N-CSRS

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 811-10491

Nuveen Real Estate Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:   (312) 917-7700                    

Date of fiscal year end:   December 31                       

Date of reporting period:   June 30, 2023                    

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

June

30,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Nuveen

Real

Estate

Income

Fund

JRS

Nuveen

Real

Asset

Income

and

Growth

Fund

JRI

2

IMPORTANT

DISTRIBUTION

NOTICE

for

Shareholders

of

the

Nuveen

Real

Estate

Income

Fund

(JRS)

Semi-annual

Shareholder

Report

for

the

period

ending

June

30,

2023

The

Nuveen

Real

Estate

Income

Fund

(JRS)

seek

to

offer

attractive

cash

flow

to

its

shareholders,

by

converting

the

expected

long-term

total

return

potential

of

the

Fund’s

investments

in

REITs

into

regular

quarterly

distributions.

Following

is

a

discussion

of

the

Managed

Distribution

Policy

the

Fund

uses

to

achieve

this.

The

Fund

pays

quarterly

common

share

distributions

that

seek

to

convert

the

Fund’s

expected

long-term

total

return

potential

into

regular

cash

flow.

As

a

result,

the

Fund’s

regular

common

share

distributions

(presently

$0.1700

per

share)

may

be

derived

from

a

variety

of

sources,

including:

distributions

from

portfolio

companies

(REITs),

realized

capital

gains

or,

Possibly,

returns

of

capital

representing

in

certain

cases

unrealized

capital

appreciation.

Such

distributions

are

sometimes

referred

to

as

“managed

distributions.”

The

Fund

seeks

to

establish

a

distribution

rate

that

roughly

corresponds

to

the

Adviser’s

projections

of

the

total

return

that

could

reasonably

be

expected

to

be

generated

by

the

Fund

over

an

extended

period

of

time.

The

Adviser

may

consider

many

factors

when

making

such

projections,

including,

but

not

limited

to,

long-

term

historical

returns

for

the

asset

classes

in

which

the

Fund

invests.

As

portfolio

and

market

conditions

change,

the

distribution

amount

and

distribution

rate

on

the

Common

Shares

under

the

Fund’s

Managed

Distribution

Policy

could

change.

When

it

pays

a

distribution,

the

Fund

provides

holders

of

its

Common

Shares

a

notice

of

the

estimated

sources

of

the

Fund’s

distributions

(i.e.,

what

percentage

of

the

distributions

is

estimated

to

constitute

ordinary

income,

short-term

capital

gains,

long-

term

capital

gains,

and/or

a

non-taxable

return

of

capital)

on

a

year-to-date

basis.

It

does

this

by

posting

the

notice

on

its

website

(www.nuveen.com/cef),

and

by

sending

it

in

written

form.

You

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Fund’s

Managed

Distribution

Policy.

The

Fund’s

actual

financial

performance

will

likely

vary

from

month-to-month

and

from

year-to-year,

and

there

may

be

extended

periods

when

the

distribution

rate

will

exceed

the

Fund’s

actual

total

returns.

The

Managed

Distribution

Policy

provides

that

the

Board

may

amend

or

terminate

the

Policy

at

any

time

without

prior

notice

to

Fund

shareholders.

There

are

presently

no

reasonably

foreseeable

circumstances

that

might

cause

the

Fund

to

terminate

its

Managed

Distribution

Policy.

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Fund

Leverage

6

Common

Share

Information

7

About

the

Funds’

Benchmarks

10

Performance

Overview

and

Holdings

Summaries

12

Portfolios

of

Investments

16

Statement

of

Assets

and

Liabilities

35

Statement

of

Operations

36

Statement

of

Changes

in

Net

Assets

37

Statement

of

Cash

Flows

38

Financial

Highlights

40

Notes

to

Financial

Statements

43

Risk

Considerations

54

Additional

Fund

Information

55

Glossary

of

Terms

Used

in

this

Report

56

Annual

Investment

Management

Agreement

Approval

Process

57

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

July

2023,

the

Fed

raised

the

target

fed

funds

rate

by

5.25%

to

a

range

of

5.25%

to

5.50%.

Even

with

a

brief

pause

in

June

2023,

this

has

been

one

of

the

fastest

interest

rate

hiking

cycles

in

the

Fed’s

history.

Inflation

rates

in

the

U.S.

and

across

most

of

the

world

have

fallen

from

their

post-pandemic

highs

but

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth,

particularly

when

looking

at

core

inflation

measures,

which

exclude

volatile

food

and

energy

prices.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

accelerated

to

2.4%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

A

relatively

strong

jobs

market

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

and

continue

to

assess

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis,

including

pausing

rate

adjustments

at

the

June

2023

meeting

to

assess

the

effects

of

monetary

policy

on

the

economy.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

August

22,

2023

Important

Notices

5

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

December

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Portfolio

Manager

Update

for

JRS

Effective

June

30,

2023,

Kenneth

Statz

retired

from

Security

Capital

Research

&

Management

Incorporated

and

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

Anthony

Manno

Jr.,

Kevin

Bedell

and

Nathan

Gear

continue

to

serve

as

portfolio

managers

of

the

Fund.

6

Fund

Leverage

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

bank

borrowings.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Funds’

use

of

leverage

contributed

to

relative

performance

over

this

reporting

period.

In

addition,

JRI’s

use

of

leverage

was

accretive

to

overall

common

share

income.

The

Funds

also

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

the

interest

cost

of

leverage.

The

interest

rate

swaps

contributed

to

relative

performance

during

the

reporting

period.

As

of

June

30,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUNDS’

REGULATORY

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Funds

employ

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details.

JRS

JRI

Effective

Leverage

*

27.85%

29.86%

Regulatory

Leverage

*

27.85%

29.86%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

January

1,

2023

Draws

Paydowns

Outstanding

Balance

as

of

June

30,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

August

22,

2023

JRS

$104,400,000

$

-

$(10,000,000)

$94,400,000

$98,930,387

$-

$-

$

94,400,000

JRI

$166,985,000

$

-

$  (9,590,000)

$157,395,000

$162,392,901

$-

$-

$157,395,000

Common

Share

Information

7

JRS

DISTRIBUTION

INFORMATION

The

following

19(a)

Notice

presents

JRS’s

most

current

distribution

information

as

of

May

31,

2023

as

required

by

certain

exempted

regulatory

relief

the

Fund

has

received.

Because

the

ultimate

tax

character

of

your

distributions

depends

on

the

Fund’s

performance

for

its

entire

fiscal

year

(which

is

the

calendar

year

for

the

Fund)

as

well

as

certain

fiscal

year-end

(FYE)

tax

adjustments,

estimated

distribution

source

information

you

receive

with

each

distribution

may

differ

from

the

tax

information

reported

to

you

on

your

Fund’s

IRS

Form

1099

statement.

DISTRIBUTION

INFORMATION

–

AS

OF

MAY

31,

2023

JRS

makes

regular

cash

distributions

to

shareholders

of

a

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board

of

Trustees,

the

Fund

seeks

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

the

Fund’s

investment

strategy

through

regular

distributions

(a

“Managed

Distribution

Program”).

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

the

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

This

notice

provides

shareholders

with

information

regarding

fund

distributions,

as

required

by

current

securities

laws.

You

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Fund’s

Managed

Distribution

Policy.

The

following

table

provides

estimates

of

the

Fund’s

distribution

sources,

reflecting

year-to-date

cumulative

experience

through

the

month-end

prior

to

the

latest

distribution.

The

Fund

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

Consequently,

the

estimated

information

as

of

the

specified

month-end

shown

below

is

for

the

current

distribution,

and

also

represents

an

updated

estimate

for

all

prior

months

in

the

year.

It

is

estimated

that

the

Fund

has

distributed

more

than

its

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distributions

may

be

(and

is

shown

below

as

being

estimated

to

be)

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

the

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

only

estimates

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

of

the

amounts

for

tax

reporting

purposes

will

depend

upon

the

Fund’s

investment

experience

during

the

remainder

of

its

fiscal

year

and

may

be

subject

to

changes

based

on

tax

regulations.

The

Fund

will

send

you

a

Form

1099-DIV

for

the

calendar

year

that

will

tell

you

how

to

report

these

distributions

for

federal

income

tax

purposes,

which

will

be

based

on

the

information

from

the

issuer

of

the

security.

More

details

about

the

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com/cef.

The

following

table

provides

information

regarding

the

JRS’s

distributions

and

total

return

performance

over

various

time

periods.

This

information

is

intended

to

help

you

better

understand

whether

returns

for

the

specified

time

periods

were

sufficient

to

meet

its

distributions.

Data

as

of

May

31,

2023

Per

Share

Estimated

Sources

of

Distribution

1

Estimated

Percentage

of

Distributions

1

Fund

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

JRS

(FYE

12/31)

Current

Quarter

$0.1700

$0.0281

$0.0000

$0.0000

$0.1419

16.60%

0.00%

0.00%

83.40%

Fiscal

YTD

$0.3400

$0.0563

$0.0000

$0.0000

$0.2837

16.60%

0.00%

0.00%

83.40%

1

Net

investment

income

(NII)

is

a

projection

through

the

end

of

the

current

calendar

quarter

using

actual

data

through

the

stated

month-end

date

above.

Capital

gain

amounts

are

as

of

the

stated

date

above.

JRS

owns

REIT

securities

which

attribute

their

distributions

to

various

sources

including

NII,

gains,

and

return

of

capital.

The

estimated

per

share

sources

above

include

an

allocation

of

the

NII

based

on

prior

year

attributions

which

can

be

expected

to

differ

from

the

actual

final

attributions

for

the

current

year.

Common

Share

Information

(continued)

8

JRI

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund’s

distributions

is

current

as

of

June

30,

2023.

This

notice

provides

shareholders

with

information

regarding

Fund

distributions,

as

required

by

current

securities

laws.

You

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

the

distribution

or

from

the

terms

of

the

Fund’s

Managed

Distribution

Policy.

The

following

table

provides

estimates

of

the

Fund’s

distribution

sources,

reflecting

year-to-date

cumulative

experience

through

the

month-end

prior

to

the

latest

distribution.

The

Fund

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

Consequently,

the

estimated

information

as

of

the

specified

month-end

shown

below

is

for

the

current

distribution,

and

also

represents

an

updated

estimate

for

all

prior

months

in

the

year.

For

all

funds,

it

is

estimated

that

the

funds

have

distributed

more

than

their

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distributions

may

be

(and

is

shown

below

as

being

estimated

to

be)

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

the

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

amounts

and

sources

of

distributions

set

forth

below

are

only

estimates

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

of

the

amounts

for

tax

reporting

purposes

will

depend

upon

the

Fund’s

investment

experience

during

the

remainder

of

its

fiscal

year

and

may

be

subject

to

changes

based

on

tax

regulations.

The

Fund

will

send

you

a

Form

1099-DIV

for

the

calendar

year

that

will

tell

you

how

to

report

these

distributions

for

federal

income

tax

purposes,

which

will

be

based

on

the

information

from

the

issuer

of

the

security.

More

details

about

the

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com/cef.

The

following

table

provides

information

regarding

the

Fund’s

common

share

distributions

and

total

return

performance

over

various

time

periods.

This

information

is

intended

to

help

you

better

understand

whether

the

Fund’s

returns

for

the

specified

time

period

were

sufficient

to

meet

its

distributions.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

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

closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

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

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

authorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

Data

as

of

May

31,

2023

Annualized

Cumulative

5-Year

Fiscal

YTD

Fiscal

YTD

Fiscal

YTD

JRS

(FYE

12/31)

Inception

Date

Quarterly

Distribution

Fiscal

YTD

Distribution

Net

Asset

Value

(NAV)

Return

on

NAV

Distribution

Rate

on

NAV

1

Return

on

NAV

Distribution

Rate

on

NAV

1

Nov

2001

$0.1700

$0.3400

$8.02

2.35%

8.48%

0.83%

4.24%

1

As

a

percentage

of

5/31/23

NAV.

