%*		4.58	%*		39	%

	(3.71	)		173,139		1.16			4.16			1.16			4.17			104

	22.39			220,665		1.14			4.16			1.14			4.16			85

	(6.38	)		178,651		1.14			4.85			1.14			4.85			94

	12.07			225,282		1.15			4.64			1.15			4.64			84

	9.60			234,495		1.18			4.72			1.16			4.74			89



	7.44			143,138		1.89	*		3.77	*		1.89	*		3.77	*		39

	(4.43	)		156,391		1.91			3.40			1.91			3.41			104

	21.50			217,976		1.89			3.41			1.89			3.41			85

	(7.09	)		186,043		1.89			4.10			1.89			4.11			94

	11.25			241,844		1.90			3.94			1.90			3.94			84

	8.74			182,744		1.93			3.97			1.91			3.99			89



	8.05			235,890		0.81	*		4.91	*		0.81	*		4.91	*		39

	(3.40	)		223,948		0.82			4.62			0.81			4.63			104

	22.82			80,903		0.80			4.59			0.80			4.59			85

	(6.08	)		27,654		0.81			5.18			0.81			5.19			94

	12.47			29,332		0.81			5.10			0.81			5.10			84

	(0.43	)		7,237		0.84	*		4.08	*		0.82	*		4.11	*		89



	8.00			972,997		0.89	*		4.78	*		0.89	*		4.78	*		39

	(3.47	)		1,055,383		0.91			4.37			0.91			4.37			104

	22.69			1,725,703		0.89			4.42			0.89			4.42			85

	(6.13	)		1,312,280		0.89			5.10			0.89			5.11			94

	12.35			1,607,267		0.90			4.96			0.90			4.96			84

	9.82			846,584		0.93			4.98			0.91			5.00			89

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information.

(d)

(e)

For the period June 30, 2016 (commencement of operations) through December 31, 2016.

(f)

Unaudited. For the six months ended June 30, 2021.

Annualized.

See accompanying notes to financial statements.

Financial Highlights (continued)

Real Estate Securities

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions

Class (Commencement Date) Year Ended December 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV

Class A (9/95)

2021(f)	$	18.40	$	0.17	$	3.45		$	3.62		$	(0.17	)	$	—		$	(0.17	)	$	21.85

2020		20.22		0.21		(1.54	)		(1.33	)		(0.14	)		(0.35	)		(0.49	)		18.40

2019		18.03		0.33		4.16			4.49			(0.33	)		(1.97	)		(2.30	)		20.22

2018		20.23		0.31		(1.43	)		(1.12	)		(0.34	)		(0.74	)		(1.08	)		18.03

2017		21.75		0.32		0.85			1.17			(0.37	)		(2.32	)		(2.69	)		20.23

2016		22.66		0.31		1.14			1.45			(0.31	)		(2.05	)		(2.36	)		21.75

Class C (2/00)

2021(f)		17.80		0.07		3.35			3.42			(0.09	)		—			(0.09	)		21.13

2020		19.55		0.06		(1.46	)		(1.40	)		—			(0.35	)		(0.35	)		17.80

2019		17.49		0.16		4.03			4.19			(0.16	)		(1.97	)		(2.13	)		19.55

2018		19.63		0.17		(1.39	)		(1.22	)		(0.18	)		(0.74	)		(0.92	)		17.49

2017		21.18		0.15		0.82			0.97			(0.20	)		(2.32	)		(2.52	)		19.63

2016		22.11		0.12		1.12			1.24			(0.12	)		(2.05	)		(2.17	)		21.18

Class R6 (4/13)

2021(f)		18.98		0.21		3.56			3.77			(0.22	)		—			(0.22	)		22.53

2020		20.85		0.30		(1.59	)		(1.29	)		(0.23	)		(0.35	)		(0.58	)		18.98

2019		18.54		0.44		4.27			4.71			(0.43	)		(1.97	)		(2.40	)		20.85

2018		20.75		0.44		(1.51	)		(1.07	)		(0.40	)		(0.74	)		(1.14	)		18.54

2017		22.23		0.46		0.82			1.28			(0.44	)		(2.32	)		(2.76	)		20.75

2016		23.07		0.43		1.16			1.59			(0.38	)		(2.05	)		(2.43	)		22.23

Class I (6/95)

2021(f)		18.74		0.20		3.51			3.71			(0.20	)		—			(0.20	)		22.25

2020		20.59		0.27		(1.58	)		(1.31	)		(0.19	)		(0.35	)		(0.54	)		18.74

2019		18.34		0.39		4.22			4.61			(0.39	)		(1.97	)		(2.36	)		20.59

2018		20.55		0.39		(1.47	)		(1.08	)		(0.39	)		(0.74	)		(1.13	)		18.34

2017		22.07		0.40		0.84			1.24			(0.44	)		(2.32	)		(2.76	)		20.55

2016		22.97		0.38		1.15			1.53			(0.38	)		(2.05	)		(2.43	)		22.07

See accompanying notes to financial statements.


