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:    December 31, 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 policymaking 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

December

31,

2023

Annual

Report

Nuveen

Multi-Asset

Income

Fund

NMAI

Nuveen

Real

Asset

Income

and

Growth

Fund

JRI

Nuveen

Real

Estate

Income

Fund

JRS

2

IMPORTANT

DISTRIBUTION

NOTICE

for

Shareholders

of

the

Nuveen

Real

Estate

Income

Fund

(JRS)

Annual

Shareholder

Report

for

the

period

ending

December

31,

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

Letter

to

Shareholders

4

Important

Notices

5

Portfolio

Managers’

Comments

6

Fund

Leverage

11

Common

Share

Information

13

About

the

Funds’

Benchmarks

17

Performance

Overview

and

Holdings

Summaries

19

Report

of

Independent

Registered

Public

Accounting

Firm

25

Portfolios

of

Investments

27

Statement

of

Assets

and

Liabilities

85

Statement

of

Operations

86

Statement

of

Changes

in

Net

Assets

87

Statement

of

Cash

Flows

89

Financial

Highlights

92

Notes

to

Financial

Statements

95

Shareholder

Update

110

Important

Tax

Information

144

Shareholder

Meeting

Report

146

Additional

Fund

Information

147

Glossary

of

Terms

Used

in

this

Report

148

Board

Members

&

Officers

149

4

Letter

to

Shareholders

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

at

its

latest

increase

in

July

2023,

then

left

the

rate

unchanged

through

January

2024.

At

its

December

2023

policy

meeting,

the

Fed

acknowledged

the

fed

funds

rate

may

have

reached

its

peak,

and

then

in

January

2024

removed

the

suggestion

that

another

hike

was

possible.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

The

“most

predicted

recession”

did

not

materialize

in

the

U.S.

during

2023,

while

U.K.

and

European

economic

growth

had

begun

to

show

signs

of

stagnation

or

decline

in

the

second

half

of

the

year.

U.S.

gross

domestic

product

rose

3.3%

in

the

fourth

quarter

of

2023,

slower

than

4.9%

in

the

third

quarter

but

still

ahead

of

2.1%

in

the

second

quarter

and

2.0%

in

the

first

quarter.

For

2023

overall,

GDP

grew

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

to

1.9%

in

2022.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Co-Chair

of

the

Board

February

22,

2024

Important

Notices

5

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.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

for

JRI

Jay

L.

Rosenberg

has

announced

that

he

will

retire

from

Nuveen

on

July

1,

2024.

He

will

continue

to

serve

as

a

portfolio

manager

of

JRI

until

March

31,

2024.

There

are

no

other

changes

to

the

Fund’s

portfolio

management

team

and

there

are

no

changes

to

the

Fund’s

investment

objective,

principal

investment

strategy

or

principal

risks.

Refer

to

the

press

release

issued

on

February

8,

2024,

for

further

information.

6

Portfolio

Managers’

Comments

Nuveen

Multi-Asset

Income

Fund

(NMAI)

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

Nuveen

Real

Estate

Income

Fund

(JRS)

The

Nuveen

Multi-Asset

Income

Fund

(NMAI)

features

a

dynamic

multi-asset

allocation

strategy

that

may

invest

in

a

portfolio

of

equity

and

debt

securities

of

issuers

located

around

the

world

through

access

to

all

the

different

types

of

equity

and

income

strategies

offered

by

Nuveen

Asset

Management,

LLC

(NAM),

Teachers

Advisors,

LLC

(TAL)

and

Winslow

Capital

Management

LLC

(Winslow).

NAM,

TAL

and

Winslow

each

serve

as

a

sub-adviser

to

the

Fund

and

are

each

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Nathan

Shetty,

CFA,

FRM,

and

Anurag

Dugar.

The

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Jay

Rosenberg,

Tryg

Sarsland,

Brenda

Langenfeld,

CFA,

Jean

Lin,

CFA,

and

Benjamin

Kerl.

Subsequent

to

the

close

of

the

reporting

period,

Jay

Rosenberg

announced

that

he

will

retire

from

Nuveen

on

July

1,

2024.

He

will

continue

to

serve

as

a

portfolio

manager

of

JRI

until

March

31,

2024.

There

are

no

other

changes

to

the

Fund’s

portfolio

management

team

and

there

are

no

changes

to

the

Fund’s

investment

objective,

principal

investment

strategy

or

principal

risks.

The

Nuveen

Real

Estate

Income

Fund

(JRS)

features

portfolio

management

by

a

team

of

real

estate

investment

professionals

at

Security

Capital

Research

&

Management

Incorporated

(Security

Capital),

a

wholly

owned

subsidiary

of

JPMorgan

Chase

&

Company.

Anthony

Manno

Jr.,

Kevin

Bedell

and

Nathan

Gear,

CFA,

lead

the

investment

and

portfolio

management

team.

As

described

in

prior

communications,

effective

June

30,

2023,

Kenneth

D.

Statz

retired

from

Security

Capital

Research

&

Management

Incorporated

and

no

longer

serves

as

a

portfolio

manager

of

JRS.

Here

the

Funds’

portfolio

management

teams

review

economic

and

financial

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

December

31,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

What

factors

affected

the

economy

and

financial

markets

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

December

31,

2023.

Gross

domestic

product

rose

at

an

annualized

rate

of

3.3%

in

the

fourth

quarter

of

2023,

after

sharply

accelerating

to

5.2%

(annualized)

in

third

quarter

of

2023,

according

to

the

U.S.

Bureau

of

Economic

Analysis

initial

estimate.

For

the

year

as

a

whole,

GDP

was

up

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

with

an

increase

of

1.9%

in

2022.

During

the

reporting

period,

price

pressures

eased

in

comparison

to

2022

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

four

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

remaining

meetings

in

2023.

During

the

beginning

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

December

2023,

the

unemployment

rate

was

3.7%,

near

its

pre-

7

pandemic

low,

with

monthly

job

growth

continuing

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

and

November

2023.

Notably,

in

August

2023,

ratings

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management.

Nuveen

Multi-Asset

Income

Fund

(NMAI)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

to

provide

attractive

total

return

through

high

current

income

and

capital

appreciation.

The

Fund

dynamically

invests

in

a

portfolio

of

equity

and

debt

securities

of

issuers

located

around

the

world.

This

dynamic

investment

strategy

uses

a

risk-based

framework

to

determine

the

allocations.

The

relative

allocations

of

the

Fund’s

managed

assets

for

investment

between

equity

and

debt

securities,

and

relative

allocations

to

the

different

types

of

equity

and

income

strategies,

will

vary

from

time

to

time,

consistent

with

the

Fund’s

investment

objective.

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

For

much

of

the

reporting

period,

the

portfolio

management

team

found

the

risk-reward

trade-off

for

risk

assets

uncompelling

relative

to

cash

and

the

cost

of

leverage.

Given

the

portfolio

management

team’s

outlook

for

limited

upside

with

potentially

greater

downside

for

risk

assets

relative

to

cash,

the

Fund

opportunistically

reduced

exposure

to

equities

and

credit

and

lowered

the

Fund’s

leverage

ratio.

After

the

strong

rally

in

equities

and

a

backup

in

interest

rates

in

the

middle

of

the

reporting

period,

the

Fund

reduced

the

equity

allocation

in

favor

of

core

and

short-term

bonds

based

on

the

portfolio

management

team’s

concern

about

the

lagged

impact

of

higher

interest

rates

on

corporate

earnings

and

profit

margins.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

NMAI

underperformed

the

NMAI

Blended

Benchmark,

which

consists

of

1)

50%

MSCI

ACWI

Index

(Net)

and

2)

50%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

NMAI

Blended

Benchmark.

The

Fund’s

allocations

to

global

infrastructure,

U.S.

real

estate

investment

trusts

(REITs)

and

emerging

market

equities,

which

underperformed

the

MSCI

ACWI

Index

(Net),

detracted

from

relative

performance.

In

addition,

the

Fund’s

allocations

to

mortgage-

backed

securities

(MBS),

short-term

bonds

and

U.S.

Treasury

Inflation

Protected

Securities

weighed

negatively

on

relative

performance

as

they

underperformed

the

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

The

Fund’s

call-overwriting

strategy

also

detracted

from

relative

performance

after

the

sharp

equity

rally

in

the

fourth

quarter

of

2023

turned

its

performance

negative.

Partially

offsetting

the

relative

underperformance

was

the

Fund’s

allocation

to

floating

rate

senior

loans,

which

posted

strong

returns

driven

by

an

increase

in

short-term

interest

rates

and

a

compression

in

credit

spreads.

In

addition,

positive

security

selection

within

the

Fund’s

allocations

to

global

equities,

global

infrastructure

and

MBS

contributed

to

relative

results.

During

the

reporting

period,

NMAI's

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

contributed

to

relative

performance.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

to

deliver

a

high

level

of

current

income

and

long-term

capital

appreciation

by

investing

in

real

asset-related

companies

across

the

world

and

in

capital

structure,

including

common

stocks,

preferred

securities,

and

debt.

Real

asset-related

companies

include

those

engaged

in

owning,

operating,

or

developing

infrastructure

projects,

facilities,

and

services,

as

well

as

real

estate

investment

trust

(REITs).

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

Portfolio

Managers’

Comments

(continued)

8

During

the

reporting

period,

the

portfolio

management

team

largely

maintained

the

Fund’s

more

defensive

posture

throughout

the

portfolio

given

continued

geopolitical

risks

and

global

growth

and

interest

rate

uncertainty.

The

debt

portion

of

the

Fund

remained

a

focus,

ending

the

reporting

period

with

a

notable

overweight.

The

Fund

maintained

this

overweight

because

of

the

potential

for

continued

equity

market

volatility,

especially

considering

the

sharp

advance

in

equity

markets

in

late

2023.

Additionally,

the

debt

segment

of

the

capital

structure

offered

attractive

yields

and

pricing.

As

yields

increased

throughout

much

of

the

reporting

period,

the

portfolio

management

team

continued

to

focus

on

higher

quality

debt

exposure,

highlighting

investment

grade

credits,

without

sacrificing

income.

To

fund

the

increased

debt

exposure,

the

portfolio

management

team

underweighted

common

equities

in

the

portfolio.

Overall

exposure

to

preferred

securities

remained

consistent

over

the

reporting

period;

however,

within

the

asset

class,

exposure

to

real

estate

preferreds

increased

and

global

infrastructure

preferreds

decreased.

Although

the

portfolio

management

team

intends

to

balance

U.S.

and

non-U.S.

exposures

over

time,

the

Fund’s

U.S.

overweight

increased

during

the

reporting

period

because

the

portfolio

management

team

was

able

to

find

incrementally

more

attractive

opportunities

in

the

U.S.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

JRI

underperformed

the

JRI

Blended

Benchmark,

which

consists

of

25%

FTSE

EPRA

Nareit

Developed

Index

(Net),

22%

S&P

Global

Infrastructure

Index

(Net),

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

13%

FTSE

Nareit

Preferred

Stock

Index

and

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JRI

Blended

Benchmark.

Within

the

real

asset

debt

sector,

security

selection

and

an

underweight

position

in

industrials

were

the

primary

detractors

from

relative

performance.

These

companies

are

typically

excluded

from

the

Fund’s

investment

universe

because

their

business

is

not

derived

from

infrastructure

or

real

estate

related

activities.

As

a

result,

the

Fund

has

a

structural

underweight

to

the

industrials

sector,

which

proved

detrimental

during

most

of

this

reporting

period

as

higher

interest

rates

pressured

infrastructure

and

real

estate

companies,

while

industrials

performed

better.

Although

the

rapid

shift

in

interest

rates

late

in

the

reporting

period

supported

infrastructure

and

real

estate,

the

move

was

not

enough

to

offset

their

earlier

underperformance.

Security

selection

among

real

estate

preferred

securities

also

detracted

from

relative

performance.

The

Fund’s

underweights

to

various

hotel

and

office

REITs

detracted

as

both

property

types

rebounded

during

the

reporting

period.

These

underweights

are

partly

due

to

the

Fund’s

more

defensive

tilt,

as

these

sectors

have

historically

been

more

closely

tied

to

economic

activity.

Additionally,

the

portfolio

management

team

has

generally

maintained

an

underweight

to

hotel

REITs

because

of

pressure

on

margins

from

rising

costs.

Meanwhile,

the

Fund’s

office

exposure

has

remained

minimal

because

of

poor

fundamentals

and

a

difficult

outlook

for

the

segment,

given

more

flexible

work

arrangements

adopted

during

the

pandemic.

Security

selection

detracted

in

global

infrastructure

preferred

securities,

particularly

electric

utility

companies

with

greater

renewable

energy

exposure.

Growth

and

development

within

the

renewable

energy

segment

has

been

impaired

by

the

rising

cost

of

capital

and

lower

expected

returns,

resulting

in

weaker

relative

performance.

Partially

offsetting

the

Fund’s

underperformance

was

favorable

security

selection

in

the

electric

utilities

segment

of

the

global

infrastructure

common

equity

sector.

The

electric

utilities

segment

underperformed

in

2023

because

of

interest

rate

increases.

Within

the

sector,

the

Fund

benefited

from

lower

exposures

to

utilities

with

capital

funding

needs

and

utilities

that

were

required

to

dispose

of

assets

to

shore

up

their

balance

sheets.

These

companies

generally

experienced

additional

downward

pressure.

The

Fund’s

selective

avoidance

of

companies

with

considerable

renewable

energy

exposure

also

helped

as

renewable

development

has

been

hindered

by

the

increased

cost

of

capital.

The

portfolio

management

team

has

maintained

the

Fund’s

electric

utilities

underweight

in

infrastructure

common

equity,

preferring

to

gain

more

exposure

to

this

area

in

the

debt

portion

of

the

portfolio,

where

electric

utilities

have

held

up

better.

The

Fund’s

use

of

leverage

through

bank

borrowings

contributed

to

relative

performance

during

the

reporting

period

and

was

also

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

The

Fund

continued

using

interest

rate

futures

to

partially

hedge

the

portfolio

against

movements

in

interest

rates.

The

interest

rate

futures

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

9

Nuveen

Real

Estate

Income

Fund

(JRS)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund's

investment

objective

is

high

current

income

and

capital

appreciation.

The

Fund

invests

primarily

in

income-producing

common

stocks,

preferred

stocks,

convertible

preferred

stocks

and

debt

securities

issued

by

real

estate

companies.

At

least

75%

of

the

Fund's

managed

assets

will

be

in

securities

rated

investment

grade.

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

sought

to

maintain

significant

property

type

and

geographic

diversification

while

considering

company

credit

quality

and

security

type

allocations.

Investment

decisions

were

based

on

a

multi-layered

analysis

of

the

company,

the

real

estate

it

owns,

its

management

and

the

relative

price

of

the

security.

The

portfolio

management

team

focused

on

securities

that

it

believed

would

be

best

positioned

to

generate

sustainable

income

and

potential

price

appreciation.

In

addition

to

fundamental

security

research,

the

proportion

of

the

Fund

invested

in

common

equity

versus

preferred

securities,

senior

unsecured

bonds

and

cash

was

a

key

tactic

used

to

manage

risk

at

the

portfolio

level.

In

general,

during

times

of

strong

economic

growth,

the

portfolio

management

team

increased

the

portfolio

allocation

to

common

equity.

In

less

certain

times,

the

portfolio

management

team

tended

to

increase

the

portfolio

allocation

toward

preferred

securities.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

JRS

outperformed

the

JRS

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JRS

Blended

Benchmark,

which

consists

of

60%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

and

40%

FTSE

Nareit

Preferred

Stock

Index.

Contributing

to

the

Fund’s

outperformance

was

an

overweight

in

two

strongly

performing

single-family

rental

housing

companies,

American

Homes

4

Rent

and

Invitation

Homes

Inc.

Rising

mortgage

rates

dampened

the

affordability

and

availability

of

homes

for

sale,

generating

a

strong

tailwind

for

these

home

rental

alternatives.

While

apartment

rental

growth

is

decelerating,

single-family

home

rentals

remain

strong,

and

are

aided

by

limited

new

supply

and

increasing

demand.

The

Fund

maintained

positions

in

both

American

Homes

4

Rent

and

Invitation

Homes

at

the

end

of

the

reporting

period.

The

Fund

also

benefited

from

an

overweight

in

self-storage

investments.

Self-storage

companies

have

a

diverse

and

historically

recession-resistant

set

of

demand

drivers,

which

are

amplified

by

favorable

operational

economies

of

scale.

These

drivers

prompted

merger

and

acquisition

activity

in

the

segment

during

the

reporting

period,

including

the

merger

of

Fund

holding

Extra

Space

Storage

Inc.

with

Life

Storage

Inc.,

which

offset

a

normalization

of

rental

growth

rates

during

the

reporting

period.

Following

the

close

of

the

merger

in

July

2023,

the

Fund

maintained

a

position

in

the

remaining

entity,

Extra

Space

Storage,

through

the

end

of

the

reporting

period.

Partially

offsetting

the

Fund’s

outperformance

was

its

underweight

to

industrial

property

companies,

which

outperformed

the

broader

REIT

market.

Vacancy

rates

for

industrial

properties

have

remained

low

and

new

industrial

construction

has

slowed

while

new

leasing

terms

have

remained

strong.

The

Fund’s

use

of

leverage

through

bank

borrowings

contributed

to

relative

performance

during

the

reporting

period.

The

Fund’s

use

of

leverage

was

also

accretive

to

overall

common

share

income.

Portfolio

Managers’

Comments

(continued)

10

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s

Investors

Service,

Inc.

(Moody’s),

Standard

&

Poor’s

(S&P)

and

Fitch,

Inc.

(Fitch).

For

NMAI,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

JRI

and

JRS,

the

highest

rating

given

by

Moody’s,

S&P

and

Fitch

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

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.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Leverage

11

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

and

reverse

repurchase

agreements.

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.

JRI

and

NMAI's

use

of

leverage

contributed

while

JRS'

use

of

leverage

significantly

contributed

to

relative

performance

over

the

reporting

period.

In

addition,

JRS

and

JRI's

use

of

leverage

was

accretive

to

overall

common

share

income.

During

the

current

fiscal

period,

JRI

and

JRS

used

interest

rate

swap

contracts

to

partially

hedge

their

interest

cost

of

leverage.

The

interest

rate

swaps

contributed

to

relative

performance

during

the

reporting

period.

As

of

December

31,

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.

Reverse

Repurchase

Agreements

As

noted

previously,

in

addition

to

bank

borrowings,

NMAI

also

used

reverse

repurchase

agreements,

in

which

the

Fund

sells

to

a

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date.

The

Fund’s

transactions

in

reverse

repurchase

agreements

are

as

shown

in

the

accompanying

table.

NMAI

JRI

JRS

Effective

Leverage

*

26.28%

28.78%

26.98%

Regulatory

Leverage

*

15.67%

28.78%

26.98%

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

December

31,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

February

22,

2024

NMAI

$175,601,000

$

37,515,000

$(127,700,000)

$85,416,000

$132,711,712

$-

$-

$85,416,000

JRI

$166,985,000

$

-

$(15,290,000)

$151,695,000

$158,467,932

$-

$-

$151,695,000

JRS

$104,400,000

$

-

$(10,000,000)

$94,400,000

$96,646,575

$-

$-

$94,400,000

12

Fund

Leverage

(continued)

Refer

to

Notes

to

Financial

Statements

for

further

details.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

January

1,

2023

Sales

Purchases

Outstanding

Balance

as

of

December

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

February

22,

2024

NMAI

$59,893,750

  $341,557,620

$(322,935,210)

$78,516,160

$65,620,497

  $

-

  $

-

$78,516,160

Common

Share

Information

13

NMAI

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

distributions

for

the

Fund

are

current

as

of

December

31,

2023,

the

Fund's

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notices.

Updated

Distribution

Policy

for

NMAI

On

November

29,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

the

Fund’s

distribution

policy.

Effective

for

distributions

payable

on

December

29,

2023,

the

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

quarterly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

quarterly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

quarterly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

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.

The

following

table

provides

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

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

Fund

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

the

Fund’s

performance,

those

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

Fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

the

Fund’s

distributions

are

available

on

www.nuveen.com/en-us/closed-

end-funds.

JRI

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund’s

distributions

is

current

as

of

December

31,

2023

the

Fund’s

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notifications

Updated

Distribution

Policy

for

JRI

On

November

29,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

the

Fund’s

distribution

policy.

Effective

for

distributions

payable

on

December

29,

2023,

the

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

Data

as

of

December

31,

2023

Per

Share

Estimated

Sources

of

Distribution

Estimated

Percentage

of

Distributions

NMAI

(FYE

12/31)

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Quarterly

Distribution

$0.4000

$0.1901

$0.0000

$0.0000

$0.2099

47.52%

0.00%

0.00%

52.48%

Fiscal

YTD

$1.3000

$0.6178

$0.0000

$0.0000

$0.6822

47.52%

0.00%

0.00%

52.48%

1

Return

of

Capital

may

represent

unrealized

gains,

return

of

shareholder’s

principal,

or

both.

In

certain

circumstances,

all

or

a

portion

of

the

return

of

capital

may

be

characterized

as

ordinary

income

under

federal

tax

law.

The

actual

tax

characterization

will

be

provided

to

shareholders

on

Form

1099-DIV

shortly

after

calendar

year-end.

Common

Share

Information

(continued)

14

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

The

following

table

provides

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

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

Fund

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

the

Fund’s

performance,

those

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

Fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

the

Fund’s

distributions

are

available

on

www.nuveen.com/en-us/closed-

end-funds.

JRS

DISTRIBUTION

INFORMATION

The

following

19(a)

Notice

presents

JRS’s

most

current

distribution

information

as

of

November

30,

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

NOVEMBER

30,

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.”

Data

as

of

December

31,

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

Current

Distribution

$0.1000

$0.0611

$0.0000

$0.0000

$0.0389

61.11%

0.00%

0.00%

38.89%

Fiscal

YTD

$1.0760

$0.6575

$0.0000

$0.0000

$0.4185

61.11%

0.00%

0.00%

38.89%

15

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.

DISTRIBUTION

INFORMATION

–

AS

OF

DECEMBER

31,

2023

The

following

tables

provide

information

regarding

the

Fund’s

common

share

distributions

and

total

return

performance

for

the

fiscal

year

ended

December

31,

2023.

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

Data

as

of

November

30,

2023

Per

Share

Estimated

Sources

of

Distribution

1

Estimated

Percentage

of

Distributions

1

JRS

(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

Current

Quarter

$0.1700

$0.0457

$0.0000

$0.0000

$0.1243

26.90%

0.00%

0.00%

73.1%

Fiscal

YTD

$0.6800

$0.1826

$0.0000

$0.0000

$0.4974

26.90%

0.00%

0.00%

73.1%

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.

Data

as

of

November

30,

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

Dist

Rate

on

NAV

1

Return

on

NAV

Dist

Rate

on

NAV

1

Nov

2001

$0.1700

$0.6800

$8.15

2.66%

8.34%

6.86%

8.34%

1

As

a

percentage

of

11/30/23

NAV.

Data

as

of

December

31,

2023

Per

Share

Sources

of

Distribution

Percentage

of

Distributions

JRS

(FYE

12/31)

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

1

Fiscal

YTD

$0.6800

$0.2315

$0.0000

$0.0000

$0.4485

34.04%

0.00%

0.00%

65.96%

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.

Data

as

of

December

31,

2023

Annualized

1-Year

5-Year

Fiscal

YTD

JRS

(FYE

12/31)

Inception

Date

Net

Asset

Value

(NAV)

Return

on

NAV

Return

on

NAV

Dist

Rate

on

NAV

Nov

2001

$8.84

18.14%

6.59%

7.69%

1

Return

of

Capital

may

represent

unrealized

gains,

return

of

shareholder’s

principal,

or

both.

In

certain

circumstances,

all

or

a

portion

of

the

return

of

capital

may

be

characterized

as

ordinary

income

under

federal

tax

law.

The

actual

tax

characterization

will

be

provided

to

shareholders

on

Form

1099-DIV

shortly

after

calendar

year-end.

Common

Share

Information

(continued)

16

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.

As

of

December

31,

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

December

31,

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:

NMAI

JRI

JRS

Common

shares

cumulatively

repurchased

and

retired

0

243,500

0

Common

shares

authorized

for

repurchase

3,340,000

2,745,000

2,885,000

JRI

Common

shares

repurchased

and

retired

37,001

Weighted

average

price

per

common

share

repurchased

and

retired

$

11.15

Weighted

average

discount

per

common

share

repurchased

and

retired

(16.36)%

NMAI

JRI

JRS

Common

share

NAV

$13.76

$13.69

$8.84

Common

share

price

$12.30

$11.72

$7.82

Premium/(Discount)

to

NAV

(10.61)%

(14.39)%

(11.54)%

Average

premium/(discount)

to

NAV

(13.89)%

(14.61)%

(10.71)%

About

the

Funds’

Benchmarks

17

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.

•

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.

•

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

ACWI

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

stocks

across

23

developed

and

24

emerging

markets.

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.

About

the

Funds’

Benchmarks

(continued)

18

NMAI

Blended

Benchmark:

Consists

of:

1)

50%

MSCI

ACWI

(Net)

(defined

herein),

and

2)

50%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

500®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

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.

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.

Nuveen

Multi-Asset

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,

2023

19

NMAI

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

NMAI

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

50%

MSCI

ACWI

Index

(Net)

and

2)

50%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

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

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

Since

Inception

NMAI

at

Common

Share

NAV

11/22/21

12.87%

(4.97)%

NMAI

at

Common

Share

Price

11/22/21

19.43%

(8.11)%

S&P

500®

Index

—

26.29%

2.53%

NMAI

Blended

Benchmark

—

17.86%

0.66%

20

Performance

Overview

and

Holdings

Summaries

as

of

December

31,2023

(continued)

Holdings

Summaries

as

of

December

31,

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

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

securi-

ty,

that

rating

is

used.

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)

Common

Stocks

43.1‌%

Asset-Backed

and

Mortgage-

Backed

Securities

18.0‌%

Exchange-Traded

Funds

12.8‌%

Variable

Rate

Senior

Loan

Interests

11.9‌%

U.S.

Government

and

Agency

Obligations

10.4‌%

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

8.8‌%

Real

Estate

Investment

Trust

Common

Stocks

8.7‌%

$1,000

Par

(or

similar)

Institutional

Preferred

7.9‌%

Contingent

Capital

Securities

5.2‌%

Corporate

Bonds

3.1‌%

$25

Par

(or

similar)

Retail

Preferred

3.1‌%

Warrants

0.1‌%

Investment

Companies

0.0‌%

Options

Purchased

0.0‌%

Common

Stock

Rights

0.0‌%

Repurchase

Agreements

5.1‌%

Other

Assets

&

Liabilities,

Net

(2.3)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(17.3‌)%

Borrowings

(18.6)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

fixed-income

investments)

AAA

18.1%

AA

2.9%

A

1.2%

BBB

17.8%

BB

or

Lower

36.3%

N/R

(not

rated)

23.7%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Exchange-Traded

Funds

9.3%

Banks

9.1%

Equity

Real

Estate

Investment

Trusts

(REITs)

6.4%

Utilities

4.5%

Energy

4.2%

Capital

Goods

3.4%

Transportation

3.1%

Financial

Services

2.5%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2.3%

Insurance

2.2%

Semiconductors

&

Semiconductor

Equipment

2.2%

Media

&

Entertainment

2.2%

Health

Care

Equipment

&

Services

2.2%

Materials

2.1%

Software

&

Services

2.1%

Food,

Beverage

&

Tobacco

1.7%

Consumer

Services

1.7%

Commercial

&

Professional

Services

1.4%

Technology

Hardware

&

Equipment

1.3%

Consumer

Discretionary

Distribution

&

Retail

1.3%

Other

4.1

%

Asset-Backed

and

Mortgage-

Backed

Securities

13.0%

U.S.

Government

and

Agency

Obligations

7.6%

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

6.4%

Investment

Companies

0.0%

Options

Purchased

0.0%

Repurchase

Agreements

3.7%

Total

100%

Top

Five

Issuers

(%

of

total

investments)

Fannie

Mae

Pool

8.2%

United

States

Treasury

Inflation

Indexed

Bonds

6.6%

iShares

Core

MSCI

Emerging

Markets

ETF

5.1%

Vanguard

Short-Term

Bond

ETF

3.9%

Prologis

Inc

0.8%

Country

Allocation

2

(%

of

total

investments)

United

States

69.5‌%

Japan

2.9‌%

United

Kingdom

2.5‌%

France

2.5‌%

Canada

1.6‌%

Netherlands

1.6‌%

Australia

1.5‌%

Brazil

1.4‌%

Germany

1.3‌%

Spain

1.2‌%

Switzerland

1.1‌%

Other

12.9‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

11.1%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Real

Asset

Income

and

Growth

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,2023

21

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

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JRI

at

Common

Share

NAV

4/25/12

9.32%

3.90%

4.98%

JRI

at

Common

Share

Price

4/25/12

10.02%

5.71%

5.56%

MSCI

World

Index

(Net)

—

23.79%

12.80%

8.60%

JRI

Blended

Benchmark

—

11.49%

4.99%

4.56%

22

Performance

Overview

and

Holdings

Summaries

as

of

December

31,2023

(continued)

Holdings

Summaries

as

of

December

31,

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

36

.7‌

%

Real

Estate

Investment

Trust

Common

Stocks

31

.1‌

%

Common

Stocks

30

.5‌

%

$25

Par

(or

similar)

Retail

Preferred

19

.7‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

13

.4‌

%

Convertible

Preferred

Securities

2

.5‌

%

Investment

Companies

0

.6‌

%

Asset-Backed

and

Mortgage-

Backed

Securities

0

.1‌

%

Repurchase

Agreements

5

.3‌

%

Other

Assets

&

Liabilities,

Net

0.5%

Borrowings

(40.4)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

AA

1.4%

A

12.9%

BBB

51.3%

BB

or

Lower

27.1%

N/R

(not

rated)

7.3%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Utilities

28.8%

Real

Estate

Investment

Trust

Common

Stocks

22.2%

Energy

16.9%

Equity

Real

Estate

Investment

Trusts

(REITs)

16.0%

Transportation

3.2%

Telecommunication

Services

1.9%

Financial

Services

1.1%

Health

Care

Equipment

&

Services

1.1%

Media

&

Entertainment

1.0%

Real

Estate

Management

&

Development

1.1%

Capital

Goods

0.8%

Commercial

&

Professional

Services

0.8%

Investment

Companies

0.4%

Consumer

Services

0.4%

Automobiles

&

Components

0.2%

Asset-Backed

and

Mortgage-

Backed

Securities

0.1%

Consumer

Discretionary

Distribution

&

Retail

0.1%

Materials

0.1%

Real

Estate

0.0%

Repurchase

Agreements

3.8%

Total

100%

Country

Allocation

1

(%

of

total

investments)

United

States

65

.8‌

%

Canada

12

.1‌

%

Australia

4

.3‌

%

United

Kingdom

3

.7‌

%

Hong

Kong

2

.6‌

%

Singapore

2

.5‌

%

Italy

2

.5‌

%

Spain

1

.2‌

%

France

1

.2‌

%

Portugal

0

.8‌

%

Mexico

0

.8‌

%

Other

2

.5‌

%

Total

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

total

common

stocks)

Enbridge

Inc

6.7%

Pembina

Pipeline

Corp

5.2%

National

Grid

PLC,

Sponsored

ADR

5.1%

Enel

SpA

4.8%

ONEOK

Inc

4.8%

1

Includes

1.4%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Real

Estate

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,2023

23

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

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JRS

at

Common

Share

NAV

11/15/01

18.14%

6.59%

7.49%

JRS

at

Common

Share

Price

11/15/01

13.46%

7.19%

6.85%

Wilshire

U.S.

Real

Estate

Securities

Index

(WILRESI)

—

16.19%

7.58%

7.87%

JRS

Blended

Benchmark

—

16.29%

6.11%

6.88%

24

Performance

Overview

and

Holdings

Summaries

as

of

December

31,2023

(continued)

Holdings

Summaries

as

of

December

31,

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

85.9‌%

Real

Estate

Investment

Trust

Preferred

Stocks

42.9‌%

Corporate

Bonds

0.8‌%

Repurchase

Agreements

8.3‌%

Other

Assets

&

Liabilities,

Net

(1.0)%

Borrowings

(36.9)%

Net

Assets

100‌%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

13.6%

BBB

42.2%

BB

or

Lower

21.5%

N/R

(not

rated)

22.7%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Retail

REITs

15.7%

Office

REITs

13.5%

Self-Storage

REITs

11.8%

Industrial

REITs

10.6%

Data

Center

REITs

10.3%

Multi-Family

Residential

REITs

10.0%

Health

Care

REITs

7.5%

Hotel

&

Resort

REITs

5.5%

Single-Family

Residential

REITs

5.1%

Other

4.0%

Repurchase

Agreements

6.0%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

total

investments)

Prologis

Inc

7.2%

Equinix

Inc

4.3%

Simon

Property

Group

Inc

3.7%

Digital

Realty

Trust

Inc

3.4%

Ventas

Inc

3.2%

Top

Five

Preferred

Stock

Issuers

(%

of

total

investments)

Public

Storage

4.2%

Highwoods

Properties

Inc

3.8%

Vornado

Realty

Trust

3.1%

Digital

Realty

Trust

Inc

2.6%

Kimco

Realty

Corp

1.9%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Report

of

Independent

Registered

Public

Accounting

Firm

25

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Multi-Asset

Income

Fund,

Nuveen

Real

Asset

Income

and

Growth

Fund,

and

Nuveen

Real

Estate

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

December

31,

2023,

the

related

statements

of

operations,

cash

flows

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

December

31,

2023,

the

results

of

their

operations,

cash

flows

and

the

changes

in

their

net

assets

and

their

financial

highlights

for

the

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

February

27,

2024

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

26

Appendix

A

For

the

year

ended

December

31,

2023

(statements

of

operations

and

cash

flows);

for

each

of

the

years

in

the

two-year

period

ended

December

31,

2023

(statements

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

December

31,

2023

(financial

highlights):

Nuveen

Real

Estate

Income

Fund

Nuveen

Real

Asset

Income

and

Growth

Fund

For

the

year

ended

December

31,

2023

(statements

of

operations

and

cash

flows);

for

each

of

the

years

in

the

two-year

period

ended

December

31,

2023

(statements

of

changes

in

net

assets);

for

each

of

the

years

in

the

two-year

period

ended

December

31,

2023,

and

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021

(financial

highlights):

Nuveen

Multi-Asset

Income

Fund

27

Nuveen

Multi-Asset

Income

Fund

Portfolio

of

Investments

December

31,

2023

NMAI

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

133.1% 

(96.3%

of

Total

Investments)

X

–

COMMON

STOCKS

-

43.1%

(31.1%

of

Total

Investments)

X

198,086,770

Automobiles

&

Components

-

0.8%

970,200

Astra

International

Tbk

PT

$

355,793

12,046

BYD

Co

Ltd,

Class

A

336,335

3,688

(b),(c)

Tesla

Inc

916,394

101,400

(c)

Toyota

Motor

Corp

1,858,024

Total

Automobiles

&

Components

3,466,546

Banks

-

3.4%

143,468

Banco

Bilbao

Vizcaya

Argentaria

SA

1,307,604

525,800

Bank

Mandiri

Persero

Tbk

PT

206,554

12,079

Bank

of

America

Corp

406,700

1,432,400

Bank

Rakyat

Indonesia

Persero

Tbk

PT

532,377

10,135

BNP

Paribas

SA

703,832

11,846

Commonwealth

Bank

of

Australia

902,866

1,754

Credicorp

Ltd

262,977

2,165

Fifth

Third

Bancorp

74,671

28,620

HDFC

Bank

Ltd,

ADR

1,920,688

80,442

ING

Groep

NV

1,206,190

11,690

JPMorgan

Chase

&

Co

1,988,468

54,800

Kasikornbank

PCL

216,485

7,006

KB

Financial

Group

Inc

292,303

182,900

Mitsubishi

UFJ

Financial

Group

Inc

1,569,671

56,696

Nordea

Bank

Abp

703,872

1,410

(b)

PNC

Financial

Services

Group

Inc/The

218,339

35,500

Sumitomo

Mitsui

Financial

Group

Inc

1,727,423

25,003

(d)

Wells

Fargo

&

Co

1,230,648

Total

Banks

15,471,668

Capital

Goods

-

3.3%

13,846

Airbus

SE

2,139,047

715

Allegion

plc

90,583

11,643

Ashtead

Group

PLC

809,272

1,104

(c)

Boeing

Co/The

287,769

1,892

(b)

Caterpillar

Inc

559,408

5,978

Cie

de

Saint-Gobain

440,861

9,409

Contemporary

Amperex

Technology

Co

Ltd,

Class

A

216,600

270

Deere

&

Co

107,965

1,373

Dover

Corp

211,181

2,096

Eaton

Corp

PLC

504,759

3,677

Eiffage

SA

394,728

71,804

(c)

Embraer

SA

328,355

19,390

Ferrovial

SE

707,752

28,600

(c)

Hitachi

Ltd

2,057,189

5,145

(b)

Honeywell

International

Inc

1,078,958

1,840

(b)

Masco

Corp

123,243

253

Northrop

Grumman

Corp

118,439

621

Parker-Hannifin

Corp

286,095

3,737

(b)

Raytheon

Technologies

Corp

314,431

8,454

Siemens

AG

1,586,049

19,500

Techtronic

Industries

Co

Ltd

232,344

1,346

Trane

Technologies

PLC

328,289

836

(b)

United

Rentals

Inc

479,379

13,710

Vinci

SA

1,725,338

Total

Capital

Goods

15,128,034

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

28

NMAI

Shares

Description

(a)

Value

Commercial

&

Professional

Services

-

0.9%

6,073

(c)

Casella

Waste

Systems

Inc,

Class

A

$

518,999

155,173

Cleanaway

Waste

Management

Ltd

284,474

259

(c)

EAS

Segment

21,305

27,400

Infomart

Corp

96,080

26,400

Recruit

Holdings

Co

Ltd

1,103,814

5,476

(d)

Republic

Services

Inc

903,047

6,368

Waste

Connections

Inc

950,551

1,833

Waste

Management

Inc

328,290

Total

Commercial

&

Professional

Services

4,206,560

Consumer

Discretionary

Distribution

&

Retail

-

1.3%

125,500

Alibaba

Group

Holding

Ltd

1,208,883

3,126

(d)

Alibaba

Group

Holding

Ltd,

Sponsored

ADR

242,296

9,524

(c),(d)

Amazon.com

Inc

1,447,076

15,692

(c)

Baozun

Inc

42,996

1

(c)

Belk

Inc

9

1,742

Home

Depot

Inc/The

603,690

9,991

JD.com

Inc,

ADR

288,640

57,850

JD.com

Inc,

Class

A

835,532

47,700

Lojas

Renner

SA

171,159

1,050

Lowe's

Cos

Inc

233,678

2,342

(c)

PDD

Holdings

Inc

ADR

342,658

6,287

Prosus

NV

187,290

2,300

TJX

Cos

Inc/The

215,763

Total

Consumer

Discretionary

Distribution

&

Retail

5,819,670

Consumer

Durables

&

Apparel

-

1.1%

2,078

Kering

SA

920,343

875

LVMH

Moet

Hennessy

Louis

Vuitton

SE

710,970

10,526

Moncler

SpA

648,079

4,024

NIKE

Inc,

Class

B

436,886

34

(c)

NVR

Inc

238,015

24,400

Sony

Group

Corp

2,309,041

Total

Consumer

Durables

&

Apparel

5,263,334

Consumer

Services

-

1.0%

174,789

(c)

24

Hour

Fitness

Worldwide

Inc

1,398

83,128

(c)

24

Hour

Fitness

Worldwide

Inc

831

116,034

Arcos

Dorados

Holdings

Inc,

Class

A

1,472,472

41

(c)

Booking

Holdings

Inc

145,436

96

(c)

Crown

Finance

US

Inc

1,674

35,000

Galaxy

Entertainment

Group

Ltd

196,030

1,369

Hilton

Worldwide

Holdings

Inc

249,281

7,004

Las

Vegas

Sands

Corp

344,667

3,431

(b)

McDonald's

Corp

1,017,326

32,851

(c)

Melco

Resorts

&

Entertainment

Ltd

291,388

13,500

Oriental

Land

Co

Ltd/Japan

501,772

438,000

(c)

Wynn

Macau

Ltd

360,761

Total

Consumer

Services

4,583,036

Consumer

Staples

Distribution

&

Retail

-

0.6%

124,900

(c)

Almacenes

Exito

SA

440,451

124,900

(c)

Cia

Brasileira

de

Distribuicao

106,707

1,248

Costco

Wholesale

Corp

823,780

146,783

Sendas

Distribuidora

S/A

406,659

5,977

(b)

Walmart

Inc

942,274

Total

Consumer

Staples

Distribution

&

Retail

2,719,871

29

Shares

Description

(a)

Value

Energy

-

4.5%

17,086

(c)

Antero

Resources

Corp

$

387,510

136,988

BP

PLC

812,074

7,899

(b)

Cheniere

Energy

Inc

1,348,438

3,159

(b)

Chevron

Corp

471,196

3,115

(b)

ConocoPhillips

361,558

2,914

(b)

Diamondback

Energy

Inc

451,903

2,995

DT

Midstream

Inc

164,126

41,042

(b)

Enbridge

Inc

1,478,333

5,039

Energy

Transfer

LP

69,538

14,780

(d)

Enterprise

Products

Partners

LP

389,453

2,132

EOG

Resources

Inc

257,865

39,776

Equinor

ASA

1,260,579

18,022

(d)

Exxon

Mobil

Corp

1,801,841

15,953

Gibson

Energy

Inc

242,356

3,753

Keyera

Corp

90,720

38,621

(d)

Kinder

Morgan

Inc

681,274

6,213

MPLX

LP

228,141

12,787

(d)

ONEOK

Inc

897,903

18,634

Pembina

Pipeline

Corp

641,548

47,700

PTT

Exploration

&

Production

PCL

207,781

7,238

(c)

Quarternorth

Energy

Holding

Inc

967,482

23,706

Reliance

Industries

Ltd,

Sponsored

GDR,

144A

1,481,625

67,163

Shell

PLC

2,198,519

8,894

(b)

Targa

Resources

Corp

772,622

14,774

TC

Energy

Corp

577,112

12,398

TotalEnergies

SE

843,051

7,368

(c)

Transocean

Ltd

46,787

4,912

Valero

Energy

Corp

638,560

26,404

(b)

Williams

Cos

Inc/The

919,651

Total

Energy

20,689,546

Financial

Services

-

1.2%

2,665

American

Express

Co

499,261

51,300

Banco

BTG

Pactual

SA

396,781

1,283

(b),(c)

Berkshire

Hathaway

Inc,

Class

B

457,595

273

BlackRock

Inc

221,621

6,977

(b)

Charles

Schwab

Corp/The

480,018

1,864

Fidelity

National

Information

Services

Inc

111,970

1,953

(b),(c)

Fiserv

Inc

259,437

772

Goldman

Sachs

Group

Inc/The

297,814

1,903

Intercontinental

Exchange

Inc

244,402

595

Mastercard

Inc,

Class

A

253,773

5,496

Morgan

Stanley

512,502

24,700

ORIX

Corp

463,895

473

S&P

Global

Inc

208,366

18,900

SBI

Holdings

Inc

424,179

2,214

(b)

Visa

Inc,

Class

A

576,416

Total

Financial

Services

5,408,030

Food,

Beverage

&

Tobacco

-

1.3%

9,179

Coca-Cola

Co/The

540,918

7,085

Diageo

PLC

257,151

13,642

Fomento

Economico

Mexicano

SAB

de

CV,

Sponsored

ADR

1,778,236

8,331

Heineken

NV

846,426

6,505

Keurig

Dr

Pepper

Inc

216,747

4,837

Mondelez

International

Inc,

Class

A

350,344

7,343

(c)

Monster

Beverage

Corp

423,030

4,100

Nestle

SA

475,271

972

PepsiCo

Inc

165,084

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

30

NMAI

Shares

Description

(a)

Value

Food,

Beverage

&

Tobacco

(continued)

8,992

Philip

Morris

International

Inc

$

845,967

Total

Food,

Beverage

&

Tobacco

5,899,174

Health

Care

Equipment

&

Services

-

1.0%

4,871

Abbott

Laboratories

536,151

8,108

(c)

Boston

Scientific

Corp

468,723

717

Cigna

Group/The

214,706

1,019

Elevance

Health

Inc

480,520

4,639

EssilorLuxottica

SA

931,505

914

HCA

Healthcare

Inc

247,402

2,478

Medtronic

PLC

204,138

12,280

(c),(e)

Millennium

Health

LLC

1,633

11,534

(c),(e)

Millennium

Health

LLC

381

1,654

(d)

Stryker

Corp

495,307

2,220

(b)

UnitedHealth

Group

Inc

1,168,762

Total

Health

Care

Equipment

&

Services

4,749,228

Household

&

Personal

Products

-

0.6%

179,131

Haleon

PLC

733,411

6,892

Kenvue

Inc

148,385

5,704

(b)

Procter

&

Gamble

Co/The

835,864

6,668

Reckitt

Benckiser

Group

PLC

460,115

8,471

Unilever

PLC

410,089

Total

Household

&

Personal

Products

2,587,864

Insurance

-

0.4%

4,552

American

International

Group

Inc

308,398

1,500

Chubb

Ltd

339,000

2,284

Marsh

&

McLennan

Cos

Inc

432,749

2,716

MetLife

Inc

179,609

1,453

Zurich

Insurance

Group

AG

759,668

Total

Insurance

2,019,424

Materials

-

2.5%

32,990

BHP

Group

Ltd

1,127,090

800

Celanese

Corp

124,296

8,253

Corteva

Inc

395,484

22,474

(d)

CRH

PLC

1,554,302

6,771

(b)

Crown

Holdings

Inc

623,541

3,010

DuPont

de

Nemours

Inc

231,559

18,389

Freeport-McMoRan

Inc

782,820

253,249

Glencore

PLC

1,522,291

8,604

Heidelberg

Materials

AG

769,095

575

(c)

LG

Chem

Ltd

221,158

6,639

(b)

Linde

PLC

2,726,705

789

Packaging

Corp

of

America

128,536

13,290

Pan

American

Silver

Corp

217,026

280

Reliance

Steel

&

Aluminum

Co

78,310

43,900

Vale

SA

695,318

16,432

Vale

SA,

Sponsored

ADR

260,612

Total

Materials

11,458,143

Media

&

Entertainment

-

1.6%

4,628

(b),(c)

Alphabet

Inc,

Class

A

646,485

1,024

(c)

Alphabet

Inc,

Class

C

144,312

25,550

(c)

Baidu

Inc,

Class

A

380,335

14,225

Cineworld

Group

PLC

248,056

12,250

Comcast

Corp,

Class

A

537,163

58,224

Grupo

Televisa

SAB,

Sponsored

ADR

194,468

67,358

(c)

HUYA

Inc,

ADR

246,530

31

Shares

Description

(a)

Value

Media

&

Entertainment

(continued)

3,291

(b),(c)

Meta

Platforms

Inc

$

1,164,882

33,110

Nintendo

Co

Ltd

1,722,842

14,492

(c)

Sea

Ltd,

ADR

586,926

30,400

Tencent

Holdings

Ltd

1,147,747

5,816

Walt

Disney

Co/The

525,127

Total

Media

&

Entertainment

7,544,873

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

2.8%

2,489

AbbVie

Inc

385,720

18,443

AstraZeneca

PLC

2,487,773

17,472

Bayer

AG

648,279

47,600

Daiichi

Sankyo

Co

Ltd

1,303,132

900

Danaher

Corp

208,206

1,186

Eli

Lilly

&

Co

691,343

2,462

Gilead

Sciences

Inc

199,447

3,232

Johnson

&

Johnson

506,584

2,324

Lonza

Group

AG

979,766

6,462

(b)