Data

as

of

June

30,

2023

Per

Share

Estimated

Sources

of

Distribution

Estimated

Percentage

of

Distributions

JRI

(FYE

12/31)

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Fiscal

YTD

$0.5410

$0.3479

$0.0000

$0.0000

$0.1931

64.30%

0.00%

0.00%

35.70%

Annualized

Cumulative

5-Year

Fiscal

YTD

Fiscal

YTD

Fiscal

YTD

JRI

(FYE

12/31)

Inception

Date

Monthly

Distribution

Fiscal

YTD

Distribution

Net

Asset

Value

(NAV)

Return

on

NAV

Distribution

Rate

on

NAV

Return

on

NAV

Distribution

Rate

on

NAV

4/25/12

$0.0870

$0.5410

$13.49

1.14%

8.02%

3.37%

4.01%

1

As

a

percentage

of

6/30/23

NAV

9

As

of

June

30,

2023

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

common

shares

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

the

following

Fund

repurchased

and

retired

its

common

shares

at

a

weighted

average

price

per

share

and

a

weighted

average

discount

per

share

as

shown

in

the

following

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

June

30,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

JRS

JRI

Common

shares

cumulatively

repurchased

and

retired

0

243,500

Common

shares

authorized

for

repurchase

2,885,000

2,745,000

JRI

Common

shares

repurchased

and

retired

37,000

Weighted

average

price

per

common

share

repurchased

and

retired

$

11.15

Weighted

average

discount

per

common

share

repurchased

and

retired

(16.36)%

JRS

JRI

Common

share

NAV

$8.46

$13.49

Common

share

price

$7.43

$11.42

Premium/(Discount)

to

NAV

(12.17)%

(15.34)%

Average

premium/(discount)

to

NAV

(8.61)%

(14.46)%

10

About

the

Funds’

Benchmarks

Bloomberg

Global

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

fixed-rate,

investment

grade

capital

securities

denominated

in

USD,

EUR

and

GBP.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed

rate

corporate

high

yield

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

EPRA/

Nareit

(Financial

Times

Stock

Exchange

–

European

Public

Real

Estate

Association/National

Association

of

Real

Estate

Investment

Trusts)

Developed

Index

(Net):

An

index

designed

to

measure

the

performance

of

listed

real

estate

companies

and

REITs

worldwide.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

Nareit

(Financial

Times

Stock

Exchange

National

Association

of

Real

Estate

Investment

Trusts)

Preferred

Stock

Index:

An

index

designed

to

track

the

performance

of

the

U.S.

REITs

preferred

stocks.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index:

An

index

designed

to

measure

the

performance

of

the

energy

and

utilities

subgroups

of

the

ICE

BofA

U.S.

All

Capital

Securities

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JRI

Blended

Benchmark

(through

March

31,

2021):

Consists

of:

1)

28%

S&P

Global

Infrastructure

Index

(Net),

(defined

herein),

2)

21%

FTSE

EPRA/Nareit

Developed

Index

(Net)

(defined

herein),

3)

18%

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index

(defined

herein,

index

was

discontinued

on

April

1,

2021),

4)

18%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein),

and

5)

15%

Bloomberg

Global

Capital

Securities

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JRI

Blended

Benchmark

(effective

April

1,

2021):

Consists

of

the

previous

composition

(see

above)

through

March

31,

2021,

and

thereafter:

1)

25%

FTSE

EPRA/Nareit

Developed

Index

(Net)

(defined

herein),

2)

22%

S&P

Global

Infrastructure

Index

(Net)

(defined

herein),

3)

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index

(defined

herein),

4)

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein),

and

5)

13%

FTSE

Nareit

Preferred

Stock

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JRS

Blended

Benchmark

(through

March

31,

2021):

Consists

of:

1)

60%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

(defined

herein),

and

2)

40%

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index

(defined

herein,

index

was

discontinued

on

April

1,

2021).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JRS

Blended

Benchmark

(effective

April

1,

2021):

Consists

of

the

previous

composition

(see

above)

through

March

31,

2021,

and

thereafter:

1)

60%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

(defined

herein),

and

2)

40%

FTSE

Nareit

Preferred

Stock

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

World

Index

(Net):

An

index

designed

to

measure

the

performance

of

large-

and

mid-cap

equity

securities

across

23

developed

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Global

Infrastructure

Index

(Net):

An

index

designed

to

measure

the

performance

of

listed

infrastructure

companies

from

around

the

world.

To

create

diversified

exposure

across

the

global

listed

infrastructure

market,

the

index

has

balanced

weights

across

three

distinct

infrastructure

clusters:

utilities,

transportation,

and

energy.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index

(discontinued

on

April

1,

2021):

An

index

designed

to

measure

the

performance

of

preferred

securities

issued

in

the

U.S.

market

by

REITs

(index

was

discontinued

on

April

1,

2021).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

11

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI):

An

index

designed

to

measure

the

performance

of

U.S.

publicly-

traded

real

estate

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

12

Nuveen

Real

Estate

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

June

30,

2023

JRS

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JRS

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

and

2)

40%

FTSE

Nareit

Preferred

Stock

Index.

Refer

to

About

the

Funds'

Benchmark

for

details

on

the

Fund's

Blended

Benchmark

composition

through

March

31,

2021.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JRS

at

Common

Share

NAV

11/15/01

8.50%

(2.50)%

2.77%

5.84%

JRS

at

Common

Share

Price

11/15/01

2.88%

(12.61)%

2.60%

3.96%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

—

6.78%

(0.13)%

4.41%

6.58%

JRS

Blended

Benchmark

—

6.91%

(1.27)%

2.98%

5.47%

13

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

90

.0‌

%

Real

Estate

Investment

Trust

Preferred

Stocks

45

.3‌

%

Repurchase

Agreements

4

.2‌

%

Other

Assets

&

Liabilities,

Net

(0.9)%

Borrowings

(38.6)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

15.6%

BBB

45.4%

BB

or

Lower

17.9%

N/R

(not

rated)

21.1%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Retail

REITs

17.0%

Office

REITs

12.9%

Industrial

REITs

10.5%

Multi-Family

Residential

REITs

10.3%

Specialized

REITs

8.3%

Health

Care

REITs

8.3%

Data

Center

REITs

6.7%

Single-Family

Residential

REITs

6.3%

Hotel

&

Resort

REITs

6.1%

Self-Storage

REITs

5.6%

Other

5.0%

Repurchase

Agreements

3.0%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

total

investments)

Prologis

Inc

8.0%

Welltower

Inc

3.9%

Equinix

Inc

3.8%

Simon

Property

Group

Inc

3.7%

CubeSmart

3.5%

Top

Five

Preferred

Stock

Issuers

(%

of

total

investments)

Public

Storage

5.1%

Highwoods

Properties

Inc

4.1%

Vornado

Realty

Trust

3.1%

Digital

Realty

Trust

Inc

2.6%

Kimco

Realty

Corp

2.4%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Real

Asset

Income

and

Growth

Fund

Performance

Overview

and

Holdings

Summaries

as

of

June

30,

2023

JRI

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JRI

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

25%

FTSE

EPRA

Nareit

Developed

Index

(Net),

2)

22%

S&P

Global

Infrastructure

Index

(Net),

3)

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

4)

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

and

5)

13%

FTSE

Nareit

Preferred

Stock

Index.

Refer

to

About

the

Funds'

Benchmark

for

details

on

the

Fund's

Blended

Benchmark

composition

through

March

31,

2021.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JRI

at

Common

Share

NAV

4/25/12

3.37%

(0.09)%

1.14%

4.74%

JRI

at

Common

Share

Price

4/25/12

2.15%

(4.14)%

1.51%

5.17%

MSCI

World

Index

(Net)

—

15.09%

18.51%

9.07%

9.50%

JRI

Blended

Benchmark

—

4.55%

2.59%

2.60%

4.38%

15

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

35

.2‌

%

Common

Stocks

31

.3‌

%

Real

Estate

Investment

Trust

Common

Stocks

30

.0‌

%

$25

Par

(or

similar)

Retail

Preferred

19

.9‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

13

.7‌

%

Convertible

Preferred

Securities

3

.7‌

%

Investment

Companies

0

.5‌

%

Asset-Backed

and

Mortgage-

Backed

Securities

0

.2‌

%

Variable

Rate

Senior

Loan

Interests

0

.1‌

%

Common

Stock

Rights

0

.0‌

%

Repurchase

Agreements

6

.8‌

%

Other

Assets

&

Liabilities,

Net

1.2%

Borrowings

(42.6)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

AA

1.4%

A

10.5%

BBB

55.8%

BB

or

Lower

24.7%

N/R

(not

rated)

7.6%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Electric

Utilities

17.5%

Oil,

Gas

&

Consumable

Fuels

15.7%

Retail

REITs

11.1%

Multi-Utilities

7.7%

Industrial

REITs

6.1%

Specialized

REITs

5.3%

Gas

Utilities

3.1%

Diversified

REITs

2.6%

Health

Care

REITs

2.4%

Independent

Power

and

Renewable

Electricity

Producers

2.4%

Other

Specialized

REITs

2.2%

Hotel

&

Resort

REITs

2.0%

Real

Estate

Management

&

Development

1.6%

Office

REITs

1.4%

Residential

REITs

1.4%

Transportation

Infrastructure

1.4%

Diversified

Telecommunication

Services

1.3%

Health

Care

Providers

&

Services

1.1%

Multi-Family

Residential

REITs

0.8%

Other

7.6%

Investment

Companies

0.4%

Asset-Backed

and

Mortgage-

Backed

Securities

0.1%

Repurchase

Agreements

4.8%

Total

Investments

100%

Country

Allocation

2

(%

of

total

investments)

United

States

64

.4‌

%

Canada

11

.7‌

%

United

Kingdom

4

.1‌

%

Australia

3

.8‌

%

Hong

Kong

3

.4‌

%

Italy

3

.0‌

%

Singapore

2

.3‌

%

Spain

1

.9‌

%

France

1

.0‌

%

Portugal

0

.8‌

%

Japan

0

.8‌

%

Other

2

.8‌

%

Total

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

total

common

stocks)

Enbridge

Inc

6.7%

National

Grid

PLC,

Sponsored

ADR

5.2%

Enel

SpA

4.8%

Pembina

Pipeline

Corp

4.6%

SSE

PLC

4.0%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

1.3%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

16

Nuveen

Real

Estate

Income

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

JRS

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

135.3%  

(97.0%

of

Total

Investments) 

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

90

.0

%

(

64

.5

%

of

Total

Investments)

X

220,070,810

Data

Center

REITs

-

9.3%

87,784

Digital

Realty

Trust

Inc  

$

9,995,964

16,345

Equinix

Inc  

12,813,499

Total

Data

Center

REITs

22,809,463

Health

Care

REITs

-

11.6%

311,158

Healthpeak

Properties

Inc  

6,254,276

183,835

Ventas

Inc  

8,689,880

165,256

Welltower

Inc  

13,367,558

Total

Health

Care

REITs

28,311,714

Hotel

&

Resort

REITs

-

3.5%

368,546

Host

Hotels

&

Resorts

Inc  

6,202,629

192,897

Xenia

Hotels

&

Resorts

Inc  

2,374,563

Total

Hotel

&

Resort

REITs

8,577,192

Industrial

REITs

-

11.1%

222,216

Prologis

Inc  

27,250,348

Total

Industrial

REITs

27,250,348

Multi-Family

Residential

REITs

-

14.4%

252,392

Apartment

Income

REIT

Corp  

9,108,827

42,892

AvalonBay

Communities

Inc  

8,118,169

76,509

Camden

Property

Trust  

8,329,535

146,004

Equity

Residential  

9,631,884

Total

Multi-Family

Residential

REITs

35,188,415

Office

REITs

-

6.1%

88,664

Alexandria

Real

Estate

Equities

Inc  

10,062,477

33,778

Boston

Properties

Inc  

1,945,275

133,815

Cousins

Properties

Inc  

3,050,982

Total

Office

REITs

15,058,734

Other

Specialized

REITs

-

3.1%

238,685

VICI

Properties

Inc  

7,501,870

Total

Other

Specialized

REITs

7,501,870

Retail

REITs

-

14.3%

73,550

Federal

Realty

Investment

Trust  

7,117,433

442,396

Kite

Realty

Group

Trust  

9,883,127

109,844

Simon

Property

Group

Inc  

12,684,785

392,285

SITE

Centers

Corp  

5,186,008

Total

Retail

REITs

34,871,353

Self-Storage

REITs

-

7.8%

265,597

CubeSmart  

11,861,562

24,595

Public

Storage  

7,178,789

Total

Self-Storage

REITs

19,040,351

Single-Family

Residential

REITs

-

8.8%

328,112

American

Homes

4

Rent,

Class

A  

11,631,570

285,750

Invitation

Homes

Inc  

9,829,800

Total

Single-Family

Residential

REITs

21,461,370

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$177,653,707)

220,070,810

17

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

PREFERRED

STOCKS

-

45

.3

%

(

32

.5

%

of

Total

Investments)

