UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21979
Nuveen Investment Trust V
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, 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, 2023
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. |
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Fund
Name
Class
A
Class
C
Class
R6
Class
I
Nuveen
Global
Infrastructure
Fund
FGIAX
FGNCX
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
FREGX
FARCX
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Risk
Considerations
and
Dividend
Information
5
About
the
Funds’
Benchmarks
7
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
Expense
Examples
18
Portfolios
of
Investments
20
Statement
of
Assets
and
Liabilities
45
Statement
of
Operations
47
Statement
of
Changes
in
Net
Assets
48
Financial
Highlights
50
Notes
to
Financial
Statements
58
Additional
Fund
Information
71
Glossary
of
Terms
Used
in
this
Report
72
Liquidity
Risk
Management
Program
73
Annual
Investment
Management
Agreement
Approval
Process
74
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
July
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.25%
to
a
range
of
5.25%
to
5.50%.
Even
with
a
brief
pause
in
June
2023,
this
has
been
one
of
the
fastest
interest
rate
hiking
cycles
in
the
Fed’s
history.
Inflation
rates
in
the
U.S.
and
across
most
of
the
world
have
fallen
from
their
post-pandemic
highs
but
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth,
particularly
when
looking
at
core
inflation
measures,
which
exclude
volatile
food
and
energy
prices.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
accelerated
to
2.4%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages
and
continue
to
assess
the
impact
of
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
June
2023
meeting
to
assess
the
effects
of
monetary
policy
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
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.
Terence
J.
Toth
Chair
of
the
Board
August
22,
2023
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Funds’
December
31,
2022
annual
shareholder
report.
For
current
information
on
your
Funds’
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Funds’
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Funds
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-
traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”).
The
Amendments
require
funds
to
prepare
a
separate
Tailored
Shareholder
Report
for
each
share
class
of
each
series
of
a
fund.
As
a
result,
shareholders
will
receive
a
report
that
covers
only
the
class
of
a
multi-class
fund
in
which
the
shareholder
invests.
Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
prepared
for
the
Funds
included
within
this
shareholder
report
will
be
for
the
reporting
period
ended
June
30,
2024.
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.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
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.
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.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
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.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
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
Risk
Considerations
and
Dividend
Information
(continued)
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.
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
2023
will
be
made
in
early
2024
based
on
the
information
from
the
issuer
of
the
security,
and
will
be
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.
Nuveen
Real
Asset
Income
Fund
-
Data
as
of
June
30,
2023
Calendar
Year
2023
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
94.8%
0.0%
5.2%
$0.5005
$0.4743
$0.0000
$0.0262
Class
C
NRICX
93.8%
0.0%
6.2%
$0.4230
$0.3968
$0.0000
$0.0262
Class
R6
NRIFX
95.3%
0.0%
4.7%
$0.5360
$0.5107
$0.0000
$0.0253
Class
I
NRIIX
94.6%
0.0%
5.4%
$0.5245
$0.4961
$0.0000
$0.0284
Nuveen
Real
Estate
Securities
Fund
-
Data
as
of
June
30,
2023
(1)
Calendar
Year
2023
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
66.5%
33.5%
0.0%
$0.2049
$0.1363
$0.0686
$0.0000
Class
C
FRLCX
65.8%
34.2%
0.0%
$0.1443
$0.0949
$0.0494
$0.0000
Class
R6
FREGX
66.1%
33.9%
0.0%
$0.2418
$0.1597
$0.0821
$0.0000
Class
I
FARCX
67.1%
32.9%
0.0%
$0.2283
$0.1532
$0.0751
$0.0000
(1)
The
Fund
owns
REIT
securities
which
attribute
their
distributions
to
various
sources,
including
net
investment
income,
gains
and
return
of
capital.
Bloomberg
Global
Capital
Securities
Index:
An
index
designed
to
measure
the
performance
of
fixed-rate,
investment
grade
capital
securities
denominated
in
USD,
EUR
and
GBP.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
USD-
denominated,
fixed-rate
corporate
high
yield
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
FTSE
Nareit
(Financial
Times
Stock
Exchange
National
Association
of
Real
Estate
Investment
Trusts)
Preferred
Stock
Index:
An
index
designed
to
measure
the
performance
of
publicly
traded
U.S.
REIT
preferred
stocks.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
FTSE
EPRA/Nareit
(Financial
Times
Stock
Exchange
–
European
Public
Real
Estate
Association/National
Association
of
Real
Estate
Investment
Trusts)
Developed
Index
(Net):
An
index
designed
to
measure
the
performance
of
listed
real
estate
companies
and
REITs
worldwide.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
Hybrid
&
Preferred
Infrastructure
7%
Issuer
Constrained
Custom
Index:
An
index
designed
to
measure
the
performance
of
the
energy
and
utilities
subgroups
of
the
ICE
BofA
U.S.
All
Capital
Securities
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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
US
REIT
Index:
An
index
designed
to
measure
the
performance
of
U.S.
large,
mid
and
small-cap
equity
REITs.
The
index
represents
about
99%
of
the
U.S.
REIT
universe
and
securities
are
classified
under
the
Equity
REITs
Industry
(under
the
Real
Estate
sector)
according
to
the
Global
Industry
Classification
Standard
(GICS),
have
core
real
estate
exposure
(i.e.,
only
selected
Specialized
REITs
are
eligible
which
does
not
include
cell
tower
REITs)
and
carry
REIT
tax
status.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
IMI
REITs
Index:
An
index
which
is
designed
to
measure
the
performance
of
U.S.
large,
mid,
and
small
cap
equity
REITs.
All
securities
in
the
index
are
classified
in
the
Equity
REITs
Industry
(under
the
Real
Estate
sector)
according
to
the
Global
Industry
Classification
Standard
(GICS).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Real
Asset
Income
Blended
Benchmark
(through
March
31,
2021):
Consists
of:
1)
28%
S&P
Global
Infrastructure
Index
(Net)
(defined
herein),
2)
21%
FTSE
EPRA
Nareit
Developed
Index
(Net)
(defined
herein),
3)
18%
Wells
Fargo
Hybrid
&
Preferred
Securities
REIT
Index
(defined
herein,
index
was
discontinued
on
April
1,
2021),
4)
18%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
(defined
herein),
and
5)
15%
Bloomberg
Global
Capital
Securities
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
About
the
Funds’
Benchmarks
(continued)
Real
Asset
Income
Blended
Benchmark
(effective
April
1,
2021):
Consists
of
the
previous
composition
through
March
31,
2021,
and
thereafter:
1)
25%
FTSE
EPRA/Nareit
Developed
Index
(Net)
(defined
herein),
2)
22%
S&P
Global
Infrastructure
Index
(Net)
(defined
herein),
3)
20%
ICE
Hybrid
&
Preferred
Infrastructure
7%
Issuer
Constrained
Custom
Index,
(defined
herein),
4)
20%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
(defined
herein),
and
5)
13%
FTSE
Nareit
Preferred
Stock
Index,
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Real
Estate
Securities
Blended
Benchmark
(effective
October
1,
2021):
Consists
of:
1)
50%
MSCI
US
REIT
Index
(defined
herein),
and
2)
50%
MSCI
USA
IMI
REITs
Index
(defined
herein).
The
Fund’s
performance
was
measured
against
the
MSCI
US
REIT
Index
through
September
30,
2021.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Global
Infrastructure
Index
(Net):
An
index
designed
to
measure
the
performance
of
listed
infrastructure
companies
from
around
the
world.
To
create
diversified
exposure
across
the
global
listed
infrastructure
market,
the
index
has
balanced
weights
across
three
distinct
infrastructure
clusters:
utilities,
transportation,
and
energy.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Wells
Fargo
Hybrid
&
Preferred
Securities
REIT
Index
(discontinued
on
April
1,
2021):
An
index
designed
to
measure
the
performance
of
preferred
securities
issued
in
the
U.S.
market
by
REITs
(index
was
discontinued
on
April
1,
2021).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
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
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.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Global
Infrastructure
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Global
Infrastructure
Index
(Net).
**
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
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,
2025
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
July
31,
2025
only
with
the
approval
of
the
Board
of
Directors
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/17/07
5.53%
3.97%
6.07%
7.03%
1.34%
1.22%
Class
A
at
maximum
Offering
Price
12/17/07
(0.55)%
(2.02)%
4.82%
6.39%
—
—
S&P
Global
Infrastructure
Index
(Net)
—
3.30%
3.25%
4.42%
5.77%
—
—
Lipper
Global
Infrastructure
Funds
Classification
Average
—
3.06%
1.18%
5.37%
6.31%
—
—
Class
C
at
NAV
11/03/08
5.13%
3.21%
5.25%
6.38%
2.09%
1.97%
Class
C
at
maximum
Offering
Price
11/03/08
4.13%
3.21%
5.25%
6.38%
—
—
Class
I
12/17/07
5.65%
4.26%
6.31%
7.28%
1.09%
0.97%
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
5.64%
4.24%
6.40%
6.15%
1.02%
0.90%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
90
.2
%
Real
Estate
Investment
Trust
Common
Stocks
5
.6
%
Investment
Companies
0
.4
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6
%
Repurchase
Agreements
6
.2
%
Other
Assets
&
Liabilities,
Net
(3.0)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Electric
Utilities
22.7%
Transportation
Infrastructure
20.4%
Oil,
Gas
&
Consumable
Fuels
15.4%
Multi-Utilities
8.5%
Commercial
Services
&
Supplies
5.6%
Ground
Transportation
5.3%
Telecom
Tower
REITs
4.7%
Construction
&
Engineering
3.8%
Independent
Power
and
Renewable
Electricity
Producers
2.3%
Gas
Utilities
2.1%
Other
5.0%
Investment
Companies
0.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.6%
Repurchase
Agreements
6.2%
Other
Assets
&
Liabilities,
Net
(3.0)%
Net
Assets
100%
Top
Five
Common
Stock
&
Real
Estate
Investment
Trust
Common
Stock
Holdings
(%
of
net
assets)
Transurban
Group
4.6%
Aena
SME
SA
3.7%
Southern
Co/The
3.2%
Enbridge
Inc
3.2%
NextEra
Energy
Inc
3.0%
Country
Allocation
2
(%
of
net
assets)
United
States
48
.9
%
Canada
8
.8
%
Spain
7
.1
%
Australia
6
.9
%
France
5
.6
%
Italy
4
.7
%
Japan
3
.9
%
New
Zealand
3
.0
%
United
Kingdom
3
.0
%
Germany
2
.2
%
Other
8
.3
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6
%
Other
Assets
&
Liabilities,
Net
(
3
.0
)
%
Net
Assets
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
2.7%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Global
Real
Estate
Securities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
FTSE
EPRA/Nareit
Developed
Index
(Net).
**
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
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,
2025
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
July
31,
2025
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
A
at
NAV
3/20/18
2.57%
(3.46)%
3.31%
3.92%
2.14%
1.30%
Class
A
at
maximum
Offering
Price
3/20/18
(3.31)%
(9.02)%
2.09%
2.76%
—
—
FTSE
EPRA/Nareit
Developed
Index
(Net)
—
1.02%
(4.56)%
(0.10)%
0.90%
—
—
Lipper
Global
Real
Estate
Funds
Classification
Average
—
2.45%
(3.88)%
1.35%
2.14%
—
—
Class
C
at
NAV
3/20/18
2.18%
(4.21)%
2.52%
3.12%
2.89%
2.05%
Class
C
at
maximum
Offering
Price
3/20/18
1.18%
(4.21)%
2.52%
3.12%
—
—
Class
R6
3/20/18
2.75%
(3.15)%
3.64%
4.25%
1.79%
0.95%
Class
I
3/20/18
2.70%
(3.21)%
3.56%
4.17%
1.89%
1.05%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Real
Estate
Investment
Trust
Common
Stocks
84
.5
%
Common
Stocks
13
.0
%
Repurchase
Agreements
2
.9
%
Other
Assets
&
Liabilities,
Net
(0.4)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Industrial
REITs
16.7%
Retail
REITs
15.6%
Multi-Family
Residential
REITs
11.3%
Real
Estate
Management
&
Development
10.8%
Health
Care
REITs
7.1%
Telecom
Tower
REITs
5.7%
Self-Storage
REITs
5.4%
Data
Center
REITs
5.2%
Office
REITs
5.0%
Diversified
REITs
4.3%
Other
Specialized
REITs
3.9%
Other
6.5%
Repurchase
Agreements
2.9%
Other
Assets
&
Liabilities,
Net
(0.4)%
Net
Assets
100%
Top
Five
Common
Stock
&
Real
Estate
Investment
Trust
Common
Stock
Holdings
(%
of
net
assets)
Prologis
Inc
6.0%
Equinix
Inc
3.8%
Public
Storage
3.7%
American
Tower
Corp
2.9%
Mitsui
Fudosan
Co
Ltd
2.6%
Country
Allocation
2
(%
of
net
assets)
United
States
63
.4
%
Japan
9
.6
%
Canada
5
.4
%
Hong
Kong
4
.9
%
United
Kingdom
3
.9
%
Australia
3
.1
%
Singapore
2
.3
%
Spain
2
.2
%
Netherlands
1
.0
%
Sweden
0
.9
%
Other
3
.7
%
Other
Assets
&
Liabilities,
Net
(
0
.4
)
%
Net
Assets
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
0.9%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Real
Asset
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Real
Asset
Income
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
25%
FTSE
EPRA/Nareit
Developed
Index
(Net),
2)
22%
S&P
Global
Infrastructure
Index
(Net),
3)
20%
ICE
Hybrid
&
Preferred
Infrastructure
7%
Issuer
Constrained
Custom
Index,
4)
20%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
and
5)
13%
FTSE
Nareit
Preferred
Stock
Index.
Refer
to
About
the
Funds’
Benchmarks
for
details
on
the
Fund’s
Blended
Benchmark
composition
through
March
31,
2021.
**
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
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,
2025
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
July
31,
2025
only
with
the
approval
of
the
Board
of
Directors
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
9/13/11
2.82%
0.50%
2.57%
4.61%
1.17%
1.16%
Class
A
at
maximum
Offering
Price
9/13/11
(3.09)%
(5.28)%
1.37%
3.99%
—
—
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
—
5.38%
9.06%
3.36%
4.43%
—
—
Real
Asset
Income
Blended
Benchmark
—
4.55%
2.59%
2.60%
4.38%
—
—
Lipper
Real
Return
Funds
Classification
Average
—
0.89%
1.64%
4.11%
2.87%
—
—
Class
C
at
NAV
9/13/11
2.43%
(0.27)%
1.81%
3.99%
1.92%
1.91%
Class
C
at
maximum
Offering
Price
9/13/11
1.43%
(0.27)%
1.81%
3.99%
—
—
Class
I
9/13/11
2.94%
0.75%
2.83%
4.87%
0.92%
0.91%
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
3.03%
0.88%
2.93%
3.49%
0.82%
0.81%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
25
.0
%
Common
Stocks
22
.0
%
Real
Estate
Investment
Trust
Common
Stocks
21
.2
%
$25
Par
(or
similar)
Retail
Preferred
14
.1
%
$1,000
Par
(or
similar)
Institutional
Preferred
10
.1
%
Convertible
Preferred
Securities
2
.6
%
Investment
Companies
0
.4
%
Variable
Rate
Senior
Loan
Interests
0
.2
%
Asset-Backed
and
Mortgage-
Backed
Securities
0
.1
%
Common
Stock
Rights
0
.0
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.9
%
Repurchase
Agreements
3
.1
%
Other
Assets
&
Liabilities,
Net
(0.7)%
Net
Assets
100
%
Top
Five
Common
Stock
&
Real
Estate
Investment
Trust
Common
Stock
Holdings
(%
of
net
assets)
Enbridge
Inc
1.5%
National
Grid
PLC,
Sponsored
ADR
1.1%
Enel
SpA
1.1%
Pembina
Pipeline
Corp
1.0%
VICI
Properties
Inc
0.9%
Portfolio
Composition
1
(%
of
net
assets)
Electric
Utilities
16.9%
Oil,
Gas
&
Consumable
Fuels
15.9%
Retail
REITs
11.1%
Multi-Utilities
8.2%
Industrial
REITs
6.1%
Specialized
REITs
5.4%
Gas
Utilities
3.2%
Independent
Power
and
Renewable
Electricity
Producers
2.9%
Diversified
REITs
2.6%
Health
Care
REITs
2.4%
Other
Specialized
REITs
2.2%
Hotel
&
Resort
REITs
2.0%
Real
Estate
Management
&
Development
1.7%
Other
14.6%
Investment
Companies
0.4%
Asset-Backed
and
Mortgage-
Backed
Securities
0.1%
Repurchase
Agreements
3.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.9%
Other
Assets
&
Liabilities,
Net
(0.7)%
Net
Assets
100%
Country
Allocation
2
(%
of
net
assets)
United
States
63
.2
%
Canada
11
.6
%
United
Kingdom
4
.1
%
Australia
3
.7
%
Hong
Kong
3
.4
%
Italy
3
.0
%
Singapore
2
.3
%
Spain
1
.9
%
France
1
.0
%
Portugal
0
.8
%
Other
3
.8
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.9
%
Other
Assets
&
Liabilities,
Net
(
0
.7
)
%
Net
Assets
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
1.4%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Real
Estate
Securities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Real
Estate
Securities
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
50%
MSCI
US
REIT
Index
and
2)
50%
MSCI
USA
IMI
REITs
Index.
The
Fund’s
performance
was
measured
against
the
MSCI
US
REIT
Index
through
September
30,
2021.