Merck

&

Co

Inc

704,487

12,193

Novartis

AG

1,231,621

32,912

Novo

Nordisk

A/S,

Class

B

3,410,709

2,779

Sanofi,

ADR

138,200

1,014

Zoetis

Inc

200,133

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

13,095,400

Semiconductors

&

Semiconductor

Equipment

-

3.1%

19,400

Advantest

Corp

653,694

948

(b)

Analog

Devices

Inc

188,235

1,455

Applied

Materials

Inc

235,812

55,000

ASE

Technology

Holding

Co

Ltd

241,023

2,354

ASML

Holding

NV

1,777,005

3,087

(c)

Bright

Bidco

BV

1,121

4,217

(c)

Bright

Bidco

BV

1,531

1,404

(b)

Broadcom

Inc

1,567,215

12,163

Infineon

Technologies

AG

507,959

3,032

Intel

Corp

152,358

174

Lam

Research

Corp

136,287

19,000

MediaTek

Inc

627,378

2,169

Micron

Technology

Inc

185,102

3,558

(b)

NVIDIA

Corp

1,761,993

852

NXP

Semiconductors

NV

195,687

23,000

Silergy

Corp

373,311

6,072

SK

Hynix

Inc

662,686

32,600

SUMCO

Corp

487,669

120,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2,300,585

15,337

(b),(d)

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

1,595,048

1,264

Texas

Instruments

Inc

215,461

42,309

Win

Semiconductors

Corp

218,605

Total

Semiconductors

&

Semiconductor

Equipment

14,085,765

Software

&

Services

-

1.2%

1,398

(b)

Accenture

PLC,

Class

A

490,572

21,660

(c)

Avaya

Inc

140,790

239,200

Locaweb

Servicos

de

Internet

SA,

144A

296,228

8,621

Microsoft

Corp

3,241,840

2,606

Oracle

Corp

274,751

2,358

(c)

Salesforce

Inc

620,484

839

(b),(c)

ServiceNow

Inc

592,745

Total

Software

&

Services

5,657,410

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

32

NMAI

Shares

Description

(a)

Value

Technology

Hardware

&

Equipment

-

1.6%

13,255

(b)

Apple

Inc

$

2,551,985

4,662

(c)

Avaya

Inc

30,303

4,449

Cisco

Systems

Inc

224,763

1,038

Motorola

Solutions

Inc

324,987

57,807

Samsung

Electronics

Co

Ltd

3,508,700

780

Samsung

SDI

Co

Ltd

283,991

1,723

TE

Connectivity

Ltd

242,082

Total

Technology

Hardware

&

Equipment

7,166,811

Telecommunication

Services

-

0.4%

15,838

Cellnex

Telecom

SA,

144A

623,589

14,372

Infrastruture

Wireless

Italiane

SpA

181,963

163,880

Koninklijke

KPN

NV

564,588

1,567

(b)

T-Mobile

US

Inc

251,237

Total

Telecommunication

Services

1,621,377

Transportation

-

3.6%

12,444

Aena

SME

SA

2,258,724

2,117

Aeroports

de

Paris

274,691

127,752

Atlas

Arteria

Ltd

502,974

220,438

Auckland

International

Airport

Ltd

1,226,279

2,095

(b)

Canadian

National

Railway

Co

263,195

6,013

Canadian

Pacific

Railway

Ltd

475,388

17,500

Central

Japan

Railway

Co

444,155

78,000

China

Merchants

Port

Holdings

Co

Ltd

106,295

16,234

(d)

CSX

Corp

562,833

10,505

DHL

Group

519,956

4,201

DSV

A/S

738,144

11,700

East

Japan

Railway

Co

673,484

23,765

Enav

SpA

90,267

4,946

Flughafen

Zurich

AG

1,033,440

2,800

(c)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

168,950

41,652

Getlink

SE

762,851

4,498

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

380,666

3,076

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

538,977

39,610

International

Container

Terminal

Services

Inc

176,554

15,600

Japan

Airport

Terminal

Co

Ltd

686,318

12,300

Kamigumi

Co

Ltd

293,117

27,750

Localiza

Rent

a

Car

SA

363,325

40,869

Port

of

Tauranga

Ltd

144,626

59,857

Qube

Holdings

Ltd

132,350

252,652

Transurban

Group

2,360,875

4,643

(b)

Union

Pacific

Corp

1,140,414

947

United

Parcel

Service

Inc,

Class

B

148,897

Total

Transportation

16,467,745

Utilities

-

4.9%

854

Alliant

Energy

Corp

43,810

2,003

Ameren

Corp

144,897

3,882

American

Electric

Power

Co

Inc

315,296

5,097

American

Water

Works

Co

Inc

672,753

68,622

APA

Group

399,349

5,509

Brookfield

Renewable

Corp,

Class

A

158,604

27,982

(d)

CenterPoint

Energy

Inc

799,446

57,000

CK

Infrastructure

Holdings

Ltd

315,449

24,000

CLP

Holdings

Ltd

198,291

33

Shares

Description

(a)

Value

Utilities

(continued)

18,386

CMS

Energy

Corp

$

1,067,675

1,382

(d)

Consolidated

Edison

Inc

125,721

20,539

Contact

Energy

Ltd

104,000

3,136

Dominion

Energy

Inc

147,392

3,370

DTE

Energy

Co

371,576

6,760

(d)

Duke

Energy

Corp

655,990

43,008

E.ON

SE

577,815

72,915

EDP

-

Energias

de

Portugal

SA

366,981

7,058

EDP

Renovaveis

SA

144,487

2,002

Endesa

SA

40,843

203,544

Enel

SpA

1,514,328

15,347

Engie

SA

270,357

5,595

(d)

Entergy

Corp

566,158

956

Evergy

Inc

49,903

12,538

Exelon

Corp

450,114

13,233

Hydro

One

Ltd

396,476

43,454

Iberdrola

SA

569,977

31,231

Infratil

Ltd

197,964

54,183

Italgas

SpA

310,244

4,773

(d)

National

Grid

PLC,

Sponsored

ADR

324,516

33,142

(b)

NextEra

Energy

Inc

2,013,044

16,111

(d)

NiSource

Inc

427,747

54,486

(d)

PG&E

Corp

982,383

8,467

PPL

Corp

229,456

43,470

RWE

AG

1,978,446

36,000

Sembcorp

Industries

Ltd

144,702

2,774

Sempra

207,301

9,730

Severn

Trent

PLC

319,966

91,145

Snam

SpA

468,933

31,727

Southern

Co/The

2,224,696

22,972

SSE

PLC

542,277

69,690

Terna

-

Rete

Elettrica

Nazionale

581,400

8,423

Veolia

Environement

SA

266,223

2,217

WEC

Energy

Group

Inc

186,605

17,827

(d)

Xcel

Energy

Inc

1,103,670

Total

Utilities

22,977,261

Total

Common

Stocks

(cost

$165,661,758)

198,086,770

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

18.0%

(13.0%

of

Total

Investments)

X

82,533,432

$

300

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2019

3A,

144A

2.360%

3/20/26

$

290,722

420

BANK

2019-BNK24,

2019

BN24

3.283%

11/15/62

365,405

350

(f)

BX

Commercial

Mortgage

Trust

2021-CIP,

(TSFR1M

reference

rate

+

1.035%

spread),

2021

CIP,

144A

6.397%

12/15/38

343,061

300

CD

2017-CD6

Mortgage

Trust,

2017

CD6

3.456%

11/13/50

280,821

560

(f)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

3.500%

spread),

2022

R03,

144A

8.837%

3/25/42

586,182

410

(f)

Connecticut

Avenue

Securities

Trust

2022-R04,

(SOFR30A

reference

rate

+

3.100%

spread),

2022

R04,

144A

8.437%

3/25/42

423,834

475

(f)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

7.000%

spread),

2022

R05,

144A

12.337%

4/25/42

509,786

60

(f)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

3.000%

spread),

2022

R05,

144A

8.337%

4/25/42

61,151

970

(f)

Connecticut

Avenue

Securities

Trust

2022-R06,

(SOFR30A

reference

rate

+

3.850%

spread),

2022

R06,

144A

9.187%

5/25/42

1,021,561

900

(f)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

4.650%

spread),

144A

9.987%

6/25/42

976,435

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

34

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

35

(f)

Connecticut

Avenue

Securities

Trust

2022-R08,

(SOFR

reference

rate

+

3.600%

spread),

2022

R08,

144A

8.937%

7/25/42

$

36,754

105

(f)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

R09,

144A

10.087%

9/25/42

113,809

500

(f)

Connecticut

Avenue

Securities

Trust

2023-R01,

(SOFR30A

reference

rate

+

3.750%

spread),

2023

R01,

144A

9.087%

12/25/42

529,256

210

(f)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

reference

rate

+

3.900%

spread),

144A

9.188%

7/25/43

214,780

2,100

(g)

Fannie

Mae

Pool,

FN

FS0522

2.500%

2/01/52

1,803,880

727

(g)

Fannie

Mae

Pool,

FN

MA4785

5.000%

10/01/52

720,576

2,822

(g)

Fannie

Mae

Pool,

FN

MA4783

4.000%

10/01/52

2,668,743

3,381

(g)

Fannie

Mae

Pool,

FN

MA4305,

2021

MTGE

2.000%

4/01/51

2,775,477

510

(g)

Fannie

Mae

Pool,

FN

BW3383

4.500%

7/01/52

494,176

3,617

(g)

Fannie

Mae

Pool,

FN

MA4733

4.500%

9/01/52

3,507,120

2,004

(g)

Fannie

Mae

Pool,

FN

MA4700,

2022

1

4.000%

7/01/52

1,895,123

3,916

(g)

Fannie

Mae

Pool,

FN

MA4805,

2022

1

4.500%

11/01/52

3,797,326

4,358

(g)

Fannie

Mae

Pool,

FN

MA4600,

2022

2

3.500%

5/01/52

3,998,730

4,126

(g)

Fannie

Mae

Pool,

FN

MA4737,

2022

1

5.000%

8/01/52

4,086,796

4,475

(g)

Fannie

Mae

Pool,

FN

MA4732

4.000%

9/01/52

4,233,938

155

Fannie

Mae

Pool,

FN

MA4920

6.000%

2/01/53

157,678

815

(g)

Fannie

Mae

Pool,

FN

MA5039

5.500%

6/01/53

818,613

947

(g)

Fannie

Mae

Pool,

FN

MA4644,

2022

1

4.000%

5/01/52

895,414

4,825

(g)

Fannie

Mae

Pool,

FN

BW3382

4.500%

7/01/52

4,679,517

1,657

(g)

Fannie

Mae

Pool,

FN

FS1533

3.000%

4/01/52

1,477,296

981

(g)

Fannie

Mae

Pool,

FN

MA5165

5.500%

10/01/53

985,196

1,455

(g)

Fannie

Mae

Pool,

FN

MA4626

4.000%

6/01/52

1,376,308

2,547

(g)

Fannie

Mae

Pool,

FN

MA4919

5.500%

2/01/53

2,558,367

1,420

(g)

Fannie

Mae

Pool,

FN

CB3905

3.500%

6/01/52

1,303,004

1,785

(g)

Fannie

Mae

Pool,

FN

FS1535

3.000%

4/01/52

1,587,621

2,771

(g)

Fannie

Mae

Pool,

FN

MA4655

4.000%

7/01/52

2,622,402

1,257

(g)

Fannie

Mae

Pool,

FN

MA4942

6.000%

3/01/53

1,276,586

1,304

(g)

Fannie

Mae

Pool,

FN

CB3599

3.500%

5/01/52

1,200,473

1,069

(g)

Fannie

Mae

Pool,

FN

MA4918

5.000%

2/01/53

1,057,195

1,523

(g)

Freddie

Mac

Pool,

FR

SD0922

2.500%

3/01/52

1,307,774

944

(g)

Freddie

Mac

Pool,

FR

QE5382

4.500%

7/01/52

915,368

1,687

(g)

Freddie

Mac

Pool,

FR

RA9629

5.500%

8/01/53

1,694,479

1,185

Freddie

Mac

REMICS,

2021

5160

3.000%

9/25/50

866,954

500

(f)

Freddie

Mac

STACR

REMIC

Trust

2020-DNA5,

(SOFR30A

reference

rate

+

4.800%

spread),

2020

DNA5,

144A

10.137%

10/25/50

560,647

290

(f)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

4.350%

spread),

2022

DNA3,

144A

9.687%

4/25/42

305,364

695

(f)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

2.900%

spread),

2022

DNA3,

144A

8.237%

4/25/42

715,006

275

(f)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4,

(SOFR30A

reference

rate

+

3.350%

spread),

2022

DNA4,

144A

8.687%

5/25/42

286,527

1,000

(f)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

DNA5,

144A

9.837%

6/25/42

1,078,797

165

(f)

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

(SOFR30A

reference

rate

+

4.000%

spread),

2022

HQA2,

144A

9.337%

7/25/42

173,337

1,692

(g)

Ginnie

Mae

II

Pool,

G2

MA8043

3.000%

5/20/52

1,531,431

733

(g)

Ginnie

Mae

II

Pool,

G2

MA8428

5.000%

11/20/52

727,486

497

(g)

Ginnie

Mae

II

Pool,

G2

MA7871,

2022

1

2.500%

2/20/52

419,352

1,474

(g)

Ginnie

Mae

II

Pool,

G2

MA8149

3.500%

7/20/52

1,372,191

934

(g)

Ginnie

Mae

II

Pool,

G2

MA8200

4.000%

8/20/52

891,513

249

Government

National

Mortgage

Association,

2022

124

4.000%

7/20/52

215,614

235

Government

National

Mortgage

Association,

2021

209

3.000%

11/20/51

174,333

404

(g)

Government

National

Mortgage

Association,

2023

111

3.000%

2/20/52

284,613

443

(g)

Government

National

Mortgage

Association,

2022

174

4.500%

9/20/52

409,593

869

Government

National

Mortgage

Association,

2013

188

2.500%

12/20/43

771,433

35

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

100

(f)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

reference

rate

+

1.364%

spread),

2021

ARDN,

144A

6.726%

11/15/36

$

97,248

871

GS

Mortgage-Backed

Securities

Corp

Trust

2022-PJ2,

2022

PJ2,

144A

3.000%

6/25/52

728,192

306

GS

Mortgage-Backed

Securities

Trust

2021-PJ10,

2021

PJ10,

144A

2.500%

3/25/52

245,299

448

GS

Mortgage-Backed

Securities

Trust

2022-GR2,

2022

GR2,

144A

3.000%

8/26/52

374,608

318

GS

Mortgage-Backed

Securities

Trust

2022-HP1,

2022

HP1,

144A

3.000%

9/25/52

266,251

525

GS

Mortgage-Backed

Securities

Trust

2022-INV1,

2022

INV1,

144A

3.000%

7/25/52

439,197

258

GS

Mortgage-Backed

Securities

Trust

2022-PJ5,

2022

PJ5,

144A

3.000%

10/25/52

215,904

265

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

2023

PJ1,

144A

3.500%

2/25/53

230,390

250

Hertz

Vehicle

Financing

III

LLC,

2023

3A,

144A

5.940%

2/25/28

254,582

250

(e)

Industrial

DPR

Funding

Ltd,

144A

5.380%

4/15/34

216,190

360

J.P.

Morgan

Mortgage

Trust

2022-4,

2022

4,

144A

3.000%

10/25/52

301,345

228

J.P.

Morgan

Mortgage

Trust

2022-6,

2022

6,

144A

3.000%

11/25/52

190,740

553

J.P.

Morgan

Mortgage

Trust

2022-INV3,

2022

INV3,

144A

3.000%

9/25/52

460,779

137

J.P.

Morgan

Mortgage

Trust

2022-LTV2,

2022

LTV2,

144A

3.500%

9/25/52

119,449

1,724

(b)

JP

Morgan

Mortgage

Trust,

2022

LTV1,

144A

3.250%

7/25/52

1,477,840

1,246

(b)

JP

Morgan

Mortgage

Trust

2022-2,

2022

2,

144A

3.000%

8/25/52

1,038,700

767

JP

Morgan

Mortgage

Trust

2022-3,

2022

3,

144A

3.000%

8/25/52

641,609

230

MVW

2020-1

LLC,

2020

1A,

144A

1.740%

10/20/37

214,993

303

OBX

2022-INV5

Trust,

2022

INV5,

144A

4.000%

10/25/52

271,206

300

One

Bryant

Park

Trust

2019-OBP,

2019

OBP,

144A

2.516%

9/15/54

254,594

300

OneMain

Financial

Issuance

Trust

2022-2,

2022

2A,

144A

4.890%

10/14/34

296,169

250

PenFed

Auto

Receivables

Owner

Trust

2022-A,

2022

A,

144A

4.600%

12/15/28

245,791

65

(f)

PNMAC

GMSR

ISSUER

TRUST

2018-GT2,

(TSFR1M

reference

rate

+

3.515%

spread),

2018

GT2,

144A

8.871%

8/25/25

65,468

705

RCKT

Mortgage

Trust

2022-2,

2022

2,

144A

2.500%

2/25/52

566,006

93

RCKT

Mortgage

Trust

2022-3,

2022

3,

144A

3.000%

5/25/52

77,498

190

RCKT

Mortgage

Trust

2022-4,

2022

4,

144A

3.500%

6/25/52

165,404

100

Tesla

Auto

Lease

Trust

2023-A,

2023

A,

144A

5.860%

8/20/25

100,186

118

Wells

Fargo

Mortgage

Backed

Securities

2021-2

Trust,

2021

2,

144A

2.500%

6/25/51

94,335

182

Wells

Fargo

Mortgage

Backed

Securities

2022-2

Trust,

2022

2,

144A

2.500%

12/25/51

146,252

133

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

2022

INV1,

144A

3.000%

3/25/52

111,414

222

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

2022

INV1,

144A

3.500%

3/25/52

192,869

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$84,611,441)

82,533,432

Shares

Description

(a)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

12.8%

(9.3%

of

Total

Investments)

X

58,876,063

642,894

iShares

Core

MSCI

Emerging

Markets

ETF

$

32,517,578

18,839

iShares

MSCI

India

ETF

919,532

17,939

iShares

MSCI

Saudi

Arabia

ETF

759,358

320,431

Vanguard

Short-Term

Bond

ETF

24,679,595

Total

Exchange-Traded

Funds

(cost

$55,858,729)

58,876,063

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

36

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

11.9%

(8.6%

of

Total

Investments)

(h)

X

54,537,392

Automobiles

&

Components

-

0.2%

$

237

Adient

US

LLC,

Term

Loan

B

8.606%

SOFR30A

3.250%

4/10/28

$

238,287

389

Clarios

Global

LP,

Term

Loan

9.106%

SOFR30A

3.750%

4/20/30

390,387

21

DexKo

Global

Inc.,

Term

Loan

9.402%

3-Month

LIBOR

3.750%

10/04/28

21,358

75

DexKo

Global

Inc.,

Term

Loan

B

,

(DD1)

9.360%

SOFR90A

3.750%

10/04/28

74,711

75

Phinia

Inc,

Term

Loan

B

9.456%

SOFR30A

4.000%

7/03/28

75,233

Total

Automobiles

&

Components

799,976

Capital

Goods

-

0.8%

195

ACProducts,

Inc.,

Term

Loan

B

,

(DD1)

9.860%

SOFR90A

4.250%

5/17/28

171,227

2

AECOM,

Term

Loan

B

7.220%

SOFR30A

1.750%

4/13/28

2,475

183

Ali

Group

North

America

Corporation,

Term

Loan

B

7.470%

SOFR30A

2.000%

10/13/28

183,133

35

ASP

Blade

Holdings,

Inc,

Term

Loan

9.610%

SOFR90A

4.000%

10/16/28

31,316

154

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B6

7.358%

SOFR30A

2.000%

6/22/28

154,093

87

Centuri

Group,

Inc,

Term

Loan

B

8.928%

3-Month

LIBOR

+

SOFR30A

2.000%

8/28/28

86,942

149

Chamberlain

Group

Inc,

Term

Loan

B

8.706%

SOFR30A

3.250%

10/22/28

149,275

224

Chart

Industries,

Inc.,

Term

Loan

8.691%

TSFR1M

3.250%

3/18/30

224,331

174

Core

&

Main

LP,

Term

Loan

B

8.006%

TSFR2M

+

SOFR30A

2.500%

6/10/28

174,010

21

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.712%

SOFR30A

3.250%

4/12/28

20,677

275

Emrld

Borrower

LP,

Term

Loan

B

,

(DD1)

8.356%

SOFR30A

3.000%

5/31/30

276,206

243

Filtration

Group

Corporation,

Term

Loan

8.970%

SOFR30A

3.500%

10/21/28

243,121

367

Fly

Funding

II

S.a.r.l.,

Term

Loan

B

7.380%

3-Month

LIBOR

1.750%

8/11/25

348,069

284

Gates

Global

LLC,

Term

Loan

B3

7.956%

SOFR30A

2.500%

3/31/27

285,202

165

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

8.095%

SOFR30A

2.625%

1/31/27

165,927

70

SRS

Distribution

Inc,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

70,110

204

Standard

Industries

Inc.,

Term

Loan

B

7.721%

SOFR30A

2.250%

9/22/28

204,611

88

TransDigm,

Inc.,

Term

Loan

I

8.598%

SOFR90A

3.250%

8/24/28

88,556

405

Victory

Buyer

LLC,

Term

Loan

9.391%

TSFR3M

3.750%

11/18/28

386,871

359

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.841%

TSFR1M

4.500%

8/01/30

362,235

Total

Capital

Goods

3,628,387

Commercial

&

Professional

Services

-

0.7%

175

Allied

Universal

Holdco

LLC,

Term

Loan

B

,

(DD1)

9.206%

SOFR30A

3.750%

5/14/28

174,808

181

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.358%

SOFR30A

4.000%

2/07/29

181,702

196

Anticimex

International

AB,

Term

Loan

B1

8.495%

SOFR90A

3.150%

11/16/28

196,164

195

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.470%

SOFR30A

3.000%

10/30/26

195,109

112

CHG

Healthcare

Services

Inc.,

Term

Loan

8.606%

SOFR30A

3.250%

9/30/28

112,719

173

Covanta

Holding

Corporation,

Term

Loan

B

7.856%

SOFR30A

2.500%

11/30/28

173,195

37

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Commercial

&

Professional

Services

(continued)

$

13

Covanta

Holding

Corporation,

Term

Loan

C

7.856%

CME

Term

SOFR

1

Month

250.000%

11/30/28

$

13,155

30

Creative

Artists

Agency,

LLC

,

Term

Loan

B

8.856%

SOFR30A

3.500%

11/16/28

30,010

116

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B

8.205%

SOFR30A

2.750%

2/09/26

116,806

77

Evertec

Group,

LLC,

Term

Loan

B

8.956%

SOFR30A

3.500%

10/15/30

76,787

250

Garda

World

Security

Corporation,

Term

Loan

B

9.725%

SOFR90A

4.250%

10/30/26

250,763

322

GFL

Environmental

Inc.,

Term

Loan

8.335%

TSFR1M

3.000%

5/30/25

323,067

101

LABL,

Inc.,

Term

Loan,

First

Lien

,

(DD1)

10.456%

SOFR30A

5.000%

10/29/28

97,448

13

(j)

OMNIA

Partners

LLC,

Term

Loan

0.500%

SOFR90A

0.500%

7/25/30

12,978

137

OMNIA

Partners

LLC,

Term

Loan

B

9.628%

SOFR90A

4.250%

7/25/30

138,148

27

Physician

Partners

LLC,

Term

Loan

9.533%

SOFR90A

4.000%

2/01/29

26,052

199

Trans

Union,

LLC,

Term

Loan

B5

7.206%

SOFR30A

1.750%

11/13/26

199,297

241

Verscend

Holding

Corp.,

Term

Loan

B

9.470%

SOFR30A

4.000%

8/27/25

242,477

199

Vertical

US

Newco

Inc,

Term

Loan

B

9.381%

SOFR180A

3.500%

7/31/27

199,199

35

VT

Topco,

Inc.,

Term

Loan

B

9.606%

SOFR30A

4.250%

8/12/30

35,219

438

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

,

(DD1)

8.220%

SOFR30A

2.750%

3/27/28

412,659

Total

Commercial

&

Professional

Services

3,207,762

Consumer

Discretionary

Distribution

&

Retail

-

0.4%

39

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.220%

SOFR30A

1.750%

8/06/27

38,695

118

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.456%

SOFR30A

3.000%

3/16/29

118,095

2

Belk,

Inc.,

Term

Loan

15.000%

Prime

6.500%

7/31/25

1,542

8

Belk,

Inc.,

Term

Loan

,

(cash

15.000%,

PIK

8.000%)

15.000%

N/A

N/A

7/31/25

1,520

244

Driven

Holdings,

LLC,

Term

Loan

B

8.470%

SOFR30A

3.000%

12/17/28

243,875

98

EOS

Finco

Sarl,

Term

Loan

11.098%

SOFR90A

5.750%

8/03/29

89,944

115

Fastlane

Parent

Company,

Inc.,

Term

Loan

B

9.856%

SOFR30A

4.500%

9/29/28

114,766

271

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.391%

SOFR90A

4.750%

6/30/28

18,834

153

Les

Schwab

Tire

Centers,

Term

Loan

B

8.710%

SOFR30A

3.250%

11/02/27

153,645

614

PetSmart,

Inc.,

Term

Loan

B

9.206%

SOFR30A

3.750%

2/12/28

608,800

177

Restoration

Hardware,

Inc.,

Term

Loan

B

7.970%

SOFR30A

2.500%

10/15/28

172,410

125

Staples,

Inc.,

Term

Loan

10.457%

1-Month

LIBOR

5.000%

4/12/26

118,512

84

WOOF

Holdings,

Inc,

Term

Loan,

First

Lien

9.360%

SOFR90A

3.750%

12/21/27

68,269

Total

Consumer

Discretionary

Distribution

&

Retail

1,748,907

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

38

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Consumer

Durables

&

Apparel

-

0.2%

$

100

AI

Aqua

Merger

Sub

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

$

100,625

123

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

9.093%

SOFR30A

3.750%

7/31/28

123,705

85

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.894%

SOFR90A

3.250%

4/28/28

85,236

103

Crocs

Inc,

Term

Loan

B

8.498%

SOFR90A

3.000%

2/19/29

103,039

27

New

Trojan

Parent,

Inc.,

Term

Loan,

First

Lien

8.720%

TSFR1M

+

SOFR30A

3.250%

1/06/28

7,464

6

Serta

Simmons

Bedding,

LLC,

Term

Loan

12.963%

SOFR90A

7.500%

8/10/23

5,419

63

SRAM,

LLC

,

Term

Loan

B

9.235%

3-Month

LIBOR

+

SOFR30A

2.250%

5/18/28

63,446

65

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B

8.956%

SOFR30A

3.500%

3/09/30

64,613

325

Weber-Stephen

Products

LLC,

Term

Loan

B

8.720%

SOFR30A

3.250%

10/29/27

286,544

Total

Consumer

Durables

&

Apparel

840,091

Consumer

Services

-

1.0%

390

24

Hour

Fitness

Worldwide,

Inc.,

Term

Loan

,

(cash

10.610%,

PIK

5.000%)

10.610%

SOFR90A

5.000%

12/29/25

167,566

243

Alterra

Mountain

Company,

Term

Loan

8.970%

SOFR30A

3.500%

8/17/28

243,784

167

AVSC

Holding

Corp.,

Term

Loan

B3

,

(cash

10.610%,

PIK

10.000%)

10.610%

N/A

N/A

12/04/26

170,767

208

Caesars

Entertainment

Corp,

Term

Loan

B

8.706%

SOFR30A

3.250%

1/25/30

209,256

172

Carnival

Corporation,

Term

Loan

B

8.357%

TSFR1M

3.000%

8/09/27

172,781

218

Churchill

Downs

Incorporated,

Term

Loan

B1

7.456%

SOFR30A

2.000%

3/17/28

218,390

653

ClubCorp

Holdings,

Inc.,

Term

Loan

B2

10.214%

TSFR2M

5.000%

9/18/26

632,663

215

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.360%

SOFR90A

3.000%

3/08/24

210,880

420

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.356%

SOFR30A

4.000%

1/27/29

420,839

235

Formula

One

Holdings

Limited,

Term

Loan

B

7.598%

SOFR90A

2.250%

1/15/30

235,919

134

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.948%

SOFR90A

3.500%

10/31/29

134,068

218

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.106%

SOFR30A

2.750%

8/02/28

218,114

120

IRB

Holding

Corp,

Term

Loan

B

8.456%

SOFR30A

3.000%

12/15/27

120,460

57

PCI

Gaming

Authority,

Term

Loan

7.970%

SOFR30A

2.500%

5/31/26

57,274

166

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.106%

SOFR30A

2.750%

4/20/29

166,824

164

Scientific

Games

Holdings

LP,

Term

Loan

B

8.631%

SOFR90A

3.250%

2/04/29

164,559

191

Scientific

Games

International,

Inc.,

Term

Loan

8.465%

SOFR30A

3.000%

4/07/29

191,981

267

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

8.470%

SOFR30A

3.000%

8/25/28

267,819

382

Spin

Holdco

Inc.,

Term

Loan

,

(DD1)

9.625%

SOFR90A

4.000%

3/06/28

336,750

1

Stars

Group

Holdings

B.V.

(The),

Term

Loan

7.625%

SOFR90A

+

3

-

Month

LIBOR

2.250%

7/10/25

975

39

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Consumer

Services

(continued)

$

103

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.863%

SOFR90A

3.250%

7/04/28

$

103,740

48

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

8.927%

SOFR90A

3.250%

10/02/28

45,848

264

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

8.106%

SOFR30A

2.750%

5/16/25

264,704

26

WW

International

Inc,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

18,536

Total

Consumer

Services

4,774,497

Consumer

Staples

Distribution

&

Retail

-

0.1%

124

Cardenas

Markets,

Inc.,

Term

Loan

12.198%

SOFR90A

6.750%

8/01/29

124,337

126

Heritage

Grocers

Group

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

125,281

53

US

Foods,

Inc.,

Term

Loan

B

7.470%

SOFR30A

2.000%

9/14/26

53,597

50

US

Foods,

Inc.,

Term

Loan

B

7.970%

SOFR30A

2.500%

11/22/28

50,329

Total

Consumer

Staples

Distribution

&

Retail

353,544

Diversified

Financials

-

0.0%

173

(k)

Ditech

Holding

Corporation,

Term

Loan

0.000%

N/A

N/A

6/30/24

4,755

Total

Diversified

Financials

4,755

Energy

-

0.2%

1

DT

Midstream,

Inc,

Term

Loan

B

7.470%

SOFR30A

2.000%

6/12/28

1,259

263

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.677%

SOFR90A

3.000%

11/16/26

261,729

394

Gulf

Finance,

LLC,

Term

Loan

12.426%

TSFR1M

+

SOFR180A

6.750%

8/25/26

394,331

168

QuarterNorth

Energy

Holding

Inc.,

Exit

Term

Loan,

Second

Lien

13.470%

SOFR30A

8.000%

8/27/26

167,724

230

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

8.970%

SOFR30A

3.500%

11/05/28

229,827

Total

Energy

1,054,870

Financial

Services

-

0.1%

340

GTCR

W

MERGER

SUB,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

341,913

129

Trans

Union,

LLC,

Term

Loan

B6

7.606%

SOFR30A

2.250%

12/01/28

130,078

Total

Financial

Services

471,991

Food,

Beverage

&

Tobacco

-

0.4%

19

8th

Avenue

Food

&

Provisions

Inc,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

18,335

261

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.220%

SOFR30A

3.750%

10/01/25

250,979

71

Arterra

Wines

Canada,

Inc.,

Term

Loan

9.110%

SOFR90A

3.500%

11/25/27

67,997

251

CHG

PPC

Parent

LLC,

Term

Loan

8.356%

SOFR30A

3.000%

12/08/28

251,139

114

City

Brewing

Company,

LLC,

Term

Loan

,

(DD1)

9.164%

TSFR1M

3.500%

4/05/28

90,876

218

Naked

Juice

LLC,

Term

Loan

8.655%

SOFR90A

3.250%

1/20/29

211,765

33

Naked

Juice

LLC,

Term

Loan

,

(DD1)

7.550%

3-Month

LIBOR

3.250%

1/20/29

31,734

164

Naked

Juice

LLC,

Term

Loan,

Second

Lien

11.448%

SOFR90A

6.000%

1/20/30

133,886

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

40

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Food,

Beverage

&

Tobacco

(continued)

$

247

Sunshine

Investments

B.V.,

Term

Loan

9.630%

SOFR90A

4.250%

5/05/29

$

247,692

236

Sycamore

Buyer

LLC,

Term

Loan

B

7.720%

SOFR30A

2.250%

7/23/29

235,887

270

Triton

Water

Holdings,

Inc,

Term

Loan

8.860%

SOFR90A

3.250%

3/31/28

267,399

Total

Food,

Beverage

&

Tobacco

1,807,689

Health

Care

Equipment

&

Services

-

1.6%

183

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

19.630%

3-Month

LIBOR

14.000%

9/30/26

96,221

100

ADMI

Corp,

Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

98,750

242

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.970%

SOFR30A

3.500%

8/23/28

243,072

–(l)

Athenahealth,

Inc.,

Term

Loan

B

8.606%

SOFR30A

3.250%

1/27/29

27

603

Bausch

&

Lomb,

Inc.,

Term

Loan

8.710%

SOFR90A

3.250%

5/05/27

598,095

239

CNT

Holdings

I

Corp,

Term

Loan

8.926%

SOFR90A

3.500%

11/08/27

240,181

58

DaVita,

Inc.

,

Term

Loan

B

7.220%

SOFR30A

1.750%

8/12/26

58,395

58

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

57,632

126

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

124,868

385

Envision

Healthcare

Corporation,

Term

Loan,

First

Lien

8.741%

ICE

Libor

USD

3

Month

375.000%

10/10/25

7,060

98

Global

Medical

Response,

Inc.,

Term

Loan

9.895%

TSFR3M

4.250%

3/14/25

77,008

688

Global

Medical

Response,

Inc.,

Term

Loan

B

9.934%

SOFR90A

4.250%

10/02/25

542,267

243

LSCS

Holdings,

Inc.,

Term

Loan,

First

Lien

9.970%

SOFR30A

4.614%

12/16/28

240,345

1,175

Medline

Borrower,

LP,

Term

Loan

B

8.356%

SOFR30A

3.000%

10/21/28

1,182,022

120

National

Mentor

Holdings,

Inc.,

Term

Loan

9.108%

SOFR30A

+

SOFR90A

3.750%

3/02/28

109,687

4

National

Mentor

Holdings,

Inc.,

Term

Loan

C

9.110%

SOFR90A

3.750%

3/02/28

3,699

155

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.395%

TSFR3M

4.750%

2/28/28

153,134

375

Packaging

Coordinators

Midco

Inc,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

375,703

367

Packaging

Coordinators

Midco,

Inc.,

Term

Loan,

First

Lien

9.110%

SOFR90A

3.500%

11/30/27

367,207

719

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.720%

SOFR30A

3.250%

11/15/28

724,323

100

Pathway

Vet

Alliance

LLC

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

88,422

71

Phoenix

Guarantor

Inc,

Term

Loan

B

8.720%

SOFR30A

3.250%

3/05/26

71,317

120

Phoenix

Guarantor

Inc,

Term

Loan

B3

8.970%

SOFR30A

3.500%

3/05/26

119,898

355

Select

Medical

Corporation,

Term

Loan

B1

8.356%

SOFR30A

3.000%

3/05/27

355,280

262

Star

Parent,

Inc.,

Term

Loan

B

,

(DD1)

9.348%

SOFR90A

4.000%

9/30/30

259,562

793

Surgery

Center

Holdings,

Inc.,

Term

Loan

8.856%

TSFR1M

3.500%

12/31/30

796,774

41

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Health

Care

Equipment

&

Services

(continued)

$

87

Team

Health

Holdings,

Inc.,

Term

Loan

B

10.633%

SOFR90A

5.250%

3/02/27

$

66,902

Total

Health

Care

Equipment

&

Services

7,057,851

Household

&

Personal

Products

-

0.0%

109

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.110%

SOFR90A

3.750%

12/22/26

108,998

Total

Household

&

Personal

Products

108,998

Insurance

-

0.6%

234

Acrisure,

LLC,

Term

Loan

B

9.150%

3-Month

LIBOR

3.500%

2/15/27

234,387

177

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B4

8.970%

1-Month

LIBOR

3.500%

11/08/27

177,830

245

AssuredPartners,

Inc.,

Term

Loan

B

8.970%

SOFR30A

3.500%

2/13/27

245,892

251

Asurion

LLC,

Term

Loan

B11

9.706%

SOFR30A

4.250%

8/19/28

250,200

127

Asurion

LLC,

Term

Loan

B7,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

126,728

114

Asurion

LLC,

Term

Loan

B8

,

(DD1)

8.720%

SOFR30A

3.250%

12/23/26

114,365

213

Asurion

LLC,

Term

Loan

B9

8.606%

SOFR30A

3.250%

7/31/27

211,288

157

Broadstreet

Partners,

Inc.,

Term

Loan

B

8.470%

SOFR30A

3.000%

1/27/27

157,852

243

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.720%

SOFR30A

3.250%

1/27/27

243,064

64

Hub

International

Limited,

Term

Loan

B

9.365%

SOFR90A

4.000%

11/10/29

64,672

339

HUB

International

Limited,

Term

Loan

B

9.636%

TSFR3M

+

SOFR90A

4.250%

6/08/30

341,085

321

Ryan

Specialty

Group,

LLC,

Term

Loan

8.456%

SOFR30A

3.000%

9/01/27

321,199

260

USI,

Inc.,

Term

Loan

9.110%

SOFR90A

3.750%

11/16/29

261,087

105

USI,

Inc.,

Term

Loan

8.598%

SOFR90A

3.250%

9/27/30

105,032

Total

Insurance

2,854,681

Materials

-

0.4%

25

Arsenal

AIC

Parent

LLC,

Term

Loan

9.856%

SOFR30A

4.500%

7/27/30

25,078

37

Ascend

Performance

Materials

Operations

LLC,

Term

Loan

B

10.317%

SOFR90A

4.750%

8/27/26

35,498

179

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

term

Loan

B4

7.848%

SOFR90A

2.500%

12/20/29

179,414

291

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

9.631%

SOFR30A

4.175%

3/30/29

293,709

132

CPC

Acquisition

Corp,

Term

Loan

,

(DD1)

9.360%

SOFR90A

3.750%

12/29/27

107,250

75

Derby

Buyer

LLC,

Term

Loan

9.593%

SOFR30A

4.250%

11/01/30

75,188

188

Discovery

Purchaser

Corporation,

Term

Loan

9.765%

SOFR90A

4.375%

8/03/29

185,744

35

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.206%

SOFR30A

3.750%

3/03/30

34,303

55

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

B,

First

Lien

9.706%

SOFR30A

4.250%

4/02/29

54,725

78

INEOS

Styrolution

US

Holding

LLC,

Term

Loan

B

8.220%

SOFR30A

2.750%

1/29/26

77,929

37

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.476%

SOFR180A

4.725%

2/09/26

35,489

171

Lonza

Group

AG,

Term

Loan

B

,

(DD1)

9.373%

SOFR90A

3.925%

7/03/28

155,749

62

PMHC

II,

Inc.,

Term

Loan

B

,

(DD1)

9.807%

SOFR90A

4.250%

2/03/29

59,415

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

42

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Materials

(continued)

$

95

Proampac

PG

Borrower

LLC,

Term

Loan

9.878%

SOFR90A

4.500%

9/15/28

$

95,297

146

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

8.720%

SOFR30A

3.250%

9/24/28

146,823

70

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.720%

SOFR30A

3.250%

2/05/26

70,415

15

Starfruit

Finco

B.V,

Term

Loan

9.441%

TSFR1M

4.000%

3/03/28

15,000

45

TricorBraun

Holdings,

Inc.,

Term

Loan

8.720%

SOFR30A

3.250%

3/03/28

44,351

95

Tronox

Finance

LLC,

Term

Loan

B

8.848%

SOFR90A

3.500%

8/16/28

95,119

1

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

9.360%

SOFR90A

3.750%

9/22/28

1,234

Total

Materials

1,787,730

Media

&

Entertainment

-

1.1%

136

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

8.850%

1-Month

LIBOR

3.500%

12/21/28

136,762

454

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

8.474%

SOFR30A

3.000%

4/22/26

380,618

119

Cable

One,

Inc.,

Term

Loan

B4

7.356%

SOFR30A

2.000%

5/03/28

118,825

437

Cengage

Learning,

Inc.,

Term

Loan

B

10.405%

TSFR3M

4.750%

7/14/26

439,216

1,019

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

9.145%

SOFR90A

3.500%

8/21/26

1,010,129

308

Crown

Finance

US,

Inc.,

Term

Loan

7.381%

SOFR90A

8.500%

7/31/28

313,682

72

CSC

Holdings,

LLC,

Term

Loan

7.726%

1-Month

LIBOR

2.250%

1/15/26

70,416

48

CSC

Holdings,

LLC,

Term

Loan

B1

7.726%

1-Month

LIBOR

2.250%

7/17/25

47,196

133

CSC

Holdings,

LLC,

Term

Loan

B6

9.862%

SOFR30A

4.500%

1/18/28

129,117

49

Cumulus

Media

New

Holdings

Inc.,

Term

Loan

B

9.400%

SOFR90A

3.750%

3/31/26

38,300

351

(k)

Diamond

Sports

Group,

LLC,

Term

Loan,

Second

Lien

0.000%

N/A

N/A

8/24/26

16,677

251

DirecTV

Financing,

LLC,

Term

Loan

10.650%

SOFR90A

5.000%

8/02/27

251,651

242

Dotdash

Meredith

Inc,

Term

Loan

B

9.443%

SOFR30A

4.000%

12/01/28

240,691

118

iHeartCommunications,

Inc.,

Term

Loan

8.470%

SOFR30A

3.000%

5/01/26

102,466

229

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

10.106%

SOFR30A

4.750%

7/31/28

229,149

83

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.970%

SOFR30A

2.500%

6/02/28

81,839

140

NEP

Group

Inc

,Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

133,218

1,024

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

8.230%

SOFR30A

2.750%

2/15/28

453,034

118

Radiate

Holdco,

LLC,

Term

Loan

B

8.720%

SOFR30A

3.250%

9/25/26

95,015

500

Radiate

Holdco,

LLC,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

402,735

125

Simon

&

Schuster

Inc,

Term

Loan

B

9.390%

SOFR90A

4.000%

10/30/30

125,547

65

UPC

Financing

Partnership,

Term

Loan

AX

8.476%

SOFR30A

3.000%

1/31/29

64,885

300

Virgin

Media

Bristol

LLC,

Term

Loan

Y

8.790%

SOFR180A

3.250%

3/06/31

299,438

Total

Media

&

Entertainment

5,180,606

43

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

0.3%

$

72

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B

7.538%

SOFR90A

2.000%

11/15/27

$

71,903

606

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.970%

SOFR30A

3.500%

5/05/28

608,961

3

(k)

Mallinckrodt

International

Finance

S.A.,

Term

Loan

14.822%

TSFR1M

7.250%

9/30/27

2,431

222

Maravai

Intermediate

Holdings,

LLC,

Term

Loan

B

8.397%

SOFR90A

3.000%

10/19/27

217,506

267

Organon

&

Co,

Term

Loan

8.472%

TSFR1M

3.000%

6/02/28

268,264

154

Perrigo

Investments,

LLC,

Term

Loan

B

7.706%

SOFR30A

2.250%

4/05/29

154,114

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

1,323,179

Real

Estate

Management

&

Development

-

0.1%

129

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.706%

SOFR30A

3.250%

1/31/30

128,404

125

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

9.356%

SOFR30A

4.000%

1/31/30

125,156

13

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.220%

SOFR30A

2.750%

8/21/25

12,690

227

Forest

City

Enterprises,

L.P.,

Term

Loan

B

,

(DD1)

8.856%

SOFR30A

3.500%

12/08/25

216,076

Total

Real

Estate

Management

&

Development

482,326

Semiconductors

&

Semiconductor

Equipment

-

0.0%

231

Bright

Bidco

B.V.,

Term

Loan

,

(cash

6.390%,

PIK

8.000%)

7.195%

SOFR90A

+

3

-

Month

LIBOR

4.500%

10/31/27

82,053

Total

Semiconductors

&

Semiconductor

Equipment

82,053

Software

&

Services

-

1.7%

120

AppLovin

Corporation,

Term

Loan

B

8.556%

SOFR30A

3.100%

10/21/28

120,565

66

Apttus

Corporation,

Term

Loan

9.470%

SOFR30A

4.000%

5/08/28

66,167

94

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.720%

SOFR30A

5.250%

1/20/29

88,940

668

Avaya,

Inc.,

Term

Loan

6.856%

SOFR30A

1.500%

8/01/28

592,283

314

Banff

Merger

Sub

Inc,

Term

Loan

9.106%

SOFR30A

3.750%

10/02/25

315,521

171

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.470%

SOFR30A

3.000%

10/30/26

171,687

177

DTI

Holdco,

Inc.,

Term

Loan

10.133%

SOFR90A

4.750%

4/21/29

175,440

664

Epicor

Software

Corporation,

Term

Loan

8.720%

SOFR30A

3.250%

7/30/27

666,819

241

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.470%

SOFR30A

4.000%

12/01/27

242,328

118

IGT

Holding

IV

AB,

Term

Loan

B2

8.710%

SOFR90A

3.400%

3/29/28

118,581

268

Informatica

LLC,

Term

Loan

B

8.220%

SOFR30A

2.750%

10/14/28

268,599

246

Instructure

Holdings,

Inc.,

Term

Loan

B

8.106%

SOFR30A

2.750%

10/30/28

247,160

105

Ivanti

Software,

Inc.,

Term

Loan

B

9.907%

SOFR90A

4.250%

12/01/27

99,690

19

Ivanti

Software,

Inc.,

Term

Loan

B

,

(DD1)

9.668%

SOFR90A

4.000%

12/01/27

17,784

40

Marcel

Bidco

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

40,267

172

McAfee,

LLC,

Term

Loan

B

9.193%

SOFR30A

3.750%

2/03/29

171,985

29

MH

Sub

I

LLC

,Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

28,908

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

44

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Software

&

Services

(continued)

