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 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 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 policy making roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual

Funds

Nuveen

Equity

Funds

December

31,

2023

Annual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Global

Infrastructure

Fund

FGIAX

FGNCX

FGIWX

FGIYX

Nuveen

Global

Real

Estate

Securities

Fund

NGJAX

NGJCX

NGJFX

NGJIX

Nuveen

Real

Asset

Income

Fund

NRIAX

NRICX

NRIFX

NRIIX

Nuveen

Real

Estate

Securities

Fund

FREAX

FRLCX

FREGX

FARCX

2

Table

of

Contents

Letter

to

Shareholders

3

Portfolio

Managers’

Comments

4

Important

Notices

9

Risk

Considerations

and

Dividend

Information

10

About

the

Funds’

Benchmarks

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

14

Expense

Examples

27

Report

of

Independent

Registered

Public

Accounting

Firm

29

Portfolios

of

Investments

30

Statement

of

Assets

and

Liabilities

52

Statement

of

Operations

54

Statement

of

Changes

in

Net

Assets

55

Financial

Highlights

57

Notes

to

Financial

Statements

65

Important

Tax

Information

78

Shareholder

Meeting

Report

80

Additional

Fund

Information

81

Glossary

of

Terms

Used

in

this

Report

82

Liquidity

Risk

Management

Program

83

Annual

Investment

Management

Agreement

Approval

Process

84

Directors/Trustees

and

Officers

91

Letter

to

Shareholders

3

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

4

Portfolio

Managers’

Comments

Nuveen

Global

Infrastructure

Fund

Nuveen

Global

Real

Estate

Securities

Fund

Nuveen

Real

Asset

Income

Fund

Nuveen

Real

Estate

Securities

Fund

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC,

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

The

Nuveen

Global

Infrastructure

Fund

portfolio

managers

are

Jay

Rosenberg,

Tryg

Sarsland,

Jagdeep

Ghuman

and

Noah

Hauser,

CFA.

For

the

Nuveen

Global

Real

Estate

Securities

Fund,

portfolios

managers

include

Jay

Rosenberg,

Scott

Sedlak,

Benjamin

Kerl

and

Jagdeep

Ghuman.

For

the

Nuveen

Real

Asset

Income

Fund,

the

portfolio

management

team

includes

Jay

Rosenberg,

Tryg

Sarsland,

Brenda

Langenfeld,

CFA,

Jean

Lin,

CFA,

and

Benjamin

Kerl.

For

the

Nuveen

Real

Estate

Securities

Fund

the

portfolio

management

team

includes

Jay

Rosenberg,

Scott

Sedlak,

Sarah

Wade

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

the

Funds

until

March

31,

2024.

Effective

February

8,

2024,

Benjamin

Kerl

was

named

a

portfolio

manager

of

the

Nuveen

Global

Infrastructure

Fund.

There

are

no

other

changes

to

the

Funds’

portfolio

management

teams

and

there

are

no

changes

to

the

Funds’

investment

objectives,

principal

investment

strategies

or

principal

risks.

Here

the

Funds’

portfolio

management

teams

review

U.S.

and

global

economic

and

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

prospectus.

What

factors

affected

the

U.S.

and

global

economy

and

financial

market

conditions

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-

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.

5

Nuveen

Global

Infrastructure

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

investment

objective

of

the

Fund

is

long-term

growth

of

capital

and

income.

The

Fund

seeks

growth

opportunity

from

global

economic

development

by

investing

in

U.S.

and

non-U.S.

infrastructure

companies

that

own

or

operate

vital

structures,

facilities

and

services.

The

Fund

is

structured

using

a

number

of

core

infrastructure

companies

that

the

portfolio

management

team

believes

should

provide

long-term

outperformance

versus

the

market,

combined

with

more

opportunistic

holdings

that

are

undervalued

by

the

market

in

the

short

term.

The

Fund

has

exposure

around

the

globe

to

a

mixture

of

holdings

that

represent

significant

value,

as

well

as

positions

in

companies

that

may

prove

to

be

more

stable

in

a

slowly

growing

global

economy.

For

much

of

the

reporting

period,

the

portfolio

management

team

tactically

highlighted

areas

of

the

infrastructure

investment

universe

that

are

more

resilient

in

the

face

of

higher

inflation

and

rising

interest

rates,

while

deemphasizing

sectors

that

tend

to

exhibit

greater

rate

sensitivity.

However,

this

tactical

positioning

shifted

late

in

the

reporting

period

as

the

interest

rate

backdrop

reached

a

potential

inflection

point.

The

portfolio

management

team

increased

exposure

to

the

more

defensive

electric

utilities

sector,

which

underperformed

other

infrastructure

sectors.

European

airport

exposure

was

also

increased

because

the

sector

experienced

healthy

revenue

growth

and

waning

cost

pressures.

To

balance

the

Fund’s

increased

cyclical

exposure

from

the

airport

addition,

the

portfolio

management

team

lowered

toll

road

exposure

following

a

period

of

outperformance.

Renewable

energy

exposure

was

also

reduced

because

of

tighter

financial

conditions

and

the

rising

cost

of

capital.

The

Fund

maintained

out-of-index

exposure

to

technology

infrastructure

(cellular

tower

companies

and

data

centers),

but

this

exposure

was

lower

than

average

given

the

sector’s

higher

sensitivity

to

rising

interest

rates.

From

a

geographic

standpoint,

the

portfolio

management

team’s

outlook

for

North

America

was

the

most

favorable,

leading

the

Fund

to

maintain

above-average

U.S.

exposure.

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,

the

Fund’s

Class

A

Shares

at

NAV

outperformed

the

S&P

Global

Infrastructure

Index

(Net).

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Global

Infrastructure

Index

(Net).

The

primary

contributor

to

the

Fund’s

relative

performance

was

security

selection

and

an

underweight

allocation

to

the

electric

utilities

sector,

which

underperformed.

Elevated

inflation

and

higher

interest

rates

caused

significant

share

price

declines

for

many

electric

utility

companies

because

of

their

slower

growing,

more

rate-sensitive

business

models.

The

Fund

also

benefited

from

an

underweight

to

U.S.

regulated

utilities,

including

NextEra

Energy

Inc.,

Dominion

Energy

Inc.

and

America

Electric

Power

Co

Inc.,

which

underperformed.

NextEra

shares,

in

particular,

retreated

sharply

following

an

announcement

that

subsidiary

NextEra

Energy

Partners

was

cutting

its

distribution

growth

rate.

The

Fund

also

benefited

from

out-of-index

exposures

to

French

toll

road

company

Vinci

SA

and

Spanish

toll

road

company

Ferrovial

SA,

which

outperformed.

Vinci

benefited

from

improving

revenues.

Ferrovial

benefited

from

lower

interest

rates,

a

likely

listing

in

the

U.S.,

and

a

potential

tariff

increase

on

its

largest

asset.

The

Fund

remains

invested

in

both

Vinci

and

Ferrovial.

Partially

offsetting

the

outperformance

was

the

Fund’s

underweight

to

the

airport

sector,

particularly

Mexican

and

European

airport

companies,

which

outperformed.

Mexican

airport

companies

benefited

from

increased

traffic

while

European

airport

companies

benefited

from

a

combination

of

improved

energy

security,

lower

energy

costs,

and

oversold

conditions.