X

110,905,879

Data

Center

REITs

-

3.6%

197,465

Digital

Realty

Trust

Inc

5.200%

Baa3

$

4,257,345

97,500

Digital

Realty

Trust

Inc

5.850%

Baa3

2,278,575

107,345

Digital

Realty

Trust

Inc

5.250%

Baa3

2,283,228

Total

Data

Center

REITs

8,819,148

Diversified

REITs

-

1.3%

35,010

Armada

Hoffler

Properties

Inc

6.750%

N/R

821,685

10,130

CTO

Realty

Growth

Inc

6.375%

N/R

200,067

54,110

DigitalBridge

Group

Inc

7.150%

N/R

1,139,015

43,965

DigitalBridge

Group

Inc

7.125%

N/R

942,610

Total

Diversified

REITs

3,103,377

Hotel

&

Resort

REITs

-

5.0%

95,245

Chatham

Lodging

Trust

6.625%

N/R

1,809,655

141,820

DiamondRock

Hospitality

Co

8.250%

N/R

3,619,246

57,425

Hersha

Hospitality

Trust

6.875%

N/R

1,116,916

9,075

Hersha

Hospitality

Trust

6.500%

N/R

175,692

6,460

Hersha

Hospitality

Trust

6.500%

N/R

127,585

99,835

Pebblebrook

Hotel

Trust

6.375%

N/R

1,866,914

22,025

Pebblebrook

Hotel

Trust

6.300%

N/R

429,047

57,695

Pebblebrook

Hotel

Trust

5.700%

N/R

1,003,893

65,150

Sunstone

Hotel

Investors

Inc

5.700%

N/R

1,222,866

41,060

Sunstone

Hotel

Investors

Inc

6.125%

N/R

829,823

Total

Hotel

&

Resort

REITs

12,201,637

Industrial

REITs

-

3.4%

10,115

Plymouth

Industrial

REIT

Inc

7.500%

N/R

253,381

59,877

Prologis

Inc

8.540%

BBB+

3,390,236

159,235

Rexford

Industrial

Realty

Inc

5.625%

BBB-

3,476,100

55,661

Rexford

Industrial

Realty

Inc

5.875%

BBB-

1,271,297

Total

Industrial

REITs

8,391,014

Multi-Family

Residential

REITs

-

0.8%

34,373

Mid-America

Apartment

Communities

Inc

8.500%

BBB

1,890,515

Total

Multi-Family

Residential

REITs

1,890,515

Office

REITs

-

11.8%

12,713

Highwoods

Properties

Inc

8.625%

Baa3

13,787,630

175,808

Hudson

Pacific

Properties

Inc

4.750%

Ba1

1,645,563

152,510

SL

Green

Realty

Corp

6.500%

BB

2,722,304

229,040

Vornado

Realty

Trust

5.250%

Ba1

3,431,019

107,649

Vornado

Realty

Trust

5.400%

Ba1

1,680,401

214,604

Vornado

Realty

Trust

5.250%

Ba1

3,191,161

178,635

Vornado

Realty

Trust

4.450%

Ba1

2,408,000

Total

Office

REITs

28,866,078

Other

Specialized

REITs

-

0.2%

21,085

EPR

Properties

5.750%

Ba1

424,441

Total

Other

Specialized

REITs

424,441

Retail

REITs

-

9.5%

128,290

Agree

Realty

Corp

4.250%

Baa2

2,383,628

145,990

Federal

Realty

Investment

Trust

5.000%

Baa2

3,137,325

178,734

Kimco

Realty

Corp

5.250%

Baa2

4,373,621

166,864

Kimco

Realty

Corp

5.125%

Baa2

3,921,304

125,180

Saul

Centers

Inc

6.000%

N/R

2,697,629

19,985

Saul

Centers

Inc

6.125%

N/R

438,871

5,494

Simon

Property

Group

Inc

8.375%

BBB

316,290

116,200

SITE

Centers

Corp

6.375%

BB+

2,792,286

27,340

Spirit

Realty

Capital

Inc

6.000%

Baa3

610,502

53,645

Urstadt

Biddle

Properties

Inc

5.875%

N/R

1,198,966

Nuveen

Real

Estate

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

18

JRS

A

Investments

in

Derivatives

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Retail

REITs

(continued)

60,825

Urstadt

Biddle

Properties

Inc

6.250%

N/R

$

1,428,256

Total

Retail

REITs

23,298,678

Self-Storage

REITs

-

7.8%

77,946

National

Storage

Affiliates

Trust

6.000%

N/R

1,818,480

139,069

Public

Storage

5.050%

A3

3,446,130

89,715

Public

Storage

4.625%

A3

1,976,421

98,305

Public

Storage

4.000%

A3

1,910,066

80,955

Public

Storage

4.875%

A3

1,896,776

280,335

Public

Storage

5.600%

A3

7,221,430

27,980

Public

Storage

4.125%

A3

556,802

13,210

Public

Storage

4.700%

A3

297,357

Total

Self-Storage

REITs

19,123,462

Single-Family

Residential

REITs

-

1.9%

117,810

American

Homes

4

Rent

6.250%

Baa3

2,944,072

65,105

American

Homes

4

Rent

5.875%

BB+

1,572,937

12,330

UMH

Properties

Inc

6.375%

N/R

270,520

Total

Single-Family

Residential

REITs

4,787,529

Total

Real

Estate

Investment

Trust

Preferred

Stocks

(cost

$129,851,107)

110,905,879

Total

Long-Term

Investments

(cost

$307,504,814)

330,976,689

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 4.2% (3.0%

of

Total

Investments) 

X

–

REPURCHASE

AGREEMENTS

-

4

.2

%

(

3

.0

%

of

Total

Investments)

X

10,135,851

$

616

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$

615,929,

collateralized

by

$

717,800,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$628,172

1.520%

7/03/23

$

615,851

9,520

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$

9,523,975,

collateralized

by

$

9,845,900,

U.S.

Treasury

Note,

3.625%,

due

3/31/30,

value

$9,710,416

5.010%

7/03/23

9,520,000

Total

Repurchase

Agreements

(cost

$10,135,851)

10,135,851

Total

Short-Term

Investments

(cost

$10,135,851)

10,135,851

Total

Investments

(cost

$

317,640,665

)

-

139

.5

%

341,112,540

Borrowings

-

(38.6)%

(3),(4)

(

94,400,000

)

Other

Assets

&

Liabilities,

Net

-   (0.9)%(5)

(

2,145,185

)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

244,567,355

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(6)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services

LLC

$

72,400,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

3,927,950

$

3,927,950

19

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Borrowings

as

a

percentage

of

Total

Investments

is

27.7%.

(4)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$226,253,156

have

been

pledged

as

collateral

for

borrowings.

(5)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(6)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

LIBOR

London

Inter-Bank

Offered

Rate

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

20

Nuveen

Real

Asset

Income

and

Growth

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

JRI

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

134.6%  

(95.2%

of

Total

Investments) 

X

130,000,456

CORPORATE

BONDS

-

35.2%

(24.9%

of

Total

Investments)

X

130,000,456

Air

Freight

&

Logistics

-

0.2%

$

1,000

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

BB

$

876,070

Total

Air

Freight

&

Logistics

876,070

Automobile

Components

-

0.2%

860

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

B+

856,992

Total

Automobile

Components

856,992

Building

Products

-

0.4%

1,600

Advanced

Drainage

Systems

Inc,

144A

6.375%

6/15/30

Ba2

1,582,832

Total

Building

Products

1,582,832

Capital

Markets

-

0.3%

1,150

Hunt

Cos

Inc,

144A

5.250%

4/15/29

BB-

913,136

Total

Capital

Markets

913,136

Commercial

Services

&

Supplies

-

1.0%

1,085

Clean

Harbors

Inc,

144A

4.875%

7/15/27

BB+

1,038,917

800

Clean

Harbors

Inc,

144A

5.125%

7/15/29

BB+

756,883

1,950

Waste

Connections

Inc

4.200%

1/15/33

BBB+

1,832,701

Total

Commercial

Services

&

Supplies

3,628,501

Diversified

REITs

-

0.5%

1,550

Goodman

US

Finance

Five

LLC,

144A

4.625%

5/04/32

BBB+

1,423,011

300

Iron

Mountain

Inc,

144A

4.500%

2/15/31

BB-

257,769

Total

Diversified

REITs

1,680,780

Diversified

Telecommunication

Services

-

1.0%

1,200

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

B1

1,005,000

1,405

Cellnex

Finance

Co

SA,

144A

3.875%

7/07/41

BBB-

1,029,441

1,150

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

BB-

845,919

385

Iliad

Holding

SASU,

144A

6.500%

10/15/26

BB-

363,372

455

Iliad

Holding

SASU,

144A

7.000%

10/15/28

BB-

419,348

Total

Diversified

Telecommunication

Services

3,663,080

Electric

Utilities

-

6.7%

1,135

AEP

Transmission

Co

LLC

5.400%

3/15/53

A2

1,166,433

770

Baltimore

Gas

and

Electric

Co

5.400%

6/01/53

A

782,245

925

Clearway

Energy

Operating

LLC,

144A

3.750%

2/15/31

BB

767,612

950

CMS

Energy

Corp

3.750%

12/01/50

BBB-

733,210

1,085

Duke

Energy

Carolinas

LLC

5.350%

1/15/53

Aa3

1,099,054

900

EUR

EDP

-

Energias

de

Portugal

SA

,

Reg

S

5.943%

4/23/83

BB+

972,289

600

EUR

EDP

-

Energias

de

Portugal

SA

,

Reg

S

4.496%

4/30/79

BB+

648,991

1,750

EDP

Finance

BV,

144A

6.300%

10/11/27

BBB

1,793,998

625

Exelon

Corp

4.050%

4/15/30

BBB

584,048

1,855

Florida

Power

&

Light

Co

4.800%

5/15/33

Aa2

1,841,636

1,000

Georgia

Power

Co

4.650%

5/16/28

BBB+

979,784

3,150

ITC

Holdings

Corp,

144A

4.950%

9/22/27

BBB+

3,100,758

2,690

NextEra

Energy

Capital

Holdings

Inc

6.051%

3/01/25

A-

2,700,114

1,210

GBP

NGG

Finance

PLC

,

Reg

S

5.625%

6/18/73

BBB-

1,459,864

825

Northern

States

Power

Co/MN

5.100%

5/15/53

Aa3

812,130

795

NRG

Energy

Inc,

144A

7.000%

3/15/33

BBB-

801,587

183

NRG

Energy

Inc

6.625%

1/15/27

BB+

181,660

1,250

Pacific

Gas

and

Electric

Co

6.150%

1/15/33

BBB

1,222,563

21

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Electric

Utilities

(continued)

