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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21979

Nuveen Investment Trust V

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 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, 2024

Item 1. Reports to Stockholders.

    

Semi-Annual Shareholder Report     June 30, 2024  

Nuveen Global Real Estate Securities Fund

Class A Shares/NGJAX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$65	1.30%

* This cost is annualized.

1 continued>>

Fund Statistics (as of June 30, 2024)

Fund net assets	$	41,320,587
Total number of portfolio holdings		123
Portfolio turnover (%)		34%

What did the Fund invest in? (as of June 30, 2024)

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information    •  fund holdings    •  proxy voting information

You can also request this information at (800) 257‑8787.

670700665_SAR_0624 3734809‑INV‑B‑08/25 (A, C, I, R6)

2

    

Semi-Annual Shareholder Report     June 30, 2024  

Nuveen Global Real Estate Securities Fund

Class C Shares/NGJCX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class C Shares	$103	2.05%

* This cost is annualized.

1 continued>>

Fund Statistics (as of June 30, 2024)

Fund net assets	$	41,320,587
Total number of portfolio holdings		123
Portfolio turnover (%)		34%

What did the Fund invest in? (as of June 30, 2024)

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information    •  fund holdings    •  proxy voting information

You can also request this information at (800) 257‑8787.

670700657_SAR_0624 3734809‑INV‑B‑08/25 (A, C, I, R6)

2

    

Semi-Annual Shareholder Report     June 30, 2024  

Nuveen Global Real Estate Securities Fund

Class R6 Shares/NGJFX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class R6 Shares	$49	0.98%

* This cost is annualized.

1 continued>>

Fund Statistics (as of June 30, 2024)

Fund net assets	$	41,320,587
Total number of portfolio holdings		123
Portfolio turnover (%)		34%

What did the Fund invest in? (as of June 30, 2024)

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information    •  fund holdings    •  proxy voting information

You can also request this information at (800) 257‑8787.

670700632_SAR_0624 3734809‑INV‑B‑08/25 (A, C, I, R6)

2

    

Semi-Annual Shareholder Report     June 30, 2024  

Nuveen Global Real Estate Securities Fund

Class I Shares/NGJIX

Semi-Annual Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Global Real Estate Securities Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Cost of a   $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$53	1.05%

* This cost is annualized.

1 continued>>

Fund Statistics (as of June 30, 2024)

Fund net assets	$	41,320,587
Total number of portfolio holdings		123
Portfolio turnover (%)		34%

What did the Fund invest in? (as of June 30, 2024)

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information    •  fund holdings    •  proxy voting information

You can also request this information at (800) 257‑8787.

670700640_SAR_0624 3734809‑INV‑B‑08/25 (A, C, I, R6)

2

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

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

(b) Not applicable.

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

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

3

4

Nuveen

Global

Infrastructure

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

97.9% 

X

–

COMMON

STOCKS

-

92

.8

%

X

431,482,680

CAPITAL

GOODS

-

3.6%

172,004

Ferrovial

SE

$

6,681,992

401,226

Infratil

Ltd

2,738,368

70,693

Vinci

SA

7,451,350

TOTAL

CAPITAL

GOODS

16,871,710

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

6.0%

28,923

(b)

Casella

Waste

Systems

Inc,

Class

A

2,869,740

1,331,524

Cleanaway

Waste

Management

Ltd

2,457,287

53,839

Republic

Services

Inc

10,463,071

45,988

Waste

Connections

Inc

8,064,456

18,102

Waste

Management

Inc

3,861,881

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

27,716,435

ENERGY

-

17.4%

79,366

Cheniere

Energy

Inc

13,875,558

428,266

Enbridge

Inc

15,241,987

96,513

Energy

Transfer

LP

1,565,441

36,886

Enterprise

Products

Partners

LP

1,068,956

87,022

Gibson

Energy

Inc

1,478,938

284,935

Kinder

Morgan

Inc

5,661,658

81,138

MPLX

LP

3,455,667

164,459

ONEOK

Inc

13,411,632

159,256

Pembina

Pipeline

Corp

5,909,020

46,649

Targa

Resources

Corp

6,007,458

105,184

TC

Energy

Corp

3,987,312

218,767

Williams

Cos

Inc/The

9,297,598

TOTAL

ENERGY

80,961,225

TELECOMMUNICATION

SERVICES

-

1.1%

93,203

(c)

Cellnex

Telecom

SA

3,031,378

207,782

Infrastrutture

Wireless

Italiane

SpA

2,164,194

TOTAL

TELECOMMUNICATION

SERVICES

5,195,572

TRANSPORTATION

-

24.2%

93,741

Aena

SME

SA

18,982,289

32,124

Aeroports

de

Paris

SA

3,912,735

63,729

Athens

International

Airport

SA

535,767

1,163,680

Atlas

Arteria

Ltd

3,955,600

1,897,792

Auckland

International

Airport

Ltd

8,819,859

25,342

Canadian

National

Railway

Co

2,993,651

26,247

Canadian

Pacific

Railway

Ltd

2,066,426

155,592

Central

Japan

Railway

Co

3,372,786

669,826

China

Merchants

Port

Holdings

Co

Ltd

995,307

92,677

CSX

Corp

3,100,046

279,531

East

Japan

Railway

Co

4,654,095

32,294

Flughafen

Zurich

AG

7,148,590

38,484

(b)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

1,991,338

368,160

Getlink

SE

6,095,767

41,370

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

2,798,681

27,617

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

4,301,900

13,780

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

4,127,386

5

Shares

Description

(a)

Value

TRANSPORTATION

(continued)

330,018

International

Container

Terminal

Services

Inc

$

1,969,668

155,899

Japan

Airport

Terminal

Co

Ltd

5,330,297

122,280

Kamigumi

Co

Ltd

2,526,258

10,518

Norfolk

Southern

Corp

2,258,109

357,994

Port

of

Tauranga

Ltd

1,029,215

518,238

Qube

Holdings

Ltd

1,258,641

1,881,705

Transurban

Group

15,519,491

12,496

Union

Pacific

Corp

2,827,345

TOTAL

TRANSPORTATION

112,571,247

UTILITIES

-

40.5%

253,588

APA

Group

1,347,939

21,796

Brookfield

Renewable

Corp,

Class

A

618,571

263,208

CenterPoint

Energy

Inc

8,154,184

285,003

CK

Infrastructure

Holdings

Ltd

1,609,496

28,769

Clearway

Energy

Inc,

Class

C

710,307

188,571

CLP

Holdings

Ltd

1,525,184

164,182

CMS

Energy

Corp

9,773,754

38,210

DTE

Energy

Co

4,241,692

30,128

Duke

Energy

Corp

3,019,729

334,796

E.ON

SE

4,400,119

14,051

Elia

Group

SA/NV

1,312,317

60,896

Enagas

SA

905,518

105,284

Endesa

SA

1,978,178

568,213

Enel

SpA

3,942,711

214,750

Engie

SA

3,075,296

49,715

Entergy

Corp

5,319,505

135,029

Evergy

Inc

7,152,486

6,401

Eversource

Energy

363,001

134,094

Exelon

Corp

4,640,993

56,803

Hydro

One

Ltd

1,654,618

334,912

Iberdrola

SA

4,345,459

49,577

Italgas

SpA

244,829

185,533

National

Grid

PLC

2,071,686

73,843

National

Grid

PLC,

Sponsored

ADR

4,194,282

358,369

NextEra

Energy

Inc

25,376,109

215,233

NiSource

Inc

6,200,863

295,860

PG&E

Corp

5,165,716

437,959

Power

Grid

Corp

of

India

Ltd

1,734,450

44,451

Public

Service

Enterprise

Group

Inc

3,276,039

144,659

Redeia

Corp

SA

2,529,568

124,075

RWE

AG

4,256,437

992,217

Sembcorp

Industries

Ltd

3,507,077

47,642

Sempra

3,623,651

94,707

Severn

Trent

PLC

2,850,613

1,203,844

Snam

SpA

5,316,191

226,611

Southern

Co/The

17,578,215

204,447

SSE

PLC

4,617,144

867,180

Terna

-

Rete

Elettrica

Nazionale

6,684,770

169,561

Veolia

Environnement

SA

5,078,834

6,167

WEC

Energy

Group

Inc

483,863

248,738

Xcel

Energy

Inc

13,285,097

TOTAL

UTILITIES

188,166,491

TOTAL

COMMON

STOCKS

(cost

$341,116,451)

431,482,680

Nuveen

Global

Infrastructure

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

6

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

4

.8

%

X

22,064,896

DATA

CENTER

REITS

-

2.3%

51,709

Digital

Realty

Trust

Inc

$

7,862,353

3,643

Equinix

Inc

2,756,294

TOTAL

DATA

CENTER

REITS

10,618,647

HEALTH

CARE

REITS

-

0.2%

289,258

Parkway

Life

Real

Estate

Investment

Trust

746,229

TOTAL

HEALTH

CARE

REITS

746,229

TELECOM

TOWER

REITS

-

2.3%

38,186

American

Tower

Corp

7,422,595

16,696

SBA

Communications

Corp

3,277,425

TOTAL

TELECOM

TOWER

REITS

10,700,020

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(cost

$20,721,909)

22,064,896

Shares

Description

(a)

Value

X

–

INVESTMENT

COMPANIES

-

0.3%

X

1,596,038

394,039

3i

Infrastructure

PLC

$

1,596,038

TOTAL

INVESTMENT

COMPANIES

(cost

$1,557,482)

1,596,038

TOTAL

LONG-TERM

INVESTMENTS

(cost

$363,395,842)

455,143,614

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.5% 

–

REPURCHASE

AGREEMENTS

-

1

.5

%

X

7,095,416

$

6,625

(d)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

$

6,625,000

470

(e)

Fixed

Income

Clearing

Corporation

1.600%

7/01/24

470,416

TOTAL

REPURCHASE

AGREEMENTS

(cost

$7,095,416)

7,095,416

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$7,095,416)

7,095,416

TOTAL

INVESTMENTS

(cost

$

370,491,258

)

-

99

.4

%

462,239,030

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.6%

2,858,414

NET

ASSETS

-

100%

$

465,097,444

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$3,031,378

or

0.7%

of

Total

Investments.

(d)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$6,627,909

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/31/31,

valued

at

$6,757,521.

(e)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

6/28/24

to

be

repurchased

at

$470,479

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

8/31/26,

valued

at

$479,850.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

7

Nuveen

Global

Real

Estate

Securities

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.0% 

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

86

.4

%

X

35,677,006

DATA

CENTER

REITS

-

7.3%

8,279

Digital

Realty

Trust

Inc

$

1,258,822

2,344

Equinix

Inc

1,773,470

TOTAL

DATA

CENTER

REITS

3,032,292

DIVERSIFIED

REITS

-

4.3%

3,943

Armada

Hoffler

Properties

Inc

43,728

58,074

British

Land

Co

PLC/The

301,858

10,436

Charter

Hall

Group

77,602

5,032

Essential

Properties

Realty

Trust

Inc

139,437

52,797

Growthpoint

Properties

Australia

Ltd

76,189

95

Hulic

Reit

Inc

86,357

17,278

Merlin

Properties

Socimi

SA

192,585

220,758

Mirvac

Group

274,662

472

Star

Asia

Investment

Corp

175,349

66,786

Stockland

184,982

278

United

Urban

Investment

Corp

246,807

TOTAL

DIVERSIFIED

REITS

1,799,556

HEALTH

CARE

REITS

-

8.8%

10,466

American

Healthcare

REIT

Inc

152,908

4,425

CareTrust

REIT

Inc

111,068

45,793

Healthpeak

Properties

Inc

897,543

9,835

Omega

Healthcare

Investors

Inc

336,849

18,669

Parkway

Life

Real

Estate

Investment

Trust

48,162

15,243

Ventas

Inc

781,356

12,675

Welltower

Inc

1,321,369

TOTAL

HEALTH

CARE

REITS

3,649,255

HOTEL

&

RESORT

REITS

-

1.7%

6,763

Apple

Hospitality

REIT

Inc

98,334

11,499

Host

Hotels

&

Resorts

Inc

206,752

3,807

Ryman

Hospitality

Properties

Inc

380,167

TOTAL

HOTEL

&

RESORT

REITS

685,253

INDUSTRIAL

REITS

-

17.2%

11,148

Americold

Realty

Trust

Inc

284,720

2,754

ARGAN

SA

214,820

2,914

EastGroup

Properties

Inc

495,671

8,279

First

Industrial

Realty

Trust

Inc

393,335

154,428

Frasers

Logistics

&

Commercial

Trust

107,993

367

GLP

J-Reit

299,658

26,285

Goodman

Group

606,392

21,065

LXP

Industrial

Trust

192,113

50,458

Mapletree

Industrial

Trust

78,450

179,571

Mapletree

Logistics

Trust

170,522

24

Mitsui

Fudosan

Logistics

Park

Inc

64,811

4,391

Montea

NV

371,699

57,036

Nexus

Industrial

REIT

282,668

89

Nippon

Prologis

REIT

Inc

138,915

18,823

Prologis

Inc

2,114,011

7,826

Rexford

Industrial

Realty

Inc

348,961

888

STAG

Industrial

Inc

32,021

142,157

TF

Administradora

Industrial

S

de

RL

de

CV

304,051

214,764

Tritax

Big

Box

REIT

PLC

419,907

118,072

Urban

Logistics

REIT

PLC

175,365

TOTAL

INDUSTRIAL

REITS

7,096,083

Nuveen

Global

Real

Estate

Securities

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

8

Shares

Description

(a)

Value

MULTI-FAMILY

RESIDENTIAL

REITS

-

9.8%

4,385

AvalonBay

Communities

Inc

$

907,213

4,200

Boardwalk

Real

Estate

Investment

Trust

216,378

334

Daiwa

Securities

Living

Investments

Corp

218,313

7,769

Equity

Residential

538,702

1,863

Essex

Property

Trust

Inc

507,109

130,552

(b)