Nuveen

Global

Real

Estate

Securities

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

long-term

capital

appreciation

with

a

secondary

objective

to

provide

current

income.

The

Fund

invests

in

income-

producing

equities

of

companies

engaged

in

the

real

estate

industry.

Applying

a

fundamentally

based,

relative

value

process,

the

portfolio

management

team

diversifies

across

geographies

and

sectors

of

listed

global

commercial

real

estate

by

investing

in

common

stocks,

preferred

securities

and

other

equity

securities

issued

by

U.S.

and

non-U.S.

companies

in

the

real

estate

industry,

including

real

estate

investment

trusts

(REITs)

and

similar

REIT-like

entities.

Equity

securities

in

which

the

Fund

may

invest

may

be

of

any

market

capitalization,

including

small

and

mid-capitalization

companies.

During

the

reporting

period,

the

portfolio

management

team

generally

maintained

a

bias

toward

higher

quality,

higher

market

cap

companies

and

assets

within

the

REIT

sector,

with

an

emphasis

on

companies’

balance

sheet

dynamics.

Specifically,

the

portfolio

Portfolio

Managers’

Comments

(continued)

6

management

team

preferred

companies

with

lower

overall

leverage

and

less

debt

maturing

in

the

short

term

because

rising

interest

rates

have

significantly

increased

financing

costs.

Industrial

sector

exposure

increased

the

most,

given

the

underlying

strength

in

the

fundamentals

of

the

sector.

The

industrial

sector

also

plays

into

the

portfolio

management

team’s

nearshoring

theme

in

areas

like

Mexico’s

border

markets

and

Central

and

Eastern

Europe.

The

Fund

was

overweight

to

the

technology

infrastructure

sector,

specifically

cellular

towers,

where

the

portfolio

management

team

sees

a

sizable

opportunity.

The

office

sector

remains

the

Fund’s

biggest

underweight

as

the

sector

continues

to

suffer

from

return-to-work

challenges,

resulting

in

weak

underlying

property-

type

fundamentals.

Diversified

real

estate

has

also

been

an

ongoing

structural

underweight

in

the

Fund

because

the

portfolio

management

team

prefers

to

own

sector

specialists

over

more

diversified

names.

The

United

States

remained

the

Fund’s

largest

country

weighting

but

still

represented

an

underweight

relative

to

the

benchmark.

Canada

exposure

was

increased

because

the

country

boasts

strong

demographic

trends

owing

to

its

supportive

immigration

policy.

The

portfolio

management

team

slightly

trimmed

exposure

to

Asia,

mainly

among

Hong

Kong

malls

and

developers,

and

added

modestly

to

industrial

exposure

in

Europe.

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,

the

Fund’s

Class

A

Shares

at

NAV

outperformed

the

FTSE

EPRA

Nareit

Developed

Index

(Net).

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

FTSE

EPRA

Nareit

Developed

Index

(Net).

During

the

reporting

period,

security

selection

at

the

regional

and

country

level

contributed

to

relative

performance,

most

notably

in

Europe,

led

by

Belgium

and

Spain,

and

the

United

States.

The

Fund

also

benefited

from

allocation

and

security

selection

in

the

industrial

property

sector,

which

continued

to

benefit

from

improved

sentiment

surrounding

the

global

macro-economic

backdrop.

The

Fund’s

overweight

position

in

Belgian

industrial

company

Montea

NV

and

an

out-of-index

position

in

Mexican

REIT

TF

Administradora

Industrial

S

de

RL

de

CV

(known

as

Terrafina)

accounted

for

much

of

the

sector’s

contribution.

Both

companies

are

benefiting

from

nearshoring

trends

in

Europe

and

Mexico,

respectively.

The

Fund

continued

to

maintain

positions

in

both

Montea

and

Terrafina

at

the

end

of

the

reporting

period.

Security

selection

in

the

health

care

REIT

sector

also

contributed

to

the

Fund’s

relative

performance.

The

Fund’s

lack

of

exposure

to

hospital

owner

Medical

Properties

Trust

Inc.

benefited

results

as

the

company

faced

headwinds

from

rising

interest

rates

and

tenants

that

are

behind

on

rental

payments.

The

portfolio

management

team

has

avoided

owning

this

company

given

these

key

tenant

issues

and

its

excess

leverage

relative

to

peers.

Partially

offsetting

the

Fund’s

outperformance

was

security

selection

in

the

technology

infrastructure

sector,

which

is

composed

of

cell

tower

and

data

center

companies

in

the

Fund

but

only

data

centers

in

the

index.

Within

the

technology

infrastructure

sector,

U.S.

cell

tower

holdings

remained

under

pressure

due

to

higher

interest

rates,

lower

spending

from

cell

phone

carriers,

and

rising

debt

costs.

Out-of-index

exposure

to

U.S.

cellular

tower

company

SBA

Communications

Corporation

detracted

after

management

lowered

guidance

because

of

a

weaker

leasing

pipeline

for

2023,

which

led

investors

to

anticipate

more

challenges

in

2024.

The

Fund

maintained

exposure

to

SBA

Communications

because

the

cell

towers

sector

continues

to

benefit

from

long-term

secular

growth

trends,

exhibit

attractive

valuations,

and

could

return

to

favor

with

investors

if

interest

rate

pressures

subside

or

recession

fears

grow.

Nuveen

Real

Asset

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

income

and

the

potential

for

capital

appreciation

by

investing

in

a

global

portfolio

of

infrastructure

and

commercial

real

estate

related

securities

(i.e.

real

assets)

across

the

capital

structure

and

around

the

world.

These

securities

include

a

combination

of

infrastructure

and

real

estate

common

stock,

infrastructure

and

real

estate

preferred

stock,

and

infrastructure

and

real

estate

related

debt.

The

Fund’s

portfolio

management

team

attempts

to

add

value

versus

the

comparative

blended

performance

benchmark

in

two

ways:

by

re-allocating

among

the

five

main

security

types

when

the

team

sees

value

at

differing

times

and,

more

importantly,

through

individual

security

selection.

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

7

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,

the

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Real

Asset

Income

Blended

Benchmark,

which

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.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Real

Asset

Income

Blended

Benchmark.

Allocations

to

equity

and

fixed

income

securities

detracted

from

relative

performance

during

the

reporting

period.

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.

Additionally,

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

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.

Nuveen

Real

Estate

Securities

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

to

provide

above

average

current

income

and

long-term

capital

appreciation

by

investing

in

income-producing

equities

of

companies

engaged

in

the

real

estate

industry.

Applying

a

fundamentally

based,

relative

value

process,

the

portfolio

management

team

diversifies

across

geographies

and

sectors

of

listed

U.S.

commercial

real

estate.

Portfolio

Managers’

Comments

(continued)

8

During

the

reporting

period,

the

portfolio

management

team

continued

to

emphasize

higher

quality,

higher

market

cap

companies

and

assets

within

the

real

estate

investment

trusts

(REIT)

sector

because

of

the

potential

for

an

economic

slowdown

or

recession,

and

the

ongoing

macroeconomic

and

geopolitical

uncertainty.

Rising

interest

rates

during

the

reporting

period

also

led

the

portfolio

management

team

to

favor

companies

with

lower

overall

leverage

and

less

debt

maturing

in

the

short

term

because

of

the

increased

cost

of

financing.