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(c)



	19.72	%	$	188,704		1.27	%*		1.69	%*		58	%

	(6.37	)		176,739		1.30			1.20			135

	25.24			249,172		1.30			1.56			109

	(5.78	)		264,414		1.26			1.61			131

	5.34			459,034		1.29			1.47			131

	6.58			679,318		1.30			1.32			139



	19.25			11,486		2.03	*		0.74	*		58

	(7.03	)		14,874		2.05			0.32			135

	24.28			37,352		2.06			0.79			109

	(6.46	)		43,152		2.02			0.89			131

	4.59			66,953		2.04			0.71			131

	5.76			89,123		2.05			0.55			139



	19.92			510,540		0.88	*		2.06	*		58

	(5.95	)		437,016		0.90			1.66			135

	25.74			479,973		0.88			2.03			109

	(5.39	)		346,185		0.88			2.21			131

	5.78			277,978		0.87			2.04			131

	7.05			307,921		0.87			1.83			139



	19.84			1,852,824		1.02	*		1.93	*		58

	(6.12	)		1,604,544		1.05			1.46			135

	25.56			2,148,012		1.06			1.80			109

	(5.51	)		2,302,536		1.02			1.96			131

	5.61			2,945,935		1.04			1.78			131

	6.79			3,497,055		1.05			1.61			139

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(f)

Unaudited. For the six months ended June 30, 2021.

Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements

(Unaudited)

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”), as diversified 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.

The end of the reporting period for the Funds is June 30, 2021, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2021 (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 (ten years prior to march 1, 2021) after purchase. Class R6 Shares and I Shares are sold without an up-front sales charge. Class R3 Shares were also sold without an up-front sales charge and converted to Class A after the close of business on June 4, 2021.

Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2. Significant Accounting Policies

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

Compensation

Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to 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. The distribution is included in the Funds’ ordinary income until such time the Fund is notified by the issuer of the actual tax character.

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 each prevailing exchange rate on the respective dates of the transactions.

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

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

As of the end of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:


Global Infrastructure	Value		% of Net Assets
Country:
Canada	$	56,884,830		8.7	%
Australia		51,503,989		7.8
France		48,330,126		7.4
Spain		41,557,798		6.3
Italy		37,716,423		5.7
Mexico		22,972,571		3.5
Germany		15,248,887		2.3
New Zealand		13,360,675		2.0
Japan		10,488,574		1.6
Other		58,392,115		9.0
Total non-U.S securities	$	356,455,988		54.3	%

Global Real Estate Securities
Country:
Japan	$	7,807,158		11.0	%
Germany		5,227,619		7.3
Hong Kong		3,600,046		5.1
United Kingdom		3,360,549		4.7
Australia		2,335,192		3.3
Singapore		2,286,428		3.2
Canada		2,185,396		3.1
Sweden		1,696,810		2.4
France		915,300		1.3
Other		3,426,417		4.8
Total non-U.S securities	$	32,840,915		46.2	%

Notes to Financial Statements (Unaudited) (continued)


Real Asset Income	Value		% of Net Assets
Country:
Canada	$	217,410,972		14.1	%
Australia		75,040,145		4.9
United Kingdom		58,933,669		3.8
Singapore		45,520,849		3.0
Spain		44,437,886		2.9
Hong Kong		34,111,016		2.2
Italy		24,858,097		1.6
Germany		19,660,315		1.3
France		19,640,529		1.3
Other		158,014,971		10.3
Total	$	697,628,449		45.4	%

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 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.

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.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark

interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continually evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact Funds’ financial statements and various filings.

Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework

In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ 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 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 sale price at the official close of business 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 sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

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 Board. These foreign 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 independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.

Investments in investment companies are valued at their respective NAVs 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.