Home

Reit

PLC

165

43,458

Ingenia

Communities

Group

138,082

35,814

InterRent

Real

Estate

Investment

Trust

311,790

22,629

Killam

Apartment

Real

Estate

Investment

Trust

281,860

40

Nippon

Accommodations

Fund

Inc

159,004

5,306

UDR

Inc

218,342

21,662

UNITE

Group

PLC/The

244,375

10,188

Veris

Residential

Inc

152,820

4,391

Xior

Student

Housing

NV

140,612

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

4,034,765

OFFICE

REITS

-

5.5%

3,364

Alexandria

Real

Estate

Equities

Inc

393,487

3,576

Boston

Properties

Inc

220,139

9,002

COPT

Defense

Properties

225,320

9,516

Cousins

Properties

Inc

220,295

124

Daiwa

Office

Investment

Corp

218,664

40,521

Dexus

174,803

2,861

Gecina

SA

264,102

12,332

Hudson

Pacific

Properties

Inc

59,317

185

KDX

Realty

Investment

Corp

179,832

30

Nippon

Building

Fund

Inc

105,235

212

Orix

JREIT

Inc

210,087

TOTAL

OFFICE

REITS

2,271,281

OTHER

SPECIALIZED

REITS

-

3.7%

13,775

Gaming

and

Leisure

Properties

Inc

622,768

1,950

Iron

Mountain

Inc

174,759

25,805

VICI

Properties

Inc

739,055

TOTAL

OTHER

SPECIALIZED

REITS

1,536,582

REAL

ESTATE

OPERATING

COMPANIES

-

0.6%

212,859

Sirius

Real

Estate

Ltd

251,687

TOTAL

REAL

ESTATE

OPERATING

COMPANIES

251,687

RETAIL

REITS

-

14.0%

7,391

Acadia

Realty

Trust

132,447

8,472

Agree

Realty

Corp

524,756

35,979

Charter

Hall

Retail

REIT

77,657

8,764

CT

Real

Estate

Investment

Trust

84,434

3,487

Federal

Realty

Investment

Trust

352,082

187,616

Frasers

Centrepoint

Trust

294,160

629,107

Hammerson

PLC

220,285

45,450

Kimco

Realty

Corp

884,457

77,766

Link

REIT

301,994

3,792

NETSTREIT

Corp

61,051

2,253

NNN

REIT

Inc

95,978

11,614

Realty

Income

Corp

613,451

8,259

Regency

Centers

Corp

513,710

21,743

RioCan

Real

Estate

Investment

Trust

267,168

3,256

Simon

Property

Group

Inc

494,261

17,299

SITE

Centers

Corp

250,835

5,437

Urban

Edge

Properties

100,421

198,474

Vicinity

Ltd

244,041

18,524

Wereldhave

NV

262,171

TOTAL

RETAIL

REITS

5,775,359

9

Shares

Description

(a)

Value

SELF-STORAGE

REITS

-

5.1%

4,885

CubeSmart

$

220,656

2,291

Extra

Space

Storage

Inc

356,044

4,452

Public

Storage

1,280,618

24,768

Safestore

Holdings

PLC

240,228

TOTAL

SELF-STORAGE

REITS

2,097,546

SINGLE-FAMILY

RESIDENTIAL

REITS

-

4.3%

4,595

American

Homes

4

Rent,

Class

A

170,750

7,109

Equity

LifeStyle

Properties

Inc

463,009

24,346

Invitation

Homes

Inc

873,778

2,158

Sun

Communities

Inc

259,694

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

1,767,231

TELECOM

TOWER

REITS

-

3.9%

5,363

American

Tower

Corp

1,042,460

650

Crown

Castle

Inc

63,505

2,492

SBA

Communications

Corp

489,180

TOTAL

TELECOM

TOWER

REITS

1,595,145

TIMBER

REITS

-

0.2%

2,993

Weyerhaeuser

Co

84,971

TOTAL

TIMBER

REITS

84,971

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(cost

$32,779,355)

35,677,006

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

11

.6

%

X

4,798,841

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.8%

35,610

Chartwell

Retirement

Residences

$

334,482

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

334,482

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

9.6%

104,926

Capitaland

India

Trust

75,714

9,590

CapitaLand

Investment

Ltd/Singapore

18,755

1,645

Catena

AB

82,206

44,526

City

Developments

Ltd

169,263

25,691

Hysan

Development

Co

Ltd

36,891

29,301

(c)

Instone

Real

Estate

Group

SE

257,315

82,685

Mitsui

Fudosan

Co

Ltd

761,026

9,773

Sagax

AB,

Class

B

250,444

284,684

Sino

Land

Co

Ltd

292,968

12,586

Sumitomo

Realty

&

Development

Co

Ltd

371,386

32,904

Sun

Hung

Kai

Properties

Ltd

285,098

21,247

TAG

Immobilien

AG

310,553

63,434

Tokyu

Fudosan

Holdings

Corp

425,802

2,727

VGP

NV

303,975

10,807

Vonovia

SE

307,550

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

3,948,946

TELECOMMUNICATION

SERVICES

-

1.0%

7,157

(c)

Cellnex

Telecom

SA

232,778

16,994

Infrastrutture

Wireless

Italiane

SpA

177,004

TOTAL

TELECOMMUNICATION

SERVICES

409,782

Nuveen

Global

Real

Estate

Securities

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

10

Shares

Description

(a)

Value

TRANSPORTATION

-

0.2%

4,866

Kyushu

Railway

Co

$

105,631

TOTAL

TRANSPORTATION

105,631

TOTAL

COMMON

STOCKS

(cost

$4,468,209)

4,798,841

TOTAL

LONG-TERM

INVESTMENTS

(cost

$37,247,564)

40,475,847

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.3% 

X

–

REPURCHASE

AGREEMENTS

-

2

.3

%

X

950,000

$

950

(d)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

$

950,000

TOTAL

REPURCHASE

AGREEMENTS

(cost

$950,000)

950,000

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$950,000)

950,000

TOTAL

INVESTMENTS

(cost

$

38,197,564

)

-

100

.3

%

41,425,847

OTHER

ASSETS

&

LIABILITIES,

NET

-  (0.3)%

(

105,260

)

NET

ASSETS

-

100%

$

41,320,587

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$490,093

or

1.2%

of

Total

Investments.

(d)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$950,417

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/31/31,

valued

at

$969,028.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

11

Nuveen

Real

Asset

Income

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.0% 

X

–

CORPORATE

BONDS

-

25.9%

X

267,106,838

CAPITAL

GOODS

-

0.7%

$

3,230

(b)

Advanced

Drainage

Systems

Inc

6.375%

6/15/30

$

3,241,676

2,335

(b)

Chart

Industries

Inc

7.500%

1/01/30

2,412,910

1,870

(b)

Trinity

Industries

Inc

7.750%

7/15/28

1,935,832

TOTAL

CAPITAL

GOODS

7,590,418

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

960

(b)

GFL

Environmental

Inc

6.750%

1/15/31

979,377

2,710

(b)

Wrangler

Holdco

Corp

6.625%

4/01/32

2,698,030

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

3,677,407

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.2%

1,715

(b)

LCM

Investments

Holdings

II

LLC

4.875%

5/01/29

1,603,063

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,603,063

CONSUMER

SERVICES

-

1.2%

1,095

Choice

Hotels

International

Inc

0.000%

8/01/34

1,079,241

3,475

(b)

Churchill

Downs

Inc

5.750%

4/01/30

3,375,388

1,490

(b)

Hilton

Domestic

Operating

Co

Inc

5.875%

4/01/29

1,492,022

1,780

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%

1/15/32

1,788,334

1,695

Piedmont

Operating

Partnership

LP

9.250%

7/20/28

1,808,337

1,525

(b)

Scientific

Games

International

Inc

7.500%

9/01/31

1,575,661

1,385

(b)

Six

Flags

Entertainment

Corp

0.000%

4/30/32

1,407,487

TOTAL

CONSUMER

SERVICES

12,526,470

ENERGY

-

5.5%

2,126

(b)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.250%

4/01/28

2,105,554

260

(b)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.250%

7/15/32

267,319

2,520

(b)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.000%

7/15/29

2,566,343

5,000

(b)

Buckeye

Partners

LP

6.875%

7/01/29

5,018,675

3,375

Cheniere

Energy

Partners

LP

4.500%

10/01/29

3,215,167

1,270

(b)

CNX

Midstream

Partners

LP

4.750%

4/15/30

1,144,478

250

(b)

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

6/15/31

236,981

700

(b)

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

7.500%

12/15/33

726,109

1,625

(b)

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp

8.625%

3/15/29

1,672,221

1,730

Energy

Transfer

LP

5.550%

5/15/34

1,712,149

3,560

(b)

EQM

Midstream

Partners

LP

6.375%

4/01/29

3,595,981

1,215

EQM

Midstream

Partners

LP

5.500%

7/15/28

1,196,464

1,060

CAD

Gibson

Energy

Inc

5.250%

12/22/80

710,127

2,250

(b)

Global

Partners

LP

/

GLP

Finance

Corp

8.250%

1/15/32

2,312,622

1,680

(b)

Harvest

Midstream

I

LP

7.500%

5/15/32

1,705,781

1,380

CAD

Keyera

Corp

6.875%

6/13/79

1,007,222

1,470

(b)

Kinetik

Holdings

LP

5.875%

6/15/30

1,448,554

2,000

(b)

Kodiak

Gas

Services

LLC

7.250%

2/15/29

2,050,152

5,735

MPLX

LP

5.000%

3/01/33

5,479,148

2,195

(b)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.875%

9/15/30

2,247,079

3,461

CAD

Pembina

Pipeline

Corp

4.800%

1/25/81

2,264,089

1,565

(b)

Sunoco

LP

7.000%

5/01/29

1,603,942

1,640

Targa

Resources

Corp

6.150%

3/01/29

1,692,825

2,475

Targa

Resources

Corp

6.125%

3/15/33

2,541,790

415

CAD

Transcanada

Trust

4.200%

3/04/81

264,298

1,350

(b)

Transocean

Inc

8.750%

2/15/30

1,417,335

1,550

(b)

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

7.125%

3/15/29

1,561,792

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

12

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

ENERGY

(continued)

$

2,955

(b)

Venture

Global

LNG

Inc

9.500%

2/01/29

$

3,236,010

2,180

Williams

Cos

Inc/The

4.900%

3/15/29

2,150,392

TOTAL

ENERGY

57,150,599

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

6.7%

3,925

Agree

LP

4.800%

10/01/32

3,680,582

2,080

Alexandria

Real

Estate

Equities

Inc

5.250%

5/15/36

2,001,400

2,875

American

Homes

4

Rent

LP

5.500%

2/01/34

2,827,034

4,280

American

Tower

Corp

5.500%

3/15/28

4,305,261

1,975

AvalonBay

Communities

Inc

5.000%

2/15/33

1,925,943

1,455

(b)

CTR

Partnership

LP

/

CareTrust

Capital

Corp

3.875%

6/30/28

1,337,070

1,740

CubeSmart

LP

4.375%

2/15/29

1,668,216

3,710

Essex

Portfolio

LP

5.500%

4/01/34

3,676,673

3,780

Extra

Space

Storage

LP

5.700%

4/01/28

3,822,274

3,585

Federal

Realty

OP

LP

5.375%

5/01/28

3,588,919

1,640

GLP

Capital

LP

/

GLP

Financing

II

Inc

6.750%

12/01/33

1,723,102

2,935

(b)

Goodman

US

Finance

Five

LLC

4.625%

5/04/32

2,716,798

2,235

(b)

Iron

Mountain

Inc

7.000%

2/15/29

2,274,316

945

(c)

Kilroy

Realty

LP

6.250%

1/15/36

896,831

2,720

Kimco

Realty

OP

LLC

4.600%

2/01/33

2,550,978

2,340

Kite

Realty

Group

LP

5.500%

3/01/34

2,287,776

1,840

Kite

Realty

Group

LP

4.000%

10/01/26

1,779,932

1,915

Mid-America

Apartments

LP

5.300%

2/15/32

1,906,584

888

(c)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5.000%

10/15/27

733,406

4,070

Prologis

LP

5.000%

3/15/34

3,980,672

3,070

(b)

Prologis

Targeted

US

Logistics

Fund

LP

5.500%

4/01/34

3,071,948

6,625

(b)

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

6.500%

4/01/32

6,625,479

1,210

(b)

Scentre

Group

Trust

2

5.125%

9/24/80

1,122,430

2,635

SITE

Centers

Corp

3.625%

2/01/25

2,600,017

2,590

SITE

Centers

Corp

4.700%

6/01/27

2,570,267

3,280

Welltower

OP

LLC

3.850%

6/15/32

2,954,437

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

68,628,345

FINANCIAL

SERVICES

-

0.8%

3,015

(b)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

8.000%

6/15/27

3,134,509

2,700

(b)

Hunt

Cos

Inc

5.250%

4/15/29

2,453,782

1,315

(b)

Starwood

Property

Trust

Inc

7.250%

4/01/29

1,329,099

1,330

(b)

Starwood

Property

Trust

Inc

4.375%

1/15/27

1,259,206

TOTAL

FINANCIAL

SERVICES

8,176,596

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.3%

1,900

(b)

CHS/Community

Health

Systems

Inc

10.875%

1/15/32

1,977,494

1,250

(b)

LifePoint

Health

Inc

11.000%

10/15/30

1,377,210

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,354,704

MEDIA

&

ENTERTAINMENT

-

0.9%

3,477

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

6.375%

9/01/29

3,304,991

2,500

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.125%

5/01/27

2,400,365

1,250

Lamar

Media

Corp

4.875%

1/15/29

1,201,167

2,000

(b)

Ziggo

Bond

Co

BV

6.000%

1/15/27

1,961,681

TOTAL

MEDIA

&

ENTERTAINMENT

8,868,204

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

2,775

EUR

(b),(c)

Peach

Property

Finance

GmbH

4.375%

11/15/25

2,563,415

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,563,415

13

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

TELECOMMUNICATION

SERVICES

-

1.0%

$

2,750

(b),(c)

Frontier

Communications

Holdings

LLC

6.000%

1/15/30

$

2,392,395

750

(b)

Frontier

Communications

Holdings

LLC

8.625%

3/15/31

772,595

1,945

(b)

Iliad

Holding

SASU

8.500%

4/15/31

1,969,388

1,600

(b)

Iliad

Holding

SASU

7.000%

10/15/28

1,586,606

1,365

(b)

Iliad

Holding

SASU

6.500%

10/15/26

1,358,954

2,000

(b)

Level

3

Financing

Inc

10.500%

4/15/29

1,995,000

TOTAL

TELECOMMUNICATION

SERVICES

10,074,938

TRANSPORTATION

-

1.4%

4,500

(b)

Brightline

East

LLC

11.000%

1/31/30

4,103,393

2,300

(b)

Cargo

Aircraft

Management

Inc

4.750%

2/01/28

2,133,344

5,555

(b)

Genesee

&

Wyoming

Inc

6.250%

4/15/32

5,534,188

2,705

(b)

XPO

Inc

7.125%

6/01/31

2,763,460

TOTAL

TRANSPORTATION

14,534,385

UTILITIES

-

6.6%

2,420

AEP

Transmission

Co

LLC

5.150%

4/01/34

2,365,086

2,738

CAD

AltaGas

Ltd

7.350%

8/17/82

2,031,350

2,670

CAD

AltaGas

Ltd

5.250%

1/11/82

1,716,408

3,785

Ameren

Illinois

Co

4.950%

6/01/33

3,694,395

1,250

(b)

Calpine

Corp

5.125%

3/15/28

1,202,186

1,395

CAD

Capital

Power

Corp

7.950%

9/09/82

1,042,786

3,380

CenterPoint

Energy

Houston

Electric

LLC

5.200%

10/01/28

3,408,215

5,000

(b)

Clearway

Energy

Operating

LLC

4.750%

3/15/28

4,777,623

2,110

DTE

Electric

Co

5.200%

3/01/34

2,103,227

2,210

Duke

Energy

Progress

LLC

5.100%

3/15/34

2,191,763

1,775

(b)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.375%

4/01/26

1,736,458

1,975

(b)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875%

4/01/29

1,817,096

1,510

Florida

Power

&

Light

Co

4.800%

5/15/33

1,468,139

6,265

(b)

ITC

Holdings

Corp

4.950%

9/22/27

6,206,225

910

(b)

NextEra

Energy

Operating

Partners

LP

4.500%

9/15/27

861,161

1,315

(b)

NextEra

Energy

Operating

Partners

LP

7.250%

1/15/29

1,348,493

2,381

GBP

NGG

Finance

PLC,

Reg

S

5.625%

6/18/73

2,991,009

2,000

(b)