**
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
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
expenses
through
July
31,
2025
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
ex-
pense
limitation
may
be
terminated
or
modified
prior
to
July
31,
2025
only
with
the
approval
of
the
Board
of
Directors
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
9/29/95
4.27%
(2.43)%
4.00%
5.96%
1.30%
1.22%
Class
A
at
maximum
Offering
Price
9/29/95
(1.71)%
(8.06)%
2.78%
5.33%
—
—
MSCI
US
REIT
Index
—
5.46%
(0.09)%
4.55%
6.39%
—
—
Real
Estate
Securities
Blended
Benchmark
—
4.24%
(2.18)%
4.22%
6.22%
—
—
Lipper
Real
Estate
Funds
Classification
Average
—
4.73%
(2.76)%
4.05%
5.84%
—
—
Class
C
at
NAV
2/01/00
3.94%
(3.15)%
3.22%
5.32%
2.05%
1.97%
Class
C
at
maximum
Offering
Price
2/01/00
2.94%
(3.15)%
3.22%
5.32%
—
—
Class
R6
4/30/13
4.50%
(2.02)%
4.41%
6.39%
0.93%
0.85%
Class
I
6/30/95
4.41%
(2.18)%
4.25%
6.22%
1.05%
0.97%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Real
Estate
Investment
Trust
Common
Stocks
96
.3
%
Common
Stocks
0
.2
%
Repurchase
Agreements
3
.1
%
Other
Assets
&
Liabilities,
Net
0.4%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Retail
REITs
15.7%
Industrial
REITs
15.4%
Multi-Family
Residential
REITs
12.0%
Health
Care
REITs
11.0%
Telecom
Tower
REITs
9.1%
Self-Storage
REITs
8.6%
Data
Center
REITs
8.3%
Other
Specialized
REITs
6.2%
Office
REITs
3.7%
Hotel
&
Resort
REITs
2.8%
Other
3.7%
Repurchase
Agreements
3.1%
Other
Assets
&
Liabilities,
Net
0.4%
Net
Assets
100%
Top
Five
Common
Stock
&
Real
Estate
Investment
Trust
Common
Stock
Holdings
(%
of
net
assets)
Prologis
Inc
9.6%
Equinix
Inc
6.1%
Public
Storage
6.0%
American
Tower
Corp
4.5%
VICI
Properties
Inc
4.1%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
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,
2023.
The
beginning
of
the
period
is
January
1,
2023.
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
ratios
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
$1,055.29
$1,051.33
$1,056.37
$1,056.53
Expenses
Incurred
During
the
Period
$6.22
$10.02
$4.64
$4.95
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
$1,018.74
$1,015.03
$1,020.28
$1,019.98
Expenses
Incurred
During
the
Period
$6.11
$9.84
$4.56
$4.86
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.22%,
1.97%,
0.91%
and
0.97%
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
$1,025.70
$1,021.82
$1,027.51
$1,027.00
Expenses
Incurred
During
the
Period
$6.53
$10.28
$4.88
$5.28
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
$1,018.35
$1,014.63
$1,019.98
$1,019.59
Expenses
Incurred
During
the
Period
$6.51
$10.24
$
4.86
$5.26
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.30%,
2.05%,
0.97%
and
1.05%
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
$
1,028.20
$1,024.32
$1,030.29
$1,029.40
Expenses
Incurred
During
the
Period
$5.83
$9.59
$4.08
$4.58
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
$1,019.04
$1,015.32
$1,020.78
$1,020.28
Expenses
Incurred
During
the
Period
$5.81
$9.54
$4.06
$4.56
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.16%,
1.91%,
0.81%
and
0.91%
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
$1,042.75
$1,039.39
$1,044.99
$1,044.09
Expenses
Incurred
During
the
Period
$6.18
$9.96
$4.36
$4.92
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
$1,018.74
$1,015.03
$1,020.53
$1,019.98
Expenses
Incurred
During
the
Period
$6.11
$9.84
$4.31
$4.86
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.22%,
1.97%,
0.86%
and
0.97%
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,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
96.2%
X
–
COMMON
STOCKS
-
90
.2
%
X
438,329,574
Commercial
Services
&
Supplies
-
5.6%
41,599
Casella
Waste
Systems
Inc,
Class
A
(2)
$
3,762,630
1,266,790
Cleanaway
Waste
Management
Ltd
2,191,528
24,076
Republic
Services
Inc
3,687,721
70,166
Waste
Connections
Inc
10,028,826
43,232
Waste
Management
Inc
7,497,293
Total
Commercial
Services
&
Supplies
27,167,998
Construction
&
Engineering
-
3.8%
29,528
Eiffage
SA
3,082,975
143,006
Ferrovial
SE
4,520,716
93,519
Vinci
SA
10,866,480
Total
Construction
&
Engineering
18,470,171
Diversified
Telecommunication
Services
-
2.0%
172,222
Cellnex
Telecom
SA
6,958,420
83,801
IHS
Holding
Ltd
(2)
819,574
129,834
Infrastrutture
Wireless
Italiane
SpA
1,713,843
601,769
NETLINK
NBN
TRUST
380,859
Total
Diversified
Telecommunication
Services
9,872,696
Electric
Utilities
-
22.7%
23,982
American
Electric
Power
Co
Inc
2,019,284
504,472
CK
Infrastructure
Holdings
Ltd
2,675,761
292,315
CLP
Holdings
Ltd
2,276,723
225,901
Contact
Energy
Ltd
1,124,344
65,788
Duke
Energy
Corp
5,903,815
825,815
EDP
-
Energias
de
Portugal
SA
4,036,307
4,774
Elia
Group
SA/NV
606,555
34,166
Emera
Inc
1,407,131
116,201
Endesa
SA
2,496,884
1,179,691
Enel
SpA
7,953,976
239,516
Exelon
Corp
9,757,882
106,951
Hydro
One
Ltd
3,055,743
445,427
Iberdrola
SA
5,816,744
224,982
Infratil
Ltd
1,403,824
196,804
NextEra
Energy
Inc
14,602,857
19,341
Orsted
AS
1,833,571
225,841
PG&E
Corp
(2)
3,902,532
34,203
Power
Assets
Holdings
Ltd
179,548
347,864
Power
Grid
Corp
of
India
Ltd
1,084,445
143,671
PPL
Corp
3,801,535
222,989
Southern
Co/The
15,664,977
139,506
SSE
PLC
3,271,427
701,292
Terna
-
Rete
Elettrica
Nazionale
5,981,432
150,392
Xcel
Energy
Inc
9,349,871
Total
Electric
Utilities
110,207,168
Gas
Utilities
-
2.1%
19,500
AltaGas
Ltd
350,330
425,161
APA
Group
2,750,774
1,544,903
Hong
Kong
&
China
Gas
Co
Ltd
1,337,870
438,870
Italgas
SpA
2,601,910
600,091
Snam
SpA
3,136,285
Total
Gas
Utilities
10,177,169
Shares
Description
(1)
Value
Ground
Transportation
-
5.3%
40,024
Canadian
National
Railway
Co
$
4,845,706
41,668
Canadian
Pacific
Railway
Ltd
3,365,524
22,989
Central
Japan
Railway
Co
2,880,322
74,397
CSX
Corp
2,536,938
123,680
East
Japan
Railway
Co
6,858,483
5,690
Norfolk
Southern
Corp
1,290,264
20,077
Union
Pacific
Corp
4,108,156
Total
Ground
Transportation
25,885,393
Independent
Power
and
Renewable
Electricity
Producers
-
2.3%
31,170
Clearway
Energy
Inc,
Class
C
890,215
63,489
EDP
Renovaveis
SA
1,268,732
174,364
Meridian
Energy
Ltd
600,437
9,330
NextEra
Energy
Partners
LP
547,111
182,902
RWE
AG
7,970,191
Total
Independent
Power
and
Renewable
Electricity
Producers
11,276,686
Multi-Utilities
-
8.5%
161,248
CenterPoint
Energy
Inc
4,700,379
94,596
CMS
Energy
Corp
5,557,515
30,166
Consolidated
Edison
Inc
2,727,006
69,341
Dominion
Energy
Inc
3,591,170
48,124
DTE
Energy
Co
5,294,602
46,089
E.ON
SE
588,760
93,220
Engie
SA
1,552,385
53,835
National
Grid
PLC,
Sponsored
ADR
(3)
3,624,711
125,469
NiSource
Inc
3,431,577
488,655
Sembcorp
Industries
Ltd
2,082,190
11,558
Sempra
Energy
1,682,729
33,073
Veolia
Environnement
SA
1,046,941
62,791
WEC
Energy
Group
Inc
5,540,678
Total
Multi-Utilities
41,420,643
Oil,
Gas
&
Consumable
Fuels
-
15.4%
95,463
Cheniere
Energy
Inc
14,544,743
46,680
DT
Midstream
Inc
2,313,928
419,203
Enbridge
Inc
15,573,391
117,305
Energy
Transfer
LP
1,489,773
88,425
Enterprise
Products
Partners
LP
2,329,999
118,532
Gibson
Energy
Inc
1,863,764
59,653
Keyera
Corp
1,375,655
212,310
Kinder
Morgan
Inc
3,655,978
36,617
MPLX
LP
1,242,781
74,638
ONEOK
Inc
4,606,657
184,144
Pembina
Pipeline
Corp
5,789,468
98,565
Targa
Resources
Corp
7,500,797
127,241
TC
Energy
Corp
5,142,467
228,850
Williams
Cos
Inc/The
7,467,376
Total
Oil,
Gas
&
Consumable
Fuels
74,896,777
Transportation
Infrastructure
-
20.4%
111,816
Aena
SME
SA
18,097,045
25,459
Aeroports
de
Paris
3,658,255
1,130,183
Atlas
Arteria
Ltd
4,693,627
1,906,801
Auckland
International
Airport
Ltd
(2)
10,021,128
812,949
China
Merchants
Port
Holdings
Co
Ltd
1,150,060
302,420
Enav
SpA
1,288,603
32,784
Flughafen
Zurich
AG
6,819,184
36,681
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(2)
1,957,974
394,424
Getlink
SE
6,712,249
Nuveen
Global
Infrastructure
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
Transportation
Infrastructure
(continued)
41,723
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV,
ADR
$
3,539,779
28,820
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
5,150,710
360,791
International
Container
Terminal
Services
Inc
1,332,560
137,513
Japan
Airport
Terminal
Co
Ltd
6,219,891
139,502
Kamigumi
Co
Ltd
3,163,057
387,909
Port
of
Tauranga
Ltd
1,487,499
825,618
Qube
Holdings
Ltd
1,573,595
2,323,419
Transurban
Group
22,122,119
Total
Transportation
Infrastructure
98,987,335
Water
Utilities
-
2.1%
30,764
American
Water
Works
Co
Inc
4,391,561
171,041
Severn
Trent
PLC
5,575,977
Total
Water
Utilities
9,967,538
Total
Common
Stocks
(cost
$350,146,388)
438,329,574
Shares
Description
(1)
Value
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
5
.6
%
X
27,198,724
Data
Center
REITs
-
0.7%
4,449
Digital
Realty
Trust
Inc
$
506,608
3,803
Equinix
Inc
2,981,324
Total
Data
Center
REITs
3,487,932
Health
Care
REITs
-
0.2%
309,608
Parkway
Life
Real
Estate
Investment
Trust
894,262
Total
Health
Care
REITs
894,262
Telecom
Tower
REITs
-
4.7%
48,710
American
Tower
Corp
9,446,817
41,663
Crown
Castle
Inc
4,747,082
37,205
SBA
Communications
Corp
8,622,631
Total
Telecom
Tower
REITs
22,816,530
Total
Real
Estate
Investment
Trust
Common
Stocks
(cost
$27,960,366)
27,198,724
Shares
Description
(1)
Value
X
–
INVESTMENT
COMPANIES
-
0
.4
%
X
2,098,531
527,652
3i
Infrastructure
PLC
$
2,098,531
Total
Investment
Companies
(cost
$2,088,900)
2,098,531
Total
Long-Term
Investments
(cost
$380,195,654)
467,626,829
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.6%
–
MONEY
MARKET
FUNDS
-
0
.6
%
X
2,904,248
2,904,248
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
5.110%(5)
$
2,904,248
Total
Money
Market
Funds
(cost
$2,904,248)
$
2,904,248
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$2,904,248)
2,904,248
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
6.2%
–
REPURCHASE
AGREEMENTS
-
6
.2
%
X
30,014,066
$
1,694
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$1,694,280,
collateralized
by
$1,974,500,
U.S.
Treasury
Notes,
1.500%,
due
11/30/28,
value
$1,727,956
1.520%
7/03/23
$
1,694,066
28,320
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$28,331,824,
collateralized
by
$29,289,500,
U.S.
Treasury
Notes,
3.625%,
due
3/31/30,
value
$28,886,463
5.010%
7/03/23
28,320,000
Total
Repurchase
Agreements
(cost
$30,014,066)
30,014,066
Total
Short-Term
Investments
(cost
$30,014,066)
30,014,066
Total
Investments
(cost
$
413,113,968
)
-
103
.0
%
500,545,143
Other
Assets
&
Liabilities,
Net
- (3.0)%
(
14,743,312
)
Net
Assets
-
100%
$
485,801,831
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)
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
$2,869,470.
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Global
Real
Estate
Securities
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
97.5%
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
84
.5
%
X
34,148,537
Data
Center
REITs
-
5.2%
4,882
Digital
Realty
Trust
Inc
$
555,913
1,969
Equinix
Inc
1,543,578
Total
Data
Center
REITs
2,099,491
Diversified
REITs
-
4.3%
4,312
American
Assets
Trust
Inc
82,790
1,433
Armada
Hoffler
Properties
Inc
16,737
10,453
Charter
Hall
Group
74,936
10,123
Empire
State
Realty
Trust
Inc,
Class
A
75,821
4,792
Essential
Properties
Realty
Trust
Inc
112,804
141
Hulic
Reit
Inc
157,581
175,262
LXI
REIT
Plc
191,985
40,845
Merlin
Properties
Socimi
SA
349,852
521
Star
Asia
Investment
Corp
214,540
59,840
Stockland
160,867
265
United
Urban
Investment
Corp
267,492
650
WP
Carey
Inc
43,914
Total
Diversified
REITs
1,749,319
Health
Care
REITs
-
7.1%
35,747
Healthpeak
Properties
Inc
718,515
10,122
Omega
Healthcare
Investors
Inc
310,644
18,669
Parkway
Life
Real
Estate
Investment
Trust
53,923
17,230
Ventas
Inc
814,462
12,001
Welltower
Inc
970,761
Total
Health
Care
REITs
2,868,305
Hotel
&
Resort
REITs
-
2.6%
15,377
Apple
Hospitality
REIT
Inc
232,346
7,453
CapitaLand
Ascott
Trust
5,973
46
Hoshino
Resorts
REIT
Inc
197,382
3,983
Host
Hotels
&
Resorts
Inc
67,034
286
Japan
Hotel
REIT
Investment
Corp
145,899
13,558
RLJ
Lodging
Trust
139,241
1,576
Ryman
Hospitality
Properties
Inc
146,442
10,340
Xenia
Hotels
&
Resorts
Inc
127,285
Total
Hotel
&
Resort
REITs
1,061,602
Industrial
REITs
-
16.7%
19,264
Americold
Realty
Trust
Inc
622,227
36,347
CapitaLand
Ascendas
REIT
73,362
74,932
Centuria
Industrial
REIT
155,195
18,450
Dream
Industrial
Real
Estate
Investment
Trust
196,512
602
EastGroup
Properties
Inc
104,507
66,284
FIBRA
Macquarie
Mexico,
144A
116,676
1
Frasers
Logistics
&
Commercial
Trust
1
161
GLP
J-Reit
158,802
70,437
Goodman
Property
Trust
95,964
32,931
LXP
Industrial
Trust
321,077
119,811
Mapletree
Industrial
Trust
196,010
188,575
Mapletree
Logistics
Trust
226,808
3,623
Montea
NV
279,698
66,216
Nexus
Industrial
REIT
423,862
36
Nippon
Prologis
REIT
Inc
72,353
19,871
Prologis
Inc
2,436,781
7,995
Rexford
Industrial
Realty
Inc
417,499
Shares
Description
(1)
Value
Industrial
REITs
(continued)
169
Terreno
Realty
Corp
$
10,157
83,126
TF
Administradora
Industrial
S
de
RL
de
CV
159,531
263,921
Tritax
Big
Box
REIT
PLC
420,035
182,696
Urban
Logistics
REIT
PLC
259,867
Total
Industrial
REITs
6,746,924
Multi-Family
Residential
REITs
-
11.3%
11,641
Apartment
Income
REIT
Corp
420,124
2,246
AvalonBay
Communities
Inc
425,100
6,132
Camden
Property
Trust
667,591
296
Daiwa
Securities
Living
Investments
Corp
234,894
12,108
Elme
Communities
199,056
15,386
Equity
Residential
1,015,014
130,552
Home
Reit
PLC (2)
166
20,554
Ingenia
Communities
Group
54,728
39,335
InterRent
Real
Estate
Investment
Trust
380,656
21,274
Killam
Apartment
Real
Estate
Investment
Trust
283,600
1,164
Mid-America
Apartment
Communities
Inc
176,765
39
Nippon
Accommodations
Fund
Inc
175,773
3,469
UDR
Inc
149,028
32,857
UNITE
Group
PLC/The
363,969
Total
Multi-Family
Residential
REITs
4,546,464
Office
REITs
-
5.0%
4,435
Alexandria
Real
Estate
Equities
Inc
503,328
2,825
Boston
Properties
Inc
162,692
4,045
Corporate
Office
Properties
Trust
96,069
51
Daiwa
Office
Investment
Corp
221,756
24,954
Dexus
129,956
5,619
Douglas
Emmett
Inc
70,631
2,477
Equity
Commonwealth
50,184
3,370
Gecina
SA
359,507
2,434
Kilroy
Realty
Corp
73,239
5,640
NSI
NV
125,857
184
Orix
JREIT
Inc
226,503
Total
Office
REITs
2,019,722
Other
Specialized
REITs
-
3.9%
1,854
Four
Corners
Property
Trust
Inc
47,092
10,273
Gaming
and
Leisure
Properties
Inc
497,830
32,743
VICI
Properties
Inc
1,029,112
Total
Other
Specialized
REITs
1,574,034
Residential
REITs
-
0.3%
2,437
Boardwalk
Real
Estate
Investment
Trust
114,404
Total
Residential
REITs
114,404
Retail
REITs
-
15.6%
8,423
Agree
Realty
Corp
550,780
1,877
Brixmor
Property
Group
Inc
41,294
79,832
CapitaLand
China
Trust
60,326
27,043
Charter
Hall
Retail
REIT
65,237
10,077
CT
Real
Estate
Investment
Trust
114,785
1,300
Federal
Realty
Investment
Trust
125,801
91,081
Fortune
Real
Estate
Investment
Trust
65,613
19,504
Frasers
Centrepoint
Trust
31,668
37
Kenedix
Retail
REIT
Corp
74,576
51,700
Kimco
Realty
Corp
1,019,524
111,067
Link
REIT
618,324
8,606
NNN
REIT
Inc
368,251
6,495
Primaris
Real
Estate
Investment
Trust
66,041
8,931
Realty
Income
Corp
533,985
Nuveen
Global
Real
Estate
Securities
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
Retail
REITs
(continued)
9,628
Regency
Centers
Corp
$
594,722
23,924
RioCan
Real
Estate
Investment
Trust
348,182
127,348
Scentre
Group
225,216
2,518
Simon
Property
Group
Inc
290,779
35,256
SITE
Centers
Corp
466,084
103,589
Vicinity
Ltd
127,572
138,883
Waypoint
REIT
Ltd
240,210
18,006
Wereldhave
NV
275,191
Total
Retail
REITs
6,304,161
Self-Storage
REITs
-
5.4%
8,928
CubeSmart
398,725
601
Extra
Space
Storage
Inc
89,459
1,232
Life
Storage
Inc
163,807
5,057
Public
Storage
1,476,037
6,337
Safestore
Holdings
PLC
68,592
Total
Self-Storage
REITs
2,196,620
Single-Family
Residential
REITs
-
1.4%
2,047
Equity
LifeStyle
Properties
Inc
136,924
3,592
Invitation
Homes
Inc
123,565
2,301
Sun
Communities
Inc
300,188
Total
Single-Family
Residential
REITs
560,677
Telecom
Tower
REITs
-
5.7%
5,941
American
Tower
Corp
1,152,197
3,590
Crown
Castle
Inc
409,045
3,217
SBA
Communications
Corp
745,572
Total
Telecom
Tower
REITs
2,306,814
Total
Real
Estate
Investment
Trust
Common
Stocks
(cost
$32,243,316)
34,148,537
Shares
Description
(1)
Value
X
–
COMMON
STOCKS
-
13
.0
%
X
5,257,148
Diversified
Telecommunication
Services
-
1.5%
13,616
Cellnex
Telecom
SA
$
550,138
6,194
IHS
Holding
Ltd
(3)
60,577
816
Infrastrutture
Wireless
Italiane
SpA
10,772
Total
Diversified
Telecommunication
Services
621,487
Health
Care
Providers
&
Services
-
0.4%
25,787
Chartwell
Retirement
Residences
184,339
Total
Health
Care
Providers
&
Services
184,339
Household
Durables
-
0.3%
83,240
Cairn
Homes
PLC
105,364
Total
Household
Durables
105,364
Real
Estate
Management
&
Development
-
10.8%
119,445
Capitaland
Investment
Ltd/Singapore
293,470
7,521
Catena
AB
275,733
81,617
CK
Asset
Holdings
Ltd
453,526
7,330
CRE
Inc/Japan
70,120
90,410
Grainger
PLC
260,873
42,148
Hysan
Development
Co
Ltd
103,002
2,397
LEG
Immobilien
SE
138,304
3,114
Lifestyle
Communities
Ltd
32,670
51,556
Mitsubishi
Estate
Co
Ltd
612,501
53,262
Mitsui
Fudosan
Co
Ltd
1,061,586
Shares
Description
(1)
Value
Real
Estate
Management
&
Development
(continued)
82,742
Sino
Land
Co
Ltd
$
101,864
51,157
Sun
Hung
Kai
Properties
Ltd
646,349
16,722
TAG
Immobilien
AG
158,132
5,267
Tricon
Residential
Inc
46,402
12,631
Wihlborgs
Fastigheter
AB
91,426
Total
Real
Estate
Management
&
Development
4,345,958
Total
Common
Stocks
(cost
$5,182,009)
5,257,148
Total
Long-Term
Investments
(cost
$37,425,325)
39,405,685
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.9%
X
–
REPURCHASE
AGREEMENTS
-
2
.9
%
X
1,150,000
$
1,150
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$1,150,480,
collateralized
by
$1,189,400,
U.S.