Notes to Financial Statements (Unaudited) (continued)

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.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be 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 of the fair value hierarchy; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


Global Infrastructure	Level 1			Level 2			Level 3		Total
Long-Term Investments*:
Common Stocks	$	320,511,933		$	252,869,890	**	$	—	$	573,381,823
Real Estate Investment Trust Common Stocks		64,160,116			—			—		64,160,116
Investment Companies		2,234,501			—			—		2,234,501
Short-Term Investments:
Repurchase Agreements		—			13,100,988			—		13,100,988
Total	$	386,906,550		$	265,970,878		$	—	$	652,877,428

Global Real Estate Securities
Long-Term Investments*:
Real Estate Investment Trust Common Stocks	$	41,328,962		$	12,626,193	**	$	—	$	53,955,155
Common Stocks		3,127,680			13,550,376	**		—		16,678,056
Short-Term Investments:
Repurchase Agreements		—			918,749			—		918,749
Total	$	44,456,642		$	27,095,318		$	—	$	71,551,960

Real Asset Income
Long-Term Investments*:
Common Stocks	$	188,372,454		$	196,777,669	**	$	—	$	385,150,123
Real Estate Investment Trust Common Stocks		244,355,060			115,009,181	**		—		359,364,241
Corporate Bonds		—			230,701,641			—		230,701,641
$25 Par (or similar) Retail Preferred		209,924,384			9,117,096	**		—		219,041,480
$1,000 Par (or similar) Institutional Preferred		—			153,259,000			—		153,259,000
Convertible Preferred Securities		100,385,851			3,579,398	**		—		103,965,249
Investment Companies		9,524,754			—			—		9,524,754
Convertible Bonds		—			9,326,958			—		9,326,958
Variable Rate Senior Loan Interests		—			5,806,241			—		5,806,241
Asset-Backed Securities		—			4,947,774			—		4,947,774
Investments Purchased with Collateral from Securities Lending		5,787,587			—			—		5,787,587
Short-Term Investments:
Repurchase Agreements		—			32,241,055			—		32,241,055
Investments in Derivatives:
Futures Contracts***		(481,100	)		—			—		(481,100	)
Total	$	757,868,990		$	760,766,013		$	—	$	1,518,635,003

Real Estate Securities
Long-Term Investments*:
Real Estate Investment Trust Common Stocks	$	2,517,349,556		$	—		$	—	$	2,517,349,556
Common Stocks		23,094,898			—			—		23,094,898
Short-Term Investments:
Repurchase Agreements		—			24,629,599			—		24,629,599
Total	$	2,540,444,454		$	24,629,599		$	—	$	2,565,074,053

*	Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable.

**	Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.

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

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, Real Asset Income may have unfunded senior loan commitments. The Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Fund had no such outstanding unfunded senior loan commitments.

Participation Commitments

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

Repurchase Agreements

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

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


Fund	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty
Global Infrastructure	Fixed Income Clearing Corporation	$	13,100,988	$	(13,363,088	)
Global Real Estate Securities	Fixed Income Clearing Corporation		918,749		(937,135	)
Real Asset Income	Fixed Income Clearing Corporation		32,241,055		(32,885,924	)
Real Estate Securities	Fixed Income Clearing Corporation		24,629,599		(25,122,277	)

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, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The resulting 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. 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 Statements of Operations.

As of the end of the current reporting period, the total value of the securities on loan and the total value of collateral received were as follows:


Fund	Asset Class out on Loan	Long-Term Investments, at Value		Total Collateral Received
Real Asset Income
	Corporate Bonds	$	521,401	$	538,032
	$25 Par (or similar) Retail Preferred		1,583,055		1,613,300
	$1000 Par (or similar) Institutional Preferred		3,564,842		3,636,255
Total		$	5,669,298	$	5,787,587

Notes to Financial Statements (Unaudited) (continued)

Investment Transactions

Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions, where applicable) during the current fiscal period were as follows:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Purchases	$	436,736,094	$	46,885,959	$	590,439,976	$	1,359,191,634
Sales and maturities		413,606,317		42,871,165		754,211,959		1,432,776,696

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. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as ‘‘initial margin,’’ into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as ‘‘Cash collateral at broker for investments in futures contracts’’ on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days ‘‘mark-to-market’’ of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as ‘‘variation margin.’’ Variation margin is recognized as a receivable and/or payable for ‘‘Variation margin on futures contracts’’ on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by ‘‘marking-to market’’ on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of ‘‘Change in net unrealized appreciation (depreciation) of futures contracts’’ on the Statement of Operations. When the contract is closed or expired, a 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, which is recognized as a component of ‘‘Net realized gain (loss) from futures contracts’’ 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.

During the current fiscal period, Real Asset Income continued using interest rate futures contracts to partially hedge the portfolio against movements in interest rates.