NRG

Energy

Inc

5.250%

6/15/29

1,919,482

1,250

NRG

Energy

Inc

6.625%

1/15/27

1,247,507

1,905

OGE

Energy

Corp

5.450%

5/15/29

1,919,597

3,130

Pacific

Gas

and

Electric

Co

6.150%

1/15/33

3,179,691

1,810

(b)

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.500%

8/15/28

1,675,366

1,275

Public

Service

Electric

and

Gas

Co

5.200%

3/01/34

1,275,504

2,245

Public

Service

Enterprise

Group

Inc

5.850%

11/15/27

2,283,410

2,765

(b)

RWE

Finance

US

LLC

5.875%

4/16/34

2,768,088

1,210

(b)

RWE

Finance

US

LLC

6.250%

4/16/54

1,194,807

700

(b)

Superior

Plus

LP

/

Superior

General

Partner

Inc

4.500%

3/15/29

642,372

3,315

(b)

TerraForm

Power

Operating

LLC

4.750%

1/15/30

3,021,626

3,330

(b)

Vistra

Operations

Co

LLC

7.750%

10/15/31

3,467,832

2,820

Wisconsin

Power

and

Light

Co

5.375%

3/30/34

2,801,392

TOTAL

UTILITIES

68,358,294

TOTAL

CORPORATE

BONDS

(cost

$269,495,737)

267,106,838

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

23.1%

X

237,360,369

ENERGY

-

9.0%

480,749

Enbridge

Inc

$

17,109,857

489,372

Energy

Transfer

LP

7,937,614

169,767

Enterprise

Products

Partners

LP

4,919,848

283,233

Gibson

Energy

Inc

4,813,543

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

14

Shares

Description

(a)

Value

ENERGY

(continued)

67,425

Keyera

Corp

$

1,867,427

639,737

Kinder

Morgan

Inc

12,711,574

124,237

MPLX

LP

5,291,254

190,937

ONEOK

Inc

15,570,912

343,615

Pembina

Pipeline

Corp

12,749,459

37,592

Plains

GP

Holdings

LP,

Class

A

707,481

49,836

TC

Energy

Corp

1,889,182

170,493

Williams

Cos

Inc/The

7,245,952

TOTAL

ENERGY

92,814,103

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.0%

885,059

Chartwell

Retirement

Residences

8,313,298

143,742

Sienna

Senior

Living

Inc

1,497,258

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

9,810,556

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.5%

1,358,533

Capitaland

India

Trust

980,310

425,641

Hysan

Development

Co

Ltd

611,192

3,707,224

Sino

Land

Co

Ltd

3,815,107

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

5,406,609

TELECOMMUNICATION

SERVICES

-

0.6%

764,512

HKT

Trust

&

HKT

Ltd

857,510

175,000

Infrastrutture

Wireless

Italiane

SpA

1,822,746

5,395,783

NETLINK

NBN

TRUST

3,302,729

TOTAL

TELECOMMUNICATION

SERVICES

5,982,985

TRANSPORTATION

-

2.2%

11,900

Aena

SME

SA

2,409,717

66,021

Athens

International

Airport

SA

555,036

1,249,011

Atlas

Arteria

Ltd

4,245,658

863,134

Aurizon

Holdings

Ltd

2,096,758

768,419

China

Merchants

Port

Holdings

Co

Ltd

1,141,808

1,064,545

Dalrymple

Bay

Infrastructure

Ltd

2,103,239

657,049

Enav

SpA

2,612,227

25,481

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

1,723,790

19,412

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

3,023,807

370,790

Transurban

Group

3,058,116

TOTAL

TRANSPORTATION

22,970,156

UTILITIES

-

9.8%

60,330

Algonquin

Power

&

Utilities

Corp

353,534

480,132

APA

Group

2,552,127

857

Canadian

Solar

Infrastructure

Fund

Inc

525,738

21,739

Canadian

Utilities

Ltd,

Class

A

469,564

664,595

CK

Infrastructure

Holdings

Ltd

3,753,163

130,823

Clearway

Energy

Inc,

Class

A

2,964,449

477,563

CLP

Holdings

Ltd

3,862,586

513,384

Contact

Energy

Ltd

2,814,319

110,530

Dominion

Energy

Inc

5,415,970

93,591

Duke

Energy

Corp

9,380,626

228,435

Enagas

SA

3,396,808

101,120

Endesa

SA

1,899,941

1,103,276

Enel

SpA

7,655,402

32,074

Entergy

Corp

3,431,918

182,778

Evergy

Inc

9,681,751

3,010

Eversource

Energy

170,697

235,504

Italgas

SpA

1,163,001

15

Shares

Description

(a)

Value

UTILITIES

(continued)

321,056

National

Grid

PLC

$

3,584,954

176,075

National

Grid

PLC,

Sponsored

ADR

10,001,060

21,549

Northwestern

Energy

Group

Inc

1,079,174

161,022

OGE

Energy

Corp

5,748,485

93,953

Pennon

Group

PLC

682,182

28,555

Pinnacle

West

Capital

Corp

2,181,031

135,958

Power

Assets

Holdings

Ltd

734,781

279,137

Redeia

Corp

SA

4,881,108

652,210

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

1,601,583

1,997,825

Snam

SpA

8,822,421

12,765

Spire

Inc

775,218

350,643

Vector

Ltd

792,369

TOTAL

UTILITIES

100,375,960

TOTAL

COMMON

STOCKS

(cost

$210,176,621)

237,360,369

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

21.0%

X

216,458,743

DIVERSIFIED

REITS

-

1.2%

93,940

Armada

Hoffler

Properties

Inc

$

1,041,795

293,636

Charter

Hall

Long

Wale

REIT

635,909

782,309

Growthpoint

Properties

Australia

Ltd

1,128,908

83,873

ICADE

2,074,914

1,289,704

Mirvac

Group

1,604,623

10,376

Star

Asia

Investment

Corp

3,854,703

374,550

Stockland

1,037,417

815

United

Urban

Investment

Corp

723,554

TOTAL

DIVERSIFIED

REITS

12,101,823

HEALTH

CARE

REITS

-

2.8%

183,342

American

Healthcare

REIT

Inc

2,678,627

7,165,300

Assura

PLC

3,631,982

82,319

CareTrust

REIT

Inc

2,066,207

58,961

Community

Healthcare

Trust

Inc

1,379,098

36,473

Healthcare

Realty

Trust

Inc

601,075

584,611

Healthpeak

Properties

Inc

11,458,375

202,944

Omega

Healthcare

Investors

Inc

6,950,832

TOTAL

HEALTH

CARE

REITS

28,766,196

HOTEL

&

RESORT

REITS

-

0.5%

323,615

Apple

Hospitality

REIT

Inc

4,705,362

TOTAL

HOTEL

&

RESORT

REITS

4,705,362

INDUSTRIAL

REITS

-

4.3%

27,694

ARGAN

SA

2,160,211

284,873

Dexus

Industria

REIT

535,816

475,339

Dream

Industrial

Real

Estate

Investment

Trust

4,402,284

981,136

(b)

FIBRA

Macquarie

Mexico

1,664,097

4,332,467

Frasers

Logistics

&

Commercial

Trust

3,029,746

952

GLP

J-Reit

777,313

1,712

LaSalle

Logiport

REIT

1,573,720

1,771,832

LondonMetric

Property

PLC

4,314,802

277,999

LXP

Industrial

Trust

2,535,351

2,977,817

Mapletree

Industrial

Trust

4,629,781

5,667,875

Mapletree

Logistics

Trust

5,382,258

763,839

Nexus

Industrial

REIT

3,785,555

2,028,737

TF

Administradora

Industrial

S

de

RL

de

CV

4,339,135

1,191,329

Tritax

Big

Box

REIT

PLC

2,329,290

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

16

Shares

Description

(a)

Value

INDUSTRIAL

REITS

(continued)

1,906,058

Urban

Logistics

REIT

PLC

$

2,830,943

TOTAL

INDUSTRIAL

REITS

44,290,302

MORTGAGE

REITS

-

0.1%

38,335

Blackstone

Mortgage

Trust

Inc,

Class

A

667,796

34,334

Starwood

Property

Trust

Inc

650,286

TOTAL

MORTGAGE

REITS

1,318,082

MULTI-FAMILY

RESIDENTIAL

REITS

-

0.8%

1,047

Daiwa

Securities

Living

Investments

Corp

684,352

15,821

Equity

Residential

1,097,028

3,970,455

(d)

Home

Reit

PLC

5,019

152,253

UDR

Inc

6,265,211

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

8,051,610

OFFICE

REITS

-

2.1%

61,089

Boston

Properties

Inc

3,760,639

170,604

COPT

Defense

Properties

4,270,218

494

Daiwa

Office

Investment

Corp

871,127

427,360

Dexus

1,843,583

46,282

Gecina

SA

4,272,346

3,049

KDX

Realty

Investment

Corp

2,963,831

94,984

NSI

NV

1,955,119

706

Orix

JREIT

Inc

699,629

87,113

Postal

Realty

Trust

Inc,

Class

A

1,161,216

TOTAL

OFFICE

REITS

21,797,708

OTHER

SPECIALIZED

REITS

-

1.9%

174,133

Four

Corners

Property

Trust

Inc

4,295,861

238,745

Gaming

and

Leisure

Properties

Inc

10,793,661

156,506

VICI

Properties

Inc

4,482,332

TOTAL

OTHER

SPECIALIZED

REITS

19,571,854

REAL

ESTATE

OPERATING

COMPANIES

-

0.3%

2,900,122

Sirius

Real

Estate

Ltd

3,429,132

TOTAL

REAL

ESTATE

OPERATING

COMPANIES

3,429,132

RETAIL

REITS

-

6.0%

20,120

Agree

Realty

Corp

1,246,233

813,633

Charter

Hall

Retail

REIT

1,756,149

212,646

Choice

Properties

Real

Estate

Investment

Trust

1,995,815

257,892

Crombie

Real

Estate

Investment

Trust

2,403,511

183,076

CT

Real

Estate

Investment

Trust

1,763,782

2,304,291

Fortune

Real

Estate

Investment

Trust

1,109,777

3,458,810

Frasers

Centrepoint

Trust

5,423,006

335,301

Kimco

Realty

Corp

6,524,957

325,851

Link

REIT

1,265,398

50,705

NNN

REIT

Inc

2,160,033

389,050

Primaris

Real

Estate

Investment

Trust

3,773,761

209,195

Realty

Income

Corp

11,049,680

9,992

Regency

Centers

Corp

621,502

138,367

RioCan

Real

Estate

Investment

Trust

1,700,193

8,262

Saul

Centers

Inc

303,794

66,588

Simon

Property

Group

Inc

10,108,058

3,195,570

Vicinity

Ltd

3,929,223

1,728,381

Waypoint

REIT

Ltd

2,497,289

135,102

Wereldhave

NV

1,912,104

TOTAL

RETAIL

REITS

61,544,265

17

Shares

Description

(a)

Value

SELF-STORAGE

REITS

-

0.6%

78,113

CubeSmart

$

3,528,364

11,495

Extra

Space

Storage

Inc

1,786,438

3,966

Public

Storage

1,140,820

TOTAL

SELF-STORAGE

REITS

6,455,622

TELECOM

TOWER

REITS

-

0.4%

45,310

Crown

Castle

Inc

4,426,787

TOTAL

TELECOM

TOWER

REITS

4,426,787

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(cost

$223,916,808)

216,458,743

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

13.1%

X

134,927,973

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

8.3%

288,151

Agree

Realty

Corp

4.250%

$

5,082,984

86,840

American

Homes

4

Rent

6.250%

2,029,451

158,959

American

Homes

4

Rent

5.875%

3,557,502

111,206

Armada

Hoffler

Properties

Inc

6.750%

2,379,808

196,949

Centerspace

6.625%

4,657,863

66,782

DiamondRock

Hospitality

Co

8.250%

1,682,907

139,710

Digital

Realty

Trust

Inc

5.200%

3,003,765

107,952

Digital

Realty

Trust

Inc

5.850%

2,625,393

115,301

Digital

Realty

Trust

Inc

5.250%

2,496,267

153,547

Federal

Realty

Investment

Trust

5.000%

3,235,235

27,491

Kimco

Realty

Corp

7.250%

1,500,184

136,777

Kimco

Realty

Corp

5.125%

2,797,090

173,142

Kimco

Realty

Corp

5.250%

3,629,056

4,704

Mid-America

Apartment

Communities

Inc

8.500%

249,971

108,703

National

Storage

Affiliates

Trust

6.000%

2,470,819

46,037

Pebblebrook

Hotel

Trust

6.375%

901,865

66,656

Pebblebrook

Hotel

Trust

5.700%

1,213,139

100,143

Pebblebrook

Hotel

Trust

6.300%

1,999,856

69,067

(c)

Public

Storage

3.950%

1,210,054

69,889

Public

Storage

4.125%

1,299,935

64,398

Public

Storage

4.700%

1,328,531

81,420

Public

Storage

3.900%

1,408,566

61,956

Public

Storage

5.050%

1,423,129

83,572

Public

Storage

3.875%

1,434,931

44,497

Public

Storage

5.150%

1,029,216

101,895

Public

Storage

4.875%

2,215,197

24,710

Public

Storage

5.600%

621,209

93,962

Public

Storage

4.100%

1,704,471

89,664

Public

Storage

4.625%

1,828,249

101,356

Public

Storage

4.000%

1,846,706

114,145

Public

Storage

4.000%

2,048,903

73,136

Public

Storage

4.750%

1,552,677

117,110

Realty

Income

Corp

6.000%

2,823,522

56,683

Rexford

Industrial

Realty

Inc

5.875%

1,231,155

183,080

Rexford

Industrial

Realty

Inc

5.625%

3,844,680

21,577

RLJ

Lodging

Trust

1.950%

537,052

13,507

Saul

Centers

Inc

6.000%

272,841

145,280

SITE

Centers

Corp

6.375%

3,188,896

40,732

Summit

Hotel

Properties

Inc

5.875%

815,047

74,470

Summit

Hotel

Properties

Inc

6.250%

1,595,892

85,469

Sunstone

Hotel

Investors

Inc

5.700%

1,719,636

61,920

Sunstone

Hotel

Investors

Inc

6.125%

1,350,475

38,104

UMH

Properties

Inc

6.375%

876,011

18,198

Vornado

Realty

Trust

5.250%

272,242

65,551

Vornado

Realty

Trust

5.250%

979,988

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

85,972,366

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

18

Shares  

Description

(a)