$

181

NortonLifeLock

Inc.,

Term

Loan

B

7.456%

SOFR30A

2.000%

1/28/29

$

181,529

629

Open

Text

Corporation,

Term

Loan

B

8.206%

SOFR30A

2.750%

1/31/30

631,501

117

Peraton

Corp.,

Term

Loan

B

9.206%

SOFR30A

3.750%

2/01/28

117,626

47

Proofpoint,

Inc.,

Term

Loan,

First

Lien

8.720%

SOFR30A

3.250%

8/31/28

47,037

95

Quartz

Acquireco

LLC,

Term

Loan

B

8.856%

SOFR30A

3.500%

4/14/30

95,177

165

Rocket

Software,

Inc.,

Term

Loan

B

10.106%

SOFR30A

4.750%

10/05/28

162,016

55

Sabre

GLBL

Inc.,

First

Lien

Term

Loan

B

10.456%

SOFR30A

5.000%

6/30/28

49,170

85

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

B

9.106%

SOFR30A

3.750%

2/24/28

84,938

286

Sophia,

L.P.,

Term

Loan

B

8.956%

SOFR30A

3.500%

10/07/27

286,853

166

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.220%

SOFR30A

1.750%

4/16/25

166,583

164

SS&C

Technologies

Inc.,

Term

Loan

B3

7.220%

SOFR30A

1.750%

4/16/25

164,905

39

SS&C

Technologies

Inc.,

Term

Loan

B6

7.706%

SOFR30A

2.250%

3/22/29

39,439

66

SS&C

Technologies

Inc.,

Term

Loan

B7

7.706%

SOFR30A

2.250%

3/22/29

66,370

647

Syniverse

Holdings,

Inc.,

Term

Loan

12.348%

SOFR90A

7.000%

5/10/29

572,568

257

Tempo

Acquisition

LLC,

Term

Loan

B

8.106%

SOFR30A

2.750%

8/31/28

258,069

537

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.764%

SOFR90A

3.250%

5/03/26

538,999

50

Vision

Solutions,

Inc.,

Term

Loan

9.640%

SOFR90A

4.000%

5/28/28

49,447

199

West

Corporation,

Term

Loan

B3

9.564%

TSFR3M

+

SOFR30A

4.000%

4/10/27

190,410

93

WEX

Inc.,

Term

Loan

7.720%

SOFR30A

2.250%

4/03/28

93,578

233

Zelis

Healthcare

Corporation,

Term

Loan

8.970%

SOFR30A

3.500%

9/30/26

234,074

Total

Software

&

Services

7,463,013

Technology

Hardware

&

Equipment

-

0.2%

207

CommScope,

Inc.,

Term

Loan

B

8.720%

SOFR30A

3.250%

4/06/26

185,798

268

Delta

TopCo,

Inc.,

Term

Loan

B

9.121%

SOFR180A

3.750%

12/01/27

268,569

137

Ingram

Micro

Inc.,

Term

Loan

8.610%

SOFR90A

3.000%

7/02/28

137,353

151

MLN

US

HoldCo

LLC,

Term

Loan

12.195%

TSFR3M

6.700%

10/18/27

29,791

261

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.972%

TSFR3M

4.500%

12/01/25

30,409

75

NCR

Atleos

LLC,

Term

Loan

B

10.206%

SOFR30A

4.750%

3/27/29

74,859

156

Riverbed

Technology,

Inc.,

Term

Loan

,

(DD1)

9.848%

SOFR90A

4.500%

7/03/28

107,559

183

ViaSat,

Inc.,

Term

Loan

,

(DD1)

9.856%

SOFR30A

4.500%

3/05/29

180,250

120

ViaSat,

Inc.,

Term

Loan

,

(DD1)

9.960%

SOFR30A

4.500%

5/30/30

117,952

Total

Technology

Hardware

&

Equipment

1,132,540

Telecommunication

Services

-

0.8%

117

Altice

France

S.A.,

Term

Loan

B12

9.343%

3-Month

LIBOR

3.688%

1/31/26

110,339

210

Altice

France

S.A.,

Term

Loan

B13

9.641%

3-Month

LIBOR

4.000%

8/14/26

196,146

102

CenturyLink,

Inc.,

Term

Loan

B

7.720%

SOFR30A

2.250%

3/15/27

70,569

121

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.706%

SOFR30A

3.250%

11/23/28

120,394

45

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Telecommunication

Services

(continued)

$

323

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

,

(DD1)

13.974%

SOFR30A

8.500%

1/07/24

$

324,529

956

(k)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

,

(DD1)

10.500%

3-Month

LIBOR

2.000%

5/01/24

607,875

434

Dawn

Acquisition

LLC,

Term

Loan

,

(DD1)

9.360%

SOFR90A

3.750%

12/31/25

420,236

238

Eagle

Broadband

Investments

LLC,

Term

Loan

8.610%

SOFR90A

3.000%

11/12/27

234,353

374

Frontier

Communications

Corp.,

Term

Loan

B

9.106%

SOFR30A

3.750%

10/08/27

372,954

208

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.220%

SOFR30A

3.750%

4/28/28

208,394

402

Level

3

Financing

Inc.,

Term

Loan

B

,

(DD1)

7.220%

SOFR30A

1.750%

3/01/27

387,930

550

Virgin

Media

Bristol

LLC,

Term

Loan

N

,

(DD1)

7.976%

SOFR30A

2.500%

1/31/28

549,007

231

Ziggo

Financing

Partnership,

Term

Loan

I

7.976%

SOFR30A

2.500%

4/30/28

230,745

Total

Telecommunication

Services

3,833,471

Transportation

-

0.7%

146

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.427%

SOFR90A

4.750%

4/20/28

150,360

196

Air

Canada,

Term

Loan

B

9.139%

TSFR3M

3.500%

8/11/28

196,912

141

American

Airlines,

Inc.,

Term

Loan

B

8.598%

SOFR90A

2.750%

2/06/28

141,053

188

Brown

Group

Holding,

LLC,

Term

Loan

B

8.206%

SOFR30A

2.750%

4/22/28

188,375

148

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.126%

SOFR30A

+

SOFR90A

3.750%

6/09/29

148,722

137

First

Student

Bidco

Inc,

Term

Loan

B

8.360%

SOFR90A

3.000%

7/21/28

136,197

57

First

Student

Bidco

Inc,

Term

Loan

C

8.360%

SOFR90A

3.000%

7/21/28

56,294

339

Hertz

Corporation,

(The),

Term

Loan

B

8.720%

Prime

3.250%

6/30/28

338,102

66

Hertz

Corporation,

(The),

Term

Loan

C

8.720%

SOFR30A

3.250%

6/30/28

65,862

526

Kestrel

Bidco

Inc.,

Term

Loan

B

8.358%

SOFR30A

3.000%

12/11/26

526,606

227

KKR

Apple

Bidco,

LLC,

Term

Loan

8.220%

SOFR30A

2.750%

9/25/28

227,229

119

KKR

Apple

Bidco,

LLC,

Term

Loan

8.856%

SOFR30A

3.500%

9/23/28

119,359

376

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.770%

SOFR90A

5.250%

6/21/27

390,008

260

SkyMiles

IP

Ltd.,

Term

Loan

B

9.166%

SOFR90A

3.750%

10/20/27

266,635

191

United

Airlines,

Inc.,

Term

Loan

B

9.220%

SOFR30A

3.750%

4/21/28

191,509

Total

Transportation

3,143,223

Utilities

-

0.3%

117

Generation

Bridge

Northeast

LLC,

Term

Loan

B

9.606%

SOFR30A

4.250%

8/07/29

118,092

80

Pacific

Gas

&

Electric

Company,

Term

Loan

7.856%

SOFR30A

3.000%

6/23/25

80,225

654

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.869%

SOFR90A

4.500%

5/17/30

658,096

532

Talen

Energy

Supply,

LLC,

Term

Loan

C

9.869%

SOFR90A

4.500%

5/27/30

535,964

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

46

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

(h)

Reference

Rate

(h)

Spread

(h)

Maturity

(i)

Value

Utilities

(continued)

$

3

Vistra

Operations

Company

LLC,

Term

Loan

B3,

First

Lien

7.356%

SOFR30A

2.000%

12/31/25

$

2,875

Total

Utilities

1,395,252

Total

Variable

Rate

Senior

Loan

Interests

(cost

$56,960,951)

54,537,392

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

10.4%

(7.6%

of

Total

Investments)

X

48,035,169

$

4,103

(g)

United

States

Treasury

Inflation

Indexed

Bonds

1.250%

4/15/28

$

3,995,868

274

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.500%

4/15/24

271,019

353

(g)

United

States

Treasury

Inflation

Indexed

Bonds

1.625%

10/15/27

350,435

347

(g)

United

States

Treasury

Inflation

Indexed

Bonds

3.375%

4/15/32

387,788

477

(g)

United

States

Treasury

Inflation

Indexed

Bonds

1.750%

1/15/28

474,329

543

(g)

United

States

Treasury

Inflation

Indexed

Bonds

2.000%

1/15/26

538,295

774

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

4/15/25

746,587

791

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.625%

1/15/24

789,070

816

(g)

United

States

Treasury

Inflation

Indexed

Bonds

2.375%

1/15/25

809,721

902

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.250%

7/15/29

833,621

889

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

10/15/25

855,128

939

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

4/15/26

893,327

1,038

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.375%

7/15/25

1,005,579

1,148

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

7/15/31

1,020,400

1,182

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

1/15/31

1,054,835

856

(g)

United

States

Treasury

Inflation

Indexed

Bonds

3.625%

4/15/28

916,942

1,362

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

4/15/27

1,279,867

3,343

(g)

United

States

Treasury

Inflation

Indexed

Bonds

1.375%

7/15/33

3,240,859

2,266

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.625%

1/15/26

2,186,287

3,821

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.375%

1/15/27

3,630,963

1,219

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.875%

1/15/29

1,165,994

1,949

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.250%

1/15/25

1,891,292

2,748

(g)

United

States

Treasury

Inflation

Indexed

Bonds

1.125%

1/15/33

2,598,868

1,907

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

10/15/24

1,865,183

1,497

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.500%

1/15/28

1,416,254

1,495

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

1/15/30

1,354,701

47

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

1,407

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

10/15/26

$

1,336,426

1,920

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

7/15/30

1,734,368

3,254

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0.750%

7/15/28

3,114,107

1,665

(g)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0.125%

1/15/32

1,462,014

1,059

(g)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0.625%

7/15/32

967,268

235

United

States

Treasury

Note/Bond

4.875%

10/31/30

248,549

200

United

States

Treasury

Note/Bond

4.375%

11/15/39

208,336

739

United

States

Treasury

Note/Bond

3.875%

5/15/43

704,856

550

(g)

United

States

Treasury

Note/Bond

3.625%

5/15/53

508,585

639

United

States

Treasury

Note/Bond

4.125%

7/31/28

645,085

788

United

States

Treasury

Note/Bond

3.875%

8/15/33

786,715

200

United

States

Treasury

Note/Bond

4.750%

7/31/25

200,906

446

(g)

United

States

Treasury

Note/Bond

2.875%

5/15/49

354,157

191

United

States

Treasury

Note/Bond

4.375%

10/31/24

190,585

Total

U.S.

Government

and

Agency

Obligations

(cost

$40,976,531)

48,035,169

X

–

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

8.8%

(6.4%

of

Total

Investments)

X

40,612,418

Angola

-

0.1%

$

270

Angolan

Government

International

Bond,

144A

9.375%

5/08/48

$

224,229

200

Angolan

Government

International

Bond,

144A

8.750%

4/14/32

175,597

Total

Angola

399,826

Argentina

-

0.1%

475

Provincia

de

Buenos

Aires/Government

Bonds,

144A

5.250%

9/01/37

181,315

139

YPF

SA,

144A

6.950%

7/21/27

124,369

20

YPF

SA,

Reg

S

6.950%

7/21/27

17,895

Total

Argentina

323,579

Australia

-

0.3%

200

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

179,933

200

AngloGold

Ashanti

Holdings

PLC

3.750%

10/01/30

173,883

840

QBE

Insurance

Group

Ltd,

Reg

S

6.750%

12/02/44

836,376

Total

Australia

1,190,192

Barbados

-

0.0%

200

Barbados

Government

International

Bond,

144A

6.500%

10/01/29

188,250

Total

Barbados

188,250

Belgium

-

0.0%

40

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

39,210

Total

Belgium

39,210

Benin

-

0.1%

190

EUR

Benin

Government

International

Bond,

144A

4.950%

1/22/35

164,696

100

EUR

Benin

Government

International

Bond,

144A

6.875%

1/19/52

86,550

Total

Benin

251,246

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

48

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Brazil

-

0.5%

$

200

B3

SA

-

Brasil

Bolsa

Balcao,

144A

4.125%

9/20/31

$

174,842

200

Banco

do

Brasil

SA/Cayman,

144A

4.875%

1/11/29

195,918

900

BRL

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000%

1/01/27

186,183

900

BRL

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000%

1/01/31

183,189

340

Brazilian

Government

International

Bond

6.000%

10/20/33

340,067

210

Brazilian

Government

International

Bond

5.000%

1/27/45

171,247

200

Brazilian

Government

International

Bond

4.750%

1/14/50

153,774

200

(k)

JSM

Global

Sarl,

144A

4.750%

10/20/30

39,541

200

Minerva

Luxembourg

SA,

144A

8.875%

9/13/33

211,459

145

Petrobras

Global

Finance

BV

6.750%

6/03/50

141,938

115

Petrobras

Global

Finance

BV

5.500%

6/10/51

96,935

200

Suzano

Austria

GmbH

2.500%

9/15/28

175,629

Total

Brazil

2,070,722

Cameroon

-

0.0%

100

EUR

Republic

of

Cameroon

International

Bond,

144A

5.950%

7/07/32

81,173

Total

Cameroon

81,173

Canada

-

0.3%

75

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

67,267

150

Air

Canada,

144A

3.875%

8/15/26

143,308

40

Canadian

Pacific

Railway

Co

2.050%

3/05/30

34,233

330

Enbridge

Inc

5.750%

7/15/80

304,425

175

Enbridge

Inc

5.500%

7/15/77

159,960

35

Enbridge

Inc

2.500%

8/01/33

28,662

625

GFL

Environmental

Inc,

144A

5.125%

12/15/26

618,377

40

Nutrien

Ltd

4.900%

3/27/28

40,360

75

Open

Text

Holdings

Inc,

144A

4.125%

12/01/31

66,290

Total

Canada

1,462,882

Chile

-

0.3%

199

Alfa

Desarrollo

SpA,

144A

2021

1

4.550%

9/27/51

155,162

200

Antofagasta

PLC,

144A

5.625%

5/13/32

201,031

200

Banco

del

Estado

de

Chile,

144A

2.704%

1/09/25

193,030

175

Cia

Cervecerias

Unidas

SA,

144A

3.350%

1/19/32

150,675

200

Corp

Nacional

del

Cobre

de

Chile,

144A

3.000%

9/30/29

177,946

150

Empresa

Nacional

de

Telecomunicaciones

SA,

144A

3.050%

9/14/32

119,702

200

Empresa

Nacional

del

Petroleo,

144A

6.150%

5/10/33

200,237

200

Inversiones

CMPC

SA,

144A

6.125%

6/23/33

207,027

Total

Chile

1,404,810

China

-

0.1%

200

ENN

Clean

Energy

International

Investment

Ltd,

144A

3.375%

5/12/26

187,539

200

Lenovo

Group

Ltd,

144A

3.421%

11/02/30

176,581

Total

China

364,120

Colombia

-

0.3%

350

Colombia

Government

International

Bond

3.125%

4/15/31

284,599

200

Colombia

Government

International

Bond

8.000%

11/14/35

218,696

200

Colombia

Government

International

Bond

7.500%

2/02/34

211,005

200

Ecopetrol

SA

4.625%

11/02/31

169,670

200

Ecopetrol

SA

5.875%

11/02/51

151,334

200

Empresas

Publicas

de

Medellin

ESP,

144A

4.250%

7/18/29

170,116

200

Grupo

Aval

Ltd,

144A

4.375%

2/04/30

169,785

Total

Colombia

1,375,205

49

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Costa

Rica

-

0.2%

$

200

Costa

Rica

Government

International

Bond,

144A

7.000%

4/04/44

$

208,800

200

Costa

Rica

Government

International

Bond,

144A

6.550%

4/03/34

207,000

200

Instituto

Costarricense

de

Electricidad,

144A

6.750%

10/07/31

200,924

200

Liberty

Costa

Rica

Senior

Secured

Finance,

144A

10.875%

1/15/31

204,651

Total

Costa

Rica

821,375

Cote

d'Ivoire

-

0.1%

395

Ivory

Coast

Government

International

Bond,

Reg

S

6.125%

6/15/33

362,547

270

EUR

Ivory

Coast

Government

International

Bond,

Reg

S

6.875%

10/17/40

248,993

Total

Cote

d'Ivoire

611,540

Czech

Republic

-

0.0%

4,300

CZK

Czech

Republic

Government

Bond

1.750%

6/23/32

165,184

Total

Czech

Republic

165,184

Dominican

Republic

-

0.2%

425

Dominican

Republic

International

Bond,

Reg

S

7.450%

4/30/44

449,968

270

Dominican

Republic

International

Bond,

Reg

S

4.875%

9/23/32

245,470

150

Dominican

Republic

International

Bond,

144A

4.875%

9/23/32

136,373

6,700

DOP

Dominican

Republic

International

Bond,

144A

13.000%

6/10/34

133,862

Total

Dominican

Republic

965,673

Ecuador

-

0.1%

623

Ecuador

Government

International

Bond,

144A

1.000%

7/31/35

221,202

137

Ecuador

Government

International

Bond,

Reg

S

3.500%

7/31/35

48,681

Total

Ecuador

269,883

Egypt

-

0.2%

300

Egypt

Government

International

Bond,

Reg

S

7.903%

2/21/48

180,253

200

Egypt

Government

International

Bond,

144A

5.800%

9/30/27

153,740

200

Egypt

Government

International

Bond,

144A

7.600%

3/01/29

152,332

220

Egypt

Government

International

Bond,

144A

7.300%

9/30/33

144,881

225

Egypt

Government

International

Bond,

144A

8.500%

1/31/47

139,481

205

Egypt

Government

International

Bond,

144A

8.875%

5/29/50

130,211

Total

Egypt

900,898

El

Salvador

-

0.1%

190

El

Salvador

Government

International

Bond,

144A

7.125%

1/20/50

134,215

135

El

Salvador

Government

International

Bond,

Reg

S

6.375%

1/18/27

118,931

65

El

Salvador

Government

International

Bond,

Reg

S

7.650%

6/15/35

50,538

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

50

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

El

Salvador

$

40

El

Salvador

Government

International

Bond,

Reg

S

5.875%

1/30/25

$

37,449

Total

El

Salvador

341,133

France

-

0.0%

10

TotalEnergies

Capital

International

SA

2.986%

6/29/41

7,771

Total

France

7,771

Germany

-

0.0%

110

Deutsche

Bank

AG/New

York

NY

1.447%

4/01/25

108,673

Total

Germany

108,673

Ghana

-

0.1%

355

Ghana

Government

International

Bond,

Reg

S

7.625%

5/16/29

153,538

250

Ghana

Government

International

Bond,

144A

8.750%

3/11/61

107,500

235

Ghana

Government

International

Bond,

144A

7.750%

4/07/29

102,225

Total

Ghana

363,263

Guatemala

-

0.1%

200

CT

Trust,

144A

5.125%

2/03/32

174,792

200

Guatemala

Government

Bond,

144A

3.700%

10/07/33

166,500

180

Millicom

International

Cellular

SA,

144A

2029

2029

6.250%

3/25/29

170,609

Total

Guatemala

511,901

Honduras

-

0.0%

175

Honduras

Government

International

Bond,

144A

5.625%

6/24/30

155,750

Total

Honduras

155,750

Hungary

-

0.1%

29,000

HUF

Hungary

Government

Bond

2.000%

5/23/29

69,751

200

Hungary

Government

International

Bond,

144A

5.250%

6/16/29

200,909

200

Magyar

Export-Import

Bank

Zrt,

144A

6.125%

12/04/27

203,334

Total

Hungary

473,994

India

-

0.3%

200

Adani

Ports

&

Special

Economic

Zone

Ltd,

144A

3.100%

2/02/31

152,500

200

Export-Import

Bank

of

India,

144A

2.250%

1/13/31

167,094

200

Indian

Railway

Finance

Corp

Ltd,

144A

3.570%

1/21/32

179,128

200

Network

i2i

Ltd,

144A

3.975%

6/03/72

185,500

200

Power

Finance

Corp

Ltd,

144A

3.950%

4/23/30

184,668

200

ReNew

Wind

Energy

AP2

/

ReNew

Power

Pvt

Ltd

other

9

Subsidiaries,

144A

4.500%

7/14/28

177,750

200

UltraTech

Cement

Ltd,

144A

2.800%

2/16/31

169,035

Total

India

1,215,675

Indonesia

-

0.3%

200

Freeport

Indonesia

PT,

144A

6.200%

4/14/52

198,250

1,500,000

IDR

Indonesia

Treasury

Bond

7.125%

6/15/38

101,834

850,000

IDR

Indonesia

Treasury

Bond

7.000%

9/15/30

56,348

500

Pertamina

Persero

PT,

144A

2.300%

2/09/31

422,919

200

Perusahaan

Penerbit

SBSN

Indonesia

III,

144A

4.700%

6/06/32

201,760

335

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

3.875%

7/17/29

316,367

51

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Indonesia

$

200

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

5.250%

5/15/47

$

186,946

Total

Indonesia

1,484,424

Iraq

-

0.0%

225

Iraq

International

Bond,

144A

5.800%

1/15/28

210,024

Total

Iraq

210,024

Ireland

-

0.0%

85

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

1/15/27

86,814

Total

Ireland

86,814

Israel

-

0.2%

180

Energean

Israel

Finance

Ltd,

144A,

Reg

S

4.875%

3/30/26

165,600

200

Israel

Electric

Corp

Ltd,

144A,

Reg

S

4.250%

8/14/28

186,697

127

Leviathan

Bond

Ltd,

144A,

Reg

S

6.500%

6/30/27

119,172

75

Leviathan

Bond

Ltd,

144A,

Reg

S

6.750%

6/30/30

68,261

32

Leviathan

Bond

Ltd,

144A,

Reg

S

6.125%

6/30/25

30,960

175

EUR

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.375%

5/09/30

180,977

Total

Israel

751,667

Jamaica

-

0.1%

215

Jamaica

Government

International

Bond

7.875%

7/28/45

261,225

Total

Jamaica

261,225

Jordan

-

0.1%

200

Jordan

Government

International

Bond,

144A

4.950%

7/07/25

195,317

200

Jordan

Government

International

Bond,

144A

5.850%

7/07/30

185,769

Total

Jordan

381,086

Kazakhstan

-

0.2%

200

Development

Bank

of

Kazakhstan

JSC,

144A

5.750%

5/12/25

199,901

200

Kazakhstan

Government

International

Bond,

144A

6.500%

7/21/45

228,267

200

KazMunayGas

National

Co

JSC,

144A

5.375%

4/24/30

198,101

200

KazMunayGas

National

Co

JSC,

144A

3.500%

4/14/33

165,903

200

Tengizchevroil

Finance

Co

International

Ltd,

144A

4.000%

8/15/26

187,092

Total

Kazakhstan

979,264

Kenya

-

0.1%

200

Republic

of

Kenya

Government

International

Bond,

144A

7.250%

2/28/28

182,500

200

Republic

of

Kenya

Government

International

Bond,

144A

6.300%

1/23/34

159,964

Total

Kenya

342,464

Korea,

Republic

of

-

0.0%

200

Korea

Development

Bank/The

5.625%

10/23/33

215,450

Total

Korea,

Republic

of

215,450

Macau

-

0.0%

200

Sands

China

Ltd

5.375%

8/08/25

197,233

Total

Macau

197,233

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

52

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Malaysia

-

0.1%

$

600

MYR

Malaysia

Government

Bond

3.900%

11/30/26

$

131,966

215

MISC

Capital

Two

Labuan

Ltd,

144A

3.750%

4/06/27

206,980

200

Petronas

Capital

Ltd,

144A

3.500%

4/21/30

187,620

205

Petronas

Capital

Ltd,

144A

3.404%

4/28/61

146,910

Total

Malaysia

673,476

Mexico

-

0.7%

200

Banco

Nacional

de

Comercio

Exterior

SNC/

Cayman

Islands,

144A

4.375%

10/14/25

195,536

200

Banco

Nacional

de

Comercio

Exterior

SNC/

Cayman

Islands,

144A

2.720%

8/11/31

170,146

200

Braskem

Idesa

SAPI,

144A

6.990%

2/20/32

117,105

230

Comision

Federal

de

Electricidad,

144A

3.348%

2/09/31

191,460

200

Comision

Federal

de

Electricidad,

144A

6.125%

6/16/45

174,925

200

Electricidad

Firme

de

Mexico

Holdings

SA

de

CV,

144A

4.900%

11/20/26

180,145

200

Grupo

Aeromexico

SAB

de

CV,

144A

8.500%

3/17/27

193,046

2,350

MXN

Mexican

Bonos

7.500%

6/03/27

131,019

3,600

MXN

Mexican

Bonos

8.500%

11/18/38

202,167

300

Mexico

Government

International

Bond

4.400%

2/12/52

237,237

200

Mexico

Government

International

Bond

4.280%

8/14/41

165,081

200

Nemak

SAB

de

CV,

144A

3.625%

6/28/31

166,177

140

Petroleos

Mexicanos

6.375%

1/23/45

91,221

445

Petroleos

Mexicanos

6.840%

1/23/30

385,747

412

Petroleos

Mexicanos

6.750%

9/21/47

269,578

245

Petroleos

Mexicanos

5.950%

1/28/31

195,633

100

EUR

Petroleos

Mexicanos,

Reg

S

3.625%

11/24/25

103,202

25

Petroleos

Mexicanos

6.500%

1/23/29

22,050

Total

Mexico

3,191,475

Mongolia

-

0.1%

300

Mongolia

Government

International

Bond,

144A

5.125%

4/07/26

290,372

Total

Mongolia

290,372

Morocco

-

0.2%

230

Morocco

Government

International

Bond,

144A

2.375%

12/15/27

205,891

200

Morocco

Government

International

Bond,

144A

5.500%

12/11/42

181,500

200

OCP

SA,

144A

3.750%

6/23/31

171,800

200

OCP

SA,

144A

5.125%

6/23/51

151,272

Total

Morocco

710,463

Namibia

-

0.0%

200

Namibia

International

Bonds,

144A

5.250%

10/29/25

197,230

Total

Namibia

197,230

Netherlands

-

0.1%

185

Aegon

NV

5.500%

4/11/48

175,662

200

VEON

Holdings

BV,

Reg

S

4.000%

4/09/25

178,100

Total

Netherlands

353,762

Nigeria

-

0.2%

200

Access

Bank

PLC,

144A

6.125%

9/21/26

178,740

400

Nigeria

Government

International

Bond,

144A

8.375%

3/24/29

383,036

200

Nigeria

Government

International

Bond,

144A

7.375%

9/28/33

170,260

200

Nigeria

Government

International

Bond,

Reg

S

7.625%

11/28/47

158,144

Total

Nigeria

890,180

53

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Oman

-

0.1%

$

385

Oman

Government

International

Bond,

Reg

S

5.625%

1/17/28

$

392,022

200

Oman

Government

International

Bond,

Reg

S

6.750%

1/17/48

209,040

Total

Oman

601,062

Pakistan

-

0.1%

260

Pakistan

Government

International

Bond,

144A

8.875%

4/08/51

156,226

200

Pakistan

Government

International

Bond,

144A

6.000%

4/08/26

140,328

200

Pakistan

Water

&

Power

Development

Authority,

Reg

S

7.500%

6/04/31

103,987

Total

Pakistan

400,541

Panama

-

0.2%

200

Aeropuerto

Internacional

de

Tocumen

SA,

144A

5.125%

8/11/61

151,640

200

C&W

Senior

Financing

DAC,

144A

6.875%

9/15/27

186,340

190

Panama

Bonos

del

Tesoro

3.362%

6/30/31

149,190

155

Panama

Notas

del

Tesoro

3.750%

4/17/26

145,246

176

UEP

Penonome

II

SA,

144A

6.500%

10/01/38

133,881

Total

Panama

766,297

Paraguay

-

0.0%

200

Paraguay

Government

International

Bond,

144A

2.739%

1/29/33

163,800

Total

Paraguay

163,800

Peru

-

0.2%

120

Banco

de

Credito

del

Peru

S.A,

144A

3.125%

7/01/30

114,111

65

Banco

de

Credito

del

Peru

S.A,

144A

3.250%

9/30/31

59,433

300

Fondo

MIVIVIENDA

SA,

144A

4.625%

4/12/27

292,389

300

PEN

Peru

Government

Bond

5.400%

8/12/34

73,233

200

Peruvian

Government

International

Bond

3.000%

1/15/34

168,786

250

PEN

Peruvian

Government

International

Bond,

144A

5.400%

8/12/34

61,028

95

Volcan

Cia

Minera

SAA,

144A

4.375%

2/11/26

59,025

Total

Peru

828,005

Philippines

-

0.0%

200

Philippine

Government

International

Bond

4.200%

3/29/47

176,366

Total

Philippines

176,366

Poland

-

0.1%

200

Bank

Gospodarstwa

Krajowego,

144A

5.375%

5/22/33

202,622

370

PLN

Republic

of

Poland

Government

Bond

0.250%

10/25/26

82,636

300

PLN

Republic

of

Poland

Government

Bond

2.750%

10/25/29

68,073

192

Republic

of

Poland

Government

International

Bond

5.500%

4/04/53

199,745

Total

Poland

553,076

Qatar

-

0.1%

200

Qatar

Government

International

Bond,

Reg

S

4.400%

4/16/50

184,000

310

QatarEnergy,

144A

3.300%

7/12/51

226,300

200

QNB

Finance

Ltd,

Reg

S

2.625%

5/12/25

191,962

Total

Qatar

602,262

Republic

of

Serbia

-

0.0%

200

Serbia

International

Bond,

144A

6.500%

9/26/33

205,000

Total

Republic

of

Serbia

205,000

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

54

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Romania

-

0.1%

$

550

RON

Romania

Government

Bond

3.650%

9/24/31

$

102,460

200

RON

Romania

Government

Bond

4.150%

1/26/28

41,193

140

Romanian

Government

International

Bond,

144A

3.000%

2/27/27

130,222

Total

Romania

273,875

Rwanda

-

0.1%

300

Rwanda

International

Government

Bond,

144A

5.500%

8/09/31

239,625

Total

Rwanda

239,625

Saudi

Arabia

-

0.2%

200

EIG

Pearl

Holdings

Sarl,

144A

4.387%

11/30/46

160,350

200

Saudi

Arabian

Oil

Co,

Reg

S

4.250%

4/16/39

178,710

385

Saudi

Government

International

Bond,

Reg

S

3.750%

1/21/55

292,393

325

Saudi

Government

International

Bond,

144A

2.250%

2/02/33

269,064

Total

Saudi

Arabia

900,517

Senegal

-

0.1%

215

Senegal

Government

International

Bond,

Reg

S

6.750%

3/13/48

168,689

200

Senegal

Government

International

Bond,

144A

6.750%

3/13/48

156,920

Total

Senegal

325,609

Singapore

-

0.0%

200

MEDCO

MAPLE

TREE

PTE

LTD,

144A

8.960%

4/27/29

202,797

Total

Singapore

202,797

South

Africa

-

0.5%

500

Eskom

Holdings

SOC

Ltd,

144A

8.450%

8/10/28

506,501

200

Eskom

Holdings

SOC

Ltd,

144A

6.350%

8/10/28

194,279

200

MTN

Mauritius

Investments

Ltd,

144A

6.500%

10/13/26

201,396

3,075

ZAR

Republic

of

South

Africa

Government

Bond

7.000%

2/28/31

140,617

2,875

ZAR

Republic

of

South

Africa

Government

Bond

8.875%

2/28/35

132,571

225

Republic

of

South

Africa

Government

International

Bond

5.875%

4/20/32

213,102

200

Republic

of

South

Africa

Government

International

Bond

5.650%

9/27/47

159,500

200

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

159,281

200

Sasol

Financing

USA

LLC,

144A

8.750%

5/03/29

203,925

250

Transnet

SOC

Ltd,

144A

8.250%

2/06/28

251,575

Total

South

Africa

2,162,747

Sri

Lanka

-

0.0%

415

Sri

Lanka

Government

International

Bond,

Reg

S

6.850%

11/03/25

211,649

Total

Sri

Lanka

211,649

Supranational

-

0.0%

5,000

INR

Asian

Development

Bank

6.150%

2/25/30

57,437

200

Banque

Ouest

Africaine

de

Developpement,

144A

4.700%

10/22/31

170,056

Total

Supranational

227,493

Switzerland

-

0.1%

30

Credit

Suisse

AG/New

York

NY

5.000%

7/09/27

30,006

1,645

Credit

Suisse

Group

AG

7.250%

3/12/72

189,175

1,000

Credit

Suisse

Group

AG

0.000%

1/17/72

115,000

735

Credit

Suisse

Group

AG

7.500%

1/17/72

84,525

55

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Switzerland

$

575

Credit

Suisse

Group

AG

7.500%

6/11/72

$

66,125

300

Credit

Suisse

Group

AG

6.380%

2/21/72

34,500

25

UBS

Group

AG,

144A

1.494%

8/10/27

22,589

20

UBS

Group

AG

3.750%

3/26/25

19,593

Total

Switzerland

561,513

Thailand

-

0.1%

200

Bangkok

Bank

PCL/Hong

Kong,

144A

3.466%

9/23/36

167,757

6,150

THB

Thailand

Government

Bond

2.875%

12/17/28

183,548

Total

Thailand

351,305

Turkey

-

0.2%

200

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS,

144A

3.375%

6/29/28

170,494

245

Turkey

Government

International

Bond

5.125%

2/17/28

232,999

250

Turkey

Government

International

Bond

6.000%

1/14/41

211,887

200

Turkiye

Ihracat

Kredi

Bankasi

AS,

144A

5.750%

7/06/26

194,112

Total

Turkey

809,492

Uganda

-

0.0%

669,000

UGX

Republic

of

Uganda

Government

Bonds

14.250%

8/23/29

172,280

Total

Uganda

172,280

Ukraine

-

0.1%

190

NAK

Naftogaz

Ukraine

via

Kondor

Finance

PLC,

Reg

S

7.650%

7/31/24

128,250

425

Ukraine

Government

International

Bond,

144A

6.876%

5/21/31

96,289

360

Ukraine

Government

International

Bond,

144A

7.253%

3/15/35

83,520

115

Ukraine

Government

International

Bond,

Reg

S

7.750%

9/01/24

35,363

100

Ukraine

Government

International

Bond,

Reg

S

7.750%

9/01/28

27,500

Total

Ukraine

370,922

United

Arab

Emirates

-

0.3%

400

Emirate

of

Dubai

Government

International

Bonds,

Reg

S

3.900%

9/09/50

300,004

435

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2.625%

3/31/36

359,115

224

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2022

2022

2.940%

9/30/40

184,261

240

MDGH

GMTN

RSC

Ltd,

144A

4.375%

11/22/33

233,504

194

Sweihan

PV

Power

Co

PJSC,

144A

2022

1

3.625%

1/31/49

159,145

Total

United

Arab

Emirates

1,236,029

United

Kingdom

-

0.1%

30

Barclays

PLC

6.490%

9/13/29

31,235

30

BAT

Capital

Corp

6.343%

8/02/30

31,497

10

BAT

Capital

Corp

3.984%

9/25/50

7,038

60

HSBC

Holdings

PLC

4.583%

6/19/29

58,176

190

Vodafone

Group

PLC

4.125%

6/04/81

163,117

Total

United

Kingdom

291,063

Uruguay

-

0.0%

6,200

UYU

Uruguay

Government

International

Bond

8.250%

5/21/31

146,381

80

Uruguay

Government

International

Bond

4.375%

1/23/31

79,343

Total

Uruguay

225,724

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

56

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Uzbekistan

-

0.0%

$

200

Republic

of

Uzbekistan

International

Bond,

144A

7.850%

10/12/28

$

209,332

Total

Uzbekistan

209,332

Zambia

-

0.1%

425

Zambia

Government

International

Bond,

144A

8.500%

4/14/24

263,500

Total

Zambia

263,500

Total

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

(cost

$56,380,339)

40,612,418

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

8.7%

(6.3%

of

Total

Investments)

X

40,120,920

Data

Center

REITs

-

1.2%

16,673

(b)

Digital

Realty

Trust

Inc  

$

2,243,852

4,042

(b)

Equinix

Inc  

3,255,387

Total

Data

Center

REITs

5,499,239

Health

Care

REITs

-

0.6%

18,600

Healthpeak

Properties

Inc  

368,280

33,500

Parkway

Life

Real

Estate

Investment

Trust  

93,123

14,600

Ventas

Inc  

727,664

16,700

Welltower

Inc  

1,505,839

Total

Health

Care

REITs

2,694,906

Hotel

&

Resort

REITs

-

0.2%

30,400

Host

Hotels

&

Resorts

Inc  

591,888

3,500

Ryman

Hospitality

Properties

Inc  

385,210

Total

Hotel

&

Resort

REITs

977,098

Industrial

REITs

-

1.7%

2,400

EastGroup

Properties

Inc  

440,496

39,699

Prologis

Inc  

5,291,876

22,300

Rexford

Industrial

Realty

Inc  

1,251,030

12,900

(b)

Terreno

Realty

Corp  

808,443

Total

Industrial

REITs

7,791,845

Multi-Family

Residential

REITs

-

0.7%

7,400

AvalonBay

Communities

Inc  

1,385,428

9,300

Equity

Residential  

568,788

2,400

Essex

Property

Trust

Inc  

595,056

4,400

Mid-America

Apartment

Communities

Inc  

591,624

Total

Multi-Family

Residential

REITs

3,140,896

Office

REITs

-

0.2%

3,600

Alexandria

Real

Estate

Equities

Inc  

456,372

4,400

Boston

Properties

Inc  

308,748

1,800

SL

Green

Realty

Corp  

81,306

6,600

Vornado

Realty

Trust  

186,450

Total

Office

REITs

1,032,876

Other

Specialized

REITs

-

0.4%

11,700

Gaming

and

Leisure

Properties

Inc  

577,395

38,700

VICI

Properties

Inc  

1,233,756

Total

Other

Specialized

REITs

1,811,151

57

Shares

Description

(a)

Value

Retail

REITs

-

1.3%

5,000

Agree

Realty

Corp  

$

314,750

24,700

Brixmor

Property

Group

Inc  

574,769

37,500

Kimco

Realty

Corp  

799,125

23,200

Kite

Realty

Group

Trust  

530,352

15,800

Realty

Income

Corp  

907,236

13,400

(b)

Regency

Centers

Corp  

897,800

14,700

(b)

Simon

Property

Group

Inc  

2,096,808

Total

Retail

REITs

6,120,840

Self-Storage

REITs

-

0.4%

3,800

Extra

Space

Storage

Inc  

609,254

3,500

(b)

Public

Storage  

1,067,500

Total

Self-Storage

REITs

1,676,754

Single-Family

Residential

REITs

-

0.7%

27,000

(b)

American

Homes

4

Rent,

Class

A  

970,920

13,500

Equity

LifeStyle

Properties

Inc  

952,290

5,000

Invitation

Homes

Inc  

170,550

7,000

Sun

Communities

Inc  

935,550

Total

Single-Family

Residential

REITs

3,029,310

Telecom

Tower

REITs

-

1.2%

16,060

American

Tower

Corp  

3,467,034

9,960

(b)

Crown

Castle

Inc  

1,147,292

4,263

(b)

SBA

Communications

Corp  

1,081,480

Total

Telecom

Tower

REITs

5,695,806

Timber

REITs

-

0.1%

18,700

Weyerhaeuser

Co  

650,199

Total

Timber

REITs

650,199

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$30,436,271)

40,120,920

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

7.9%

(5.7%

of

Total

Investments)

X

36,190,761

Automobiles

&

Components

-

0.2%

$

755

(b)

General

Motors

Financial

Co

Inc

5.750%

N/A

(m)

$

669,685

462

General

Motors

Financial

Co

Inc

5.700%

N/A

(m)

426,653

Total

Automobiles

&

Components

1,096,338

Banks

-

3.8%

295

Bank

of

America

Corp

4.375%

N/A

(m)

262,912

940

(b)

Bank

of

America

Corp

6.500%

N/A

(m)

935,444

285

Bank

of

America

Corp

6.250%

N/A

(m)

282,375

75

Bank

of

America

Corp

6.100%

N/A

(m)

74,288

1,190

(b)

Citigroup

Inc

6.250%

N/A

(m)

1,174,527

170

Citigroup

Inc

5.000%

N/A

(m)

165,018

260

Citigroup

Inc

7.375%

N/A

(m)

263,145

450

Citigroup

Inc

6.300%

N/A

(m)

443,715

5

Citigroup

Inc

6.174%

5/25/34

5,174

655

Citigroup

Inc

7.625%

N/A

(m)

668,821

1,000

(b)

Citigroup

Inc

5.950%

N/A

(m)

978,808

125

Citizens

Financial

Group

Inc

6.375%

N/A

(m)

113,782

335

Citizens

Financial

Group

Inc

4.000%

N/A

(m)

264,748

765

CoBank

ACB

6.450%

N/A

(m)

742,050

325

CoBank

ACB

6.250%

N/A

(m)

312,802

525

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(m)

472,500

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

58

NMAI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

520

(f)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.618%

N/A

(m)

$

528,983

555

Huntington

Bancshares

Inc/OH

5.625%

N/A

(m)

501,079

205

(b)

JPMorgan

Chase

&

Co

3.650%

N/A

(m)

187,602

375

JPMorgan

Chase

&

Co

5.000%

N/A

(m)

368,162

940

(b)

JPMorgan

Chase

&

Co

6.750%

N/A

(m)

938,095

270

JPMorgan

Chase

&

Co

6.100%

N/A

(m)

268,519

90

M&T

Bank

Corp

5.125%

N/A

(m)

77,745

380

M&T

Bank

Corp

6.450%

N/A

(m)

377,491

325

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(m)

307,779

415

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(m)

331,969

375

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(m)

349,563

710

(f)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.679%

N/A

(m)

708,169

448

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(m)

418,722

370

Regions

Financial

Corp

5.750%

N/A

(m)

358,709

200

Toronto-Dominion

Bank/The

8.125%

10/31/82

208,158

295

Truist

Financial

Corp

5.100%

N/A

(m)

267,330

535

(f)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.748%

N/A

(m)

532,568

400

(b)

Truist

Financial

Corp

4.800%

N/A

(m)

367,737

355

Wells

Fargo

&

Co

5.900%

N/A

(m)

351,257

1,070

(b)

Wells

Fargo

&

Co

5.875%

N/A

(m)

1,058,847

500

Wells

Fargo

&

Co

3.900%

N/A

(m)

461,978

495

Wells

Fargo

&

Co

7.625%

N/A

(m)

519,409

450

(f)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.086%

N/A

(m)

432,000

Total

Banks

17,081,980

Capital

Goods

-

0.5%

610

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

610,909

1,495

AerCap

Holdings

NV

5.875%

10/10/79

1,476,161

395

Air

Lease

Corp

4.650%

N/A

(m)

354,629

Total

Capital

Goods

2,441,699

Energy

-

0.3%

330

Enbridge

Inc

8.500%

1/15/84

351,003

305

Enbridge

Inc

7.625%

1/15/83

305,463

250

Energy

Transfer

LP

6.500%

N/A

(m)

237,570

55

Energy

Transfer

LP

7.125%

N/A

(m)

50,681

440

Transcanada

Trust

5.600%

3/07/82

368,608

75

Transcanada

Trust

5.875%

8/15/76

70,896

Total

Energy

1,384,221

Financial

Services

-

1.0%

400

Ally

Financial

Inc

4.700%

N/A

(m)

271,383

160

Ally

Financial

Inc

4.700%

N/A

(m)

119,710

555

American

AgCredit

Corp,

144A

5.250%

N/A

(m)

516,150

180

American

Express

Co

3.550%

N/A

(m)

154,314

150

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(m)

146,179

200

Capital

One

Financial

Corp

3.950%

N/A

(m)

160,288

375

Charles

Schwab

Corp/The

5.375%

N/A

(m)

369,795

150

Discover

Financial

Services

6.125%

N/A

(m)

144,933

130

Discover

Financial

Services

5.500%

N/A

(m)

104,455

390

Equitable

Holdings

Inc

4.950%

N/A

(m)

371,112

720

(b)

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(m)

709,938

475

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(m)

463,960

430

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(m)

449,304

420

Voya

Financial

Inc

7.748%

N/A

(m)

435,120

Total

Financial

Services

4,416,641

59

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Food,

Beverage

&

Tobacco

-

0.4%

$

2,250

(b)

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(m)

$

1,957,500

Total

Food,

Beverage

&

Tobacco

1,957,500

Insurance

-

0.9%

118

American

International

Group

Inc

5.750%

4/01/48

116,140

450

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

374,007

325

Enstar

Finance

LLC

5.750%

9/01/40

304,213

235

Enstar

Finance

LLC

5.500%

1/15/42

199,031

541

Markel

Group

Inc

6.000%

N/A

(m)

534,886

580

(b)

MetLife

Inc,

144A

9.250%

4/08/38

651,365

360

Provident

Financing

Trust

I

7.405%

3/15/38

383,594

210

Prudential

Financial

Inc

5.125%

3/01/52

197,360

420

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(m)

409,202

600

SBL

Holdings

Inc,

144A

7.000%

N/A

(m)

396,506

575

SBL

Holdings

Inc,

144A

6.500%

N/A

(m)

353,625

Total

Insurance

3,919,929

Materials

-

0.0%

200

Cemex

SAB

de

CV,

144A

9.125%

N/A

(m)

213,000

Total

Materials

213,000

Media

&

Entertainment

-

0.0%

190

Paramount

Global

6.375%

3/30/62

171,000

Total

Media

&

Entertainment

171,000

Telecommunication

Services

-

0.1%

365

Vodafone

Group

PLC

7.000%

4/04/79

376,316

Total

Telecommunication

Services

376,316

Utilities

-

0.7%

300

AES

Andes

SA,

144A

6.350%

10/07/79

281,028

265

AES

Andes

SA,

144A

7.125%

3/26/79

254,533

310

American

Electric

Power

Co

Inc

3.875%

2/15/62

260,176

165

CMS

Energy

Corp

4.750%

6/01/50

148,984

200

Edison

International

5.000%

N/A

(m)

186,221

150

Edison

International

5.375%

N/A

(m)

141,870

695

(b)

Emera

Inc

6.750%

6/15/76

680,556

510

Sempra

4.875%

N/A

(m)

498,913

340

Southern

Co/The

4.000%

1/15/51

323,287

185

Vistra

Corp,

144A

8.000%

N/A

(m)

184,194

175

Vistra

Corp,

144A

7.000%

N/A

(m)

172,375

Total

Utilities

3,132,137

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$39,049,093)

36,190,761

Principal

Amount

(000)

Description

(a),(n)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

5.2%

(3.7%

of

Total

Investments)

X

23,696,366

Banks

-

4.4%

$

640

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(m)

$

582,470

200

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(m)

213,917

400

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(m)

392,617

500

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(m)

480,051

400

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(m)

400,000

800

(b)

Banco

Santander

SA

4.750%

N/A

(m)

674,193

200

Banco

Santander

SA

9.625%

N/A

(m)

218,500

200

Bank

Hapoalim

BM,

144A

,

Reg

S

3.255%

1/21/32

172,952

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

60

NMAI

Principal

Amount

(000)

Description

(a),(n)

Coupon

Maturity

Value

Banks

(continued)

$

700

(b)

Barclays

PLC

8.000%

N/A

(m)

$

686,989

465

Barclays

PLC

8.000%

N/A

(m)

461,803

430

Barclays

PLC

6.125%

N/A

(m)

411,278

200

BBVA

Bancomer

SA/Texas,

144A

8.450%

6/29/38

213,214

380

BNP

Paribas

SA,

144A

7.375%

N/A

(m)

380,528

625

BNP

Paribas

SA,

144A

7.000%

N/A

(m)

613,547

200

BNP

Paribas

SA,

144A

9.250%

N/A

(m)

213,873

565

BNP

Paribas

SA,

144A

7.750%

N/A

(m)

576,735

410

BNP

Paribas

SA,

144A

8.500%

N/A

(m)

429,362

275

BNP

Paribas

SA,

144A

6.625%

N/A

(m)

272,942

515

Credit

Agricole

SA,

144A

8.125%

N/A

(m)

524,488

1,480

(b)

HSBC

Holdings

PLC

6.375%

N/A

(m)

1,461,120

910

(b)

HSBC

Holdings

PLC

6.000%

N/A

(m)

869,105

715

HSBC

Holdings

PLC

8.000%

N/A

(m)

735,941

380

ING

Groep

NV

6.500%

N/A

(m)