Treasury
Notes,
3.625%,
due
3/31/30,
value
$1,173,033
5.010%
7/03/23
$
1,150,000
Total
Repurchase
Agreements
(cost
$1,150,000)
1,150,000
Total
Short-Term
Investments
(cost
$1,150,000)
1,150,000
Total
Investments
(cost
$
38,575,325
)
-
100
.4
%
40,555,685
Other
Assets
&
Liabilities,
Net
- (0.4)%
(
153,218
)
Net
Assets
-
100%
$
40,402,467
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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(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.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Real
Asset
Income
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
95.7%
X
–
CORPORATE
BONDS
-
25
.0
%
X
293,401,583
Air
Freight
&
Logistics
-
0.2%
$
2,300
Cargo
Aircraft
Management
Inc,
144A
4.750%
2/01/28
BB
$
2,014,961
Total
Air
Freight
&
Logistics
2,014,961
Automobile
Components
-
0.2%
2,060
Clarios
Global
LP
/
Clarios
US
Finance
Co,
144A
6.750%
5/15/28
B+
2,052,795
Total
Automobile
Components
2,052,795
Building
Products
-
0.3%
3,730
Advanced
Drainage
Systems
Inc,
144A
(3)
6.375%
6/15/30
Ba2
3,689,977
Total
Building
Products
3,689,977
Capital
Markets
-
0.2%
2,700
Hunt
Cos
Inc,
144A
5.250%
4/15/29
BB-
2,143,884
Total
Capital
Markets
2,143,884
Commercial
Services
&
Supplies
-
0.7%
2,660
Clean
Harbors
Inc,
144A
4.875%
7/15/27
BB+
2,547,023
1,500
Clean
Harbors
Inc,
144A
5.125%
7/15/29
BB+
1,419,154
4,240
Waste
Connections
Inc
4.200%
1/15/33
BBB+
3,984,951
Total
Commercial
Services
&
Supplies
7,951,128
Diversified
REITs
-
0.3%
3,500
Goodman
US
Finance
Five
LLC,
144A
4.625%
5/04/32
BBB+
3,213,252
Total
Diversified
REITs
3,213,252
Diversified
Telecommunication
Services
-
0.7%
2,700
Cablevision
Lightpath
LLC,
144A
3.875%
9/15/27
B1
2,261,250
3,280
Cellnex
Finance
Co
SA,
144A
3.875%
7/07/41
BBB-
2,403,251
2,750
Frontier
Communications
Holdings
LLC,
144A
(3)
6.000%
1/15/30
BB-
2,022,848
1,030
Iliad
Holding
SASU,
144A
7.000%
10/15/28
BB-
949,294
865
Iliad
Holding
SASU,
144A
6.500%
10/15/26
BB-
816,407
Total
Diversified
Telecommunication
Services
8,453,050
Electric
Utilities
-
4.6%
2,615
AEP
Transmission
Co
LLC
5.400%
3/15/53
A2
2,687,420
1,765
Baltimore
Gas
and
Electric
Co
5.400%
6/01/53
A
1,793,068
2,530
Duke
Energy
Carolinas
LLC
5.350%
1/15/53
Aa3
2,562,770
2,000
EUR
EDP
-
Energias
de
Portugal
SA
,
Reg
S
5.943%
4/23/83
BB+
2,160,642
1,400
EUR
EDP
-
Energias
de
Portugal
SA
,
Reg
S
4.496%
4/30/79
BB+
1,514,313
3,775
EDP
Finance
BV,
144A
6.300%
10/11/27
BBB
3,869,909
4,360
Florida
Power
&
Light
Co
4.800%
5/15/33
Aa2
4,328,589
2,355
Georgia
Power
Co
4.650%
5/16/28
BBB+
2,307,392
7,000
ITC
Holdings
Corp,
144A
4.950%
9/22/27
BBB+
6,890,574
6,620
NextEra
Energy
Capital
Holdings
Inc
6.051%
3/01/25
A-
6,644,890
2,681
GBP
NGG
Finance
PLC
,
Reg
S
5.625%
6/18/73
BBB-
3,234,625
1,940
Northern
States
Power
Co/MN
5.100%
5/15/53
Aa3
1,909,735
1,500
NRG
Energy
Inc,
144A
3.625%
2/15/31
BB+
1,170,968
2,005
NRG
Energy
Inc,
144A
7.000%
3/15/33
BBB-
2,021,611
3,600
Pacific
Gas
and
Electric
Co
6.150%
1/15/33
BBB
3,520,983
905
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc,
144A
4.500%
8/15/28
BB-
826,566
3,250
Southern
Co
Gas
Capital
Corp
5.150%
9/15/32
BBB+
3,227,776
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Electric
Utilities
(continued)
$
3,110
Southern
Co/The
5.200%
6/15/33
BBB+
$
3,084,683
Total
Electric
Utilities
53,756,514
Financial
Services
-
0.1%
725
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7.750%
2/01/28
B
689,569
Total
Financial
Services
689,569
Gas
Utilities
-
0.7%
3,065
CAD
AltaGas
Ltd
7.350%
8/17/82
BB+
2,219,502
2,810
CAD
AltaGas
Ltd
5.250%
1/11/82
BB+
1,685,788
1,775
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.375%
4/01/26
B
1,650,915
1,975
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.875%
4/01/29
B
1,654,646
700
Superior
Plus
LP
/
Superior
General
Partner
Inc,
144A
4.500%
3/15/29
BB-
613,634
Total
Gas
Utilities
7,824,485
Ground
Transportation
-
0.2%
1,405
XPO
Inc,
144A
7.125%
6/01/31
BB+
1,415,908
1,500
XPO
Inc,
144A
6.250%
6/01/28
BBB-
1,474,841
Total
Ground
Transportation
2,890,749
Health
Care
Providers
&
Services
-
0.7%
2,170
Encompass
Health
Corp
4.625%
4/01/31
B+
1,923,619
830
Encompass
Health
Corp
4.750%
2/01/30
B+
755,716
2,300
Tenet
Healthcare
Corp
6.125%
6/15/30
BB-
2,267,110
3,925
Tenet
Healthcare
Corp
(3)
6.125%
10/01/28
B+
3,778,598
Total
Health
Care
Providers
&
Services
8,725,043
Health
Care
REITs
-
0.4%
1,455
CTR
Partnership
LP
/
CareTrust
Capital
Corp,
144A
3.875%
6/30/28
BB+
1,251,300
3,595
Welltower
OP
LLC
3.850%
6/15/32
BBB+
3,166,786
Total
Health
Care
REITs
4,418,086
Hotel
&
Resort
REITs
-
0.4%
1,370
RLJ
Lodging
Trust
LP,
144A
3.750%
7/01/26
BB-
1,256,975
1,430
RLJ
Lodging
Trust
LP,
144A
4.000%
9/15/29
BB-
1,197,605
2,975
VICI
Properties
LP
4.950%
2/15/30
BBB-
2,790,788
Total
Hotel
&
Resort
REITs
5,245,368
Hotels,
Restaurants
&
Leisure
-
0.4%
2,375
CDI
Escrow
Issuer
Inc,
144A
5.750%
4/01/30
B+
2,210,693
2,250
Hilton
Domestic
Operating
Co
Inc,
144A
4.000%
5/01/31
BB+
1,954,082
1,065
Marriott
Ownership
Resorts
Inc,
144A
(3)
4.500%
6/15/29
B+
919,164
Total
Hotels,
Restaurants
&
Leisure
5,083,939
Independent
Power
and
Renewable
Electricity
Producers
-
1.3%
1,720
Atlantica
Sustainable
Infrastructure
PLC,
144A
4.125%
6/15/28
BB+
1,532,364
1,350
Calpine
Corp,
144A
3.750%
3/01/31
BB+
1,093,637
1,460
CAD
Capital
Power
Corp
7.950%
9/09/82
BB
1,075,655
3,570
Clearway
Energy
Operating
LLC,
144A
3.750%
1/15/32
BB
2,905,650
1,825
Clearway
Energy
Operating
LLC,
144A
3.750%
2/15/31
BB
1,514,477
500
Constellation
Energy
Generation
LLC
5.800%
3/01/33
BBB
511,816
585
NextEra
Energy
Operating
Partners
LP,
144A
4.500%
9/15/27
Ba1
543,465
3,315
TerraForm
Power
Operating
LLC,
144A
4.750%
1/15/30
BB-
2,925,488
2,900
Vistra
Operations
Co
LLC,
144A
5.125%
5/13/25
BBB-
2,827,372
Total
Independent
Power
and
Renewable
Electricity
Producers
14,929,924
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
REITs
-
0.9%
$
11,000
Prologis
LP
4.625%
1/15/33
A
$
10,738,716
Total
Industrial
REITs
10,738,716
Machinery
-
0.3%
2,335
Chart
Industries
Inc,
144A
7.500%
1/01/30
Ba3
2,382,295
1,580
Trinity
Industries
Inc,
144A
7.750%
7/15/28
BB+
1,589,875
Total
Machinery
3,972,170
Media
-
0.9%
4,600
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500%
5/01/32
BB+
3,672,901
1,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
6.375%
9/01/29
BB+
942,159
1,225
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc,
144A
5.875%
8/15/27
BBB-
1,109,403
1,500
Lamar
Media
Corp
3.625%
1/15/31
BB
1,263,750
4,600
VZ
Secured
Financing
BV,
144A
5.000%
1/15/32
BB
3,704,686
Total
Media
10,692,899
Multi-Utilities
-
0.6%
4,445
Ameren
Illinois
Co
4.950%
6/01/33
A1
4,409,688
2,800
Public
Service
Enterprise
Group
Inc
5.850%
11/15/27
BBB
2,856,358
Total
Multi-Utilities
7,266,046
Office
REITs
-
0.4%
2,785
Alexandria
Real
Estate
Equities
Inc
4.750%
4/15/35
BBB+
2,584,017
1,770
Alexandria
Real
Estate
Equities
Inc
5.150%
4/15/53
BBB+
1,586,191
Total
Office
REITs
4,170,208
Oil,
Gas
&
Consumable
Fuels
-
4.9%
800
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
7.875%
5/15/26
BB
811,345
915
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp,
144A
8.125%
1/15/27
B-
876,104
1,270
CNX
Midstream
Partners
LP,
144A
4.750%
4/15/30
BB
1,077,197
2,735
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp,
144A
5.625%
5/01/27
BB
2,592,780
1,820
DT
Midstream
Inc,
144A
4.375%
6/15/31
BB+
1,567,480
1,500
DT
Midstream
Inc
4.300%
4/15/32
N/R
1,298,216
3,025
Energy
Transfer
LP
5.550%
2/15/28
BBB-
3,016,502
1,200
EnLink
Midstream
LLC,
144A
5.625%
1/15/28
BBB-
1,161,220
1,500
EnLink
Midstream
LLC
5.375%
6/01/29
BBB-
1,429,066
1,215
EQM
Midstream
Partners
LP
5.500%
7/15/28
BB
1,149,653
590
EQM
Midstream
Partners
LP,
144A
7.500%
6/01/30
BB
597,048
1,300
EQM
Midstream
Partners
LP,
144A
4.750%
1/15/31
BB
1,138,779
1,105
CAD
Gibson
Energy
Inc
5.250%
12/22/80
BB
688,716
1,620
Hess
Midstream
Operations
LP,
144A
5.500%
10/15/30
BB+
1,498,493
1,445
CAD
Keyera
Corp
6.875%
6/13/79
BB
1,021,083
4,575
Kinder
Morgan
Inc
4.800%
2/01/33
BBB
4,314,842
3,470
Kinetik
Holdings
LP,
144A
5.875%
6/15/30
BB+
3,298,200
4,750
MPLX
LP
5.000%
3/01/33
BBB
4,549,952
2,785
MPLX
LP
5.650%
3/01/53
BBB
2,601,946
1,350
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp,
144A
7.500%
2/01/26
B+
1,329,577
2,715
ONEOK
Inc
6.100%
11/15/32
BBB
2,762,115
3,833
CAD
Pembina
Pipeline
Corp
4.800%
1/25/81
BB+
2,357,378
2,345
Sunoco
LP
/
Sunoco
Finance
Corp
4.500%
4/30/30
BB+
2,050,110
1,190
Sunoco
LP
/
Sunoco
Finance
Corp
5.875%
3/15/28
BB+
1,144,334
1,350
Targa
Resources
Corp
6.250%
7/01/52
BBB-
1,319,608
3,000
Targa
Resources
Corp
6.125%
3/15/33
BBB-
3,065,370
425
CAD
Transcanada
Trust
4.200%
3/04/81
BBB-
255,725
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
$
1,500
Venture
Global
Calcasieu
Pass
LLC,
144A
4.125%
8/15/31
BB+
$
1,289,950
5,000
Venture
Global
Calcasieu
Pass
LLC,
144A
6.250%
1/15/30
BB+
4,959,686
1,175
Western
Midstream
Operating
LP
4.300%
2/01/30
BBB-
1,054,972
1,000
Williams
Cos
Inc/The
5.400%
3/02/26
BBB
997,386
Total
Oil,
Gas
&
Consumable
Fuels
57,274,833
Real
Estate
Management
&
Development
-
0.2%
2,775
EUR
Peach
Property
Finance
GmbH,
144A
4.375%
11/15/25
BB
2,331,257
Total
Real
Estate
Management
&
Development
2,331,257
Residential
REITs
-
0.4%
4,360
AvalonBay
Communities
Inc
5.000%
2/15/33
A-
4,342,032
Total
Residential
REITs
4,342,032
Retail
REITs
-
1.7%
4,680
Agree
LP
4.800%
10/01/32
Baa1
4,347,026
4,480
Federal
Realty
OP
LP
5.375%
5/01/28
BBB+
4,386,694
9,000
Kimco
Realty
OP
LLC
4.600%
2/01/33
BBB+
8,321,897
3,260
Scentre
Group
Trust
2,
144A
5.125%
9/24/80
BBB+
2,751,350
Total
Retail
REITs
19,806,967
Specialized
REITs
-
2.3%
2,250
American
Tower
Corp
5.500%
3/15/28
BBB+
2,234,346
2,250
American
Tower
Corp
5.650%
3/15/33
BBB+
2,281,537
5,750
Crown
Castle
Inc
5.000%
1/11/28
BBB+
5,642,861
3,750
Digital
Realty
Trust
LP
5.550%
1/15/28
BBB
3,694,603
3,000
Extra
Space
Storage
LP
5.700%
4/01/28
BBB
2,997,046
2,435
Extra
Space
Storage
LP
5.500%
7/01/30
BBB
2,414,849
1,925
Iron
Mountain
Inc,
144A
7.000%
2/15/29
BB-
1,928,238
2,195
Iron
Mountain
Information
Management
Services
Inc,
144A
5.000%
7/15/32
BB-
1,894,780
5,025
SBA
Communications
Corp
3.125%
2/01/29
BB
4,259,467
Total
Specialized
REITs
27,347,727
Specialty
Retail
-
0.1%
1,380
LCM
Investments
Holdings
II
LLC,
144A
4.875%
5/01/29
BB-
1,180,923
Total
Specialty
Retail
1,180,923
Trading
Companies
&
Distributors
-
0.4%
4,465
United
Rentals
North
America
Inc,
144A
6.000%
12/15/29
BBB-
4,454,019
Total
Trading
Companies
&
Distributors
4,454,019
Transportation
Infrastructure
-
0.0%
525
ENA
Master
Trust,
144A
4.000%
5/19/48
BBB
392,671
Total
Transportation
Infrastructure
392,671
Wireless
Telecommunication
Services
-
0.5%
2,755
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC,
144A
5.152%
3/20/28
A1
2,725,920
500
Telefonica
Moviles
Chile
SA,
144A
3.537%
11/18/31
BBB
397,500
2,140
T-Mobile
USA
Inc
4.800%
7/15/28
BBB+
2,095,788
1,150
T-Mobile
USA
Inc
5.050%
7/15/33
BBB+
1,129,183
Total
Wireless
Telecommunication
Services
6,348,391
Total
Corporate
Bonds
(cost
$309,858,255)
293,401,583
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
X
–
COMMON
STOCKS
-
22
.0
%
X
258,553,533
Diversified
Telecommunication
Services
-
0.6%
1,075,909
HKT
Trust
&
HKT
Ltd
$
1,252,757
9,685,912
NETLINK
NBN
TRUST
6,130,207
Total
Diversified
Telecommunication
Services
7,382,964
Electric
Utilities
-
5.8%
961,620
CK
Infrastructure
Holdings
Ltd
5,100,511
647,300
CLP
Holdings
Ltd
5,041,557
698,125
Contact
Energy
Ltd
3,474,675
30,545
Duke
Energy
Corp
2,741,108
80,906
Emera
Inc
3,332,124
310,223
Endesa
SA
6,665,957
1,840,587
Enel
SpA
12,410,017
61,702
OGE
Energy
Corp
2,215,719
48,946
Pinnacle
West
Capital
Corp
3,987,141
1,040,725
Power
Assets
Holdings
Ltd
5,463,260
328,300
Redeia
Corp
SA
5,521,029
29,959
Southern
Co/The
2,104,620
443,458
SSE
PLC
10,399,126
Total
Electric
Utilities
68,456,844
Financial
Services
-
0.2%
2,704,400
Sdcl
Energy
Efficiency
Income
Trust
PLC
2,548,463
Total
Financial
Services
2,548,463
Gas
Utilities
-
2.1%
32,774
AltaGas
Ltd
588,806
852,983
APA
Group
5,518,764
194,155
Enagas
SA
3,815,846
637,370
Italgas
SpA
3,778,749
16,360
Naturgy
Energy
Group
SA
(3)
487,699
1,914,556
Snam
SpA
10,006,138
Total
Gas
Utilities
24,196,002
Ground
Transportation
-
0.2%
998,652
Aurizon
Holdings
Ltd
2,612,678
Total
Ground
Transportation
2,612,678
Health
Care
Providers
&
Services
-
0.4%
530,901
Chartwell
Retirement
Residences