Coupon

Value

FINANCIAL

SERVICES

-

0.2%

50,262

Brookfield

Finance

Inc

4.625%

$

829,323

28,909

National

Rural

Utilities

Cooperative

Finance

Corp

5.500%

706,247

TOTAL

FINANCIAL

SERVICES

1,535,570

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

71,029

Brookfield

Property

Partners

LP

5.750%

842,404

50,559

Brookfield

Property

Partners

LP

6.500%

717,938

20,831

Brookfield

Property

Partners

LP

6.375%

273,927

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,834,269

UTILITIES

-

4.4%

52,583

BIP

Bermuda

Holdings

I

Ltd

5.125%

943,339

81,264

Brookfield

BRP

Holdings

Canada

Inc

4.625%

1,258,779

26,883

Brookfield

Infrastructure

Finance

ULC

5.000%

474,485

134,224

Brookfield

Infrastructure

Partners

LP

5.125%

2,491,198

41,025

Brookfield

Infrastructure

Partners

LP

5.000%

713,425

149,300

Brookfield

Renewable

Partners

LP

5.250%

2,745,627

59,357

CMS

Energy

Corp

5.625%

1,429,910

69,730

CMS

Energy

Corp

5.875%

1,681,888

139,028

CMS

Energy

Corp

4.200%

2,627,629

91,733

CMS

Energy

Corp

5.875%

2,220,856

94,161

DTE

Energy

Co

5.250%

2,224,083

144,605

DTE

Energy

Co

4.375%

2,793,769

141,667

DTE

Energy

Co

4.375%

2,812,090

78,768

Duke

Energy

Corp

5.625%

1,982,591

90,053

(c)

Duke

Energy

Corp

5.750%

2,251,325

90,672

Georgia

Power

Co

5.000%

2,284,934

44,931

SCE

Trust

VII

7.500%

1,175,844

38,460

SCE

Trust

VIII

6.950%

989,960

174,621

Sempra

5.750%

4,077,400

73,656

Southern

Co/The

5.250%

1,721,341

146,814

Southern

Co/The

4.950%

3,240,185

170,550

Southern

Co/The

4.200%

3,445,110

TOTAL

UTILITIES

45,585,768

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(cost

$151,019,780)

134,927,973

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

12.5%

X

129,117,809

CONSUMER

SERVICES

-

0.1%

$

600

EUR

Accor

SA,

Reg

S

7.250%

N/A

(e)

$

696,867

TOTAL

CONSUMER

SERVICES

696,867

ENERGY

-

4.9%

5,432

Enbridge

Inc

6.000%

1/15/77

5,275,612

4,410

Enbridge

Inc

5.500%

7/15/77

4,154,666

2,947

Enbridge

Inc

6.250%

3/01/78

2,825,844

2,815

Enbridge

Inc

5.750%

7/15/80

2,656,382

2,589

Enbridge

Inc

7.625%

1/15/83

2,646,566

1,897

Enbridge

Inc

8.500%

1/15/84

2,045,027

2,428

(f)

Energy

Transfer

LP

(TSFR3M

reference

rate

+

3.279%

spread)

8.606%

11/01/66

2,383,309

1,230

Energy

Transfer

LP

6.500%

N/A

(e)

1,213,211

1,291

(c)

Energy

Transfer

LP

7.125%

10/01/54

1,273,681

2,813

Energy

Transfer

LP

7.125%

N/A

(e)

2,786,389

975

Energy

Transfer

LP

8.000%

5/15/54

1,019,841

5,956

Enterprise

Products

Operating

LLC

5.250%

8/16/77

5,695,825

4,205

Enterprise

Products

Operating

LLC

5.375%

2/15/78

3,927,515

19

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

ENERGY

(continued)

$

1,609

CAD

Inter

Pipeline

Ltd/AB

6.625%

11/19/79

$

1,143,524

2,123

CAD

Keyera

Corp

5.950%

3/10/81

1,464,165

1,326

(f)

Plains

All

American

Pipeline

LP

(TSFR3M

reference

rate

+

4.372%

spread)

9.694%

N/A

(e)

1,320,177

2,450

Transcanada

Trust

5.500%

9/15/79

2,248,436

3,775

Transcanada

Trust

5.875%

8/15/76

3,694,614

2,345

Transcanada

Trust

5.600%

3/07/82

2,125,893

625

Transcanada

Trust

5.300%

3/15/77

586,091

TOTAL

ENERGY

50,486,768

FINANCIAL

SERVICES

-

0.5%

1,860

National

Rural

Utilities

Cooperative

Finance

Corp

7.125%

9/15/53

1,911,606

745

National

Rural

Utilities

Cooperative

Finance

Corp

5.250%

4/20/46

723,915

2,626

Transcanada

Trust

5.625%

5/20/75

2,582,769

TOTAL

FINANCIAL

SERVICES

5,218,290

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

1,463

(b)

EUSHI

Finance

Inc

7.625%

12/15/54

1,468,628

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,468,628

TRANSPORTATION

-

0.2%

1,950

BNSF

Funding

Trust

I

6.613%

12/15/55

1,948,517

TOTAL

TRANSPORTATION

1,948,517

UTILITIES

-

6.7%

1,925

(b)

AES

Andes

SA

8.150%

6/10/55

1,925,000

3,310

AES

Corp/The

7.600%

1/15/55

3,350,923

1,285

CAD

AltaGas

Ltd

8.900%

11/10/83

1,007,965

2,015

CMS

Energy

Corp

3.750%

12/01/50

1,684,499

3,570

CMS

Energy

Corp

4.750%

6/01/50

3,269,202

1,775

ComEd

Financing

III

6.350%

3/15/33

1,754,504

3,270

Dominion

Energy

Inc

7.000%

6/01/54

3,402,317

3,230

Dominion

Energy

Inc

4.350%

N/A

(e)

3,030,752

2,755

Dominion

Energy

Inc

5.750%

10/01/54

2,747,247

4,683

Duke

Energy

Corp

4.875%

N/A

(e)

4,642,486

1,790

Edison

International

5.375%

N/A

(e)

1,743,728

2,570

Edison

International

5.000%

N/A

(e)

2,444,588

1,700

GBP

Electricite

de

France

SA,

Reg

S

5.875%

N/A

(e)

2,040,231

3,590

Emera

Inc

6.750%

6/15/76

3,562,871

3,374

Entergy

Corp

7.125%

12/01/54

3,344,096

1,700

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

1,567,078

5,185

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

4,948,759

1,157

NextEra

Energy

Capital

Holdings

Inc

6.750%

6/15/54

1,163,634

5,152

NiSource

Inc

6.950%

11/30/54

5,175,689

1,607

PPL

Capital

Funding

Inc

8.261%

3/30/67

1,594,303

2,600

Sempra

6.875%

10/01/54

2,584,004

3,320

Sempra

4.125%

4/01/52

3,055,896

4,242

Sempra

4.875%

N/A

(e)

4,160,620

2,590

Southern

Co/The

4.000%

1/15/51

2,511,096

2,125

GBP

SSE

PLC,

Reg

S

3.740%

N/A

(e)

2,587,251

TOTAL

UTILITIES

69,298,739

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$130,010,234)

129,117,809

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

20

Shares  

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

1.8%

X

18,523,875

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.0%

633,686

British

Land

Co

PLC/The

0.000%

$

3,293,785

17,112

Equity

Commonwealth

6.500%

426,260

17,536

LXP

Industrial

Trust

6.500%

795,609

134,625

Regency

Centers

Corp

6.250%

3,107,145

109,459

Regency

Centers

Corp

5.875%

2,380,733

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

10,003,532

UTILITIES

-

0.8%

113,512

NextEra

Energy

Inc

6.926%

4,709,613

77,000

NextEra

Energy

Inc

7.299%

3,810,730

TOTAL

UTILITIES

8,520,343

TOTAL

CONVERTIBLE

PREFERRED

SECURITIES

(cost

$18,851,292)

18,523,875

Shares

Description

(a)

Value

X–

INVESTMENT

COMPANIES

-

0.5%

X

5,205,567

527,026

Greencoat

UK

Wind

PLC/Funds

$

879,402

504,067

JLEN

Environmental

Assets

Group

Ltd

Foresight

Group

Holdings

555,378

611,872

Renewables

Infrastructure

Group

Ltd/The

737,466

1,524,320

Sdcl

Energy

Efficiency

Income

Trust

PLC

1,288,892

1,237,236

Sequoia

Economic

Infrastructure

Income

Fund

Ltd

1,249,904

420,653

Starwood

European

Real

Estate

Finance

Ltd

494,525

TOTAL

INVESTMENT

COMPANIES

(cost

$6,384,080)

5,205,567

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

-

0.1%

X

1,278,493

$

200

(b)

COMM

2014-UBS3

Mortgage

Trust,

2014

UBS3

4.767%

6/10/47

$

89,709

400

(b),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

2019

MILE

8.158%

7/15/36

312,586

1,300

(b),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

0.043%

spread),

2019

MILE

9.658%

7/15/36

876,198

TOTAL

MORTGAGE-BACKED

SECURITIES

(cost

$1,898,898)

1,278,493

Principal

Amount

(000)

Description

(a)

Coupon

(g)

Reference

Rate

(g)

Spread

(g)

Maturity

(h)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.0%

(g)

X

141,087

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

$

140

Wand

NewCo

3,

Inc.,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

$

141,087

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

141,087

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(cost

$139,650)

141,087

TOTAL

LONG-TERM

INVESTMENTS

(cost

$1,011,893,100)

1,010,120,754

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.6%

6,183,672

(i)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.330%(j)

$

6,183,672

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$6,183,672)

6,183,672

21

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.1% 

X

–

REPURCHASE

AGREEMENTS

-

1.1%

X

11,036,855

$

10,225

(k)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

$

10,225,000

812

(l)

Fixed

Income

Clearing

Corporation

1.600%

7/01/24

811,855

TOTAL

REPURCHASE

AGREEMENTS

(cost

$11,036,855)

11,036,855

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$11,036,855)

11,036,855

TOTAL

INVESTMENTS

(cost

$1,029,113,627

)

-

99.7%

1,027,341,281

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.3%

2,955,385

NET

ASSETS

-

100%

$

1,030,296,666

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(53)

9/24

$

(5,755,946)

$

(5,829,172)

$

(73,226)

U.S.

Treasury

Ultra

10-Year

Note

(305)

9/24

(34,240,390)

(34,627,031)

(386,641)

U.S.

Treasury

Ultra

Bond

(70)

9/24

(8,610,918)

(8,774,063)

(163,145)

Total

$(48,607,254)

$(49,230,266)

$(623,012)

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$159,920,857

or

15.6%

of

Total

Investments.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$5,915,119.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Perpetual

security.

Maturity

date

is

not

applicable.

(f)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

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

Secured

Overnight

Financing

Rate

(“SOFR”),

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.

(h)

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.

(i)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

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

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(j)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(k)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$10,229,490

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/31/31,

valued

at

$10,429,637.

(l)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

6/28/24

to

be

repurchased

at

$811,963

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

8/31/26,

valued

at

$828,103.

ADR

American

Depositary

Receipt

CAD

Canadian

Dollar

EUR

Euro

GBP

Pound

Sterling

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

22

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

23

Nuveen

Real

Estate

Securities

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

97.5% 

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

97

.5

%

X

944,394,061

DATA

CENTER

REITS

-

11.5%

302,762

Digital

Realty

Trust

Inc

$

46,034,962

85,990

Equinix

Inc

65,060,034

TOTAL

DATA

CENTER

REITS

111,094,996

DIVERSIFIED

REITS

-

0.7%

143,550

Armada

Hoffler

Properties

Inc

1,591,970

186,013

Essential

Properties

Realty

Trust

Inc

5,154,420

TOTAL

DIVERSIFIED

REITS

6,746,390

HEALTH

CARE

REITS

-

13.8%

385,705

American

Healthcare

REIT

Inc

5,635,150

164,185

CareTrust

REIT

Inc

4,121,044

1,703,297

Healthpeak

Properties

Inc

33,384,621

360,542

Omega

Healthcare

Investors

Inc

12,348,564

562,717

Ventas

Inc

28,844,873

467,797

Welltower

Inc

48,767,837

TOTAL

HEALTH

CARE

REITS

133,102,089

HOTEL

&

RESORT

REITS

-

2.6%

246,734

Apple

Hospitality

REIT

Inc

3,587,512

424,163

Host

Hotels

&

Resorts

Inc

7,626,451

139,885

Ryman

Hospitality

Properties

Inc

13,968,916

TOTAL

HOTEL

&

RESORT

REITS

25,182,879

INDUSTRIAL

REITS

-

14.7%

410,647

Americold

Realty

Trust

Inc

10,487,924

107,879

EastGroup

Properties

Inc

18,350,218

306,063

First

Industrial

Realty

Trust

Inc

14,541,053

777,691

LXP

Industrial

Trust

7,092,542

692,758

Prologis

Inc

77,803,652

288,268

Rexford

Industrial

Realty

Inc

12,853,870

32,825

STAG

Industrial

Inc

1,183,670

TOTAL

INDUSTRIAL

REITS

142,312,929

MULTI-FAMILY

RESIDENTIAL

REITS

-

8.9%

162,800

AvalonBay

Communities

Inc

33,681,692

283,568

Equity

Residential

19,662,605

68,964

Essex

Property

Trust

Inc

18,772,001

195,638

UDR

Inc

8,050,503

371,616

Veris

Residential

Inc

5,574,240

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

85,741,041

OFFICE

REITS

-

4.2%

123,717

Alexandria

Real

Estate

Equities

Inc

14,471,177

130,232

Boston

Properties

Inc

8,017,082

329,962

COPT

Defense

Properties

8,258,949

347,294

Cousins

Properties

Inc

8,039,856

451,870

Hudson

Pacific

Properties

Inc

2,173,495

TOTAL

OFFICE

REITS

40,960,559

OTHER

SPECIALIZED

REITS

-

5.8%

502,636

Gaming

and

Leisure

Properties

Inc

22,724,174

71,684

Iron

Mountain

Inc

6,424,320

943,249

VICI

Properties

Inc

27,014,651

TOTAL

OTHER

SPECIALIZED

REITS

56,163,145

Nuveen

Real

Estate

Securities

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

24

Shares

Description

(a)

Value

RETAIL

REITS

-

15.2%

274,298

Acadia

Realty

Trust

$

4,915,420

309,692

Agree

Realty

Corp

19,182,323

128,988

Federal

Realty

Investment

Trust

13,023,918

1,649,259

Kimco

Realty

Corp

32,094,580

138,444

NETSTREIT

Corp

2,228,948

83,593

NNN

REIT

Inc

3,561,062

430,375

Realty

Income

Corp

22,732,408

303,700

Regency

Centers

Corp

18,890,140

119,053

Simon

Property

Group

Inc

18,072,245

631,245

SITE

Centers

Corp

9,153,053

200,569

Urban

Edge

Properties

3,704,509

TOTAL

RETAIL

REITS

147,558,606

SELF-STORAGE

REITS

-

7.0%

179,744

CubeSmart

8,119,036

83,609

Extra

Space

Storage

Inc

12,993,675

163,519

Public

Storage

47,036,240

TOTAL

SELF-STORAGE

REITS

68,148,951

SINGLE-FAMILY

RESIDENTIAL

REITS

-

6.7%

168,083

American

Homes

4

Rent,

Class

A

6,245,964

260,224

Equity

LifeStyle

Properties

Inc

16,948,389

902,513

Invitation

Homes

Inc

32,391,192

79,247

Sun

Communities

Inc

9,536,584

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

65,122,129

TELECOM

TOWER

REITS

-

6.1%

199,287

American

Tower

Corp

38,737,407

23,835

Crown

Castle

Inc

2,328,680

91,974

SBA

Communications

Corp

18,054,496

TOTAL

TELECOM

TOWER

REITS

59,120,583

TIMBER

REITS

-

0.3%

110,594

Weyerhaeuser

Co

3,139,764

TOTAL

TIMBER

REITS

3,139,764

TOTAL

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

(cost

$703,075,238)

944,394,061

TOTAL

LONG-TERM

INVESTMENTS

(cost

$703,075,238)

944,394,061

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.2% 

X

–

REPURCHASE

AGREEMENTS

-

2

.2

%

X

21,059,924

$

20,425

(b)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

$

20,425,000

635

(c)

Fixed

Income

Clearing

Corporation

1.600%

7/01/24

634,924

TOTAL

REPURCHASE

AGREEMENTS

(cost

$21,059,924)

21,059,924

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$21,059,924)

21,059,924

TOTAL

INVESTMENTS

(cost

$

724,135,162

)

-

99

.7

%

965,453,985

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.3%

2,437,931

NET

ASSETS

-

100%

$

967,891,916

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$20,433,970

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/31/31,

valued

at

$20,833,599.