In

addition,

the

portfolio

management

team

lowered

exposure

to

segments

with

longer-term

lease

structures,

such

as

net

lease,

because

these

companies

have

less

flexibility

to

increase

leases

annually

to

keep

pace

with

inflation.

In

the

final

two

months

of

the

reporting

period,

market

sentiment

rapidly

shifted

as

investors

began

to

anticipate

an

economic

soft

landing

and

Fed

rate

cuts

beginning

in

early

2024.

As

a

result,

the

portfolio

management

team

began

to

increase

exposure

to

sectors

that

had

been

most

negatively

impacted

by

the

Fed’s

prior

rate

increases,

particularly

technology

infrastructure.

Health

care

REIT

(senior

housing

and

medical

office

buildings)

and

industrial

sector

exposure

increased

during

the

reporting

period

because

the

portfolio

management

team’s

stronger

outlooks

for

these

sectors,

while

apartment

exposure

declined

as

supply

in

the

Sunbelt

has

become

an

increasing

concern.

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,

the

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Real

Estate

Securities

Blended

Benchmark,

which

consists

of:

1)

50%

MSCI

US

REIT

Index

and

2)

50%

MSCI

USA

IMI

REITs

Index.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Real

Estate

Securities

Blended

Benchmark.

During

the

reporting

period,

security

selection

in

the

technology

infrastructure

sector

detracted

from

relative

performance.

As

interest

rates

rose,

wireless

tower

companies

were

negatively

impacted

given

their

relatively

longer

lease

durations,

which

limit

their

ability

to

increase

earnings

quickly,

making

them

less

attractive

to

investors.

In

addition,

the

Fund’s

overweight

position

in

U.S.

cellular

tower

operator

SBA

Communications

Corp.

detracted

from

relative

performance

after

the

company

lowered

guidance

because

of

a

weaker

leasing

pipeline

for

2023,

which

led

investors

to

anticipate

more

challenges

in

2024.

The

Fund

maintained

an

overweight

to

SBA

Communications

because

of

its

relatively

attractive

valuation

and

favorable

business

mix.

An

underweight

to

Digital

Realty

Trust

Inc.,

a

data

center

REIT,

also

detracted

in

the

technology

infrastructure

sector.

Shares

advanced

because

of

the

company’s

strong

leasing

and

pricing

trends

as

enthusiasm

surrounding

artificial

intelligence

(AI)

drove

positive

sentiment

for

the

data

center

sector.

While

the

outlook

for

data

centers

is

favorable,

the

portfolio

management

team

maintained

an

underweight

to

Digital

Realty

in

favor

of

its

peer,

Equinix

Inc.,

which

exhibits

a

stronger

balance

sheet

with

less

leverage

and

better

earnings.

The

Fund’s

lack

of

exposure

to

the

sole

company

in

the

real

estate

services

sector,

information

storage

services

firm

Iron

Mountain

Inc.,

also

detracted

from

relative

performance.

Shares

rose

during

the

reporting

period

as

the

company

continued

to

benefit

from

strong

client

retention

and

recurring

revenues

in

its

core

records

management

business,

combined

with

expansion

of

its

data

center

business.

The

portfolio

management

team

continues

to

avoid

ownership

in

Iron

Mountain

because

of

its

underlying

business

mix

and

less

favorable

long-term

fundamentals

for

its

core

business.

Partially

offsetting

the

Fund’s

underperformance

was

security

selection

and

an

underweight

position

in

the

net

lease

property

type,

which

underperformed

given

elevated

inflation

levels

and

rising

interest

rates

throughout

much

of

the

reporting

period.

The

longer-

term

leases

found

in

net

lease

companies

hinder

their

ability

to

increase

leases

annually

to

keep

pace

with

inflation.

The

Fund

also

benefited

from

underweight

positions

in

WP

Carey

Inc.

and

Realty

Income

Corporation,

which

the

Fund

continued

to

maintain.

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.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Important

Notices

9

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”). The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

June

30,

2024.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Jay

L.

Rosenberg

announced

that

he

will

retire

from

Nuveen

on

July

1,

2024.

He

will

continue

to

serve

as

a

portfolio

manager

of

the

Funds

until

March

31,

2024.

Effective

February

8,

2024,

Benjamin

T.

Kerl

was

named

a

portfolio

manager

of

the

Nuveen

Global

Infrastructure

Fund.

There

are

no

other

changes

to

the

Funds’

portfolio

management

teams

and

there

are

no

changes

to

the

Funds’

investment

objectives,

principal

investment

strategies

or

principal

risks.

Refer

to

the

Funds’

prospectus

supplement

dated

February

8,

2024,

for

further

information.

10

Risk

Considerations

and

Dividend

Information

Risk

Considerations

Nuveen

Global

Infrastructure

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Concentration

in

infrastructure-related

securities

involves

sector

risk

and

concentration

risk,

particularly

greater

exposure

to

adverse

economic,

regulatory,

political,

legal,

liquidity,

and

tax

risks

associated

with

master

limited

partnerships

(MLPs)

and

real

estate

investment

trusts

(REITS).

Foreign

investments

involve

additional

risks

including

currency

fluctuations

and

economic

and

political

instability.

These

risks

are

magnified

in

emerging

markets.

Common

stocks

are

subject

to

market

risk

or

the

risk

of

decline.

Small-

and

mid-cap

stocks

are

subject

to

greater

price

volatility.

The

use

of

derivatives

involves

substantial

financial

risks

and

transaction

costs.

The

Fund’s

potential

investment

in

other

investment

companies

means

shareholders

bear

their

proportionate

share

of

fund

expenses

and

indirectly,

the

expenses

of

other

investment

companies.

Fund

investments

in

exchange

trade

funds

(ETFs)

may

involve

tracking

error.

Preferred

securities

may

involve

greater

credit

risk

than

other

debt

instruments.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Global

Real

Estate

Securities

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

The

real

estate

industry

is

greatly

affected

by

economic

downturns

or

by

changes

in

real

estate

values,

rents,

property

taxes,

interest

rates,

tax

treatment,

regulations,

or

the

legal

structure

of

the

REIT.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

active

management,

derivatives,

preferred

security,

and,

small

and

mid-cap

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Real

Asset

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Concentration

in

specific

sectors

may

involve

greater

risk

and

volatility

than

more

diversified

investments:

real

estate

sector

involves

the

risk

of

exposure

to

economic

downturns

and

changes

in

real

estate

values,

rents,

property

taxes,

interest

rates

and

tax

laws;

infrastructure-related

securities

may

involve

greater

exposure

to

adverse

economic,

regulatory,

political,

legal,

and

other

changes

affecting

such

securities.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity,

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

Investments

in

small-

and

mid-cap

companies

are

subject

to

greater

volatility.

In

addition,

the

Fund

will

bear

its

proportionate

share

of

any

fees

and

expenses

paid

by

the

exchange

trade

funds

(ETFs)

in

which

it

invests.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund

are

subject

to

market

risk,

credit

risk,

interest

rate

risk

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Real

Estate

Securities

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Common

stocks

and

REITs

such

as

those

held

in

the

Fund

involve

market

risk,

concentration

risk,

sector

risk,

and

non-diversification

risk.

The

real

estate

industry

is

greatly

affected

by

economic

downturns

that

may

persist

as

well

as

changes

in

property

values,

taxes,

and

regulatory

developments.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

and

economic

or

political

instability.

These

risks

are

magnified

in

emerging

markets.