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


	Real Asset Income
Average notional amount of futures contracts outstanding*	$	31,152,074

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

The following table presents the fair value of all futures contracts held by the Fund as of end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Asset Derivatives

(Liability) Derivatives

Underlying

Risk Exposure

Derivative Instrument

Location

Value

Location

Value

Real Asset Income

Interest rate

Futures contracts

—

Payable for variation
margin on futures contracts*

(481,100

)

*	Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund

Underlying
Risk Exposure

Derivative
Instrument

Net Realized
Gain (Loss) from
Futures Contracts

Change in Net Unrealized

Appreciation (Depreciation) of
Futures Contracts

Real Asset Income

Interest rate

Futures contracts

1,757,097

(548,735

)

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.

5. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:


	Six Months Ended 6/30/21						Year Ended 12/31/20
Global Infrastructure	Shares			Amount			Shares			Amount
Shares sold:
Class A		634,169		$	6,982,319			599,211		$	6,202,488
Class A – automatic conversion of Class C Shares		374			4,216			8,770			91,612
Class A – automatic conversion of Class R3 Shares		6,992			82,860			—			—
Class C		104,388			1,182,149			136,315			1,389,573
Class R3⁽¹⁾		1,062			11,808			3,124			33,000
Class R6		976,084			10,894,597			4,772,433			47,197,004
Class I		5,893,873			65,744,538			11,876,825			120,621,548
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			54,159			587,139
Class C		—			—			11,485			121,585
Class R3⁽¹⁾		—			—			242			2,658
Class R6		—			—			119,400			1,295,744
Class I		—			—			424,319			4,588,327
		7,616,942			84,902,487			18,006,283			182,130,678
Shares redeemed:
Class A		(415,563	)		(4,647,609	)		(1,644,157	)		(16,956,333	)
Class C		(479,178	)		(5,137,448	)		(612,147	)		(6,097,375	)
Class C – automatic conversion to Class A Shares		(378	)		(4,216	)		(8,857	)		(91,612	)
Class R3⁽¹⁾		(15,527	)		(172,038	)		(12,778	)		(133,348	)
Class R3⁽¹⁾ – automatic conversion to Class A Shares		(6,882	)		(82,859	)		—			—
Class R6		(320,473	)		(3,704,481	)		(363,446	)		(3,706,374	)
Class I		(5,320,999	)		(59,281,522	)		(13,961,688	)		(138,554,022	)
		(6,559,000	)		(73,030,173	)		(16,603,073	)		(165,539,064	)
Net increase (decrease)		1,057,942		$	11,872,314			1,403,210		$	16,591,614

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 6/30/21						Year Ended 12/31/20
Global Real Estate Securities	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,458		$	61,887			143		$	3,000
Class C		—			—			220			5,000
Class R6		85,162			2,096,191			1,467,713			26,694,142
Class I		63,269			1,378,424			1,459			30,104
Shares issued to shareholders due to reinvestment of distributions:
Class A		21			496			13			260
Class C		—			—			3			63
Class R6		18,305			430,009			40,556			835,357
Class I		702			16,514			238			4,777
		169,917			3,983,521			1,510,345			27,572,703
Shares redeemed:
Class A		(13	)		(308	)		—			—
Class C		—			—			(473	)		(9,800	)
Class R6		(2,676	)		(64,697	)		(4,934	)		(100,932	)
Class I		(1,439	)		(31,720	)		(1,401	)		(25,769	)
		(4,128	)		(96,725	)		(6,808	)		(136,501	)
Net increase (decrease)		165,789		$	3,886,796			1,503,537		$	27,436,202

	Six Months Ended 6/30/21						Year Ended 12/31/20
Real Asset Income	Shares			Amount			Shares			Amount
Shares sold:
Class A		941,230		$	21,895,829			1,902,997		$	41,643,734
Class A – automatic conversion of Class C Shares		9,393			219,399			17			377
Class C		223,602			5,223,229			624,853			14,107,617
Class R6		689,751			16,106,319			6,941,969			149,718,990
Class I		4,847,136			113,105,246			18,457,873			404,384,339
Shares issued to shareholders due to reinvestment of distributions:
Class A		148,731			3,467,552			377,857			8,022,999
Class C		100,673			2,344,308			301,387			6,398,946
Class R6		217,313			5,092,778			245,647			5,290,262
Class I		828,285			19,288,456			2,754,414			58,364,281
		8,006,114			186,743,116			31,607,014			687,931,545
Shares redeemed:
Class A		(965,761	)		(22,461,514	)		(3,581,869	)		(75,610,634	)
Class C		(1,236,280	)		(28,740,800	)		(2,854,626	)		(59,762,014	)
Class C – automatic conversion to Class A Shares		(9,390	)		(219,399	)		(17	)		(377	)
Class R6		(943,684	)		(22,870,126	)		(645,459	)		(13,575,100	)
Class I		(11,610,998	)		(268,573,673	)		(44,519,529	)		(913,996,615	)
		(14,766,113	)		(342,865,512	)		(51,601,500	)		(1,062,944,740	)
Net increase (decrease)		(6,759,999	)	$	(156,122,396	)		(19,994,486	)	$	(375,013,195	)