25

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

6/28/24

to

be

repurchased

at

$635,008

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

8/31/26,

valued

at

$647,681.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

26

June

30,

2024

(Unaudited)

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

ASSETS

Long-term

investments,

at

value

†‡

$

455,143,614‌

$

40,475,847‌

$

1,010,120,754‌

$

944,394,061‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

6,183,672‌

–‌

Short-term

investments,

at

value

◊

7,095,416‌

950,000‌

11,036,855‌

21,059,924‌

Cash

–‌

47,486‌

–‌

–‌

Cash

denominated

in

foreign

currencies

^

117,588‌

14,545‌

1,843,218‌

–‌

Cash

collateral

at

broker

for

investments

in

futures

contracts

(1)

–‌

–‌

1,284,003‌

–‌

Receivables:

Dividends

1,128,047‌

175,737‌

2,726,599‌

3,703,731‌

Interest

2,972‌

417‌

6,541,286‌

9,055‌

Investments

sold

3,368,467‌

172,529‌

2,096,277‌

2,061,594‌

Reclaims

227,949‌

25,894‌

805,485‌

33,119‌

Reimbursement

from

Adviser

122,013‌

42,300‌

241,038‌

456,288‌

Shares

sold

684,761‌

326‌

290,339‌

1,266,703‌

Variation

margin

on

futures

contracts

–‌

–‌

277,750‌

–‌

Other

78,823‌

32,907‌

96,682‌

182,018‌

Total

assets

467,969,650‌

41,937,988‌

1,043,543,958‌

973,166,493‌

LIABILITIES

Cash

overdraft

239,023‌

–‌

617,323‌

–‌

Payables:

Management

fees

343,677‌

30,778‌

619,898‌

611,235‌

Collateral

from

securities

lending

–‌

–‌

6,183,672‌

–‌

Dividends

–‌

338,940‌

155,379‌

1,271,484‌

Capital

gain

taxes

107,121‌

–‌

–‌

–‌

Interest

387‌

30‌

885‌

759‌

Investments

purchased

-

regular

settlement

1,645,629‌

119,859‌

2,807,279‌

1,112,200‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

–‌

139,650‌

–‌

Shares

redeemed

156,753‌

9,275‌

1,952,498‌

1,620,501‌

Accrued

expenses:

Custodian

fees

184,068‌

77,169‌

248,747‌

81,243‌

Directors/Trustees

fees

27,535‌

778‌

60,399‌

154,420‌

Professional

fees

29,192‌

26,107‌

37,409‌

44,858‌

Shareholder

reporting

expenses

22,701‌

13,290‌

141,536‌

62,338‌

Shareholder

servicing

agent

fees

95,039‌

984‌

214,129‌

290,510‌

12b-1

distribution

and

service

fees

14,876‌

191‌

68,488‌

25,029‌

Other

6,205‌

—‌

—‌

—‌

Total

liabilities

2,872,206‌

617,401‌

13,247,292‌

5,274,577‌

Net

assets

$

465,097,444‌

$

41,320,587‌

$

1,030,296,666‌

$

967,891,916‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

375,313,829‌

$

43,690,203‌

$

1,332,278,456‌

$

738,728,674‌

Total

distributable

earnings

(loss)

89,783,615‌

(

2,369,616‌

)

(

301,981,790‌

)

229,163,242‌

Net

assets

$

465,097,444‌

$

41,320,587‌

$

1,030,296,666‌

$

967,891,916‌

†

Long-term

investments,

cost

$

363,395,842‌

$

37,247,564‌

$

1,011,893,100‌

$

703,075,238‌

◊

Short-term

investments,

cost

$

7,095,416‌

$

950,000‌

$

11,036,855‌

$

21,059,924‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

5,915,119‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

117,539‌

$

14,550‌

$

1,841,961‌

$

—‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

27

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

CLASS

A:

Net

assets

$

43,799,429‌

$

740,521‌

$

135,626,224‌

$

112,713,336‌

Shares

outstanding

3,960,911‌

42,184‌

6,625,529‌

7,757,021‌

Net

asset

value

("NAV")

per

share

$

11.06‌

$

17.55‌

$

20.47‌

$

14.53‌

Maximum

sales

charge

5.75%

5.75%

5.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

11.73‌

$

18.62‌

$

21.72‌

$

15.42‌

CLASS

C:

Net

assets

$

6,873,032‌

$

44,769‌

$

48,126,619‌

$

2,611,626‌

Shares

outstanding

634,860‌

2,552‌

2,349,609‌

188,076‌

NAV

and

offering

price

per

share

$

10.83‌

$

17.54‌

$

20.48‌

$

13.89‌

CLASS

R6:

Net

assets

$

70,940,421‌

$

38,049,433‌

$

184,513,256‌

$

263,110,723‌

Shares

outstanding

6,416,986‌

2,168,058‌

8,956,329‌

17,376,638‌

NAV

and

offering

price

per

share

$

11.06‌

$

17.55‌

$

20.60‌

$

15.14‌

CLASS

I:

Net

assets

$

343,484,562‌

$

2,485,864‌

$

662,030,567‌

$

589,456,231‌

Shares

outstanding

31,156,515‌

141,697‌

32,337,385‌

39,599,601‌

NAV

and

offering

price

per

share

$

11.02‌

$

17.54‌

$

20.47‌

$

14.89‌

Authorized

shares

-

per

class

2

billion

Unlimited

2

billion

2

billion

Par

value

per

share

$

0.0001

$

0.01

$

0.0001

$

0.0001

Statement

of

Operations

See

Notes

to

Financial

Statements

28

Six

Months

Ended

June

30,

2024

(Unaudited)

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

INVESTMENT

INCOME

Affiliated

income

$

258,630‌

$

26,491‌

$

439,404‌

$

790,580‌

Dividends

10,078,309‌

822,724‌

19,356,688‌

15,387,032‌

Interest

307,228‌

19,595‌

12,456,111‌

631,368‌

Securities

lending

income,

net

51,961‌

—‌

185,406‌

—‌

Tax

withheld

(739,575‌)

(54,620‌)

(1,189,270‌)

—‌

Total

investment

income

9,956,553‌

814,190‌

31,248,339‌

16,808,980‌

EXPENSES

–

–

–

–

Management

fees

2,088,375‌

186,956‌

3,838,997‌

3,959,666‌

12b-1

service

fees

-

Class

A

56,349‌

945‌

175,953‌

142,460‌

12b-1

distribution

and

service

fees

-

Class

C

36,607‌

232‌

269,784‌

15,187‌

Shareholder

servicing

agent

fees

-

Class

A

17,296‌

293‌

74,639‌

91,470‌

Shareholder

servicing

agent

fees

-

Class

C

2,810‌

18‌

28,659‌

2,446‌

Shareholder

servicing

agent

fees

-

Class

R6

2,323‌

1,002‌

10,786‌

11,712‌

Shareholder

servicing

agent

fees

-

Class

I

130,499‌

836‌

357,795‌

439,454‌

Interest

expense

1,860‌

124‌

4,070‌

2,233‌

Directors/Trustees

fees

8,193‌

742‌

18,193‌

16,315‌

Custodian

expenses

157,361‌

46,999‌

136,505‌

38,937‌

Registration

fees

36,335‌

34,100‌

43,750‌

39,088‌

Professional

fees

94,367‌

44,725‌

103,455‌

88,795‌

Shareholder

reporting

expenses

50,166‌

15,837‌

279,679‌

141,668‌

Other

8,885‌

5,986‌

16,507‌

9,535‌

Total

expenses

before

fee

waiver/expense

reimbursement

2,691,426‌

338,795‌

5,358,772‌

4,998,966‌

Fee

waiver/expense

reimbursement

(342,889‌)

(135,688‌)

(225,402‌)

(561,343‌)

Net

expenses

2,348,537‌

203,107‌

5,133,370‌

4,437,623‌

Net

investment

income

(loss)

7,608,016‌

611,083‌

26,114,969‌

12,371,357‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

4,412,335‌

142,778‌

(5,447,784‌)

14,434,323‌

Futures

contracts

—‌

—‌

912,873‌

—‌

Foreign

currency

transactions

(48,628‌)

(6,783‌)

(35,396‌)

—‌

Net

realized

gain

(loss)

4,363,707‌

135,995‌

(4,570,307‌)

14,434,323‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

**

(6,931,204‌)

(2,221,807‌)

(13,188,882‌)

(44,509,847‌)

Futures

contracts

—‌

—‌

2,273,244‌

—‌

Foreign

currency

translations

(5,244‌)

(1,391‌)

(41,220‌)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

(6,936,448‌)

(2,223,198‌)

(10,956,858‌)

(44,509,847‌)

Net

realized

and

unrealized

gain

(loss)

(2,572,741‌)

(2,087,203‌)

(15,527,165‌)

(30,075,524‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

5,035,275‌

$

(1,476,120‌)

$

10,587,804‌

$

(17,704,167‌)

**

Net

of

change

in

foreign

capital

gains

tax

$

(59,538‌)

$

—‌

$

—‌

$

—‌

Statement

of

Changes

in

Net

Assets

June

30,

2024

See

Notes

to

Financial

Statements

29

Global

Infrastructure

Global

Real

Estate

Securities

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

7,608,016‌

$

11,132,821‌

$

611,083‌

$

1,169,386‌

Net

realized

gain

(loss)

4,363,707‌

7,451,947‌

135,995‌

(

1,699,511‌

)

Net

change

in

unrealized

appreciation

(depreciation)

(

6,936,448‌

)

22,667,510‌

(

2,223,198‌

)

5,001,056‌

Net

increase

(decrease)

in

net

assets

from

operations

5,035,275‌

41,252,278‌

(

1,476,120‌

)

4,470,931‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

—‌

(

1,020,446‌

)

(

11,025‌

)

(

17,378‌

)

Class

C

—‌

(

111,173‌

)

(

492‌

)

(

1,095‌

)

Class

R6

—‌

(

1,749,108‌

)

(

630,130‌

)

(

1,218,539‌

)

Class

I

—‌

(

8,217,071‌

)

(

36,981‌

)

(

67,730‌

)

Return

of

Capital:

Class

A

—‌

(

48,641‌

)

—‌

—‌

Class

C

—‌

(

9,598‌

)

—‌

—‌

Class

R6

—‌

(

73,976‌

)

—‌

—‌

Class

I

—‌

(

365,813‌

)

—‌

—‌

Total

distributions

—‌

(

11,595,826‌

)

(

678,628‌

)

(

1,304,742‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

38,992,817‌

77,546,708‌

565,212‌

1,299,206‌

Reinvestments

of

distributions

—‌

8,426,032‌

56,005‌

102,871‌

Redemptions

(

53,485,936‌

)

(

147,094,878‌

)

(

180,702‌

)

(

1,029,507‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

14,493,119‌

)

(

61,122,138‌

)

440,515‌

372,570‌

Net

increase

(decrease)

in

net

assets

(

9,457,844‌

)

(

31,465,686‌

)

(

1,714,233‌

)

3,538,759‌

Net

assets

at

the

beginning

of

period

474,555,288‌

506,020,974‌

43,034,820‌

39,496,061‌

Net

assets

at

the

end

of

period

$

465,097,444‌

$

474,555,288‌

$

41,320,587‌

$

43,034,820‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

30

Real

Asset

Income

Real

Estate

Securities

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

26,114,969‌

$

55,551,530‌

$

12,371,357‌

$

26,757,383‌

Net

realized

gain

(loss)

(

4,570,307‌

)

(

48,015,985‌

)

14,434,323‌

27,445,193‌

Net

change

in

unrealized

appreciation

(depreciation)

(

10,956,858‌

)

79,955,696‌

(

44,509,847‌

)

51,178,164‌

Net

increase

(decrease)

in

net

assets

from

operations

10,587,804‌

87,491,241‌

(

17,704,167‌

)

105,380,740‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

3,423,692‌

)

(

7,585,795‌

)

(

1,601,350‌

)

(

3,967,524‌

)

Class

C

(

1,107,007‌

)

(

3,151,082‌

)

(

29,555‌

)

(

105,263‌

)

Class

R6

(

4,692,337‌

)

(

8,825,179‌

)

(

4,252,118‌

)

(

11,183,009‌

)

Class

I

(

17,208,201‌

)

(

39,560,593‌

)

(

8,771,390‌

)

(

19,417,017‌

)

Total

distributions

(

26,431,237‌

)

(

59,122,649‌

)

(

14,654,413‌

)

(

34,672,813‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

92,194,591‌

182,856,316‌

183,549,004‌

228,196,157‌

Reinvestments

of

distributions

25,410,592‌

56,492,733‌

12,050,862‌

27,541,116‌

Redemptions

(

163,555,856‌

)

(

381,185,908‌

)

(

191,850,194‌

)

(

380,983,554‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

45,950,673‌

)

(

141,836,859‌

)

3,749,672‌

(

125,246,281‌

)

Net

increase

(decrease)

in

net

assets

(

61,794,106‌

)

(

113,468,267‌

)

(

28,608,908‌

)

(

54,538,354‌

)

Net

assets

at

the

beginning

of

period

1,092,090,772‌

1,205,559,039‌

996,500,824‌

1,051,039,178‌

Net

assets

at

the

end

of

period

$

1,030,296,666‌

$

1,092,090,772‌

$

967,891,916‌

$

996,500,824‌

Financial

Highlights

31

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

6/30/24(d)

$

10.94

$

0.16

$

(

0.04

)

$

0.12

$

—

$

—

$

—

$

—

$

11.06

12/31/23

10.31

0.22

0.66

0.88

(

0.24

)

—

(

0.01

)

(

0.25

)

10.94

12/31/22

11.69

0.13

(

0.88

)

(

0.75

)

(

0.25

)

(

0.38

)

—

(

0.63

)

10.31

12/31/21

10.97

0.19

1.37

1.56

(

0.20

)

(

0.64

)

—

(

0.84

)

11.69

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

Class

C

6/30/24(d)

10.75

0.12

(

0.04

)

0.08

—

—

—

—

10.83

12/31/23

10.13

0.13

0.65

0.78

(

0.15

)

—

(

0.01

)

(

0.16

)

10.75

12/31/22

11.50

0.04

(

0.87

)

(

0.83

)

(

0.16

)

(

0.38

)

—

(

0.54

)

10.13

12/31/21

10.87

0.10

1.35

1.45

(

0.18

)

(

0.64

)

—

(

0.82

)

11.50

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

Class

R6

6/30/24(d)

10.92

0.18

(

0.04

)

0.14

—

—

—

—

11.06

12/31/23

10.29

0.25

0.66

0.91

(

0.27

)