3,795,156
141,660
Sienna
Senior
Living
Inc
1,231,872
Total
Health
Care
Providers
&
Services
5,027,028
Independent
Power
and
Renewable
Electricity
Producers
-
0.8%
12,981
Atlantica
Sustainable
Infrastructure
PLC
304,275
206,593
Auren
Energia
SA
618,286
997
Canadian
Solar
Infrastructure
Fund
Inc
840,190
52,813
Capital
Power
Corp
1,678,375
114,309
Clearway
Energy
Inc,
Class
A
3,086,343
46,036
NextEra
Energy
Partners
LP
2,699,551
Total
Independent
Power
and
Renewable
Electricity
Producers
9,227,020
Multi-Utilities
-
2.3%
115,645
ACEA
SpA
1,512,590
160,015
Canadian
Utilities
Ltd,
Class
A
4,144,265
98,829
Dominion
Energy
Inc
5,118,354
197,885
National
Grid
PLC,
Sponsored
ADR
(3)
13,323,597
821,884
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
2,238,121
Shares
Description
(1)
Value
Multi-Utilities
(continued)
392,184
Vector
Ltd
$
965,416
Total
Multi-Utilities
27,302,343
Oil,
Gas
&
Consumable
Fuels
-
6.8%
78,723
DT
Midstream
Inc
3,902,299
464,687
Enbridge
Inc
17,263,122
190,505
Energy
Transfer
LP
2,419,413
214,279
Enterprise
Products
Partners
LP
5,646,252
314,547
Gibson
Energy
Inc
4,945,849
96,652
Keyera
Corp
2,228,887
518,601
Kinder
Morgan
Inc
8,930,309
22,650
Magellan
Midstream
Partners
LP
1,411,548
38,508
MPLX
LP
1,306,962
110,812
ONEOK
Inc
6,839,317
378,422
Pembina
Pipeline
Corp
11,897,548
103,352
Plains
GP
Holdings
LP,
Class
A
(3)
1,532,710
24,174
TC
Energy
Corp
976,996
310,268
Williams
Cos
Inc/The
10,124,045
Total
Oil,
Gas
&
Consumable
Fuels
79,425,257
Real
Estate
Management
&
Development
-
1.3%
359,249
Amot
Investments
Ltd
1,887,935
513,658
CK
Asset
Holdings
Ltd
2,854,272
752,418
Hysan
Development
Co
Ltd
1,838,778
2,390,448
Sino
Land
Co
Ltd
2,942,898
480,588
Sun
Hung
Kai
Properties
Ltd
6,072,041
Total
Real
Estate
Management
&
Development
15,595,924
Transportation
Infrastructure
-
1.4%
1,239,492
Atlas
Arteria
Ltd
5,147,585
983,825
China
Merchants
Port
Holdings
Co
Ltd
1,391,794
891,611
COSCO
SHIPPING
Ports
Ltd
532,283
1,164,643
Dalrymple
Bay
Infrastructure
Ltd
2,050,921
751,065
Enav
SpA
3,200,266
19,662
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
3,513,992
Total
Transportation
Infrastructure
15,836,841
Water
Utilities
-
0.1%
95,747
Pennon
Group
PLC
865,124
6,301
United
Utilities
Group
PLC
77,045
Total
Water
Utilities
942,169
Total
Common
Stocks
(cost
$237,900,683)
258,553,533
Shares
Description
(1)
Value
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
21
.2
%
X
249,224,054
Data
Center
REITs
-
0.1%
5,668
Digital
Realty
Trust
Inc
$
645,415
Total
Data
Center
REITs
645,415
Diversified
REITs
-
2.1%
732,530
Abacus
Property
Group
1,315,282
112,064
American
Assets
Trust
Inc
2,151,629
42,493
Armada
Hoffler
Properties
Inc
496,318
495,211
Charter
Hall
Long
Wale
REIT
1,324,952
822
Hulic
Reit
Inc
918,663
79,369
ICADE
3,312,447
1,561,465
LXI
REIT
Plc
1,710,456
243,676
Merlin
Properties
Socimi
SA
2,087,171
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
Diversified
REITs
(continued)
10,406
Star
Asia
Investment
Corp
$
4,285,028
558,280
Stockland
1,500,816
78,820
WP
Carey
Inc
5,325,079
Total
Diversified
REITs
24,427,841
Health
Care
REITs
-
2.0%
5,037,389
Assura
PLC
2,904,456
23,977
Cofinimmo
SA
1,801,725
52,959
Healthcare
Realty
Trust
Inc
998,807
470,075
Healthpeak
Properties
Inc
9,448,508
174,457
Omega
Healthcare
Investors
Inc
5,354,085
213,287
Physicians
Realty
Trust
2,983,885
Total
Health
Care
REITs
23,491,466
Hotel
&
Resort
REITs
-
0.5%
401,540
Apple
Hospitality
REIT
Inc
6,067,269
Total
Hotel
&
Resort
REITs
6,067,269
Industrial
REITs
-
4.6%
1,262,223
CapitaLand
Ascendas
REIT
2,547,636
2,090,732
Centuria
Industrial
REIT
4,330,217
563,185
Dexus
Industria
REIT
971,384
476,055
Dream
Industrial
Real
Estate
Investment
Trust
5,070,493
1,583,823
FIBRA
Macquarie
Mexico,
144A
2,787,906
1,023,428
Frasers
Logistics
&
Commercial
Trust
947,638
117,068
Intervest
Offices
&
Warehouses
NV
1,767,986
1,458,401
LondonMetric
Property
PLC
3,078,398
596,910
LXP
Industrial
Trust
5,819,873
4,190,339
Mapletree
Industrial
Trust
6,855,366
5,777,784
Mapletree
Logistics
Trust
6,949,212
839,835
Nexus
Industrial
REIT
5,375,958
760,341
TF
Administradora
Industrial
S
de
RL
de
CV
1,459,205
1,793,003
Tritax
Big
Box
REIT
PLC
2,853,600
2,577,747
Urban
Logistics
REIT
PLC
3,666,585
Total
Industrial
REITs
54,481,457
Mortgage
REITs
-
0.2%
32,991
KKR
Real
Estate
Finance
Trust
Inc
401,501
90,261
Starwood
Property
Trust
Inc
1,751,063
Total
Mortgage
REITs
2,152,564
Multi-Family
Residential
REITs
-
0.8%
250,459
Apartment
Income
REIT
Corp
9,039,065
14,491
Equity
Residential
955,971
3,970,455
Home
Reit
PLC (4)
5,043
Total
Multi-Family
Residential
REITs
10,000,079
Office
REITs
-
1.0%
21,090
Boston
Properties
Inc
1,214,573
638,318
Centuria
Office
REIT
583,896
14,446
Covivio
SA/France
682,428
41,329
Gecina
SA
4,408,917
56,586
Highwoods
Properties
Inc
1,352,971
105,209
NSI
NV
2,347,744
97,138
Postal
Realty
Trust
Inc,
Class
A
1,428,900
Total
Office
REITs
12,019,429
Other
Specialized
REITs
-
2.2%
189,464
Four
Corners
Property
Trust
Inc
4,812,386
220,516
Gaming
and
Leisure
Properties
Inc
10,686,205
341,681
VICI
Properties
Inc
10,739,034
Total
Other
Specialized
REITs
26,237,625
Shares
Description
(1)
Value
Retail
REITs
-
6.7%
101,799
Brixmor
Property
Group
Inc
$
2,239,578
2,098,463
CapitaLand
China
Trust
1,585,738
754,642
Charter
Hall
Retail
REIT
1,820,465
390,807
Choice
Properties
Real
Estate
Investment
Trust
4,003,209
320,891
Crombie
Real
Estate
Investment
Trust
3,313,673
257,896
CT
Real
Estate
Investment
Trust
2,937,649
3,899,907
Fortune
Real
Estate
Investment
Trust
2,809,425
947,415
Frasers
Centrepoint
Trust
1,538,281
1,663
Kenedix
Retail
REIT
Corp
3,351,880
264,327
Kimco
Realty
Corp
5,212,528
1,150,783
Link
REIT
6,406,550
196,635
NNN
REIT
Inc
8,414,012
68,735
Realty
Income
Corp
4,109,666
191,350
RioCan
Real
Estate
Investment
Trust
2,784,848
379,289
RPT
Realty
3,963,570
14,633
Saul
Centers
Inc
538,933
2,503,658
Scentre
Group
4,427,750
61,688
Simon
Property
Group
Inc
7,123,730
71,910
Spirit
Realty
Capital
Inc
2,831,816
122,771
Urstadt
Biddle
Properties
Inc,
Class
A
2,610,112
2,060,322
Vicinity
Ltd
2,537,325
2,276,340
Waypoint
REIT
Ltd
3,937,128
Total
Retail
REITs
78,497,866
Self-Storage
REITs
-
0.2%
63,732
National
Storage
Affiliates
Trust
2,219,786
Total
Self-Storage
REITs
2,219,786
Telecom
Tower
REITs
-
0.8%
78,842
Crown
Castle
Inc
8,983,257
Total
Telecom
Tower
REITs
8,983,257
Total
Real
Estate
Investment
Trust
Common
Stocks
(cost
$261,704,388)
249,224,054
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
14
.1
%
X
165,133,522
Diversified
REITs
-
0.2%
121,921
Armada
Hoffler
Properties
Inc
6.750%
N/R
$
2,861,486
Total
Diversified
REITs
2,861,486
Electric
Utilities
-
1.9%
106,497
Duke
Energy
Corp
5.750%
BBB-
2,641,126
92,537
Duke
Energy
Corp
5.625%
BBB-
2,336,559
39,736
Entergy
Arkansas
LLC
4.875%
A
890,086
21,715
Entergy
Mississippi
LLC
4.900%
A
483,593
15,174
Entergy
New
Orleans
LLC
(3)
5.500%
BBB
370,397
34,177
Entergy
Texas
Inc
5.375%
BBB-
807,261
98,166
Georgia
Power
Co
5.000%
Baa2
2,439,425
69,424
Integrys
Holding
Inc
(3)
6.000%
BBB
1,714,773
29,743
NextEra
Energy
Capital
Holdings
Inc
5.650%
BBB
757,554
80,219
Southern
Co/The
5.250%
BBB-
1,993,442
189,730
Southern
Co/The
4.200%
BBB-
3,982,433
164,081
Southern
Co/The
4.950%
BBB-
3,768,941
Total
Electric
Utilities
22,185,590
Financial
Services
-
0.1%
54,570
Brookfield
Finance
Inc
4.625%
BBB
894,948
34,569
National
Rural
Utilities
Cooperative
Finance
Corp
5.500%
A3
837,953
Total
Financial
Services
1,732,901
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Coupon
Ratings
(2)
Value
Gas
Utilities
-
0.1%
66,638
Spire
Inc
5.900%
BBB
$
1,679,278
Total
Gas
Utilities
1,679,278
Hotel
&
Resort
REITs
-
1.1%
11,034
Chatham
Lodging
Trust
6.625%
N/R
209,646
73,432
DiamondRock
Hospitality
Co
8.250%
N/R
1,873,985
110,078
Pebblebrook
Hotel
Trust
6.300%
N/R
2,144,319
50,714
Pebblebrook
Hotel
Trust
6.375%
N/R
948,352
69,305
Pebblebrook
Hotel
Trust
5.700%
N/R
1,205,907
23,501
RLJ
Lodging
Trust
1.950%
N/R
566,139
88,133
Summit
Hotel
Properties
Inc
6.250%
N/R
1,828,760
46,229
Summit
Hotel
Properties
Inc
5.875%
N/R
905,626
68,154
Sunstone
Hotel
Investors
Inc
6.125%
N/R
1,377,392
93,947
Sunstone
Hotel
Investors
Inc
5.700%
N/R
1,763,385
Total
Hotel
&
Resort
REITs
12,823,511
Independent
Power
and
Renewable
Electricity
Producers
-
0.4%
88,604
Brookfield
BRP
Holdings
Canada
Inc
4.625%
BBB-
1,380,451
163,325
Brookfield
Renewable
Partners
LP
5.250%
BBB-
3,261,600
Total
Independent
Power
and
Renewable
Electricity
Producers
4,642,051
Industrial
REITs
-
0.5%
51,087
Rexford
Industrial
Realty
Inc
5.875%
BBB-
1,166,827
193,080
Rexford
Industrial
Realty
Inc
5.625%
BBB-
4,214,937
Total
Industrial
REITs
5,381,764
Multi-Utilities
-
2.6%
55,433
BIP
Bermuda
Holdings
I
Ltd
5.125%
BBB-
964,534
28,908
Brookfield
Infrastructure
Finance
ULC
5.000%
BBB-
535,954
146,802
Brookfield
Infrastructure
Partners
LP
5.125%
BBB-
2,792,174
44,435
Brookfield
Infrastructure
Partners
LP
(3)
5.000%
BBB-
830,934
75,793
CMS
Energy
Corp
5.875%
BBB-
1,816,758
143,551
CMS
Energy
Corp
4.200%
BBB-
2,602,580
104,797
CMS
Energy
Corp
5.875%
BBB-
2,551,807
62,579
CMS
Energy
Corp
(3)
5.625%
BBB-
1,514,412
99,291
DTE
Energy
Co
5.250%
BBB-
2,363,126
149,398
DTE
Energy
Co
4.375%
BBB-
3,162,756
156,513
DTE
Energy
Co
4.375%
BBB-
3,386,941
88,846
NiSource
Inc
6.500%
BBB-
2,238,031
246,540
Sempra
Energy
5.750%
BBB-
5,941,614
Total
Multi-Utilities
30,701,621
Office
REITs
-
0.1%
73,060
Vornado
Realty
Trust
5.250%
Ba1
1,086,402
20,545
Vornado
Realty
Trust
5.250%
Ba1
307,764
Total
Office
REITs
1,394,166
Oil,
Gas
&
Consumable
Fuels
-
0.1%
25,131
NuStar
Energy
LP
11.176%
B2
613,196
Total
Oil,
Gas
&
Consumable
Fuels
613,196
Real
Estate
Management
&
Development
-
0.2%
56,859
Brookfield
Property
Partners
LP
6.500%
BB
847,199
79,915
Brookfield
Property
Partners
LP
5.750%
BB
1,098,831
23,432
Brookfield
Property
Partners
LP
6.375%
BB
318,910
Total
Real
Estate
Management
&
Development
2,264,940
Shares
Description
(1)
Coupon
Ratings
(2)
Value
Residential
REITs
-
1.1%
86,590
American
Homes
4
Rent
6.250%
Baa3
$
2,163,884
172,373
American
Homes
4
Rent
5.875%
BB+
4,164,532
212,234
Centerspace
6.625%
N/R
5,220,956
4,926
Mid-America
Apartment
Communities
Inc
8.500%
BBB
270,930
40,164
UMH
Properties
Inc
6.375%
N/R
881,198
Total
Residential
REITs
12,701,500
Retail
REITs
-
2.6%
314,322
Agree
Realty
Corp
4.250%
Baa2
5,840,103
152,338
Federal
Realty
Investment
Trust
5.000%
Baa2
3,273,744
164,693
Kimco
Realty
Corp
5.125%
Baa2
3,870,286
212,088
Kimco
Realty
Corp
5.250%
Baa2
5,189,793
42,789
Saul
Centers
Inc
6.125%
N/R
939,646
61,577
Saul
Centers
Inc
6.000%
N/R
1,326,984
150,480
SITE
Centers
Corp
6.375%
BB+
3,616,034
69,214
Spirit
Realty
Capital
Inc
6.000%
Baa3
1,545,549
111,401
Urstadt
Biddle
Properties
Inc
6.250%
N/R
2,615,851
83,262
Urstadt
Biddle
Properties
Inc
5.875%
N/R
1,860,906
Total
Retail
REITs
30,078,896
Specialized
REITs
-
3.1%
147,335
Digital
Realty
Trust
Inc
5.200%
Baa3
3,176,543
127,706
Digital
Realty
Trust
Inc
5.250%
Baa3
2,716,307
118,977
Digital
Realty
Trust
Inc
5.850%
Baa3
2,780,492
118,123
National
Storage
Affiliates
Trust
6.000%
N/R
2,755,809
77,114
Public
Storage
4.750%
A3
1,706,533
116,942
Public
Storage
4.875%
A3
2,739,951
106,879
Public
Storage
4.000%
A3
2,025,357
120,369
Public
Storage
4.000%
A3
2,338,770
53,762
Public
Storage
5.150%
A3
1,332,760
94,547
Public
Storage
4.625%
A3
2,082,870
99,081
Public
Storage
4.100%
A3
1,926,135
72,821
Public
Storage
3.950%
A3
1,342,091
73,687
Public
Storage
4.125%
A3
1,466,371
65,320
Public
Storage
5.050%
A3
1,618,630
67,896
Public
Storage
4.700%
A3
1,528,339
48,950
Public
Storage
5.600%
A3
1,260,952
85,851
Public
Storage
3.900%
A3
1,628,593
88,122
Public
Storage
3.875%
A3
1,646,119
Total
Specialized
REITs
36,072,622
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$178,724,959)
165,133,522
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
10
.1
%
X
118,969,445
Electric
Utilities
-
2.9%
$
3,315
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
$
2,632,872
1,800
ComEd
Financing
III
6.350%
3/15/33
Baa2
1,780,435
5,340
Duke
Energy
Corp
4.875%
N/A
(5)
BBB-
5,128,536
1,875
Edison
International
5.375%
N/A
(5)
BB+
1,638,562
2,980
Edison
International
5.000%
N/A
(5)
BB+
2,574,422
2,000
GBP
Electricite
de
France
SA
,
Reg
S
5.875%
N/A
(5)
BBB-
2,087,503
4,530
Emera
Inc
6.750%
6/15/76
BB+
4,380,419
3,925
Enel
SpA,
144A
8.750%
9/24/73
BBB-
3,903,263
5,450
NextEra
Energy
Capital