$

395

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc,

144A

4.500%

8/15/28

BB-

$

360,766

155

PPL

Capital

Funding

Inc

8.203%

3/30/67

BBB

136,788

1,350

Southern

Co

Gas

Capital

Corp

5.150%

9/15/32

BBB+

1,340,768

1,225

Southern

Co/The

5.200%

6/15/33

BBB+

1,215,028

Total

Electric

Utilities

24,701,326

Financial

Services

-

0.2%

895

National

Rural

Utilities

Cooperative

Finance

Corp

7.125%

9/15/53

A3

896,669

Total

Financial

Services

896,669

Gas

Utilities

-

0.9%

1,255

CAD

AltaGas

Ltd

5.250%

1/11/82

BB+

752,905

1,375

CAD

AltaGas

Ltd

7.350%

8/17/82

BB+

995,698

800

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

744,074

875

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

733,071

275

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

BB-

241,071

Total

Gas

Utilities

3,466,819

Ground

Transportation

-

0.3%

500

XPO

Inc,

144A

6.250%

6/01/28

BBB-

491,613

560

XPO

Inc,

144A

7.125%

6/01/31

BB+

564,348

Total

Ground

Transportation

1,055,961

Health

Care

Providers

&

Services

-

1.0%

1,070

Encompass

Health

Corp

4.750%

2/01/30

B+

974,237

180

Encompass

Health

Corp

4.625%

4/01/31

B+

159,563

935

Tenet

Healthcare

Corp

6.125%

6/15/30

BB-

921,629

1,725

Tenet

Healthcare

Corp

6.125%

10/01/28

B+

1,660,657

Total

Health

Care

Providers

&

Services

3,716,086

Health

Care

REITs

-

0.5%

565

CTR

Partnership

LP

/

CareTrust

Capital

Corp,

144A

3.875%

6/30/28

BB+

485,900

1,660

Welltower

OP

LLC

3.850%

6/15/32

BBB+

1,462,271

Total

Health

Care

REITs

1,948,171

Hotel

&

Resort

REITs

-

0.6%

560

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

BB-

513,800

560

RLJ

Lodging

Trust

LP,

144A

4.000%

9/15/29

BB-

468,992

1,245

VICI

Properties

LP

4.950%

2/15/30

BBB-

1,167,910

Total

Hotel

&

Resort

REITs

2,150,702

Hotels,

Restaurants

&

Leisure

-

0.6%

1,075

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

B+

1,000,629

1,000

Hilton

Domestic

Operating

Co

Inc,

144A

4.000%

5/01/31

BB+

868,481

425

Marriott

Ownership

Resorts

Inc,

144A

4.500%

6/15/29

B+

366,803

Total

Hotels,

Restaurants

&

Leisure

2,235,913

Independent

Power

and

Renewable

Electricity

Producers

-

1.6%

745

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

BB+

663,727

500

Calpine

Corp,

144A

3.750%

3/01/31

BB+

405,051

1,530

Clearway

Energy

Operating

LLC,

144A

3.750%

1/15/32

BB

1,245,278

250

Constellation

Energy

Generation

LLC

5.800%

3/01/33

BBB

255,908

755

GBP

SSE

PLC

,

Reg

S

3.740%

4/14/72

BBB-

864,128

1,435

TerraForm

Power

Operating

LLC,

144A

4.750%

1/15/30

BB-

1,266,388

1,250

Vistra

Operations

Co

LLC,

144A

5.125%

5/13/25

BBB-

1,218,695

Total

Independent

Power

and

Renewable

Electricity

Producers

5,919,175

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

22

JRI

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

Producers

&

Energy

Traders

-

0.2%

$

270

NextEra

Energy

Operating

Partners

LP,

144A

4.500%

9/15/27

Ba1

$

250,830

525

NRG

Energy

Inc,

144A

5.250%

6/15/29

BB+

469,471

Total

Independent

Power

Producers

&

Energy

Traders

720,301

Industrial

REITs

-

1.3%

5,000

Prologis

LP

4.625%

1/15/33

A

4,881,235

Total

Industrial

REITs

4,881,235

Machinery

-

0.5%

1,080

Chart

Industries

Inc,

144A

7.500%

1/01/30

Ba3

1,101,875

790

Trinity

Industries

Inc,

144A

7.750%

7/15/28

BB+

794,938

Total

Machinery

1,896,813

Media

-

1.1%

500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

BB+

471,079

2,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

BB+

1,596,914

575

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

BBB-

520,740

1,880

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

BB

1,514,089

Total

Media

4,102,822

Multi-Utilities

-

0.8%

1,900

Ameren

Illinois

Co

4.950%

6/01/33

A1

1,884,906

1,130

Public

Service

Enterprise

Group

Inc

5.850%

11/15/27

BBB

1,152,745

Total

Multi-Utilities

3,037,651

Office

REITs

-

0.5%

1,175

Alexandria

Real

Estate

Equities

Inc

4.750%

4/15/35

BBB+

1,090,205

745

Alexandria

Real

Estate

Equities

Inc

5.150%

4/15/53

BBB+

667,634

Total

Office

REITs

1,757,839

Oil,

Gas

&

Consumable

Fuels

-

7.2%

600

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

7.875%

5/15/26

BB

608,509

450

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

430,871

510

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

BB

432,575

1,365

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

5.625%

5/01/27

BB

1,294,020

700

DT

Midstream

Inc

4.300%

4/15/32

N/R

605,834

745

DT

Midstream

Inc,

144A

4.375%

6/15/31

BB+

641,633

1,500

Energy

Transfer

LP

5.550%

2/15/28

BBB-

1,495,786

350

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BBB-

338,689

850

EnLink

Midstream

LLC

5.375%

6/01/29

BBB-

809,804

205

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/27

BB

206,962

525

EQM

Midstream

Partners

LP,

144A

4.750%

1/15/31

BB

459,892

450

EQM

Midstream

Partners

LP

5.500%

7/15/28

BB

425,797

395

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/30

BB

399,719

490

CAD

Gibson

Energy

Inc

5.250%

12/22/80

BB

305,403

730

Hess

Midstream

Operations

LP,

144A

5.500%

10/15/30

BB+

675,247

650

CAD

Keyera

Corp

6.875%

6/13/79

BB

459,311

1,065

CAD

Keyera

Corp

5.950%

3/10/81

BB

691,882

2,250

Kinder

Morgan

Inc

4.800%

2/01/33

BBB

2,122,053

1,560

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

BB+

1,482,764

1,175

MPLX

LP

5.650%

3/01/53

BBB

1,097,769

2,000

MPLX

LP

5.000%

3/01/33

BBB

1,915,769

575

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

566,301

1,150

ONEOK

Inc

6.100%

11/15/32

BBB

1,169,957

23

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

1,714

CAD

Pembina

Pipeline

Corp

4.800%

1/25/81

BB+

$

1,054,147

345

Plains

All

American

Pipeline

LP

(3-Month

LIBOR

reference

rate

+

4.110%

spread)

(3)

9.431%

11/15/71

BB

307,094

625

Sunoco

LP

/

Sunoco

Finance

Corp

5.875%

3/15/28

BB+

601,016

935

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

4/30/30

BB+

817,421

500

Targa

Resources

Corp

6.250%

7/01/52

BBB-

488,744

1,250

Targa

Resources

Corp

6.125%

3/15/33

BBB-

1,277,238

190

CAD

Transcanada

Trust

4.200%

3/04/81

BBB-

114,324

600

Venture

Global

Calcasieu

Pass

LLC,

144A

4.125%

8/15/31

BB+

515,980

2,000

Venture

Global

Calcasieu

Pass

LLC,

144A

6.250%

1/15/30

BB+

1,983,875

500

Western

Midstream

Operating

LP

4.300%

2/01/30

BBB-

448,924

400

Williams

Cos

Inc/The

5.400%

3/02/26

BBB

398,955

Total

Oil,

Gas

&

Consumable

Fuels

26,644,265

Real

Estate

Management

&

Development

-

0.2%

725

EUR

Peach

Property

Finance

GmbH,

144A

4.375%

11/15/25

BB

609,067

Total

Real

Estate

Management

&

Development

609,067

Residential

REITs

-

0.5%

1,750

AvalonBay

Communities

Inc

5.000%

2/15/33

A-

1,742,788

Total

Residential

REITs

1,742,788

Retail

REITs

-

2.4%

1,970

Agree

LP

4.800%

10/01/32

Baa1

1,829,838

1,900

Federal

Realty

OP

LP

5.375%

5/01/28

BBB+

1,860,428

4,150

Kimco

Realty

OP

LLC

4.600%

2/01/33

BBB+

3,837,319

1,460

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

BBB+

1,232,200

Total

Retail

REITs

8,759,785

Specialized

REITs

-

3.2%

1,000

American

Tower

Corp

5.650%

3/15/33

BBB+

1,014,016

1,000

American

Tower

Corp

5.500%

3/15/28

BBB+

993,043

2,400

Crown

Castle

Inc

5.000%

1/11/28

BBB+

2,355,281

1,750

Digital

Realty

Trust

LP

5.550%

1/15/28

BBB

1,724,148

1,095

Extra

Space

Storage

LP

5.500%

7/01/30

BBB

1,085,938

1,250

Extra

Space

Storage

LP

5.700%

4/01/28

BBB

1,248,769

385

Iron

Mountain

Inc,

144A

7.000%

2/15/29

BB-

385,648

850

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

BB-

733,742

2,475

SBA

Communications

Corp

3.125%

2/01/29

BB

2,097,946

Total

Specialized

REITs

11,638,531

Specialty

Retail

-

0.1%

545

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

BB-

466,379

Total

Specialty

Retail

466,379

Trading

Companies

&

Distributors

-

0.5%

1,800

United

Rentals

North

America

Inc,

144A

6.000%

12/15/29

BBB-

1,795,573

Total

Trading

Companies

&

Distributors

1,795,573

Transportation

Infrastructure

-

0.0%

200

ENA

Master

Trust,

144A

4.000%

5/19/48

BBB

149,589

Total

Transportation

Infrastructure

149,589

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

24

JRI

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Wireless

Telecommunication

Services

-

0.7%

$

950

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC,

144A

5.152%

3/20/28

A1

$

939,973

200

Telefonica

Moviles

Chile

SA,

144A

3.537%

11/18/31

BBB

159,000

935

T-Mobile

USA

Inc

4.800%

7/15/28

BBB+

915,683

500

T-Mobile

USA

Inc

5.050%

7/15/33

BBB+

490,949

Total

Wireless

Telecommunication

Services

2,505,605

Total

Corporate

Bonds

(cost

$137,232,175)

130,000,456

Shares

Description

(1)

Value

X

115,655,164

COMMON

STOCKS

-

31.3%

(22.1%

of

Total

Investments)

X

115,655,164

Diversified

Telecommunication

Services

-

0.9%

475,342

HKT

Trust

&

HKT

Ltd

$

553,475

4,303,540

NETLINK

NBN

TRUST

2,723,707

Total

Diversified

Telecommunication

Services

3,277,182

Electric

Utilities

-

8.3%

431,788

CK

Infrastructure

Holdings

Ltd

2,290,239

289,888

CLP

Holdings

Ltd

2,257,820

310,945

Contact

Energy

Ltd

1,547,621

13,778

Duke

Energy

Corp

1,236,438

36,373

Emera

Inc

1,498,027

139,472

Endesa

SA

2,996,923

823,963

Enel

SpA

5,555,507

27,517

OGE

Energy

Corp

988,135

22,029

Pinnacle

West

Capital

Corp

1,794,482

459,870

Power

Assets

Holdings

Ltd

2,414,076

145,886

Redeia

Corp

SA

2,453,369

13,502

Southern

Co/The

948,515

197,981

SSE

PLC

4,642,670

Total

Electric

Utilities

30,623,822

Financial

Services

-

0.3%

1,194,982

Sdcl

Energy

Efficiency

Income

Trust

PLC

1,126,079

Total

Financial

Services

1,126,079

Gas

Utilities

-

2.9%

14,394

AltaGas

Ltd

258,598

383,554

APA

Group

2,481,578

86,637

Enagas

SA

1,702,729

286,954

Italgas

SpA

1,701,252

7,288

Naturgy

Energy

Group

SA

217,259

845,574

Snam

SpA

4,419,265

Total

Gas

Utilities

10,780,681

Ground

Transportation

-

0.3%

441,432

Aurizon

Holdings

Ltd

1,154,877

Total

Ground

Transportation

1,154,877

Health

Care

Providers

&

Services

-

0.6%

238,762

Chartwell

Retirement

Residences

1,706,795

63,459

Sienna

Senior

Living

Inc

551,838

Total

Health

Care

Providers

&

Services

2,258,633

25

Shares

Description

(1)

Value

Independent

Power

and

Renewable

Electricity

Producers

-

1.1%

5,836

Atlantica

Sustainable

Infrastructure

PLC

$

136,796

91,329

Auren

Energia

SA

273,327

430

Canadian

Solar

Infrastructure

Fund

Inc

362,369

23,744

Capital

Power

Corp

754,574

50,487

Clearway

Energy

Inc,

Class

A

1,363,149

20,766

NextEra

Energy

Partners

LP

1,217,718

Total

Independent

Power

and

Renewable

Electricity

Producers

4,107,933

Multi-Utilities

-

3.3%

51,717

ACEA

SpA

676,438

71,174

Canadian

Utilities

Ltd,

Class

A

1,843,351

44,370

Dominion

Energy

Inc

2,297,922

88,952

National

Grid

PLC,

Sponsored

ADR

5,989,138

360,705

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

982,257

179,243

Vector

Ltd

441,232

Total

Multi-Utilities

12,230,338

Oil,

Gas

&

Consumable

Fuels

-

9.7%

35,387

DT

Midstream

Inc

1,754,134

209,085

Enbridge

Inc

7,767,508

83,282

Energy

Transfer

LP

1,057,681

96,316

Enterprise

Products

Partners

LP

2,537,927

141,744

Gibson

Energy

Inc

2,228,743

43,348

Keyera

Corp

999,646

230,964

Kinder

Morgan

Inc

3,977,200

10,147

Magellan

Midstream

Partners

LP

632,361

17,245

MPLX

LP

585,295

50,009

ONEOK

Inc

3,086,556

169,930

Pembina

Pipeline

Corp

5,342,581

46,082

Plains

GP

Holdings

LP,

Class

A

683,396

10,818

TC

Energy

Corp

437,211

140,048

Williams

Cos

Inc/The

4,569,766

Total

Oil,

Gas

&

Consumable

Fuels

35,660,005

Real

Estate

Management

&

Development

-

1.9%

160,568

Amot

Investments

Ltd

843,821

230,665

CK

Asset

Holdings

Ltd

1,281,749

331,873

Hysan

Development

Co

Ltd

811,040

1,073,374

Sino

Land

Co

Ltd

1,321,439

213,050

Sun

Hung

Kai

Properties

Ltd

2,691,803

Total

Real

Estate

Management

&

Development

6,949,852

Transportation

Infrastructure

-

1.9%

556,879

Atlas

Arteria

Ltd

2,312,707

437,313

China

Merchants

Port

Holdings

Co

Ltd

618,656

396,575

COSCO

SHIPPING

Ports

Ltd

236,751

511,220

Dalrymple

Bay

Infrastructure

Ltd

900,252

337,684

Enav

SpA

1,438,862

8,733

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

1,560,762

Total

Transportation

Infrastructure

7,067,990

Water

Utilities

-

0.1%

42,392

Pennon

Group

PLC

383,034

2,841

United

Utilities

Group

PLC

34,738

Total

Water

Utilities

417,772

Total

Common

Stocks

(cost

$107,156,532)

115,655,164

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

26

JRI

Shares

Description

(1)

Value

X

111,083,337

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

30.0%

(21.2%

of

Total

Investments)