	Six Months Ended 6/30/21						Year Ended 12/31/20
Real Estate Securities	Shares			Amount			Shares			Amount
Shares sold:
Class A		882,884		$	17,518,232			2,345,637		$	41,463,348
Class A – automatic conversion of Class C Shares		1,566			31,314			1,555			27,275
Class A – automatic conversion of Class R3 Shares		551,348			12,102,095			—			—
Class C		30,534			600,129			67,657			1,202,432
Class R3⁽¹⁾		42,137			845,650			135,825			2,465,994
Class R6		3,786,863			77,827,539			7,414,430			137,949,137
Class I		11,021,867			224,886,191			21,849,716			393,291,664
Shares issued to shareholders due to reinvestment of distributions:
Class A		61,796			1,277,442			268,602			4,588,210
Class C		2,389			47,453			20,631			340,778
Class R3⁽¹⁾		2,323			46,381			19,140			332,810
Class R6		206,454			4,395,112			678,888			11,972,957
Class I		623,442			13,119,771			2,212,738			38,515,208
		17,213,603			352,697,309			35,014,819			632,149,813
Shares redeemed:
Class A		(2,466,494	)		(47,415,674	)		(5,336,199	)		(93,804,390	)
Class C		(323,565	)		(6,038,720	)		(1,161,692	)		(19,696,843	)
Class C – automatic conversion to Class A Shares		(1,620	)		(31,314	)		(1,611	)		(27,275	)
Class R3⁽¹⁾		(167,655	)		(3,458,672	)		(521,277	)		(9,168,712	)
Class R3⁽¹⁾ – automatic conversion to Class A Shares		(541,481	)		(12,102,095	)		—			—
Class R6		(4,363,373	)		(93,101,760	)		(8,082,093	)		(145,998,249	)
Class I		(14,009,102	)		(281,902,404	)		(42,773,861	)		(770,659,412	)
		(21,873,290	)		(444,050,639	)		(57,876,733	)		(1,039,354,881	)
Net increase (decrease)		(4,659,687	)	$	(91,353,330	)		(22,861,914	)	$	(407,205,068	)

(1)	Class R3 Shares were converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

6. 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 to 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of June 30, 2021.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.


	Global Infrastructure			Global Real Estate Securities			Real Asset Income			Real Estate Securities
Tax cost of investments	$	555,296,988		$	62,257,949		$	1,405,545,879		$	1,880,349,451
Gross unrealized:
Appreciation	$	116,460,142		$	12,113,934		$	162,340,422		$	773,893,196
Depreciation		(18,879,702	)		(2,819,923	)		(49,251,298	)		(89,168,594	)
Net unrealized appreciation (depreciation) of investments	$	97,580,440		$	9,294,011		$	113,089,124		$	684,724,602

Permanent differences, primarily due to federal taxes paid, foreign currency transactions, distribution reallocations, bond premium amortization adjustments, investments in passive foreign investment companies, investments in partnerships, REIT adjustments, Sec. 305(c) adjustments, and complex securities character adjustments, resulted in reclassifications among the Funds’ components of net assets as of December 31, 2020, the Funds’ last tax year end.