Holdings
Inc
5.650%
5/01/79
BBB
5,041,102
1,785
NextEra
Energy
Capital
Holdings
Inc
3.800%
3/15/82
BBB
1,498,559
335
PPL
Capital
Funding
Inc
8.203%
3/30/67
BBB
295,638
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Electric
Utilities
(continued)
$
1,002
Southern
California
Edison
Co
(3-Month
LIBOR
reference
rate
+
4.199%
spread)
(6)
4.516%
N/A
(5)
Baa3
$
996,339
2,725
Southern
Co/The
4.000%
1/15/51
BBB-
2,520,135
Total
Electric
Utilities
34,477,785
Financial
Services
-
0.2%
1,995
National
Rural
Utilities
Cooperative
Finance
Corp
7.125%
9/15/53
A3
1,998,721
560
National
Rural
Utilities
Cooperative
Finance
Corp
5.250%
4/20/46
A3
523,600
Total
Financial
Services
2,522,321
Ground
Transportation
-
0.2%
2,140
BNSF
Funding
Trust
I
6.613%
12/15/55
A
2,064,863
Total
Ground
Transportation
2,064,863
Independent
Power
and
Renewable
Electricity
Producers
-
0.2%
1,695
GBP
SSE
PLC
,
Reg
S
3.740%
N/A
(5)
BBB-
1,939,996
993
Vistra
Corp,
144A
8.000%
N/A
(5)
Ba3
928,444
Total
Independent
Power
and
Renewable
Electricity
Producers
2,868,440
Marine
Transportation
-
0.2%
1,995
Royal
Capital
BV
,
Reg
S
4.875%
N/A
(5)
N/R
1,960,087
Total
Marine
Transportation
1,960,087
Multi-Utilities
-
2.3%
6,860
CenterPoint
Energy
Inc
6.125%
N/A
(5)
BBB-
6,620,323
3,755
CMS
Energy
Corp
4.750%
6/01/50
BBB-
3,228,286
2,115
CMS
Energy
Corp
3.750%
12/01/50
BBB-
1,632,357
3,150
Dominion
Energy
Inc
(3)
4.650%
N/A
(5)
BBB-
2,832,165
2,895
Dominion
Energy
Inc
5.750%
10/01/54
BBB-
2,769,681
3,395
Dominion
Energy
Inc
4.350%
N/A
(5)
BBB-
2,852,213
3,495
Sempra
Energy
4.125%
4/01/52
BBB-
2,824,688
4,770
Sempra
Energy
4.875%
N/A
(5)
BBB-
4,436,426
Total
Multi-Utilities
27,196,139
Oil,
Gas
&
Consumable
Fuels
-
4.1%
2,965
Enbridge
Inc
5.750%
7/15/80
BBB-
2,677,778
3,292
Enbridge
Inc
6.250%
3/01/78
BBB-
3,029,082
3,370
Enbridge
Inc
7.625%
1/15/83
BBB-
3,386,415
6,949
Enbridge
Inc
5.500%
7/15/77
BBB-
6,185,308
6,032
Enbridge
Inc
6.000%
1/15/77
BBB-
5,595,215
2,553
Energy
Transfer
LP
(3-Month
LIBOR
reference
rate
+
3.018%
spread)
(6)
8.317%
11/01/66
Ba1
1,959,435
1,285
Energy
Transfer
LP
6.500%
N/A
(5)
BB
1,167,191
4,425
Enterprise
Products
Operating
LLC
5.375%
2/15/78
BBB
3,660,669
6,281
Enterprise
Products
Operating
LLC
5.250%
8/16/77
BBB
5,492,470
1,689
CAD
Inter
Pipeline
Ltd/AB
6.625%
11/19/79
BB
1,159,000
2,385
CAD
Keyera
Corp
5.950%
3/10/81
BB
1,549,426
770
Plains
All
American
Pipeline
LP
(3-Month
LIBOR
reference
rate
+
4.110%
spread)
(6)
9.431%
N/A
(5)
BB
685,399
3,960
Transcanada
Trust
5.875%
8/15/76
BBB-
3,735,270
2,460
Transcanada
Trust
5.600%
3/07/82
BBB-
2,073,018
2,565
Transcanada
Trust
5.500%
9/15/79
BBB-
2,200,129
2,887
Transcanada
Trust
5.625%
5/20/75
BBB-
2,756,363
640
Transcanada
Trust
5.300%
3/15/77
BBB-
567,642
Total
Oil,
Gas
&
Consumable
Fuels
47,879,810
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$128,228,244)
118,969,445
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
–
CONVERTIBLE
PREFERRED
SECURITIES
-
2
.6
%
X
31,054,311
Electric
Utilities
-
1.5%
95,365
American
Electric
Power
Co
Inc
6.125%
BBB
$
4,737,733
119,692
NextEra
Energy
Inc
6.926%
BBB
5,420,851
61,682
NextEra
Energy
Inc
6.219%
BBB
3,024,268
30,251
PG&E
Corp
5.500%
N/R
4,522,827
Total
Electric
Utilities
17,705,679
Gas
Utilities
-
0.3%
63,522
Spire
Inc
7.500%
N/R
3,007,131
Total
Gas
Utilities
3,007,131
Independent
Power
and
Renewable
Electricity
Producers
-
0.2%
36,582
AES
Corp/The
6.875%
BB
2,985,823
Total
Independent
Power
and
Renewable
Electricity
Producers
2,985,823
Industrial
REITs
-
0.1%
18,460
LXP
Industrial
Trust
6.500%
N/R
916,170
Total
Industrial
REITs
916,170
Multi-Utilities
-
0.4%
19,750
Algonquin
Power
&
Utilities
Corp
7.750%
N/R
582,625
39,118
NiSource
Inc
7.750%
BBB-
3,980,257
Total
Multi-Utilities
4,562,882
Office
REITs
-
0.0%
18,021
Equity
Commonwealth
6.500%
N/R
457,733
Total
Office
REITs
457,733
Retail
REITs
-
0.1%
28,957
RPT
Realty
7.250%
BB
1,418,893
Total
Retail
REITs
1,418,893
Total
Convertible
Preferred
Securities
(cost
$31,158,367)
31,054,311
Shares
Description
(1)
Value
–
INVESTMENT
COMPANIES
-
0
.4
%
X
4,313,993
512,664
Digital
9
Infrastructure
PLC/Fund
$
399,058
583,829
JLEN
Environmental
Assets
Group
Ltd
Foresight
Group
Holdings
786,367
707,705
Renewables
Infrastructure
Group
Ltd/The
1,032,646
1,410,255
Sequoia
Economic
Infrastructure
Income
Fund
Ltd
1,377,608
638,377
Starwood
European
Real
Estate
Finance
Ltd
718,314
Total
Investment
Companies
(cost
$5,085,095)
4,313,993
Principal
Amount
(000)
Description
(1)
Coupon
(7)
Reference
Rate
(7)
Spread
(7)
Maturity
(8)
Ratings
(2)
Value
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0
.2
%
(7)
X
1,779,365
Electric
Utilities
-
0.2%
$
1,788
ExGen
Renewables
IV,
LLC,
Term
Loan
8.025%
SOFR90A
2.500%
12/15/27
BB-
$
1,779,365
Total
Electric
Utilities
1,779,365
Total
Variable
Rate
Senior
Loan
Interests
(cost
$1,781,753)
1,779,365
Nuveen
Real
Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
-
0.1%
X
1,564,454
$
200
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3,
144A
4.767%
6/10/47
N/R
$
136,791
150
GS
Mortgage
Securities
Corp
II,
2018
GS10,
144A
5.067%
3/10/33
B-
123,654
1,300
Natixis
Commercial
Mortgage
Securities
Trust
2019-
MILE,
(TSFR1M
reference
rate
+
4.329%
spread),
2019
MILE,
144A(6)
9.476%
7/15/36
N/R
955,820
400
Natixis
Commercial
Mortgage
Securities
Trust
2019-
MILE,
(TSFR1M
reference
rate
+
2.829%
spread),
2019
MILE,
144A(6)
7.976%
7/15/36
N/R
348,189
Total
Asset-Backed
and
Mortgage-Backed
Securities
(cost
$2,033,939)
1,564,454
Shares
Description
(1)
Expiration
Date
Value
X
–
COMMON
STOCK
RIGHTS
-
0
.0
%
X
114
Diversified
REITs
-
0.0%
170,519
Abacus
Property
Group
(4)
7/29/23
$
114
Total
Diversified
REITs
114
Total
Common
Stock
Rights
(cost
$–)
114
Total
Long-Term
Investments
(cost
$1,156,475,683)
1,123,994,374
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.9%
–
MONEY
MARKET
FUNDS
-
1
.9
%
X
22,502,936
22,502,936
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(9)
5.110%(10)
$
22,502,936
Total
Money
Market
Funds
(cost
$22,502,936)
$
22,502,936
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$22,502,936)
22,502,936
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.1%
–
REPURCHASE
AGREEMENTS
-
3
.1
%
X
36,828,752
$
2,689
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$2,689,093,
collateralized
by
$3,133,900,
U.S.
Treasury
Notes,
1.500%,
due
11/30/28,
value
$2,742,588
1.520%
7/03/23
$
2,688,752
34,140
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$34,154,253,
collateralized
by
$21,129,900,
U.S.
Treasury
Notes,
3.625%,
due
3/31/30,
value
$20,839,143;
$14,183,200,
U.S.
When-Issued
Treasury
Notes,
3.750%,
due
6/30/30,
value
$13,983,749
5.010%
7/03/23
34,140,000
Total
Repurchase
Agreements
(cost
$36,828,752)
36,828,752
Total
Short-Term
Investments
(cost
$36,828,752)
36,828,752
Total
Investments
(cost
$
1,215,807,371
)
-
100
.7
%
1,183,326,062
Other
Assets
&
Liabilities,
Net
- (0.7)%(11)
(
8,653,819
)
Net
Assets
-
100%
$
1,174,672,243
Investments
in
Derivatives
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted.
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(72)
9/23
$
(
8,237,588
)
$
(
8,083,125
)
$
154,463
U.S.
Treasury
Ultra
10-Year
Note
(239)
9/23
(
28,667,773
)
(
28,306,563
)
361,210
U.S.
Treasury
Ultra
Bond
(75)
9/23
(
10,132,489
)
(
10,216,406
)
(
83,917
)
Total
$(47,037,850)
$(46,606,094)
$431,756
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)
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.
(3)
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
$22,057,381.
(4)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(5)
Perpetual
security.
Maturity
date
is
not
applicable.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
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.
(8)
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.
(9)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(10)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(11)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
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
CAD
Canadian
Dollar
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
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
See
Notes
to
Financial
Statements
Nuveen
Real
Estate
Securities
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
96.5%
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
96
.3
%
X
983,833,179
Data
Center
REITs
-
8.3%
193,581
Digital
Realty
Trust
Inc
$
22,043,068
79,534
Equinix
Inc
62,349,884
Total
Data
Center
REITs
84,392,952
Diversified
REITs
-
1.3%
174,076
American
Assets
Trust
Inc
3,342,259
58,599
Armada
Hoffler
Properties
Inc
684,436
408,681
Empire
State
Realty
Trust
Inc,
Class
A
3,061,021
193,460
Essential
Properties
Realty
Trust
Inc
4,554,049
26,261
WP
Carey
Inc
1,774,193
Total
Diversified
REITs
13,415,958
Health
Care
REITs
-
11.0%
1,417,287
Healthpeak
Properties
Inc
28,487,469
405,538
Omega
Healthcare
Investors
Inc
12,445,961
683,173
Ventas
Inc
32,293,588
479,099
Welltower
Inc
38,754,318
Total
Health
Care
REITs
111,981,336
Hotel
&
Resort
REITs
-
2.8%
620,775
Apple
Hospitality
REIT
Inc
9,379,910
160,821
Host
Hotels
&
Resorts
Inc
2,706,618
547,368
RLJ
Lodging
Trust
5,621,469
63,653
Ryman
Hospitality
Properties
Inc
5,914,637
417,435
Xenia
Hotels
&
Resorts
Inc
5,138,625
Total
Hotel
&
Resort
REITs
28,761,259
Industrial
REITs
-
15.4%
773,572
Americold
Realty
Trust
Inc
24,986,376
24,200
EastGroup
Properties
Inc
4,201,120
1,325,362
LXP
Industrial
Trust
12,922,279
802,356
Prologis
Inc
98,392,916
319,821
Rexford
Industrial
Realty
Inc
16,701,053
6,808
Terreno
Realty
Corp
409,161
Total
Industrial
REITs
157,612,905
Multi-Family
Residential
REITs
-
12.0%
469,958
Apartment
Income
REIT
Corp
16,960,784
90,961
AvalonBay
Communities
Inc
17,216,188
247,610
Camden
Property
Trust
26,957,301
480,038
Elme
Communities
7,891,825
621,276
Equity
Residential
40,985,578
46,259
Mid-America
Apartment
Communities
Inc
7,024,892
137,538
UDR
Inc
5,908,632
Total
Multi-Family
Residential
REITs
122,945,200
Office
REITs
-
3.7%
176,713
Alexandria
Real
Estate
Equities
Inc
20,055,158
114,425
Boston
Properties
Inc
6,589,736
163,447
Corporate
Office
Properties
Trust
3,881,866
225,232
Douglas
Emmett
Inc
2,831,166
98,230
Equity
Commonwealth
1,990,140
98,293
Kilroy
Realty
Corp
2,957,637
Total
Office
REITs
38,305,703
Shares
Description
(1)
Value
Other
Specialized
REITs
-
6.2%
74,505
Four
Corners
Property
Trust
Inc
$
1,892,427
407,477
Gaming
and
Leisure
Properties
Inc
19,746,335
1,321,837
VICI
Properties
Inc
41,545,337
Total
Other
Specialized
REITs
63,184,099
Retail
REITs
-
15.7%
334,656
Agree
Realty
Corp
21,883,156
75,783
Brixmor
Property
Group
Inc
1,667,226
52,423
Federal
Realty
Investment
Trust
5,072,974
2,087,553
Kimco
Realty
Corp
41,166,545
345,343
NNN
REIT
Inc
14,777,227
356,652
Realty
Income
Corp
21,324,223
388,797
Regency
Centers
Corp
24,015,991
101,670
Simon
Property
Group
Inc
11,740,851
1,413,304
SITE
Centers
Corp
18,683,879
Total
Retail
REITs
160,332,072
Self-Storage
REITs
-
8.6%
360,534
CubeSmart
16,101,449
24,124
Extra
Space
Storage
Inc
3,590,857
49,771
Life
Storage
Inc
6,617,552
210,231
Public
Storage
61,362,224
Total
Self-Storage
REITs
87,672,082
Single-Family
Residential
REITs
-
2.2%
82,165
Equity
LifeStyle
Properties
Inc
5,496,017
145,064
Invitation
Homes
Inc
4,990,201
92,434
Sun
Communities
Inc
12,058,940
Total
Single-Family
Residential
REITs
22,545,158
Telecom
Tower
REITs
-
9.1%
237,481
American
Tower
Corp
46,057,065
144,939
Crown
Castle
Inc
16,514,350
129,932
SBA
Communications
Corp
30,113,040
Total
Telecom
Tower
REITs
92,684,455
Total
Real
Estate
Investment
Trust
Common
Stocks
(cost
$736,377,296)
983,833,179
Nuveen
Real
Estate
Securities
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
Shares
Description
(1)
Value
X
–
COMMON
STOCKS
-
0
.2
%
X
1,843,792
Real
Estate
Management
&
Development
-
0.2%
209,284
Tricon
Residential
Inc
$
1,843,792
Total
Real
Estate
Management
&
Development
1,843,792
Total
Common
Stocks
(cost
$1,808,099)
1,843,792
Total
Long-Term
Investments
(cost
$738,185,395)
985,676,971
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.1%
–
REPURCHASE
AGREEMENTS
-
3
.1
%
X
31,601,485
$
1,901
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$1,901,726,
collateralized
by
$2,216,300,
U.S.
Treasury
Notes,
1.500%,
due
11/30/28,
value
$1,939,563
1.520%
7/03/23
$
1,901,485
29,700
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$29,712,400,
collateralized
by
$30,716,700,
U.S.