The

use

of

derivatives

involves

substantial

financial

risks

and

transaction

costs.

Small

cap

stocks

may

experience

more

volatility

than

large

cap

stocks.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Dividend

Information

Regular

dividends

are

declared

and

distributed

annually

for

Nuveen

Global

Infrastructure

Fund,

declared

daily

and

distributed

monthly

for

Nuveen

Real

Asset

Income

Fund

and

declared

and

distributed

quarterly

for

Nuveen

Global

Real

Estate

Securities

Fund

and

Nuveen

Real

Estate

Securities

Fund.

To

permit

a

Fund

to

maintain

a

more

stable

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

investment

income

it

actually

earned

during

the

period.

In

certain

instances,

a

portion

of

each

Fund’s

distributions

may

be

paid

from

sources

or

comprised

of

elements

other

than

ordinary

income,

including

capital

gains

and/or

a

return

of

capital.

This

is

generally

due

to

the

fact

that

the

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

the

Fund’s

portfolio.

Distributions

received

from

certain

securities

in

which

the

Fund

invests,

most

notably

real

estate

investment

trust

(REIT)

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

typically

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

11

following

calendar

year.

The

full

amount

of

the

distributions

received

from

such

securities

is

included

in

the

Fund’s

ordinary

income

during

the

course

of

the

year

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

To

the

extent

that

at

the

time

of

a

particular

distribution

the

Fund

estimates

that

a

portion

of

that

distribution

is

attributable

to

a

source

or

sources

other

than

ordinary

income,

the

Fund

would

send

shareholders

a

notice

to

that

effect.

The

final

determination

of

the

sources

and

tax

character

of

all

distributions

for

the

fiscal

year

is

made

after

the

end

of

the

fiscal

year.

Additional

Dividend

Information

The

Nuveen

Global

Infrastructure

Fund

invest

in

securities

that

make

payments

which

ultimately

may

be

fully

or

partially

characterized

for

tax

purposes

by

the

securities’

issuers

as

gains

or

return

of

capital.

This

tax

treatment

will

generally

“flow

through”

to

the

Fund’s

distributions,

but

the

specific

tax

treatment

is

often

not

known

with

certainty

until

after

the

end

of

the

Fund’s

tax

year.

As

a

result,

a

portion

of

the

distribution

paid

by

Nuveen

Global

Infrastructure

Fund

were

later

re-characterized

for

tax

purposes

as

a

non-taxable

return

of

capital,

as

set

forth

in

the

Fund’s

table

below.

Nuveen

Global

Real

Estate

Securities

Fund,

Nuveen

Real

Asset

Income

Fund

and

Nuveen

Real

Estate

Securities

Fund

seek

to

pay

regular

dividends

at

a

rate

that

reflects

the

cash

flow

received

from

each

Fund’s

investments

in

portfolio

securities.

Fund

distributions

are

not

intended

to

include

expected

portfolio

appreciation;

however,

the

Funds

invest

in

securities

that

make

payments

which

ultimately

may

be

fully

or

partially

characterized

for

tax

purposes

by

the

securities’

issuers

as

gains

or

return

of

capital.

While

the

reported

sources

of

distributions

may

include

capital

gains

and/

or

return

of

capital

for

tax

purposes,

the

Funds

intend

to

distribute

only

the

net

cash

flow

received

as

opposed

to

a

distribution

rate

based

on

long-term

total

return.

This

tax

treatment

will

generally

“flow

through”

to

the

Funds’

distributions,

but

the

specific

tax

treatment

is

often

not

known

with

certainty

until

after

the

end

of

the

Funds’

tax

year.

As

a

result,

certain

portions

of

the

regular

distributions

by

Nuveen

Real

Estate

Securities

Fund

throughout

the

year

were

later

re-characterized

for

tax

purposes

as

either

long-term

gains

(both

realized

and

unrealized),

or

as

a

non-taxable

return

of

capital,

as

set

forth

in

each

Fund’s

table

below.

Nuveen

Global

Real

Estate

Securities

Fund

and

Nuveen

Real

Asset

Income

Fund

did

not

have

any

such

distribution

re-characterizations.

These

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purpose

and

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.

More

details

about

each

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com.

Nuveen

Global

Infrastructure

Fund

-

Data

as

of

December

31,

2023

Calendar

Year

2023

Percentage

of

the

Distribution

Per

Share

Amounts

Share

Class

Ticker

Symbol

Net

Investment

Income

Realized

Gains

Return

of

Capital

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

Class

A

FGIAX

95.7%

0.0%

4.3%

$0.2480

$0.2372

$0.0000

$0.0108

Class

C

FGNCX

93.5%

0.0%

6.5%

$0.1648

$0.1540

$0.0000

$0.0108

Class

R6

FGIWX

96.2%

0.0%

3.8%

$0.2830

$0.2722

$0.0000

$0.0108

Class

I

FGIYX

96.1%

0.0%

3.9%

$0.2737

$0.2629

$0.0000

$0.0108

Nuveen

Real

Estate

Securities

Fund

-

Data

as

of

December

31,

2023

(1)

Calendar

Year

2023

Percentage

of

the

Distribution

Per

Share

Amounts

Share

Class

Ticker

Symbol

Net

Investment

Income

Realized

Gains

Return

of

Capital

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

Class

A

FREAX

75.3%

24.7%

0.0%

$0.4615

$0.3476

$0.1139

$0.0000

Class

C

FRLCX

66.5%

33.5%

0.0%

$0.3405

$0.2266

$0.1139

$0.0000

Class

R6

FREGX

78.7%

21.3%

0.0%

$0.5339

$0.4200

$0.1139

$0.0000

Class

I

FARCX

77.6%

22.4%

0.0%

$0.5076

$0.3937

$0.1139

$0.0000

(1)

The

Fund

owns

REIT

securities

which

attribute

their

distributions

to

various

sources,

including

net

investment

income,

gains

and

return

of

capital.

12

About

the

Funds’

Benchmarks

Bloomberg

Global

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

fixed-rate,

investment

grade

capital

securities

denominated

in

USD,

EUR

and

GBP.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate

corporate

high

yield

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

EPRA/

Nareit

(Financial

Times

Stock

Exchange

–

European

Public

Real

Estate

Association/National

Association

of

Real

Estate

Investment

Trusts)

Developed

Index

(Net):

An

index

designed

to

measure

the

performance

of

listed

real

estate

companies

and

REITs

worldwide.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

Nareit

(Financial

Times

Stock

Exchange

National

Association

of

Real

Estate

Investment

Trusts)

Preferred

Stock

Index:

An

index

designed

to

measure

the

performance

of

publicly

traded

U.S.

REIT

preferred

stocks.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index:

An

index

designed

to

measure

the

performance

of

the

energy

and

utilities

subgroups

of

the

ICE

BofA

U.S.

All

Capital

Securities

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Lipper

Global

Infrastructure

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Global

Infrastructure

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Global

Real

Estate

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Global

Real

Estate

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Real

Estate

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Real

Estate

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Real

Return

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Real

Return

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

MSCI

US

REIT

Index:

An

index

designed

to

measure

the

performance

of

U.S.

large,

mid

and

small-cap

equity

REITs.

The

index

represents

about

99%

of

the

U.S.