—

(

0.01

)

(

0.28

)

10.92

12/31/22

11.68

0.16

(

0.89

)

(

0.73

)

(

0.28

)

(

0.38

)

—

(

0.66

)

10.29

12/31/21

10.96

0.23

1.37

1.60

(

0.24

)

(

0.64

)

—

(

0.88

)

11.68

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

Class

I

6/30/24(d)

10.90

0.18

(

0.06

)

0.12

—

—

—

—

11.02

12/31/23

10.26

0.24

0.67

0.91

(

0.26

)

—

(

0.01

)

(

0.27

)

10.90

12/31/22

11.65

0.16

(

0.90

)

(

0.74

)

(

0.27

)

(

0.38

)

—

(

0.65

)

10.26

12/31/21

10.93

0.22

1.37

1.59

(

0.23

)

(

0.64

)

—

(

0.87

)

11.65

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

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

32

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

1

.10‌

%

$

43,799

1

.38‌

%

(e)

1

.24‌

%

(e)

3

.03‌

%

(e)

38‌

%

8

.51‌

47,992

1

.31‌

1

.22‌

2

.05‌

90‌

(

6

.28‌

)

47,824

1

.34‌

1

.22‌

1

.18‌

121‌

14

.44‌

52,495

1

.32‌

1

.21‌

1

.66‌

128‌

(

2

.76‌

)

44,235

1

.35‌

1

.22‌

1

.24‌

181‌

29

.27‌

57,379

1

.36‌

1

.22‌

1

.99‌

144‌

0

.74‌

6,873

2

.13‌

(e)

1

.99‌

(e)

2

.26‌

(e)

38‌

7

.74‌

7,998

2

.06‌

1

.97‌

1

.29‌

90‌

(

7

.04‌

)

10,463

2

.09‌

1

.97‌

0

.40‌

121‌

13

.58‌

14,905

2

.07‌

1

.96‌

0

.89‌

128‌

(

3

.56‌

)

18,465

2

.10‌

1

.97‌

0

.49‌

181‌

28

.37‌

24,640

2

.11‌

1

.97‌

1

.26‌

144‌

1

.28‌

70,940

1

.06‌

(e)

0

.92‌

(e)

3

.40‌

(e)

38‌

8

.87‌

71,444

0

.99‌

0

.90‌

2

.37‌

90‌

(

6

.06‌

)

76,161

1

.02‌

0

.90‌

1

.45‌

121‌

14

.84‌

133,575

0

.99‌

0

.88‌

2

.00‌

128‌

(

2

.39‌

)

107,342

1

.01‌

0

.88‌

1

.57‌

181‌

29

.70‌

60,187

1

.03‌

0

.89‌

2

.26‌

144‌

1

.19‌

343,485

1

.13‌

(e)

0

.99‌

(e)

3

.32‌

(e)

38‌

8

.90‌

347,121

1

.06‌

0

.97‌

2

.30‌

90‌

(

6

.15‌

)

371,573

1

.09‌

0

.97‌

1

.40‌

121‌

14

.78‌

471,885

1

.07‌

0

.96‌

1

.89‌

128‌

(

2

.55‌

)

439,399

1

.10‌

0

.97‌

1

.50‌

181‌

29

.69‌

477,180

1

.11‌

0

.97‌

2

.24‌

144‌

33

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

6/30/24(d)

$

18.48

$

0.23

$

(

0.90

)

$

(

0.67

)

$

(

0.26

)

$

—

$

—

$

(

0.26

)

$

17.55

12/31/23

17.10

0.46

1.42

1.88

(

0.50

)

—

—

(

0.50

)

18.48

12/31/22

24.08

0.37

(

6.42

)

(

6.05

)

(

0.47

)

(

0.32

)

(

0.14

)

(

0.93

)

17.10

12/31/21

21.25

0.54

5.32

5.86

(

1.08

)

(

1.95

)

—

(

3.03

)

24.08

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

Class

C

6/30/24(d)

18.47

0.16

(

0.90

)

(

0.74

)

(

0.19

)

—

—

(

0.19

)

17.54

12/31/23

17.09

0.32

1.43

1.75

(

0.37

)

—

—

(

0.37

)

18.47

12/31/22

24.06

0.21

(

6.40

)

(

6.19

)

(

0.32

)

(

0.32

)

(

0.14

)

(

0.78

)

17.09

12/31/21

21.25

0.35

5.31

5.66

(

0.90

)

(

1.95

)

—

(

2.85

)

24.06

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

Class

R6

6/30/24(d)

18.48

0.26

(

0.90

)

(

0.64

)

(

0.29

)

—

—

(

0.29

)

17.55

12/31/23

17.10

0.50

1.44

1.94

(

0.56

)

—

—

(

0.56

)

18.48

12/31/22

24.09

0.37

(

6.36

)

(

5.99

)

(

0.54

)

(

0.32

)

(

0.14

)

(

1.00

)

17.10

12/31/21

21.27

0.56

5.38

5.94

(

1.17

)

(

1.95

)

—

(

3.12

)

24.09

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

Class

I

6/30/24(d)

18.47

0.26

(

0.91

)

(

0.65

)

(

0.28

)

—

—

(

0.28

)

17.54

12/31/23

17.09

0.49

1.43

1.92

(

0.54

)

—

—

(

0.54

)

18.47

12/31/22

24.07

0.39

(

6.39

)

(

6.00

)

(

0.52

)

(

0.32

)

(

0.14

)

(

0.98

)

17.09

12/31/21

21.25

0.59

5.32

5.91

(

1.14

)

(

1.95

)

—

(

3.09

)

24.07

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

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

34

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

(

3

.64‌

)

%

$

741

1

.96‌

%

(e)

1

.30‌

%

(e)

2

.64‌

%

(e)

34‌

%

11

.22‌

792

1

.83‌

1

.30‌

2

.67‌

81‌

(

25

.09‌

)

482

2

.14‌

1

.30‌

1

.90‌

102‌

28

.21‌

254

1

.89‌

1

.29‌

2

.19‌

130‌

(

1

.32‌

)

37

2

.45‌

1

.30‌

1

.48‌

159‌

27

.55‌

35

3

.21‌

1

.30‌

1

.60‌

198‌

(

4

.00‌

)

45

2

.71‌

(e)

2

.05‌

(e)

1

.81‌

(e)

34‌

10

.40‌

55

2

.58‌

2

.05‌

1

.85‌

81‌

(

25

.66‌

)

47

2

.89‌

2

.05‌

1

.07‌

102‌

27

.16‌

53

2

.64‌

2

.04‌

1

.44‌

130‌

(

2

.04‌

)

27

3

.20‌

2

.05‌

0

.71‌

159‌

26

.56‌

33

3

.96‌

2

.05‌

0

.86‌

198‌

(

3

.48‌

)

38,049

1

.64‌

(e)

0

.98‌

(e)

2

.98‌

(e)

34‌

11

.61‌

39,977

1

.49‌

0

.96‌

2

.91‌

81‌

(

24

.84‌

)

37,200

1

.79‌

0

.95‌

1

.86‌

102‌

28

.57‌

73,585

1

.54‌

0

.94‌

2

.33‌

130‌

(

0

.95‌

)

58,480

2

.15‌

1

.00‌

1

.87‌

159‌

27

.91‌

27,709

2

.88‌

0

.97‌

1

.93‌

198‌

(

3

.53‌

)

2,486

1

.71‌

(e)

1

.05‌

(e)

2

.98‌

(e)

34‌

11

.50‌

2,212

1

.58‌

1

.05‌

2

.86‌

81‌

(

24

.90‌

)

1,767

1

.89‌

1

.05‌

1

.94‌

102‌

28

.48‌

2,091

1

.64‌

1

.04‌

2

.45‌

130‌

(

1

.02‌

)

188

2

.20‌

1

.05‌

1

.71‌

159‌

27

.80‌

190

2

.96‌

1

.05‌

2

.06‌

198‌

35

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

6/30/24(d)

$

20.77

$

0.49

$

(0.30)

$

0.19

$

(0.49)

$

—

$

—

$

(0.49)

$

20.47

12/31/23

20.18

0.93

0.66

1.59

(

1.00)

—

—

(1.00)

20.77

12/31/22

24.07

0.91

(3.75)

(2.84)

(0.91)

—

(0.14)

(1.05)

20.18

12/31/21

22.75

1.05

1.54

2.59

(1.27)

—

—

(1.27

)

24.07

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

Class

C

6/30/24(d)

20.79

0.41

(0.30)

0.11

(0.42)

—

—

(0.42)

20.48

12/31/23

20.19

0.77

0.67

1.44

(0.84)

—

—

(0.84)

20.79

12/31/22

24.07

0.74

(3.74)

(3.00)

(0.74)

—

(0.14)

(0.88)

20.19

12/31/21

22.76

0.86

1.55

2.41

(1.10)

—

—

(1.10)

24.07

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

Class

R6

6/30/24(d)

20.91

0.53

(0.31)

0.22

(0.53)

—

—

(0.53)

20.60

12/31/23

20.30

1.01

0.67

1.68

(1.07)

—

—

(1.07)

20.91

12/31/22

24.21

0.98

(3.77)

(2.79)

(0.98)

—

(0.14)

(1.12)

20.30

12/31/21

22.87

1.13

1.56

2.69

(1.35)

—

—

(1.35)

24.21

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

Class

I

6/30/24(d)

20.77

0.51

(

0.29)

0.22

(0.52)

—

—

(0.52)

20.47

12/31/23

20.18

0.98

0.65

1.63

(1.04)

—

—

(1.04)

20.77

12/31/22

24.07

0.97

(3.76)

(2.79)

(

0.96)

—

(0.14)

(1.10)

20.18

12/31/21

22.75

1.10

1.55

2.65

(1.33)

—

—

(1.33)

24.07

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

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Unaudited.

(e)

Annualized.

See

Notes

to

Financial

Statements

36

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

1.02‌

%

$

135,626

1.20‌

%

(e)

1.16‌

%

(e)

4.79‌

%

(e)

37‌

%

8.13‌

148,967

1.18‌

1.16‌

4.64‌

60‌

(12.00‌)

154,979

1.17‌

1.16‌

4.18‌

73‌

11.60‌

192,591

1.14‌

1.14‌

4.42‌

73‌

(3.71‌)

173,139

1.16‌

1.16‌

4.17‌

104‌

22.39‌

220,665

1.14‌

1.14‌

4.16‌

85‌

0.64‌

48,127

1.95‌

(e)

1.91‌

(e)

3.98‌

(e)

37‌

7.36‌

61,250

1.93‌

1.91‌

3.83‌

60‌

(12.64‌)

91,024

1.92‌

1.91‌

3.40‌

73‌

10.75‌

134,834

1.89‌

1.89‌

3.62‌

73‌

(4.43‌)

156,391

1.91‌

1.91‌

3.41‌

104‌

21.50‌

217,976

1.89‌

1.89‌

3.41‌

85‌

1.15‌

184,513

0.85‌

(e)

0.81‌

(e)

5.17‌

(e)

37‌

8.56‌

181,053

0.83‌

0.81‌

5.01‌

60‌

(11.72‌)

161,185

0.82‌

0.81‌

4.45‌

73‌

11.99‌

252,907

0.80‌

0.80‌

4.75‌

73‌

(3.40‌)

223,948

0.82‌

0.81‌

4.63‌

104‌

22.82‌

80,903

0.80‌

0.80‌

4.59‌

85‌

1.18‌

662,031

0.95‌

(e)

0.91‌

(e)

5.04‌

(e)

37‌

8.38‌

700,821

0.93‌

0.91‌

4.87‌

60‌

(11.77‌)

798,370

0.92‌

0.91‌

4.43‌

73‌

11.88‌

976,385

0.89‌

0.89‌

4.64‌

73‌

(3.47‌)

1,055,383

0.91‌

0.91‌

4.37‌

104‌

22.69‌

1,725,703

0.89‌

0.89‌

4.42‌

85‌

37

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

6/30/24(d)

$

15.02

$

0.17

$

(0.45)

$

(0.28)

$

(0.21)

$

—

$

(0.21)

$

14.53

12/31/23

13.95

0.34

1.19

1.53

(0.35)

(

0.11)

(0.46)

15.02

12/31/22

22.36

0.25

(5.82)

(5.57)

(0.74)

(2.10)

(2.84)

13.95

12/31/21

18.40

0.23

7.12

7.35

(0.33)

(3.06)

(3.39)

22.36

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

Class

C

6/30/24(d)

14.36

0.10

(0.42)

(0.32)

(0.15)

—

(0.15)

13.89

12/31/23

13.33

0.20

1.17

1.37

(0.23)

(0.11)

(0.34)

14.36

12/31/22

21.51

0.09

(5.58)

(5.49)

(0.59)

(2.10)

(2.69)

13.33

12/31/21

17.80

0.03

6.90

6.93

(0.16)

(3.06)

(3.22)

21.51

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

Class

R6

6/30/24(d)

15.65

0.20

(0.47)

(0.27)

(0.24)

—

(0.24)

15.14

12/31/23

14.53

0.41

1.24

1.65

(0.42)

(0.11)

(0.53)

15.65

12/31/22

23.15

0.33

(6.03)

(5.70)

(0.82)

(2.10)

(2.92)

14.53

12/31/21

18.98

0.32

7.34

7.66

(0.43)

(3.06)

(3.49)

23.15

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

Class

I

6/30/24(d)

15.39

0.20

(0.47)

(0.27)

(0.23)

—

(0.23)

14.89

12/31/23

14.29

0.38

1.23

1.61

(0.40)

(0.11)

(0.51)

15.39

12/31/22

22.83

0.28

(5.93)

(5.65)

(0.79)

(2.10)

(2.89)

14.29

12/31/21

18.74

0.27

7.27

7.54

(0.39)

(3.06)

(3.45)

22.83

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

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Unaudited.

(e)

Annualized.

(f)

Fund

did

not

have

waiver/reimbursement

for

periods

prior

to

fiscal

year

ended

December

31,

2021.

See

Notes

to

Financial

Statements

38

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

(1.89‌)

%

$

112,713

1.33‌

%

(e)

1.21‌

%

(e)

2.33‌

%

(e)

32‌

%

11.22‌

124,579

1.31‌

1.22‌

2.39‌

72‌

(24.87‌)

131,155

1.30‌

1.22‌

1.34‌

78‌

40.98‌

207,384

1.28‌

1.24‌

1.05‌

101‌

(6.37‌)

176,739

1.30‌

1.30‌

(f)

1.20‌

(f)

135‌

25

.24‌

249,172

1.30‌

1.30‌

(f)

1.56‌

(f)

109‌

(2.26‌)

2,612

2.08‌

(e)

1.96‌

(e)

1.44‌

(e)

32‌

10.46‌

3,713

2.06‌

1.97‌

1.47‌

72‌

(25.45‌)

6,377

2.05‌

1.97‌

0.56‌

78‌

39.85‌

12,195

2.03‌

2.00‌

0.16‌

101‌

(7.03‌)

14,874

2.05‌

2.05‌

(f)

0.32‌

(f)

135‌

24.28‌

37,352

2.06‌

2.06‌

(f)

0.79‌

(f)

109‌

(1.71‌)

263,111

0.92‌

(e)

0.80‌

(e)

2.68‌

(e)

32‌

11.66‌

322,442

0.93‌

0.84‌

2

.80‌

72‌

(24.59‌)

313,047

0.93‌

0.85‌

1.70‌

78‌

41.48‌

556,126

0.89‌

0.85‌

1.46‌

101‌

(5.95‌)

437,016

0.90‌

0.90‌

(f)

1.66‌

(f)

135‌

25.74‌

479,973

0.88‌

0.88‌

(f)

2.03‌

(f)

109‌

(1.76‌)

589,456

1.08‌

(e)

0.96‌

(e)

2.68‌

(e)

32‌

11.51‌

545,767

1.06‌

0.97‌

2.62‌

72‌

(24.70‌)

600,459

1.05‌

0.97‌

1.48‌

78‌

41.32‌

1,476,888

1.03‌

0.99‌

1.23‌

101‌

(6.12‌)

1,604,544

1.05‌

1.05‌

(f)

1.46‌

(f)

135‌

25.56‌

2,148,012

1.06‌

1.06‌

(f)

1.80‌

(f)

109‌

Notes

to

Financial

Statements

(Unaudited)

39

1.