X

111,083,337

Data

Center

REITs

-

0.1%

2,540

Digital

Realty

Trust

Inc  

$

289,230

Total

Data

Center

REITs

289,230

Diversified

REITs

-

2.9%

327,227

Abacus

Property

Group  

587,547

50,172

American

Assets

Trust

Inc  

963,302

19,127

Armada

Hoffler

Properties

Inc  

223,403

219,790

Charter

Hall

Long

Wale

REIT  

588,055

366

Hulic

Reit

Inc  

409,040

35,168

ICADE  

1,467,728

700,631

LXI

REIT

Plc  

767,483

106,542

Merlin

Properties

Socimi

SA  

912,570

4,550

Star

Asia

Investment

Corp  

1,873,619

249,251

Stockland  

670,058

35,419

WP

Carey

Inc  

2,392,908

Total

Diversified

REITs

10,855,713

Health

Care

REITs

-

2.8%

2,224,609

Assura

PLC  

1,282,664

10,485

Cofinimmo

SA  

787,884

23,889

Healthcare

Realty

Trust

Inc  

450,546

211,097

Healthpeak

Properties

Inc  

4,243,050

78,480

Omega

Healthcare

Investors

Inc  

2,408,551

95,732

Physicians

Realty

Trust  

1,339,291

Total

Health

Care

REITs

10,511,986

Hotel

&

Resort

REITs

-

0.7%

176,688

Apple

Hospitality

REIT

Inc  

2,669,756

Total

Hotel

&

Resort

REITs

2,669,756

Industrial

REITs

-

6.6%

565,265

CapitaLand

Ascendas

REIT  

1,140,915

926,991

Centuria

Industrial

REIT  

1,919,936

246,300

Dexus

Industria

REIT  

424,819

214,714

Dream

Industrial

Real

Estate

Investment

Trust  

2,286,933

692,304

FIBRA

Macquarie

Mexico  

1,218,620

453,120

Frasers

Logistics

&

Commercial

Trust  

419,564

52,293

Intervest

Offices

&

Warehouses

NV  

789,740

655,206

LondonMetric

Property

PLC  

1,383,011

267,557

LXP

Industrial

Trust  

2,608,681

1,889,436

Mapletree

Industrial

Trust  

3,091,104

2,573,197

Mapletree

Logistics

Trust  

3,094,905

367,876

Nexus

Industrial

REIT  

2,354,851

338,747

TF

Administradora

Industrial

S

de

RL

de

CV  

650,105

805,941

Tritax

Big

Box

REIT

PLC  

1,282,671

1,157,477

Urban

Logistics

REIT

PLC  

1,646,395

Total

Industrial

REITs

24,312,250

Mortgage

REITs

-

0.3%

14,789

KKR

Real

Estate

Finance

Trust

Inc  

179,982

40,444

Starwood

Property

Trust

Inc  

784,614

Total

Mortgage

REITs

964,596

Multi-Family

Residential

REITs

-

1.2%

111,441

Apartment

Income

REIT

Corp  

4,021,906

6,530

Equity

Residential  

430,784

1,768,627

Home

Reit

PLC   (4)

2,246

Total

Multi-Family

Residential

REITs

4,454,936

27

Shares

Description

(1)

Value

Office

REITs

-

1.4%

9,403

Boston

Properties

Inc  

$

541,519

284,526

Centuria

Office

REIT  

260,267

6,438

Covivio

SA/France  

304,131

18,734

Gecina

SA  

1,998,516

24,738

Highwoods

Properties

Inc  

591,485

46,806

NSI

NV  

1,044,478

43,531

Postal

Realty

Trust

Inc,

Class

A  

640,341

Total

Office

REITs

5,380,737

Other

Specialized

REITs

-

3.2%

85,247

Four

Corners

Property

Trust

Inc  

2,165,274

99,392

Gaming

and

Leisure

Properties

Inc  

4,816,536

150,748

VICI

Properties

Inc  

4,738,010

Total

Other

Specialized

REITs

11,719,820

Retail

REITs

-

9.4%

45,477

Brixmor

Property

Group

Inc  

1,000,494

921,827

CapitaLand

China

Trust  

696,594

336,761

Charter

Hall

Retail

REIT  

812,387

172,605

Choice

Properties

Real

Estate

Investment

Trust  

1,768,069

140,283

Crombie

Real

Estate

Investment

Trust  

1,448,629

114,145

CT

Real

Estate

Investment

Trust  

1,300,206

1,707,407

Fortune

Real

Estate

Investment

Trust  

1,229,986

425,634

Frasers

Centrepoint

Trust  

691,086

747

Kenedix

Retail

REIT

Corp  

1,505,625

116,135

Kimco

Realty

Corp  

2,290,182

512,769

Link

REIT  

2,854,648

88,519

NNN

REIT

Inc  

3,787,728

30,392

Realty

Income

Corp  

1,817,138

84,513

RioCan

Real

Estate

Investment

Trust  

1,229,976

169,330

RPT

Realty  

1,769,498

6,531

Saul

Centers

Inc  

240,537

1,128,129

Scentre

Group  

1,995,110

27,353

Simon

Property

Group

Inc  

3,158,724

32,084

Spirit

Realty

Capital

Inc  

1,263,468

54,897

Urstadt

Biddle

Properties

Inc,

Class

A  

1,167,110

927,247

Vicinity

Ltd  

1,141,922

1,005,445

Waypoint

REIT

Ltd  

1,739,005

Total

Retail

REITs

34,908,122

Self-Storage

REITs

-

0.3%

28,581

National

Storage

Affiliates

Trust  

995,476

Total

Self-Storage

REITs

995,476

Telecom

Tower

REITs

-

1.1%

35,288

Crown

Castle

Inc  

4,020,715

Total

Telecom

Tower

REITs

4,020,715

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$117,305,394)

111,083,337

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

73,638,209

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

19.9%

(14.1%

of

Total

Investments)

X

73,638,209

Diversified

REITs

-

0.3%

55,121

Armada

Hoffler

Properties

Inc

6.750%

N/R

$

1,293,690

Total

Diversified

REITs

1,293,690

Electric

Utilities

-

3.3%

33,520

CMS

Energy

Corp

5.875%

BBB-

803,474

69,272

DTE

Energy

Co

4.375%

BBB-

1,499,046

41,710

Duke

Energy

Corp

5.625%

BBB-

1,053,178

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

28

JRI

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Electric

Utilities

(continued)

47,117

Duke

Energy

Corp

5.750%

BBB-

$

1,168,502

17,555

Entergy

Arkansas

LLC

4.875%

A

393,232

9,582

Entergy

Mississippi

LLC

4.900%

A

213,391

6,696

Entergy

New

Orleans

LLC

5.500%

BBB

163,449

15,093

Entergy

Texas

Inc

5.375%

BBB-

356,497

43,427

Georgia

Power

Co

5.000%

Baa2

1,079,161

30,372

Integrys

Holding

Inc

6.000%

BBB

750,188

13,129

NextEra

Energy

Capital

Holdings

Inc

5.650%

BBB

334,396

36,158

Southern

Co/The

5.250%

BBB-

898,526

83,985

Southern

Co/The

4.200%

BBB-

1,762,845

72,624

Southern

Co/The

4.950%

BBB-

1,668,173

Total

Electric

Utilities

12,144,058

Financial

Services

-

0.2%

24,126

Brookfield

Finance

Inc

4.625%

BBB

395,666

15,267

National

Rural

Utilities

Cooperative

Finance

Corp

5.500%

A3

370,072

Total

Financial

Services

765,738

Gas

Utilities

-

0.2%

29,469

Spire

Inc

5.900%

BBB

742,619

Total

Gas

Utilities

742,619

Hotel

&

Resort

REITs

-

1.6%

4,996

Chatham

Lodging

Trust

6.625%

N/R

94,924

33,323

DiamondRock

Hospitality

Co

8.250%

N/R

850,403

49,953

Pebblebrook

Hotel

Trust

6.300%

N/R

973,084

31,450

Pebblebrook

Hotel

Trust

5.700%

N/R

547,230

23,014

Pebblebrook

Hotel

Trust

6.375%

N/R

430,362

10,619

RLJ

Lodging

Trust

1.950%

N/R

255,812

39,911

Summit

Hotel

Properties

Inc

6.250%

N/R

828,153

20,979

Summit

Hotel

Properties

Inc

5.875%

N/R

410,979

42,450

Sunstone

Hotel

Investors

Inc

5.700%

N/R

796,786

30,928

Sunstone

Hotel

Investors

Inc

6.125%

N/R

625,055

Total

Hotel

&

Resort

REITs

5,812,788

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

40,264

Brookfield

BRP

Holdings

Canada

Inc

4.625%

BBB-

627,313

Total

Independent

Power

and

Renewable

Electricity

Producers

627,313

Independent

Power

Producers

&

Energy

Traders

-

0.4%

74,219

Brookfield

Renewable

Partners

LP

5.250%

BBB-

1,482,153

Total

Independent

Power

Producers

&

Energy

Traders

1,482,153

Industrial

REITs

-

0.6%

23,027

Rexford

Industrial

Realty

Inc

5.875%

BBB-

525,937

85,469

Rexford

Industrial

Realty

Inc

5.625%

BBB-

1,865,788

Total

Industrial

REITs

2,391,725

Multi-Utilities

-

3.1%

24,508

BIP

Bermuda

Holdings

I

Ltd

5.125%

BBB-

426,439

12,759

Brookfield

Infrastructure

Finance

ULC

5.000%

BBB-

236,552

66,710

Brookfield

Infrastructure

Partners

LP

5.125%

BBB-

1,268,824

20,114

Brookfield

Infrastructure

Partners

LP

5.000%

BBB-

376,132

46,364

CMS

Energy

Corp

5.875%

BBB-

1,128,964

63,927

CMS

Energy

Corp

4.200%

BBB-

1,158,997

28,207

CMS

Energy

Corp

5.625%

BBB-

682,609

44,754

DTE

Energy

Co

5.250%

BBB-

1,065,145

66,320

DTE

Energy

Co

4.375%

BBB-

1,403,994

39,653

NiSource

Inc

6.500%

BBB-

998,859

29

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Multi-Utilities

(continued)

109,139

Sempra

Energy

5.750%

BBB-

$

2,630,250

Total

Multi-Utilities

11,376,765

Office

REITs

-

0.2%

33,241

Vornado

Realty

Trust

5.250%

Ba1

494,294

9,347

Vornado

Realty

Trust

5.250%

Ba1

140,018

Total

Office

REITs

634,312

Oil,

Gas

&

Consumable

Fuels

-

0.1%

11,330

NuStar

Energy

LP

11.176%

B2

276,452

Total

Oil,

Gas

&

Consumable

Fuels

276,452

Real

Estate

Management

&

Development

-

0.3%

36,361

Brookfield

Property

Partners

LP

5.750%

BB

499,964

25,870

Brookfield

Property

Partners

LP

6.500%

BB

385,463

10,661

Brookfield

Property

Partners

LP

6.375%

BB

145,096

Total

Real

Estate

Management

&

Development

1,030,523

Residential

REITs

-

1.5%

39,029

American

Homes

4

Rent

6.250%

Baa3

975,335

76,625

American

Homes

4

Rent

5.875%

BB+

1,851,260

92,452

Centerspace

6.625%

N/R

2,274,319

2,174

Mid-America

Apartment

Communities

Inc

8.500%

BBB

119,570

17,745

UMH

Properties

Inc

6.375%

N/R

389,325

Total

Residential

REITs

5,609,809

Retail

REITs

-

3.6%

139,055

Agree

Realty

Corp

4.250%

Baa2

2,583,642

67,768

Federal

Realty

Investment

Trust

5.000%

Baa2

1,456,334

74,234

Kimco

Realty

Corp

5.125%

Baa2

1,744,499

93,888

Kimco

Realty

Corp

5.250%

Baa2

2,297,439

19,345

Saul

Centers

Inc

6.125%

N/R

424,816

27,839

Saul

Centers

Inc

6.000%

N/R

599,931

67,827

SITE

Centers

Corp

6.375%

BB+

1,629,883

31,051

Spirit

Realty

Capital

Inc

6.000%

Baa3

693,369

36,797

Urstadt

Biddle

Properties

Inc

5.875%

N/R

822,413

49,663

Urstadt

Biddle

Properties

Inc

6.250%

N/R

1,166,157

Total

Retail

REITs

13,418,483

Specialized

REITs

-

4.3%

56,512

Digital

Realty

Trust

Inc

5.250%

Baa3

1,202,010

65,206

Digital

Realty

Trust

Inc

5.200%

Baa3

1,405,841

52,645

Digital

Realty

Trust

Inc

5.850%

Baa3

1,230,314

52,590

National

Storage

Affiliates

Trust

6.000%

N/R

1,226,925

47,294

Public

Storage

4.000%

A3

896,221

53,269

Public

Storage

4.000%

A3

1,035,017

39,720

Public

Storage

3.875%

A3

741,970

41,830

Public

Storage

4.625%

A3

921,515

29,442

Public

Storage

5.050%

A3

729,573

33,214

Public

Storage

4.125%

A3

660,959

34,758

Public

Storage

4.750%

A3

769,194

51,744

Public

Storage

4.875%

A3

1,212,362

30,028

Public

Storage

4.700%

A3

675,930

22,063

Public

Storage

5.600%

A3

568,343

23,768

Public

Storage

5.150%

A3

589,209

37,982

Public

Storage

3.900%

A3

720,518

32,210

Public

Storage

3.950%

A3

593,630

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

30

JRI

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Specialized

REITs

(continued)

43,840

Public

Storage

4.100%

A3

$

852,250

Total

Specialized

REITs

16,031,781

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$80,470,269)