REIT

universe

and

securities

are

classified

under

the

Equity

REITs

Industry

(under

the

Real

Estate

sector)

according

to

the

Global

Industry

Classification

Standard

(GICS),

have

core

real

estate

exposure

(i.e.,

only

selected

Specialized

REITs

are

eligible

which

does

not

include

cell

tower

REITs)

and

carry

REIT

tax

status.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

IMI

REITs

Index:

An

index

which

is

designed

to

measure

the

performance

of

U.S.

large,

mid,

and

small-

cap

equity

REITs.

All

securities

in

the

index

are

classified

in

the

Equity

REITs

Industry

(under

the

Real

Estate

sector)

according

to

the

Global

Industry

Classification

Standard

(GICS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Real

Asset

Income

Blended

Benchmark

•

Through

March

31,

2021:

Consists

of:

1)

28%

S&P

Global

Infrastructure

Index

(Net)

(defined

herein),

2)

21%

FTSE

EPRA

Nareit

Developed

Index

(Net)

(defined

herein),

3)

18%

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index

(defined

herein,

index

was

discontinued

on

April

1,

2021),

4)

18%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein),

and

5)

15%

Bloomberg

Global

Capital

Securities

Index

(defined

13

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

through

March

31,

2021,

and

thereafter:

1)

25%

FTSE

EPRA/Nareit

Developed

Index

(Net)

(defined

herein),

2)

22%

S&P

Global

Infrastructure

Index

(Net)

(defined

herein),

3)

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

(defined

herein),

4)

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein),

and

5)

13%

FTSE

Nareit

Preferred

Stock

Index,

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Real

Estate

Securities

Blended

Benchmark

(effective

October

1,

2021):

Consists

of:

1)

50%

MSCI

US

REIT

Index

(defined

herein),

and

2)

50%

MSCI

USA

IMI

REITs

Index

(defined

herein).

The

Fund’s

performance

was

measured

against

the

MSCI

US

REIT

Index

through

September

30,

2021.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Global

Infrastructure

Index

(Net):

An

index

designed

to

measure

the

performance

of

listed

infrastructure

companies

from

around

the

world.

To

create

diversified

exposure

across

the

global

listed

infrastructure

market,

the

index

has

balanced

weights

across

three

distinct

infrastructure

clusters:

utilities,

transportation,

and

energy.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Wells

Fargo

Hybrid

&

Preferred

Securities

REIT

Index

(discontinued

on

April

1,

2021):

An

index

designed

to

measure

the

performance

of

preferred

securities

issued

in

the

U.S.

market

by

REITs

(index

was

discontinued

on

April

1,

2021).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

Nuveen

Global

Infrastructure

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Global

Infrastructure

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

other

Fund

expenses

through

July

31,

2025

so

that

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

1.00%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

July

31,

2025

only

with

the

approval

of

the

Board

of

Directors

of

the

Fund.

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/17/07

8.51%

7.91%

6.28%

1.34%

1.22%

Class

A

at

maximum

Offering

Price

12/17/07

2.26%

6.63%

5.66%

—

—

S&P

Global

Infrastructure

Index

(Net)

—

5.78%

6.46%

4.82%

—

—

Lipper

Global

Infrastructure

Funds

Classification

Average

—

4.84%

7.19%

5.39%

—

—

Class

C

at

NAV

11/03/08

7.74%

7.09%

5.65%

2.09%

1.97%

Class

C

at

maximum

Offering

Price

11/03/08

7.74%

7.09%

5.65%

—

—

Class

I

12/17/07

8.90%

8.20%

6.56%

1.09%

0.97%

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

8.87%

8.26%

6.15%

1.02%

0.90%

16

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

17

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

90

.6‌

%

Real

Estate

Investment

Trust

Common

Stocks

6

.3‌

%

Investment

Companies

0

.3‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.8‌

%

Repurchase

Agreements

2

.6‌

%

Other

Assets

&

Liabilities,

Net

(0.6)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Utilities

38.2%

Transportation

25.6%

Energy

15.8%

Commercial

&

Professional

Services

5.5%

Capital

Goods

4.0%

Data

Center

REITs

3.4%

Telecom

Tower

REITs

2.7%

Telecommunication

Services

1.5%

Other

0.2%

Investment

Companies

0.3%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.8%

Repurchase

Agreements

2.6%

Other

Assets

&

Liabilities,

Net

(0.6)%

Net

Assets

100%

Top

Five

Common

Stock

&

Real

Estate

Investment

Trust

Common

Stock

Holdings

(%

of

net

assets)

Transurban

Group

4.4%

Aena

SME

SA

4.2%

Southern

Co/The

4.2%

NextEra

Energy

Inc

3.1%

Enbridge

Inc

2.7%

Country

Allocation

2

(%

of

net

assets)

United

States

47

.5‌

%

Canada

7

.7‌

%

Australia

6

.9‌

%

Spain

6

.8‌

%

France

5

.6‌

%

Italy

4

.6‌

%

Japan

3

.9‌

%

Germany

3

.2‌

%

New

Zealand

3

.1‌

%

United

Kingdom

2

.6‌

%

Other

7

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.8‌

%

Other

Assets

&

Liabilities,

Net

(

0

.6‌

)

%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.5%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

18

Nuveen

Global

Real

Estate

Securities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

FTSE

EPRA/Nareit

Developed

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

other

Fund

expenses

through

July

31,

2025

so

that

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

1.09%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

July

31,

2025

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

A

at

NAV

3/20/18

11.22%

6.10%

5.03%

2.14%

1.30%

Class

A

at

maximum

Offering

Price

3/20/18

4.84%

4.85%

3.96%

—

—

FTSE

EPRA/Nareit

Developed

Index

(Net)

—

9.67%

2.81%

2.26%

—

—

Lipper

Global

Real

Estate

Funds

Classification

Average

—

10.95%

4.32%

3.32%

—

—

Class

C

at

NAV

3/20/18

10.40%

5.29%

4.23%

2.89%

2.05%

Class

C

at

maximum

Offering

Price

3/20/18

10.40%

5.29%

4.23%

—

—

Class

R6

3/20/18

11.61%

6.44%

5.37%

1.79%

0.95%

Class

I

3/20/18

11.50%

6.36%

5.29%

1.89%

1.05%

19

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

20

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

(continued)

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

87

.3‌

%

Common

Stocks

10

.7‌

%

Repurchase

Agreements

1

.6‌

%

Other

Assets

&

Liabilities,

Net

0.4%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Industrial

REITs

19.7%

Retail

REITs

14.5%

Multi-Family

Residential

REITs

10.4%

Real

Estate

Management

&

Development

8.6%

Health

Care

REITs

7.2%

Data

Center

REITs

7.0%

Office

REITs

5.1%

Diversified

REITs

4.7%

Telecom

Tower

REITs

4.7%

Self-Storage

REITs

4.6%

Other

Specialized

REITs

4.5%

Other

7.0%

Repurchase

Agreements

1.6%

Other

Assets

&

Liabilities,

Net

0.4%

Net

Assets

100%

Top

Five

Common

Stock

&

Real

Estate

Investment

Trust

Common

Stock

Holdings

(%

of

net

assets)

Prologis

Inc

7.2%

Equinix

Inc

4.8%

Public

Storage

3.2%

VICI

Properties

Inc

2.6%

Mitsui

Fudosan

Co

Ltd

2.6%

Country

Allocation

2

(%

of

net

assets)

United

States

62

.4‌

%

Japan

9

.3‌

%

Canada

5

.3‌

%

United

Kingdom

4

.3‌

%

Hong

Kong

3

.7‌

%

Australia

3

.2‌

%

Singapore

2

.5‌

%

Spain

2

.0‌

%

Belgium

1

.8‌

%

Germany

1

.5‌

%

Other

3

.6‌

%

Other

Assets

&

Liabilities,

Net

0

.4‌

%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

0.7%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

Real

Asset

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Real

Asset

Income

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

25%

FTSE

EPRA/Nareit

Developed

Index

(Net),

2)

22%

S&P

Global

Infrastructure

Index

(Net),

3)

20%

ICE

Hybrid

&

Preferred

Infrastructure

7%

Issuer

Constrained

Custom

Index,

4)

20%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

and

5)

13%

FTSE

Nareit

Preferred

Stock

Index.