General

Information 

Trust

and

Fund

Information:

Nuveen

Investment

Funds,

Inc.

and

Nuveen

Investment

Trust

V

(each

a

“Trust”

and

collectively,

the

“Trusts”),

are

open-

end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”)

as

amended.

Nuveen

Investment

Funds,

Inc.

is

comprised

of

Nuveen

Global

Infrastructure

Fund

(“Global

Infrastructure”),

Nuveen

Real

Asset

Income

Fund

(“Real

Asset

Income”)

and

Nuveen

Real

Estate

Securities

Fund

(“Real

Estate

Securities”),

among

others,

and

Nuveen

Investment

Trust

V

is

comprised

of

Nuveen

Global

Real

Estate

Securities

Fund

(“Global

Real

Estate

Securities”),

among

others,

(each

a

“Fund”

and

collectively,

the

“Funds”).

Nuveen

Investment

Funds,

Inc.

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987

and

Nuveen

Investment

Trust

V

was

organized

as

a

Massachusetts

business

trust

on

September

27,

2006.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

June

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

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

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

40

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

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

$

33,331,951

7.2

%

Spain

31,772,391

6.8

France

25,613,983

5.5

Australia

24,538,958

5.3

Italy

18,352,694

4.0

Japan

15,883,436

3.4

United

Kingdom

15,329,764

3.3

New

Zealand

12,587,442

2.7

Mexico

11,227,966

2.4

Other

31,731,981

6.8

Total

non-U.S.

Securities

$220,370,566

47.4%

Global

Real

Estate

Securities

Value

%

of

Net

Assets

Country:

Japan

$

3,766,876

9.1

%

Australia

1,854,410

4.5

Canada

1,778,781

4.3

United

Kingdom

1,602,184

3.9

Germany

1,127,105

2.7

Singapore

963,020

2.3

Hong

Kong

916,951

2.2

Belgium

816,285

2.0

France

478,922

1.2

Other

1,501,238

3.7

Total

non-U.S.

Securities

$14,805,772

35.9%

Real

Asset

Income

Value

%

of

Net

Assets

Country:

Canada

$

126,043,275

12.2

%

United

Kingdom

38,975,951

3.8

Australia

32,864,044

3.2

Singapore

22,747,829

2.2

Italy

22,075,797

2.1

France

16,159,517

1.6

Hong

Kong

16,009,514

1.6

Japan

12,673,966

1.2

Spain

12,587,573

1.2

Other

40,545,215

4.0

Total

non-U.S.

Securities

$340,682,681

33.1%

41

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.

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,

42

Notes

to

Financial

Statements

(Unaudited)

(continued)

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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

$

255,526,592

$

175,956,088

$

–

$

431,482,680

Real

Estate

Investment

Trust

Common

Stocks

21,318,667

746,229

–

22,064,896

Investment

Companies

–

1,596,038

–

1,596,038

Short-Term

Investments:

Repurchase

Agreements

–

7,095,416

–

7,095,416

Total

$

276,845,259

$

185,393,771

$

–

$

462,239,030

Global

Real

Estate

Securities

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

27,418,424

$

8,258,417

$

165

$

35,677,006

Common

Stocks

334,482

4,464,359

–

4,798,841

Short-Term

Investments:

Repurchase

Agreements

–

950,000

–

950,000

Total

$

27,752,906

$

13,672,776

$

165

$

41,425,847

Real

Asset

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

267,106,838

$

–

$

267,106,838

Common

Stocks

159,025,733

78,334,636

–

237,360,369

Real

Estate

Investment

Trust

Common

Stocks

139,585,769

76,867,955

5,019

216,458,743

$25

Par

(or

similar)

Retail

Preferred

134,927,973

–

–

134,927,973

$1,000

Par

(or

similar)

Institutional

Preferred

–

129,117,809

–

129,117,809

Convertible

Preferred

Securities

15,230,090

3,293,785

–

18,523,875

Investment

Companies

–

5,205,567

–

5,205,567

Mortgage-Backed

Securities

–

1,278,493

–

1,278,493

Variable

Rate

Senior

Loan

Interests

–

141,087

–

141,087

Investments

Purchased

with

Collateral

from

Securities

Lending

6,183,672

–

–

6,183,672

Short-Term

Investments:

Repurchase

Agreements

–

11,036,855

–

11,036,855

Investments

in

Derivatives:

Futures

Contracts*

(623,012)

–

–

(623,012)

Total

$

454,330,225

$

572,383,025

$

5,019

$

1,026,718,269

43

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

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:

Real

Estate

Securities

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

944,394,061

$

–

$

–

$

944,394,061

Short-Term

Investments:

Repurchase

Agreements

–

21,059,924

–

21,059,924

Total

$

944,394,061

$

21,059,924

$

–

$

965,453,985

*

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

$

7,095,416

$(7,237,371)

Global

Real

Estate

Securities

Fixed

Income

Clearing

Corporation

950,000

(969,028)

Real

Asset

Income

Fixed

Income

Clearing

Corporation

11,036,855

(11,257,740)

Real

Estate

Securities

Fixed

Income

Clearing

Corporation

21,059,924

(21,481,280)

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Real

Asset

Income

Corporate

Bonds

$4,576,390

$4,815,830

$1,000

Par

(or

similar)

Institutional

Preferred

1,251,977

1,278,518

$25

Par

(or

similar)

Retail

Preferred

86,752

89,325

$5,915,119

$6,183,672

44

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

Real

Asset

Income

used

interest

rate

futures

to

partially

hedge

the

portfolio

against

movements

in

interest

rates.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

As

of the

end

of

the

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

Fund's

Statement

of

Operations

was

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Global

Infrastructure

$

174,456,390

$

178,097,892

Global

Real

Estate

Securities

14,296,927

13,829,131

Real

Asset

Income

380,504,288

410,157,854

Real

Estate

Securities

297,883,058

297,143,430

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

Real

Asset

Income

$

54,391,523

*

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

depreciation

on

futures

contracts

*

$

(623,012)

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.

45

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Real

Asset

Income

Futures

contracts

Interest

rate

$

912,873

$

2,273,244

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Global

Infrastructure

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

148,767

$1,617,218

525,565

$5,609,243

Class

A

-

automatic

conversion

of

Class

C

—

—

4

41

Class

C

58,793

619,811

97,360

1,021,699

Class

R6

183,017

1,965,284

514,643

5,478,017

Class

I

3,231,535

34,790,504

6,224,520

65,437,708

Total

subscriptions

3,622,112

38,992,817

7,362,092

77,546,708

Reinvestments

of

distributions:

Class

A

—

—

94,312

1,032,722

Class

C

—

—

10,115

108,932

Class

R6

—

—

110,032

1,202,653

Class

I

—

—

557,446

6,081,725

Total

reinvestments

of

distributions

—

—

771,905

8,426,032

Redemptions:

Class

A

(573,356)

(6,225,251)

(874,642)

(9,283,915)

Class

C

(167,687)

(1,791,458)

(396,389)

(4,109,033)

Class

C

-

automatic

conversion

to

Class

A

—

—

(4)

(41)

Class

R6

(306,607)

(3,334,266)

(1,486,972)

(15,874,734)

Class

I

(3,930,860)

(42,134,961)

(11,138,297)

(117,827,155)

Total

redemptions

(4,978,510)

(53,485,936)

(13,896,304)

(147,094,878)

Net

increase

(decrease)

(1,356,398)

$(14,493,119)

(5,762,307)

$(61,122,138)

46

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Global

Real

Estate

Securities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

149

$2,634

30,853

$549,812

Class

C

—

—

191

3,500

Class

R6

5,658

100,778

4,872

83,930

Class

I

26,379

461,800

38,114

661,964

Total

subscriptions

32,186

565,212

74,030

1,299,206

Reinvestments

of

distributions:

Class

A

600

10,700

961

16,753

Class

C

14

251

36

631

Class

R6

473

8,425

1,073

18,529

Class

I

2,059

36,629

3,866

66,958

Total

reinvestments

of

distributions

3,146

56,005

5,936

102,871

Redemptions:

Class

A

(1,401)

(24,891)

(17,184)

(295,925)

Class

C

(423)

(7,499)

(24)

(410)

Class

R6

(1,864)

(33,419)

(18,109)

(305,652)

Class

I

(6,506)

(114,893)

(25,612)

(427,520)

Total

redemptions

(10,194)

(180,702)

(60,929)

(1,029,507)

Net

increase

(decrease)

25,138

$440,515

19,037

$372,570

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Real

Asset

Income

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

466,139

$9,538,009

1,334,670

$27,019,808

Class

A

-

automatic

conversion

of

Class

C

—

—

630

12,516

Class

C

29,426

602,208

98,405

1,994,989

Class

R6

158,056

3,247,141

456,343

9,300,298

Class

I

3,857,504

78,807,233

7,149,066

144,528,705

Total

subscriptions

4,511,125

92,194,591

9,039,114

182,856,316

Reinvestments

of

distributions:

Class

A

158,059

3,228,793

355,828

7,171,711

Class

C

52,234

1,067,551

148,955

3,009,909

Class

R6

228,241

4,692,303

435,569

8,825,178

Class

I

803,815

16,421,945

1,859,841

37,485,935

Total

reinvestments

of

distributions

1,242,349

25,410,592

2,800,193

56,492,733

Redemptions:

Class

A

(1,169,773)

(23,904,850)

(2,199,486)

(44,159,148)

Class

C

(678,814)

(13,895,314)

(1,808,288)

(36,319,531)

Class

C

-

automatic

conversion

to

Class

A

—

—

(630)

(12,516)

Class

R6

(90,144)

(1,856,365)

(170,081)

(3,448,937)

Class

I

(6,058,730)

(123,899,327)

(14,836,509)

(297,245,776)

Total

redemptions

(7,997,461)

(163,555,856)

(19,014,994)

(381,185,908)

Net

increase

(decrease)

(2,243,987)

$(45,950,673)

(7,175,687)

$(141,836,859)

47

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.

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:

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Real

Estate

Securities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

647,213

$9,340,143

1,419,889

$20,403,679

Class

A

-

automatic

conversion

of

Class

C

—

—

4,440

63,976

Class

C

1,680

23,177

15,724

221,288

Class

R6

2,027,114

30,191,209

3,760,951

54,709,743

Class

I

9,769,709

143,994,475

10,542,229

152,797,471

Total

subscriptions

12,445,716

183,549,004

15,743,233

228,196,157

Reinvestments

of

distributions:

Class

A

89,963

1,312,223

238,711

3,380,701

Class

C

1,799

25,081

6,869

92,843

Class

R6

257,950

3,919,808

660,001

9,740,746

Class

I

454,625

6,793,750

987,406

14,326,826

Total

reinvestments

of

distributions

804,337

12,050,862

1,892,987

27,541,116

Redemptions:

Class

A

(1,271,696)

(18,295,821)

(2,774,390)

(39,514,456)

Class

C

(74,008)

(1,017,558)

(237,620)

(3,230,087)

Class

C

-

automatic

conversion

to

Class

A

—

—

(4,648)

(63,976)

Class

R6

(5,511,089)

(82,917,855)

(5,368,488)

(79,243,474)

Class

I

(6,079,544)

(89,618,960)

(18,095,173)

(258,931,561)

Total

redemptions

(12,936,337)

(191,850,194)

(26,480,319)

(380,983,554)

Net

increase

(decrease)

313,716

$3,749,672

(8,844,099)

$(125,246,281)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global

Infrastructure

$

381,776,325

$

97,921,043

$

(17,451,248)

$

80,469,795

Global

Real

Estate

Securities

39,774,686

5,104,671

(3,453,510)

1,651,161

Real

Asset

Income

1,046,197,681

51,737,196

(71,216,608)

(19,479,412)

Real

Estate

Securities

753,495,358

254,406,951

(42,448,324)

211,958,627

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

$

—

$

—

$

87,295,844

$

(2,499,897)

$

—

$

(47,608)

$

84,748,339

Global

Real

Estate

Securities

115,670

—

3,873,171

(4,203,708)

—

—

(214,867)

Real

Asset

Income

897,716

—

(6,267,772)

(280,675,483)

—

(92,818)

(286,138,357)

Real

Estate

Securities

—

5,005,442

256,854,025

—

—

(337,646)

261,521,821

48

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

*

For

the

period

January

1,

2024

through

April

30,

2024.

Effective

May

1,

2024,

the

annual

fund-level

fee,

payable

monthly,

for

Real

Estate

Securities

is

calculated

according

the

following

schedule:

Fund

Short-Term

Long-Term

Total

Global

Infrastructure

$

2,499,897

$

—

$

2,499,897

Global

Real

Estate

Securities

1,838,788

2,364,920

4,203,708

Real

Asset

Income

168,153,759

112,521,724

280,675,483

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

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

Average

Daily

Net

Assets

Real

Estate

Securities

For

the

first

$125

million

0.6500

%

For

the

next

$125

million

0.6375

For

the

next

$250

million

0.6250

For

the

next

$500

million

0.6125

For

the

next

$1

billion

0.6000

For

the

next

$3

billion

0.5750

For

the

next

$2.5

billion

0.5500

For

the

next

$2.5

billion

0.5375

For

net

assets

over

$10

billion

0.5250

49

For

the

period

January

1,

2024

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

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

was

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.

Effective

May

1,

2024

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

June

30,

2024,

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

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

Global

Infrastructure

0

.1574%

Global

Real

Estate

Securities

0

.1574%

Real

Asset

Income

0

.1574%

Real

Estate

Securities

0

.1574%

50

Notes

to

Financial

Statements

(Unaudited)

(continued)

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,

2026,

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees:

 Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Affiliated

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

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,

2026

Global

Real

Estate

Securities

1.09

July

31,

2026

Real

Asset

Income

0.95

July

31,

2026

Real

Estate

Securities

0.97

July

31,

2026

Fund

Amount

Global

Infrastructure

$

258,630

Global

Real

Estate

Securities

26,491

Real

Asset

Income

439,404

Real

Estate

Securities

790,580

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Global

Infrastructure

$

12,769

$

11,171

Global

Real

Estate

Securities

—

—

Real

Asset

Income

9,899

8,982

Real

Estate

Securities

703

611

Fund

Commission

Advances

Global

Infrastructure

$

3,421

Global

Real

Estate

Securities

—

Real

Asset

Income

6,520

Real

Estate

Securities

171

51

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

credit

facility

expires

in

June

2025

unless

extended

or

renewed. 