370,077

330

ING

Groep

NV

,

Reg

S

6.750%

N/A

(m)

327,938

200

ING

Groep

NV

,

Reg

S

7.500%

N/A

(m)

199,250

845

(b)

ING

Groep

NV

5.750%

N/A

(m)

788,836

620

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(m)

609,217

555

Lloyds

Banking

Group

PLC

7.500%

N/A

(m)

549,396

830

Lloyds

Banking

Group

PLC

7.500%

N/A

(m)

812,811

240

Lloyds

Banking

Group

PLC

8.000%

N/A

(m)

240,480

500

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(m)

464,476

680

NatWest

Group

PLC

8.000%

N/A

(m)

682,142

770

NatWest

Group

PLC

6.000%

N/A

(m)

744,442

1,060

Societe

Generale

SA,

144A

9.375%

N/A

(m)

1,108,885

320

Societe

Generale

SA,

144A

6.750%

N/A

(m)

285,788

245

Societe

Generale

SA,

144A

8.000%

N/A

(m)

244,818

465

Societe

Generale

SA,

144A

10.000%

N/A

(m)

496,859

600

Standard

Chartered

PLC,

144A

7.750%

N/A

(m)

612,715

435

UniCredit

SpA

,

Reg

S

8.000%

N/A

(m)

432,390

Total

Banks

19,956,145

Financial

Services

-

0.8%

1,000

(b)

Deutsche

Bank

AG

6.000%

N/A

(m)

904,988

200

Deutsche

Bank

AG

7.500%

N/A

(m)

195,349

1,165

UBS

Group

AG

,

Reg

S

6.875%

N/A

(m)

1,143,157

650

(b)

UBS

Group

AG,

144A

7.000%

N/A

(m)

649,799

630

UBS

Group

AG

,

Reg

S

7.000%

N/A

(m)

625,275

200

UBS

Group

AG,

144A

9.250%

N/A

(m)

221,653

Total

Financial

Services

3,740,221

Total

Contingent

Capital

Securities

(cost

$23,459,899)

23,696,366

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

3.1%

(2.3%

of

Total

Investments)

X

14,402,052

Automobiles

&

Components

-

0.0%

$

60

General

Motors

Financial

Co

Inc

5.850%

4/06/30

$

61,875

35

General

Motors

Financial

Co

Inc

2.750%

6/20/25

33,652

Total

Automobiles

&

Components

95,527

Banks

-

0.2%

175

Bank

of

America

Corp

5.872%

9/15/34

183,184

115

Bank

of

America

Corp

2.087%

6/14/29

101,352

35

Bank

of

America

Corp

3.419%

12/20/28

32,968

25

Citibank

NA

5.803%

9/29/28

26,103

85

Citigroup

Inc

4.910%

5/24/33

83,221

61

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

135

JPMorgan

Chase

&

Co

5.350%

6/01/34

$

136,922

65

JPMorgan

Chase

&

Co

4.851%

7/25/28

65,019

55

Morgan

Stanley

Bank

NA

5.882%

10/30/26

56,552

35

Wells

Fargo

&

Co

5.574%

7/25/29

35,737

40

Wells

Fargo

Bank

NA

5.450%

8/07/26

40,652

Total

Banks

761,710

Capital

Goods

-

0.0%

35

Boeing

Co/The

5.805%

5/01/50

36,244

15

Boeing

Co/The

3.250%

2/01/28

14,232

20

L3Harris

Technologies

Inc

5.400%

7/31/33

20,795

35

Raytheon

Technologies

Corp

2.250%

7/01/30

30,238

40

Roper

Technologies

Inc

2.000%

6/30/30

33,956

55

Trane

Technologies

Financing

Ltd

3.550%

11/01/24

54,065

Total

Capital

Goods

189,530

Commercial

&

Professional

Services

-

0.4%

75

Gtcr

W-2

Merger

Sub,

LLC,

144A

7.500%

1/15/31

79,254

973

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

978,273

325

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

323,105

200

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

185,439

42

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.250%

4/15/24

41,637

Total

Commercial

&

Professional

Services

1,607,708

Consumer

Discretionary

Distribution

&

Retail

-

0.1%

640

(b)

Hertz

Corp/The,

144A

4.625%

12/01/26

573,785

20

Lowe's

Cos

Inc

4.250%

4/01/52

16,932

Total

Consumer

Discretionary

Distribution

&

Retail

590,717

Consumer

Services

-

0.3%

975

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

977,651

250

(b)

Life

Time

Inc,

144A

5.750%

1/15/26

248,202

250

MGM

Resorts

International

6.750%

5/01/25

250,782

Total

Consumer

Services

1,476,635

Consumer

Staples

Distribution

&

Retail

-

0.1%

200

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

5.875%

2/15/28

200,134

35

CVS

Health

Corp

5.050%

3/25/48

32,736

5

Sysco

Corp

6.600%

4/01/50

5,868

25

Walmart

Inc

4.500%

4/15/53

24,291

Total

Consumer

Staples

Distribution

&

Retail

263,029

Energy

-

0.2%

200

BORR

IHC

LTD

/

BORR

FIN,

144A

10.000%

11/15/28

208,000

25

Diamondback

Energy

Inc

3.250%

12/01/26

24,212

10

Diamondback

Energy

Inc

4.400%

3/24/51

8,272

30

Energy

Transfer

LP

5.750%

2/15/33

30,929

30

Energy

Transfer

LP

4.250%

4/01/24

29,885

25

Energy

Transfer

LP

5.000%

5/15/50

22,289

100

EnLink

Midstream

LLC,

144A

6.500%

9/01/30

102,097

60

Enterprise

Products

Operating

LLC

4.200%

1/31/50

52,043

100

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

101,823

100

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

4/15/32

96,191

20

Marathon

Petroleum

Corp

6.500%

3/01/41

21,482

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

62

NMAI

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Energy

(continued)

$

250

(b)

Matador

Resources

Co

5.875%

9/15/26

$

247,926

80

MPLX

LP

4.875%

6/01/25

79,474

25

MPLX

LP

2.650%

8/15/30

21,573

25

MPLX

LP

4.700%

4/15/48

21,545

35

Phillips

66

Co

5.300%

6/30/33

35,923

Total

Energy

1,103,664

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

120

American

Tower

Corp

2.750%

1/15/27

112,481

35

Brixmor

Operating

Partnership

LP

2.250%

4/01/28

31,080

25

Corporate

Office

Properties

LP

2.750%

4/15/31

20,207

25

Essential

Properties

LP

2.950%

7/15/31

19,660

30

Essex

Portfolio

LP

2.650%

3/15/32

25,054

30

Federal

Realty

OP

LP

1.250%

2/15/26

27,687

60

Kite

Realty

Group

Trust

4.750%

9/15/30

56,498

40

Regency

Centers

LP

2.950%

9/15/29

35,867

250

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

236,874

20

SITE

Centers

Corp

4.250%

2/01/26

19,494

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

584,902

Financial

Services

-

0.0%

70

Goldman

Sachs

Group

Inc/The

2.650%

10/21/32

58,332

65

Morgan

Stanley

5.449%

7/20/29

66,232

5

ONEOK

Inc

4.500%

3/15/50

4,186

Total

Financial

Services

128,750

Food,

Beverage

&

Tobacco

-

0.0%

40

Constellation

Brands

Inc

2.875%

5/01/30

35,827

Total

Food,

Beverage

&

Tobacco

35,827

Health

Care

Equipment

&

Services

-

0.5%

15

Elevance

Health

Inc

4.625%

5/15/42

13,921

60

HCA

Inc

3.500%

9/01/30

54,392

35

Humana

Inc

4.875%

4/01/30

35,464

200

Select

Medical

Corp,

144A

6.250%

8/15/26

200,995

250

Team

Health

Holdings

Inc,

144A

13.500%

6/30/28

246,250

650

Tenet

Healthcare

Corp

4.875%

1/01/26

642,675

625

Tenet

Healthcare

Corp

4.625%

6/15/28

596,446

250

Tenet

Healthcare

Corp

6.125%

10/01/28

249,293

20

UnitedHealth

Group

Inc

5.050%

4/15/53

20,204

Total

Health

Care

Equipment

&

Services

2,059,640

Household

&

Personal

Products

-

0.0%

15

Haleon

US

Capital

LLC

3.625%

3/24/32

13,836

Total

Household

&

Personal

Products

13,836

Insurance

-

0.3%

475

(b)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

456,499

907

(b)

Assurant

Inc

7.000%

3/27/48

914,351

35

Berkshire

Hathaway

Finance

Corp

2.850%

10/15/50

24,508

50

Hartford

Financial

Services

Group

Inc/The

2.800%

8/19/29

45,402

30

Principal

Life

Global

Funding

II,

144A

0.875%

1/12/26

27,541

Total

Insurance

1,468,301

63

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Materials

-

0.0%

$

20

Amcor

Flexibles

North

America

Inc

2.690%

5/25/31

$

17,215

75

Ball

Corp

6.000%

6/15/29

76,588

40

Berry

Global

Inc

1.570%

1/15/26

37,160

Total

Materials

130,963

Media

&

Entertainment

-

0.3%

200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

171,293

75

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

76,977

105

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

73,036

30

Comcast

Corp

1.500%

2/15/31

24,586

35

Comcast

Corp

2.800%

1/15/51

23,324

10

Comcast

Corp

5.350%

5/15/53

10,340

405

(b)

iHeartCommunications

Inc,

144A

5.250%

8/15/27

321,803

300

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

261,341

69

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

66,533

250

(b)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

5.000%

8/15/27

241,649

35

Warnermedia

Holdings

Inc

5.050%

3/15/42

30,855

Total

Media

&

Entertainment

1,301,737

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

0.1%

40

Amgen

Inc

5.650%

3/02/53

42,083

25

Amgen

Inc

5.250%

3/02/33

25,631

60

CVS

Health

Corp

1.750%

8/21/30

49,564

20

CVS

Health

Corp

2.700%

8/21/40

14,259

250

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

213,711

60

Pfizer

Investment

Enterprises

Pte

Ltd

4.450%

5/19/28

59,969

40

Pfizer

Investment

Enterprises

Pte

Ltd

5.300%

5/19/53

40,835

10

Pfizer

Investment

Enterprises

Pte

Ltd

4.750%

5/19/33

10,022

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

456,074

Semiconductors

&

Semiconductor

Equipment

-

0.0%

55

Broadcom

Inc,

144A

4.926%

5/15/37

53,225

15

Texas

Instruments

Inc

5.000%

3/14/53

15,356

Total

Semiconductors

&

Semiconductor

Equipment

68,581

Software

&

Services

-

0.0%

25

Oracle

Corp

5.550%

2/06/53

25,007

20

Oracle

Corp

4.900%

2/06/33

19,909

Total

Software

&

Services

44,916

Technology

Hardware

&

Equipment

-

0.0%

55

Apple

Inc

2.450%

8/04/26

52,426

10

Apple

Inc

2.650%

5/11/50

6,883

Total

Technology

Hardware

&

Equipment

59,309

Telecommunication

Services

-

0.2%

45

AT&T

Inc

3.800%

12/01/57

33,450

40

AT&T

Inc

3.650%

6/01/51

30,123

40

AT&T

Inc

3.500%

9/15/53

29,028

15

AT&T

Inc

3.500%

6/01/41

11,911

375

(b)

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

362,288

80

Level

3

Financing

Inc,

144A

3.400%

3/01/27

76,800

85

T-Mobile

USA

Inc

5.050%

7/15/33

85,661

125

Verizon

Communications

Inc

1.750%

1/20/31

102,810

Total

Telecommunication

Services

732,071

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

64

NMAI

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Transportation

-

0.1%

$

250

United

Airlines

Inc,

144A

4.375%

4/15/26

$

243,601

Total

Transportation

243,601

Utilities

-

0.2%

75

AEP

Transmission

Co

LLC

5.400%

3/15/53

77,933

30

Ameren

Illinois

Co

4.950%

6/01/33

30,381

15

Atmos

Energy

Corp

6.200%

11/15/53

17,584

30

DTE

Electric

Co

5.200%

4/01/33

31,163

50

Duke

Energy

Carolinas

LLC

4.250%

12/15/41

44,167

40

Duke

Energy

Carolinas

LLC

5.350%

1/15/53

40,946

55

Florida

Power

&

Light

Co

4.800%

5/15/33

55,616

25

Florida

Power

&

Light

Co

5.050%

4/01/28

25,554

85

Georgia

Power

Co

2.650%

9/15/29

76,962

25

Interstate

Power

and

Light

Co

3.100%

11/30/51

16,955

484

PG&E

Corp

5.000%

7/01/28

470,924

50

PG&E

Corp

5.250%

7/01/30

48,227

40

Public

Service

Co

of

Colorado

1.875%

6/15/31

32,932

25

Public

Service

Co

of

Colorado

2.700%

1/15/51

15,680

Total

Utilities

985,024

Total

Corporate

Bonds

(cost

$15,124,944)

14,402,052

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

3.1%

(2.2%

of

Total

Investments)

X

14,042,268

Automobiles

&

Components

-

0.0%

2,542

Dr

Ing

hc

F

Porsche

AG

0.000%

$

223,892

Total

Automobiles

&

Components

223,892

Banks

-

1.0%

188,600

Banco

Bradesco

SA

0.000%

657,684

4,750

Farm

Credit

Bank

of

Texas,

144A

9.656%

472,625

15,622

Fifth

Third

Bancorp

9.302%

397,892

139,800

Itau

Unibanco

Holding

SA

0.000%

972,658

27,025

KeyCorp

6.200%

579,957

8,825

KeyCorp

6.125%

189,208

20,014

New

York

Community

Bancorp

Inc

6.375%

448,514

12,231

Regions

Financial

Corp

6.375%

281,802

6,500

Synovus

Financial

Corp

5.875%

151,775

7,800

Western

Alliance

Bancorp

4.250%

134,550

9,100

Wintrust

Financial

Corp

6.875%

221,494

Total

Banks

4,508,159

Capital

Goods

-

0.1%

9,427

Air

Lease

Corp

6.150%

234,732

6,800

WESCO

International

Inc

10.625%

179,656

Total

Capital

Goods

414,388

Energy

-

0.4%

2,800

Energy

Transfer

LP

7.600%

69,440

25,500

(b)

NuStar

Energy

LP

11.282%

637,755

18,300

NuStar

Energy

LP

12.405%

467,748

541,133

Raizen

SA

0.000%

448,804

Total

Energy

1,623,747

65

Shares  

Description

(a)

Coupon

Value

Financial

Services

-

0.4%

11,100

Equitable

Holdings

Inc

5.250%

$

236,652

25,000

Morgan

Stanley

6.875%

625,499

6,900

Morgan

Stanley

6.500%

180,573

4,206

Morgan

Stanley

7.125%

105,529

8,848

Synchrony

Financial

5.625%

152,628

17,343

Voya

Financial

Inc

5.350%

402,878

Total

Financial

Services

1,703,759

Food,

Beverage

&

Tobacco

-

0.3%

34,746

(b)

CHS

Inc

7.100%

867,607

17,393

CHS

Inc

6.750%

428,390

Total

Food,

Beverage

&

Tobacco

1,295,997

Insurance

-

0.9%

24,200

American

Equity

Investment

Life

Holding

Co

6.625%

600,160

22,866

American

Equity

Investment

Life

Holding

Co

5.950%

494,820

21,148

Aspen

Insurance

Holdings

Ltd

9.593%

532,507

15,200

Aspen

Insurance

Holdings

Ltd

5.625%

316,008

9,600

Assurant

Inc

5.250%

191,424

19,836

Athene

Holding

Ltd

6.350%

445,913

16,890

Athene

Holding

Ltd

6.375%

409,076

10,532

Enstar

Group

Ltd

7.000%

264,143

14,737

Reinsurance

Group

of

America

Inc

5.750%

372,551

9,609

Reinsurance

Group

of

America

Inc

7.125%

250,603

8,200

Selective

Insurance

Group

Inc

4.600%

140,958

Total

Insurance

4,018,163

Telecommunication

Services

-

0.0%

3,900

AT&T

Inc

4.750%

76,947

Total

Telecommunication

Services

76,947

Utilities

-

0.0%

7,100

NiSource

Inc

6.500%

177,216

Total

Utilities

177,216

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$14,645,778)

14,042,268

Shares

Description

(a)

Value

X

–

WARRANTS

-

0.1%

(0.1%

of

Total

Investments)

X

643,145

Energy

-

0.1%

3,996

Quarternorth

Energy

Holding

Inc

$

534,134

2,870

Quarternorth

Energy

Holding

Inc

57,400

5,530

Quarternorth

Energy

Holding

Inc

51,611

Total

Energy

643,145

Total

Warrants

(cost

$54,810)

643,145

Shares

Description

(a)

Value

X–

INVESTMENT

COMPANIES

-

0.0%

(0.0%

of

Total

Investments)

X

180,370

44,027

3i

Infrastructure

PLC

$

180,370

Total

Investment

Companies

(cost

$173,786)

180,370

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

66

NMAI

A

Investments

in

Derivatives

Type

Description

(o)

Number

of

Contracts

Notional

Amount

(p)

Exercise

Price

Expiration

Date

Value

OPTIONS

PURCHASED

-

0.0%

(0.0%

of

Total

Investments)

X

–

Put

S&P

500

Index

5

$

2,100,000

$

4200

1/19/24

$

638

Total

Options

Purchased

(cost

$1,962)

5

$

2,100,000

638

Shares

Description

(a)

Expiration

Date

Value

X

–

COMMON

STOCK

RIGHTS

-

0.0%

(0.0%

of

Total

Investments)

X

408

Transportation

-

0.0%

99

Localiza

Rent

a

Car

SA

2/05/24

$

408

Total

Transportation

408

Total

Common

Stock

Rights

(cost

$–)

408

Total

Long-Term

Investments

(cost

$583,396,292)

611,958,172

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

5.1% (3.7%

of

Total

Investments)

–

REPURCHASE

AGREEMENTS

-

5.1%

(3.7%

of

Total

Investments)

X

23,400,000

$

23,400

(q)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

23,400,000

Total

Repurchase

Agreements

(cost

$23,400,000)

23,400,000

Total

Short-Term

Investments

(cost

$23,400,000)

23,400,000

Total

Investments

(cost

$606,796,292

)

-

138.2%

635,358,172

Borrowings

-

(18.6)%

(r),(s)

(85,416,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(17.3)%(t)

(79,319,148)

Other

Assets

&

Liabilities,

Net

-   (2.3)%

(10,849,360)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

459,773,664

Options

Written

Type

Description(o)

Number

of

Contracts

Notional

Amount

(p)

Exercise

Price

Expiration

Date

Value

Call

Russell

2000

Index

(10)

$

(2,050,000)

$

2,050

1/19/24

$

(27,550)

Call

S&P

500

Index

(10)

(4,700,000)

4,700

1/19/24

(101,450)

Call

S&P

500

Index

(13)

(6,240,000)

4,800

1/19/24

(46,930)

Call

S&P

500

Index

(10)

(4,900,000)

4,900

1/19/24

(7,350)

Total

Options

Written

(premiums

received

$78,629)

(43)

$(17,890,000)

$(183,280)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Notional

Amount

(Local

Currency)

Currency

Sold

Notional

Amount

(Local

Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

U.S.

Dollar

830,642

Euro

780,094

Bank

of

America,

N.A.

1/16/24

$

(30,977)

Euro

71,573

U.S.

Dollar

77,065

Morgan

Stanley

Capital

Services

LLC

1/16/24

$

1,988

Total

$(28,989)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$64,401,547.

67

(c)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$93,395,120

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(h)

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.

(i)

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.

(j)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(k)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(l)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(m)

Perpetual

security.

Maturity

date

is

not

applicable.

(n)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(o)

Exchange-traded,

unless

otherwise

noted.

(p)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

(q)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$23,413,806

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.000%–3.375%

and

maturity

dates

5/15/33–11/15/44,

valued

at

$23,868,074.

(r)

Borrowings

as

a

percentage

of

Total

Investments

is

13.4%.

(s)

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

$187,803,360

have

been

pledged

as

collateral

for

borrowings.

(t)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

12.5%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

BRL

Brazilian

Real

CZK

Czech

Koruna

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

DOP

Dominican

Peso

ETF

Exchange-Traded

Fund

EUR

Euro

GDR

Global

Depositary

Receipt

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

LIBOR

London

Inter-Bank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

N/A

Not

Applicable.

PEN

Peruvian

Sol

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

PLN

Polish

Zloty

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

RON

Romanian

Leu

S&P

Standard

&

Poor's

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

Nuveen

Multi-Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

68

NMAI

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

THB

Thai

Baht

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

2M

CME

Term

SOFR

2

Month

TSFR

3M

CME

Term

SOFR

3

Month

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

WI/DD

When-issued

or

delayed

delivery

security.

ZAR

South

African

Rand

See

Notes

to

Financial

Statements

69

Nuveen

Real

Asset

Income

and

Growth

Fund

Portfolio

of

Investments

December

31,

2023

JRI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

134.6% 

(96.2%

of

Total

Investments)

X

–

CORPORATE

BONDS

-

36

.7

%

(

26

.2

%

of

Total

Investments)

X

137,710,413

Automobiles

&

Components

-

0.2%

$

860

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

$

877,385

Total

Automobiles

&

Components

877,385

Capital

Goods

-

1.2%

1,600

Advanced

Drainage

Systems

Inc,

144A

6.375%

6/15/30

1,611,990

1,080

Chart

Industries

Inc,

144A

7.500%

1/01/30

1,128,867

885

Emerald

Debt

Merger

Sub

LLC,

144A

6.625%

12/15/30

903,912

790

Trinity

Industries

Inc,

144A

7.750%

7/15/28

816,134

Total

Capital

Goods

4,460,903

Commercial

&

Professional

Services

-

1.2%

1,085

Clean

Harbors

Inc,

144A

4.875%

7/15/27

1,063,183

280

GFL

Environmental

Inc,

144A

6.750%

1/15/31

288,479

1,100

Republic

Services

Inc

5.000%

12/15/33

1,123,122

1,830

Waste

Management

Inc

4.875%

2/15/34

1,866,677

Total

Commercial

&

Professional

Services

4,341,461

Consumer

Discretionary

Distribution

&

Retail

-

0.1%

545

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

506,259

Total

Consumer

Discretionary

Distribution

&

Retail

506,259

Consumer

Services

-

0.5%

1,500

Churchill

Downs

Inc,

144A

5.750%

4/01/30

1,462,487

550

LIGHT

+

WONDER

INTL

INC,

144A

7.500%

9/01/31

573,681

Total

Consumer

Services

2,036,168

Energy

-

7.6%

1,000

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

7.875%

5/15/26

1,024,221

790

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

778,150

1,455

Cheniere

Energy

Partners

LP

4.500%

10/01/29

1,391,659

510

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

457,971

700

DT

Midstream

Inc

4.300%

4/15/32

628,292

745

DT

Midstream

Inc,

144A

4.375%

6/15/31

672,015

1,640

Energy

Transfer

LP

5.550%

2/15/28

1,672,964

350

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

346,039

850

EnLink

Midstream

LLC

5.375%

6/01/29

831,686

395

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/30

424,633

450

EQM

Midstream

Partners

LP

5.500%

7/15/28

445,874

205

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/27

211,231

525

EQM

Midstream

Partners

LP,

144A

4.750%

1/15/31

488,591

515

CAD

Gibson

Energy

Inc

5.250%

12/22/80

332,087

670

CAD

Keyera

Corp

6.875%

6/13/79

489,360

1,110

CAD

Keyera

Corp

5.950%

3/10/81

740,589

1,560

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

1,530,441

2,065

MPLX

LP

5.000%

3/01/33

2,022,862

1,875

MPLX

LP

5.650%

3/01/53

1,851,692

1,150

ONEOK

Inc

6.100%

11/15/32

1,221,980

915

PBF

Holding

Co

LLC

/

PBF

Finance

Corp,

144A

7.875%

9/15/30

931,836

1,784

CAD

Pembina

Pipeline

Corp

4.800%

1/25/81

1,135,200

355

(b)

Plains

All

American

Pipeline

LP

(TSFR3M

reference

rate

+

4.372%

spread)

9.751%

11/15/72

343,019

1,300

Sabine

Pass

Liquefaction

LLC

5.000%

3/15/27

1,305,610

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

70

JRI

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Energy

(continued)

$

625

Sunoco

LP

/

Sunoco

Finance

Corp

5.875%

3/15/28

$

624,167

935

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

4/30/30

865,634

1,250

Targa

Resources

Corp

6.125%

3/15/33

1,316,048

195

CAD

Transcanada

Trust

4.200%

3/04/81

120,996

600

Venture

Global

Calcasieu

Pass

LLC,

144A

4.125%

8/15/31

528,604

2,000

Venture

Global

Calcasieu

Pass

LLC,

144A

6.250%

1/15/30

1,989,178

1,190

Venture

Global

LNG

Inc,

144A

9.500%

2/01/29

1,259,219

400

Williams

Cos

Inc/The

5.400%

3/02/26

403,997

Total

Energy

28,385,845

Equity

Real

Estate

Investment

Trusts

(REITs)

-

9.0%

1,970

Agree

LP

4.800%

10/01/32

1,860,428

745

Alexandria

Real

Estate

Equities

Inc

5.150%

4/15/53

718,597

1,200

Alexandria

Real

Estate

Equities

Inc

4.750%

4/15/35

1,164,002

1,025

American

Tower

Corp

5.650%

3/15/33

1,065,165

1,025

American

Tower

Corp

5.500%

3/15/28

1,047,650

1,885

AvalonBay

Communities

Inc

5.000%

2/15/33

1,916,954

2,375

Crown

Castle

Inc

5.000%

1/11/28

2,365,680

565

CTR

Partnership

LP

/

CareTrust

Capital

Corp,

144A

3.875%

6/30/28

515,754

1,095

Extra

Space

Storage

LP

5.900%

1/15/31

1,142,876

1,250

Extra

Space

Storage

LP

5.700%

4/01/28

1,281,110

1,900

Federal

Realty

OP

LP

5.375%

5/01/28

1,920,471

825

GLP

Capital

LP

/

GLP

Financing

II

Inc

6.750%

12/01/33

890,035

1,550

Goodman

US

Finance

Five

LLC,

144A

4.625%

5/04/32

1,442,755

500

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

8.000%

6/15/27

520,672

300

Iron

Mountain

Inc,

144A

4.500%

2/15/31

271,655

385

Iron

Mountain

Inc,

144A

7.000%

2/15/29

395,733

850

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

778,581

4,150

Kimco

Realty

OP

LLC

4.600%

2/01/33

4,003,220

5,000

Prologis

LP

4.625%

1/15/33

5,022,183

560

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

530,597

560

RLJ

Lodging

Trust

LP,

144A

4.000%

9/15/29

503,235

2,475

SBA

Communications

Corp

3.125%

2/01/29

2,223,779

660

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

587,625

1,660

Welltower

OP

LLC

3.850%

6/15/32

1,534,907

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

33,703,664

Financial

Services

-

0.6%

350

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.750%

2/01/28

351,220

1,150

Hunt

Cos

Inc,

144A

5.250%

4/15/29

1,025,815

930

National

Rural

Utilities

Cooperative

Finance

Corp

7.125%

9/15/53

958,525

Total

Financial

Services

2,335,560

Health

Care

Equipment

&

Services

-

0.6%

750

CHS/Community

Health

Systems

Inc,

144A

10.875%

1/15/32

783,848

935

Tenet

Healthcare

Corp

6.125%

6/15/30

945,366

725

Tenet

Healthcare

Corp

6.125%

10/01/28

722,948

Total

Health

Care

Equipment

&

Services

2,452,162

Materials

-

0.1%

300

EUR

Accor

SA,

Reg

S

7.250%

4/11/72

360,155

Total

Materials

360,155

Media

&

Entertainment

-

1.5%

2,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

1,712,929

750

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

739,622

1,075

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

1,010,045

500

Lamar

Media

Corp

3.625%

1/15/31

444,250

71

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Media

&

Entertainment

(continued)

$

1,880

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

$

1,604,997

Total

Media

&

Entertainment

5,511,843

Real

Estate

Management

&

Development

-

0.2%

725

EUR

Peach

Property

Finance

GmbH,

144A

4.375%

11/15/25

626,091

Total

Real

Estate

Management

&

Development

626,091

Telecommunication

Services

-

1.9%

1,200

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

1,053,774

1,405

Cellnex

Finance

Co

SA,

144A

3.875%

7/07/41

1,088,271

1,150

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

981,115

350

Frontier

Communications

Holdings

LLC,

144A

8.625%

3/15/31

356,861

705

Iliad

Holding

SASU,

144A

7.000%

10/15/28

701,538

635

Iliad

Holding

SASU,

144A

6.500%

10/15/26

633,758

850

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC,

144A

5.152%

3/20/28

846,197

935

T-Mobile

USA

Inc

4.800%

7/15/28

942,822

500

T-Mobile

USA

Inc

5.050%

7/15/33

503,888

Total

Telecommunication

Services

7,108,224

Transportation

-

0.5%

1,000

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

915,210

560

XPO

Inc,

144A

7.125%

6/01/31

579,958

500

XPO

Inc,

144A

6.250%

6/01/28

506,005

Total

Transportation

2,001,173

Utilities

-

11.5%

1,220

AEP

Transmission

Co

LLC

5.400%

3/15/53

1,267,711

1,305

CAD

AltaGas

Ltd

5.250%

1/11/82

824,079

1,425

CAD

AltaGas

Ltd

7.350%

8/17/82

1,066,107

1,900

Ameren

Illinois

Co

4.950%

6/01/33

1,924,123

745

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

698,208

770

Baltimore

Gas

and

Electric

Co

5.400%

6/01/53

794,516

500

Calpine

Corp,

144A

3.750%

3/01/31

438,541

925

Clearway

Energy

Operating

LLC,

144A

3.750%

2/15/31

814,750

1,530

Clearway

Energy

Operating

LLC,

144A

3.750%

1/15/32

1,329,150

985

CMS

Energy

Corp

3.750%

12/01/50

777,534

1,210

Consolidated

Edison

Co

of

New

York

Inc

4.625%

12/01/54

1,085,677

1,085

Duke

Energy

Carolinas

LLC

5.350%

1/15/53

1,110,656

900

EUR

EDP

-

Energias

de

Portugal

SA,

Reg

S

5.943%

4/23/83

1,030,873

600

EUR

EDP

-

Energias

de

Portugal

SA,

Reg

S

4.496%

4/30/79

661,545

1,750

EDP

Finance

BV,

144A

6.300%

10/11/27

1,833,849

875

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

826,576

800

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

782,915

1,855

Florida

Power

&

Light

Co

4.800%

5/15/33

1,875,792

1,000

Georgia

Power

Co

4.650%

5/16/28

1,007,644

3,150

ITC

Holdings

Corp,

144A

4.950%

9/22/27

3,167,074

2,735

NextEra

Energy

Capital

Holdings

Inc

6.051%

3/01/25

2,759,358

270

NextEra

Energy

Operating

Partners

LP,

144A

4.500%

9/15/27

259,880

440

NextEra

Energy

Operating

Partners

LP,

144A

7.250%

1/15/29

460,639

1,210

GBP

NGG

Finance

PLC,

Reg

S

5.625%

6/18/73

1,518,233

825

Northern

States

Power

Co/MN

5.100%

5/15/53

831,716

795

NRG

Energy

Inc,

144A

7.000%

3/15/33

840,279

525

NRG

Energy

Inc,

144A

5.250%

6/15/29

508,400

183

NRG

Energy

Inc

6.625%

1/15/27

183,394

1,575

Pacific

Gas

and

Electric

Co

6.150%

1/15/33

1,632,434

650

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc,

144A

4.500%

8/15/28

614,809

155

PPL

Capital

Funding

Inc

8.275%

3/30/67

144,512

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

72

JRI

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Utilities

(continued)

$

1,130

Public

Service

Enterprise

Group

Inc

5.850%

11/15/27

$

1,176,230

1,350

Southern

Co

Gas

Capital

Corp

5.150%

9/15/32

1,368,941

1,330

Southern

Co/The

5.200%

6/15/33

1,356,678

1,075

GBP

SSE

PLC,

Reg

S

3.740%

4/14/72

1,286,653

275

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

254,999

1,435

TerraForm

Power

Operating

LLC,

144A

4.750%

1/15/30

1,334,550

700

Virginia

Electric

and

Power

Co

5.000%

4/01/33

707,960

1,410

Vistra

Operations

Co

LLC,

144A

7.750%

10/15/31

1,464,411

965

WEC

Energy

Group

Inc

5.600%

9/12/26

982,124

Total

Utilities

43,003,520

Total

Corporate

Bonds

(cost

$139,074,631)

137,710,413

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

31

.1

%

(

22

.2

%

of

Total

Investments)

X

116,568,115

Diversified

REITs

-

2.5%

26,188

Armada

Hoffler

Properties

Inc  

$

323,946

204,702

British

Land

Co

PLC/The  

1,040,658

300,638

Charter

Hall

Long

Wale

REIT  

770,034

50,824

ICADE  

1,994,756

1,089,021

LXI

REIT

Plc  

1,454,751

921,946

Mirvac

Group  

1,311,585

5,228

Star

Asia

Investment

Corp  

2,134,154

177,979

Stockland  

539,745

Total

Diversified

REITs

9,569,629

Health

Care

REITs

-

3.4%

2,581,917

Assura

PLC  

1,583,649

77,724

CareTrust

REIT

Inc  

1,739,463

38,378

Community

Healthcare

Trust

Inc  

1,022,390

80,591

Healthcare

Realty

Trust

Inc  

1,388,583

277,691

Healthpeak

Properties

Inc  

5,498,282

33,226

Omega

Healthcare

Investors

Inc  

1,018,709

16,247

Physicians

Realty

Trust  

216,248

Total

Health

Care

REITs

12,467,324

Hotel

&

Resort

REITs

-

0.3%

58,155

Apple

Hospitality

REIT

Inc  

965,954

Total

Hotel

&

Resort

REITs

965,954

Industrial

REITs

-

6.4%

119,760

CapitaLand

Ascendas

REIT  

274,558

375,998

Centuria

Industrial

REIT  

832,633

255,528

Dexus

Industria

REIT  

483,755

116,725

Dream

Industrial

Real

Estate

Investment

Trust  

1,229,751

555,870

FIBRA

Macquarie

Mexico,

144A  

1,088,433

1,510,594

Frasers

Logistics

&

Commercial

Trust  

1,315,076

630,338

LondonMetric

Property

PLC  

1,535,287

341,627

LXP

Industrial

Trust  

3,388,940

1,913,471

Mapletree

Industrial

Trust  

3,635,373

2,443,252

Mapletree

Logistics

Trust  

3,217,017

376,031

Nexus

Industrial

REIT  

2,295,831

659,856

TF

Administradora

Industrial

S

de

RL

de

CV  

1,403,957

626,689

Tritax

Big

Box

REIT

PLC  

1,344,803

1,159,413

Urban

Logistics

REIT

PLC  

1,882,776

Total

Industrial

REITs

23,928,190

73

Shares

Description

(a)

Value

Mortgage

REITs

-

0.1%

14,814

KKR

Real

Estate

Finance

Trust

Inc  

$

195,989

17,144

Starwood

Property

Trust

Inc  

360,367

Total

Mortgage

REITs

556,356

Multi-Family

Residential

REITs

-

1.5%

134,855

Apartment

Income

REIT

Corp  

4,683,514

1,768,627

(c)

Home

Reit

PLC  

2,254

20,936

UDR

Inc  

801,640

Total

Multi-Family

Residential

REITs

5,487,408

Office

REITs

-

1.5%

108,672

Allied

Properties

Real

Estate

Investment

Trust  

1,655,033

12,049

Boston

Properties

Inc  

845,478

8,407

Equity

Commonwealth  

211,268

7,644

Gecina

SA  

930,574

9,217

Highwoods

Properties

Inc  

211,622

226

Kenedix

Office

Investment

Corp  

257,421

46,911

NSI

NV  

971,532

43,485

Postal

Realty

Trust

Inc,

Class

A  

633,142

Total

Office

REITs

5,716,070

Other

Specialized

REITs

-

3.4%

100,016

Four

Corners

Property

Trust

Inc  

2,530,405

113,550

Gaming

and

Leisure

Properties

Inc  

5,603,692

151,000

VICI

Properties

Inc  

4,813,880

Total

Other

Specialized

REITs

12,947,977

Real

Estate

Operating

Companies

-

0.4%

1,239,238

Sirius

Real

Estate

Ltd  

1,489,558

Total

Real

Estate

Operating

Companies

1,489,558

Retail

REITs

-

9.5%

6,597

Agree

Realty

Corp  

415,281

37,366

Brixmor

Property

Group

Inc  

869,507

416,847

Charter

Hall

Retail

REIT  

1,024,881

136,640

Choice

Properties

Real

Estate

Investment

Trust  

1,438,533

142,336

Crombie

Real

Estate

Investment

Trust  

1,482,387

123,711

CT

Real

Estate

Investment

Trust  

1,367,772

1,398,074

Fortune

Real

Estate

Investment

Trust  

887,847

1,073,709

Frasers

Centrepoint

Trust  

1,836,906

82,974

Kimco

Realty

Corp  

1,768,176

336,837

Link

REIT  

1,891,357

77,322

NNN

REIT

Inc  

3,332,578

180,718

Primaris

Real

Estate

Investment

Trust  

1,882,124

60,172

Realty

Income

Corp  

3,455,076

95,371

RioCan

Real

Estate

Investment

Trust  

1,340,182

80,499

RPT

Realty  

1,032,802

6,424

Saul

Centers

Inc  

252,271

853,957

Scentre

Group  

1,739,005

36,437

Simon

Property

Group

Inc  

5,197,374

18,448

Spirit

Realty

Capital

Inc  

805,993

1,101,128

Vicinity

Ltd  

1,529,590

1,001,199

Waypoint

REIT

Ltd  

1,663,413

29,960

Wereldhave

NV  

478,607

Total

Retail

REITs

35,691,662

Self-Storage

REITs

-

0.9%

17,493

CubeSmart  

810,800

15,548

Extra

Space

Storage

Inc  

2,492,811

Total

Self-Storage

REITs

3,303,611

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

74

JRI

Shares

Description

(a)

Value

Telecom

Tower

REITs

-

1.2%

38,583

Crown

Castle

Inc  

$

4,444,376

Total

Telecom

Tower

REITs

4,444,376

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$112,169,792)

116,568,115

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

30

.5

%

(

21

.8

%

of

Total

Investments)

X

114,565,450

Energy

-

10.7%

16,104

DT

Midstream

Inc

$

882,499

213,851

Enbridge

Inc

7,702,913

48,782

Energy

Transfer

LP

673,192

109,075

Enterprise

Products

Partners

LP

2,874,126

161,872

Gibson

Energy

Inc

2,459,140

46,188

Keyera

Corp

1,116,487

281,534

Kinder

Morgan

Inc

4,966,260

37,101

MPLX

LP

1,362,349

78,741

ONEOK

Inc

5,529,193

171,799

Pembina

Pipeline

Corp

5,914,849

19,044

Plains

GP

Holdings

LP,

Class

A

303,752

35,615

TC

Energy

Corp

1,391,217

141,665

Williams

Cos

Inc/The

4,934,192

Total

Energy

40,110,169

Financial

Services

-

0.3%

1,187,447

Sdcl

Energy

Efficiency

Income

Trust

PLC

983,827

Total

Financial

Services

983,827

Health

Care

Equipment

&

Services

-

0.8%

286,334

Chartwell

Retirement

Residences

2,532,610

67,013

Sienna

Senior

Living

Inc

581,094

Total

Health

Care

Equipment

&

Services

3,113,704

Real

Estate

Management

&

Development

-

1.1%

798,916

Capitaland

India

Trust

690,104

73,638

CK

Asset

Holdings

Ltd

369,596

259,977

Hysan

Development

Co

Ltd

516,106

1,172,433

Sino

Land

Co

Ltd

1,274,999

115,179

Sun

Hung

Kai

Properties

Ltd

1,246,394

Total

Real

Estate

Management

&

Development

4,097,199

Telecommunication

Services

-

0.7%

390,984

HKT

Trust

&

HKT

Ltd

466,807

3,713,218

NETLINK

NBN

TRUST

2,362,903

Total

Telecommunication

Services

2,829,710

Transportation

-

3.3%

6,980

Aena

SME

SA

1,266,948

588,874

Atlas

Arteria

Ltd

2,318,465

442,171

Aurizon

Holdings

Ltd

1,144,752

387,144

China

Merchants

Port

Holdings

Co

Ltd

527,581

517,885

Dalrymple

Bay

Infrastructure

Ltd

949,335

408,705

Enav

SpA

1,552,394

1,551

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

131,261

8,087

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

1,417,004

345,271

Transurban

Group

3,226,344

Total

Transportation

12,534,084

75

Shares

Description

(a)

Value

Utilities

-

13.6%

21,783

American

Electric

Power

Co

Inc

$

1,769,215

475,825

APA

Group

2,769,084

431

Canadian

Solar

Infrastructure

Fund

Inc

342,065

11,010

Canadian

Utilities

Ltd,

Class

A

264,978

4,626

Capital

Power

Corp

132,107

450,940

CK

Infrastructure

Holdings

Ltd

2,495,586

47,263

Clearway

Energy

Inc,

Class

A

1,208,987

260,866

CLP

Holdings

Ltd

2,155,304

295,093

Contact

Energy

Ltd

1,494,210

43,305

Duke

Energy

Corp

4,202,317

54,004

Enagas

SA

911,011

55,358

Endesa

SA

1,129,364

746,824

Enel

SpA

5,556,226

38,250

Engie

SA

673,823

15,819

Entergy

Corp

1,600,725

33,509

Evergy

Inc

1,749,170

272,531

Italgas

SpA

1,560,474

86,125

National

Grid

PLC,

Sponsored

ADR

5,855,639

38,458

Northwestern

Energy

Group

Inc

1,957,128

51,992

OGE

Energy

Corp

1,816,080

10,474

Pinnacle

West

Capital

Corp

752,452

439,651

Power

Assets

Holdings

Ltd

2,548,966

82,941

Redeia

Corp

SA

1,366,754

330,238

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

848,523

900,954

Snam

SpA

4,635,332

4,723

Southern

Co/The

331,177

15,640

SSE

PLC

369,197

170,007

Vector

Ltd

400,863

Total

Utilities

50,896,757

Total

Common

Stocks

(cost

$103,964,405)

114,565,450

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

19

.7

%

(

14

.1

%

of

Total

Investments)

X

74,092,346

Energy

-

0.1%

11,711

NuStar

Energy

LP

11.282%

$

292,892

Total

Energy

292,892

Equity

Real

Estate

Investment

Trusts

(REITs)

-

12.3%

146,715

Agree

Realty

Corp

4.250%

2,743,571

45,701

American

Homes

4

Rent

6.250%

1,158,063

80,447

American

Homes

4

Rent

5.875%

1,934,750

56,894

Armada

Hoffler

Properties

Inc

6.750%

1,365,456

99,054

Centerspace

6.625%

2,435,738

5,126

Chatham

Lodging

Trust

6.625%

112,926

33,897

DiamondRock

Hospitality

Co

8.250%

854,204

68,757

Digital

Realty

Trust

Inc

5.200%

1,531,906

55,518

Digital

Realty

Trust

Inc

5.850%

1,379,622

59,594

Digital

Realty

Trust

Inc

5.250%

1,320,007

79,257

Federal

Realty

Investment

Trust

5.000%

1,807,852

98,987

Kimco

Realty

Corp

5.250%

2,317,286

81,682

Kimco

Realty

Corp

5.125%

1,911,359

2,301

Mid-America

Apartment

Communities

Inc

8.500%

130,310

55,119

National

Storage

Affiliates

Trust

6.000%

1,303,013

33,580

Pebblebrook

Hotel

Trust

5.700%

634,998

23,192

Pebblebrook

Hotel

Trust

6.375%

489,583

50,450

Pebblebrook

Hotel

Trust

6.300%

1,097,792

25,073

Public

Storage

5.150%

594,481

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

76

JRI

Shares  

Description

(a)

Coupon

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

33,970

Public

Storage

3.950%

$

589,380

28,487

Public

Storage

5.600%

718,157

34,375

Public

Storage

4.125%

642,125

31,672

Public

Storage

4.700%

677,464

40,054

Public

Storage

3.900%

691,332

41,114

Public

Storage

3.875%

701,816

30,469

Public

Storage

5.050%

723,334

35,975

Public

Storage

4.750%

774,902

56,168

Public

Storage

4.000%

1,003,722

44,113

Public

Storage

4.625%

943,577

54,568

Public

Storage

4.875%

1,221,778

46,230

Public

Storage

4.100%

854,793

49,870

Public

Storage

4.000%

905,140

30,274

Rexford

Industrial

Realty

Inc

5.875%

712,045

90,113

Rexford

Industrial

Realty

Inc

5.625%

2,009,511

10,964

RLJ

Lodging

Trust

1.950%

274,648

28,727

Saul

Centers

Inc

6.000%

684,564

19,950

Saul

Centers

Inc

6.125%

468,825

73,189

SITE

Centers

Corp

6.375%

1,690,666

32,287

Spirit

Realty

Capital

Inc

6.000%

759,390

20,251

Summit

Hotel

Properties

Inc

5.875%

423,246

38,516

Summit

Hotel

Properties

Inc

6.250%

838,108

43,058

Sunstone

Hotel

Investors

Inc

5.700%

912,830

30,844

Sunstone

Hotel

Investors

Inc

6.125%

670,857

18,724

UMH

Properties

Inc

6.375%

421,290

33,112

Vornado

Realty

Trust

5.250%

496,680

9,192

Vornado

Realty

Trust

5.250%

141,097

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

46,074,194

Financial

Services

-

0.2%

25,451

Brookfield

Finance

Inc

4.625%

429,358

16,112

National

Rural

Utilities

Cooperative

Finance

Corp

5.500%

405,378

Total

Financial

Services

834,736

Real

Estate

-

0.0%

10,309

Brookfield

Property

Partners

LP

6.375%

132,986

Total

Real

Estate

132,986

Real

Estate

Management

&

Development

-

0.2%

35,153

Brookfield

Property

Partners

LP

5.750%

403,908

25,270

Brookfield

Property

Partners

LP

6.500%

326,489

Total

Real

Estate

Management

&

Development

730,397

Utilities

-

6.9%

25,854

BIP

Bermuda

Holdings

I

Ltd

5.125%

435,898

41,339

Brookfield

BRP

Holdings

Canada

Inc

4.625%

646,955

13,470

Brookfield

Infrastructure

Finance

ULC

5.000%

226,027

20,719

Brookfield

Infrastructure

Partners

LP

5.000%

329,639

68,508

Brookfield

Infrastructure

Partners

LP

5.125%

1,133,122

76,223

Brookfield

Renewable

Partners

LP

5.250%

1,299,602

35,357

CMS

Energy

Corp

5.875%

875,086

66,991

CMS

Energy

Corp

4.200%

1,331,111

48,898

CMS

Energy

Corp

5.875%

1,220,983

29,190

CMS

Energy

Corp

5.625%

716,614

46,327

DTE

Energy

Co

5.250%

1,133,622

73,042

DTE

Energy

Co

4.375%

1,438,927

69,721

DTE

Energy

Co

4.375%

1,459,958

43,179

Duke

Energy

Corp

5.625%

1,014,275

49,695

Duke

Energy

Corp

5.750%

1,212,558

18,525

Entergy

Arkansas

LLC

4.875%

394,953

77

Shares  

Description

(a)

Coupon

Value

Utilities

(continued)

10,112

Entergy

Mississippi

LLC

4.900%

$

224,082

7,058

Entergy

New

Orleans

LLC

5.500%

160,499

15,944

Entergy

Texas

Inc

5.375%

365,915

45,803

Georgia

Power

Co

5.000%

1,012,704

13,860

NextEra

Energy

Capital

Holdings

Inc

5.650%

336,382

41,455

NiSource

Inc

6.500%

1,034,717

115,074

Sempra

5.750%

2,874,549

37,425

Southern

Co/The

5.250%

896,703

76,576

Southern

Co/The

4.950%

1,721,428

88,549

Southern

Co/The

4.200%

1,757,698

31,087

Spire

Inc

5.900%

773,134

Total

Utilities

26,027,141

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$81,217,760)

74,092,346

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

13

.4

%

(

9

.6

%

of

Total

Investments)

X

50,131,913

Energy

-

5.5%

$

2,810

Enbridge

Inc

6.000%

1/15/77

$

2,667,490

2,305

Enbridge

Inc

5.500%

7/15/77

2,106,906

1,530

Enbridge

Inc

6.250%

3/01/78

1,414,238

1,380

Enbridge

Inc

5.750%

7/15/80

1,273,050

1,260

Enbridge

Inc

7.625%

1/15/83

1,261,914

930

Enbridge

Inc

8.500%

1/15/84

989,191

1,184

(b)

Energy

Transfer

LP

(TSFR3M

reference

rate

+

3.279%

spread)

8.656%

11/01/66

988,093

595

Energy

Transfer

LP

6.500%

N/A

(d)

565,417

2,920

Enterprise

Products

Operating

LLC

5.250%

8/16/77

2,791,546

2,060

Enterprise

Products

Operating

LLC

5.375%

2/15/78

1,846,255

780

CAD

Inter

Pipeline

Ltd/AB

6.625%

11/19/79

555,280

1,843

Transcanada

Trust

5.875%

8/15/76

1,742,147

1,194

Transcanada

Trust

5.500%

9/15/79

1,018,459

1,145

Transcanada

Trust

5.600%

3/07/82

959,216

300

Transcanada

Trust

5.300%

3/15/77

266,613

Total

Energy

20,445,815

Financial

Services

-

0.4%

420

National

Rural

Utilities

Cooperative

Finance

Corp

5.250%

4/20/46

401,815

1,340

Transcanada

Trust

5.625%

5/20/75

1,263,390

Total

Financial

Services

1,665,205

Transportation

-

0.6%

999

BNSF

Funding

Trust

I

6.613%

12/15/55

972,789

940

Royal

Capital

BV,

Reg

S

4.875%

N/A

(d)

931,360

Total

Transportation

1,904,149

Utilities

-

6.9%

625

CAD

AltaGas

Ltd

8.900%

11/10/83

492,986

1,840

American

Electric

Power

Co

Inc

3.875%

2/15/62

1,544,269

675

CAD

Capital

Power

Corp

7.950%

9/09/82

498,697

1,750

CMS

Energy

Corp

4.750%

6/01/50

1,580,129

995

ComEd

Financing

III

6.350%

3/15/33

1,000,411

1,345

Dominion

Energy

Inc

5.750%

10/01/54

1,321,010

1,585

Dominion

Energy

Inc

4.350%

N/A

(d)

1,405,444

1,460

Dominion

Energy

Inc

4.650%

N/A

(d)

1,387,478

2,490

Duke

Energy

Corp

4.875%

N/A

(d)

2,451,618

1,375

Edison

International

5.000%

N/A

(d)

1,280,267

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

78

JRI

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Utilities

(continued)

$

870

Edison

International

5.375%

N/A

(d)

$

822,845

900

GBP

Electricite

de

France

SA,

Reg

S

5.875%

N/A

(d)

1,048,011

2,108

Emera

Inc

6.750%

6/15/76

2,064,195

2,540

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

2,383,410

825

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

698,794

2,715

Sempra

4.875%

N/A

(d)

2,655,983

1,625

Sempra

4.125%

4/01/52

1,394,524

465

(b)

Southern

California

Edison

Co

(3-Month

LIBOR

reference

rate

+

4.461%

spread)

4.516%

N/A

(d)

465,688

1,265

Southern

Co/The

4.000%

1/15/51

1,202,816

420

Vistra

Corp,

144A

8.000%

N/A

(d)

418,169

Total

Utilities

26,116,744

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$52,576,399)

50,131,913

Shares

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

2

.5

%

(

1

.8

%

of

Total

Investments)

X

9,319,565

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.1%

8,595

LXP

Industrial

Trust

6.500%

$

415,740

64,868

Regency

Centers

Corp

6.250%

1,621,051

52,737

Regency

Centers

Corp

5.875%

1,239,320

13,513

RPT

Realty

7.250%

771,998

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

4,048,109

Utilities

-

1.4%

16,512

AES

Corp/The

6.875%

1,256,233

9,193

Algonquin

Power

&

Utilities

Corp

7.750%

204,728

55,856

NextEra

Energy

Inc

6.926%

2,129,231

22,463

SCE

Trust

VII

7.500%

585,835

22,774

Spire

Inc

7.500%

1,095,429

Total

Utilities

5,271,456

Total

Convertible

Preferred

Securities

(cost

$10,424,953)

9,319,565

Shares

Description

(a)

Value

X

–

INVESTMENT

COMPANIES

-

0.6%

(0.4%

of

Total

Investments)

X

2,248,539

262,465

Greencoat

UK

Wind

PLC/Funds

$

506,845

258,228

JLEN

Environmental

Assets

Group

Ltd

Foresight

Group

Holdings

334,369

309,829

Renewables

Infrastructure

Group

Ltd/The

449,162

636,673

Sequoia

Economic

Infrastructure

Income

Fund

Ltd

694,133

229,136

Starwood

European

Real

Estate

Finance

Ltd

264,030

Total

Investment

Companies

(cost

$2,277,183)

2,248,539

79

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

0.1%

(0.1%

of

Total

Investments)

X

578,604

$

525

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

4.329%

spread),

2019

MILE,

144A

9.691%

7/15/36

$

343,628

310

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

144A

8.191%

7/15/36

234,976

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$835,000)

578,604

Total

Long-Term

Investments

(cost

$502,540,123)

505,214,945

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

5.3% (3.8%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

5

.3

%

(

3

.8

%

of

Total

Investments)

X

19,950,000

$

19,950

(e)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

19,950,000

Total

Repurchase

Agreements

(cost

$19,950,000)

19,950,000

Total

Short-Term

Investments

(cost

$19,950,000)

19,950,000

Total

Investments

(cost

$

522,490,123

)

-

139

.9

%

525,164,945

Borrowings

-

(40.4)%

(f),(g)

(

151,695,000

)

Other

Assets

&

Liabilities,

Net

-   0.5%

1,849,240

Net

Assets

Applicable

to

Common

Shares

-

100%

$

375,319,185

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(15)

3/24

$

(

1,639,210

)

$

(

1,693,360

)

$

(

54,150

)

U.S.