Refer

to

About

the

Funds’

Benchmarks

for

details

on

the

Fund’s

Blended

Benchmark

composition

through

March

31,

2021.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

other

Fund

expenses

through

July

31,

2025

so

that

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.95%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

July

31,

2025

only

with

the

approval

of

the

Board

of

Directors

of

the

Fund.

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

9/13/11

8.13%

4.59%

4.86%

1.17%

1.16%

Class

A

at

maximum

Offering

Price

9/13/11

1.91%

3.36%

4.25%

—

—

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

—

13.45%

5.37%

4.60%

—

—

Real

Asset

Income

Blended

Benchmark

—

11.49%

4.99%

4.56%

—

—

Lipper

Real

Return

Funds

Classification

Average

—

5.60%

6.81%

2.99%

—

—

Class

C

at

NAV

9/13/11

7.36%

3.82%

4.24%

1.92%

1.91%

Class

C

at

maximum

Offering

Price

9/13/11

7.36%

3.82%

4.24%

—

—

Class

I

9/13/11

8.38%

4.84%

5.13%

0.92%

0.91%

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

8.56%

4.95%

3.97%

0.82%

0.81%

22

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

23

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

26.2‌%

Real

Estate

Investment

Trust

Common

Stocks

22.1‌%

Common

Stocks

21.9‌%

$25

Par

(or

similar)

Retail

Preferred

14.0‌%

$1,000

Par

(or

similar)

Institutional

Preferred

10.4‌%

Convertible

Preferred

Securities

1.9‌%

Investment

Companies

0.4‌%

Asset-Backed

and

Mortgage-

Backed

Securities

0.1‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6‌%

Repurchase

Agreements

2.2‌%

Other

Assets

&

Liabilities,

Net

(0.8)%

Net

Assets

100‌%

Top

Five

Common

Stock

&

Real

Estate

Investment

Trust

Common

Stock

Holdings

(%

of

net

assets)

Enbridge

Inc

1.5%

Pembina

Pipeline

Corp

1.1%

National

Grid

PLC,

Sponsored

ADR

1.1%

Gaming

and

Leisure

Properties

Inc

1.1%

Enel

SpA

1.1%

Portfolio

Composition

1

(%

of

net

assets)

Utilities

28.9%

Energy

16.9%

Equity

Real

Estate

Investment

Trusts

(REITs)

16.4%

Retail

REITs

6.9%

Industrial

REITs

4.6%

Transportation

3.2%

Other

Specialized

REITs

2.5%

Health

Care

REITs

2.3%

Telecommunication

Services

1.9%

Diversified

REITs

1.7%

Media

&

Entertainment

1.1%

Real

Estate

Management

&

Development

1.2%

Financial

Services

1.2%

Other

7.7%

Investment

Companies

0.4%

Asset-Backed

and

Mortgage-

Backed

Securities

0.1%

Repurchase

Agreements

2.2%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6%

Other

Assets

&

Liabilities,

Net

(0.8)%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

United

States

64.5‌%

Canada

12.0‌%

Australia

4.3‌%

United

Kingdom

3.8‌%

Hong

Kong

2.6‌%

Singapore

2.6‌%

Italy

2.5‌%

Spain

1.3‌%

France

1.3‌%

Portugal

0.9‌%

Other

3.4‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.6‌%

Other

Assets

&

Liabilities,

Net

(0.8‌)%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

1.4%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

24

Nuveen

Real

Estate

Securities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Real

Estate

Securities

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

50%

MSCI

US

REIT

Index

and

2)

50%

MSCI

USA

IMI

REITs

Index.

The

Fund’s

performance

was

measured

against

the

MSCI

US

REIT

Index

through

September

30,

2021.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.97%

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

This

ex-

pense

limitation

may

be

terminated

or

modified

prior

to

July

31,

2025

only

with

the

approval

of

the

Board

of

Directors

of

the

Fund.

Total

Returns

as

of

December

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

9/29/95

11.22%

6.67%

7.04%

1.30%

1.22%

Class

A

at

maximum

Offering

Price

9/29/95

4.83%

5.42%

6.41%

—

—

MSCI

US

REIT

Index

—

13.74%

7.40%

7.60%

—

—

Real

Estate

Securities

Blended

Benchmark

—

12.54%

7.08%

7.44%

—

—

Lipper

Real

Estate

Funds

Classification

Average

—

12.20%

7.00%

6.87%

—

—

Class

C

at

NAV

2/01/00

10.46%

5.88%

6.40%

2.05%

1.97%

Class

C

at

maximum

Offering

Price

2/01/00

10.46%

5.88%

6.40%

—

—

Class

R6

4/30/13

11.66%

7.09%

7.48%

0.93%

0.85%

Class

I

6/30/95

11.51%

6.94%

7.31%

1.05%

0.97%

25

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

26

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2023

(continued)

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

98

.0‌

%

Repurchase

Agreements

2

.1‌

%

Other

Assets

&

Liabilities,

Net

(0.1)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Industrial

REITs

19.5%

Retail

REITs

14.2%

Health

Care

REITs

11.4%

Data

Center

REITs

11.3%

Multi-Family

Residential

REITs

9.7%

Telecom

Tower

REITs

7.6%

Self-Storage

REITs

7.3%

Other

Specialized

REITs

7.3%

Office

REITs

3.7%

Single-Family

Residential

REITs

2.6%

Hotel

&

Resort

REITs

2.6%

Other

0.8%

Repurchase

Agreements

2.1%

Other

Assets

&

Liabilities,

Net

(0.1)%

Net

Assets

100%

Top

Five

Common

Stock

&

Real

Estate

Investment

Trust

Common

Stock

Holdings

(%

of

net

assets)

Prologis

Inc

11.6%

Equinix

Inc

7.7%

Public

Storage

5.2%

VICI

Properties

Inc

4.3%

American

Tower

Corp

4.2%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Expense

Examples

27

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

December

31,

2023.