Notes to Financial Statements (Unaudited) (continued)

The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2020, the Funds’ last tax year end, were as follows:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Undistributed net ordinary income¹	$	2,239,998	$	963,117	$	4,730,444	$	11,453,669
Undistributed net long-term capital gains		—		—		—		—

¹	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended December 31, 2020 was designated for purposes of the dividends paid deduction as follows:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Distributions from net ordinary income¹	$	8,389,679	$	1,638,830	$	85,569,606	$	39,977,994
Distributions from net long-term capital gains		1,081,038		70,767		—		28,118,191
Return of capital		—		—		—		—

¹	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

As of December 31, 2020, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Not subject to expiration:
Short-term	$	8,478,852	$	—	$	173,421,038	$	17,644,686
Long-term		—		78,398		93,526,958		—
Total	$	8,478,852	$	78,398	$	266,947,996	$	17,644,686

7. 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:


Average Daily Net Assets	Global Infrastructure and Global Real Estate Securities			Real Estate Securities
For the first $125 million		0.7500	%		0.7000	%
For the next $125 million		0.7375			0.6875
For the next $250 million		0.7250			0.6750
For the next $500 million		0.7125			0.6625
For the next $1 billion		0.7000			0.6500
For the next $3 billion		0.6750			0.6250
For the next $2.5 billion		0.6500			0.6000
For the next $2.5 billion		0.6375			0.5875
For net assets over $10 billion		0.6250			0.5750


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

The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and (except for Global Real Estate Securities and Real Asset Income) making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex level fee schedule for each Fund is as follows:


Complex-Level Eligible Asset Breakpoint Level*	Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Advisor during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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 June 30, 2021, the complex-level fee for each Fund was as follows:


Fund	Complex-Level Fee
Global Infrastructure		0.1638	%
Global Real Estate Securities		0.1539	%
Real Asset Income		0.1539	%
Real Estate Securities		0.1952	%

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 periods 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 be less than the expense limitation. The expense limitations that expire may be terminated or modified prior to that date only with the approval of the Board.


Fund	Temporary Expense Cap			Temporary Expense Cap Expiration Date
Global Infrastructure		1.00	%		July 31, 2023
Global Real Estate Securities		1.09			July 31, 2023
Real Asset Income		0.95			July 31, 2023
Real Estate Securities		0.97			July 31, 2023

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 R3 Shares incurred a 0.25% 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.

Notes to Financial Statements (Unaudited) (continued)

Other Transactions with Affiliates

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:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Sales charges collected	$	47,540	$	275	$	110,481	$	26,943
Paid to financial intermediaries		43,134		250		98,945		23,874

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:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
Commission advances	$	20,365	$	—	$	65,821	$	8,342

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on C Shares during the first year following a purchase were retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
12b-1 fees retained	$	5,656	$	66	$	44,521	$	4,412

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:


	Global Infrastructure		Global Real Estate Securities		Real Asset Income		Real Estate Securities
CDSC retained	$	925	$	—	$	540	$	405

As of the end of the reporting period, the percentage of Fund shares owned by TIAA are as follows:


	Global Real Estate Securities
TIAA owned shares		43%

8. Borrowing Arrangements

Committed Line of Credit

The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than 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 2022 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. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. 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.

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

Additional Fund Information (Unaudited)

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

Custodians

State Street Bank & Trust
Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Transfer Agent and
Shareholder Services

DST Asset Manager

Solutions, Inc. (DST)

P.O. Box 219140

Kansas City, MO 64121-9140

(800) 257-8787

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

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

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

Liquidity Risk Management Program

(Unaudited)

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage each Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Directors (the “Board”) previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), as the administrator of the Program. The Adviser’s Liquidity Monitoring and Analysis Team (“LMAT”) carries out day-to-day Program management with oversight by the Adviser’s Liquidity Oversight Sub-Committee (“LOSC”). LMAT and LOSC are composed of personnel from the Adviser and Teachers Advisors, LLC, an affiliate of the Adviser.

At a May 26, 2021 meeting of the Board, the Adviser provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the calendar year 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Fund’s liquidity developments.

In accordance with the Program, LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of its portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each of the Funds’ portfolio investments are classified into one of four liquidity categories (including the most liquid, “Highly Liquid,” and the least liquid, “Illiquid,” as discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, using third-party vendor data.

A fund that does not primarily hold Highly Liquid investments must, among other things, determine a minimum percentage of the fund’s net assets that must be invested in Highly Liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits a fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a fund from acquiring Illiquid investments if doing so would result in the fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the fund’s board and the Securities and Exchange Commission any time a fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, the Funds did not exceed the 15% limit on Illiquid investments.

Glossary of Terms Used in this Report

(Unaudited)

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

Basis Point: One one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%.

Beta: A measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market.

FTSE EPRA/Nareit (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts) Developed Index (Net): An index designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Lipper Global Infrastructure Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Infrastructure Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper Global Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper Real Return Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Return Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

MSCI U.S. REIT Index: An unmanaged index that tracks the performance of real estate investment trusts (REITs). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

Glossary of Terms Used in this Report (continued)

Real Asset Income Custom Blended Fund Performance Benchmark (old): A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Benchmark returns do not include the effects of any sales charges or management fees.