Treasury
Notes,
3.625%,
due
3/31/30,
value
$30,294,024
5.010%
7/03/23
29,700,000
Total
Repurchase
Agreements
(cost
$31,601,485)
31,601,485
Total
Short-Term
Investments
(cost
$31,601,485)
31,601,485
Total
Investments
(cost
$
769,786,880
)
-
99
.6
%
1,017,278,456
Other
Assets
&
Liabilities,
Net
- 0.4%
4,549,155
Net
Assets
-
100%
$
1,021,827,611
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.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
June
30,
2023
(Unaudited)
Global
Infrastructure
Global
Real
Estate
Securities
Real
Asset
Income
Real
Estate
Securities
ASSETS
Long-term
investments,
at
value
†‡
$
467,626,829
$
39,405,685
$
1,123,994,374
$
985,676,971
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
2,904,248
–
22,502,936
–
Short-term
investments,
at
value
◊
30,014,066
1,150,000
36,828,752
31,601,485
Cash
106,464
83,361
9,021
–
Cash
denominated
in
foreign
currencies
^
406,654
16,540
376,795
–
Cash
collateral
at
broker
for
investments
in
futures
contracts
(1)
–
–
1,379,553
–
Receivables:
Dividends
1,223,169
177,595
3,947,911
4,432,174
Interest
4,013
160
6,974,039
4,214
Investments
sold
4,056,123
134,242
4,461,530
5,687,345
Reclaims
201,042
18,736
805,276
33,119
Reimbursement
from
Adviser
162,645
14,857
341,165
405,492
Shares
sold
207,003
912
849,500
1,778,462
Other
assets
94,878
37,326
161,788
355,989
Total
assets
507,007,134
41,039,414
1,202,632,640
1,029,975,251
LIABILITIES
Payables:
Collateral
from
securities
lending
2,904,248
–
22,502,936
–
Dividends
–
342,245
219,497
1,849,804
Capital
gain
taxes
74,969
–
–
–
Investments
purchased
-
regular
settlement
1,159,342
91,875
1,138,480
2,903,174
Shares
redeemed
16,343,239
3,768
2,305,824
1,733,933
Variation
margin
on
futures
contracts
–
–
174,828
–
Accrued
expenses:
Custodian
fees
187,922
135,601
322,801
151,481
Management
fees
336,013
15,815
701,308
669,228
Directors/Trustees
fees
46,097
727
91,017
317,283
Professional
fees
25,711
22,300
31,430
49,321
Shareholder
reporting
expenses
17,743
22,272
108,368
67,107
Shareholder
servicing
agent
fees
87,476
830
258,540
373,955
12b-1
distribution
and
service
fees
18,064
144
95,626
28,953
Other
4,479
1,370
9,742
3,401
Total
liabilities
21,205,303
636,947
27,960,397
8,147,640
Net
assets
$
485,801,831
$
40,402,467
$
1,174,672,243
$
1,021,827,611
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
402,986,919
$
43,367,426
$
1,484,989,395
$
801,498,300
Total
distributable
earnings
(loss)
82,814,912
(2,964,959)
(310,317,152)
220,329,311
Net
assets
485,801,831
40,402,467
1,174,672,243
1,021,827,611
†
Long-term
investments,
cost
$
380,195,654
$
37,425,325
$
1,156,475,683
$
738,185,395
◊
Short-term
investments,
cost
$
30,014,066
$
1,150,000
$
36,828,752
$
31,601,485
‡
Includes
securities
loaned
of
$
2,869,470
$
—
$
22,057,381
$
—
^
Cash
denominated
in
foreign
currencies,
cost
$
406,539
$
16,479
$
376,222
$
—
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
Global
Infrastructure
Global
Real
Estate
Securities
Real
Asset
Income
Real
Estate
Securities
CLASS
A:
Net
assets
$
49,327,137
$
482,080
$
156,456,332
$
124,248,497
Shares
outstanding
4,535,288
27,886
7,725,519
8,662,665
Net
asset
value
("NAV")
per
share
$
10.88
$
17.29
$
20.25
$
14.34
Maximum
sales
charge
5.75%
5.75%
5.75%
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
11.54
$
18.34
$
21.49
$
15.21
CLASS
C:
Net
assets
$
9,781,783
$
51,051
$
75,896,486
$
4,585,051
Shares
outstanding
918,313
2,954
3,745,700
334,411
NAV
and
offering
price
per
share
$
10.65
$
17.28
$
20.26
$
13.71
CLASS
R6:
Net
assets
$
70,157,418
$
37,562,200
$
166,650,980
$
315,152,416
Shares
outstanding
6,452,519
2,173,061
8,177,678
21,100,776
NAV
and
offering
price
per
share
$
10.87
$
17.29
$
20.38
$
14.94
CLASS
I:
Net
assets
$
356,535,493
$
2,307,136
$
775,668,445
$
577,841,647
Shares
outstanding
32,884,733
133,536
38,300,565
39,325,518
NAV
and
offering
price
per
share
$
10.84
$
17.28
$
20.25
$
14.69
Authorized
shares
-
per
class
2
billion
Unlimited
2
billion
2
billion
Par
value
per
share
$
0.0001
$
0.01
$
0.0001
$
0.0001
See
Notes
to
Financial
Statements
Six
Months
Ended
June
30,
2023
(Unaudited)
Global
Infrastructure
Global
Real
Estate
Securities
Real
Asset
Income
Real
Estate
Securities
INVESTMENT
INCOME
Dividends
$
9,727,011
$
800,001
$
24,504,309
$
17,776,884
Interest
155,150
10,758
12,822,976
279,283
Securities
lending
income,
net
8,490
38
151,653
—
Other
income
316,293
29,928
676,426
809,121
Tax
withheld
(
715,944
)
(
39,420
)
(
1,209,945
)
(
6,996
)
Total
investment
income
9,491,000
801,305
36,945,419
18,858,292
EXPENSES
–
–
–
–
Management
fees
2,326,536
183,798
4,374,308
4,584,037
12b-1
service
fees
-
Class
A
61,195
669
197,957
159,157
12b-1
distribution
and
service
fees
-
Class
C
50,272
252
421,371
26,890
Shareholder
servicing
agent
fees
141,621
1,909
543,544
440,019
Interest
expense
1,241
76
2,870
2,046
Directors/Trustees
fees
9,581
767
22,702
19,741
Custodian
expenses
88,204
37,775
143,810
65,676
Federal
and
state
registration
fees
38,858
37,005
48,654
43,391
Professional
fees
55,524
37,608
75,823
90,018
Shareholder
reporting
expenses
26,574
18,229
226,269
86,083
Other
10,982
5,970
11,728
11,904
Total
expenses
before
fee
waiver/expense
reimbursement
2,810,588
324,058
6,069,036
5,528,962
Fee
waiver/expense
reimbursement
(
224,226
)
(
126,337
)
(
70,701
)
(
419,134
)
Net
expenses
2,586,362
197,721
5,998,335
5,109,828
Net
investment
income
(loss)
6,904,638
603,584
30,947,084
13,748,464
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
and
foreign
currency*
9,864,511
(
1,061,572
)
(
35,455,855
)
18,504,959
Futures
contracts
—
—
79,010
—
Net
realized
gain
(loss)
9,864,511
(
1,061,572
)
(
35,376,845
)
18,504,959
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
and
foreign
currency**
11,451,904
1,529,940
39,222,598
12,841,070
Futures
contracts
—
—
152,288
—
Change
in
net
unrealized
appreciation
(depreciation)
11,451,904
1,529,940
39,374,886
12,841,070
Net
realized
and
unrealized
gain
(loss)
21,316,415
468,368
3,998,041
31,346,029
Net
increase
(decrease)
in
net
assets
from
operations
$
28,221,053
$
1,071,952
$
34,945,125
$
45,094,493
*
Net
of
foreign
capital
gains
tax
$
(
3,764
)
$
—
$
—
$
—
**
Net
of
change
in
foreign
capital
gains
tax
$
(
20,232
)
$
—
$
—
$
—
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
Global
Infrastructure
Global
Real
Estate
Securities
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
OPERATIONS
Net
investment
income
(loss)
$
6,904,638
$
7,993,684
$
603,584
$
909,437
Net
realized
gain
(loss)
9,864,511
6,599,616
(
1,061,572
)
(
2,330,271
)
Change
in
net
unrealized
appreciation
(depreciation)
11,451,904
(
55,254,082
)
1,529,940
(
13,976,226
)
Net
increase
(decrease)
in
net
assets
from
operations
28,221,053
(
40,660,782
)
1,071,952
(
15,397,060
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
—
(
2,836,621
)
(
7,144
)
(
18,609
)
Class
C
—
(
557,634
)
(
539
)
(
1,733
)
Class
R6
—
(
4,822,019
)
(
608,183
)
(
1,841,864
)
Class
I
—
(
23,601,452
)
(
32,977
)
(
81,795
)
Return
of
Capital:
Class
A
—
—
—
(
2,406
)
Class
C
—
—
—
(
329
)
Class
R6
—
—
—
(
328,590
)
Class
I
—
—
—
(
13,330
)
Decrease
in
net
assets
from
distributions
to
shareholders
—
(
31,817,726
)
(
648,843
)
(
2,288,656
)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
35,827,054
140,015,164
810,673
21,088,272
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
—
22,768,154
49,685
152,307
35,827,054
162,783,318
860,358
21,240,579
Cost
of
shares
redeemed
(
84,267,250
)
(
257,144,025
)
(
377,061
)
(
40,041,645
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
48,440,196
)
(
94,360,707
)
483,297
(
18,801,066
)
Net
increase
(decrease)
in
net
assets
(
20,219,143
)
(
166,839,215
)
906,406
(
36,486,782
)
Net
assets
at
the
beginning
of
period
506,020,974
672,860,189
39,496,061
75,982,843
Net
assets
at
the
end
of
period
$
485,801,831
$
506,020,974
$
40,402,467
$
39,496,061
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
Real
Asset
Income
Real
Estate
Securities
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
OPERATIONS
Net
investment
income
(loss)
$
30,947,084
$
59,892,131
$
13,748,464
$
23,015,114
Net
realized
gain
(loss)
(
35,376,845
)
(
30,970,438
)
18,504,959
138,032,500
Change
in
net
unrealized
appreciation
(depreciation)
39,374,886
(
207,313,117
)
12,841,070
(
626,710,873
)
Net
increase
(decrease)
in
net
assets
from
operations
34,945,125
(
178,391,424
)
45,094,493
(
465,663,259
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
3,901,592
)
(
7,399,982
)
(
1,791,813
)
(
24,430,891
)
Class
C
(
1,752,186
)
(
3,832,003
)
(
51,069
)
(
1,201,614
)
Class
R6
(
4,309,452
)
(
8,886,496
)
(
5,113,078
)
(
57,910,284
)
Class
I
(
20,499,904
)
(
39,732,630
)
(
9,155,164
)
(
120,957,743
)
Return
of
Capital:
Class
A
—
(
1,110,633
)
—
—
Class
C
—
(
707,162
)
—
—
Class
R6
—
(
1,234,763
)
—
—
Class
I
—
(
5,620,661
)
—
—
Decrease
in
net
assets
from
distributions
to
shareholders
(
30,463,134
)
(
68,524,330
)
(
16,111,124
)
(
204,500,532
)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
102,123,986
318,192,012
112,440,587
291,469,050
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
29,051,885
64,848,302
12,775,704
163,101,644
131,175,871
383,040,314
125,216,291
454,570,694
Cost
of
shares
redeemed
(
166,544,658
)
(
487,282,523
)
(
183,411,227
)
(
985,960,191
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
35,368,787
)
(
104,242,209
)
(
58,194,936
)
(
531,389,497
)
Net
increase
(decrease)
in
net
assets
(
30,886,796
)
(
351,157,963
)
(
29,211,567
)
(
1,201,553,288
)
Net
assets
at
the
beginning
of
period
1,205,559,039
1,556,717,002
1,051,039,178
2,252,592,466
Net
assets
at
the
end
of
period
$
1,174,672,243
$
1,205,559,039
$
1,021,827,611
$
1,051,039,178
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Global
Infrastructure
Class
A
6/30/23(e)
$
10.31
$
0.13
$
0.44
$
0.57
$
—
$
—
$
—
$
—
$
10.88
12/31/22
11.69
0.13
(
0.88
)
(
0.75
)
(
0.25
)
(
0.38
)
—
(
0.63
)
10.31
12/31/21
10.97
0.19
1.37
1.56
(
0.20
)
(
0.64
)
—
(
0.84
)
11.69
12/31/20
11.45
0.13
(
0.46
)
(
0.33
)
(
0.11
)
(
0.04
)
—
(
0.15
)
10.97
12/31/19
9.48
0.22
2.56
2.78
(
0.20
)
(
0.61
)
—
(
0.81
)
11.45
12/31/18
10.93
0.20
(
1.05
)
(
0.85
)
(
0.22
)
(
0.36
)
(
0.02
)
(
0.60
)
9.48
Class
C
6/30/23(e)
10.13
0.09
0.43
0.52
—
—
—
—
10.65
12/31/22
11.50
0.04
(
0.87
)
(
0.83
)
(
0.16
)
(
0.38
)
—
(
0.54
)
10.13
12/31/21
10.87
0.10
1.35
1.45
(
0.18
)
(
0.64
)
—
(
0.82
)
11.50
12/31/20
11.35
0.05
(
0.46
)
(
0.41
)
(
0.03
)
(
0.04
)
—
(
0.07
)
10.87
12/31/19
9.41
0.14
2.52
2.66
(
0.11
)
(
0.61
)
—
(
0.72
)
11.35
12/31/18
10.85
0.12
(
1.04
)
(
0.92
)
(
0.14
)
(
0.36
)
(
0.02
)
(
0.52
)
9.41
Class
R6
6/30/23(e)
10.29
0.15
0.43
0.58
—
—
—
—
10.87
12/31/22
11.68
0.16
(
0.89
)
(
0.73
)
(
0.28
)
(
0.38
)
—
(
0.66
)
10.29
12/31/21
10.96
0.23
1.37
1.60
(
0.24
)
(
0.64
)
—
(
0.88
)
11.68
12/31/20
11.42
0.16
(
0.44
)
(
0.28
)
(
0.14
)
(
0.04
)
—
(
0.18
)
10.96
12/31/19
9.47
0.26
2.54
2.80
(
0.24
)
(
0.61
)
—
(
0.85
)
11.42
12/31/18
10.91
0.22
(
1.03
)
(
0.81
)
(
0.25
)
(
0.36
)
(
0.02
)
(
0.63
)
9.47
Class
I
6/30/23(e)
10.26
0.14
0.44
0.58
—
—
—
—
10.84
12/31/22
11.65
0.16
(
0.90
)
(
0.74
)
(
0.27
)
(
0.38
)
—
(
0.65
)
10.26
12/31/21
10.93
0.22
1.37
1.59
(
0.23
)
(
0.64
)
—
(
0.87
)
11.65
12/31/20
11.40
0.15
(
0.44
)
(
0.29
)
(
0.14
)
(
0.04
)
—
(
0.18
)
10.93
12/31/19
9.44
0.25
2.54
2.79
(
0.22
)
(
0.61
)
—
(
0.83
)
11.40
12/31/18
10.89
0.22
(
1.04
)
(
0.82
)
(
0.25
)
(
0.36
)
(
0.02
)
(
0.63
)
9.44
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
5
.53
%
$
49,327
1
.31
%
(f)
1
.22
%
(f)
2
.47
%
(f)
49
%
(
6
.28
)
47,824
1
.34
1
.22
1
.18
121
14
.44
52,495
1
.32
1
.21
1
.66
128
(
2
.76
)
44,235
1
.35
1
.22
1
.24
181
29
.27
57,379
1
.36
1
.22
1
.99
144
(
7
.88
)
55,856
1
.35
1
.22
1
.87
174
5
.13
9,782
2
.06
(f)
1
.97
(f)
1
.69
(f)
49
(
7
.04
)
10,463
2
.09
1
.97
0
.40
121
13
.58
14,905
2
.07
1
.96
0
.89
128
(
3
.56
)
18,465
2
.10
1
.97
0
.49
181
28
.37
24,640
2
.11
1
.97
1
.26
144
(
8
.60
)
24,556
2
.11
1
.97
1
.13
174
5
.64
70,157
1
.00
(f)
0
.91
(f)
2
.76
(f)
49
(
6
.06
)
76,161
1
.02
0
.90
1
.45
121
14
.84
133,575
0
.99
0
.88
2
.00
128
(
2
.39
)
107,342
1
.01
0
.88
1
.57
181
29
.70
60,187
1
.03
0
.89
2
.26
144
(
7
.56
)
11,520
1
.02
0
.89
2
.06
174
5
.65
356,535
1
.06
(f)
0
.97
(f)
2
.72
(f)
49
(
6
.15
)
371,573
1
.09
0
.97
1
.40
121
14
.78
471,885
1
.07
0
.96
1
.89
128
(
2
.55
)
439,399
1
.10
0
.97
1
.50
181
29
.69
477,180
1
.11
0
.97
2
.24
144
(
7
.67
)
345,782
1
.10
0
.97
2
.11
174
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Global
Real
Estate
Securities
Class
A
6/30/23(e)
$
17.10
$
0.23
$
0.21
$
0.44
$
(0.25)
$
—
$
—
$
(0.25)
$
17.29
12/31/22
24.08
0.37
(6.42)
(6.05)
(0.47)
(0.32)
(0.14)
(0.93)
17.10
12/31/21
21.25
0.54
5.32
5.86
(1.08)
(1.95)
—
(3.03)
24.08
12/31/20
22.22
0.30
(0.64)
(0.34)
(0.45)
(0.18)
—
(0.63)
21.25
12/31/19
19.07
0.36
4.84
5.20
(1.33)
(0.72)
—
(2.05)
22.22
12/31/18(g)
20.00
0.32
(0.54)
(0.22)
(0.53)
(0.18)
—
(0.71)
19.07
Class
C
6/30/23(e)
17.09
0.17
0.20
0.37
(0.18)
—
—
(0.18)
17.28
12/31/22
24.06
0.21
(6.40)
(6.19)
(0.32)
(0.32)
(0.14)
(0.78)
17.09
12/31/21
21.25
0.35
5.31
5.66
(0.90)
(1.95)
—
(2.85)
24.06
12/31/20
22.21
0.14
(0.62)
(0.48)
(0.30)
(0.18)
—
(0.48)
21.25
12/31/19
19.06
0.19
4.84
5.03
(1.16)
(0.72)
—
(1.88)
22.21
12/31/18(g)
20.00
0.20
(0.55)
(0.35)
(0.41)
(0.18)
—
(0.59)
19.06
Class
R6
6/30/23(e)
17.10
0.26
0.21
0.47
(0.28)
—
—
(0.28)
17.29
12/31/22
24.09
0.37
(6.36)
(5.99)
(0.54)
(0.32)
(0.14)
(1.00)
17.10
12/31/21
21.27
0.56
5.38
5.94
(1.17)
(1.95)
—
(3.12)
24.09
12/31/20
22.23
0.37
(0.63)
(0.26)
(0.52)
(0.18)
—
(0.70)
21.27
12/31/19
19.07
0.43
4.85
5.28
(1.40)