Treasury

Long

Bond

(18)

3/24

(

2,083,591

)

(

2,248,875

)

(

165,284

)

U.S.

Treasury

Ultra

10-Year

Note

(168)

3/24

(

18,970,531

)

(

19,826,625

)

(

856,094

)

U.S.

Treasury

Ultra

Bond

(19)

3/24

(

2,315,139

)

(

2,538,281

)

(

223,142

)

Total

$(25,008,471)

$(26,307,141)

$(1,298,670)

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

(h)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services

LLC

$

112,400,000

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

3,999,541

$

3,999,541

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

(e)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$19,961,771

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.375%–3.375%

and

maturity

dates

5/15/33–2/15/42,

valued

at

$20,349,072.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

28.9%.

(g)

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

$298,657,303

have

been

pledged

as

collateral

for

borrowings.

(h)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

Nuveen

Real

Asset

Income

and

Growth

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

80

JRI

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

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

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

81

Nuveen

Real

Estate

Income

Fund

Portfolio

of

Investments

December

31,

2023

JRS

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

129.6% 

(94.0%

of

Total

Investments)

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

85.9%

(62.3%

of

Total

Investments)

X

219,434,808

Data

Center

REITs

-

10.6%

89,249

Digital

Realty

Trust

Inc  

$

12,011,130

18,650

Equinix

Inc  

15,020,524

Total

Data

Center

REITs

27,031,654

Health

Care

REITs

-

10.3%

281,143

Healthpeak

Properties

Inc  

5,566,632

224,685

Ventas

Inc  

11,198,300

105,306

Welltower

Inc  

9,495,442

Total

Health

Care

REITs

26,260,374

Hotel

&

Resort

REITs

-

2.6%

233,486

Host

Hotels

&

Resorts

Inc  

4,545,972

81,850

Sunstone

Hotel

Investors

Inc  

878,251

97,882

Xenia

Hotels

&

Resorts

Inc  

1,333,153

Total

Hotel

&

Resort

REITs

6,757,376

Industrial

REITs

-

11.6%

83,865

First

Industrial

Realty

Trust

Inc  

4,417,170

190,141

Prologis

Inc  

25,345,795

Total

Industrial

REITs

29,762,965

Multi-Family

Residential

REITs

-

13.0%

161,047

Apartment

Income

REIT

Corp  

5,593,163

31,292

AvalonBay

Communities

Inc  

5,858,488

66,139

Camden

Property

Trust  

6,566,941

105,509

Equity

Residential  

6,452,931

13,515

Essex

Property

Trust

Inc  

3,350,909

19,655

Mid-America

Apartment

Communities

Inc  

2,642,811

75,135

UDR

Inc  

2,876,919

Total

Multi-Family

Residential

REITs

33,342,162

Office

REITs

-

6.9%

45,134

Alexandria

Real

Estate

Equities

Inc  

5,721,637

52,905

Boston

Properties

Inc  

3,712,344

50,605

Cousins

Properties

Inc  

1,232,232

55,350

Highwoods

Properties

Inc  

1,270,836

85,285

Kilroy

Realty

Corp  

3,397,754

124,115

Paramount

Group

Inc  

641,675

39,500

SL

Green

Realty

Corp  

1,784,215

Total

Office

REITs

17,760,693

Other

Specialized

REITs

-

1.6%

126,470

VICI

Properties

Inc  

4,031,863

Total

Other

Specialized

REITs

4,031,863

Real

Estate

Operating

Companies

-

0.2%

55,990

Tricon

Residential

Inc  

509,509

Total

Real

Estate

Operating

Companies

509,509

Retail

REITs

-

12.3%

55,410

Federal

Realty

Investment

Trust  

5,710,000

163,995

Kimco

Realty

Corp  

3,494,733

297,281

Kite

Realty

Group

Trust  

6,795,844

89,984

Simon

Property

Group

Inc  

12,835,318

184,985

SITE

Centers

Corp  

2,521,346

Total

Retail

REITs

31,357,241

Nuveen

Real

Estate

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

82

JRS

Shares

Description

(a)

Value

Self-Storage

REITs

-

9.9%

184,717

CubeSmart  

$

8,561,633

43,525

Extra

Space

Storage

Inc  

6,978,363

31,625

Public

Storage  

9,645,625

Total

Self-Storage

REITs

25,185,621

Single-Family

Residential

REITs

-

5.3%

176,507

American

Homes

4

Rent,

Class

A  

6,347,192

43,090

Equity

LifeStyle

Properties

Inc  

3,039,568

119,565

Invitation

Homes

Inc  

4,078,362

Total

Single-Family

Residential

REITs

13,465,122

Telecom

Tower

REITs

-

1.6%

6,695

Crown

Castle

Inc  

771,197

12,610

SBA

Communications

Corp  

3,199,031

Total

Telecom

Tower

REITs

3,970,228

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$161,746,336)

219,434,808

Shares  

Description

(a)

Coupon

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

PREFERRED

STOCKS

-

42.9%

(31.1%

of

Total

Investments)

X

109,613,328

Data

Center

REITs

-

3.6%

197,465

Digital

Realty

Trust

Inc

5.200%

$

4,399,520

97,500

Digital

Realty

Trust

Inc

5.850%

2,422,875

107,345

Digital

Realty

Trust

Inc

5.250%

2,377,692

Total

Data

Center

REITs

9,200,087

Diversified

REITs

-

1.3%

35,010

Armada

Hoffler

Properties

Inc

6.750%

840,240

10,130

CTO

Realty

Growth

Inc

6.375%

203,613

54,110

DigitalBridge

Group

Inc

7.150%

1,255,352

43,965

DigitalBridge

Group

Inc

7.125%

1,009,436

Total

Diversified

REITs

3,308,641

Hotel

&

Resort

REITs

-

4.9%

95,245

Chatham

Lodging

Trust

6.625%

2,098,247

141,820

DiamondRock

Hospitality

Co

8.250%

3,573,864

146,845

Pebblebrook

Hotel

Trust

6.375%

3,099,898

57,695

Pebblebrook

Hotel

Trust

5.700%

1,091,013

22,025

Pebblebrook

Hotel

Trust

6.300%

479,264

65,150

Sunstone

Hotel

Investors

Inc

5.700%

1,381,180

41,060

Sunstone

Hotel

Investors

Inc

6.125%

893,055

Total

Hotel

&

Resort

REITs

12,616,521

Industrial

REITs

-

2.9%

59,877

Prologis

Inc

8.540%

3,293,235

159,235

Rexford

Industrial

Realty

Inc

5.625%

3,550,925

23,621

Rexford

Industrial

Realty

Inc

5.875%

555,566

Total

Industrial

REITs

7,399,726

Multi-Family

Residential

REITs

-

0.8%

34,373

Mid-America

Apartment

Communities

Inc

8.500%

1,946,605

Total

Multi-Family

Residential

REITs

1,946,605

Office

REITs

-

11.7%

12,713

Highwoods

Properties

Inc

8.625%

13,406,750

175,808

Hudson

Pacific

Properties

Inc

4.750%

2,463,070

152,510

SL

Green

Realty

Corp

6.500%

3,216,436

229,040

Vornado

Realty

Trust

5.250%

3,515,764

214,604

Vornado

Realty

Trust

5.250%

3,219,060

178,635

Vornado

Realty

Trust

4.450%

2,424,077

83

Shares  

Description

(a)

Coupon

Value

Office

REITs

(continued)

107,649

Vornado

Realty

Trust

5.400%

$

1,690,089

Total

Office

REITs

29,935,246

Other

Specialized

REITs

-

0.2%

21,085

EPR

Properties

5.750%

438,568

Total

Other

Specialized

REITs

438,568

Retail

REITs

-

9.4%

128,290

Agree

Realty

Corp

4.250%

2,399,023

145,990

Federal

Realty

Investment

Trust

5.000%

3,330,032

158,749

Kimco

Realty

Corp

5.250%

3,716,314

127,689

Kimco

Realty

Corp

5.125%

2,987,923

60,825

Regency

Centers

Corp

6.250%

1,520,017

53,645

Regency

Centers

Corp

5.875%

1,260,658

30,155

RPT

Realty

7.250%

1,722,755

125,180

Saul

Centers

Inc

6.000%

2,983,039

19,985

Saul

Centers

Inc

6.125%

469,647

5,494

Simon

Property

Group

Inc

8.375%

325,794

116,200

SITE

Centers

Corp

6.375%

2,684,220

27,340

Spirit

Realty

Capital

Inc

6.000%

643,037

Total

Retail

REITs

24,042,459

Self-Storage

REITs

-

6.4%

77,946

National

Storage

Affiliates

Trust

6.000%

1,842,644

255,335

Public

Storage

5.600%

6,436,995

114,069

Public

Storage

5.050%

2,707,998

89,715

Public

Storage

4.625%

1,919,004

80,955

Public

Storage

4.875%

1,812,582

73,305

Public

Storage

4.000%

1,309,960

12,910

Public

Storage

4.700%

276,145

Total

Self-Storage

REITs

16,305,328

Single-Family

Residential

REITs

-

1.7%

102,810

American

Homes

4

Rent

6.250%

2,605,205

63,930

American

Homes

4

Rent

5.875%

1,537,517

12,330

UMH

Properties

Inc

6.375%

277,425

Total

Single-Family

Residential

REITs

4,420,147

Total

Real

Estate

Investment

Trust

Preferred

Stocks

(cost

$124,579,494)

109,613,328

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

0.8%

(0.6%

of

Total

Investments)

X

2,136,713

Office

REITs

-

0.8%

$

2,024

Piedmont

Operating

Partnership

LP

9.250%

7/20/28

$

2,136,713

Total

Office

REITs

2,136,713

Total

Corporate

Bonds

(cost

$2,060,606)

2,136,713

Total

Long-Term

Investments

(cost

$288,386,436)

331,184,849

Nuveen

Real

Estate

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

84

JRS

A

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

8.3% (6.0%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

8.3%

(6.0%

of

Total

Investments)

X

21,125,000

$

21,125

(b)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

21,125,000

Total

Repurchase

Agreements

(cost

$21,125,000)

21,125,000

Total

Short-Term

Investments

(cost

$21,125,000)

21,125,000

Total

Investments

(cost

$309,511,436

)

-

137.9%

352,309,849

Borrowings

-

(36.9)%

(c),(d)

(94,400,000)

Other

Assets

&

Liabilities,

Net

-   (1.0)%

(2,362,230)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

255,547,619

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

(e)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services

LLC

$

72,400,000

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

2,576,217

$

2,576,217

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$21,125,000

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$21,547,579.

(c)

Borrowings

as

a

percentage

of

Total

Investments

is

26.8%.

(d)

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

$206,571,121

have

been

pledged

as

collateral

for

borrowings.

(e)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

85

December

31,

2023

NMAI

JRI

JRS

ASSETS

Long-term

investments,

at

value

†

$

611,958,172‌

$

505,214,945‌

$

331,184,849‌

Short-term

investments,

at

value

◊

23,400,000‌

19,950,000‌

21,125,000‌

Cash

denominated

in

foreign

currencies

^

15,050‌

244,586‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

1,988‌

–‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

–‌

3,999,541‌

2,576,217‌

Receivables:

Dividends

494,256‌

1,281,871‌

1,931,014‌

Interest

3,658,327‌

3,090,838‌

93,077‌

Investments

sold

1,567,914‌

116,460‌

–‌

Reclaims

730,483‌

152,786‌

–‌

Reimbursement

from

Adviser

22,655‌

86,243‌

–‌

Variation

margin

on

futures

contracts

–‌

29,219‌

–‌

Other

240,848‌

42,023‌

130,356‌

Total

assets

642,089,693‌

534,208,512‌

357,040,513‌

LIABILITIES

Cash

overdraft

12,118,014‌

2,044,607‌

4,098,992‌

Cash

collateral

due

to

broker

for

investments

in

futures

contracts

(1)

–‌

3,462,780‌

2,039,199‌

Borrowings

85,416,000‌

151,695,000‌

94,400,000‌

Reverse

repurchase

agreements,

including

accrued

interest

79,319,148‌

–‌

–‌

Written

options,

at

value

#

183,280‌

–‌

–‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

30,977‌

–‌

–‌

Payables:

Management

fees

450,299‌

422,417‌

250,684‌

Interest

394,624‌

787,392‌

440,344‌

Investments

purchased

-

regular

settlement

12,782‌

194,096‌

–‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

3,805,527‌

–‌

–‌

Unfunded

senior

loans

12,881‌

–‌

–‌

Accrued

expenses:

Custodian

fees

185,765‌

184,321‌

29,554‌

Investor

relations

88,559‌

923‌

61,563‌

Trustees

fees

229,521‌

44,428‌

133,399‌

Professional

fees

3,818‌

6,178‌

4,920‌

Shareholder

reporting

expenses

64,019‌

44,461‌

34,111‌

Shareholder

servicing

agent

fees

146‌

2,336‌

128‌

Other

669‌

388‌

—‌

Total

liabilities

182,316,029‌

158,889,327‌

101,492,894‌

Net

assets

applicable

to

common

shares

$

459,773,664‌

$

375,319,185‌

$

255,547,619‌

Common

shares

outstanding

33,425,645‌

27,416,679‌

28,892,471‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13.76‌

$

13.69‌

$

8.84‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

334,256‌

$

274,167‌

$

288,925‌

Paid-in

capital

463,827,296‌

576,038,573‌

231,497,623‌

Total

distributable

earnings

(loss)

(4,387,888‌)

(200,993,555‌)

23,761,071‌

Net

assets

applicable

to

common

shares

$

459,773,664‌

$

375,319,185‌

$

255,547,619‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

583,396,292‌

$

502,540,123‌

$

288,386,436‌

◊

Short-term

investments,

cost

$

23,400,000‌

$

19,950,000‌

$

21,125,000‌

#

Written

options,

premiums

received

$

78,629‌

$

—‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

19,133‌

$

244,968‌

$

—‌

(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

86

Year

Ended

December

31,

2023

NMAI

JRI

JRS

INVESTMENT

INCOME

Dividends

$

11,095,550‌

$

19,013,267‌

$

12,782,159‌

Interest

19,000,622‌

11,592,163‌

382,170‌

Rehypothecation

income

39,841‌

—‌

—‌

Other

income

84,786‌

401,731‌

—‌

Tax

withheld

(

541,963‌

)

(

983,454‌

)

(

1,000‌

)

Total

investment

income

29,678,836‌

30,023,707‌

13,163,329‌

EXPENSES

–

–

–

Management

fees

5,582,661‌

5,020,267‌

2,883,592‌

Shareholder

servicing

agent

fees

1,075‌

15,553‌

4,078‌

Interest

expense

10,554,761‌

9,241,727‌

5,516,130‌

Trustees

fees

24,416‌

19,491‌

12,353‌

Custodian

expenses

152,778‌

208,820‌

33,501‌

Investor

relations

expenses

120,726‌

163,134‌

81,032‌

Professional

fees

117,099‌

103,979‌

65,716‌

Shareholder

reporting

expenses

113,749‌

71,665‌

56,127‌

Stock

exchange

listing

fees

10,013‌

8,279‌

8,713‌

Other

37,698‌

18,800‌

18,709‌

Total

expenses

16,714,976‌

14,871,715‌

8,679,951‌

Net

investment

income

(loss)

12,963,860‌

15,151,992‌

4,483,378‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

19,905,773‌

)

(

20,477,502‌

)

(

2,575,000‌

)

Futures

contracts

—‌

1,622,438‌

—‌

Written

options

(

658,637‌

)

—‌

—‌

Swaps

contracts

—‌

3,427,698‌

2,206,888‌

Foreign

currency

transactions

(

16,898‌

)

(

1,053,817‌

)

—‌

Net

realized

gain

(loss)

(

20,581,308‌

)

(

16,481,183‌

)

(

368,112‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

62,615,227‌

37,249,430‌

37,685,388‌

Forward

foreign

currency

contracts

(

28,989‌

)

—‌

—‌

Futures

contracts

—‌

(

1,418,486‌

)

—‌

Written

options

(

104,651‌

)

—‌

—‌

Swaps

contracts

—‌

(

1,712,766‌

)

(

1,103,241‌

)

Foreign

currency

translations

6,150‌

12,383‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

62,487,737‌

34,130,561‌

36,582,147‌

Net

realized

and

unrealized

gain

(loss)

41,906,429‌

17,649,378‌

36,214,035‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

54,870,289‌

$

32,801,370‌

$

40,697,413‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

87

NMAI

JRI

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

12,963,860‌

$

15,582,325‌

$

15,151,992‌

$

21,328,203‌

Net

realized

gain

(loss)

(

20,581,308‌

)

(

3,423,329‌

)

(

16,481,183‌

)

(

15,844,092‌

)

Net

change

in

unrealized

appreciation

(depreciation)

62,487,737‌

(

158,716,918‌

)

34,130,561‌

(

79,152,773‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

54,870,289‌

(

146,557,922‌

)

32,801,370‌

(

73,668,662‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

20,649,058‌

)

(

74,696,289‌

)

(

18,037,353‌

)

(

21,150,820‌

)

Return

of

Capital

(

22,804,280‌

)

–‌

(

11,483,011‌

)

(

10,640,540‌

)

Total

distributions

(

43,453,338‌

)

(

74,696,289‌

)

(

29,520,364‌

)

(

31,791,360‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Cost

of

shares

repurchased

and

retired

–‌

–‌

(

413,224‌

)

–‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

(

413,224‌

)

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

11,416,951‌

(

221,254,211‌

)

2,867,782‌

(

105,460,022‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

448,356,713‌

669,610,924‌

372,451,403‌

477,911,425‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

459,773,664‌

$

448,356,713‌

$

375,319,185‌

$

372,451,403‌

See

Notes

to

Financial

Statements

88

JRS

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

4,483,378‌

$

7,705,983‌

Net

realized

gain

(loss)

(

368,112‌

)

(

12,418,737‌

)

Net

change

in

unrealized

appreciation

(depreciation)

36,582,147‌

(

118,450,797‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

40,697,413‌

(

123,163,551‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

6,688,820‌

)

(

16,220,000‌

)

Return

of

Capital

(

12,958,060‌

)

(

7,934,106‌

)

Total

distributions

(

19,646,880‌

)

(

24,154,106‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

21,050,533‌

(

147,317,657‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

234,497,086‌

381,814,743‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

255,547,619‌

$

234,497,086‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

89

Year

Ended

December

31,

2023

NMAI

JRI

JRS

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

54,870,289‌

$

32,801,370‌

$

40,697,413‌

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

(294,412,488‌)

(296,813,117‌)

(107,443,935‌)

Proceeds

from

sale

and

maturities

of

investments

406,480,163‌

317,993,904‌

138,525,388‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(20,277,736‌)

1,790,347‌

(16,474,165‌)

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

74,885‌

(291,955‌)

(97,189‌)

Proceeds

from

litigation

settlement

79,881‌

44‌

—‌

Capital

gains

and

return

of

capital

distributions

from

investments

337,416‌

1,705,963‌

3,467,244‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

116,944‌

(97,907‌)

(1,561‌)

(Increase)

Decrease

in:

Receivable

for

dividends

197,675‌

391,376‌

(12,645‌)

Receivable

for

interest

26,285‌

(136,904‌)

(92,746‌)

Receivable

for

reclaims

(20,779‌)

52,856‌

—‌

Receivable

for

reimbursement

from

Adviser

2,260‌

(39,460‌)

—‌

Receivable

for

investments

sold

2,066,726‌

2,433,302‌

—‌

Receivable

for

variation

margin

on

futures

contracts

—‌

(11,078‌)

—‌

Other

assets

(31,323‌)

(5,741‌)

(11,963‌)

Increase

(Decrease)

in:

Payable

for

interest

(461,087‌)

787,392‌

(409‌)

Payable

for

investments

purchased

-

regular

settlement

(621,119‌)

(1,607,675‌)

—‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(2,647,351‌)

—‌

—‌

Payable

for

unfunded

senior

loans

(128,443‌)

—‌

—‌

Payable

for

management

fees

(53,874‌)

(20,105‌)

(3,076‌)

Accrued

custodian

fees

(218,494‌)

(124,278‌)

(16,010‌)

Accrued

investor

relations

fees

32,564‌

1,050‌

20,791‌

Accrued

Trustees

fees

23,821‌

5,373‌

13,245‌

Accrued

professional

fees

(14,413‌)

3,579‌

870‌

Accrued

shareholder

reporting

expenses

6,827‌

(4,059‌)

(2,193‌)

Accrued

shareholder

servicing

agent

fees

(184‌)

(211‌)

626‌

Accrued

other

expenses

(6,489‌)

(15,645‌)

(2,112‌)

Net

realized

(gain)

loss

from

investments

19,905,773‌

20,477,502‌

2,575,000‌

Net

realized

(gain)

loss

from

foreign

currency

transactions

16,898‌

1,053,817‌

—‌

Net

realized

(gain)

loss

from

written

options

658,637‌

—‌

—‌

Net

realized

(gain)

loss

from

paydowns

(411,308‌)

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(62,615,227‌)

(37,249,430‌)

(37,685,388‌)

Net

change

in

unrealized

(appreciation)

depreciation

of

Forward

foreign

currency

28,989‌

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

swaps

contracts

—‌

1,712,766‌

1,103,241‌

Net

change

in

unrealized

(appreciation)

depreciation

of

written

options

104,651‌

—‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

(6,150‌)

(12,383‌)

—‌

Net

cash

provided

by

(used

in)

operating

activities

103,104,219‌

44,780,693‌

24,560,426‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

37,515,000‌

—‌

—‌

(Repayments)

of

borrowings

(127,700,000‌)

(15,2

90,000‌)

(10,000,000‌)

Proceeds

from

reverse

repurchase

agreements

341,557,620‌

—‌

—‌

(Repayments

of)

reverse

repurchase

agreements

(

322,935,210‌

)

—‌

—‌

Increase

(Decrease)

in:

Cash

overdraft

11,914,978‌

2,044,607‌

4,098,992‌

Cash

collateral

due

to

broker

—‌

(1,624,681‌)

987,462‌

Cash

overdraft  denominated

in

foreign

currencies

—‌

(55,494‌)

—‌

Cash

distributions

paid

to

common

shareholders

(43,453,338‌)

(29,520,364‌)

(19,646,880‌)

Cost

of

common

shares

repurchased

and

retired

—‌

(413,224‌)

—‌

Net

cash

provided

by

(used

in)

financing

activities

(103,100,950‌)

(44,859,156‌)

(24,560,426‌)

Net

increase

(decrease)

in

Cash

and

cash

denominated

in

foreign

currencies

3,269‌

(78,463‌)

–‌

Cash,

cash

denominated

in

foreign

currencies

at

the

beginning

of

period

11,781‌

323,049‌

—‌

Cash,

cash

denominated

in

foreign

currencies

at

the

end

of

period

$

15,050‌

$

244,586‌

$

—‌

See

Notes

to

Financial

Statements

90

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NMAI

JRI

JRS

Cash

paid

for

interest

$

10,990,022‌

$

8,410,597‌

$

5,514,892‌

Financial

Highlights

92

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

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

NMAI

12/31/23

$

13.41

$

0.39

$

1.26

$

1.65

$

(0.62)

$

—

$

(0.68)

$

(1.30)

$

—

$

13.76

$

12.30

12/31/22

20.03

0.47

(4.86)

(4.39)

(1.40)

(0.83)

—

(2.23)

—

13.41

11.49

12/31/21(e)

20.00

0.07

0.31

0.38

(0.06)

(0.29)

—

(0.35)

—

20.03

18.65

JRI

12/31/23

13.57

0.55

0.65

1.20

(0.66)

—

(0.42)

(1.08)

—(g)

13.69

11.72

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)

—(g)

15.84

13.46

12/31/19

16.48

0.91

3.94

4.85

(1.29)

—

—

(1.29)

—

20.04

18.36

JRS

12/31/23

8.12

0.16

1.24

1.40

(0.23)

—

(0.45)

(0.68)

—

8.84

7.82

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

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

93

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMAI

JRI

JRS

12/31/23

2.32

%

2.53

%

2.31

%

12/31/22

1

.

0

4

1.04

1.01

12/31/21

0.

12

(e),(f) 

0.34

0.27

12/31/20

N/A

0.66

0.48

12/31/19

N/A

1.28

1.15

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),(d)

Portfolio

Turnover

Rate

12.87‌

%

19.43‌

%

$

459,774

3.68‌

%

2.86‌

%

46‌

%

(21.91‌)

(26.29‌)

448,357

2.53‌

2.88‌

129‌

1.90‌

(5.00‌)

669,611

1.63‌

(f)

3.35‌

(f)

66‌

9.32‌

10.02‌

375,319

4.07‌

4.15‌

59‌

(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

18.14‌

13.46‌

255,548

3.64‌

1.88‌

33‌

(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

(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:

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

(e)

For

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021.

(f)

Annualized.

(g)

Value

rounded

to

zero.

94

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)

NMAI

12/31/23

$

85,416

$

6,383

12/31/22

175,601

3,553

12/31/21(c)

178,550

4,750

JRI

12/31/23

151,695

3,474

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

JRS

12/31/23

94,400

3,707

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

(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)

For

the

period

November

22,

2021

(commencement

of

operations)

through

December

31,

2021.

Notes

to

Financial

Statements

95

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

Multi-Asset

Income

Fund

(NMAI)

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI)

Nuveen

Real

Estate

Income

Fund

(JRS)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

NMAI,

JRI

and

JRS

were

organized

as

Massachusetts

business

trusts

on

April

22,

2021,

January

10,

2012

and

August

27,

2001,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

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.

For

NMAI,

the

Adviser

has

entered

into

sub-advisory

agreements

(each

a

“Sub-Advisory

Agreement”)

with

each

of

Nuveen

Asset

Management,

LLC

(“NAM”),

Teachers

Advisors,

LLC

(“TAL”)

and

Winslow

Capital

Management

LLC

(“Winslow”),

each

of

which

are

affiliates

of

the

Adviser.

Pursuant

to

the

Sub-Advisory

Agreement

with

NAM,

NAM

is

responsible

for

the

Fund’s

dynamic

asset

allocation

strategy

and

for

allocating

the

Fund’s

assets

among

each

of

the

various

Sub-

Advisers.

NAM,

TAL

and

Winslow

under

each

Sub-Advisory

Agreement

manages

the

investment

portfolios

of

the

Fund

allocated

to

it.

For

JRI,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

NAM

under

which

NAM

manages

the

investment

portfolio

of

JRI.

For

JRS,

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.

The

Adviser

is

responsible

for

managing

the

Funds'

investments

in

swap

contracts.

NAM,

TAL,

Winslow

and

Security

Capital

are

each

a

"Sub-Adviser".

Developments

Regarding

the

Fund’s

Control

Share

By-Law:

On

October

5,

2020,

the

Fund

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

Fund’s

by-laws

to

provide

that

the

Fund’s

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

Fund’s

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.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.  

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.

96

Notes

to

Financial

Statements

(continued)

NMAI

and

JRS

make

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,

JRS

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

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

distribution

policy

for

NMAI

and

JRI,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode

.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.

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.

Dividend

income,

net

realized

gain

(loss)

and

unrealized

appreciation

(depreciation)

recognized

on

the

Statement

of

Operations

reflect

the

amounts

of

ordinary

income,

capital

gain,

and/or

return

of

capital

as

reported

by

the

issuers

of

such

securities

for

distributions

during

the

current

fiscal

period.

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

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

NMAI’s

and

JRI’s

investments

in

non-U.S.

securities

were

as

follows:

97

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

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.

Rehypothecation

income

when

applicable,

is

comprised

of

fees

earned

in

connection

with

the

rehypothecation

of

pledged

collateral

as

further

described

later

in

these

Notes

to

Financial

Statements

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.

NMAI

Value

%

of

Total

Investments

Country:

Japan

$

18,375,498

2.9

%

United

Kingdom

15,988,628

2.5

France

15,845,878

2.5

Canada

9,936,539

1.6

Netherlands

9,903,483

1.6

Australia

9,296,141

1.5

Brazil

8,647,890

1.4

Germany

8,514,153

1.3

Spain

7,498,825

1.2

Switzerland

7,205,892

1.1

Other

82,543,899

12.9

Total

non-U.S.

Securities

$193,756,826

30.5%

JRI

Value

%

of

Total

Investments

Country:

Canada

$

63,318,004

12.1

%

Australia

22,333,002

4.3

United

Kingdom

19,698,941

3.7

Hong

Kong

13,852,962

2.6

Singapore

13,331,938

2.5

Italy

13,304,427

2.5

Spain

6,460,555

1.2

France

6,342,615

1.2

Portugal

4,374,790

0.8

Mexico

4,040,655

0.8

Other

12,665,762

2.5

Total

non-U.S.

Securities

$179,723,651

34.2%

98

Notes

to

Financial

Statements

(continued)

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.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the Board,

and

are

generally

classified

as

Level

2. 

99

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. 

Purchased

and

written

options

traded

and

listed

on

a

national

market

or

exchange

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

are

generally

classified

as

Level

1.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NMAI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

100,898,640

$

97,186,116

$

2,014

$

198,086,770

Asset-Backed

and

Mortgage-Backed

Securities

–

82,317,242

216,190

82,533,432

Exchange-Traded

Funds

34,196,468

24,679,595

–

58,876,063

Variable

Rate

Senior

Loan

Interests

–

54,537,392

–

54,537,392

U.S.

Government

and

Agency

Obligations

–

48,035,169

–

48,035,169

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

–

40,612,418

–

40,612,418

Real

Estate

Investment

Trust

Common

Stocks

40,027,797

93,123

–

40,120,920

$1,000

Par

(or

similar)

Institutional

Preferred

–

36,190,761

–

36,190,761

Contingent

Capital

Securities

–

23,696,366

–

23,696,366

Corporate

Bonds

–

14,402,052

–

14,402,052

$25

Par

(or

similar)

Retail

Preferred

11,739,230

2,303,038

–

14,042,268

Warrants

–

643,145

–

643,145

Investment

Companies

–

180,370

–

180,370

Options

Purchased

638

–

–

638

Common

Stock

Rights

408

–

–

408

Short-Term

Investments:

Repurchase

Agreements

–

23,400,000

–

23,400,000

Investments

in

Derivatives:

Forward

Foreign

Currency

Contracts*

–

(28,989)

–

(28,989)

Options

Written

(183,280)

–

–

(183,280)

Total

$

186,679,901

$

448,247,798

$

218,204

$

635,145,903

JRI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

137,710,413

$

–

$

137,710,413

Real

Estate

Investment

Trust

Common

Stocks

83,896,826

32,669,035

2,254

116,568,115

Common

Stocks

70,930,452

43,634,998

–

114,565,450

$25

Par

(or

similar)

Retail

Preferred

74,092,346

–

–

74,092,346

$1,000

Par

(or

similar)

Institutional

Preferred

–

50,131,913

–

50,131,913

Convertible

Preferred

Securities

8,224,136

1,095,429

–

9,319,565

Investment

Companies

1,799,377

449,162

–

2,248,539

Asset-Backed

and

Mortgage-Backed

Securities

–

578,604

–

578,604

Short-Term

Investments:

Repurchase

Agreements

–

19,950,000

–

19,950,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

3,999,541

–

3,999,541

Futures

Contracts*

(1,298,670)

–

–

(1,298,670)

Total

$

237,644,467

$

290,219,095

$

2,254

$

527,865,816

100

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

Unfunded

Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

NMAI

and

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,

NMAI

had

$12,881,

JRI

has

no

value

in

outstanding

unfunded

senior

loan

commitments.

Participation

Commitments

:

With

respect

to

the

senior

loans

held

in

NMAI

and

JRI

portfolio,

the

Funds

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

the

Funds

purchases

a

participation

of

a

senior

loan

interest,

the

Funds

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

Funds

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

Funds

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. 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.

JRS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

219,434,808

$

–

$

–

$

219,434,808

Real

Estate

Investment

Trust

Preferred

Stocks

106,320,093

3,293,235

–

109,613,328

Corporate

Bonds

–

2,136,713

–

2,136,713

Short-Term

Investments:

Repurchase

Agreements

–

21,125,000

–

21,125,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

2,576,217

–

2,576,217

Total

$

325,754,901

$

29,131,165

$

–

$

354,886,066

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

NMAI

Fixed

Income

Clearing

Corporation

$

23,400,000

$

(23,868,074)

JRI

Fixed

Income

Clearing

Corporation

19,950,000

(20,349,072)

JRS

Fixed

Income

Clearing

Corporation

21,125,000

(21,547,579)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

NMAI

$

212,549,811

$

81,862,677

$

366,322,040

$

40,158,123

JRI

296,813,117

—

317,993,904

—

JRS

107,443,935

—

138,525,388

—

101

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

JRI

continued

to

use

interest

rate

futures

to

partially

hedge

the

portfolio

against

movements

in

interest

rates.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Options

Transactions:

The

Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

"baskets"

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

When

a

Fund

purchases

an

option,

an

amount

equal

to

the

premium

paid

(the

premium

plus

commission)

is

recognized

as

an

asset

on

the

Statement

of

Asset

and

Liabilities.

When

a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statement

of

Operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

During

the

current

fiscal

period,

NMAI

purchased

put

and

call

options

as

well

as

wrote

call

options

as

part

of

its

overwrite

strategy.

During

the

current

fiscal

period,

the

Fund

wrote

call

options

on

U.S.

equity

indexes

while

investing

in

a

portfolio

that

included

U.S.

equities

to

generate

additional

income

and

provide

downside

protection.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

JRI

$

22,038,436

*

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.

102

Notes

to

Financial

Statements

(continued)

The

average

notional

amount

of

outstanding

options purchased

during

the

current

fiscal

period,

was

as

follows:

The

average

notional

amount

of

outstanding

options

written

during

the

current

fiscal

period,

was

as

follows:

Forward

Foreign

Currency

Contracts:

During

the

current

fiscal

period,

NMAI

used

foreign

exchange

forwards

to

hedge

its

exposure

to

Euro

denominated

positions.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

Assets

and

Liabilities.

The

Funds

realizes

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

foreign

currency

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

forward

foreign

currency

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

forward

foreign

currency

contracts

as

of

the

end

of

the

reporting

period.

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,

the

JRI

and

JRS

used

interest

rate

swap

contracts

to

partially

hedge

its

interest

cost

of

leverage.

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.

Fund

Average

Notional

Amount

of

Purchased

Options

Contracts

Outstanding

*

NMAI

$

527,900

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

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

Written

Options

Contracts

Outstanding

*

NMAI

$

(11,410,500)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

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

Forward

Contracts

Outstanding

*

NMAI

$

506,211

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

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

on

Forward

Foreign

Currency

Contracts*

Gross

Unrealized

(Depreciation)

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

NMAI

Bank

of

America,

N.A

$

-

$

(30,977)

$

(30,977)

$

-

$

(30,977)

NMAI

Morgan

Stanley

Capital

Services

LLC

1,988

-

1,988

-

1,988

*  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Funds’

Portfolio

of

Investments.

103

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

contracts 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

contracts.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

contracts 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.

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:

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JRI

$

112,400,000

JRS

72,400,000

*

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

JRI

Morgan

Stanley

Capital

Services

LLC

$

3,999,541

$

-

$

3,999,541

$

(4,195,845)

$

(196,304)

JRS

Morgan

Stanley

Capital

Services

LLC

2,576,217

-  

2,576,217

(2,753,976)

(177,759)

***  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

NMAI

Options

Purchased

Equity

Long-term

investments,

at

value

$

637

-

$

Options

Written

Equity

-

–

Options

written,

at

value

(183,280)

Forward

Foreign

Currency

Contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

1,988

Unrealized

depreciation

on

forward

contracts

(30,977)

1

1

1

1

1

1

1

1

JRI

Futures

Contracts

Interest

rate

Unrealized

depreciation

on

futures

contracts

*

(1,298,670)

-

–

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

**

3,999,541

-

–

1

1

1

1

1

1

1

1

JRS

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

**

2,576,217

-

–

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.

104

Notes

to

Financial

Statements

(continued)

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:

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.

**

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund’s

Portfolio

of

Investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

NMAI

Purchased

options

Equity

$

1,669

$

(1,324)

Written

options

Equity

(658,637)

(104,651)

Forward

contracts

Foreign

currency

exchange

rate

–

(28,989)

JRI

Futures

contracts

Interest

rate

1,622,438

(1,418,486)

Swap

contracts

Interest

rate

3,427,698

(1,712,766)

JRS

Swap

contracts

Interest

rate

2,206,888

(1,103,241)

*

Shown

as

a

component

of

Realized

gain

(loss)

from

Investments

on

the

Statement

of

Operations.

JRI

Year

Ended

12/31/23

Year

Ended

12/31/22

Common

Shares:

Repurchased

and

retired

37,001

—

Total

37,001

—

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

$11.15

$–

Discount

per

share

repurchased

and

retired

(16.36)%

–%

105

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

deemed

dividend

due

to

corporate

actions,

foreign

currency

transactions,

investments

in

partnerships,

investments

in

passive

foreign

investment

companies,

nondeductible

expenses,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

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.

The

Sub-Advisers

are

compensated

for

their

services

to

the

Fund

from

the

management

fees

paid

to

the

advisor.

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

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NMAI

$

615,291,816

$

59,895,005

$

(40,040,919)

$

19,854,086

JRI

528,003,071

31,213,463

(31,350,718)

(137,255)

JRS

316,334,638

63,855,963

(25,304,535)

38,551,428

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

NMAI

$

—

$

—

$

19,855,925

$

(24,243,813)

$

—

$

—

$

(4,387,888)

JRI

—

—

(135,728)

(200,517,922)

—

(339,905)

(200,993,555)

JRS

—

—

38,551,428

(14,441,071)

—

(349,286)

23,761,071

12/31/23

12/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NMAI

$

20,649,058

$

—

$

22,804,280

$

11,703,254

$

62,993,035

$

—

JRI

18,037,353

—

11,483,011

21,150,820

—

10,640,540

JRS

6,688,820

—

12,958,060

16,220,000

—

7,934,106

Fund

Short-Term

Long-Term

Total

NMAI

$

6,365,511

$

17,878,302

$

24,243,813

JRI

64,594,942

135,922,980

200,517,922

JRS

12,146,858

2,294,213

14,441,071

106

Notes

to

Financial

Statements

(continued)

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

December

31,

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:

Average

Daily

Managed

Assets*

NMAI

Fund-Level

Fee

Rate

JRI

Fund-Level

Fee

Rate

JRS

Fund-Level

Fee

Rate

For

the

first

$500

million

0.7000

%

0.8000

%

0.7000

%

For

the

next

$500

million

0.6750

0.7750

0.6750

For

the

next

$500

million

0.6500

0.7500

0.6500

For

the

next

$500

million

0.6250

0.7250

0.6250

For

managed

assets

over

$2

billion

0.6000

0.7000

0.6000

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

NMAI

0.1602%

JRI

0.1602%

JRS

0.1602%

Fund

Amount

NMAI

$

84,786

JRI

401,731

JRS

—

107

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

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:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

For

NMAI

interest

is

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

OBFR

(Overnight

Bank

Funding

Rate)

plus

a

spread

that

is

determined

by

a

portion

of

the

underlying

collateral

pledged

to

secure

the

amount

borrowed.

The

Fund

is

charged

an

undrawn

fee

of

0.50%

per

annum

if

the

undrawn

portion

of

the

Borrowings

on

that

day

is

more

than

20%

of

the

maximum

commitment

amount,

however

this

fee

was

waived

during

the

reporting

period.

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:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NMAI

$

—

$

4,633

$

(1,335

)

JRI

—

—

—

JRS

—

—

—

Fund

Commitment

Amount

NMAI

$

300,000,000

JRI

200,000,000

JRS

150,000,000

Fund

Outstanding

balance

on

Borrowings

NMAI

$

85,416,000

JRI

151,695,000

JRS

94,400,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NMAI

365

$

132,711,712

5.50

%

JRI

365

158,467,932

5.83

JRS

365

96,646,575

5.71

108

Notes

to

Financial

Statements

(continued)

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.

Rehypothecation:

NMAI

has

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Fund

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Fund

total

assets.

The

Fund

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Fund

may

also

recall

Hypothecated

Securities

on

demand.

The

Fund

also

has

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Fund

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Fund

income

generating

potential

may

decrease.

Even

if

the

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Fund

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

NMAI

had

Hypothecated

Securities

as

follows:

NMAI

earn

Rehypothecation

Fee,

which

are

recognized

as

“Rehypothecation

income”

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

Rehypothecation

Fees

earned

by

NMAI

was

as

follows:

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period,

NMAI

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

The

Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

NMAI

Hypothecated

Securities

$64,401,547

NMAI

Rehypothecation

Fees

$39,841

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

NMAI

BNP

Paribas

SA

SOFR+0.26%

$

(40,542,160)

35-day

Evergreen

$

(40,542,160)

$

(40,743,970)

NMAI

RBC

Capital

Markets,

LLC

5.70%

$

(37,974,000)

On-Demand

$

(37,974,000)

$

(38,575,178)

Total

$(78,516,160)

$(78,516,160)

$(79,319,148)

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Weighted

Average

Interest

rate

NMAI

365

$

65,620,497

4.87%

109

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

10.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

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.

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.