Weighting Percentage	Index	Definition
28%	S&P Global Infrastructure Index (Net)	An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements.
21%	FTSE EPRA/Nareit Developed Index (Net)	An index designed to track the performance of listed real estate companies and REITs worldwide.
18%	Wells Fargo Hybrid & Preferred Securities REIT Index	An Index designed to track the performance of preferred securities issued in the U.S. market by real estate investment trusts (REITs). The index is composed exclusively of preferred shares and depositary shares.
18%	Bloomberg Barclays U.S. Corporate High Yield Index	An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.
15%	Bloomberg Barclays Global Capital Securities Index	An index that tracks fixed-rate, investment grade capital securities denominated in USD, EUR and GBP.

Real Asset Income Custom Blended Fund Performance Benchmark (new): (Effective April 1, 2021) A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Performance prior to 4/1/2021 reflects the Real Asset Income Custom Blended Fund Performance Benchmark’s previous composition. Benchmark returns do not include the effects of any sales charges or management fees.


Weighting Percentage	Index	Definition
22%	S&P Global Infrastructure Index (Net)	An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements.
25%	FTSE EPRA/Nareit Developed Index (Net)	An index designed to track the performance of listed real estate companies and REITs worldwide.
20%	ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index	An index designed to represent the performance of the energy and utilities subgroups of the ICE BofA All Capital Securities Index.
13%	FTSE Nareit Preferred Stock Index	An index that is designed to track the performance of the U.S. REITs preferred stocks.
20%	Bloomberg Barclays U.S. Corporate High Yield Index	An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.

S&P Global Infrastructure Index (Net): An index that provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

Annual Investment Management Agreement Approval Process

(Unaudited)

At a meeting held on May 25-27, 2021 (the “May Meeting”), the Board of Directors or Trustees, as applicable (the “Board” and each Director or Trustee, a “Board Member”) of the Funds, which is comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for each Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in light of these challenges.

Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; payments to financial intermediaries, including 12b-1 fees and sub-transfer agency fees, if applicable; securities lending; liquidity management; and overall market and regulatory developments. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and portfolio teams, when feasible.

In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a review of temporary and permanent expense caps and fee waivers for open-end funds (as applicable) and related expense savings; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.

In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. The Board reviewed fund performance throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on a fund’s performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more detail below.

The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.

The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements as well as the Board’s conclusions.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds’ independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); and legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies).

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:

•

Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds;

•

Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds;

•

Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates;

•

Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes;

•

Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds;

•

Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives;

•

Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals;

•

Risk Management and Valuation Services – continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization;

•

Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;

•

Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;

•

Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and

•

Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds.

In its review, the Board recognized that Nuveen’s risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.

The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.

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

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2020 (or for shorter periods available to the extent a Fund was not in existence during such periods) as well as performance data periods ending nearer to the May Meeting, including the quarter, one-, three- and five-year periods ending March 31, 2021 and May 14, 2021 (or for shorter periods available to the extent a Fund was not in existence during such periods). The performance data was based on Class A shares; however, the performance of other classes should be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes would be principally attributed to the variations in the expense structures of the classes. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.

In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.

The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.

The Board’s determinations with respect to each Fund are summarized below.

For Nuveen Global Infrastructure Fund (the “Global Infrastructure Fund”), the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund also ranked in the third quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2020 and second quartile for the three-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-year period ended March 31, 2021, the Fund outperformed its benchmark for the three- and five-year periods ended March 31, 2021. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2021 and third quartile of its Performance Peer Group for the three- and five-year periods ended March 31, 2021. In addition, for the periods ended May 14, 2021, while the Fund’s performance was below the performance of its benchmark for the one-year period, the Fund outperformed its benchmark for the three- and five-year periods. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period and third quartile for the three- and five-year periods ended May 14, 2021. Based on its review, the Board was satisfied with the Fund’s overall performance.

For Nuveen Global Real Estate Securities Fund (the “Global Real Estate Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-year period ended March 31, 2021, the Fund outperformed its benchmark for the three-year period ended March 31, 2021. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2021 and first quartile of its Performance Peer Group for the three-year period ended March 31, 2021. For the periods ended May 14, 2021, the

Fund’s performance was below the performance of its benchmark for the one-year period, but the Fund outperformed its benchmark for the three-year period. Further, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and the first quartile for the three-year period ended May 14, 2021. Based on its review, the Board was satisfied with the Fund’s overall performance.