(0.72)
—
(2.12)
22.23
12/31/18(g)
20.00
0.37
(0.55)
(0.18)
(0.57)
(0.18)
—
(0.75)
19.07
Class
I
6/30/23(e)
17.09
0.26
0.20
0.46
(0.27)
—
—
(0.27)
17.28
12/31/22
24.07
0.39
(6.39)
(6.00)
(0.52)
(0.32)
(0.14)
(0.98)
17.09
12/31/21
21.25
0.59
5.32
5.91
(1.14)
(1.95)
—
(3.09)
24.07
12/31/20
22.22
0.34
(0.63)
(0.29)
(0.50)
(0.18)
—
(0.68)
21.25
12/31/19
19.07
0.47
4.79
5.26
(1.39)
(0.72)
—
(2.11)
22.22
12/31/18(g)
20.00
0.36
(0.54)
(0.18)
(0.57)
(0.18)
—
(0.75)
19.07
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
For
the
period
March
20,
2018
(commencement
of
operations)
through
December
31,
2018.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
2.57
%
$
482
1.92
%
(f)
1.30
%
(f)
2.64
%
(f)
42
%
(25.09)
482
2.14
1.30
1.90
102
28.21
254
1.89
1.29
2.19
130
(1.32)
37
2.45
1.30
1.48
159
27.55
35
3.21
1.30
1.60
198
(1.21)
24
2.65
(f)
1.30
(f)
2.02
(f)
161
2.18
51
2.67
(f)
2.05
(f)
1.96
(f)
42
(25.66)
47
2.89
2.05
1.07
102
27.16
53
2.64
2.04
1.44
130
(2.04)
27
3.20
2.05
0.71
159
26.56
33
3.96
2.05
0.86
198
(1.77)
24
3.41
(f)
2.05
(f)
1.27
(f)
161
2.75
37,562
1.59
(f)
0.97
(f)
2.99
(f)
42
(24.84)
37,200
1.79
0.95
1.86
102
28.57
73,585
1.54
0.94
2.33
130
(0.95)
58,480
2.15
1.00
1.87
159
27.91
27,709
2.88
0.97
1.93
198
(0.97)
23,770
2.38
(f)
1.02
(f)
2.30
(f)
161
2.70
2,307
1.67
(f)
1.05
(f)
3.04
(f)
42
(24.90)
1,767
1.89
1.05
1.94
102
28.48
2,091
1.64
1.04
2.45
130
(1.02)
188
2.20
1.05
1.71
159
27.80
190
2.96
1.05
2.06
198
(1.03)
26
2.42
(f)
1.05
(f)
2.24
(f)
161
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Real
Asset
Income
Class
A
6/30/23(e)
$
20.18
$
0.51
$
0.06
$
0.57
$
(
0.50
)
$
—
$
—
$
(
0.50
)
$
20.25
12/31/22
24.07
0.91
(
3.75
)
(
2.84
)
(
0.91
)
—
(
0.14
)
(
1.05
)
20.18
12/31/21
22.75
1.05
1.54
2.59
(
1.27
)
—
—
(
1.27
)
24.07
12/31/20
24.76
0.90
(
1.91
)
(
1.01
)
(
1.00
)
—
—
(
1.00
)
22.75
12/31/19
21.46
0.99
3.73
4.72
(
1.38
)
—
(
0.04
)
(
1.42
)
24.76
12/31/18
24.14
1.12
(
2.61
)
(
1.49
)
(
1.07
)
—
(
0.12
)
(
1.19
)
21.46
Class
C
6/30/23(e)
20.19
0.42
0.07
0.49
(
0.42
)
—
—
(
0.42
)
20.26
12/31/22
24.07
0.74
(
3.74
)
(
3.00
)
(
0.74
)
—
(
0.14
)
(
0.88
)
20.19
12/31/21
22.76
0.86
1.55
2.41
(
1.10
)
—
—
(
1.10
)
24.07
12/31/20
24.77
0.73
(
1.90
)
(
1.17
)
(
0.84
)
—
—
(
0.84
)
22.76
12/31/19
21.47
0.81
3.74
4.55
(
1.21
)
—
(
0.04
)
(
1.25
)
24.77
12/31/18
24.15
0.95
(
2.62
)
(
1.67
)
(
0.89
)
—
(
0.12
)
(
1.01
)
21.47
Class
R6
6/30/23(e)
20.30
0.55
0.07
0.62
(
0.54
)
—
—
(
0.54
)
20.38
12/31/22
24.21
0.98
(
3.77
)
(
2.79
)
(
0.98
)
—
(
0.14
)
(
1.12
)
20.30
12/31/21
22.87
1.13
1.56
2.69
(
1.35
)
—
—
(
1.35
)
24.21
12/31/20
24.89
1.00
(
1.95
)
(
0.95
)
(
1.07
)
—
—
(
1.07
)
22.87
12/31/19
21.56
1.10
3.73
4.83
(
1.46
)
—
(
0.04
)
(
1.50
)
24.89
12/31/18
24.24
1.20
(
2.63
)
(
1.43
)
(
1.13
)
—
(
0.12
)
(
1.25
)
21.56
Class
I
6/30/23(e)
20.18
0.53
0.06
0.59
(
0.52
)
—
—
(
0.52
)
20.25
12/31/22
24.07
0.97
(
3.76
)
(
2.79
)
(
0.96
)
—
(
0.14
)
(
1.10
)
20.18
12/31/21
22.75
1.10
1.55
2.65
(
1.33
)
—
—
(
1.33
)
24.07
12/31/20
24.76
0.94
(
1.90
)
(
0.96
)
(
1.05
)
—
—
(
1.05
)
22.75
12/31/19
21.46
1.05
3.73
4.78
(
1.44
)
—
(
0.04
)
(
1.48
)
24.76
12/31/18
24.14
1.18
(
2.61
)
(
1.43
)
(
1.13
)
—
(
0.12
)
(
1.25
)
21.46
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
2
.82
%
$
156,456
1
.17
%
(f)
1
.16
%
(f)
5
.01
%
(f)
35
%
(
12
.00
)
154,979
1
.17
1
.16
4
.18
73
11
.60
192,591
1
.14
1
.14
4
.42
73
(
3
.71
)
173,139
1
.16
1
.16
4
.17
104
22
.39
220,665
1
.14
1
.14
4
.16
85
(
6
.38
)
178,651
1
.14
1
.14
4
.85
94
2
.43
75,896
1
.92
(f)
1
.91
(f)
4
.17
(f)
35
(
12
.64
)
91,024
1
.92
1
.91
3
.40
73
10
.75
134,834
1
.89
1
.89
3
.62
73
(
4
.43
)
156,391
1
.91
1
.91
3
.41
104
21
.50
217,976
1
.89
1
.89
3
.41
85
(
7
.09
)
186,043
1
.89
1
.89
4
.11
94
3
.03
166,651
0
.82
(f)
0
.81
(f)
5
.37
(f)
35
(
11
.72
)
161,185
0
.82
0
.81
4
.45
73
11
.99
252,907
0
.80
0
.80
4
.75
73
(
3
.40
)
223,948
0
.82
0
.81
4
.63
104
22
.82
80,903
0
.80
0
.80
4
.59
85
(
6
.08
)
27,654
0
.81
0
.81
5
.19
94
2
.94
775,668
0
.92
(f)
0
.91
(f)
5
.24
(f)
35
(
11
.77
)
798,370
0
.92
0
.91
4
.43
73
11
.88
976,385
0
.89
0
.89
4
.64
73
(
3
.47
)
1,055,383
0
.91
0
.91
4
.37
104
22
.69
1,725,703
0
.89
0
.89
4
.42
85
(
6
.13
)
1,312,280
0
.89
0
.89
5
.11
94
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Real
Estate
Securities
Class
A
6/30/23(e)
$
13.95
$
0.17
$
0.42
$
0.59
$
(
0.20
)
$
—
$
(
0.20
)
$
14.34
12/31/22
22.36
0.25
(
5.82
)
(
5.57
)
(
0.74
)
(
2.10
)
(
2.84
)
13.95
12/31/21
18.40
0.23
7.12
7.35
(
0.33
)
(
3.06
)
(
3.39
)
22.36
12/31/20
20.22
0.21
(
1.54
)
(
1.33
)
(
0.14
)
(
0.35
)
(
0.49
)
18.40
12/31/19
18.03
0.33
4.16
4.49
(
0.33
)
(
1.97
)
(
2.30
)
20.22
12/31/18
20.23
0.31
(
1.43
)
(
1.12
)
(
0.34
)
(
0.74
)
(
1.08
)
18.03
Class
C
6/30/23(e)
13.33
0.10
0.42
0.52
(
0.14
)
—
(
0.14
)
13.71
12/31/22
21.51
0.09
(
5.58
)
(
5.49
)
(
0.59
)
(
2.10
)
(
2.69
)
13.33
12/31/21
17.80
0.03
6.90
6.93
(
0.16
)
(
3.06
)
(
3.22
)
21.51
12/31/20
19.55
0.06
(
1.46
)
(
1.40
)
—
(
0.35
)
(
0.35
)
17.80
12/31/19
17.49
0.16
4.03
4.19
(
0.16
)
(
1.97
)
(
2.13
)
19.55
12/31/18
19.63
0.17
(
1.39
)
(
1.22
)
(
0.18
)
(
0.74
)
(
0.92
)
17.49
Class
R6
6/30/23(e)
14.53
0.20
0.45
0.65
(
0.24
)
—
(
0.24
)
14.94
12/31/22
23.15
0.33
(
6.03
)
(
5.70
)
(
0.82
)
(
2.10
)
(
2.92
)
14.53
12/31/21
18.98
0.32
7.34
7.66
(
0.43
)
(
3.06
)
(
3.49
)
23.15
12/31/20
20.85
0.30
(
1.59
)
(
1.29
)
(
0.23
)
(
0.35
)
(
0.58
)
18.98
12/31/19
18.54
0.44
4.27
4.71
(
0.43
)
(
1.97
)
(
2.40
)
20.85
12/31/18
20.75
0.44
(
1.51
)
(
1.07
)
(
0.40
)
(
0.74
)
(
1.14
)
18.54
Class
I
6/30/23(e)
14.29
0.19
0.44
0.63
(
0.23
)
—
(
0.23
)
14.69
12/31/22
22.83
0.28
(
5.93
)
(
5.65
)
(
0.79
)
(
2.10
)
(
2.89
)
14.29
12/31/21
18.74
0.27
7.27
7.54
(
0.39
)
(
3.06
)
(
3.45
)
22.83
12/31/20
20.59
0.27
(
1.58
)
(
1.31
)
(
0.19
)
(
0.35
)
(
0.54
)
18.74
12/31/19
18.34
0.39
4.22
4.61
(
0.39
)
(
1.97
)
(
2.36
)
20.59
12/31/18
20.55
0.39
(
1.47
)
(
1.08
)
(
0.39
)
(
0.74
)
(
1.13
)
18.34
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
Fund
did
not
have
waiver/reimbursement
for
periods
prior
to
fiscal
year
ended
December
31,
2021.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
4
.27
%
$
124,248
1
.30
%
(f)
1
.22
%
(f)
2
.36
%
(f)
37
%
(
24
.87
)
131,155
1
.30
1
.22
1
.34
78
40
.98
207,384
1
.28
1
.24
1
.05
101
(
6
.37
)
176,739
1
.30
1
.30
(g)
1
.20
135
25
.24
249,172
1
.30
1
.30
(g)
1
.56
109
(
5
.78
)
264,414
1
.26
1
.26
(g)
1
.61
131
3
.94
4,585
2
.05
(f)
1
.97
(f)
1
.43
(f)
37
(
25
.45
)
6,377
2
.05
1
.97
0
.56
78
39
.85
12,195
2
.03
2
.00
0
.16
101
(
7
.03
)
14,874
2
.05
2
.05
(g)
0
.32
135
24
.28
37,352
2
.06
2
.06
(g)
0
.79
109
(
6
.46
)
43,152
2
.02
2
.02
(g)
0
.89
131
4
.50
315,152
0
.94
(f)
0
.86
(f)
2
.75
(f)
37
(
24
.59
)
313,047
0
.93
0
.85
1
.70
78
41
.48
556,126
0
.89
0
.85
1
.46
101
(
5
.95
)
437,016
0
.90
0
.90
(g)
1
.66
135
25
.74
479,973
0
.88
0
.88
(g)
2
.03
109
(
5
.39
)
346,185
0
.88
0
.88
(g)
2
.21
131
4
.41
577,842
1
.05
(f)
0
.97
(f)
2
.61
(f)
37
(
24
.70
)
600,459
1
.05
0
.97
1
.48
78
41
.32
1,476,888
1
.03
0
.99
1
.23
101
(
6
.12
)
1,604,544
1
.05
1
.05
(g)
1
.46
135
25
.56
2,148,012
1
.06
1
.06
(g)
1
.80
109
(
5
.51
)
2,302,536
1
.02
1
.02
(g)
1
.96
131
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.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC,
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
R6
Shares
and
Class
I
Shares
are
sold
without
an
up-front
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
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
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
Neither
Trust
pays
compensation
directly
to
those
of its officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Trust
from
the
Adviser
or
its
affiliates.
The
Funds’
Board
of
Directors/Trustees
(the
’’Board’’)
has
adopted
a
deferred
compensation
plan
for
independent
directors/trustees
that
enables
directors/trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
tax
character
of
Fund
distributions
for
a
fiscal
year
is
dependent
upon
the
amount
and
tax
character
of
distributions
received
from
securities
held
in
the
Funds’
portfolios.
Distributions
received
from
certain
securities
in
which
the
Funds
invest,
most
notably
real
estate
investment
trust
(“REIT”)
securities,
may
be
characterized
for
tax
purposes
as
ordinary
income,
long-term
capital
gain
and/or
a
return
of
capital.
The
issuer
of
a
security
reports
the
tax
character
of
its
distributions
only
once
per
year,
generally
during
the
first
two
months
of
the
calendar
year
for
the
previous
year.
The
distribution
is
included
in
the
Funds’
ordinary
income
until
such
time
the
Fund
is
notified
by
the
issuer
of
the
actual
tax
character.
For
the
current
fiscal
period,
dividend
income,
net
realized
gain
(loss)
and
unrealized
appreciation
(depreciation)
recognized
on
the
Statement
of
Operations
reflect
the
amounts
of
ordinary
income,
capital
gain,
and/or
return
of
capital
as
reported
by
the
issuers
of
such
securities
as
of
the
prior
calendar
year
end.
Foreign
Currency
Transactions
and
Translation:
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
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
reporting
period,
the
following
Funds'
investments
in
non-U.S.
securities
were
as
follows:
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains,
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under each
Trust’s
organizational
documents,
its
officers
and
directors/trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to each
Trust.
In
addition,
in
the
normal
course
of
business, each
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties. Each
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against each
Trust
that
have
not
yet
occurred.
However, each
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Global
Infrastructure
Value
%
of
Net
Assets
Country:
Canada
$
42,769,180
8.8
%
Spain
34,637,825
7.1
Australia
33,331,643
6.9
France
26,919,284
5.6
Italy
22,676,049
4.7
Japan
19,121,753
3.9
New
Zealand
14,637,232
3.0
United
Kingdom
14,570,646
3.0
Germany
10,516,924
2.2
Other
40,720,674
8.3
Total
non-U.S.
Securities
$259,901,210
53.5%
Global
Real
Estate
Securities
Value
%
of
Net
Assets
Country:
Japan
$
3,891,758
9.6
%
Canada
2,158,785
5.4
Hong
Kong
1,988,678
4.9
United
Kingdom
1,565,486
3.9
Australia
1,266,588
3.1
Singapore
941,541
2.3
Spain
899,990
2.2
Netherlands
401,048
1.0
Sweden
367,159
0.9
Other
1,484,524
3.7
Total
non-U.S.
Securities
$14,965,557
37.0%
Real
Asset
Income
Value
%
of
Net
Assets
Country:
Canada
$
136,024,599
11.6
%
United
Kingdom
47,791,938
4.1
Australia
44,043,876
3.7
Hong
Kong
39,782,050
3.4
Italy
34,811,022
3.0
Singapore
26,554,078
2.3
Spain
22,817,592
1.9
France
12,256,996
1.0
Portugal
9,782,986
0.8
Other
43,859,476
3.8
Total
non-U.S.
Securities
$417,724,613
35.6%
Notes
to
Financial
Statements
(Unaudited)
(continued)
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“primary
market”
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“secondary
market”
is
the
date
on
which
the
transaction
is
entered
into.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest,
paydown
gains
and
losses
and
fee
income,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Fee
income
consists
primarily
of
amendment
fees,
when
applicable.
Amendment
fees
are
earned
as
compensation
for
evaluating
and
accepting
changes
to
an
original
senior
loan
agreement
and
are
recognized
when
received.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Multiclass
Operations
and
Allocations:
Income
and
expenses
of
Global
Infrastructure,
Global
Real
Estate
Securities
and
Real
Estate
Securities
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
of
each
Fund
based
on
the
relative
net
assets
of
each
class.
Income
and
expenses
of
Real
Asset
Income
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
settled
shares
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Sub-transfer
agent
fees
and
similar
fees,
which
are
recognized
as
a
component
of
“Shareholder
servicing
agent
fees”
on
the
Statement
of
Operations,
are
not
charged
to
Class
R6
Shares
and
are
prorated
among
the
other
classes
based
on
their
relative
net
assets
for
Global
Infrastructure,
Global
Real
Estate
Securities
and
Real
Estate
Securities
and
relative
settled
shares
for
Real
Asset
Income.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
New
Accounting
Pronouncement:
In
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
change
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.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
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
on
the
Funds’
financial
statements
and
various
filings.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
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
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Global
Infrastructure
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
241,845,825
$
196,483,749
$
–
$
438,329,574
Real
Estate
Investment
Trust
Common
Stocks
26,304,462
894,262
–
27,198,724
Investment
Companies
2,098,531
–
–
2,098,531
Investments
Purchased
with
Collateral
from
Securities
Lending
2,904,248
–
–
2,904,248
Short-Term
Investments:
Repurchase
Agreements
–
30,014,066
–
30,014,066
Total
$
273,153,066
$
227,392,077
$
–
$
500,545,143
Global
Real
Estate
Securities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Real
Estate
Investment
Trust
Common
Stocks
$
27,126,066
$
7,022,305
$
166*
$
34,148,537
Common
Stocks
657,555
4,599,593
–
5,257,148
Short-Term
Investments:
Repurchase
Agreements
–
1,150,000
–
1,150,000
Total
$
27,783,621
$
12,771,898
$
166
$
40,555,685
Notes
to
Financial
Statements
(Unaudited)
(continued)
4.