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

Funds

did

not

utilize

this

facility.

Fund

12b-1

Fees

Retained

Global

Infrastructure

$

2,554

Global

Real

Estate

Securities

5

Real

Asset

Income

9,801

Real

Estate

Securities

1,157

Fund

CDSC

Retained

Global

Infrastructure

$

3,310

Global

Real

Estate

Securities

—

Real

Asset

Income

17

Real

Estate

Securities

1

Underlying

Fund

TIAA

Total

Global

Infrastructure

–%

–%

Global

Real

Estate

Securities

91

91

Real

Asset

Income

Real

Estate

Securities

–

–

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

Not applicable.

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

Not applicable.

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

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.

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

Nuveen Global Infrastructure Fund

Nuveen Global Real Estate Securities Fund

Nuveen Real Asset Income Fund

Nuveen Real Estate Securities Fund

The Approval Process

At meetings held on April 18 and 19, 2024 (the “Meeting”), the Board of Trustees of Nuveen Investment Trust V and the Board of Directors of Nuveen Investment Funds, Inc. (collectively, the “Board” and each Trustee or Director, as applicable, a “Board Member”) approved, for each applicable fund listed above (each a “Fund”), the renewal of the investment management agreement (each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL”; NFAL is an “Adviser”) pursuant to which NFAL serves as investment adviser to such Fund. Similarly, for each Fund, the Board approved the renewal of 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. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund.

In accordance with applicable law, following up to an initial two-year period, the Board considers the 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 NFAL and the Sub-Adviser are collectively, the “Fund Advisers” and each a “Fund Adviser.” In addition, the fund complex consists of the group of funds advised by NFAL (collectively referred to as the “Nuveen funds”) and the group of funds advised by Teachers Advisors, LLC (“TAL” and such funds are collectively, the “TC funds”). For clarity, NFAL serves as Adviser to the Nuveen funds, including the Funds, and TAL serves as “Adviser” to the TC funds. The Board Members considered that the prior separate boards of the TC funds and Nuveen funds were consolidated effective in January 2024. Accordingly, at the Meeting, the Board Members considered the review of the advisory agreements for the Nuveen funds as well as reviewed the investment management agreements for the TC funds. Depending on the appropriate context, references to “the Adviser” may be to NFAL with respect to the Nuveen funds and/or TAL with respect to the TC funds.

The Board Members considered the review of the advisory agreements of the Nuveen funds and the TC funds to be an ongoing process. The Board Members therefore employed the accumulated information, knowledge and experience they had gained during their tenure on the respective board of the TC funds or Nuveen funds (as the case may be) governing the applicable funds and working with the respective investment advisers and sub-advisers, as applicable, in their review of the advisory agreements for the fund complex.

During the course of the year prior to the Meeting, the Board and/or its committees received a wide variety of materials that covered a range of topics relevant to the Board’s annual consideration of the renewal of the advisory agreements, including reports on fund investment results over various periods; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements (as applicable); the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); securities lending (as applicable); and overall market and regulatory developments. The Board also met periodically with and/or received presentations by key investment professionals managing a fund’s portfolio. In particular, at the Board meeting held on February 27-29, 2024 (the “February Meeting”), the Board and/or its Investment Committee received the annual performance review of the funds as described in further detail below. The presentations, discussions and meetings throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser and sub-advisers, as applicable, 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, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the advisory agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; the consolidation of the Nuveen fund family and TC fund family; a review of product actions advanced in 2023 for the benefit of particular funds and/or the fund complex; a review of each sub-adviser, if applicable, and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and, if applicable, sub-advisory fee schedules; a review of temporary and permanent expense caps and fee waivers for open-end funds (as applicable); a description of portfolio manager compensation; a description of the profitability and/or financial data of Nuveen, TAL and the sub-advisers; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the funds, as applicable. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense

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

levels of each respective fund to those of a peer universe and, with respect to open-end funds, also to a peer group of funds selected by Broadridge, subject to certain exceptions.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the fund complex is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met by videoconference in executive session on April 10, 2024 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the advisory agreements for the fund complex. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests.

The 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 of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

The Board’s decisions to renew each Advisory Agreement were not based on a single identified factor, but rather each 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 annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the funds’ advisory arrangements and oversight of the funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A.  Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year. The 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 roles of NFAL and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA’s (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024. In addition, in conjunction with these consolidation efforts, the Board approved at the Meeting changes to fee and breakpoint structures (as applicable) that could provide cost savings to participating funds, as described in further detail below.

The Board also reviewed information regarding other product actions undertaken or continued by management in the 2023 calendar year in seeking to improve the effectiveness of the organization, the product line-up as well as particular funds through, among other things, continuing to review and optimize the product line and gaining efficiencies through mergers and liquidations; reviewing and updating investment policies and benchmarks; implementing fee waivers and/or expense cap changes for certain funds; 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 considered. In its review, the Board considered that the funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the applicable funds have expanded over the years as a result of, among other things, regulatory, market and other developments, such as the adoption of the tailored shareholder report or the revised fund name rule.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of NFAL. Accordingly, the Board considered that NFAL and its affiliates, among other things, oversee and review the performance of the respective sub-adviser and its investment team(s); evaluate Nuveen fund performance and market conditions; evaluate investment strategies and recommend changes thereto; set and manage distributions consistent with the respective Nuveen fund’s product design; oversee trade execution and, as

applicable, securities lending; evaluate investment risks; and manage valuation matters. The Board further considered that over the course of the 2023 calendar year, the Nuveen global public product team which supports the funds in the fund complex and their shareholders assessed the investment personnel across the investment leadership teams which resulted in additions or other modifications to the portfolio management teams of various funds. The Board also reviewed a description of the compensation structure applicable to certain portfolio managers.

In addition to the above investment advisory services, the Board further considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board considered the breadth of the Adviser’s compliance program and related policies and procedures. The Board reviewed various initiatives the Adviser’s compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board further considered, among other things, that other non-advisory services provided included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the funds, including to enhance global talent, middle office systems, software and international and internal capabilities. The Board considered the access provided by the Adviser and its affiliates to a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the applicable funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

With respect to the Funds, the Board considered the division of responsibilities between NFAL and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of NFAL and the Board. The Board considered an analysis of the Sub-Adviser provided by NFAL which included, among other things, a summary of changes in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time; and data reflecting product changes (if any) taken with respect to certain Nuveen funds. The Board considered that NFAL 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 Funds. In this regard, the Board and/or its Investment Committee reviewed, among other things, performance of the Funds over the quarter, one-, three- and five-year periods ending December 31, 2023 and March 31, 2024. For those Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was substantially similar as those other share classes 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 share classes. The Board performed its annual review of fund performance at its February Meeting and an additional review at the April Executive Session and also reviewed and discussed performance data at its other regularly scheduled quarterly meetings throughout the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including management’s analysis of a fund’s performance with particular focus on funds that met certain challenged performance measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

The Board considered 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 considered 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 fund performance results from different perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance over the various time periods and considered 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”),

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

subject to certain exceptions, 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, dates of fund inception 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 fund. With respect to relative performance of a 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, management generally has ranked the relevancy of the Performance Peer Groups to the Funds as low, medium or high. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1^st quartile representing the top performing funds within the Performance Peer Group and the 4^th quartile representing the lowest performing funds.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In 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 more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below.

•    For Nuveen Global Infrastructure Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2023. In addition, the Fund outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2024 and ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and first quartile for the three-year period ended March 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•    For Nuveen Global Real Estate Securities Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2023 and March 31, 2024. The Fund also 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 December 31, 2023. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and first quartile for the three- and five-year periods ended March 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•    For Nuveen Real Asset Income Fund, the Board considered that although the Fund’s performance was below the performance of its blended benchmark for the one- and five-year periods ended December 31, 2023, the Fund outperformed its blended benchmark for the three-year period ended December 31, 2023. Further, although the Fund ranked in the fourth quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2023, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2023. In addition, although the Fund’s performance was below the performance of its blended benchmark for the one-

and five-year periods ended March 31, 2024, the Fund outperformed its blended benchmark for the three-year period ended March 31, 2024. Further, although the Fund ranked in the fourth quartile of its Performance Peer Group for the three- and five-year periods ended March 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2024. In its review, the Board considered 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 the Fund’s performance supported renewal of the Advisory Agreements.

•     For Nuveen Real Estate Securities Fund, the Board considered that the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2023 and March 31, 2024. The Fund, however, ranked in the third quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2023 and second quartile for the three-year period ended December 31, 2023. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended March 31, 2024, the Fund ranked in the second quartile for the three-year period and third quartile for the five-year period ended March 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C.  Fees, Expenses and Profitability

1.  Fees and Expenses

As part of its annual review, the Board generally reviewed, among other things, the contractual management fee and the net/actual 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 reviewed information about other expenses and the total operating expense ratio of each Fund (after any fee waivers and/or expense reimbursements). More specifically, the Board Members reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of funds (the “Expense Universe”) and for a more focused subset of comparable funds (the “Expense Group”) established by Broadridge (subject to certain exceptions). The Board Members reviewed the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable) and considered that differences between the applicable fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board Members also considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective fund. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense or fee criteria when compared to its Expense Universe and Expense Group (if any) and an analysis as to the factors contributing to each such fund’s relative net total expense ratio.

The Board Members also considered, in relevant part, a Fund’s management fee and net total expense ratio in light of the Fund’s performance history, including reviewing certain funds identified by management 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.

In their evaluation of the fee arrangements for the Funds, the Board Members also reviewed the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective fund (if any). In its review, the Board considered that the management fees of the Nuveen funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. As indicated above, the Board approved a revised fee schedule which would reduce and streamline the asset thresholds necessary to meet breakpoints in the complex-level fee component. The Board considered that management anticipated approximately $50 million in savings for Nuveen fund shareholders as a result of the revised fee schedule as well as additional estimated savings over time. The Board further considered management’s representation that there will be no increase to any Nuveen fund’s respective advisory agreement fee rate as a result of the revised complex-level fee schedule.

In its review, the Board considered that across the Nuveen fund and TC fund complex, management estimated that fund-level breakpoints resulted in approximately $82.5 million in reduced fees overall in 2023 and expense caps and reimbursements generated approximately an additional $91 million in savings to shareholders. In addition, the Board considered that management determined that the Nuveen funds achieved additional fee reductions of approximately $49 million due to the complex-wide management fee structure in 2023.

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

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. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of NFAL, not the Funds.

The Board’s considerations regarding the comparative fee data for each of the Funds are set forth below. With respect to the quartile rankings noted below, the first quartile represents the range of funds with the lowest management fee rate or net total expense ratio, as applicable, and the fourth quartile represents the range of funds with the highest management fee rate or net total expense ratio, as applicable. The Board considered that Broadridge only calculates quartiles if a minimum number of peers is available and therefore quartile rankings may not be available for certain Expense Groups and/or Expense Universes.

•    For Nuveen Global Infrastructure Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, although the Fund’s actual management fee rate ranked in the fourth quartile of its Expense Universe, the Fund’s contractual management fee rate and net total expense ratio ranked in the third quartile and second quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s net total expense ratio was generally in-line with the Expense Group median.

•    For Nuveen Global Real Estate Securities Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, first quartile and third quartile of its Expense Universe, respectively. Further, although the Fund’s net total expense ratio was slightly above (within 5 basis points of) the Expense Group median, the Fund’s actual management fee rate was below the Expense Group median.

•    For Nuveen Real Asset Income Fund, although the Fund’s net total expense ratio ranked in the fourth quartile of its Expense Group, the Fund’s contractual management fee rate and actual management fee rate ranked in the first quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and third quartile of its Expense Universe, respectively. Further, although the Fund’s net total expense ratio was above the Expense Group median, the Fund’s actual management fee rate was generally in-line with the Expense Group median.

•    For Nuveen Real Estate Securities Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, although the Fund’s net total expense ratio was above the Expense Group median, the Fund’s actual management fee rate was slightly above (within 5 basis points of) the Expense Group median.

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 that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board considered the Adviser’s rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, 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 considered the wide range of services in addition to investment management that the Adviser had provided to the 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 funds. The Board further considered that a 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 that the varying levels of fees were reasonable 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 Board Members considered various profitability data relating to the Fund Advisers’ services to the Nuveen funds.

With respect to the Nuveen funds, the Board Members reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other 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 2023 and 2022 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) for the 2023 and 2022 calendar years. The Board Members also considered the rationale for the change in Nuveen’s profitability from 2022 to 2023. In addition, the Board reviewed the revenues, expenses and operating margin (pre- and after-tax) NFAL derived from its exchange-traded fund product line for the 2023 and 2022 calendar years.

In developing the profitability data, the Board Members considered 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 single universally recognized 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 refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen’s profitability analysis, 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 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board’s liaisons to meet with representatives of NFAL 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 considered 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 2014 to 2023. In their review of the comparative data, the Board Members considered 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 the profitability data, the Board considered that NFAL and TAL are affiliates of Teachers Insurance and Annuity Association of America (“TIAA”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.

The Board Members considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the 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, 2023 and December 31, 2022. The Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviser for the calendar years ending December 31, 2023 and December 31, 2022.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits NFAL or the Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that each Fund Adviser’s level of profitability from its relationship with each Nuveen fund was not unreasonable over various time frames in light of the nature, extent and quality of services provided.

D.  Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

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

The Board considered whether there have been economies of scale with respect to the management of the funds in the fund complex, including the Funds, whether these economies of scale have been appropriately shared with such funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, 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 the Adviser’s business which can enhance the services provided to the applicable funds for the fees paid. The Board considered that the Adviser has generally employed one or more of these various methods among the applicable funds.

In this regard, the Board considered, as noted above, that the management fee of NFAL generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of eligible funds 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 were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules. As summarized above, the Board approved a new complex-level breakpoint schedule which would simplify and reduce the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. Among other things, the assets of certain TC funds advised by TAL would be phased into the calculation of the complex-wide assets in determining the complex-level fee over a ten-year period. The Board considered the cost savings and additional potential sharing of economies of scale as a result of the reduced complex-level breakpoint schedule and the additional assets from more eligible funds in calculating the assets of the complex for determining the complex-level fee component. The Board reviewed the projected shareholder savings derived from such modifications over a ten-year period from 2024 to 2033. The Board considered management’s representation that there will be no increase to any fund’s respective advisory agreement fee rate.

In addition to the fund-level and complex-level fee schedules (if applicable), the Board Members considered the temporary and/or permanent expense caps (if any) applicable to a Fund. The Board considered that such waivers and reimbursements applicable to the respective 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.

The Board Members also considered the continued reinvestment in Nuveen/TIAA’s business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E.  Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex, including the Funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. The funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-advisers to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. The Board Members also considered that certain share classes of the open-end funds (subject to certain exceptions) pay 12b-1 fees, some of which may be retained by the Adviser’s affiliate. In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F.  Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 16. Controls and Procedures.

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

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

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

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

Nuveen Investment Trust V

Date: September 5, 2024	By: /s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer

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

Date: September 5, 2024	By: /s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer     (principal executive officer)
Date: September 5, 2024	By: /s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller     (principal financial officer)