For Nuveen Real Asset Income Fund (the “Real Asset Fund”), the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2020 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended December 31, 2020, the Fund ranked in the second quartile of its Performance Peer Group for the three-year period and first quartile for the five-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its blended benchmark for the three- and five-year periods ended March 31, 2021, the Fund outperformed its blended benchmark for the one-year period ended March 31, 2021 and ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended March 31, 2021. For the periods ended May 14, 2021, while the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods. Based on its review, the Board was satisfied with the Fund’s overall performance.

For Nuveen Real Estate Securities Fund (the “Real Estate Fund”), the Board noted that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2020, the Fund outperformed its benchmark for the one-year period ended December 31, 2020. The Fund further ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended March 31, 2021, the Fund ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021. For the periods ended May 14, 2021, the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods and the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods and fourth quartile for the five-year period. Based on its review, the Board was satisfied with the Fund’s overall performance.

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) and/or to a more focused subset of comparable funds (the “Peer Group”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and Peer Group and recognized that differences between the applicable fund and its respective Peer Universe and/or Peer Group as well as changes to the composition of the Peer Group and/or Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.

In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”), including the Real Estate Fund, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.

In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, and the expense reimbursements and/or fee waivers provided by Nuveen for each fund, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020. Further, fee caps and waivers for all applicable Nuveen funds saved approximately an additional $13.2 million in fees for shareholders in 2020.

With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Independent Board Members noted that (a) the Global Infrastructure Fund had a net management fee that was in line with the peer average and a net expense ratio that was below the peer average; (b) the Global Real Estate Fund had a net management fee and a net expense ratio

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

that were below the respective peer averages (and the Global Real Estate Fund did not incur a management fee after fee waivers and expense reimbursements for the last fiscal year); (c) the Real Asset Fund had a net management fee that was slightly higher than the peer average, but a net expense ratio that was below the peer average; and (d) the Real Estate Fund had a net management fee that was slightly higher than the peer average and a net expense ratio that was higher than the peer average. The Independent Board Members noted that the Adviser had agreed to implement a temporary expense cap for the Real Estate Fund that will be in effect through July 31, 2023.

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

2. Comparisons with the Fees of Other Clients

In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts advised by the Sub-Adviser; hedge funds managed by the Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by the Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by the Sub-Adviser; and collective investment trusts sub-advised by the Sub-Adviser. The Board further noted that the Adviser also advised certain exchange-traded funds (“ETFs”) sponsored by Nuveen.

The Board recognized that each Fund had an affiliated sub-adviser and, with respect to affiliated sub-advisers, reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee) and foreign investment companies offered by Nuveen. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by the Sub-Adviser, the hedge funds advised by the Sub-Adviser (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.

In considering the fee data of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.

3. Profitability of Fund Advisers

In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.’s operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.

In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three

Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.

In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.

In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.

Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.

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

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. In the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.

In addition to the fund-level and complex-level fee schedules, the Independent Board Members considered the temporary and/or permanent expense caps applicable to certain Nuveen funds (including the amounts of fees waived or amounts reimbursed to the respective funds in 2019 and 2020), including the temporary expense caps applicable to the Funds.

The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members recognized that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds. The Independent Board Members further noted that, subject to certain exceptions, the Nuveen open-end funds pay 12b-1 fees and while a majority of such fees were paid to third party broker-dealers, the Board reviewed the amount retained by the Adviser’s affiliate. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board also noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Notes

LOGO

Nuveen:

Serving Investors for Generations

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

Focused on meeting investor needs.

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

Find out how we can help you.

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

Learn more about Nuveen Funds at: www.nuveen.com/mutual-funds


Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive \| Chicago, IL 60606 \| www.nuveen.com		MSA-FREGIF-0621D 1739041-INV-B-08/22

ITEM 2.

CODE OF ETHICS.

Not applicable to this filing.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6.

SCHEDULE OF INVESTMENTS.

(a)

See Portfolio of Investments in Item 1.

(b)

Not applicable.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

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 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.



(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.

(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Trust V


By (Signature and Title)		/s/ Mark J. Czarniecki
		Mark J. Czarniecki
		Vice President and Secretary

Date: September 2, 2021

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.


By (Signature and Title)		/s/ Christopher E. Stickrod
		Christopher E. Stickrod
		Chief Administrative Officer
		(principal executive officer)

Date: September 2, 2021

By (Signature and Title)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: September 2, 2021

Nuveen Investment Trust V N-CSRSCertified semi-annual shareholder report (management investment company)