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.
Real
Asset
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
293,401,583
$
–
$
293,401,583
Common
Stocks
137,297,494
121,256,039
–
258,553,533
Real
Estate
Investment
Trust
Common
Stocks
168,339,237
80,879,774
5,043*
249,224,054
$25
Par
(or
similar)
Retail
Preferred
163,418,749
1,714,773
–
165,133,522
$1,000
Par
(or
similar)
Institutional
Preferred
–
118,969,445
–
118,969,445
Convertible
Preferred
Securities
28,047,180
3,007,131
–
31,054,311
Investment
Companies
4,313,993
–
–
4,313,993
Variable
Rate
Senior
Loan
Interests
–
1,779,365
–
1,779,365
Asset-Backed
and
Mortgage-Backed
Securities
–
1,564,454
–
1,564,454
Common
Stock
Rights
–
–
114*
114
Investments
Purchased
with
Collateral
from
Securities
Lending
22,502,936
–
–
22,502,936
Short-Term
Investments:
Repurchase
Agreements
–
36,828,752
–
36,828,752
Investments
in
Derivatives:
Futures
Contracts**
431,756
–
–
431,756
Total
$
524,351,345
$
659,401,316
$
5,157
$
1,183,757,818
Real
Estate
Securities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Real
Estate
Investment
Trust
Common
Stocks
$
983,833,179
$
–
$
–
$
983,833,179
Common
Stocks
1,843,792
–
–
1,843,792
Short-Term
Investments:
Repurchase
Agreements
–
31,601,485
–
31,601,485
Total
$
985,676,971
$
31,601,485
$
–
$
1,017,278,456
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
**
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
portfolio
of
investments.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Global
Infrastructure
Fixed
Income
Clearing
Corporation
$
30,014,066
$(30,614,419)
Global
Real
Estate
Securities
Fixed
Income
Clearing
Corporation
1,150,000
(1,173,033)
Real
Asset
Income
Fixed
Income
Clearing
Corporation
36,828,752
(37,565,480)
Real
Estate
Securities
Fixed
Income
Clearing
Corporation
31,601,485
(32,233,587)
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities, a
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
current
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Futures
Contracts:
During
the
current
fiscal
period,
Real
Asset
Income
used
interest
rate
futures
to
partially
hedge
the
portfolio
against
movements
in
interest
rates.
A
futures
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
financial
instrument
for
a
set
price
on
a
future
date.
Upon
execution
of
a
futures
contract,
the
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
market
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-
to-market”
on
a
daily
basis.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
futures
contracts.
When
the
contract
is
closed
or
expired,
the
Fund
records
a
realized
gain
or
loss
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
Global
Infrastructure
Common
Stocks
$2,869,470
$2,904,248
Real
Asset
Income
Common
Stocks
$13,807,889
$14,025,658
Corporate
Bonds
5,605,940
5,820,353
$1,000
Par
(or
similar)
Institutional
Preferred
1,608,490
1,610,100
$25
Par
(or
similar)
Retail
Preferred
1,035,062
1,046,825
$22,057,381
$22,502,936
Fund
Purchases
Sales
and
Maturities
Global
Infrastructure
$
243,296,660
$
288,598,437
Global
Real
Estate
Securities
17,157,760
16,713,151
Real
Asset
Income
410,001,959
436,821,265
Real
Estate
Securities
385,629,003
440,001,813
Notes
to
Financial
Statements
(Unaudited)
(continued)
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into
The
net
realized
gain
or
loss
and
the
change
in
unrealized
appreciation
(depreciation)
on
futures
contracts
held
during
the
period
is
included
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
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.
As
of the
end
of
the
reporting
period,
the
following
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds'
Statement
of
Operations
was
as
follows:
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
Real
Asset
Income
$
46,736,792
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
Real
Asset
Income
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
$
515,673
Unrealized
depreciation
on
futures
contracts
*
$
(83,917)
1
1
1
1
1
1
1
1
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
in
the
accompanying
Statements
of
assets
and
liabilities
is
only
the
receivable
or
payable
for
variation
margin
on
open
futures
contacts.
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Real
Asset
Income
Futures
contracts
Interest
rate
$
79,010
$
152,288
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Global
Infrastructure
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
260,140
$2,801,252
687,679
$7,809,997
Class
C
58,766
620,809
89,018
962,925
Class
R6
265,000
2,842,686
924,426
10,470,416
Class
I
2,780,480
29,562,307
10,826,552
120,771,826
Total
subscriptions
3,364,386
35,827,054
12,527,675
140,015,164
Reinvestments
of
distributions:
Class
A
—
—
266,618
2,733,959
Class
C
—
—
51,432
514,448
Class
R6
—
—
315,262
3,236,403
Class
I
—
—
1,594,162
16,283,344
Total
reinvestments
of
distributions
—
—
2,227,474
22,768,154
Redemptions:
Class
A
(365,113)
(3,906,857)
(803,215)
(8,944,911)
Class
C
(173,125)
(1,814,288)
(403,602)
(4,435,143)
Class
R6
(1,215,354)
(13,011,922)
(5,277,594)
(59,964,306)
Class
I
(6,107,918)
(65,534,183)
(16,729,415)
(183,799,665)
Total
redemptions
(7,861,510)
(84,267,250)
(23,213,826)
(257,144,025)
Net
increase
(decrease)
(4,497,124)
$(48,440,196)
(8,458,677)
$(94,360,707)
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Global
Real
Estate
Securities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
9,668
$174,121
20,080
$396,487
Class
C
190
3,500
1,491
33,875
Class
R6
2,487
43,577
901,441
20,205,235
Class
I
33,793
589,475
22,159
452,675
Total
subscriptions
46,138
810,673
945,171
21,088,272
Reinvestments
of
distributions:
Class
A
394
6,833
1,174
19,855
Class
C
18
311
65
1,091
Class
R6
577
9,995
2,171
37,458
Class
I
1,880
32,546
5,449
93,903
Total
reinvestments
of
distributions
2,869
49,685
8,859
152,307
Redemptions:
Class
A
(10,382)
(177,147)
(3,602)
(68,338)
Class
C
(12)
(202)
(1,009)
(22,719)
Class
R6
(5,958)
(103,409)
(1,782,623)
(39,730,596)
Class
I
(5,534)
(96,303)
(11,071)
(219,992)
Total
redemptions
(21,886)
(377,061)
(1,798,305)
(40,041,645)
Net
increase
(decrease)
27,121
$483,297
(844,275)
$(18,801,066)
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Real
Asset
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
808,076
$16,606,591
2,047,951
$44,996,303
Class
A
-
automatic
conversion
of
Class
C
364
7,388
1,455
30,867
Class
C
54,568
1,124,129
362,923
8,174,252
Class
R6
110,092
2,271,906
2,588,252
53,899,559
Class
I
3,999,794
82,113,972
9,625,427
211,091,031
Total
subscriptions
4,972,894
102,123,986
14,626,008
318,192,012
Reinvestments
of
distributions:
Class
A
179,685
3,686,251
374,710
8,090,088
Class
C
81,497
1,674,440
200,487
4,340,748
Class
R6
208,783
4,309,451
452,383
9,894,071
Class
I
944,538
19,381,743
1,969,751
42,523,395
Total
reinvestments
of
distributions
1,414,503
29,051,885
2,997,331
64,848,302
Redemptions:
Class
A
(942,068)
(19,265,741)
(2,746,573)
(59,043,855)
Class
C
(898,322)
(18,409,931)
(1,654,643)
(35,771,002)
Class
C
-
automatic
conversion
to
Class
A
(364)
(7,388)
(1,454)
(30,867)
Class
R6
(79,542)
(1,634,082)
(5,550,229)
(121,190,763)
Class
I
(6,206,165)
(127,227,516)
(12,597,958)
(271,246,036)
Total
redemptions
(8,126,461)
(166,544,658)
(22,550,857)
(487,282,523)
Net
increase
(decrease)
(1,739,064)
$(35,368,787)
(4,927,518)
$(104,242,209)
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Real
Estate
Securities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
549,357
$7,884,900
1,435,406
$25,678,919
Class
A
-
automatic
conversion
of
Class
C
4,334
62,502
141
2,743
Class
C
4,645
65,640
56,599
1,010,858
Class
R6
1,886,936
27,915,126
5,229,801
101,776,800
Class
I
5,200,878
76,512,419
8,671,060
162,999,730
Total
subscriptions
7,646,150
112,440,587
15,393,007
291,469,050
Reinvestments
of
distributions:
Class
A
110,164
1,574,423
1,460,698
21,730,363
Class
C
3,300
45,086
75,099
1,063,941
Class
R6
297,259
4,423,996
3,253,845
50,470,437
Class
I
459,984
6,732,199
5,870,713
89,836,903
Total
reinvestments
of
distributions
870,707
12,775,704
10,660,355
163,101,644
Redemptions:
Class
A
(1,404,081)
(20,323,676)
(2,767,952)
(49,944,459)
Class
C
(147,277)
(2,028,483)
(220,129)
(3,906,441)
Class
C
-
automatic
conversion
to
Class
A
(4,537)
(62,502)
(147)
(2,743)
Class
R6
(2,633,618)
(39,254,322)
(10,956,177)
(216,987,402)
Class
I
(8,355,693)
(121,742,244)
(37,214,783)
(715,119,146)
Total
redemptions
(12,545,206)
(183,411,227)
(51,159,188)
(985,960,191)
Net
increase
(decrease)
(4,028,349)
$(58,194,936)
(25,105,826)
$(531,389,497)
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
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:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global
Infrastructure
$
431,849,398
$
92,414,244
$
(23,718,499)
$
68,695,745
Global
Real
Estate
Securities
41,097,922
4,227,635
(4,769,872)
(542,237)
Real
Asset
Income
1,235,295,559
43,670,964
(95,208,705)
(51,537,741)
Real
Estate
Securities
814,869,379
275,990,462
(73,581,385)
202,409,077
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Global
Infrastructure
$
—
$
—
$
57,225,618
$
—
$
(2,535,076)
$
(96,701)
$
54,593,841
Global
Real
Estate
Securities
—
—
(2,073,361)
(1,314,708)
—
—
(3,388,069)
Real
Asset
Income
—
—
(90,749,383)
(223,968,678)
—
(81,099)
(314,799,160)
Real
Estate
Securities
—
2,090,462
189,568,007
—
—
(312,545)
191,345,924
Fund
Short-Term
Long-Term
Total
Global
Infrastructure
$
—
$
—
$
—
Global
Real
Estate
Securities
1,314,708
—
1,314,708
Real
Asset
Income
157,656,459
66,312,219
223,968,678
Real
Estate
Securities
—
—
—
Average
Daily
Net
Assets
Global
Infrastructure
Global
Real
Estate
Securities
Real
Estate
Securities
For
the
first
$125
million
0.7500
%
0.7500
%
0.7000
%
For
the
next
$125
million
0.7375
0.7375
0.6875
For
the
next
$250
million
0.7250
0.7250
0.6750
For
the
next
$500
million
0.7125
0.7125
0.6625
For
the
next
$1
billion
0.7000
0.7000
0.6500
For
the
next
$3
billion
0.6750
0.6750
0.6250
For
the
next
$2.5
billion
0.6500
0.6500
0.6000
For
the
next
$2.5
billion
0.6375
0.6375
0.5875
For
net
assets
over
$10
billion
0.6250
0.6250
0.5750
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
*
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
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
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,
2023,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
period
stated
in
the
following
table.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
fund
operating
expenses
for
the
Class
R6
Shares
will
not
be
less
than
the
expense
limitation.
The
expense
limitation
expiring
July
31,
2025,
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board.
Average
Daily
Net
Assets
Real
Asset
Income
For
the
first
$125
million
0.6000
%
For
the
next
$125
million
0.5875
For
the
next
$250
million
0.5750
For
the
next
$500
million
0.5625
For
the
next
$1
billion
0.5500
For
the
next
$3
billion
0.5250
For
the
next
$5
billion
0.5000
For
net
assets
over
$10
billion
0.4875
Complex-Level
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
Fund
Complex-Level
Fee
Global
Infrastructure
0
.1709%
Global
Real
Estate
Securities
0
.1595%
Real
Asset
Income
0
.1595%
Real
Estate
Securities
0
.2000%
Distribution
and
Service
Fees:
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.25%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee.
Class
R6
Shares
and
Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates:
The
Funds
receive
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
the
cost
of
research
services
obtained
from
broker-dealers
and
research
providers
if
the
Adviser
had
purchased
the
research
services
directly.
This
income
received
by
the
Funds
is
recognized
in
"Other
income"
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
the
values
of
voluntary
compensation
were
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Global
Infrastructure
1.00%
July
31,
2025
Global
Real
Estate
Securities
1.09
July
31,
2025
Real
Asset
Income
0.95
July
31,
2025
Real
Estate
Securities
0.97
July
31,
2025
Fund
Amount
Global
Infrastructure
$
316,293
Global
Real
Estate
Securities
29,928
Real
Asset
Income
676,426
Real
Estate
Securities
809,121
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Global
Infrastructure
$
27,791
$
25,452
Global
Real
Estate
Securities
807
769
Real
Asset
Income
42,875
38,239
Real
Estate
Securities
17,316
15,302
Fund
Commission
Advances
Global
Infrastructure
$
14,365
Global
Real
Estate
Securities
565
Real
Asset
Income
11,984
Real
Estate
Securities
587
Fund
12b-1
Fees
Retained
Global
Infrastructure
$
6,714
Global
Real
Estate
Securities
131
Real
Asset
Income
47,423
Real
Estate
Securities
—
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
Affiliate
Owned
Shares:
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
TIAA
and/or
TIAA
affiliates
are
as
follows:
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
June
2023.
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.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
Funds
did
not
utilize
this
facility.
Fund
CDSC
Retained
Global
Infrastructure
$
993
Global
Real
Estate
Securities
—
Real
Asset
Income
934
Real
Estate
Securities
—
Fund
TIAA
Owned
Shares
Global
Infrastructure
—
%
Global
Real
Estate
Securities
92
Real
Asset
Income
—
Real
Estate
Securities
—
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
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
SS&C
Global
Investor
&
Distribution
Solutions,
Inc.
(SS&C
GIDS)
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.FINRA.org.
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.
Market
Capitalization:
The
market
capitalization
of
a
company
is
equal
to
the
number
of
the
company’s
common
shares
outstanding
multiplied
by
the
current
price
of
the
company’s
stock.
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.
Tax
Equalization
:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
their
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.
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
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Directors
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
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
(the
“LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2022
(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,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
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
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“liquid”,
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,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
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
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,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Board
of
Trustees
or
Directors,
as
applicable
(the
“Board”
and
each
Trustee
or
Director,
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
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
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
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.”
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
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
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
the
Board’s
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
Nuveen
funds;
management
of
distributions;
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/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
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
review
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
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
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
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.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
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
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
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,
including
guidance
from
court
cases
evaluating
advisory
fees.
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
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
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
or
changes
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
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
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;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
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
to
such
team,
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
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
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
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.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023
(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.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
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).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
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
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
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
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-year
period
ended
December
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2022
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
third
quartile
for
the
three-
year
period
and
second
quartile
for
the
five-year
period
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
five-year
period
ended
March
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Global
Real
Estate
Securities
Fund
(the
“Global
Real
Estate
Securities
Fund”),
the
Board
noted
that
the
Fund
outperformed
or
matched
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
December 31,
2022
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December 31,
2022
and
first
quartile
for
the
three-year
period
ended
December 31,
2022.
Further,
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
first
quartile
for
the
three-
and
five-year
periods
ended
March 31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Real
Asset
Income
Fund
(the
“Real
Asset
Income
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-year
period
ended
December 31,
2022,
the
Fund
outperformed
its
blended
benchmark
for
the
one-
and
five-year
periods
ended
December 31,
2022.
The
Fund
also
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
five-year
period
ended
March
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2023
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Real
Estate
Securities
Fund
(the
“Real
Estate
Securities
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022
and
March
31,
2023.
The
Fund,
however,
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2022
and
third
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2022.
Further,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2023
and
third
quartile
for
the
five-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
open-end
funds,
the
contractual
management
fee
and
net
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
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
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
open-end
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and
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
(as
applicable)
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
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
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
Nuveen
fund
with
a
net
total
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
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
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
addition,
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
$62.4 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1 million
in
2022.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
shareholders
approximately
$13.4 million
in
fees
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
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
and
the
Real
Asset
Income
Fund
each
had
a
net
management
fee
that
was
in
line
with
the
respective
peer
average
and
a
net
total
expense
ratio
that
was
below
the
respective
peer
average;
and
(b)
the
Global
Real
Estate
Securities
Fund
and
the
Real
Estate
Securities
Fund
each
had
a
net
management
fee
and
a
net
total
expense
ratio
that
were
below
the
respective
peer
averages.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
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
sub-advised
by
the
Sub-Adviser;
hedge
funds
or
other
structured
products
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,
and
the
Sub-Adviser
sub-advised,
certain
exchange-traded
funds
(“ETFs”)
sponsored
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
range
of
fees
assessed
for
managed
accounts,
hedge
funds
(along
with
their
performance
fee),
foreign
investment
companies
and
ETFs
offered
by
Nuveen,
as
applicable.
The
Board
also
reviewed
the
fee
range
and
average
fee
rate
of
certain
selected
investment
strategies
offered
in
retail
and
institutional
managed
accounts
sub-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
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
Similarly,
differences
in
the
client
base,
governing
bodies,
distribution
jurisdiction
and
operational
complexities
would
also
contribute
to
variations
in
management
fees
assessed
the
Nuveen
funds
compared
to
foreign
fund
clients.
Further,
with
respect
to
ETFs,
the
Board
considered
that
the
Nuveen
ETFs
that
are
designed
to
track
the
performance
of
a
specified
index
(“Index
ETFs”)
were
passively
managed
compared
to
the
active
management
of
other
Nuveen
funds,
which
also
contributed
to
the
differences
in
fee
levels
between
such
Index
ETFs
and
the
actively
managed
funds.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
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
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
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
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
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
2022
and
2021
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.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
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
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2022
and
December
31,
2021.
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,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
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.
With
this
structure,
the
Board
noted
that
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,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
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
2022
and
2021),
including
the
temporary
expense
caps
applicable
to
the
Funds.
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
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
for
which
it
may
be
compensated.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-FREGIF-0623P
3020095-INV-B-8/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
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. |
| 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.
File the exhibits listed below as part of this Form.
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 6, 2023
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/ Justin M. Pfaff |
| | Justin M. Pfaff |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: September 6, 2023
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham Vice President and Funds Controller (principal financial officer) |
Date: September 6, 2023