The

beginning

of

the

period

is

July

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Global

Infrastructure

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,028.30

$1,024.80

$1,030.60

$1,030.80

Expenses

Incurred

During

the

Period

$6.24

$10.05

$4.61

$4.97

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.06

$1,015.27

$1,020.69

$1,020.32

Expenses

Incurred

During

the

Period

$6.21

$10.01

$4.58

$4.94

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.22%,

1.97%,

0.90%

and

0.97%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Global

Real

Estate

Securities

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,084.30

$1,080.40

$1,086.20

$1,085.70

Expenses

Incurred

During

the

Period

$6.78

$10.75

$5.00

$5.52

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.69

$1,014.87

$1,020.40

$1,019.91

Expenses

Incurred

During

the

Period

$6.56

$10.41

$4.84

$5.35

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.29%,

2.05%,

0.95%

and

1.05%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

28

Nuveen

Real

Asset

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,051.60

$1,048.10

$1,053.70

$1,052.90

Expenses

Incurred

During

the

Period

$6.00

$9.86

$4.14

$4.71

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.37

$1,015.58

$1,021.16

$1,020.63

Expenses

Incurred

During

the

Period

$5.90

$9.70

$4.08

$4.63

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.16%,

1.91%,

0.80%

and

0.91%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Real

Estate

Securities

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,066.60

$1,062.80

$1,068.50

$1,068.10

Expenses

Incurred

During

the

Period

$6.35

$10.24

$4.28

$5.06

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.06

$1,015.28

$1,021.08

$1,020.32

Expenses

Incurred

During

the

Period

$6.21

$10.01

$4.18

$4.94

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.22%,

1.97%,

0.82%

and

0.97%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

29

To

the

Board

of

Directors

of

Nuveen

Investment

Funds,

Inc.

and

Board

of

Trustees

of

Nuveen

Investment

Trust

V

and

Shareholders

of

Nuveen

Global

Infrastructure

Fund,

Nuveen

Global

Real

Estate

Securities

Fund,

Nuveen

Real

Asset

Income

Fund

and

Nuveen

Real

Estate

Securities

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Nuveen

Global

Infrastructure

Fund,

Nuveen

Real

Asset

Income

Fund

and

Nuveen

Real

Estate

Securities

Fund

(three

of

the

funds

constituting

Nuveen

Investment

Funds,

Inc.)

and

Nuveen

Global

Real

Estate

Securities

Fund

(one

of

the

funds

constituting

Nuveen

Investment

Trust

V)

(hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

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

of

these

financial

statements

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

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,

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.

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.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

30

Nuveen

Global

Infrastructure

Fund

Portfolio

of

Investments

December

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

97.2% 

X

–

COMMON

STOCKS

-

90

.6

%

X

429,681,674

Capital

Goods

-

4.0%

32,585

Eiffage

SA

$

3,498,020

171,604

Ferrovial

SE

6,263,697

72,625

Vinci

SA

9,139,510

Total

Capital

Goods

18,901,227

Commercial

&

Professional

Services

-

5.5%

53,695

(b)

Casella

Waste

Systems

Inc,

Class

A

4,588,775

1,364,723

Cleanaway

Waste

Management

Ltd

2,501,904

48,480

Republic

Services

Inc

7,994,837

55,738

Waste

Connections

Inc

8,320,011

16,214

Waste

Management

Inc

2,903,927

Total

Commercial

&

Professional

Services

26,309,454

Energy

-

15.8%

69,489

Cheniere

Energy

Inc

11,862,467

26,335

DT

Midstream

Inc

1,443,158

360,989

Enbridge

Inc

13,002,824

43,608

Energy

Transfer

LP

601,791

131,283

Enterprise

Products

Partners

LP

3,459,307

141,140

Gibson

Energy

Inc

2,144,182

33,474

Keyera

Corp

809,156

338,855

Kinder

Morgan

Inc

5,977,402

54,981

MPLX

LP

2,018,902

113,170

ONEOK

Inc

7,946,798

163,910

Pembina

Pipeline

Corp

5,643,239

78,232

Targa

Resources

Corp

6,796,014

129,940

TC

Energy

Corp

5,075,804

232,845

Williams

Cos

Inc/The

8,109,991

Total

Energy

74,891,035

Telecommunication

Services

-

1.5%

140,157

Cellnex

Telecom

SA,

144A

5,518,402

126,429

Infrastruture

Wireless

Italiane

SpA

1,600,706

Total

Telecommunication

Services

7,119,108

Transportation

-

25.6%

110,952

Aena

SME

SA

20,139,021

18,720

Aeroports

de

Paris

2,429,014

1,125,570

Atlas

Arteria

Ltd

4,431,499

1,948,808

Auckland

International

Airport

Ltd

10,841,063

18,401

Canadian

National

Railway

Co

2,311,718

53,054

Canadian

Pacific

Railway

Ltd

4,194,449

157,193

Central

Japan

Railway

Co

3,989,599

683,093

China

Merchants

Port

Holdings

Co

Ltd

930,887

105,121

CSX

Corp

3,644,545

104,587

East

Japan

Railway

Co

6,020,312

209,634

Enav

SpA

796,258

43,625

Flughafen

Zurich

AG

9,115,212

24,628

(b)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

1,486,037

366,858

Getlink

SE

6,718,959

39,773

(c)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

3,365,989

27,259

(c)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

4,776,322

31

Shares

Description

(a)

Value

Transportation

(continued)

346,519

International

Container

Terminal

Services

Inc

$

1,544,539

138,084

Japan

Airport

Terminal

Co

Ltd

6,074,972

108,762

Kamigumi

Co

Ltd

2,591,870

366,661

Port

of

Tauranga

Ltd

1,297,529

526,461

Qube

Holdings

Ltd

1,164,059

2,235,885

Transurban

Group

20,892,960

10,233

Union

Pacific

Corp

2,513,429

Total

Transportation

121,270,242

Utilities

-

38.2%

7,513

Alliant

Energy

Corp

385,417

17,525

American

Electric

Power

Co

Inc

1,423,380

44,866

American

Water

Works

Co

Inc

5,921,863

634,261

APA

Group

3,691,109

48,053

Brookfield

Renewable

Corp,

Class

A

1,383,446

246,973

CenterPoint

Energy

Inc

7,056,019

504,065

CK

Infrastructure

Holdings

Ltd

2,789,590

219,329

CLP

Holdings

Ltd

1,812,121

162,311

CMS

Energy

Corp

9,425,400

12,149

Consolidated

Edison

Inc

1,105,194

180,764

Contact

Energy

Ltd

915,302

29,772

DTE

Energy

Co

3,282,661

59,917

Duke

Energy

Corp

5,814,346

381,732

E.ON

SE

5,128,592

641,317

EDP

-

Energias

de

Portugal

SA

3,227,747

62,565

EDP

Renovaveis

SA

1,280,788

17,603

Endesa

SA

359,120

990,591

Enel

SpA

7,369,806

134,973

Engie

SA

2,377,724

49,596

Entergy

Corp

5,018,619

8,523

Evergy

Inc

444,901

111,087

Exelon

Corp

3,988,023

116,406

(c)

Hydro

One

Ltd

3,487,656

382,224

Iberdrola

SA

5,013,549

276,980

Infratil

Ltd

1,755,697

476,597

Italgas

SpA

2,728,928

41,977

(c)

National

Grid

PLC,

Sponsored

ADR

2,854,016

240,072

NextEra

Energy

Inc

14,581,973

142,512

NiSource

Inc

3,783,694

483,492

PG&E

Corp

8,717,361

463,818

Power

Grid

Corp

of

India

Ltd

1,321,113

74,945

PPL

Corp

2,031,009

187,277

RWE

AG

8,523,519

316,436

Sembcorp

Industries

Ltd

1,271,914

24,594

Sempra

1,837,910

86,299

Severn

Trent

PLC

2,837,900

804,451

Snam

SpA

4,138,832

281,991

Southern

Co/The

19,773,209

209,416

SSE

PLC

4,943,470

623,676

Terna

-

Rete

Elettrica

Nazionale

5,203,116

76,676

Veolia

Environement

SA

2,423,472

157,666

Xcel

Energy

Inc

9,761,102

Total

Utilities

181,190,608

Total

Common

Stocks

(cost

$333,565,366)