73,638,209

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

50,643,285

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

13.7%

(9.7%

of

Total

Investments)

X

50,643,285

Electric

Utilities

-

4.2%

$

1,485

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

$

1,179,432

995

ComEd

Financing

III

6.350%

3/15/33

Baa2

984,185

2,390

Duke

Energy

Corp

4.875%

N/A

(5)

BBB-

2,295,356

840

Edison

International

5.375%

N/A

(5)

BB+

734,076

1,335

Edison

International

5.000%

N/A

(5)

BB+

1,153,307

900

GBP

Electricite

de

France

SA

,

Reg

S

5.875%

N/A

(5)

BBB-

939,376

2,028

Emera

Inc

6.750%

6/15/76

BB+

1,961,035

1,855

Enel

SpA,

144A

8.750%

9/24/73

BBB-

1,844,727

2,440

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

BBB

2,256,934

800

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

BBB

671,623

450

Southern

California

Edison

Co

(3-Month

LIBOR

reference

rate

+

4.199%

spread)

(3)

4.516%

N/A

(5)

Baa3

447,457

1,220

Southern

Co/The

4.000%

1/15/51

BBB-

1,128,280

Total

Electric

Utilities

15,595,788

Financial

Services

-

0.4%

260

National

Rural

Utilities

Cooperative

Finance

Corp

5.250%

4/20/46

A3

243,100

1,295

Transcanada

Trust

5.625%

5/20/75

BBB-

1,236,401

Total

Financial

Services

1,479,501

Ground

Transportation

-

0.3%

989

BNSF

Funding

Trust

I

6.613%

12/15/55

A

954,276

Total

Ground

Transportation

954,276

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

645

CAD

Capital

Power

Corp

7.950%

9/09/82

BB

475,204

Total

Independent

Power

and

Renewable

Electricity

Producers

475,204

Independent

Power

Producers

&

Energy

Traders

-

0.1%

450

Vistra

Corp,

144A

8.000%

N/A

(5)

Ba3

420,745

Total

Independent

Power

Producers

&

Energy

Traders

420,745

Marine

Transportation

-

0.3%

940

Royal

Capital

BV

,

Reg

S

4.875%

N/A

(5)

N/R

923,550

Total

Marine

Transportation

923,550

Multi-Utilities

-

3.1%

3,070

CenterPoint

Energy

Inc

6.125%

N/A

(5)

BBB-

2,962,739

1,680

CMS

Energy

Corp

4.750%

6/01/50

BBB-

1,444,346

1,410

Dominion

Energy

Inc

4.650%

N/A

(5)

BBB-

1,267,731

1,295

Dominion

Energy

Inc

5.750%

10/01/54

BBB-

1,238,942

1,520

Dominion

Energy

Inc

4.350%

N/A

(5)

BBB-

1,276,985

1,565

Sempra

Energy

4.125%

4/01/52

BBB-

1,264,846

2,135

Sempra

Energy

4.875%

N/A

(5)

BBB-

1,985,696

Total

Multi-Utilities

11,441,285

31

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

-

5.2%

$

1,345

Enbridge

Inc

5.750%

7/15/80

BBB-

$

1,214,709

1,530

Enbridge

Inc

7.625%

1/15/83

BBB-

1,537,453

1,495

Enbridge

Inc

6.250%

3/01/78

BBB-

1,375,600

2,740

Enbridge

Inc

6.000%

1/15/77

BBB-

2,541,593

3,155

Enbridge

Inc

5.500%

7/15/77

BBB-

2,808,267

1,159

Energy

Transfer

LP

(3-Month

LIBOR

reference

rate

+

3.018%

spread)

(3)

8.317%

11/01/66

Ba1

889,536

585

Energy

Transfer

LP

6.500%

N/A

(5)

BB

531,367

1,980

Enterprise

Products

Operating

LLC

5.375%

2/15/78

BBB

1,637,994

2,810

Enterprise

Products

Operating

LLC

5.250%

8/16/77

BBB

2,457,227

760

CAD

Inter

Pipeline

Ltd/AB

6.625%

11/19/79

BB

521,516

1,100

Transcanada

Trust

5.600%

3/07/82

BBB-

926,959

1,149

Transcanada

Trust

5.500%

9/15/79

BBB-

985,555

1,773

Transcanada

Trust

5.875%

8/15/76

BBB-

1,672,382

285

Transcanada

Trust

5.300%

3/15/77

BBB-

252,778

Total

Oil,

Gas

&

Consumable

Fuels

19,352,936

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$55,047,844)

50,643,285

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

13,679,042

CONVERTIBLE

PREFERRED

SECURITIES

-

3.7%

(2.6%

of

Total

Investments)

X

13,679,042

Electric

Utilities

-

2.1%

42,154

American

Electric

Power

Co

Inc

6.125%

BBB

$

2,094,211

52,929

NextEra

Energy

Inc

6.926%

BBB

2,397,154

27,258

NextEra

Energy

Inc

6.219%

BBB

1,336,460

13,353

PG&E

Corp

5.500%

N/R

1,996,407

Total

Electric

Utilities

7,824,232

Gas

Utilities

-

0.3%

26,912

Spire

Inc

7.500%

N/R

1,274,014

Total

Gas

Utilities

1,274,014

Independent

Power

and

Renewable

Electricity

Producers

-

0.4%

16,152

AES

Corp/The

6.875%

BB

1,318,326

Total

Independent

Power

and

Renewable

Electricity

Producers

1,318,326

Industrial

REITs

-

0.1%

8,146

LXP

Industrial

Trust

6.500%

N/R

404,286

Total

Industrial

REITs

404,286

Multi-Utilities

-

0.5%

8,721

Algonquin

Power

&

Utilities

Corp

7.750%

N/R

257,269

17,272

NiSource

Inc

7.750%

BBB-

1,757,426

Total

Multi-Utilities

2,014,695

Office

REITs

-

0.1%

7,952

Equity

Commonwealth

6.500%

N/R

201,981

Total

Office

REITs

201,981

Retail

REITs

-

0.2%

13,092

RPT

Realty

7.250%

BB

641,508

Total

Retail

REITs

641,508

Total

Convertible

Preferred

Securities

(cost

$13,693,181)

13,679,042

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

32

JRI

Shares

Description

(1)

Value

X

1,912,306

INVESTMENT

COMPANIES

-

0.5%

(0.4%

of

Total

Investments)

X

1,912,306

225,628

Digital

9

Infrastructure

PLC/Fund

$

175,629

257,803

JLEN

Environmental

Assets

Group

Ltd

Foresight

Group

Holdings

347,238

309,312

Renewables

Infrastructure

Group

Ltd/The

451,332

635,610

Sequoia

Economic

Infrastructure

Income

Fund

Ltd

620,896

281,910

Starwood

European

Real

Estate

Finance

Ltd

317,211

Total

Investment

Companies

(cost

$2,188,655)

1,912,306

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X655,851.00

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

X

655,851

$

525

Natixis

Commercial

Mortgage

Securities

Trust

2019-

MILE,

(TSFR1M

reference

rate

+

4.329%

spread),

2019

MILE,

144A(3)

9.476%

7/15/36

N/R

$

386,004

310

Natixis

Commercial

Mortgage

Securities

Trust

2019-

MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

2019

MILE,

144A(3)

7.976%

7/15/36

N/R

269,847

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$835,000)

655,851

Principal

Amount

(000)

Description

(1)

Coupon

(6)

Reference

Rate

(6)

Spread

(6)

Maturity

(7)

Ratings

(2)

Value

X

593,121

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.1%

(0.1%

of

Total

Investments)

(6)

X

593,121

Electric

Utilities

-

0.1%

$

596

ExGen

Renewables

IV,

LLC,

Term

Loan

8.025%

SOFR90A

2.500%

12/15/27

BB-

$

593,121

Total

Electric

Utilities

593,121

Total

Variable

Rate

Senior

Loan

Interests

(cost

$593,917)

593,121

33

Investments

in

Derivatives

Shares

Description

(1)

Expiration

Date

Value

X

51

COMMON

STOCK

RIGHTS

-

0.0%

(0.0%

of

Total

Investments)

X

51

Diversified

REITs

-

0.0%

76,172

Abacus

Property

Group

(4)

7/29/23

$

51

Total

Common

Stock

Rights

(cost

$–)

51

Total

Long-Term

Investments

(cost

$514,522,967)

497,860,822

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 6.8% (4.8%

of

Total

Investments) 

24,978,605

REPURCHASE

AGREEMENTS

-

6.8%

(4.8%

of

Total

Investments)

X

24,978,605

$

1,709

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$1,708,822,

collateralized

by

$1,991,500,

U.S.

Treasury

Notes,

1.500%,

due

11/30/28,

value

$1,742,833

1.520%

7/03/23

$

1,708,605

23,270

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$23,279,715,

collateralized

by

$18,978,200,

U.S.

Treasury

Notes,

3.625%,

due

3/31/30,

value

$18,717,051;

collateralized

by

$4,960,800,

U.S.

Treasury

Notes,

4.000%,

due

2/28/30,

value

$5,018,446

5.010%

7/03/23

23,270,000

Total

Repurchase

Agreements

(cost

$24,978,605)

24,978,605

Total

Short-Term

Investments

(cost

$24,978,605)

24,978,605

Total

Investments

(cost

$539,501,572

)

-

141.4%

522,839,427

Borrowings

-

(42.6)%

(8),(9)

(157,395,000)

Other

Assets

&

Liabilities,

Net

-   1.2%(10)

4,288,480

Net

Assets

Applicable

to

Common

Shares

-

100%

$

369,732,907

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(14)

9/23

$

(1,601,753)

$

(1,571,719)

$

30,034

U.S.

Treasury

Long

Bond

(17)

9/23

(2,160,240)

(2,157,406)

2,834

U.S.

Treasury

Ultra

10-Year

Note

(110)

9/23

(13,194,372)

(13,028,125)

166,247

U.S.

Treasury

Ultra

Bond

(20)

9/23

(2,701,997)

(2,724,375)

(22,378)

Total

$(19,658,362)

$(19,481,625)

$176,737

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(11)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services

LLC

$

112,400,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

6,098,088

$

6,098,088

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

34

JRI

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(4)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(5)

Perpetual

security.

Maturity

date

is

not

applicable.

(6)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(7)

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.

(8)

Borrowings

as

a

percentage

of

Total

Investments

is

30.1%.

(9)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$358,706,444

have

been

pledged

as

collateral

for

borrowings.

(10)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(11)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

CAD

Canadian

Dollar

EUR

Euro

GBP

Pound

Sterling

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

35

.

June

30,

2023

(Unaudited)

JRS

JRI

ASSETS

Long-term

investments,

at

value

†

$

330,976,689‌

$

497,860,822‌

Short-term

investments,

at

value

◊

10,135,851‌

24,978,605‌

Cash

denominated

in

foreign

currencies

^

–‌

164,853‌

Unrealized

appreciation

on

interest

rate

swaps

3,927,950‌

6,098,088‌

Receivables:

Dividends

1,662,226‌

1,764,711‌

Interest

1,351‌

3,058,253‌

Investments

sold

–‌

1,941,284‌

Reclaims

–‌

169,952‌

Reimbursement

from

Adviser

–‌

147,970‌

Other

assets

126,686‌

54,274‌

Total

assets

346,830,753‌

536,238,812‌

LIABILITIES

Cash

overdraft

–‌

340,512‌

Cash

collateral

due

to

broker

(1)

2,193,001‌

5,064,547‌

Borrowings

94,400,000‌

157,395,000‌

Payables:

Dividends

4,783,657‌

2,346,464‌

Interest

395,299‌

–‌

Investments

purchased

-

regular

settlement

–‌

524,216‌

Variation

margin

on

futures

contracts

–‌

72,375‌

Accrued

expenses:

Custodian

fees

39,922‌

248,430‌

Investor

relations

45,421‌

1,204‌

Management

fees

234,747‌

414,539‌

Trustees

fees

122,692‌

39,331‌

Professional

fees

14,734‌

12,592‌

Shareholder

reporting

expenses

26,866‌

36,275‌

Shareholder

servicing

agent

fees

2,017‌

–‌

Other

5,042‌

10,420‌

Total

liabilities

102,263,398‌

166,505,905‌

Net

assets

applicable

to

common

shares

$

244,567,355‌

$

369,732,907‌

Common

shares

outstanding

28,892,471‌

27,416,679‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

8

.46‌

$

13

.49‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

288,925‌

$

274,167‌

Paid-in

capital

244,679,889‌

587,803,456‌

Total

distributable

earnings

(loss)

(

401,459‌

)

(

218,344,716‌

)

Net

assets

applicable

to

common

shares

$

244,567,355‌

$

369,732,907‌

Authorized

shares:

Common

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

†

Long-term

investments,

cost

$

307,504,814‌

$

514,522,967‌

◊

Short-term

investments,

cost

$

10,135,851‌

$

24,978,605‌

^

Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

164,669‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives

is

in

addition

to

the

Fund’s

securities

pledged

as

collateral

as

noted

in

the

Portfolio

of

Investments.