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

NMAI

BNP

Paribas

SA

$

(40,743,970)

$

(48,784,468)

NMAI

RBC

Capital

Markets,

LLC

(38,575,178)

(44,610,652)

Total

(79,319,148)

(93,395,120)

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

110

Shareholder

Update

(Unaudited)

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUND

NUVEEN

MULTI-ASSET

INCOME

FUND

(NMAI)

Investment

Objectives

The

Fund’s

investment

objective

is

to

provide

total

return

through

high

current

income

and

capital

appreciation.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

dynamically

invest

in

a

portfolio

of

equity

and

debt

securities

of

issuers

located

around

the

world.

This

dynamic

investment

strategy

uses

a

risk-based

framework

in

which

any

amount

can

be

allocated

to

an

asset-class

at

any

time.

The

Fund

may

invest

in

equity

and

debt

securities

of

any

type.

The

Fund

may

use

derivatives

for

a

variety

of

reasons,

including

but

not

limited

to,

adjusting

its

exposures

to

markets,

sectors,

asset

classes

and

securities,

and

may

utilize

derivatives

of

any

type.

As

part

of

its

investment

strategy,

the

Fund

may

employ

an

options

strategy

whereby

the

Fund

sells

(writes)

call

options

on

a

percentage

of

the

market

value

of

the

Fund’s

equity

portfolio.

The

Fund

is

not

required

to

allocate

its

investments

among

asset

classes,

issuer

jurisdiction,

or

any

other

investment

parameter

in

any

fixed

proportion

except

as

specifically

described

herein.

The

Fund

will

employ

a

dynamic

asset

allocation

strategy

in

seeking

to

achieve

the

Fund’s

investment

objective.

Nuveen

Asset

Management,

LLC

(“Nuveen

Asset

Management”)

will

implement

the

Fund’s

dynamic

multi-asset

income

strategy

by

allocating

the

Fund’s

assets

among

equity

and

debt

investments.

The

relative

allocations

of

the

Fund’s

Managed

Assets

(as

defined

below)

for

investment

between

equity

and

debt

securities,

and

relative

allocations

to

the

different

types

of

equity

and

income

strategies,

will

vary

from

time

to

time

consistent

with

the

Fund’s

investment

objective.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

may

invest

in

equity

securities

of

any

type

and

across

various

investment

styles

(e.g.,

growth-

or

value-oriented

styles),

sectors,

market

capitalizations

(e.g.,

large-, mid-, and small-cap) and

geographic

regions

throughout

the

world

(including

the

U.S.,  non-

U.S. developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

debt

securities

of

any

type

without

limit.

The

Fund

may

invest

in

debt

securities

paying

a

fixed

or

fluctuating

rate

of

interest,

and

with

any

maturity

or

duration.

The

Fund

may

invest

in

debt

securities

across

various

geographic

regions

throughout

the

world

(including

the

U.S.,

non-U.S.

developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

debt

securities

of

any

rating

(including

below-investment-grade

debt

securities,

commonly

known

as

“high

yield”

or

“junk”

bonds),

distressed

securities,

and

in

debt

securities

that

are

unrated.

The

Acquiring

Fund

may

invest

in

the

securities

of

companies

of

any

market

capitalization.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

Act,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

invest

in

inverse

floating

rate

securities.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

Portfolio

Contents

The

Fund

may

invest

in

equity

securities

of

any

type

and

across

various

investment

styles

(e.g.,

growth-

or

value-oriented

styles),

sectors,

market

capitalizations

(e.g.,

large-, mid-, and small-cap) and

geographic

regions

throughout

the

world

(including

the

U.S.

and

emerging

markets)

without

limit.

These

securities

may

include,

but

are

not

limited

to,

common

stock,

preferred

stock,

securities

convertible

into

common,

depositary

receipts,

stock,

master-limited

partnership

(“MLPs”)

and

other

partnership

interests,

real

estate

investment

trusts

(“REITs”),

rights

and

warrants,

or

securities

or

other

instruments

whose

price

is

linked

to

(or

derived

from)

the

value

of

common

stock.

111

Common

stocks

generally

represent

an

ownership

interest

in

an

issuer,

without

preference

over

any

other

class

of

securities,

including

such

issuer’s

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

are

entitled

to

the

income

and

increase

in

the

value

of

the

assets

and

business

of

the

issuer

after

all

its

debt

obligations

and

obligations

to

preferred

stockholders

are

satisfied.

Common

stocks

generally

have

voting

rights.

Common

stocks

fluctuate

in

price

in

response

to

many

factors,

including

historical

and

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

perceptions

and

market

liquidity.

Equity

securities

in

which

the

Fund

may

invest

include

MLPs.

An

MLP

is

an

entity,

most

commonly

a

limited

partnership,

that

is

taxed

as

a

partnership,

publicly

traded

and

listed

on

a

national

securities

exchange.

Holders

of

common

units

of

MLPs

typically

have

limited

control

and

limited

voting

rights

as

compared

to

holders

of

a

corporation’s

common

shares. 

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

a

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

securities

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

may

be

perpetual

or

have

a

term,

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

The

Fund

may

invest

in

contingent

capital

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities,

issued

primarily

by  non-

U.S. financial

institutions,

which

have

loss

absorption

mechanisms

benefitting

the

issuer

built

into

their

terms.

CoCos

generally

provide

for

mandatory

conversion

into

the

common

stock

of

the

issuer

or

a

write-down

of

the

principal

amount

or

value

of

the

CoCos

upon

the

occurrence

of

certain

triggers

linked

to

regulatory

capital

thresholds.

In

addition,

they

may

provide

for

mandatory

conversion

or

a

principal

write-down

upon

the

occurrence

of

certain

events

such

as

regulatory

actions

calling

into

question

the

issuing

banking

institution’s

continued

viability

as

a

going-concern.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary.

The

Fund

may

invest

in

REITs.

REITs

are

publicly

traded

corporations

or

trusts

that

specialize

in

acquiring,

holding,

and

managing

residential,

commercial

or

industrial

real

estate.

A

REIT

is

not

taxed

at

the

entity

level

on

income

distributed

to

its

shareholders

or

unitholders

if

it

distributes

to

shareholders

or

unitholders

at

least

90%

of

its

taxable

income

for

each

taxable

year

and

complies

with

regulatory

requirements

relating

to

its

organization,

ownership,

assets

and

income.

The

Fund

may

invest

in

equity

securities

of

special

purpose

acquisition

companies

(“SPACs”).

Also

known

as

a

“blank

check

company,”

a

SPAC

is

a

company

with

no

commercial

operations

that

is

formed

solely

to

raise

capital

from

investors

for

the

purpose

of

acquiring

one

or

more

existing

private

companies.

SPACs

often

have pre-determined time

frames

to

make

an

acquisition

(typically

two

years),

or

the

SPAC

will

liquidate. 

The

Fund

may

invest

in

debt

securities

of

any

type

without

limit,

including

but

not

limited

to

debt

securities

of

the

U.S.

government

and

other

governments

throughout

the

world

(including

emerging

markets)

as

well

as

their

agencies

and

instrumentalities

and

government-sponsored

enterprises,

municipal

securities,

domestic

and

foreign

corporate

debt

obligations,

convertible

bonds,

municipal

bonds,

structured

notes,

credit-

linked

notes,

loan

assignments

and

participations,

repurchase

agreements,

residential

and

commercial

mortgage-backed

securities,

asset-backed

securities,

debt

obligations

of

MLPs,

and

securities

issued

or

guaranteed

by

certain

international

organizations

such

as

the

World

Bank.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

invest

in

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

debt

obligations

in

which

the

Fund

may

invest

may

have

variable,

floating,

or

fixed

interest

rates.

Variable

rate

securities

provide

for

periodic

adjustments

in

the

interest

rate.

Floating

rate

securities

are

generally

offered

at

an

initial

interest

rate

which

is

at

or

above

prevailing

market

rates.

The

interest

rate

paid

on

floating

rate

securities

is

then

reset

periodically

(commonly

every

90

days)

to

an

increment

over

some

predetermined

interest

rate

index.

Commonly

utilized

indices

include

the

three-month

Treasury

bill

rate,

the 180-day Treasury

bill

rate,

the

prime

rate

of

a

bank,

the

commercial

paper

rates,

or

the

longer-term

rates

on

U.S.

Treasury

securities.

Variable

and

floating

rate

securities

are

relatively

long-term

instruments

that

often

carry

demand

features

permitting

the

holder

to

demand

payment

of

principal

at

any

time

or

at

specified

intervals

prior

to

maturity

plus

accrued

interest.

In

order

to

most

effectively

use

these

securities,

the

Fund

must

correctly

assess

probable

movements

in

interest

rates.

The

Fund

may

invest

in

debt

securities

paying

a

fixed

or

fluctuating

rate

of

interest,

including

senior

loans

and

secured

and

unsecured

junior

loans,

and

with

any

maturity

or

duration.

The

Fund

may

invest

in

debt

securities

across

various

geographic

regions

throughout

the

world

(including

the

U.S.,

non-U.S.

developed

markets,

and

emerging

markets)

without

limit.

The

Fund

may

invest

in

foreign

securities

payable

in

either

U.S.

dollars

or

foreign

currencies.

These

securities

may

include

securities

issued

or

guaranteed

by

(i) the

Government

of

Canada,

any

Canadian

Province

or

any

instrumentality

and

political

subdivision

thereof;

(ii) any

other

foreign

government

agency

or

instrumentality;

(iii) foreign

subsidiaries

of

U.S.

corporations;

and

(iv) other

foreign

issuers.

112

Shareholder

Update

(Unaudited)

(continued)

The

Fund

has

no

geographic

limits

on

where

it

may

invest,

and

therefore

may

invest

in

the

securities

of

corporate

and

governmental

issuers

in

both

developed

and

emerging

markets

around

the

world.

The

Fund

may

emphasize

foreign

securities

when

the

Fund’s

applicable

sub-adviser

expects

these

investments

to

outperform

U.S.

securities.

In

addition

to

investing

in

foreign

securities,

the

Fund

may

actively

manage

its

exposure

to

foreign

currencies

through

the

use

of

forward

currency

contracts

and

other

currency

derivatives.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

predominately

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

Furthermore,

a

country

is

considered

to

be

an

“emerging

market”

if

it

has

a

relatively

low

gross

national

product

per

capita

compared

to

the

world’s

major

economies

and

the

potential

for

rapid

economic

growth.

The

Fund

considers

a

country

an

emerging

market

country

based

on

the

determination

of

an

international

organization,

such

as

the

International

Monetary

Fund

(“IMF”),

or

an

unaffiliated,

recognized

financial

data

provider.

The

Fund

may

invest

in

debt

securities

of

any

rating

(including

below-investment-grade

debt

securities,

commonly

known

as

“high

yield”

or

“junk”

bonds),

distressed

securities,

and

in

debt

securities

that

are

unrated.

The

Fund

may

invest

in

junk

bonds

and

distressed

securities

when

the

Fund’s

applicable

sub-adviser believes

that

they

will

provide

an

attractive

total

return,

relative

to

their

risk,

as

compared

to

higher

quality

debt

securities.

The

Fund

may

invest

in

distressed

securities

when

the

Fund’s

applicable

sub-adviser believes

they

offer

significant

potential

for

higher

returns

or

can

be

exchanged

for

other

securities

that

offer

this

potential.

The

Fund

may

invest

in

debt

securities

of

governmental

issuers

in

all

countries,

including

emerging

market

countries.

These

debt

securities

may

include:

debt

securities

issued

or

guaranteed

by

governments

and

governmental

agencies

or

instrumentalities;

debt

securities

issued

by

government

owned,

controlled

or

sponsored

entities;

interests

in

entities

organized

and

operated

for

the

purpose

of

restructuring

the

investment

characteristics

of

instruments

issued

by

any

of

the

above

issuers;

Brady

Bonds,

which

are

debt

securities

issued

under

the

framework

of

the

Brady

Plan

as

a

means

for

debtor

nations

to

restructure

their

outstanding

external

indebtedness;

participations

in

loans

between

governments

and

financial

institutions;

or

debt

securities

issued

by

supranational

entities

such

as

the

World

Bank

or

the

European

Economic

Community.

A

supranational

entity

is

a

bank,

commission

or

company

established

or

financially

supported

by

the

national

governments

of

one

or

more

countries

to

promote

reconstruction

or

development.

The

Fund

may

invest

in

U.S.

dollar-denominated

“Brady

Bonds.”

Brady

Bonds

are

created

through

the

exchange

of

existing

commercial

bank

loans

to

public

and

private

entities

in

certain

emerging

markets

for

new

obligations

in

connection

with

debt

restructurings.

These

foreign

debt

obligations,

which

may

be

fixed

rate

par

bonds

or

floating

rate

discount

bonds,

are

generally

collateralized

in

full

as

to

repayment

of

principal

at

maturity

by

U.S.

Treasury zero-coupon obligations

that

have

the

same

maturity

as

the

Brady

Bonds.

Brady

Bonds

can

be

viewed

as

having

three

or

four

valuation

components:

(i) the

collateralized

repayment

of

principal

at

final

maturity;

(ii) the

collateralized

interest

payments;

(iii) the

uncollateralized

interest

payments;

and

(iv) any

uncollateralized

repayment

of

principal

at

maturity. 

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

applicable

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

corporate

debt

securities.

Corporate

debt

securities

are

bonds,

senior

loans

and

notes

issued

by

corporations

or

other

business

entities.

Corporate

debt

securities

are

fully

taxable

debt

obligations

that

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

debt

securities.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

exchange-traded

notes

(“ETNs”).

ETNs

are

a

type

of

senior,

unsecured,

unsubordinated

debt

security

issued

by

financial

institutions

that

combine

aspects

of

both

bonds

and

ETFs.

An

ETN’s

returns

are

based

on

the

performance

of

a

market

index

minus

fees

and

expenses.

Similar

to

ETFs,

ETNs

are

listed

on

an

exchange

and

traded

in

the

secondary

market.

However,

unlike

an

ETF,

an

ETN

has

a

maturity

date,

at

which

time

the

issuer

will

pay

a

return

linked

to

the

performance

of

the

market

index

to

which

the

ETN

is

linked

minus

certain

fees.

The

Fund

may

invest

in

the

securities

of

companies

of

any

market

capitalization.

The

Fund

will

generally

seek

diversification

across

markets

and

industries.

The

Fund

may

invest

in

senior

loans.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer. 

Senior

loans

generally

include:

(i) senior

loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii) assignments

of

such

interests

in

senior

loans,

or

(iii) participation

interests

in

senior

loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

113

Borrower.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

senior

loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

senior

loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

corporate

purposes.

A

senior

loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

senior

loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

senior

loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

typically

have

rates

of

interest

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

These

base

lending

rates

are

primarily

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

and

the

certificate

of

deposit

rate

or

other

base

lending

rates

used

by

commercial

lenders.

The

base

rate

for

senior

loans

are

generally

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

The

Fund

may

purchase

participation

interests

in

the

original

syndicate

making

senior

loans.

Loan

participation

interests

typically

represent

direct

participations

in

a

loan

to

a

corporate

Borrower,

and

generally

are

offered

by

banks

or

other

financial

institutions

or

lending

syndicates.

The

Fund

may

participate

in

such

syndications,

or

can

buy

part

of

a

senior

loan,

becoming

a

Lender.

When

purchasing

a

participation

interest,

the

Fund

assumes

the

credit

risk

associated

with

the

corporate

Borrower

and

may

assume

the

credit

risk

associated

with

an

interposed

bank

or

other

financial

intermediary.

The

participation

interests

in

which

the

Fund

may

invest

may

not

be

rated

by

any

nationally

recognized

statistical

rating

organization.

The

Fund

may

invest

in

second

lien

loans

and

unsecured

loans.

Such

loans

are

made

by

public

and

private

corporations

and

other

non-governmental

Borrowers

for

a

variety

of

purposes.

As

in

the

case

of

senior

loans,

the

Fund

may

purchase

interests

in

second

lien

loans

and

unsecured

loans

through

assignments

or

participations.

Second

lien

loans

have

similar

characteristics

as

senior

loans

except

that

such

interests

are

junior

in

priority

to

debt

secured

with

a

first

lien.

Second

lien

loans

are

second

in

priority

of

payment

to

one

or

more

senior

loans

of

the

related

Borrower

and

are

typically

secured

by

a

second

priority

security

interest

or

lien

to

or

on

specified

collateral

securing

the

Borrower’s

obligation

under

the

indebtedness.

They

typically

have

similar

protections

and

rights

as

senior

loans.

Second

lien

loans

are

not

(and

by

their

terms

cannot

become)

subordinate

in

priority

of

payment

to

any

obligation

of

the

related

Borrower

other

than

senior

loans

of

such

Borrower.

Second

lien

loans

may

feature

fixed

or

floating

rate

interest

payments.

Because

second

lien

loans

are

junior

to

senior

loans,

they

present

a

greater

degree

of

investment

risk

but

often

pay

interest

at

higher

rates

reflecting

this

additional

risk.

In

addition,

second

lien

loans

of

below

investment

grade

quality

share

many

of

the

risk

characteristics

of

other

below

investment

grade

debt

instruments.

Unsecured

loans

generally

have

lower

priority

in

right

of

payment

compared

to

holders

of

secured

interests

of

the

Borrower.

Unsecured

loans

are

not

secured

by

a

security

interest

or

lien

to

or

on

specified

collateral

securing

the

Borrower’s

obligation

under

the

indebtedness.

Unsecured

loans

by

their

terms

may

be

or

may

become

subordinate

in

right

of

payment

to

other

obligations

of

the

Borrower,

including

senior

loans,

second

lien

loans

and

other

interests.

Unsecured

loans

may

have

fixed

or

adjustable

floating

rate

interest

payments.

Because

unsecured

loans

are

subordinate

to

senior

loans

and

other

secured

debt

of

the

Borrower,

they

present

a

greater

degree

of

investment

risk

but

often

pay

interest

at

higher

rates

reflecting

this

additional

risk.

Such

investments

generally

are

of

below

investment

grade

quality.

Unsecured

loans

of

below

investment

grade

quality

share

many

of

the

same

risks

of

other

below

investment

grade

debt

instruments.

The

Fund

may

invest

in

subordinated

loans

that

are

primarily

unsecured

and

that

provide

for

relatively

high,

adjustable

rates

of

interest,

providing

the

Fund

with

significant

current

interest

income.

The

subordinated

loans

in

which

the

Fund

may

invest

may

have

interest-only

payments

in

the

early

years,

with

amortization

of

principal

deferred

to

the

later

years

of

the

subordinated

loans.

In

some

cases,

the

Fund

may

acquire

subordinated

loans

that,

by

their

terms,

convert

into

equity

or

additional

debt

instruments

or

defer

payments

of

interest

for

the

first

few

years

after

issuance.

Also,

in

some

cases

the

subordinated

loans

in

which

the

Fund

may

invest

will

be

collateralized

by

a

subordinated

lien

on

some

or

all

of

the

assets

of

the

Borrower.

The

Fund

may

invest

in

asset-backed

securities

(“ABS”).

ABS

are

securities

that

are

secured

or

“backed”

by

pools

of

various

types

of

assets

on

which

cash

payments

are

due

at

fixed

intervals

over

set

periods

of

time.

ABS

are

created

in

a

process

called

securitization.

In

a

securitization

transaction,

an

originator

of

loans

or

an

owner

of

accounts

receivables

of

a

certain

type

of

asset

class

sells

such

underlying

assets

in

a

“true

sale”

to

a

special

purpose

entity,

so

that

there

is

no

recourse

to

such

originator

or

owner.

Payments

of

principal

and

interest

on

asset-

backed

securities

typically

are

tied

to

payments

made

on

the

pool

of

underlying

assets

in

the

related

securitization.

Such

payments

on

the

underlying

assets

are

effectively

“passed

through”

to

the

asset-backed

security

holders

on

a

monthly

or

other

regular,

periodic

basis.

The

level

of

seniority

of

a

particular

asset-backed

security

will

determine

the

priority

in

which

the

holder

of

such

asset-backed

security

is

paid,

relative

to

other

security

holders

and

parties

in

such

securitization.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”).

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

114

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

residential

mortgage-backed

securities

(“RMBS”).

RMBS

are

securities

with

payments

which

depend

(except

for

rights

or

other

assets

designed

to

assure

the

servicing

or

timely

distribution

of

proceeds

to

holders

of

such

securities)

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

on

a

first

priority

basis

or

second

priority

basis,

subject

to

permitted

liens,

easements

and

other

encumbrances

by

residential

real

estate (one-to four-family

properties)

the

proceeds

of

which

are

used

to

purchase

real

estate

and

purchase

or

construct

dwellings

thereon

(or

to

refinance

indebtedness

previously

so

used).

Residential

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

secured

by

residential

property

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrowers’

abilities

to

repay

their

loans.

The

Fund

may

invest

in

commercial

mortgage-backed

securities

(“CMBS”).

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other  non-

governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

may

purchase

event-linked

bonds

or

“catastrophe

bonds.”

Event-linked

bonds

are

asset-backed

securities

generally

issued

by

special

purpose

vehicles

organized

by

insurance

companies,

with

interest

payments

tied

to

the

insurance

losses

of

casualty

insurance

contracts.

Large

insurance

losses,

such

as

those

caused

by

a

trigger

event,

such

as

a

hurricane,

earthquake

or

other

physical

or

weather

related

phenomenon,

will

reduce

the

interest

payments

and,

accordingly,

the

Fund

may

lose

a

portion

or

all

of

its

principal

invested

in

the

bond

or

suffer

a

reduction

in

credited

interest.

Small

losses

will

lead

to

above-market

interest

payments.

Generally,

event-linked

bonds

are

issued

as

Rule

144A

securities

(i.e.,

securities

which

are

not

registered

under

the

1933

Act,

but

which

can

be

sold

to

certain

institutional

buyers

in

accordance

with

Rule

144A

under

the

Securities

Act).

If

a

trigger

event

causes

losses

exceeding

a

specific

amount

in

the

geographic

region

and

time

period

specified

in

a

bond,

liability

under

the

terms

of

the

bond

is

limited

to

the

principal

and

accrued

interest

of

the

bond.

If

no

trigger

event

occurs,

the

Fund

will

recover

its

principal

plus

interest.

Often,

event-linked

bonds

provide

for

extensions

of

maturity

that

are

mandatory,

or

optional

at

the

discretion

of

the

issuer,

in

order

to

process

and

audit

loss

claims

in

those

cases

where

a

trigger

event

has,

or

possibly

has,

occurred.

An

extension

of

maturity

may

increase

volatility.

The

Fund

may

invest

in

Collateralized

Debt

Obligations

(“CDOs”)

and

Collateralized

Loan

Obligations

(“CLOs”).

CDOs

are

debt

obligations

typically

issued

by

a

private

special-purpose

entity

and

collateralized

principally

by

debt

securities,

including,

for

example,

high

yield,

high-risk

bonds,

structured

finance

securities

including

ABS,

mortgage-backed

securities

and

REITs.

CLOs

are

similar

to

CDOs,

but

are

typically

collateralized

principally

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

(commonly

known

as

“high

yield”

or

“junk”

bonds).

The

special

purpose

entity

typically

issues

one

or

more

classes

(sometimes

referred

to

as

“tranches”)

of

rated

debt

securities,

one

or

more

unrated

classes

of

debt

securities

that

are

generally

treated

as

equity

interests,

and

a

residual

equity

interest.

The

tranches

of

CDOs

and

CLOs

typically

have

different

interest

rates,

projected

weighted

average

lives

and

ratings,

with

the

higher

rated

tranches

paying

lower

interest

rates.

One

or

more

forms

of

credit

enhancement

are

almost

always

necessary

in

a

CDO/CLO

structure

to

obtain

the

desired

credit

ratings

for

the

most

highly

rated

debt

securities

issued

by

a

CDO

or

CLO.

The

types

of

credit

enhancement

used

include

“internal”

credit

enhancement

provided

by

the

underlying

assets

themselves,

such

as

subordination,

excess

spread

and

cash

collateral

accounts,

hedges

provided

by

interest

rate

swaps,

and

“external”

credit

enhancement

provided

by

third

parties,

principally

financial

guaranty

insurance

issued

by

monoline

insurers.

Despite

this

credit

enhancement,

CDO

and

CLO

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

lower

rated

protecting

tranches,

market

anticipation

of

defaults,

as

well

as

aversion

to

CDO

and

CLO

securities

as

a

class.

The

Fund

may

invest

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

invest

in

tobacco

settlement

bonds,

which

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement.

The

Fund

may

enter

into

mortgage

dollar

rolls

in

which

the

Fund

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

the

Fund

forgoes

principal

and

interest

paid

on

the

securities.

The

Fund

is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

The

Fund’s

investments

in

foreign

securities

may

include

investment

in

depositary

receipts,

including

American

Depositary

Receipts

(“ADRs”),

European

Depositary

Receipts

(“EDRs”)

and

Global

Depositary

Receipts

(“GDRs”).

U.S.

dollar-denominated

ADRs,

which

are

traded

in

the

United

States

on

exchanges

or over-the-counter, are

issued

by

domestic

banks.

ADRs

represent

the

right

to

receive

securities

of

foreign

issuers

deposited

in

a

domestic

bank

or

a

correspondent

bank.

In

general,

there

is

a

large,

liquid

market

in

the

United

States

for

many

ADRs.

The

information

available

for

ADRs

is

subject

to

the

accounting,

auditing

and

financial

reporting

standards

of

the

domestic

market

or

exchange

on

which

they

are

traded,

which

standards

are

more

uniform

and

more

exacting

than

those

to

which

many

foreign

issuers

may

be

subject.

115

The

Fund

may

also

invest

in

EDRs,

GDRs

and

in

other

similar

instruments

representing

securities

of

foreign

companies.

EDRs

and

GDRs

are

securities

that

are

typically

issued

by

foreign

banks

or

foreign

trust

companies,

although

U.S.

banks

or

U.S.

trust

companies

may

issue

them.

EDRs

and

GDRs

are

structured

similarly

to

the

arrangements

of

ADRs.

EDRs,

in

bearer

form,

are

designed

for

use

in

European

securities

markets

and

are

not

necessarily

denominated

in

the

currency

of

the

underlying

security.

The

Fund

may

invest

in

inflation

protected

securities.

Inflation

protected

securities

are

debt

securities

designed

to

provide

protection

against

the

negative

effects

of

inflation.

Two

structures

are

common.

The

U.S.

Treasury

and

some

other

issuers

use

a

structure

that

accrues

inflation

into

the

principal

value

of

the

bond.

Most

other

issuers

pay

out

the

inflation

accruals

as

part

of

a

semiannual

coupon.

The

Fund

may

invest

a

portion

of

their

assets

in

securities

of

companies

offering

shares

in

initial

public

offerings

(“IPOs”).

IPOs

may

have

a

magnified

performance

impact

on

the

Fund

with

a

small

asset

base.

The

impact

of

IPOs

on

the

Fund’s

performance

likely

will

decrease

as

the

Fund’s

asset

size

increases,

which

could

reduce

the

Fund’s

total

returns.

IPOs

may

not

be

consistently

available

to

the

Fund

for

investing,

particularly

as

the

Fund’s

asset

base

grows.

Because

IPO

shares

frequently

are

volatile

in

price,

the

Fund

may

hold

IPO

shares

for

a

very

short

period

of

time.

The

Fund

may

invest

in

participatory

notes

issued

by

banks

or

broker-dealers

that

are

designed

to

replicate

the

performance

of

certain  non-

U.S. companies

traded

on

a non-U.S. exchange.

Participatory

notes

are

a

type

of

equity-linked

derivative

which

generally

are

traded  over-the-

counter. 

The

Fund

may

invest

in

debentures

the

interest

on

which

may

be

paid

in

other

securities

rather

than

cash

(“PIKs”)

or

may

be

delayed

(“delayed

interest

securities”).

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

hold

a

portion

of

its

assets

in

cash

or

cash

equivalents,

including

foreign

cash

equivalents

or

foreign

bank

deposits.

As

part

of

its

investment

strategy,

the

Fund

may

employ

an

options

strategy

whereby

the

Fund

sells

(writes)

call

options

on

a

varying

percentage

of

the

market

value

of

the

Fund’s

equity

portfolio.

The

Fund

may

also

buy

calls,

buy

puts,

and

sell

puts

as

a

secondary

emphasis

of

the

options

strategy.

This

may

also

include

certain

uncovered

options

positions.

The

options

may

be

on

indexes,

custom

baskets

of

securities

and

individual

securities.

The

Fund’s

options

strategy

may

include

options

traded

in

the

over-the-counter

(“OTC”)

market

and

exchange-traded

options.

An

option

contract

is

a

contract

that

gives

the

holder

of

the

option,

in

return

for

a

premium,

the

right

to

buy

from

(in

the

case

of

a

call)

or

sell

to

(in

the

case

of

a

put)

the

writer

of

the

option

the

reference

instrument

underlying

the

option

(or

the

cash

value

of

the

index)

at

a

specified

exercise

price

at

any

time

during

the

term

of

the

option.

The

writer

of

an

option

on

a

security

has

the

obligation

upon

exercise

of

the

option

to

deliver

the

reference

instrument

(or

the

cash)

upon

payment

of

the

exercise

price

or

to

pay

the

exercise

price

upon

delivery

of

the

reference

instrument

(or

the

cash).

Upon

exercise

of

an

index

option,

the

writer

of

an

option

on

an

index

is

obligated

to

pay

the

difference

between

the

cash

value

of

the

index

and

the

exercise

price

multiplied

by

the

specified

multiplier

for

the

index

option.

Options

may

be

“covered,”

meaning

that

the

party

required

to

deliver

the

reference

instrument

if

the

option

is

exercised

owns

that

instrument

(or

has

set

aside

sufficient

assets

to

meet

its

obligation

to

deliver

the

instrument).

Options

may

be

listed

on

an

exchange

or

traded

in

the

OTC

market.

In

general,

exchange-traded

options

have

standardized

exercise

prices

and

expiration

dates

and

may

require

the

parties

to

post

margin

against

their

obligations,

and

the

performance

of

the

parties’

obligations

in

connection

with

such

options

is

guaranteed

by

the

exchange

or

a

related

clearing

corporation.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

purchase

equity

securities

in

a

private

placement

that

are

issued

by

issuers

who

have

outstanding,

publicly-traded

equity

securities

of

the

same

class

(“private

investments

in

public

equity”

or

“PIPES”).

Shares

in

PIPES

generally

are

not

registered

with

the

SEC

until

after

a

certain

time

period

from

the

date

the

private

sale

is

completed.

This

restricted

period

can

last

many

months.

Until

the

public

registration

process

is

completed,

PIPES

are

restricted

as

to

resale

and

the

Fund

cannot

freely

trade

the

securities.

Generally,

such

restrictions

cause

the

PIPES

to

be

illiquid

during

this

time.

The

Fund

may

use

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

include

financial

futures

contracts,

forward

contracts,

swap

contracts

(including

interest

rate,

total

return

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

credit

default

swaps

in

which

the

Fund

may

invest

include

credit

default

swap

indexes

and

single-name

credit

default

swaps.

A

credit

default

swap

index

is

a

portfolio

of

credit

default

swaps

with

similar

characteristics,

such

as

credit

default

swaps

on

high-yield

bonds.

The

Fund

will

usually

enter

into

interest

rate

swaps

on

a

net

basis;

that

is,

the

two

payment

streams

will

be

netted

out

in

a

cash

settlement

on

the

payment

date

or

dates

specified

in

the

instrument,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940

Act,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

116

Shareholder

Update

(Unaudited)

(continued)

Use

of

Leverage

The

Fund

may

use

leverage

to

seek

to

achieve

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

under

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings,

the

issuance

of

preferred

shares,

commercial

paper

or

notes,

by

entering

into

reverse

repurchase

agreements,

and

by

investing

in

inverse

floating

rate

securities.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

invest

any

percentage

of

its

total

assets

in

short-term

high

quality

debt

securities.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

117

NUVEEN

REAL

ESTATE

INCOME

FUND

(JRS)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

provide

high

current

income.

The

Fund’s

secondary

investment

objective

is

capital

appreciation.

Investment

Policies

Under

normal

market

conditions,

the

Fund

will

invest

at

least

90%

of

its

total

assets

in

income-producing

common

stocks,

preferred

stocks,

convertible

securities

and

debt

securities

issued

by

real

estate

companies.

The

Fund

has

a

fundamental

policy

of

concentrating

its

investments

in

the

U.S.

real

estate

industry

and

not

in

any

other

industry.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

will

invest

at

least

80%

of

its

total

assets

in

income

producing

equity

securities

issued

by

Real

Estate

Investment

Trusts

(“REITs”),

excluding

convertible

securities.

The

Fund

will

not

invest

more

than

25%

of

its

total

assets

in

non-investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities.

Investment

grade

quality

preferred

stocks,

convertible

preferred

stocks

and

debt

securities

are

those

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

letter

grades

(BBB

or

Baa

or

better)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

that

rates

such

instrument

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

portfolio

managers.

The

Fund

may

invest

up

to

20%

of

its

total

assets

in

debt

securities,

including

convertible

debt

securities,

issued

or

guaranteed

by

real

estate

companies.

The

Fund

will

invest

at

least

25%

of

its

Managed

Assets

in

securities

of

companies

in

the

financial

services

sector.

The

Fund

will

not

invest

more

than

10%

of

its

total

assets

in

the

securities

of

any

one

issuer.

The

Fund

will

not

enter

into

short

sales

or

invest

in

derivatives,

except

as

described

below

in

connection

with

the

interest

rate

swap

or

interest

rate

cap

transactions.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

90%

of

its

total

assets

in

income-producing

securities

issued

by

real

estate

companies,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

The

Fund

has

a

fundamental

policy

of

concentrating

its

investments

in

the

U.S.

real

estate

industry

and

not

in

any

other

industry.

This

policy

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund’s

investments

are

concentrated

in

the

U.S.

real

estate

industry.

A

real

estate

company

generally

derives

at

least

50%

of

its

revenue

from

the

ownership,

construction,

financing,

management

or

sale

of

commercial,

industrial

or

residential

real

estate

(or

that

has

at

least

50%

of

its

assets

invested

in

such

real

estate).

A

common

type

of

real

estate

company,

a

REIT,

is

a

company

that

pools

investors’

funds

for

investment

primarily

in

income-producing

real

estate

or

in

real

estate

related

loans

(such

as

mortgages)

or

other

interests.

Therefore,

a

REIT

normally

derives

its

income

from

rents

or

from

interest

payments,

and

may

realize

capital

gains

by

selling

properties

that

have

appreciated

in

value.

REITs

generally

pay

relatively

high

dividends

(as

compared

to

other

types

of

companies)

and

the

Fund

intends

to

use

these

REIT

dividends

in

an

effort

to

meet

its

primary

objective

of

high

current

income.

The

Fund

may

invest

in

common

stocks.

 Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer,

without

preference

over

and

with

a

lower

priority

than

any

other

class

of

securities,

including

such

issuer's

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

usually

carry

voting

rights

and

earn

dividends.

Common

stocks

fluctuate

in

price

in

response

to

many

factors

including

historical

and

118

Shareholder

Update

(Unaudited)

(continued)

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

perceptions

and

market

liquidity,

as

such

the

company

may

or

may

not

pay

dividends.

Dividends

on

common

stocks

are

declared

at

the

discretion

of

the

company’s

board.

In

addition,

common

stock

generally

has

the

greatest

appreciation

and

depreciation

potential

because

increases

and

decreases

in

earnings

are

usually

reflected

in

a

company's

stock

price.

The

Fund

may

invest

in

preferred

stocks.

Preferred

stock,

which

generally

pays

fixed

or

adjustable

rate

dividends

or

interest

to

investors,

has

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

stock

before

paying

any

dividends

on

its

common

stock.

On

the

other

hand,

preferred

stock

is

junior

to

all

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

its

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

adverse

consequences

to

the

issuer,

and

certain

other

features,

preferred

stock

is

often

treated

as

an

equity-like

instrument

by

both

issuers

and

investors,

as

its

quality

and

value

is

heavily

dependent

on

the

profitability

and

cash

flows

of

the

issuer

rather

than

on

any

legal

claims

to

specific

assets.

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

debt

securities,

including

convertible

debt

securities,

issued

or

guaranteed

by

real

estate

companies.

The

Fund’s

may

invest

in

below

investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities.

Below

investment

grade

preferred

stocks,

convertible

preferred

stocks

and

debt

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

will

invest

in

securities

of

companies

in

the

financial

services

sector.

For

purposes

of

identifying

companies

in

the

financial

services

sector,

the

Fund

will

use

sector

and

industry

classifications

such

as

those

provided

by

MSCI

and

Standard &

Poor’s

(The

Global

Industry

Classification

Standard

(GICS)),

Bloomberg,

Barclays

or

similar

sources

commonly

used

in

the

financial

industry.

As

a

result,

if

one

or

more

of

these

classifications

include

a

company

“in”

the

financial

services

sector,

the

Fund

will

consider

such

company

as

“in”

the

financial

services

sector.

The

Fund

may

invest

directly

or

indirectly

in

foreign

securities,

including

securities

denominated

in

foreign

currencies

or

in

multinational

currency

units.

Since

foreign

securities

often

are

purchased

with

and

payable

in

currencies

of

foreign

countries,

the

value

of

these

assets

as

measured

in

U.S.

dollars

may

be

affected

favorably

or

unfavorably

by

changes

in

currency

rates

and

exchange

control

regulations.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

interest

rate

swap

transactions

that

are

intended

to

hedge

the

Fund’s

payment

obligations.

Interest

rate

swaps

involve

the

Fund’s

agreement

with

the

swap

counterparty

to

pay

a

fixed

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

rate

payment

that

is

intended

to

approximate

the

Fund’s

variable

rate

payment

obligation

on

Borrowings

or

any

preferred

shares.

The

payment

obligation

is

based

on

the

notional

amount

of

the

swap.

The

Fund

may

also

enter

into

interest

rate

cap

transactions,

which

would

require

it

to

pay

a

premium

to

the

cap

counterparty

and

would

entitle

it,

to

the

extent

that

a

specified

variable

rate

index

exceeds

a

predetermined

fixed

rate,

to

receive

from

the

counterparty

payment

of

the

difference

based

on

the

notional

amount.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings

and

the

issuance

of

preferred

shares

of

beneficial

interest. In

addition,

the

Fund

may

also

use

certain

derivatives,

such

as

interest

rate

swaps,

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

investment

objectives

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

any

percentage

of

its

net

assets

in

short-term

investments

including

high

quality,

short-term

debt

securities

that

may

be

either tax-exempt or

taxable.

The

Fund

may

not

achieve

its

investment

objectives

during

such

periods.

119

NUVEEN

REAL

ASSET

INCOME

AND

GROWTH

FUND

(JRI)

Investment

Objective

The

Fund's

investment

objective

is

to

provide

a

high

level

of

current

income

and

long-term

capital

appreciation.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Managed

Assets

(as

defined

below)

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world. 

Real

asset-related

companies

are

defined

as:

(i) companies

that

are

in

the

energy,

telecommunications,

utilities

or

materials

sectors;

(ii) companies

in

the

real

estate

or

transportation

industry

groups;

(iii) companies

that,

if

not

in

one

of

these

sectors

or

industry

groups

(a) derive

at

least

50%

of

their

revenues

or

profits

from

the

ownership,

management,

operation,

development,

construction,

financing

or

sale

of

real

assets

or

(b) have

at

least

50%

of

the

fair

market

value

of

their

assets

invested

in

real

assets;

or

(iv) pooled

investment

vehicles

that

primarily

invest

in

the

foregoing

companies

or

that

are

otherwise

designed

primarily

to

provide

investment

exposure

to

real

assets.

The

Fund

also

employs

an

option

strategy

focused

on

securities

issued

by

real

asset-related

companies

that

seeks

to

generate

option

premiums

for

the

purpose

of

enhancing

the

Fund’s

risk-adjusted

total

returns

over

time.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund’s

investments

will

be

concentrated

in

the

infrastructure

and

real

estate

sectors.

The

Fund

will

not

have

more

than

40%

of

its

Managed

Assets,

at

the

time

of

purchase,

in

debt

securities.

All

of

the

Fund’s

debt

securities

may

be

rated

lower

than

investment

grade

quality

(BB+/Ba1

or

lower);

however,

no

more

than

10%

of

its

Managed

Assets

may

be

invested

in

debt

securities

rated

CCC+/Caa1

or

lower

at

any

time.

The

Fund

may

invest

up

to

5%

of

its

Managed

Assets

in

senior

loans.

The

Fund

will

invest

at

least

25%

and

no

more

than

75%

of

its

Managed

Assets

in

securities

of

non-U.S.

issuers

through

the

direct

investment

in

securities

of

non-U.S.

companies

and

depository

receipts. 

The

Fund

may

invest

up

to

50%

of

its

Managed

Assets

in

securities

of

emerging

markets

issuers.

The

Fund

may

write

(sell)

options

with

a

notional

value

of

options

ranging

from

0%

to

25%

of

its

Managed

Assets.

The

Fund

may

invest

up

to

10%

of

is

Managed

Assets

in

securities

of

other

open-

or

closed-end

investment

companies

(including

ETFs)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Managed

Assets

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

equity

and

debt

securities

issued

by

real

asset-related

companies

located

anywhere

in

the

world

in

the

infrastructure

and

real

estate

sectors.

The

infrastructure

sector

includes

investments

related

to

the

energy,

telecommunications,

utilities

and

materials

sectors.

The

real

estate

sector

includes

investments

in

real

estate

companies.

Debt

securities

in

which

the

Fund

may

invest

include: 

corporate

debt,

high

yield

debt,

mortgage-backed

securities

(“MBS”),

commercial

mortgage-

backed

securities

(“CMBS”),

debt

securities

issued

by

master-limited

partnerships

(“MLPs”)

and

REITs,

exchange-traded

notes

(“ETNs”),

commercial

paper

&

repurchase

agreements,

asset-backed

securities

(“ABS”)

and

senior

loans.

The

Fund

may

invest

in

common

stocks

issued

by

real

asset-related

companies.

 Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer,

without

preference

over

and

with

a

lower

priority

than

any

other

class

of

securities,

including

such

issuer's

debt

securities,

preferred

stock

and

other

senior

equity

securities.

Common

stocks

usually

carry

voting

rights

and

earn

dividends.

Common

stocks

fluctuate

in

price

in

response

to

many

factors

including

historical

and

prospective

earnings

of

the

issuer,

the

value

of

its

assets,

general

economic

conditions,

interest

rates,

investor

120

Shareholder

Update

(Unaudited)

(continued)

perceptions

and

market

liquidity,

as

such

the

company

may

or

may

not

pay

dividends.

Dividends

on

common

stocks

are

declared

at

the

discretion

of

the

company’s

board.

In

addition,

common

stock

generally

has

the

greatest

appreciation

and

depreciation

potential

because

increases

and

decreases

in

earnings

are

usually

reflected

in

a

company's

stock

price.

The

Fund

may

invest

in

rights

and

warrants

of

common

stock.

Rights

and

warrants

are pure

speculation

in

that

they

have

no

voting

rights,

pay

no

dividends

and

have

no

rights

with

respect

to

the

assets

of

the

entity

issuing

them.

They

do

not

represent

ownership

of

the

securities,

but

only

the

right

to

buy

them.

The

prices

of

rights

(if

traded

independently)

and

warrants

do

not

necessarily

move

parallel

to

the

prices

of

the

underlying

securities.

The

Fund

may

invest

in

preferred

stocks

issued

by

real

asset-related

companies.

Preferred

stock,

which

generally

pays

fixed

or

adjustable

rate

dividends

or

interest

to

investors,

has

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

stock

before

paying

any

dividends

on

its

common

stock.

On

the

other

hand,

preferred

stock

is

junior

to

all

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

its

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

adverse

consequences

to

the

issuer,

and

certain

other

features,

preferred

stock

is

often

treated

as

an

equity-like

instrument

by

both

issuers

and

investors,

as

its

quality

and

value

is

heavily

dependent

on

the

profitability

and

cash

flows

of

the

issuer

rather

than

on

any

legal

claims

to

specific

assets.

The

Fund

may

invest

in

convertible

securities

issued

by

real

asset-related

companies,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

securities

of

non-U.S.

issuers,

including

emerging

market

issuers.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

predominately

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

Furthermore,

a

country

is

considered

to

be

an

“emerging

market”

if

it

has

a

relatively

low

gross

national

product

per

capita

compared

to

the

world’s

major

economies

and

the

potential

for

rapid

economic

growth.

The

Fund

considers

a

country

an

emerging

market

country

based

on

the

determination

of

an

international

organization,

such

as

the

IMF,

or

an

unaffiliated,

recognized

financial

data

provider.

The

Fund

may

invest

in

debt

securities

issued

or

guaranteed

by

real

asset-related

companies.

The

Fund’s

investments

in

debt

securities

may

include

investment

grade

and

below

investment

grade

securities.

Below

investment

grade

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

may

invest

in

corporate

debt

securities,

including

corporate

bonds.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

debt

securities.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

invest

in

PIKs.

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

invest

in

senior

loans.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer. 

Senior

loans

generally

include:

(i) senior

loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii) assignments

of

such

interests

in

senior

loans,

or

(iii) participation

interests

in

senior

loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

Borrower.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

senior

loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

senior

loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

121

corporate

purposes.

A

senior

loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

senior

loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

senior

loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

typically

have

rates

of

interest

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

These

base

lending

rates

are

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

and

the

certificate

of

deposit

rate

or

other

base

lending

rates

used

by

commercial

lenders.

The

base

rate

for

senior

loans

are

generally

based

on

SOFR,

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

The

Fund

may

invest

in

MBS.

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

The

Fund

may

invest

in

CMBS.

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other non-governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

may

also

invest

in

ABS.

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

While

residential

mortgages

were

the

first

financial

assets

to

be

securitized

in

the

form

of

MBS, non-mortgage related

securitizations

have

grown

to

include

many

other

types

of

financial

assets,

such

as

credit

card

receivables,

auto

loans

and

student

loans.

The

Fund

may

invest

in

ETNs.

ETNs

are

a

type

of

senior,

unsecured,

unsubordinated

debt

security

issued

by

financial

institutions

that

combine

aspects

of

both

bonds

and

ETFs.

An

ETN’s

returns

are

based

on

the

performance

of

a

market

index

minus

fees

and

expenses.

Similar

to

ETFs,

ETNs

are

listed

on

an

exchange

and

traded

in

the

secondary

market.

However,

unlike

an

ETF,

an

ETN

has

a

maturity

date,

at

which

time

the

issuer

will

pay

a

return

linked

to

the

performance

of

the

market

index

to

which

the

ETN

is

linked

minus

certain

fees.

The

Fund

may

invest

in

REITs.

A

common

type

of

real

estate

company,

a

REIT

is

a

company

that

pools

investors’

funds

for

investment

primarily

in

income-producing

real

estate

or

in

real

estate

related

loans

(such

as

mortgages)

or

other

interests.

Therefore,

a

REIT

normally

derives

its

income

from

rents

or

from

interest

payments,

and

may

realize

capital

gains

by

selling

properties

that

have

appreciated

in

value.

REITs

generally

pay

relatively

high

dividends

(as

compared

to

other

types

of

companies)

and

the

Fund

intends

to

use

these

REIT

dividends

in

an

effort

to

meet

its

primary

objective

of

high

current

income.

REITs

generally

can

be

classified

as

Equity

REITs,

Mortgage

REITs

and

Hybrid

REITs.

An

Equity

REIT

invests

the

majority

of

its

assets

directly

in

real

property

and

derives

its

income

primarily

from

rents

and

from

capital

gains

on

real

estate

appreciation

which

are

realized

through

property

sales.

A

Mortgage

REIT

invests

the

majority

of

its

assets

in

real

estate

mortgage

loans

and

derives

its

income

primarily

from

interest

payments.

A

Hybrid

REIT

combines

the

characteristics

of

an

Equity

REIT

and

a

Mortgage

REIT.

Although

each

Fund

can

invest

in

all

three

kinds

of

REITs,

the

emphasis

of

each

Fund

is

expected

to

be

on

investments

in

the

common

stock

and

preferred

stock

of

Equity

REITs.

The

Fund

may

invest

in

MLPs.

MLPs

are

publicly

traded

limited

partnerships.

The

partnership

units

are

registered

with

the

SEC

and

are

freely

exchanged

on

a

securities

exchange

or

in

the

over-the-counter

(“OTC”)

market.

MLPs

that

are

taxed

as

partnerships

for

federal

income

tax

purposes

are

limited

by

the

Code

to

enterprises

that

engage

in

certain

businesses,

mostly

pertaining

to

the

use

of

natural

resources,

such

as

petroleum

and

natural

gas

extraction

and

transportation.

Some

real

estate

enterprises

also

may

qualify

as

MLPs

taxed

as

partnerships.

The

Fund

may

enter

into

repurchase

agreements

(the

purchase

of

a

security

coupled

with

an

agreement

to

resell

that

security

at

a

higher

price)

with

respect

to

its

permitted

investments.

The

Fund’s

repurchase

agreements

will

provide

that

the

value

of

the

collateral

underlying

the

repurchase

agreement

will

always

be

at

least

equal

to

the

repurchase

price,

including

any

accrued

interest

earned

on

the

agreement,

and

will

be  marked-to-

market  daily.

The

Fund

may

invest

in

commercial

paper.

Commercial

paper

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

corporations

such

as

banks

or

bank

holding

companies

and

finance

companies.

The

rate

of

return

on

commercial

paper

may

be

linked

or

indexed

to

the

level

of

exchange

rates

between

the

U.S.

dollar

and

a

foreign

currency

or

currencies.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

122

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

opportunistically

employ

an

option

strategy

by

writing

(selling)

call

options

on

custom

baskets

of

real

estate

securities

not

owned

by

the

Fund.

The

Fund

may

also

write

(sell)

covered

call

options

on

individual

real

estate

and/or

infrastructure

securities

owned

by

the

Fund.

The

Fund

also

may

write

(sell)

covered

call

options

on

individual

securities

issued

by

real

asset-related

companies.

An

option

contract

is

a

contract

that

gives

the

holder

of

the

option,

in

return

for

a

premium,

the

right

to

buy

from

(in

the

case

of

a

call)

or

sell

to

(in

the

case

of

a

put)

the

writer

of

the

option

the

reference

instrument

underlying

the

option

(or

the

cash

value

of

the

index)

at

a

specified

exercise

price

at

any

time

during

the

term

of

the

option.

The

writer

of

an

option

on

a

security

has

the

obligation

upon

exercise

of

the

option

to

deliver

the

reference

instrument

(or

the

cash)

upon

payment

of

the

exercise

price

or

to

pay

the

exercise

price

upon

delivery

of

the

reference

instrument

(or

the

cash).

Upon

exercise

of

an

index

option,

the

writer

of

an

option

on

an

index

is

obligated

to

pay

the

difference

between

the

cash

value

of

the

index

and

the

exercise

price

multiplied

by

the

specified

multiplier

for

the

index

option.

Options

may

be

“covered,”

meaning

that

the

party

required

to

deliver

the

reference

instrument

if

the

option

is

exercised

owns

that

instrument

(or

has

set

aside

sufficient

assets

to

meet

its

obligation

to

deliver

the

instrument). Options

may

be

listed

on

an

exchange

or

traded

in

the

OTC

market. In

general,

exchange-traded

options

have

standardized

exercise

prices

and

expiration

dates

and

may

require

the

parties

to

post

margin

against

their

obligations,

and

the

performance

of

the

parties’

obligations

in

connection

with

such

options

is

guaranteed

by

the

exchange

or

a

related

clearing

corporation.

OTC

options

have

more

flexible

terms

negotiated

between

the

buyer

and

the

seller,

but

generally

are

subject

to

counterparty

risk. The

ability

of

the

Fund

to

transact

business

with

any

one

or

any

number

of

counterparties,

the

lack

of

any

independent

evaluation

of

the

counterparties

or

their

financial

capabilities,

and

the

absence

of

a

regulated

market

to

facilitate

settlement,

may

increase

the

potential

for

losses

to

the

Fund. OTC

options

also

involve

greater

liquidity

risk. This

risk

may

be

increased

in

times

of

financial

stress,

if

the

trading

market

for

OTC

derivative

contracts

becomes

limited.

The

staff

of

the

SEC

takes

the

position

that

certain

purchased

OTC

options,

and

assets

used

as

cover

for

certain

written

OTC

options,

are

illiquid.

The

Fund

may

also

write

call

options

on

custom

baskets

of

real

estate

securities.

A

custom

basket

call

option

is

an

OTC

option

with

a

counterparty

whose

value

is

linked

to

the

market

value

of

a

portfolio

of

underlying

securities

and

is

collateralized

by

a

portion

of

the

Fund’s

portfolio.

In

order

to

minimize

the

difference

between

the

returns

of

the

underlying

securities

in

the

custom

basket

(commonly

referred

to

as

a

tracking

error),

the

sub-

adviser

will

use

optimization

calculations

when

selecting

the

individual

securities

for

inclusion

in

the

custom

basket.

In

selecting

real

estate

securities

for

each

custom

basket,

the

Fund

seeks

to

minimize

the

difference

between

the

returns

of

the

underlying

stocks

of

the

custom

basket

and

an

index

of

real

estate

securities

(commonly

referred

to

as

tracking

error)

and,

at

the

same

time,

maximize

exposure

to

securities

that

the

portfolio

managers

believe

are

less

likely

to

outperform

the

relevant

market

benchmarks

over

time.

Securities

selected

for

each

custom

basket

will

primarily

consist

of

underweighted

positions

relative

to

the

relevant

market

benchmarks,

and

may

include

securities

held

and

not

held

in

the

Fund’s

portfolio.

The

objective

in

structuring

these

custom

baskets

is

to

produce

option

premiums

without

limiting

the

upside

potential

for

specific

securities

that

the

portfolio

managers

believe

may

outperform

over

time.

In

addition

to

the

use

of

call

options

as

described

above,

the

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

fixed-income

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate,

credit

default

swaps

and

credit

default

swap

indices),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

borrowings,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

and

the

issuance

of

preferred

shares

of

beneficial

interest. In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

its

investment

objective

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

up

to

100%

of

its

Managed

Assets

in

short-term

investments,

including

high

quality,

short-term

securities

or

may

invest

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

Bonds.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

123

PRINCIPAL

RISKS

OF

THE

FUND

The

factors

that

are

most

likely

to

have

a

material

effect

on

the

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

The

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

The

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

the

Fund

can

change

over

time.

Risk

NMAI

JRS

JRI

Portfolio

Level

Risks

Basis

Risk

X

-

-

Below

Investment

Grade

Risk

X

X

X

Bond

Market

Liquidity

Risk

X

-

X

Call

Option

Risk

X

-

X

Call

Risk

X

X

X

Common

Stock

Risk

X

X

X

Contingent

Capital

Security

("

CoCos

")

Risk

X

-

-

Convertible

Securities

Risk

X

X

X

Credit

Risk

X

X

X

Credit

Spread

Risk

X

X

X

Debt

Securities

Risk

X

X

X

Deflation

Risk

X

X

X

Derivatives

Risk

X

X

X

Dividend-Paying

Securities

Risk

X

-

X

Distressed

or

Defaulted

Securities

Risk

X

-

-

Downgrade

Risk

X

-

-

Duration

Risk

X

X

X

Emerging

Markets

Risk

X

-

X

Exchange-Traded

Funds

("ETFs")

Risk

X

-

-

Exchange-Traded

Notes

("ETNs")

Risk

-

-

X

Extension

Risk

X

-

-

Financial

Futures

and

Options

Transactions

Risk

X

-

X

Financial

Services

Sector

Risk

-

X

-

Floating

and

Variable

Rate

Securities

Risk

X

-

-

Foreign

Currency

Risk

X

X

X

Foreign

Currency

Contracts

Risk

X

-

-

Foreign

Debt

Investment

Risk

X

-

-

Frequent

Trading

Risk

X

-

X

Growth

Stock

Risk

X

-

-

Hedging

Risk

X

X

X

Illiquid

Investments

Risk

X

X

X

Income

Risk

X

X

X

Income

Volatility

Risk

X

-

-

Inflation

Risk

X

X

X

Infrastructure

and

Real

Estate

Concentration

Risk

-

-

X

Infrastructure

Related

Securities

Risk

X

-

X

Infrastructure

Sector

Risk

X

-

-

Interest

Rate

Risk

X

X

X

Inverse

Floating

Rate

Securities

Risk

X

-

-

Large-Cap

Company

Risk

X

-

X

124

Shareholder

Update

(Unaudited)

(continued)

Risk

NMAI

JRS

JRI

Portfolio

Level

Risks

Loan

Risk

X

-

-

Master

Limited

Partnerships

("MLPs")

Risk

X

-

X

Mortgage-Backed

Securities

("MBS")

and

Asset-Backed

Securities

("ABS")

Risk

X

-

-

Mortgage

Roll

Risk

X

-

-

Municipal

Securities

Risk

X

-

-

Natural

Resource

Related

Securities

Risk

-

-

X

Non-U.S.

Securities

Risk

X

X

X

Options

Strategy

Risk

-

-

X

Other

Investment

Companies

Risk

X

X

X

Preferred

Securities

Risk

X

X

X

Prepayment

Risk

X

-

-

Put

Options

Risk

X

-

-

Real

Estate

Industry

Concentration

Risk

-

X

-

Real

Estate

Related

Securities

Risk

X

X

X

Reinvestment

Risk

X

X

X

Rights

and

Warrants

Risk

X

-

X

Rule

144A

Securities

Risk

X

-

-

Senior

Loan

Risk

X

-

-

Senior

Loan

Agent

Risk

X

-

-

Small

and

Mid-Cap

Company

Risk

X

-

X

Sovereign

Government

and

Supranational

Debt

Risk

X

-

-

Special

Risks

for

Inflation-Indexed

Bonds

X

-

-

Swap

Transactions

Risk

X

X

X

Unrated

Securities

Risk

X

X

X

U.S.

Government

Securities

Risk

X

-

-

Unseasoned

Company

Risk

-

-

X

Valuation

Risk

X

X

X

Value

Stock

Risk

X

-

-

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

-

X

Whole

Loans,

Loan

Participations

and

Other

Mortgage-Related

Interests

Risk

-

-

X

Zero

Coupon

or

Pay-In-Kind

Securities

Risk

X

-

X

125

Portfolio

Level

Risks:

Basis

Risk

.

As

short-term

rates

change,

interest

income

from

floating

rate

loans

may

not

increase

in

concert

with

increases

in

the

costs

of

floating

rate

leverage

or

other

borrowings,

introducing

basis

or

imperfect

hedging

risk.

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

security.

If

a

below

investment

grade

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Bond

Market

Liquidity

Risk.

Dealer

inventories

of

bonds,

which

provide

an

indication

of

the

ability

of

financial

intermediaries

to

“make

markets”

in

those

bonds,

are

at

or

near

historic

lows

in

relation

to

market

size.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

liquidity

and

increase

price

volatility

in

the

fixed

income

markets

in

which

the

Fund

invests,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

bonds,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

bonds.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

bonds

to

meet

shareholder

redemption

requests

or

to

raise

cash,

those

sales

could

further

reduce

the

bonds’

prices

and

hurt

performance.

Call

Risk.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Call

Option

Risk.

As

the

writer

of

a

call

option,

the

Fund

foregoes,

during

the

option’s

life,

the

opportunity

to

profit

from

increases

in

the

market

value

of

the

instrument

underlying

the

call

option

above

the

sum

of

the

premium

and

the

strike

price

of

the

option,

but

will

retain

the

risk

of

loss

should

the

market

value

of

the

instrument

underlying

the

call

option

decline.

The

purchaser

of

the

call

option

has

the

right

to

any

appreciation

in

the

value

of

the

underlying

instrument

over

the

exercise

price

upon

the

exercise

of

the

call

option

or

the

expiration

date.

As

the

Fund

increases

the

option

overlay

percentage,

its

ability

to

benefit

from

capital

appreciation

becomes

more

limited

and

the

risk

of

net

asset

value

(“NAV”)

erosion

increases.

If

the

Fund

experiences

NAV

erosion,

which

itself

may

have

a

negative

effect

on

the

market

price

of

the

Fund’s

shares,

the

Fund

will

have

a

reduced

asset

base

over

which

to

write

call

options,

which

may

eventually

lead

to

reduced

distributions

to

shareholders.

In

addition,

because

the

exercise

of

index

options

is

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

The

Fund

bears

a

risk

that

the

value

of

the

securities

held

by

the

Fund

will

vary

from

the

value

of

the

underlying

index

and

relative

to

the

written

index

call

option

positions.

Accordingly,

the

Fund

may

incur

losses

on

the

index

call

options

that

it

has

sold

that

exceed

gains

on

the

Fund’s

equity

portfolio.

The

value

of

index

options

written

by

the

Fund,

which

will

be

priced

daily,

will

be

affected

by

changes

in

the

value

of

and

dividend

rates

of

the

underlying

common

stocks

in

the

index,

changes

in

the

actual

or

perceived

volatility

of

the

stock

market

and

the

remaining

time

to

the

options’

expiration.

The

value

of

the

index

options

also

may

be

adversely

affected

if

the

market

for

the

index

options

becomes

less

liquid

or

smaller.

Risk

NMAI

JRS

JRI

Fund

Level

and

Other

Risks

Allocation

Risk

X

-

-

Anti-Takeover

Provisions

X

X

X

Borrowing

Risk

X

X

X

Counterparty

Risk

X

X

X

Cybersecurity

Risk

X

X

X

Global

Economic

Risk

X

X

X

Investment

and

Market

Risk

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

Leverage

Risk

X

X

X

Market

Discount

from

Net

Asset

Value

X

X

X

Multi-Manager

Risk

X

-

-

Recent

Market

Conditions

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

Fund

Tax

Risk

X

X

X

126

Shareholder

Update

(Unaudited)

(continued)

Collateralized

Loan

Obligation

(“CLO”)

Risk.

A

CLO

is

an

asset-backed

security

whose

underlying

collateral

is

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

floating

rate

and

fixed

rate

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

In

addition

to

the

risks

associated

with

loans,

illiquid

investments

and

high-yield

securities

described

below,

investments

in

CLOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

the

collateral

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

Fund

may

invest

in

tranches

of

CLOs

that

are

subordinate

to

other

tranches;

(4)

the

complex

structure

of

the

CLO

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results;

and

(5)

the

CLO’s

manager

may

perform

poorly.

CLOs

may

charge

management

and

other

administrative

fees,

which

are

in

addition

to

those

of

the

Fund.

Common

Stock

Risk.

Common

stocks

have

experienced

significantly

more

volatility

in

returns

and

may

significantly

underperform

relative

to

fixed-

income

securities

during

certain

periods.

An

adverse

event,

such

as

an

unfavorable

earnings

report,

may

depress

the

value

of

a

particular

common

stock

held

by

the

Fund.

Also,

the

prices

of

common

stocks

are

sensitive

to

general

movements

in

the

stock

market,

and

a

drop

in

the

stock

market

may

depress

the

price

of

common

stocks

to

which

the

Fund

has

exposure.

Common

stock

prices

fluctuate

for

several

reasons,

including

changes

in

investors’

perceptions

of

the

financial

condition

of

an

issuer,

the

general

condition

of

the

relevant

stock

market

or

the

current

and

expected

future

conditions

of

the

broader

economy,

or

when

political

or

economic

events

affecting

the

issuer

in

particular

or

the

stock

market

in

general

occur.

In

addition,

common

stock

prices

may

be

particularly

sensitive

to

rising

interest

rates,

as

the

cost

of

capital

rises

and

borrowing

costs

increase.

Contingent

Capital

Securities

(“

CoCos

”)

Risk.

A

loss

absorption

mechanism

trigger

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

(e.g.,

a

decrease

in

the

issuer’s

capital

ratio)

and

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

trigger

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline,

which

may

adversely

affect

the

Fund’s

NAV.

Further,

the

issuer’s

common

stock

would

be

subordinate

to

the

issuer’s

other

classes

of

securities

and

therefore

would

worsen

the

Fund’s

standing

in

a

bankruptcy

proceeding.

In

addition,

because

the

common

stock

of

the

issuer

may

not

pay

a

dividend,

investors

in

these

instruments

could

experience

a

reduced

income

rate,

potentially

to

zero.

In

view

of

the

foregoing,

CoCos

are

often

rated

below

investment

grade

and

are

subject

to

the

risks

of

below

investment

grade

securities.

CoCos

may

be

subject

to

an

automatic

write-down

(i.e.,

the

automatic

write-down

of

the

principal

amount

or

value

of

the

securities,

potentially

to

zero,

and

the

cancellation

of

the

securities)

under

certain

circumstances,

which

could

result

in

the

Fund

losing

a

portion

or

all

of

its

investment

in

such

securities.

In

addition,

the

Fund

may

not

have

any

rights

with

respect

to

repayment

of

the

principal

amount

of

the

securities

that

has

not

become

due

or

the

payment

of

interest

or

dividends

on

such

securities

for

any

period

from

(and

including)

the

interest

or

dividend

payment

date

falling

immediately

prior

to

the

occurrence

of

such

automatic

write-down.

An

automatic

write-down

could

also

result

in

a

reduced

income

rate

if

the

dividend

or

interest

payment

is

based

on

the

security’s

par

value.

Coupon

payments

on

CoCos

may

be

discretionary

and

may

be

cancelled

by

the

issuer

for

any

reason

or

may

be

subject

to

approval

by

the

issuer’s

regulator

and

may

be

suspended

in

the

event

there

are

insufficient

distributable

reserves.

In

certain

scenarios,

investors

in

CoCos

may

suffer

a

loss

of

capital

ahead

of

equity

holders

or

when

equity

holders

do

not.

There

is

no

guarantee

that

the

Fund

will

receive

a

return

of

principal

on

CoCos.

Any

indication

that

an

automatic

write-down

or

conversion

event

may

occur

can

be

expected

to

have

a

material

adverse

effect

on

the

market

price

of

CoCos.

The

prices

of

CoCos

may

be

volatile.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

a

fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

similarly

structured

securities.

CoCos

are

issued

primarily

by

financial

institutions.

Therefore,

CoCos

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

institutions

more

than

companies

in

other

sectors

and

industries.

Convertible

Securities

Risk.

Convertible

securities

have

characteristics

of

both

equity

and

debt

securities

and,

as

a

result,

are

exposed

to

certain

additional

risks

that

are

typically

associated

with

debt,

including

but

not

limited

to

Interest

Rate

Risk,

Credit

Risk,

Below

Investment

Grade

Risk

and

Unrated

Securities

Risk.

The

value

of

a

convertible

security

is

influenced

by

both

the

yield

of

non-convertible

securities

of

comparable

issuers

and

by

the

value

of

the

underlying

common

stock.

Convertible

securities

generally

offer

lower

interest

or

dividend

yields

than

non-convertible

securities

of

similar

credit

quality.

The

market

values

of

convertible

securities

tend

to

decline

as

interest

rates

increase

and,

conversely,

to

increase

as

interest

rates

decline.

However,

the

convertible

security’s

market

value

tends

to

reflect

the

market

price

of

the

common

stock

of

the

issuing

company

when

that

stock

price

is

greater

than

the

convertible

security’s

“conversion

price.”

The

conversion

price

is

defined

as

the

predetermined

price

at

which

the

convertible

security

could

be

exchanged

for

the

associated

common

stock.

As

the

market

price

of

the

underlying

common

stock

declines,

the

price

of

the

convertible

security

tends

to

be

influenced

more

by

the

yield

of

the

convertible

security.

Thus,

the

convertible

security

may

not

decline

in

price

to

the

same

extent

as

the

underlying

common

stock.

Convertible

securities

fall

below

debt

obligations

of

the

same

issuer

in

order

of

preference

or

priority

in

the

event

of

a

liquidation

and

are

typically

unrated

or

rated

lower

than

such

debt

obligations.

Credit

Risk.

Issuers

of

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-

payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

security

experiencing

non-payment

and

potentially

a

decrease

in

the

NAV

of

the

Fund.

With

respect

to

the

Fund’s

investments

that

are

secured,

there

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

dividend,

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

the

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

an

investment.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

127

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Debt

Securities

Risk.

Issuers

of

debt

instruments

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

instrument

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

There

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

security.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

security

or

other

asset

without

buying

or

selling

the

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Distressed

or

Defaulted

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Dividend-Paying

Securities

Risk.

The

Fund’s

investment

in

dividend-paying

stocks

could

cause

the

Fund

to

underperform

similar

funds

that

invest

without

consideration

of

a

company’s

track

record

of

paying

dividends.

Stocks

of

companies

with

a

history

of

paying

dividends

may

not

participate

in

a

broad

market

advance

to

the

same

degree

as

most

other

stocks,

and

a

sharp

rise

in

interest

rates

or

economic

downturn

could

cause

a

company

to

unexpectedly

reduce

or

eliminate

its

dividend.

There

is

no

guarantee

that

the

issuers

of

the

stocks

held

by

the

Fund

will

declare

dividends

in

the

future

or

that,

if

declared,

they

will

remain

at

their

current

levels

or

increase

over

time.

The

Fund

may

also

be

harmed

by

changes

to

the

favorable

federal

income

tax

treatment

generally

afforded

to

dividends.

Downgrade

Risk.

The

risk

that

securities

are

subsequently

downgraded

should

the

Fund’s

applicable

sub-adviser

and/or

rating

agencies

believe

the

issuer’s

business

outlook

or

creditworthiness

has

deteriorated.

If

this

occurs,

the

values

of

these

investments

may

decline,

or

it

may

affect

the

issuer’s

ability

to

raise

additional

capital

for

operational

or

financial

purposes

and

increase

the

chance

of

default,

as

a

downgrade

may

be

seen

in

the

financial

markets

as

a

signal

of

an

issuer’s

deteriorating

financial

position.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Emerging

Markets

Risk.

Investments

in

emerging

markets

involve

certain

risks

not

presented

by

investments

in

more

developed

markets,

including

greater

market

volatility,

political,

social

and

economic

instability,

uncertain

trading

markets

and

more

governmental

limitations.

Companies

in

emerging

markets

may

also

be

subject

to

less

stringent

regulatory,

accounting,

auditing,

and

financial

reporting

and

recordkeeping

standards

than

companies

in

more

developed

countries,

which

could

impede

the

Fund’s

ability

to

evaluate

such

companies

or

impact

the

Fund’s

performance.

Securities

laws

and

the

enforcement

of

systems

of

taxation

in

many

emerging

market

countries

may

change

quickly

and

unpredictably,

and

the

ability

to

bring

and

enforce

actions

may

be

limited

or

otherwise

impaired.

In

addition,

investments

in

emerging

markets

may

experience

lower

trading

volume,

greater

price

fluctuations,

delayed

settlement,

unexpected

market

closures

and

lack

of

timely

information,

and

may

be

subject

to

additional

transaction

costs.

Certain

emerging

markets

also

may

face

other

significant

internal

or

external

risks,

including

a

heightened

risk

of

war,

and

ethnic,

religious

and

racial

conflicts.

The

considerations

noted

below

in

“Non-U.S.

Securities

Risk”

are

generally

intensified

for

investments

in

emerging

market

countries.

128

Shareholder

Update

(Unaudited)

(continued)

Exchange-Traded

Funds

(“ETFs”)

Risk.

Like

any

fund,

an

ETF

is

subject

to

the

risks

of

the

underlying

securities

that

it

holds.

In

addition,

investments

in

ETFs

present

certain

risks

that

do

not

apply

to

investments

in

traditional

mutual

funds.

For

index-based

ETFs,

while

such

ETFs

seek

to

achieve

the

same

returns

as

a

particular

market

index,

the

performance

of

an

ETF

may

diverge

from

the

performance

of

such

index

(commonly

known

as

tracking

error).

ETFs

are

subject

to

fees

and

expenses

(like

management

fees

and

operating

expenses)

and

the

Fund

will

indirectly

bear

its

proportionate

share

of

any

such

fees

and

expenses

paid

by

the

ETFs

in

which

it

invests.

Moreover,

ETF

shares

may

trade

at

a

premium

or

discount

to

their

NAV.

As

ETFs

trade

on

an

exchange,

they

are

subject

to

the

risks

of

any

exchange-traded

instrument,

including:

(i)

an

active

trading

market

for

its

shares

may

not

develop

or

be

maintained,

(ii)

market

makers

or

authorized

participants

may

decide

to

reduce

their

role

or

step

away

from

these

activities

in

times

of

market

stress,

(iii)

trading

of

its

shares

may

be

halted

by

the

exchange,

and

(iv)

its

shares

may

be

delisted

from

the

exchange.

Exchange-Traded

Notes

(“ETNs”)

Risk.

Like

other

index-tracking

instruments,

ETNs

are

subject

to

the

risk

that

the

value

of

the

index

may

decline,

at

times

sharply

and

unpredictably.

In

addition,

ETNs—which

are

debt

instruments—are

subject

to

risk

of

default

by

the

issuer.

ETNs

differ

from

ETFs.

While

ETFs

are

subject

to

market

risk,

ETNs

are

subject

to

both

market

risk

and

the

risk

of

default

by

the

issuer.

ETNs

are

also

subject

to

the

risk

that

a

liquid

secondary

market

for

any

particular

ETN

might

not

be

established

or

maintained.

Extension

Risk.

The

risk

that,

during

periods

of

rising

interest

rates,

borrowers

may

pay

off

their

mortgage

loans

later

than

expected,

preventing

the

Fund

from

reinvesting

principal

proceeds

at

higher

interest

rates,

resulting

in

less

income

than

potentially

available.

These

risks

are

normally

present

in

mortgage-backed

securities

and

other

asset-backed

securities.

For

example,

homeowners

have

the

option

to

prepay

their

mortgages.

Therefore,

the

duration

of

a

security

backed

by

home

mortgages

can

lengthen

depending

on

homeowner

prepayment

activity.

A

decline

in

the

prepayment

rate

and

the

resulting

increase

in

duration

of

debt

securities

held

by

the

Fund

can

result

in

losses

to

investors

in

the

Fund.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Financial

Services

Sector

Risk.

The

Fund’s

investment

in

securities

issued

by

financial

services

companies

makes

the

Fund

more

susceptible

to

adverse

economic

or

regulatory

occurrences

affecting

those

companies.

Investments

in

financial

services

companies

includes

the

following

risks:

financial

services

companies

may

suffer

a

setback

if

regulators

change

the

rules

under

which

they

operate;

unstable

interest

rates

can

have

a

disproportionate

effect

on

the

financial

services

sector;

financial

services

companies

whose

securities

the

Fund

may

purchase

may

themselves

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

real

estate

developers,

which

makes

them

vulnerable

to

economic

conditions

that

affect

that

sector;

financial

services

companies

have

been

affected

by

increased

competition,

which

could

adversely

affect

the

profitability

or

viability

of

such

companies;

and

financial

services

companies

have

been

significantly

and

negatively

affected

by

the

downturn

in

the

subprime

mortgage

lending

market

and

the

resulting

impact

on

the

world’s

economies.

Floating

and

Variable

Rate

Securities

Risk.

Floating

and

variable

rate

securities

provide

for

adjustment

in

the

interest

rate

paid

on

the

obligations.

The

terms

of

such

obligations

typically

provide

that

interest

rates

are

adjusted

based

upon

an

interest

or

market

rate

adjustment

as

provided

in

the

respective

obligations.

The

adjustment

intervals

may

be

regular,

and

range

from

daily

up

to

annually,

or

may

be

event-based,

such

as

based

on

a

change

in

the

prime

rate.

Because

of

the

interest

rate

adjustment

feature,

floating

and

variable

rate

securities

provide

an

investor

with

a

certain

degree

of

protection

against

rises

in

interest

rates,

although

the

investor

will

participate

in

any

declines

in

interest

rates

as

well.

Generally,

changes

in

interest

rates

will

have

a

smaller

effect

on

the

market

value

of

floating

and

variable

rate

securities

than

on

the

market

value

of

comparable

fixed-

income

obligations.

Thus,

investing

in

floating

and

variable

rate

securities

generally

allows

less

opportunity

for

capital

appreciation

and

depreciation

than

investing

in

comparable

fixed-income

securities.

Floating

and

variable

rate

securities

may

be

subject

to

greater

liquidity

risk

than

other

debt

securities,

meaning

that

there

may

be

limitations

on

the

Fund’s

ability

to

sell

the

securities

at

any

given

time.

Such

securities

also

may

lose

value.

Foreign

Currency

Risk.

Because

the

Fund

may

invest

in

securities

denominated

or

quoted

in

currencies

other

than

the

U.S.

dollar,

changes

in

foreign

currency

exchange

rates

may

affect

the

value

of

securities

held

by

the

Fund

and

the

unrealized

appreciation

or

depreciation

of

investments.

Currencies

of

certain

countries

may

be

volatile

and

therefore

may

affect

the

value

of

securities

denominated

in

such

currencies,

which

means

that

the

Fund’s

NAV

could

decline

as

a

result

of

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

certain

countries,

particularly

emerging

market

countries,

may

impose

foreign

currency

exchange

controls

or

other

restrictions

on

the

transferability,

repatriation

or

convertibility

of

currency.

Forward

Currency

Contracts

Risk.

Forward

currency

contracts

are

not

standardized;

rather,

banks

and

dealers

act

as

principals

in

these

markets,

negotiating

each

transaction

on

an

individual

basis.

Forward

and

“cash”

trading

is

substantially

unregulated;

there

is

no

limitation

on

daily

price

movements

and

speculative

position

limits

are

not

applicable.

The

principals

who

deal

in

the

forward

currency

markets

are

not

required

to

continue

to

make

markets

in

the

securities

they

trade

and

these

markets

can

experience

periods

of

illiquidity,

sometimes

of

significant

duration.

There

have

129

been

periods

during

which

certain

participants

in

these

markets

have

refused

to

quote

prices

for

certain

securities

or

have

quoted

prices

with

an

unusually

wide

spread

between

the

price

at

which

they

were

prepared

to

buy

and

that

at

which

they

were

prepared

to

sell.

Market

illiquidity

or

disruption

could

result

in

major

losses

to

the

Fund.

In

addition,

trading

forward

currency

contracts

can

have

the

effect

of

financial

leverage

by

creating

additional

investment

exposure.

Foreign

Debt

Investment

Risk.

Foreign

investments,

which

may

include

debt

securities

of

foreign

issuers,

or

securities

or

contracts

payable

or

denominated

in

non-U.S.

currencies,

can

involve

special

risks

that

arise

from

one

or

more

of

the

following

events

or

circumstances:

(1)

changes

in

currency

exchange

rates;

(2)

possible

imposition

of

market

controls

or

currency

exchange

controls;

(3)

possible

imposition

of

withholding

taxes

on

dividends

and

interest;

(4)

possible

seizure,

expropriation

or

nationalization

of

assets;

(5)

more

limited

financial

information

about

the

foreign

debt

issuer

or

difficulties

interpreting

it

because

of

foreign

regulations

and

accounting

standards;

(6)

lower

liquidity

and

higher

volatility

in

some

foreign

markets;

(7)

the

impact

of

political,

social

or

diplomatic

events;

(8)

economic

sanctions

or

other

measures

by

the

United

States

or

other

governments;

(9)

the

difficulty

of

evaluating

some

foreign

economic

trends;

and

(10)

the

possibility

that

a

foreign

government

could

restrict

an

issuer

from

paying

principal

and

interest

on

its

debt

obligations

to

investors

outside

the

country.

It

may

also

be

difficult

to

use

foreign

laws

and

courts

to

force

a

foreign

issuer

to

make

principal

and

interest

payments

on

its

debt

obligations.

In

addition,

the

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates

because

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

To

the

extent

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

companies

in

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region.

Investment

in

the

Fund

may

be

more

exposed

to

a

single

country

or

a

region’s

economic

cycles,

stock

market

valuations

and

currency,

which

could

increase

its

risk

compared

with

a

more

geographically

diversified

fund.

In

addition,

political,

social,

regulatory,

economic

or

environmental

events

that

occur

in

a

single

country

or

region

may

adversely

affect

the

values

of

that

country

or

region’s

securities

and

thus

the

holdings

of

the

Fund.

Frequent

Trading

Risk.

In

pursuing

its

investment

objective,

the

Fund

may

engage

in

trading

that

results

in

a

high

portfolio

turnover

rate,

which

may

vary

greatly

from

year

to

year,

as

well

as

within

a

given

year.

A

higher

portfolio

turnover

rate

may

result

in

correspondingly

greater

transactional

expenses

that

are

borne

by

the

Fund.

Such

expenses

may

include

bid-ask

spreads,

dealer

mark-ups,

and

other

transactional

costs

on

the

sale

of

securities

and

reinvestment

in

other

securities,

and

may

result

in

the

realization

of

taxable

capital

gains

(including

short-term

gains,

which

are

generally

taxed

for

federal

income

tax

purposes

to

shareholders

as

ordinary

income

when

distributed).

These

costs,

which

are

not

reflected

in

annual

fund

operating

expenses

or

in

the

example

thereunder,

may

affect

the

Fund’s

performance.

Growth

Stock

Risk.

The

growth

stocks

in

which

the

Fund

may

invest

tend

to

be

more

volatile

than

certain

other

types

of

stocks

and

their

prices

usually

fluctuate

more

dramatically

than

the

overall

stock

market.

Growth

stocks

may

be

more

expensive

relative

to

their

earnings

or

assets

compared

to

other

types

of

equity

securities.

Accordingly,

a

stock

with

growth

characteristics

can

have

sharp

price

declines

due

to

decreases

in

current

or

expected

earnings

and

may

lack

dividends

that

can

help

cushion

its

share

price

in

a

declining

market.

In

addition,

growth

stocks,

at

times,

may

not

perform

as

well

as

value

stocks

or

the

stock

market

in

general,

and

may

be

out

of

favor

with

investors

for

varying

periods

of

time.

Growth

companies

may

be

newer

or

smaller

companies

and

may

retain

a

large

part

of

their

earnings

for

research,

development

or

investments

in

capital

assets.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/

or

the

applicable

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

applicable

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Income

Volatility

Risk.

Income

volatility

refers

to

the

degree

and

speed

with

which

changes

in

prevailing

market

interest

rates

diminish

the

level

of

current

income

from

a

portfolio

of

debt

securities.

The

risk

of

income

volatility

is

that

the

level

of

current

income

from

a

portfolio

of

debt

securities

may

decline

in

certain

interest

rate

environments.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

130

Shareholder

Update

(Unaudited)

(continued)

Infrastructure

and

Real

Estate

Concentration

Risk.

The

Fund’s

investments

are

concentrated

in

the

infrastructure

and

real

estate

sectors.

Because

the

Fund

is

concentrated

in

such

sectors,

it

may

be

subject

to

more

risks

than

if

it

were

broadly

diversified

across

the

economy.

General

changes

in

market

sentiment

towards

infrastructure

and

real

estate

companies

may

adversely

affect

the

Fund,

and

the

performance

of

infrastructure

and

real

estate

companies

may

lag

behind

the

broader

market

as

a

whole.

Also,

the

Fund’s

concentration

in

the

infrastructure

and

real

estate

sectors

may

subject

the

Fund

to

risks

associated

with

companies

in

those

sectors.

Infrastructure

Related

Securities

Risk.

General.

The

Fund

invests

significantly

in

infrastructure

related

securities,

which

will

expose

the

Fund

to

the

consequences

of

any

adverse

economic,

regulatory,

political,

legal

and

other

changes

affecting

the

issuers

of

such

securities.

Infrastructure

related

businesses

are

subject

to

a

variety

of

factors

that

may

adversely

affect

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

high

leverage,

costs

associated

with

environmental

and

other

regulations,

the

effects

of

economic

slowdown

and

surplus

capacity,

increased

competition

from

other

providers

of

services,

uncertainties

concerning

the

availability

of

fuel

at

reasonable

prices,

the

effects

of

energy

conservation

policies

and

other

factors.

Additionally,

infrastructure

related

businesses

may

be

subject

to

regulation

by

various

governmental

authorities

and

may

also

be

affected

by

governmental

regulation

of

rates

charged

to

customers,

service

interruption

and/or

legal

challenges

due

to

environmental,

operational

or

other

mishaps

and

the

imposition

of

special

tariffs

and

changes

in

tax

laws,

regulatory

policies

and

accounting

standards.

There

is

also

the

risk

that

corruption

may

negatively

affect

publicly

funded

infrastructure

projects,

especially

in

emerging

markets,

resulting

in

delays

and

cost

overruns.

Technological

Risk.

Technological

changes

in

the

way

a

service

or

product

is

delivered

may

render

existing

technologies

obsolete.

Infrastructure

assets

have

very

few

alternative

uses

should

they

become

obsolete.

Communications

utilities

may

be

particularly

sensitive

to

these

risks,

as

telecommunications

products

and

services

also

may

be

subject

to

rapid

obsolescence

resulting

from

changes

in

consumer

tastes,

intense

competition

and

strong

market

reactions

to

technological

development.

Developing

Industries

Risk.

Some

infrastructure

companies

are

focused

on

developing

new

technologies

and

are

strongly

influenced

by

technological

changes.

Product

development

efforts

by

infrastructure

companies

may

not

result

in

viable

commercial

products.

Infrastructure

companies

may

bear

high

research

and

development

costs,

which

can

limit

their

ability

to

maintain

operations

during

periods

of

organizational

growth

or

instability.

Some

infrastructure

companies

may

be

in

the

early

stages

of

operations

and

may

have

limited

operating

histories

and

smaller

market

capitalizations

on

average

than

companies

in

other

sectors.

As

a

result

of

these

and

other

factors,

the

value

of

investments

in

such

infrastructure

issuers

may

be

considerably

more

volatile

than

those

in

more

established

segments

of

the

economy.

Regional

Risk.

Should

an

event

that

impairs

assets

occur

in

a

region

where

an

infrastructure

company

operates,

the

performance

of

such

infrastructure

company

may

be

adversely

affected.

As

many

infrastructure

assets

are

not

moveable,

such

an

event

may

have

enduring

effects

on

the

infrastructure

company

that

are

difficult

to

mitigate.

Strategic

Asset

Risk.

Infrastructure

companies

may

control

significant

strategic

assets.

Strategic

assets

are

assets

that

have

a

national

or

regional

profile,

and

may

have

monopolistic

characteristics.

Given

the

national

or

regional

profile

and/or

their

irreplaceable

nature,

strategic

assets

may

constitute

a

higher

risk

target

for

terrorist

acts

or

adverse

political

actions.

Environmental

Risk.

Infrastructure

companies,

in

particular

those

in

the

electrical

utility

industry,

can

have

substantial

environmental

impacts.

Ordinary

operations

or

operational

accidents

may

cause

major

environmental

damage,

which

could

cause

infrastructure

companies

significant

financial

distress.

Community

and

environmental

groups

may

protest

the

development

or

operation

of

assets

or

facilities

of

infrastructure

companies,

and

these

protests

may

induce

government

action

to

the

detriment

of

infrastructure

companies.

Political

and

Expropriation

Risk.

Governments

may

attempt

to

influence

the

operations,

revenue,

profitability

or

contractual

relationships

of

infrastructure

companies

or

expropriate

infrastructure

companies’

assets.

The

public

interest

aspect

of

the

products

and

services

provided

by

infrastructure

companies

means

political

oversight

will

remain

pervasive.

Operational

Risk.

The

long-term

profitability

of

infrastructure

companies

is

partly

dependent

on

the

efficient

operation

and

maintenance

of

their

assets.

Infrastructure

companies

may

be

subject

to

service

interruptions

due

to

environmental

disasters,

operational

accidents

or

terrorist

activities,

which

may

impair

their

ability

to

maintain

payments

of

dividends

or

interest

to

investors.

The

destruction

or

loss

of

an

asset

or

facility

may

have

a

major

adverse

impact

on

an

infrastructure

company.

Failure

by

the

infrastructure

company

to

operate

and

maintain

its

assets

or

facilities

appropriately

or

to

carry

appropriate,

enforceable

insurance

could

lead

to

significant

losses.

Regulatory

Risk.

Many

infrastructure

companies

are

subject

to

significant

national,

regional

and

local

government

regulation,

which

may

include

how

facilities

are

constructed,

maintained

and

operated,

environmental

and

safety

controls

and

the

prices

they

may

charge

for

the

products

and

services

they

provide.

Various

governmental

authorities

have

the

power

to

enforce

compliance

with

these

regulations

and

the

permits

issued

under

them,

and

violators

are

subject

to

administrative,

civil

and

criminal

penalties,

including

civil

fines,

injunctions

or

both.

Stricter

laws,

regulations

or

enforcement

policies

could

be

enacted

in

the

future

which

would

likely

increase

compliance

costs

and

may

adversely

affect

the

operations

and

financial

performance

of

infrastructure

issuers.

Regulators

that

have

the

power

to

set

or

modify

the

prices

infrastructure

issuers

can

charge

for

their

products

or

services

can

have

a

significant

impact

on

the

profitability

of

such

infrastructure

issuers.

The

returns

on

regulated

assets

or

services

are

usually

stable

during

regulated

periods,

but

may

be

volatile

during

any

period

that

rates

are

reset

by

the

regulator.

Infrastructure

companies

may

be

adversely

affected

by

additional

regulatory

requirements

enacted

in

response

to

environmental

disasters

or

to

address

ongoing

environment

concerns,

which

may

impose

additional

costs

or

limit

certain

operations

by

such

companies

operating

in

various

sectors.

Non-U.S.

infrastructure

companies

are

also

subject

to

regulation,

although

such

regulations

may

or

may

not

be

comparable

to

those

in

the

United

States.

Non-U.S.

infrastructure

companies

may

be

more

heavily

regulated

by

their

respective

governments

than

companies

in

the

United

States

and,

as

in

the

United

States,

may

be

required

to

seek

government

approval

for

rate

increases.

In

addition,

non-U.S.

infrastructure

companies

in

131

the

electrical

utility

industry

may

use

fuels

that

may

cause

more

pollution

than

those

used

in

the

United

States,

which

may

require

such

companies

to

invest

in

pollution

control

equipment

to

meet

any

proposed

pollution

restrictions.

Non-U.S.

regulatory

systems

vary

from

country

to

country

and

may

evolve

in

ways

different

from

regulation

in

the

United

States.

Interest

Rate

Risk.

Due

to

the

high

costs

of

developing,

constructing,

operating

and

distributing

assets

and

facilities,

many

infrastructure

companies

are

highly

leveraged.

As

such,

movements

in

the

level

of

interest

rates

may

affect

the

returns

from

these

assets.

The

structure

and

nature

of

the

debt

is

therefore

an

important

element

to

consider

in

assessing

the

interest

rate

risk

posed

by

infrastructure

companies.

In

particular,

the

type

of

facilities,

maturity

profile,

rates

being

paid,

fixed

versus

variable

components

and

covenants

in

place

(including

how

they

impact

returns

to

equity

holders)

are

crucial

factors

in

assessing

the

degree

of

interest

rate

risk.

Inflation

Risk.

Many

infrastructure

companies

may

have

fixed

income

streams

and,

therefore,

may

be

unable

to

increase

their

dividends

during

inflationary

periods.

The

market

value

of

infrastructure

companies

may

decline

in

value

in

times

of

higher

inflation

rates.

The

prices

that

an

infrastructure

company

is

able

to

charge

users

of

its

assets

may

not

always

be

linked

to

inflation.

In

this

case,

changes

in

the

rate

of

inflation

may

affect

the

forecast

profitability

of

the

infrastructure

company.

Infrastructure

Sector

Risk.

A

Fund

that

invests

significantly

in

infrastructure-related

securities

has

greater

exposure

to

adverse

economic,

regulatory,

political,

legal,

and

other

changes

affecting

the

issuers

of

such

securities.

Infrastructure-related

businesses

are

subject

to

a

variety

of

factors

that

may

adversely

affect

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

costs

associated

with

environmental

and

other

regulations,

the

effects

of

economic

slowdown

and

surplus

capacity,

increased

competition

from

other

providers

of

services,

uncertainties

concerning

the

availability

of

fuel

and

natural

resources

at

reasonable

prices,

the

effects

of

energy

conservation

policies,

increased

susceptibility

to

terrorist

acts

and

other

factors.

Additionally,

infrastructure-related

entities

may

be

subject

to

regulation

by

various

governmental

authorities

and

may

also

be

affected

by

governmental

regulation

of

rates

charged

to

consumers,

service

interruption

and/or

legal

challenges

due

to

environmental,

operational

or

other

mishaps

and

the

imposition

of

special

tariffs

and

changes

in

tax

laws,

regulatory

policies

and

accounting

standards.

There

is

also

the

risk

that

corruption

may

negatively

affect

publicly-funded

infrastructure

projects,

especially

in

emerging

markets,

resulting

in

delays

and

cost

overruns

as

well

as

cause

negative

publicity,

which

may

adversely

affect

the

value

of

an

entity’s

securities.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Large-Cap

Company

Risk.

While

large-cap

companies

may

be

less

volatile

than

those

of

mid-and

small-cap

companies,

they

still

involve

risk.

To

the

extent

the

Fund

invests

in

large-capitalization

securities,

the

Fund

may

underperform

funds

that

invest

primarily

in

securities

of

smaller

capitalization

companies

during

periods

when

the

securities

of

such

companies

are

in

favor.

Large-capitalization

companies

may

be

unable

to

respond

as

quickly

as

smaller

capitalization

companies

to

competitive

challenges

or

to

changes

in

business,

product,

financial

or

other

market

conditions.

Loan

Risk.

The

lack

of

an

active

trading

market

for

certain

loans

may

impair

the

ability

of

the

Fund

to

realize

full

value

in

the

event

of

the

need

to

sell

a

loan

and

may

make

it

difficult

to

value

such

loans.

Portfolio

transactions

in

loans

may

settle

in

as

short

as

seven

days

but

typically

can

take

up

to

two

or

three

weeks,

and

in

some

cases

much

longer.

As

a

result

of

these

extended

settlement

periods,

the

Fund

may

incur

losses

if

it

is

required

to

sell

other

investments

or

temporarily

borrow

to

meet

its

cash

needs.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral,

are

higher

than

those

for

comparable

loans

that

are

secured

by

specific

collateral.

For

secured

loans,

there

is

a

risk

that

the

value

of

any

collateral

securing

a

loan

in

which

the

Fund

has

an

interest

may

decline

and

that

the

collateral

may

not

be

sufficient

to

cover

the

amount

owed

on

the

loan.

Interests

in

loans

made

to

finance

highly

leveraged

companies

or

transactions

such

as

corporate

acquisitions

may

be

especially

vulnerable

to

adverse

changes

in

economic

or

market

conditions.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

However,

in

periods

of

high

demand

by

lenders

like

the

Fund

for

loan

investments,

borrowers

may

limit

these

covenants

and

weaken

a

lender’s

ability

to

access

collateral

securing

the

loan;

reprice

the

credit

risk

associated

with

the

borrower;

and

mitigate

potential

loss.

The

Fund

may

experience

relatively

greater

realized

or

unrealized

losses

or

delays

and

expenses

in

enforcing

its

rights

with

respect

to

loans

with

132

Shareholder

Update

(Unaudited)

(continued)

fewer

restrictive

covenants.

Additionally,

loans

may

not

be

considered

“securities”

and,

as

a

result,

the

Fund

may

not

be

entitled

to

rely

on

the

anti-

fraud

protections

of

the

securities

laws.