Statement

of

Operations

See

Notes

to

Financial

Statements

36

Six

Months

Ended

June

30,

2023

(Unaudited)

JRS

JRI

INVESTMENT

INCOME

Dividends

$

7,598,930‌

$

10,880,042‌

Interest

114,318‌

5,651,785‌

Other

income

—‌

288,731‌

Tax

withheld

—‌

(532,390‌)

Total

investment

income

7,713,248‌

16,288,168‌

EXPENSES

–

–

Management

fees

1,455,792‌

2,561,900‌

Shareholder

servicing

agent

fees

4,327‌

5,758‌

Interest

expense

2,643,651‌

4,518,427‌

Trustees

fees

5,477‌

8,866‌

Custodian

expenses

21,445‌

127,317‌

Investor

relations

expenses

40,206‌

85,398‌

Professional

fees

30,186‌

37,696‌

Shareholder

reporting

expenses

42,370‌

54,723‌

Stock

exchange

listing

fees

4,321‌

4,105‌

Other

6,765‌

7,936‌

Total

expenses

4,254,540‌

7,412,126‌

Net

investment

income

(loss)

3,458,708‌

8,876,042‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

and

foreign

currency

(3,132,550‌)

(16,222,215‌)

Futures

contracts

—‌

40,314‌

Swaps

960,209‌

1,491,492‌

Net

realized

gain

(loss)

(2,172,341‌)

(14,690,409‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency

18,358,850‌

17,918,833‌

Futures

contracts

—‌

56,921‌

Swaps

248,492‌

385,781‌

Change

in

net

unrealized

appreciation

(depreciation)

18,607,342‌

18,361,535‌

Net

realized

and

unrealized

gain

(loss)

16,435,001‌

3,671,126‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

19,893,709‌

$

12,547,168‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

37

JRS

JRI

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

3,458,708‌

$

7,705,983‌

$

8,876,042‌

$

21,328,203‌

Net

realized

gain

(loss)

(

2,172,341‌

)

(

12,418,737‌

)

(

14,690,409‌

)

(

15,844,092‌

)

Change

in

net

unrealized

appreciation

(depreciation)

18,607,342‌

(

118,450,797‌

)

18,361,535‌

(

79,152,773‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

19,893,709‌

(

123,163,551‌

)

12,547,168‌

(

73,668,662‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

9,823,440‌

)

(

16,220,000‌

)

(

14,852,440‌

)

(

21,150,820‌

)

Return

of

Capital

–‌

(

7,934,106‌

)

–‌

(

10,640,540‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

9,823,440‌

)

(

24,154,106‌

)

(

14,852,440‌

)

(

31,791,360‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Cost

of

common

shares

redeemed

–‌

–‌

(

413,224‌

)

–‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

(

413,224‌

)

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

10,070,269‌

(

147,317,657‌

)

(

2,718,496‌

)

(

105,460,022‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

234,497,086‌

381,814,743‌

372,451,403‌

477,911,425‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

244,567,355‌

$

234,497,086‌

$

369,732,907‌

$

372,451,403‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

38

June

30,

2023

(Unaudited)

JRS

JRI

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

19,893,709‌

$

12,547,168‌

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(36,803,881‌)

(171,720,994‌)

Proceeds

from

sale

and

maturities

of

investments

51,037,759‌

187,579,162‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(5,485,016‌)

(3,238,258‌)

Proceeds

from

(payments

for)

closed

foreign

currency

spot

transactions

(40,917‌)

(94,353‌)

Capital

gains

and

return

of

capital

distributions

from

investments

583,012‌

93,182‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(1,954‌)

(39,818‌)

(Increase)

Decrease

in:

Receivable

for

dividends

256,143‌

(91,464‌)

Receivable

for

interest

(1,020‌)

(104,319‌)

Receivable

for

reclaims

—‌

35,690‌

Receivable

for

reimbursement

from

Adviser

—‌

(101,187‌)

Receivable

for

investments

sold

—‌

608,478‌

Receivable

for

variation

margin

on

futures

contracts

—‌

18,141‌

Other

assets

(8,293‌)

(17,992‌)

Increase

(Decrease)

in:

Payable

for

interest

(45,454‌)

—‌

Payable

for

investments

purchased

-

regular

settlement

—‌

(1,277,555‌)

Payable

for

variation

margin

on

futures

contracts

—‌

72,375‌

Accrued

custodian

fees

39,922‌

248,430‌

Accrued

investor

relations

fees

45,421‌

1,204‌

Accrued

management

fees

(19,013‌)

(27,983‌)

Accrued

Trustees

fees

2,538‌

276‌

Accrued

professional

fees

14,734‌

12,592‌

Accrued

shareholder

reporting

expenses

26,866‌

36,275‌

Accrued

shareholder

servicing

agent

fees

2,017‌

—‌

Accrued

other

expenses

(123,262‌)

(367,751‌)

Net

realized

(gain)

loss

from

investments

and

foreign

currency

3,132,550‌

16,222,215‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

and

foreign

currency

(18,358,850‌)

(17,918,833‌)

Change

in

net

unrealized

(appreciation)

depreciation

of

swaps

(248,492‌)

(385,781‌)

Net

cash

provided

by

(used

in)

operating

activities

13,898,519‌

22,088,900‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

(Repayments)

of

borrowings

(10,000,000‌)

(9,590,000‌)

Increase

(Decrease)

in:

Cash

overdraft

—‌

340,512‌

Cash

collateral

due

to

broker

1,141,264‌

(22,914‌)

Cash

overdraft  denominated

in

foreign

currencies

—‌

(55,494‌)

Cash

distributions

paid

to

common

shareholders

(5,039,783‌)

(12,505,976‌)

Cost

of

common

shares

redeemed

—‌

(413,224‌)

Net

cash

provided

by

(used

in)

financing

activities

(13,898,519‌)

(22,247,096‌)

Net

increase

(decrease)

in

cash

denominated

in

foreign

currencies

–‌

(158,196‌)

Cash

at

the

be

ginning

of

period

—‌

323,049‌

Cash

denominated

in

foreign

currencies

at

the

end

of

period

$

—‌

$

164,853‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JRS

JRI

Cash

paid

for

interest

(excluding

borrowing

costs)

$

2,689,102‌

$

4,

493,936‌

Financial

Highlights

40

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JRS

JRI

6/30/23(d)

2.20

%

(e)

2.41

%

(e)

12/31/22

1.01

1.04

12/31/21

0.27

0.34

12/31/20

0.48

0.66

12/31/19

1.15

1.28

12/31/18

1.14

1.20

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

0

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JRS

6/30/23(d)

$

8.12

$

0.12

$

0.56

$

0.68

$

(0.34)

$

—

$

—

$

(0.34)

$

—

$

8.46

$

7.43

12/31/22

13.22

0.27

(4.54)

(4.27)

(0.26)

(0.30)

(0.27)

(0.83)

—

8.12

7.56

12/31/21

9.63

0.25

4.10

4.35

(0.20)

(0.56)

—

(0.76)

—

13.22

12.82

12/31/20

11.35

0.26

(1.22)

(0.96)

(0.23)

(0.46)

(0.07)

(0.76)

—

9.63

8.44

12/31/19

9.47

0.27

2.37

2.64

(0.27)

(0.49)

—

(0.76)

—

11.35

10.62

12/31/18

11.35

0.33

(1.36)

(1.03)

(0.33)

(0.37)

(0.15)

(0.85)

—

9.47

8.46

JRI

6/30/23(d)

13.57

0.32

0.14

0.46

(0.54)

—

—

(0.54)

—(f)

13.49

11.42

12/31/22

17.41

0.78

(3.46)

(2.68)

(0.77)

—

(0.39)

(1.16)

—

13.57

11.70

12/31/21

15.84

1.00

1.73

2.73

(1.09)

—

(0.07)

(1.16)

—

17.41

16.12

12/31/20

20.04

0.80

(3.78)

(2.98)

(0.99)

—

(0.23)

(1.22)

—(f)

15.84

13.46

12/31/19

16.48

0.91

3.94

4.85

(1.29)

—

—

(1.29)

—

20.04

18.36

12/31/18

19.61

1.05

(2.93)

(1.88)

(1.12)

—

(0.15)

(1.27)

0.02

16.48

13.63

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

See

Notes

to

Financial

Statements.

41

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

8.50‌

%

2.88‌

%

$

244,567

3.53‌

%

(e)

2.87‌

%

(e)

11‌

%

(32.94‌)

(35.25‌)

234,497

2.33‌

2.58‌

58‌

46.38‌

62.73‌

381,815

1.54‌

2.16‌

92‌

(7.42‌)

(12.24‌)

278,287

1.79‌

2.83‌

116‌

28.18‌

34.80‌

327,788

2.45‌

2.40‌

104‌

(9.44‌)

(17.93‌)

273,616

2.43‌

3.10‌

67‌

3.37‌

2.15‌

369,733

3.96‌

(e)

4.74‌

(e)

33‌

(15.83‌)

(20.83‌)

372,451

2.63‌

5.09‌

71‌

17.73‌

29.09‌

477,911

1.82‌

5.94‌

73‌

(14.15‌)

(19.31‌)

434,736

2.20‌

5.26‌

102‌

30.18‌

45.48‌

550,464

2.80‌

4.84‌

90‌

(9.90‌)

(17.07‌)

452,703

27.70‌

5.73‌

92‌

(d)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

42

Financial

Highlights

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

JRS

6/30/23(c)

$

94,400

$

3,591

12/31/22

104,400

3,246

12/31/21

144,000

3,651

12/31/20

110,000

3,530

12/31/19

131,500

3,493

12/31/18

126,000

3,172

JRI

6/30/23(c)

157,395

3,349

12/31/22

166,985

3,230

12/31/21

197,935

3,414

12/31/20

166,035

3,618

12/31/19

222,225

3,477

12/31/18

215,225

3,103

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

of

debt

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

results

by

the

aggregate

amount

of

the

Fund's

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Unaudited.

Notes

to

Financial

Statements

(Unaudited)

43

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Real

Estate

Income

Fund

(JRS)

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

JRS

and

JRI

were

organized

as

Massachusetts

business

trusts

on

August

27,

2001

and

January

10,

2012,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

June

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2023

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Funds'

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolio,

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

Security

Capital

Research

&

Management

Incorporated

("Security

Capital"),

under

which

Security

Capital

manages JRS's

investment

portfolio

and

Nuveen

Asset

Management,

LLC (“NAM”),

a

subsidiary

of

the

Adviser,

under

which NAM

manages

the

investment

portfolio

of

JRI.

The

Adviser

is

responsible

for

managing

the

Funds'

investments

in

swap

contracts.

Developments

Regarding

the

Funds’

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

JRS

makes

quarterly

cash

distributions,

while

JRI

makes

monthly

cash

distributions

to

common

shareholders

of

a

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board,

each

Fund

seeks

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

each

Fund’s

investment

strategy

through

regular

quarterly

distributions

(a

“Managed

Distribution

Program”).

Total

distributions

during

a

calendar

year

generally

will

be

made

from

each

Fund’s

net

investment

income,

net

realized

capital

gains

and

net

unrealized

capital

gains

in

the

Fund’s

portfolio,

if

any.

The

portion

of

distributions

paid

attributed

to

net

unrealized

gains,

if

any,

is

distributed

from

the

Fund’s

assets

and

is

treated

by

common

shareholders

as

a

non-taxable

distribution

(“return

of

capital”)

for

tax

purposes.

In

the

event

that

total

distributions

during

a

calendar

year

exceed

a

Fund’s

total

return

on

NAV,

the

difference

will

reduce

NAV

per

share.

If

a

Fund’s

total

return

on

NAV

exceeds

total

distributions

during

44

Notes

to

Financial

Statements

(Unaudited)

(continued)

a

calendar

year,

the

excess

will

be

reflected

as

an

increase

in

NAV

per

share.

The

final

determination

of

the

source

and

character

of

all

distributions

paid

by

a

Fund

during

the

fiscal

year

is

made

after

the

end

of

the

fiscal

year

and

is

reflected

in

the

financial

statements

contained

in

the

annual

report

as

of

December

31

each

year.

The

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

a

Fund’s

portfolio.

Distributions

received

from

certain

securities

in

which

a

Fund

invests,

most

notably

real

estate

investment

trust

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

calendar

year

for

the

previous

year.

The

distribution

is

included

in

a

Fund’s

ordinary

income

until

such

time

a

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

Foreign

Currency

Transactions

and

Translation:

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

JRI’s

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

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

JRI

Value

%

of

Total

Investments

Country:

Canada

$

60,972,080

11.7

%

United

Kingdom

21,386,989

4.1

Australia

19,643,782

3.8

Hong

Kong

17,706,274

3.4

Italy

15,636,050

3.0

Singapore

11,857,875

2.3

Spain

10,112,814

1.9

France

5,492,471

1.0

Portugal

4,397,535

0.8

Japan

4,150,652

0.8

Other

14,757,731

2.8

Total

non-U.S.

Securities

$186,114,253

35.6%

45

date

and

recorded

at

fair

value.