Because

junior

loans

have

a

lower

place

in

an

issuer’s

capital

structure

and

may

be

unsecured,

junior

loans

involve

a

higher

degree

of

overall

risk

than

senior

loans

of

the

issuer.

Master

Limited

Partnerships

(“MLPs”)

Risk.

An

MLP

is

an

investment

that

combines

the

tax

benefits

of

a

limited

partnership

with

the

liquidity

of

publicly

traded

securities.

Entities

commonly

referred

to

as

MLPs

are

generally

organized

under

state

law

as

limited

partnerships

or

limited

liability

companies.

An

investment

in

MLP

units

involves

risks

that

differ

from

a

similar

investment

in

equity

securities,

such

as

common

stock,

of

a

corporation.

Holders

of

MLP

units

have

the

rights

typically

afforded

to

limited

partners

in

a

limited

partnership.

As

compared

to

common

stockholders

of

a

corporation,

holders

of

MLP

units

have

significantly

more

limited

rights

to

exercise

control

over

the

partnership

and

to

vote

on

matters

affecting

the

partnership.

In

addition,

state

law

governing

partnerships

is

often

less

restrictive

than

state

law

governing

corporations.

Accordingly,

there

may

be

fewer

protections

afforded

investors

in

an

MLP

than

investors

in

a

corporation.

Investments

held

by

MLPs

may

be

relatively

illiquid,

limiting

the

MLPs’

ability

to

vary

their

portfolios

promptly

in

response

to

changes

in

economic

or

other

conditions.

MLPs

may

have

limited

financial

resources

and

their

securities

may

trade

infrequently

and

in

limited

volumes

and

be

subject

to

more

abrupt

or

erratic

price

movements

than

securities

of

larger

or

more

broadly-based

companies.

The

Fund’s

investment

in

MLPs

also

subjects

the

Fund

to

the

risks

associated

with

the

specific

industry

or

industries

in

which

the

MLPs

invest.

Currently,

most

MLPs

operate

in

the

energy,

natural

resources

or

real

estate

sectors.

Additionally,

since

MLPs

generally

conduct

business

in

multiple

states,

the

Fund

may

be

subject

to

income

or

franchise

tax

in

each

of

the

states

in

which

the

partnership

does

business.

The

additional

cost

of

preparing

and

filing

the

tax

returns

and

paying

the

related

taxes

may

adversely

impact

the

Fund’s

return

on

its

investment

in

MLPs.

The

value

of

any

investment

by

the

Fund

in

MLP

units

will

depend

on

the

MLP’s

ability

to

qualify

as

a

partnership

for

federal

income

tax

purposes.

If

an

MLP

fails

to

meet

the

requirements

for

partnership

status

under

the

Code,

or

if

the

MLP

is

unable

to

do

so

because

of

changes

in

tax

law

or

regulation,

the

MLP

could

be

taxed

as

a

corporation.

In

that

case,

the

MLP

would

be

obligated

to

pay

federal

income

tax

at

the

entity

level,

and

distributions

received

by

the

Fund

would

be

taxed

as

dividend

income.

The

Fund

may

also

invest

in

debt

securities

issued

by

MLPs.

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk.

These

securities

generally

can

be

prepaid

at

any

time,

and

prepayments

that

occur

either

more

quickly

or

more

slowly

than

expected

can

adversely

impact

the

value

of

such

securities.

They

are

also

subject

to

extension

risk,

which

is

the

risk

that

rising

interest

rates

could

cause

mortgages

or

other

obligations

underlying

the

securities

to

be

prepaid

more

slowly

than

expected,

thereby

lengthening

the

duration

of

such

securities,

increasing

their

sensitivity

to

interest

rate

changes

and

causing

their

prices

to

decline.

MBS

may

be

negatively

affected

by

the

quality

of

the

mortgages

underlying

such

security,

the

credit

quality

of

its

issuer

or

guarantor,

and

the

nature

and

structure

of

its

credit

support.

Mortgage

Roll

Risk.

The

risk

that

the

Fund’s

adviser

or

an

applicable

sub-adviser

will

not

correctly

predict

mortgage

prepayments

and

interest

rates,

which

will

diminish

the

investment

performance

of

the

Fund

compared

with

what

such

performance

would

have

been

without

the

use

of

the

strategy.

Municipal

Securities

Risk.

The

values

of

municipal

securities

may

be

adversely

affected

by

local

political

and

economic

conditions

and

developments.

Adverse

conditions

in

an

industry

significant

to

a

local

economy

could

have

a

correspondingly

adverse

effect

on

the

financial

condition

of

local

issuers.

Other

factors

that

could

affect

municipal

securities

include

a

change

in

the

local,

state,

or

national

economy,

a

downgrade

of

a

state’s

credit

rating

or

the

rating

of

authorities

or

political

subdivisions

of

the

state,

demographic

factors,

ecological

or

environmental

concerns,

inability

or

perceived

inability

of

a

government

authority

to

collect

sufficient

tax

or

other

revenues,

statutory

limitations

on

the

issuer’s

ability

to

increase

taxes,

and

other

developments

generally

affecting

the

revenue

of

issuers

(for

example,

legislation

or

court

decisions

reducing

state

aid

to

local

governments

or

mandating

additional

services).

This

risk

would

be

heightened

to

the

extent

that

the

Fund

invests

a

substantial

portion

of

the

below-investment

grade

quality

portion

of

its

portfolio

in

the

bonds

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

in

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

municipal

lease

obligations,

private

activity

bonds

or

moral

obligation

bonds)

that

are

particularly

exposed

to

specific

types

of

adverse

economic,

business

or

political

events.

The

value

of

municipal

securities

may

also

be

adversely

affected

by

rising

health

care

costs,

increasing

unfunded

pension

liabilities,

and

by

the

phasing

out

of

federal

programs

providing

financial

support.

In

recent

periods,

a

number

of

municipal

issuers

have

defaulted

on

obligations,

been

downgraded

or

commenced

insolvency

proceedings.

Financial

difficulties

of

municipal

issuers

may

continue

or

worsen.

In

addition,

the

amount

of

public

information

available

about

municipal

bonds

is

generally

less

than

for

certain

corporate

equities

or

bonds,

meaning

that

the

investment

performance

of

the

Fund

may

be

more

dependent

on

the

analytical

abilities

of

the

Fund’s

applicable

sub-advisers

than

funds

that

invest

in

stock

or

other

corporate

investments.

To

the

extent

that

a

fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

located

in

a

given

state

or

U.S.

territory,

it

will

be

disproportionally

affected

by

political

and

economic

conditions

and

developments

in

that

state

or

territory

and

may

involve

greater

risk

than

funds

that

invest

in

a

larger

universe

of

securities.

In

addition,

economic,

political

or

regulatory

changes

in

that

state

or

territory

could

adversely

affect

municipal

securities

issuers

in

that

state

or

territory

and

therefore

the

value

of

a

fund’s

investment

portfolio.

Natural

Resource

Related

Securities

Risk.

During

periods

of

financial

or

economic

instability,

the

securities

of

companies

engaged

in

the

ownership,

development,

exploration,

production,

distribution

or

processing

of

natural

resources,

as

well

as

the

securities

of

companies

that

are

suppliers

to

firms

producing

natural

resources,

instruments

with

economic

characteristics

similar

to

natural

resources

securities

or

direct

holdings

of

natural

resources,

may

be

subject

to

extreme

price

fluctuations,

reflecting

the

high

volatility

of

natural

resources’

prices.

In

addition,

the

instability

of

the

prices

of

particular

natural

resources

may

result

in

volatile

earnings

of

natural

resource

companies,

which

could

lead

to

volatility

in

their

financial

condition

and

in

the

value

of

their

securities.

Additionally,

due

to

the

close

connection

between

natural

resources

and

where

they

are

located,

securities

of

natural

resource

companies

may

be

particularly

affected

by

events

occurring

in

the

countries

or

regions

where

such

natural

resources

are

found.

This

is

heightened

with

respect

to

natural

resources

that

are

scarce

or

that

are

predominantly

located

in

particular

areas.

Non-U.S.

Securities

Risk.

Investments

in

securities

of

non-U.S.

issuers

involve

special

risks,

including:

less

publicly

available

information

about

non-U.S.

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

many

non-U.S.

markets

are

smaller,

less

liquid

and

more

volatile;

the

economies

of

non-U.S.

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

the

impact

of

economic,

political,

social

or

diplomatic

events;

possible

seizure

of

a

company’s

assets;

restrictions

imposed

by

foreign

countries

133

limiting

the

ability

of

foreign

issuers

to

make

payments

of

principal

and/or

interest

due

to

blockages

of

foreign

currency

exchanges

or

otherwise;

and

withholding

and

other

non-U.S.

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

issuers

located

in

one

region.

Options

Strategy

Risk.

The

value

of

call

options

sold

(written)

by

the

Fund

will

fluctuate.

The

Fund

may

not

participate

in

any

appreciation

of

its

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

its

portfolio.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Preferred

Securities

Risk.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

In

addition,

preferred

stockholders

(such

as

the

Fund,

to

the

extent

it

invests

in

preferred

stocks

of

other

issuers)

generally

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

stockholders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

stockholders

no

longer

have

voting

rights.

In

the

case

of

certain

taxable

preferred

stocks,

holders

generally

have

no

voting

rights,

except

(i)

if

the

issuer

fails

to

pay

dividends

for

a

specified

period

of

time

or

(ii)

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

rights

of

preferred

stockholders

generally

would

include

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

In

certain

varying

circumstances,

an

issuer

of

preferred

stock

may

redeem

the

securities

prior

to

a

specified

date.

For

instance,

for

certain

types

of

preferred

stock,

a

redemption

may

be

triggered

by

a

change

in

U.S.

federal

income

tax

or

securities

laws.

As

with

call

provisions,

a

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

Prepayment

Risk.

The

risk

that,

during

periods

of

falling

interest

rates,

borrowers

may

pay

off

their

mortgage

loans

sooner

than

expected,

forcing

the

Fund

to

reinvest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

income.

These

risks

are

normally

present

in

MBS

and

other

ABS.

For

example,

homeowners

have

the

option

to

prepay

their

mortgages.

Therefore,

the

duration

of

a

security

backed

by

home

mortgages

can

shorten

depending

on

homeowner

prepayment

activity.

A

rise

in

the

prepayment

rate

and

the

resulting

decline

in

duration

of

debt

securities

held

by

the

Fund

can

result

in

losses

to

investors

in

the

Fund.

Put

Options

Risk.

By

writing

put

options,

the

Fund

takes

on

the

risk

of

declines

in

the

value

of

the

underlying

instrument,

including

the

possibility

of

a

loss

up

to

the

entire

strike

price

of

each

option

it

sells

but

without

the

corresponding

opportunity

to

benefit

from

potential

increases

in

the

value

of

the

underlying

instrument.

When

the

Fund

writes

a

put

option,

it

assumes

the

risk

that

it

must

purchase

the

underlying

instrument

at

a

strike

price

that

may

be

higher

than

the

market

price

of

the

instrument.

If

there

is

a

broad

market

decline

and

the

Fund

is

not

able

to

close

out

its

written

put

options,

it

may

result

in

substantial

losses

to

the

Fund.

The

Fund

will

receive

a

premium

from

writing

options,

but

the

premium

received

may

not

be

sufficient

to

offset

any

losses

sustained

from

exercised

put

options.

Real

Estate

Industry

Concentration

Risk.

The

Fund’s

investments

are

concentrated

in

the

U.S.

real

estate

industry.

Because

the

Fund

is

concentrated

in

such

securities,

it

may

be

subject

to

more

risks

than

if

it

were

broadly

diversified

across

the

economy.

General

changes

in

market

sentiment

towards

the

U.S.

real

estate

industry

may

adversely

affect

the

Fund,

and

the

performance

of

the

U.S.

real

estate

industry

may

lag

behind

the

broader

market

as

a

whole.

Also,

the

Fund’s

concentration

in

the

U.S.

real

estate

industry

may

subject

the

Fund

to

a

variety

of

risks

associated

with

such

companies.

Real

Estate

Related

Securities

Risk.

Real

estate

companies

have

been

subject

to

substantial

fluctuations

and

declines

on

a

local,

regional

and

national

basis

in

the

past

and

may

continue

to

be

in

the

future.

Real

property

values

and

incomes

from

real

property

may

decline

due

to

general

and

local

economic

conditions,

overbuilding

and

increased

competition

for

tenants,

increases

in

property

taxes

and

operating

expenses,

changes

in

zoning

laws,

casualty

or

condemnation

losses,

regulatory

limitations

on

rents,

changes

in

neighborhoods

and

in

demographics,

increases

in

market

interest

rates,

or

other

factors.

Factors

such

as

these

may

adversely

affect

companies

that

own

and

operate

real

estate

directly,

companies

that

lend

to

them,

and

companies

that

service

the

real

estate

industry.

Equity

REITs

may

be

affected

by

changes

in

the

values

of

and

incomes

from

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

REITs

are

subject

to

other

risks

as

well,

including

the

fact

that

REITs

are

dependent

on

specialized

management

skills,

which

may

affect

their

ability

to

generate

cash

flow

for

operating

purposes

and

to

make

distributions

to

shareholders

or

unitholders.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

A

U.S.

domestic

REIT

can

pass

its

income

through

to

shareholders

or

unitholders

without

any

U.S.

federal

income

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Code.

There

is

the

risk

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income,

in

which

case

the

REIT

would

become

subject

to

U.S.

federal

income

tax.

Similarly,

REITs

formed

under

the

laws

of

non-U.S.

countries

may

fail

to

qualify

for

corporate

tax

benefits

made

available

by

the

governments

of

such

countries.

The

Fund,

as

a

holder

of

a

REIT,

will

bear

its

pro

rata

portion

of

the

REIT’s

expenses.

134

Shareholder

Update

(Unaudited)

(continued)

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Rights

and

Warrants

Risk.

Rights

and

warrants

are

subject

to

the

same

market

risks

as

common

stocks,

but

are

more

volatile

in

price.

Rights

and

warrants

do

not

carry

the

right

to

dividends

or

voting

rights

with

respect

to

their

underlying

securities,

and

they

do

not

represent

any

rights

in

the

assets

of

the

issuer.

An

investment

in

rights

or

warrants

may

be

considered

speculative.

In

addition,

the

value

of

a

right

or

warrant

does

not

necessarily

change

with

the

value

of

the

underlying

security

and

a

right

or

warrant

ceases

to

have

value

if

it

is

not

exercised

prior

to

its

expiration

date.

The

purchase

of

warrants

or

rights

involves

the

risk

that

the

Fund

could

lose

the

purchase

value

of

a

right

or

warrant

if

the

right

to

subscribe

for

additional

shares

is

not

exercised

prior

to

the

rights'

or

warrants'

expiration.

Also,

the

purchase

of

rights

and

warrants

involves

the

risk

that

the

effective

price

paid

for

the

right

or

warrant

added

to

the

subscription

price

of

the

related

security

may

exceed

the

value

of

the

subscribed

security's

market

price

such

as

when

there

is

no

movement

in

the

price

of

the

underlying

security.

Rule

144A

Securities

Risk.

The

market

for

Rule

144A

securities

under

the

1933

Act

typically

is

less

active

than

the

market

for

publicly-traded

securities.

Rule

144A

securities

carry

the

risk

that

their

liquidity

may

become

impaired

and

the

Fund

may

be

unable

to

dispose

of

the

securities

promptly

or

at

reasonable

prices.

Senior

Loan

Risk.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could,

under

certain

circumstances,

include

invalidation

of

senior

loans.

Senior

Loan

Agent

Risk.

A

financial

institution’s

employment

as

an

agent

under

a

senior

loan

might

be

terminated

if

it

fails

to

observe

a

requisite

standard

of

care

or

becomes

insolvent.

A

successor

agent

would

generally

be

appointed

to

replace

the

terminated

agent,

and

assets

held

by

the

agent

under

the

loan

agreement

would

likely

remain

available

to

holders

of

such

indebtedness.

However,

if

assets

held

by

the

terminated

agent

for

the

benefit

of

the

Fund

were

determined

to

be

subject

to

the

claims

of

the

agent’s

general

creditors,

the

Fund

might

incur

certain

costs

and

delays

in

realizing

payment

on

a

senior

loan

or

loan

participation

and

could

suffer

a

loss

of

principal

and/or

interest.

In

situations

involving

other

interposed

financial

institutions

(e.g.,

an

insurance

company

or

government

agency)

similar

risks

may

arise.

Small

and

Mid-Cap

Company

Risk.

The

Fund

may

invest

in

companies

with

small,

medium

and

large

capitalizations.

Smaller

and

medium-sized

company

stocks

can

be

more

volatile

than,

and

perform

differently

from,

larger

company

stocks.

There

may

be

less

trading

in

the

stock

of

a

smaller

or

medium-sized

company,

which

means

that

buy

and

sell

transactions

in

that

stock

could

have

a

larger

impact

on

the

stock’s

price

than

is

typically

the

case

with

larger

company

stocks.

Smaller

and

medium-sized

companies

may

have

fewer

business

lines;

changes

in

any

one

line

of

business,

therefore,

may

have

a

greater

impact

on

a

smaller

or

medium-sized

company’s

stock

price

than

is

the

case

for

a

larger

company.

As

a

result,

the

purchase

or

sale

of

more

than

a

limited

number

of

shares

of

a

small

or

medium-sized

company

may

affect

its

market

price.

The

Fund

may

need

a

considerable

amount

of

time

to

purchase

or

sell

its

positions

in

these

securities.

In

addition,

smaller

or

medium-sized

company

stocks

may

not

be

well

known

to

the

investing

public.

Sovereign

Government

and

Supranational

Debt

Risk.

Investments

in

sovereign

debt,

including

supranational

debt,

involves

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Special

Risks

for

Inflation-Indexed

Bonds.

The

risk

that

market

values

of

inflation-indexed

investments

held

by

the

Fund

may

be

adversely

affected

by

a

number

of

factors,

including

changes

in

the

market’s

inflation

expectations,

changes

in

real

rates

of

interest

or

declines

in

inflation

(or

deflation).

There

is

a

risk

that

interest

payments

in

inflation-indexed

investments

may

fall

because

of

a

decline

in

inflation

(or

deflation).

In

addition,

the

Consumer

Price

Index

for

All

Urban

Consumers

(“CPI-U”)

may

not

accurately

reflect

the

true

rate

of

inflation.

If

the

market

perceives

that

any

of

these

events

have

occurred,

then

the

market

value

of

those

investments

could

be

adversely

affected.

135

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

applicable

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

applicable

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

U.S.

Government

Securities

Risk.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

Unseasoned

Company

Risk.

The

Fund

may

invest

in

the

securities

of

less

seasoned

companies.

These

investments

may

involve

greater

risks

than

customarily

are

associated

with

investments

in

securities

of

more

established

companies.

Some

of

the

companies

in

which

the

Fund

may

invest

will

be

start-up

companies,

which

may

have

insubstantial

operational

or

earnings

histories

or

may

have

limited

products,

markets,

financial

resources

or

management

depth.

Some

may

also

be

emerging

companies

at

the

research

and

development

stage

with

no

products

or

technologies

to

market

or

approved

for

marketing.

Securities

of

emerging

companies

may

lack

an

active

secondary

market

and

may

be

subject

to

more

abrupt

or

erratic

price

movements

than

securities

of

larger,

more

established

companies

or

stock

market

averages

in

general.

Less

seasoned

companies

may

seek

to

compete

in

markets

and

industries

in

which

there

are

more

established

companies

with

substantially

greater

financial

resources

than

they

have,

which

could

place

such

less

seasoned

companies

at

a

significant

competitive

disadvantage

and

make

it

difficult

for

them

to

gain

market

share.

Valuation

Risk.

The

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

Value

Stock

Risk.

Value

stocks

are

securities

of

companies

that

typically

trade

at

a

perceived

discount

to

their

intrinsic

value

and

at

valuation

discounts

relative

to

companies

in

the

same

industry.

Value

stocks

are

often

also

in

sectors

that

trade

at

a

discount

to

the

broader

market.

The

reasons

for

their

discount

may

vary

greatly,

but

some

examples

may

include

adverse

business,

industry

or

other

developments

that

may

cause

the

company

to

be

subject

to

special

risks.

The

intrinsic

value

of

a

stock

with

value

characteristics

may

be

difficult

to

identify

and

may

not

be

fully

recognized

by

the

market

for

a

long

time

or

a

stock

identified

to

be

undervalued

may

actually

be

appropriately

priced

at

a

low

level.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Whole

Loans,

Loan

Participations

and

Other

Mortgage-Related

Interests

Risk.

Whole

loans

and

loan

participations

represent

undivided

(in

the

case

of

the

whole

loans)

and

fractional

(in

the

case

of

loan

participations)

interests

in

individual

loans

secured

by

residential

real

estate,

including

multi-family

and/or

single

family

residences,

or

commercial

real

estate,

including

shopping

malls,

retail

space,

office

buildings

and/or

industrial

or

warehouse

properties.

The

market

values

of

and

cash

flows

to

these

instruments

are

highly

dependent

on

creditworthiness

and

economic

situation

of

the

particular

borrowers

under

each

loan,

and

therefore

the

performance

of

individual

whole

loans

and

loan

participations

may

suffer

even

when

general

economic

conditions

are

favorable.

Whole

loans

and

loan

participations

also

may

subject

the

Fund

to

a

greater

risk

of

loss

arising

from

defaults

by

borrowers

under

the

related

loans

than

do

mortgage-backed

securities

because

whole

loans

and

loan

participations,

unlike

most

mortgage-backed

securities,

generally

are

not

backed

by

any

government

guarantee

or

private

credit

enhancement.

Such

risks

may

be

greater

during

a

period

of

declining

or

stagnant

real

estate

values.

The

individual

loans

underlying

whole

loans

and

loan

participations

may

be

larger

than

those

underlying

mortgage-backed

securities.

There

may

be

certain

costs

and

delays

in

the

event

of

a

foreclosure,

and

there

is

no

assurance

that

the

subsequent

sale

of

the

property

will

produce

an

amount

equal

to

the

sum

of

the

unpaid

principal

balance

of

the

loan

as

of

the

date

the

borrower

went

into

default,

accrued

but

unpaid

interest

and

all

foreclosure

expenses,

in

which

case

the

Fund

may

suffer

a

loss.

In

addition

to

the

foregoing,

with

respect

to

loan

participations,

the

Fund

generally

will

not

be

able

to

unilaterally

enforce

its

rights

in

the

event

of

a

default,

but

rather

will

be

dependent

upon

the

cooperation

of

the

other

participation

holders.

136

Shareholder

Update

(Unaudited)

(continued)

Investment

in

whole

loans

and

loan

participations

relating

to

multi-family

residential

properties

may

subject

the

Fund

to

a

higher

level

of

risk

than

investment

in

whole

loans

and

loan

participations

relating

to

other

residential

properties.

Multi-family

lending

is

generally

viewed

as

involving

a

greater

risk

of

loss

than

one-

to

four-family

residential

lending.

Multi-family

lending

typically

involves

larger

loans

to

single

borrowers

or

groups

of

related

borrowers

than

residential

one-

to

four-family

mortgage

loans.

Furthermore,

the

repayment

of

loans

secured

by

income-producing

multifamily

properties

is

typically

dependent

upon

the

successful

operation

of

the

underlying

real

estate

project.

If

the

cash

flow

from

the

project

is

reduced

(for

example,

if

leases

are

not

obtained

or

renewed),

the

borrower’s

ability

to

repay

the

multi-family

loan

may

be

impaired.

The

market

values

of

and

cash

flow

to

multi-family

real

estate

can

be

affected

significantly

by

supply

and

demand

in

the

local

market

for

the

residential

rental

property

and,

therefore,

the

value

to

the

Fund

of

any

whole

loans

or

loan

participations

relating

to

multi-family

properties

will

be

highly

sensitive

to

changes

in

the

local

economic

conditions

where

such

multi-family

properties

are

located.

In

addition,

market

values

may

vary

as

a

result

of

economic

events

or

governmental

regulations

outside

the

control

of

the

borrower

or

lender,

such

as

rent

control

laws,

which

impact

the

future

cash

flow

to

the

property.

Investment

in

whole

loans

and

loan

participations

relating

to

commercial

properties

may

subject

the

Fund

to

certain

risks

that

do

not

typically

apply

to

investment

in

whole

loans

and

loan

participations

relating

to

residential

properties.

Market

values

of

and

cash

flows

to

commercial

real

estate

may

be

adversely

affected

by

declines

in

rental

or

occupancy

rates

and

extended

vacancies,

the

management

skills

of

the

borrower

or

third-

party

manager

operating

a

business

at

the

commercial

property,

overbuilding

and

changes

in

zoning

laws

and

other

environmental

and

land

use

regulations.

Mortgage

loans

relating

to

commercial

properties

are

also

generally

not

fully

amortizing,

meaning

they

may

have

a

significant

“balloon”

payment

due

at

maturity.

Loans

with

a

balloon

payment

may

be

riskier

than

fully

amortizing

loans

because

the

ability

of

a

borrower

to

make

a

balloon

payment

will

typically

depend

on

its

ability

to

either

refinance

the

loan

or

sell

the

property,

which

the

borrower

may

not

be

able

to

accomplish

on

commercially

acceptable

terms,

if

at

all.

In

addition,

mortgage

loans

relating

to

commercial

properties

are

typically

non-recourse

to

the

borrowers,

resulting

in

a

higher

risk

of

loss

in

the

event

of

a

foreclosure.

Certain

loan

participations

held

by

the

Fund

may

continue

to

have

the

mortgage

servicers

reflected

as

record

owners

of

the

underlying

mortgages.

Accordingly,

if

the

mortgage

servicer

under

a

particular

loan

participation

were

to

become

insolvent,

to

have

a

receiver,

conservator

or

similar

official

appointed

for

it

by

an

appropriate

regulatory

authority

or

to

become

a

debtor

in

a

bankruptcy

proceeding,

there

is

a

risk

that

the

Fund’s

rights

to

payments

under

the

loan

participation

could

become

subject

to

the

claims

of

the

mortgage

servicer’s

creditors,

which

would

adversely

affect

the

value

of

the

loan

participation

to

the

Fund.

The

Fund

could

also

incur

costs

and

delays

in

enforcing

its

rights

to

such

payments.

Whole

loans

and

loan

participations

are

illiquid

and

may

be

difficult

to

sell

when

the

sub-adviser

deems

it

advisable

to

do

so.

See

“Illiquid

Securities

Risk”

above.

Whole

loans

and

loan

participations,

like

mortgage-backed

securities,

are

also

subject

to

pre-payment

risk,

which

is

the

risk

that

the

borrowers

under

the

mortgage

loans

might

pay

off

their

mortgage

loans

sooner

than

expected,

which

could

happened

when

interest

rates

fall

or

for

other

reasons,

which

could

cause

the

value

of

the

Fund’s

whole

loans

and

loan

participations

to

fall.

Moreover,

if

the

mortgage

loans

are

paid

off

sooner

than

expected,

the

Fund

may

have

to

reinvest

the

proceeds

in

other

securities

that

have

lower

yields.

Zero

Coupon

or

Pay-In-Kind Securities  Risk.

 Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

Fund

Level

and

Other

Risks:

Allocation

Risk.

The

Fund’s

ability

to

achieve

its

investment

objective

depends

upon

Nuveen

Asset

Management’s

skill

in

determining

the

Fund’s

allocation

to

different

sub-advisers

and

strategies.

There

is

the

risk

that

Nuveen

Asset

Management’s

evaluations

and

assumptions

used

in

making

such

allocations

may

be

incorrect.

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status.

Borrowing

Risk.

In

addition

to

borrowing

for

leverage,

the

Fund

may

borrow

for

temporary

or

emergency

purposes,

to

pay

dividends,

repurchase

its

shares,

or

clear

portfolio

transactions.

Borrowing

may

exaggerate

changes

in

the

NAV

of

the

Fund’s

shares

and

may

affect

the

Fund’s

net

income.

When

the

Fund

borrows

money,

it

must

pay

interest

and

other

fees,

which

will

reduce

the

Fund’s

returns

if

such

costs

exceed

the

returns

on

the

portfolio

securities

purchased

or

retained

with

such

borrowings.

Any

such

borrowings

are

intended

to

be

temporary.

However,

under

certain

market

circumstances,

such

borrowings

might

be

outstanding

for

longer

periods

of

time.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

137

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

assets

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-

range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events,

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

There

is

no

assurance

that

the

Fund’s

use

of

leverage

will

be

successful.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

applicable

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

applicable

sub-adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

138

Shareholder

Update

(Unaudited)

(continued)

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Multi-Manager

Risk.

The

interplay

of

the

various

strategies

employed

by

portfolio

managers

of

Nuveen

and

its

affiliates

may

result

in

the

Fund

holding

a

significant

amount

of

certain

types

of

securities.

This

may

be

beneficial

or

detrimental

to

the

Fund’s

performance

depending

upon

the

performance

of

those

securities

and

the

overall

economic

environment.

The

portfolio

managers

may

make

investment

decisions

which

conflict

with

each

other;

for

example,

at

any

particular

time,

portfolio

managers

of

one

strategy

may

be

purchasing

shares

of

an

issuer

whose

shares

are

being

sold

by

portfolio

managers

of

another

strategy.

Consequently,

the

Fund

could

indirectly

incur

transaction

costs

without

accomplishing

any

net

investment

result.

In

addition,

the

multi-manager

approach

could

increase

the

Fund’s

portfolio

turnover

rate

which

may

result

in

higher

transaction

costs

and

a

greater

amount

of

tax

on

the

Fund’s

shareholders.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

sharply

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

or

maintain

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

139

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

140

Shareholder

Update

(Unaudited)

(continued)

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

the

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

the

Fund’s

(i)

continued

use

of

leverage

as

of

December

31,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Fund

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

December

31,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Fund.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Fund

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

NMAI

JRI

JRS

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

26.28%

28.78%

26.98%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

5.30%

5.82%

5.69%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.62%

1.67%

1.53%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

-16.72%

-16.39%

-15.80%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return 

-9.52%

-9.37%

-8.95%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

-2.33%

-2.35%

-2.10%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.87%

4.67%

4.75%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

12.06%

11.69%

11.59%

141

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

quarter

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

adviser

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

142

Shareholder

Update

(Unaudited)

(continued)

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

the

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Fund’s

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Fund;

(iv)

the

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders,

except

as

follows:

Amended

and

Restated

By-Laws

On

October

5,

2020,

the

Nuveen

Multi-Asset

Income

Fund,

Nuveen

Real

Estate

Income

Fund

and

the

Nuveen

Real

Asset

and

Growth

Fund

(each

a

“Fund”

and

collectively

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

amended

the

Funds’

bylaws

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

Fund’s

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.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

Principal

Risks

The

following

risk

factors

were

added

as

a

principal

risk

for

the

Nuveen

Multi-Asset

Income

Fund

(NMAI):

Distressed

or

Defaulted

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Call

Risk.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

The

following

risk

factor

was

added

as

a

principal

risk

for

each

of

NMAI

and

Nuveen

Real

Asset

Income

and

Growth

Fund

(JRI):

Zero

Coupon

or

Pay-In-Kind Securities  Risk.

 Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

The

following

principal

risks

were

consolidated

into

a

single

risk

factor

entitled,

“Small

and

Mid-Cap

Company

Risk,”

and

are

therefore

no

longer

included

as

stand-alone

principal

risks:

Mid-Cap

Company

Risk.

While

securities

of

mid-cap

companies

may

be

slightly

less

volatile

than

those

of

small-cap

companies,

they

still

involve

substantial

risk.

Mid-cap

companies

may

have

limited

product

lines,

markets

or

financial

resources,

and

they

may

be

dependent

on

a

limited

management

group.

Securities

of

mid-cap

companies

may

be

subject

to

more

abrupt

or

erratic

market

movements

than

those

of

larger,

more

established

companies

or

broader

market

averages

in

general.

Smaller-Cap

Company

Risk.

Small-cap

stocks

involve

substantial

risk.

Prices

of

small-cap

stocks

may

be

subject

to

more

abrupt

or

erratic

movements,

and

to

wider

fluctuations,

than

stock

prices

of

larger,

more

established

companies

or

the

market

averages

in

general.

It

may

be

difficult

to

sell

small-cap

stocks

at

the

desired

time

and

price.

While

mid-cap

stocks

may

be

slightly

less

volatile

than

small-cap

stocks,

they

still

involve

similar

risks.

The

following

principal

risk

was

consolidated

into

a

single

risk

factor

entitled,

“Frequent

Trading

Risk,”

and

is

therefore

no

longer

included

as

a

stand-alone

principal

risk:

143

Portfolio

Turnover

Risk.

In

pursuing

its

investment

objective,

the

Fund

may

engage

in

trading

that

results

in

a

high

portfolio

turnover

rate,

which

may

vary

greatly

from

year

to

year,

as

well

as

within

a

given

year.

A

higher

portfolio

turnover

rate

may

result

in

correspondingly

greater

transactional

expenses

that

are

borne

by

the

Fund.

Such

expenses

may

include

bid-ask

spreads,

dealer

mark-ups,

and

other

transactional

costs

on

the

sale

of

securities

and

reinvestment

in

other

securities,

and

may

result

in

the

realization

of

taxable

capital

gains

(including

short-term

gains,

which

are

generally

taxed

for

federal

income

tax

purposes

to

shareholders

as

ordinary

income

when

distributed).

These

costs,

which

are

not

reflected

in

annual

fund

operating

expenses

or

in

the

example

thereunder,

may

affect

the

Fund’s

performance.

The

following

risk

was

removed

as

a

principal

risk

of

the

Funds:

London

Inter-Offered

Bank

Rate

(“LIBOR”)

Replacement

Risk.

LIBOR

is

an

index

rate

that

historically

has

been

widely

used

in

lending

transactions

and

remains

a

common

reference

rate

for

setting

the

floating

interest

rate

on

private

loans.

The

use

of

the

LIBOR

will

begin

to

be

phased

out

in

the

near

future,

which

may

adversely

affect

the

Fund’s

investments

whose

value

is

tied

to

LIBOR.

While

the

Secured

Overnight

Financing

Rate

(“SOFR”)

has

been

recommended

as

the

replacement

rate

for

LIBOR,

and

some

product

markets

have

adopted

the

use

of

SOFR,

LIBOR

may

still

be

used

as

a

reference

rate

until

such

time

that

private

markets

have

fully

transitioned

to

using

SOFR

or

other

alternative

reference

rates

recommended

by

applicable

market

regulators.

The

transition

process

away

from

LIBOR

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

currently

rely

on

LIBOR.

The

potential

effect

of

a

discontinuation

of

LIBOR

on

the

Fund’s

investments

will

vary

depending

on,

among

other

things:

(1)

existing

fallback

provisions

that

provide

a

replacement

reference

rate

if

LIBOR

is

no

longer

available;

(2)

termination

provisions

in

individual

contracts;

and

(3)

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments

held

by

the

Fund.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

until

it

is

clearer

how

the

Fund’s

products

and

instruments

will

be

impacted

by

this

transition.

Portfolio

Managers

Nuveen

Real

Estate

Income

Fund

(“JRS”)

Effective

June

30,

2023,

Kenneth

Statz

retired

and

no

longer

serves

as

a

portfolio

manager

for

JRS.

Anthony

Manno

Jr.,

Kevin

Bedell,

and

Nathan

Gear

remain

as

the

portfolio

managers

for

JRS.

144

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified  interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Qualified Business

Income

(QBI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

business

income

for

individuals

pursuant

to

Section

199A

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NMAI

$

—

JRI

—

JRS

—

Fund

Percentage

NMAI

23

.7

%

JRI

19

.6

JRS

5

.0

Fund

Percentage

NMAI

54

.5

%

JRI

61

.2

JRS

5

.1

Fund

1/1

to

Current

Year

End

Percentage

NMAI

26.3

%

JRI

27.5

JRS

2.5

145

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Percentage

NMAI

3.2%

JRI

14.8

JRS

78.7

Fund

Percentage

NMAI

35.6

%

JRI

30.4

JRS

2.5

146

Shareholder

Meeting

Report

(Unaudited)

The

annual

meeting

of

shareholders

was

held

on

May

8,

2023

for

JRS

and

JRI;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

JRS

JRI

Common

Shares

Common

Shares

Approval

of

the

Board

Members

was

reached

as

follows:

Amy

B.R.

Lancellotta

For

20,441,461

20,010,226

Withhold

720,017

910,337

Total

21,161,478

20,920,563

John

K.

Nelson

For

20,438,372

19,342,866

Withhold

723,106

1,577,697

Total

21,161,478

20,920,563

Terence

J.

Toth

For

20,439,135

20,009,835

Withhold

722,343

910,728

Total

21,161,478

20,920,563

Robert

L.

Young

For

20,464,152

19,369,221

Withhold

697,326

1,551,342

Total

21,161,478

20,920,563

147

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

Joseph

A.

Boateng*

Jack

B.

Evans**

Michael

A.

Forrester*

William

C.

Hunter**

Thomas

J.

Kenny***

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr***

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

*

Effective

January

1,

2024.

**

Retired

from

the

Funds'

Board

of

Trustees

effective

December

31,

2023.

***

Effective

January

1,

2024.

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

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

NMAI

JRI

JRS

Common

shares

repurchased

0

37,001

0

148

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.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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.

149

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

211

Joseph

A.

Boateng

1963

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002-2006);

Board

Member,

Lumina

Foundation;

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

190

Michael

A.

Forrester

1967

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

I

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

190

Thomas

J.

Kenny

1963

730

Third

Avenue

New

York,

NY

10017

Co-Chair

and

Board

Member

2024

Class

I

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

211

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

211

150

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

211

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

211

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

211

Loren

M.

Starr

1961

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

III

Independent

Consultant/Advisor

(since

2021).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director,

AMG.

210

151

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

211

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

211

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

211

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

of

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

152

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Vice

President

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Vice

President

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC;

Executive

Vice

President,

General

Counsel

and

Secretary

of

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

has

previously

held

various

positions

with

TIAA.

James

Nelson

III

1976

730

Third

Avenue

New

York,

NY

10017                                                            

Vice

President

2024

Senior

Managing

Director,

Global

Head

of

Product,

Publics,

Nuveen;

formerly,

Head

of

North

American

Product

Management

&

Pricing,

Invesco

(2018-2023).

153

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

and

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

previously

held

various

positions

with

TIAA.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-C-1223P

3342521-INV-Y-02/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

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principles.

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ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Joseph A. Boateng(\1), Albin F. Moschner, John K. Nelson, Loren M. Starr(2) and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng received a B.S. from the University of Ghana and an M.B.A. from the University of California, Los Angeles.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

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

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

⁽¹⁾ Mr. Boateng was elected or appointed as a board member of each of the Nuveen Funds except Nuveen Core Equity Alpha Fund, Nuveen Core Plus Impact Fund, Nuveen Credit Strategies Income Fund, Nuveen Dow 30SM Dynamic Overwrite Fund, Nuveen Floating Rate Income Fund, Nuveen Global High Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund, Nuveen Mortgage and Income Fund, Nuveen Multi-Asset Income Fund, Nuveen Multi-Market Income Fund, Nuveen Municipal Credit Opportunities Fund, Nuveen NASDAQ 100 Dynamic Overwrite Fund, Nuveen Preferred and Income Term Fund, Nuveen Preferred & Income Opportunities Fund, Nuveen Real Asset Income and Growth Fund, Nuveen Real Estate Income Fund, Nuveen S&P 500 Dynamic Overwrite Fund, Nuveen S&P 500 Buy-Write Income Fund, Nuveen Variable Rate Preferred & Income Fund, and Nuveen Virginia Quality Municipal Income Fund, for which he serves as a consultant.

⁽²⁾ Mr. Starr was elected or appointed as a board member of each of the Nuveen Funds except Nuveen Multi-Market Income Fund, for which he serves as a consultant.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
December 31, 2023	$	33,000		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
December 31, 2022	$	30,400		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees  Billed to Adviser  and  Affiliated Fund Service Providers			Tax Fees Billed to  Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser  and Affiliated Fund  Service  Providers
December 31, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
December 31, 2022	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

Fiscal Year Ended	Total Non-Audit Fees  Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service  Providers (engagements  related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser  and  Affiliated Fund Service  Providers (all other engagements)		Total
December 31, 2023	$	0	$	0	$	0	$	0
December 31, 2022	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Chair, Loren M. Starr, Margaret L. Wolff and Robert L. Young.

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.

The Adviser has engaged Security Capital Research & Management Incorporated (“Security Capital”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:

Security Capital may be granted by its clients the authority to vote the proxies of the securities held in client portfolios. To ensure that the proxies are voted in the best interests of its clients, Security Capital has adopted detailed proxy voting guidelines (“Guidelines”) for voting proxies on specific types of issues.

Most routine proxy matters will be voted in accordance with the Guidelines, which have been developed with the objective of encouraging corporate action that enhances shareholder value. For proxy matters that are not covered by the Guidelines (including matters that require a case-by-case determination) or where a vote contrary to the Guidelines is considered appropriate, the Guidelines require a certification and review process to be completed before the vote is cast. That process is designed to identify actual or potential material conflicts of interest and ensure that the proxy is cast in the best interest of clients. For proxy matters that are not covered by the Guidelines or where a vote contrary to the Guidelines is considered appropriate, the investment analyst who covers that company will document on a proxy summary how Security Capital is voting and that summary is signed-off by the investment analyst, as well as one Portfolio Manager. In addition, this summary is provided to Security Capital’s Chief Compliance Officer.

To oversee and monitor the proxy-voting process, Security Capital has established a proxy committee and appointed a proxy administrator. The proxy committee meets periodically to review general proxy-voting matters, review and approve the Guidelines annually, and provide advice and recommendations on general proxy-voting matters as well as on specific voting issues.

A copy of the Security Capital’s proxy voting guidelines are available upon request by contacting your client service representative.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Security Capital Research & Management Incorporated (“Security Capital”) for a portion of the registrant’s investments. (Security Capital is also referred to as “Sub-Adviser”.) Security Capital, as Sub-Adviser, provides discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

ITEM 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Anthony R. Manno Jr. is CEO, President and Chief Investment Officer of Security Capital Research & Management Incorporated. He is Chairman, President and Managing Director of SC-Preferred Growth LLC. Prior to joining Security Capital in 1994, Mr. Manno spent 14 years with LaSalle Partners Limited as a Managing Director, responsible for real estate investment banking activities. Mr. Manno began his career in real estate finance at The First National Bank of Chicago in 1973. He received an MBA in Finance with honors (Beta Gamma Sigma) from the University of Chicago and graduated Phi Beta Kappa from Northwestern University with a BA and MA in Economics. Mr. Manno is a Certified Public Accountant and was awarded an Elijah Watt Sells Award and is a recipient of the President’s Call to Service Award, December 2008.

Kevin W. Bedell is a Managing Director of Security Capital Research & Management Incorporated where he directs the Investment Analysis Team, which provides in-depth proprietary research on publicly listed companies. Prior to joining Security Capital in 1996, Mr. Bedell spent nine years with LaSalle Partners Limited where he was Equity Vice President and Portfolio Manager, with responsibility for strategic, operational and financial management of a private real estate investment trust with commercial real estate investments in excess of $1 billion. Mr. Bedell began his career in real estate and finance in 1987 and received an MBA in Finance from the University of Chicago and a BA from Kenyon College.

Nathan J. Gear is an Executive Director of Security Capital Research & Management Incorporated and a member of the Portfolio Management Team where, as a senior member of the Investment Analysis Team, he leads the fundamental analysis and pricing of REIT fixed income senior securities. Prior to joining Security Capital in 2006, Mr. Gear was involved in the underwriting and analysis of real estate loans for JPMorgan. Mr. Gear began his career in real estate and finance in 2003 and received his BS with honors from Pensacola Christian College and is a member of the Chartered Financial Analyst Institute.

ITEM 8 (a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Anthony R. Manno Jr.	Registered Investment Company		1	$	200 million
	Other Pooled Investment Vehicles		2	$	700 million
	Other Accounts		85	$	2 billion
	Performance Fee Accounts		4	$	700 million
Kevin W. Bedell	Registered Investment Company		1	$	200 million
	Other Pooled Investment Vehicles		2	$	700 million
	Other Accounts		85	$	2 billion
	Performance Fee Accounts		4	$	700 million
Nathan J. Gear	Registered Investment Company		1	$	200 million
	Other Pooled Investment Vehicles		2	$	700 million
	Other Accounts		85	$	2 billion
	Performance Fee Accounts		4	$	700 million

* Assets are as of December 31, 2023.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

As shown in the above tables, the portfolio managers may manage accounts in addition to the Nuveen Funds (the “Funds”). The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the Funds (“Similar Accounts”). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing Security Capital’s clients’ portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed using the same objectives, approach and philosophy. Therefore, portfolio holdings, relative position sizes and sector exposures tend to be similar across similar portfolios, which minimizes the potential for conflicts of interest.

Security Capital may receive more compensation with respect to certain Similar Accounts than that received with respect to the Nuveen Funds or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for Security Capital or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Security Capital may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. Security Capital may be perceived as causing accounts it manages to participate in an offering to increase Security Capital’s overall allocation of securities in that offering. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If Security Capital manages accounts that engage in short sales of securities of the type in which the Funds invests, Security Capital could be seen as harming the performance of the Funds for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

Security Capital has policies and procedures designed to manage these conflicts described above such as allocation of investment opportunities to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders placed for the same equity security within a reasonable time period are aggregated consistent with Security Capital’s duty of best execution for its clients. If aggregated trades are fully executed, accounts participating in the trade will be allocated their pro rata share on an average price basis. Partially completed orders will be allocated among the participating accounts on a pro-rata average price basis as well.

ITEM 8 (a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

The primary compensation for Security Capital’s professionals is a cash base salary and, if earned, a year-end incentive compensation bonus based on achievement of specific objectives that the professional’s manager and the professional agree upon at the commencement of the year. Bonus payments are a function of Security Capital achieving its financial, operating and investment performance goals, as well as the individual achieving measurable objectives specific to that professional’s role within the firm. If earned, incentive compensation bonus is paid in cash and restricted shares as follows (together (1) and (2) “Restricted Shares”):

1. For incentive compensation awards over $50,000, non-cash portion includes:

a. For Investment and Client Strategy/Investment Specialist Teams

Investments tracking the performance of two Security Capital Strategies Preferred Growth and SC-Liquid Core + Employee-selected mutual funds.

b. For All Other Security Capital Teams

Employee-selected mutual funds and/or restricted stock of Security Capital’s parent company, JPMorgan Chase & Co.

2. Other Details:

All Restricted Share awards vest 50% each after the second and third year anniversaries of the award grant date. Generally, the employee must be employed by the firm at the time of vesting to receive the underlying value the Restricted Shares.

As an employee’s level of incentive compensation increases, the percentage awarded in Restricted Shares also increases, ranging from 0% to 40% of an individuals’ total bonus.

Supporting strong performance and accountability principles, the stock-based incentive programs provide for the ability to clawback prior awards for performance, and all incentive programs reserve the right to cancel or require repayment of all or any portion of an award if the firm determines that the award was based on materially inaccurate performance metrics and that cancellation or repayment is appropriate in light of the facts and circumstances that contributed to the inaccuracy.

The annual incentive compensation program is linked directly to the profitability of Security Capital, JPMorgan Asset Management as a whole and to the performance of the firm generally. By deferring a portion of incentive compensation into Restricted Shares, compensation is linked to long-term performance.

ITEM 8 (a)(4). OWNERSHIP OF JRS SECURITIES AS OF DECEMBER 31, 2023

Name of Portfolio Manager	None	$1 - $10,000	$10,001-    $50,000	$50,001-    $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Anthony R. Manno Jr.	X
Kevin W. Bedell	X
Nathan J. Gear	X

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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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 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 registrant specifically incorporates it by reference. 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/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
Date: March 7, 2024

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: March 7, 2024
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)
Date: March 7, 2024