Interest

income,

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in

kind

(“PIK”)

interest,

paydown

gains

and

losses

and

fee

income,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

46

Notes

to

Financial

Statements

(Unaudited)

(continued)

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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:

JRS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

220,070,810

$

–

$

–

$

220,070,810

Real

Estate

Investment

Trust

Preferred

Stocks

105,434,018

3,390,236

–

108,824,254

$25

Par

(or

similar)

Retail

Preferred

2,081,625

–

–

2,081,625

Short-Term

Investments:

Repurchase

Agreements

–

10,135,851

–

10,135,851

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

3,927,950

–

3,927,950

Total

$

327,586,453

$

17,454,037

$

–

$

345,040,490

JRI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

130,000,456

$

–

$

130,000,456

Common

Stocks

61,568,018

54,087,146

–

115,655,164

Real

Estate

Investment

Trust

Common

Stocks

75,030,905

36,050,186

2,246**

111,083,337

$25

Par

(or

similar)

Retail

Preferred

72,888,021

750,188

–

73,638,209

$1,000

Par

(or

similar)

Institutional

Preferred

–

50,643,285

–

50,643,285

Convertible

Preferred

Securities

12,405,028

1,274,014

–

13,679,042

Investment

Companies

1,460,974

451,332

–

1,912,306

Asset-Backed

and

Mortgage-Backed

Securities

–

655,851

–

655,851

Variable

Rate

Senior

Loan

Interests

–

593,121

–

593,121

Common

Stock

Rights

–

–

51**

51

Short-Term

Investments:

Repurchase

Agreements

–

24,978,605

–

24,978,605

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

6,098,088

–

6,098,088

Futures

Contracts*

176,737

–

–

176,737

Total

$

223,529,683

$

305,582,272

$

2,297

$

529,114,252

47

4.

Portfolio

Securities

Unfunded

Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

JRI

may

have

unfunded

senior

loan

commitments.

The

Fund

will

maintain

with

its

custodian,

cash,

liquid

securities

and/or

liquid

senior

loans

having

an

aggregate

value

at

least

equal

to

the

amount

of

unfunded

senior

loan

commitments.

As

of

the

end

of

the

reporting

period,

the

Fund

had

no

such

outstanding

unfunded

senior

loan

commitments.

Participation

Commitments

:

With

respect

to

the

senior

loans

held

in

JRI’s

portfolio,

the

Fund

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

the

Fund

purchases

a

participation

of

a

senior

loan

interest,

the

Fund

would

typically

enter

into

a

contractual

agreement

with

the

lender

or

other

third

party

selling

the

participation,

rather

than

directly

with

the

borrower.

As

such,

the

Fund

not

only

assumes

the

credit

risk

of

the

borrower,

but

also

that

of

the

selling

participant

or

other

persons

interpositioned

between

the

Fund

and

the

borrower.

As

of

the

end

of

the

reporting

period,

the

Fund

had

no

such

outstanding

participation

commitments.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Futures

Contracts:

During

the

current

fiscal

period,

JRI

used

U.S.

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

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

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

**

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JRS

Fixed

Income

Clearing

Corporation

$

10,135,851

$

10,338,588

JRI

Fixed

Income

Clearing

Corporation

24,978,605

25,478,330

Fund

Purchases

Sales

and

Maturities

JRS

$

36,803,881

$

51,037,759

JRI

171,720,994

187,579,162

48

Notes

to

Financial

Statements

(Unaudited)

(continued)

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Interest

Rate

Swap

Contracts:

The

Funds

may

enter

into

an

interest

rate

swap

contract

to

gain

or

reduce

exposure

to

interest

rates,

to

manage

duration,

the

yield

curve

or

interest

rate

risk.

During

the

current

fiscal

period,

each

Fund

continued

to

utilize

forward

starting

interest

rate

swap

contracts

to

partially

hedge

its

future

interest

cost

of

leverage,

which

is

through

the

use

of

bank

borrowings.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swaps

on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

JRI

$

19,577,715

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JRS

$

72,400,000

JRI

112,400,000

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Counterparty

Gross

Unrealized

Appreciation

Interest

Rate

Swaps***

Gross

Unrealized

(Depreciation)

Interest

Rate

Swaps***

Net

Unrealized

Appreciation(Depreciation)

on

Interest

Rate

Swaps

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

JRS

Morgan

Stanley

Capital

Services

LLC

$

3,927,950

$

-  

$

3,927,950

$

(3,513,474)

$

414,476

JRI

Morgan

Stanley

Capital

Services

LLC

6,098,088

-  

6,098,088

(5,642,730)

455,358

***  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

49

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

JRS

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

swap

contracts

$

3,927,950

-

$

–

1

1

1

1

1

1

1

1

JRI

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

199,115

Unrealized

depreciation

on

futures

contracts

*

(22,378)

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

swap

contracts

6,098,088

-

–

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

assets

and

liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JRS

Swap

contracts

Interest

$

960,209

$

248,492

JRI

Futures

contracts

Interest

40,314

56,921

Swap

contracts

Interest

1,491,492

385,781

JRI

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Common

Shares:

Repurchased

and

retired

37,001

—

Total

37,001

—

50

Notes

to

Financial

Statements

(Unaudited)

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

Security

Capital

and

NAM

are

compensated

for

their

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

Fund

JRI

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

11.15

–

Discount

per

share

repurchased

and

retired

(16.36)%

–%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JRS

$

324,961,986

$

55,329,098

$

(35,250,594)

$

20,078,504

JRI

549,045,819

24,671,320

(44,602,887)

(19,931,567)

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

JRS

$

—

$

—

$

1,471,162

$

(11,529,422)

$

—

$

(253,936)

$

(10,312,196)

JRI

—

—

(38,221,607)

(177,567,809)

—

(212,036)

(216,001,452)

Fund

Short-Term

Long-Term

Total

JRS

$

11,529,422

$

—

$

11,529,422

JRI

1

59,549,016

118,018,793

177,567,809

1

A

portion

of

JRI's

capital

loss

carryforwards

is

subject

to

an

annual

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

51

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

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

June

30,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

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:

9.

Fund

Leverage

Borrowings:

Each

Fund

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

Average

Daily

Managed

Assets*

JRS

Fund-Level

Fee

Rate

JRI

Fund-Level

Fee

Rate

For

the

first

$500

million

0.7000

%

0.8000

%

For

the

next

$500

million

0.6750

0.7750

For

the

next

$500

million

0.6500

0.7500

For

the

next

$500

million

0.6250

0.7250

For

managed

assets

over

$2

billion

0.6000

0.7000

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

JRS

0.1595%

JRI

0.1595%

Fund

Amount

JRS

$

-

JRI

288,731

52

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

On

June

29,

2023,

JRI

entered

into

a

new

Borrowing

facility

and

changed

its

interest

on

Borrowings

to

Daily

Secured

Overnight

Financing

Rate

(SOFR)

plus

0.600%

per

annum

on

the

amount

borrowed.

All

other

terms

remained

unchanged.

For

JRS

interest

is

charged

on

these

Borrowings

at

1-Month

Term

SOFR

plus

0.610%

per

annum

on

the

amounts

borrowed.

For

JRI

interest

is

charged

on

these

Borrowings

at

Daily

SOFR

plus

0.600%

(1-Month

Term

SOFR

plus

0.750%

prior

to

June

29,

2023)

per

annum

on

the

amounts

borrowed

and

0.125%

per

annum

(for

the

period

January

1,

2023

through

June

29,

2023)

on

the

undrawn

balance.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

Borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

and

other

fees

incurred

on

the

drawn

amount

and

undrawn

balance

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

10.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

Securities

and

Exchange

Commission

(the

"SEC")

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

Fund

Maximum

Commitment

Amount

JRS

$

150,000,000

JRI

200,000,000

Fund

Outstanding

Balance

on

Borrowings

JRS

$

94,400,000

JRI

157,395,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JRS

181

$

98,930,387

5.39

%

JRI

181

162,402,845

5.61

53

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

54

Risk

Considerations

(Unaudited)

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

Real

Estate

Income

Fund

(JRS)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Real

estate

investments

may

suffer

due

to

economic

downturns

and

changes

in

commercial

real

estate

values,

rents,

property

taxes,

interest

rates

and

tax

laws.

The

Fund’s

concentration

in

real

estate

may

involve

greater

risk

and

volatility

than

more

diversified

investments.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

For

these

and

other

risks

such

as

preferred

securities

risk,

seethe

Fund’s

web

page

at

www.

nuveen.com/JRS.

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Concentration

in

specific

sectors

may

involve

greater

risk

and

volatility

than

more

diversified

investments:

real

estate

investments

may

suffer

due

to

economic

downturns

and

changes

in

real

estate

values,

rents,

property

taxes,

interest

rates

and

tax

laws;

infrastructure-related

securities

may

face

adverse

economic,

regulatory,

political,

and

legal

changes.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

For

these

and

other

risks

such

as

foreign

investment

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/JRI

.

55

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Ave

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

JRS

JRI

Common

shares

repurchased

0

37,000

56

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund’s

net

income

be

accompanied

by

a

written

notice

that

discloses

the

estimated

sources

of

such

payment.

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

57

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund,

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

Real

Estate

Income

Fund

(the

“Real

Estate

Income

Fund”),

Security

Capital

Research

&

Management

Incorporated

(“Security

Capital”),

pursuant

to

which

Security

Capital

serves

as

the

investment

sub-adviser

to

such

Fund;

and

(b)

in

the

case

of

Nuveen

Real

Asset

Income

and

Growth

Fund

(the

“Real

Asset

Income

and

Growth

Fund”),

Nuveen

Asset

Management,

LLC

(“NAM,”

and

NAM

and

Security

Capital

are

each,

a

“Sub-Adviser”),

pursuant

to

which

NAM

serves

as

the

investment

sub-adviser

to

such

Fund,

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Advisers

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Advisers

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

58

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Advisers

in

providing

services

to

the

applicable

Fund(s).

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Advisers

and

recognized

that

each

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

the

applicable

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

each

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

Sub-Adviser

or

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

59

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

each

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

60

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

the

Real

Estate

Income

Fund,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March

31,

2023.

In

considering

performance,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

further

noted

that

the

Fund’s

use

of

leverage

detracted

from

the

Fund’s

performance

in

2022

but

was

accretive

to

overall

common

share

income.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Real

Asset

Income

and

Growth

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022.

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,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-

year

period

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

three-year

period

ended

March

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023.

In

considering

performance,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

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

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

61

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

each

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

each

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

applicable

Fund.

The

Independent

Board

Members

noted

that

(a)

the

Real

Estate

Income

Fund

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

and

(b)

the

Real

Asset

Income

and

Growth

Fund

had

an

actual

management

fee

that

was

slightly

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

NAM

(an

affiliated

sub-adviser),

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

such

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

such

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

such

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

such

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

such

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

NAM

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

NAM,

the

hedge

funds

advised

by

NAM

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

NAM’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

The

Board

recognized

that

Security

Capital

was

an

unaffiliated

sub-adviser.

With

respect

to

Security

Capital,

the

Independent

Board

Members

reviewed

the

average

fee

rates

that

such

Sub-Adviser

charges

for

other

clients.

The

Independent

Board

Members

noted

that

the

Sub-Advisory

Agreement

with

Security

Capital,

including

the

fees

thereunder,

was

the

result

of

arm’s

length

negotiations

and

that

such

Sub-

Adviser’s

fees

were

reasonable

in

relation

to

the

fees

it

assessed

other

clients.

62

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

each

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

with

respect

to

NAM,

the

Independent

Board

Members

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

NAM

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

With

respect

to

Security

Capital,

the

Independent

Board

Members

considered

a

margin

analysis

for

such

Sub-

Adviser,

generally

including

revenues,

expenses

and

operating

margins

for

its

advisory

services

to

the

applicable

Nuveen

funds

for

the

calendar

years

2022

and

2021.

With

respect

to

Security

Capital,

which

is

unaffiliated

with

Nuveen,

the

Board

recognized

that

the

sub-

advisory

fee

would

have

been

established

through

arm’s

length

negotiations

between

the

Adviser

and

such

Sub-Adviser,

and

the

Adviser

pays

such

Sub-Adviser

out

of

its

own

revenues.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

each

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

63

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

In

addition,

the

Independent

Board

Members

noted

that

while

various

sub-advisers

to

the

Nuveen

funds

(including

NAM)

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions,

Security

Capital

may

engage

in

soft

dollar

transactions

pursuant

to

which

it

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

fund(s).

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

applicable

Fund(s)

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

applicable

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-C-0623P

3020109-INV-B-8/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

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help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

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relevant

information.

To

obtain

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prospectus,

please

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Nuveen,

333

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Dr.,

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IL

60606.

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Learn

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Funds

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NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

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 filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item  2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Real Estate Income Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary

Date: September 6, 2023

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

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: September 6, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

Date: September 6, 2023

EX-99.CERT

EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATIONS

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Real Estate Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2023

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Real Estate Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2023

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Funds Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Real Estate Income Fund (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 6, 2023

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Funds Controller

(principal financial officer)