429,681,674

Nuveen

Global

Infrastructure

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

32

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

6

.3

%

X

30,060,528

Data

Center

REITs

-

3.4%

51,195

Digital

Realty

Trust

Inc  

$

6,889,823

11,805

Equinix

Inc  

9,507,629

Total

Data

Center

REITs

16,397,452

Health

Care

REITs

-

0.2%

298,025

Parkway

Life

Real

Estate

Investment

Trust  

828,449

Total

Health

Care

REITs

828,449

Telecom

Tower

REITs

-

2.7%

30,546

American

Tower

Corp  

6,594,271

18,113

Crown

Castle

Inc  

2,086,436

16,374

SBA

Communications

Corp  

4,153,920

Total

Telecom

Tower

REITs

12,834,627

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$27,613,546)

30,060,528

Shares

Description

(a)

Value

X

–

INVESTMENT

COMPANIES

-

0.3%

X

1,586,517

387,258

3i

Infrastructure

PLC

$

1,586,517

Total

Investment

Companies

(cost

$1,530,369)

1,586,517

Total

Long-Term

Investments

(cost

$362,709,281)

461,328,719

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.8%

X

–

3,775,397

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

3,775,397

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$3,775,397)

3,775,397

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.6% 

–

REPURCHASE

AGREEMENTS

-

2

.6

%

12,159,676

$

11,775

(f)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

11,775,000

385

(g)

Fixed

Income

Clearing

Corp

(FICC)

1.600%

1/02/24

384,676

Total

Repurchase

Agreements

(cost

$12,159,676)

12,159,676

Total

Short-Term

Investments

(cost

$12,159,676)

12,159,676

Total

Investments

(cost

$

378,644,354

)

-

100

.6

%

477,263,792

Other

Assets

&

Liabilities,

Net

-   (0.6)%

(

2,708,504

)

Net

Assets

-

100%

$

474,555,288

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$3,659,369.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

33

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$11,781,947

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.875%

and

maturity

date

11/15/51,

valued

at

$12,010,563.

(g)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

12/29/23

to

be

repurchased

at

$384,745

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.875%

and

maturity

date

5/15/32,

valued

at

$392,407.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

34

Nuveen

Global

Real

Estate

Securities

Fund

Portfolio

of

Investments

December

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.0% 

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

87

.3

%

X

37,579,856

Data

Center

REITs

-

7.0%

7,035

Digital

Realty

Trust

Inc  

$

946,770

2,549

Equinix

Inc  

2,052,939

Total

Data

Center

REITs

2,999,709

Diversified

REITs

-

4.8%

2,075

Armada

Hoffler

Properties

Inc  

25,668

21,001

British

Land

Co

PLC/The  

106,764

13,464

Charter

Hall

Group  

110,312

14,363

Charter

Hall

Long

Wale

REIT  

36,788

7,210

Essential

Properties

Realty

Trust

Inc  

184,288

95

Hulic

Reit

Inc  

100,451

286,575

LXI

REIT

Plc  

382,817

30,080

Merlin

Properties

Socimi

SA  

333,980

97,303

Mirvac

Group  

138,426

472

Star

Asia

Investment

Corp  

192,678

60,542

Stockland  

183,602

246

United

Urban

Investment

Corp  

251,213

Total

Diversified

REITs

2,046,987

Health

Care

REITs

-

7.2%

9,251

CareTrust

REIT

Inc  

207,037

2,039

Community

Healthcare

Trust

Inc  

54,319

45,385

Healthpeak

Properties

Inc  

898,623

4,102

Omega

Healthcare

Investors

Inc  

125,767

18,669

Parkway

Life

Real

Estate

Investment

Trust  

51,896

13,314

Ventas

Inc  

663,570

12,017

Welltower

Inc  

1,083,573

Total

Health

Care

REITs

3,084,785

Hotel

&

Resort

REITs

-

2.2%

21,751

Host

Hotels

&

Resorts

Inc  

423,492

525

Japan

Hotel

REIT

Investment

Corp  

257,377

2,314

Ryman

Hospitality

Properties

Inc  

254,679

Total

Hotel

&

Resort

REITs

935,548

Industrial

REITs

-

19.7%

14,618

Americold

Realty

Trust

Inc  

442,487

12,458

CapitaLand

Ascendas

REIT  

28,561

36,206

Centuria

Industrial

REIT  

80,177

3,387

Dream

Industrial

Real

Estate

Investment

Trust  

35,684

681

EastGroup

Properties

Inc  

124,991

37,463

FIBRA

Macquarie

Mexico,

144A  

73,355

10,139

First

Industrial

Realty

Trust

Inc  

534,021

109,323

Frasers

Logistics

&

Commercial

Trust  

95,173

197

GLP

J-Reit  

196,101

67,931

Goodman

Property

Trust  

97,909

40,393

LXP

Industrial

Trust  

400,698

119,811

Mapletree

Industrial

Trust  

227,627

176,103

Mapletree

Logistics

Trust  

231,874

35

Mitsui

Fudosan

Logistics

Park

Inc  

113,451

4,657

Montea

NV  

442,698

60,755

Nexus

Industrial

REIT  

370,935

36

Nippon

Prologis

REIT

Inc  

69,220

23,213

Prologis

Inc  

3,094,293

10,939

Rexford

Industrial

Realty

Inc  

613,678

116,523

TF

Administradora

Industrial

S

de

RL

de

CV  

247,923

35

Shares

Description

(a)

Value

Industrial

REITs

(continued)

231,304

Tritax

Big

Box

REIT

PLC  

$

496,352

182,696

Urban

Logistics

REIT

PLC  

296,681

5,290

Warehouses

De

Pauw

CVA  

166,519

Total

Industrial

REITs

8,480,408

Multi-Family

Residential

REITs

-

10.4%

13,799

Apartment

Income

REIT

Corp  

479,239

3,457

AvalonBay

Communities

Inc  

647,220

5,216

Boardwalk

Real

Estate

Investment

Trust  

280,827

1,617

Camden

Property

Trust  

160,552

334

Daiwa

Securities

Living

Investments

Corp  

246,828

2,285

Elme

Communities  

33,361

11,837

Equity

Residential  

723,951

1,855

Essex

Property

Trust

Inc  

459,929

130,552

(b)

Home

Reit

PLC  

166

22,531

Ingenia

Communities

Group  

68,249

41,655

InterRent

Real

Estate

Investment

Trust  

415,906

27,788

Killam

Apartment

Real

Estate

Investment

Trust  

376,644

32

Nippon

Accommodations

Fund

Inc  

136,974

2,724

UDR

Inc  

104,302

26,221

UNITE

Group

PLC/The  

348,306

Total

Multi-Family

Residential

REITs

4,482,454

Office

REITs

-

5.1%

4,219

Alexandria

Real

Estate

Equities

Inc  

534,843

6,891

Allied

Properties

Real

Estate

Investment

Trust  

104,947

1,933

Boston

Properties

Inc  

135,639

12,888

Cousins

Properties

Inc  

313,823

51

Daiwa

Office

Investment

Corp  

240,355

2,349

Gecina

SA  

285,965

83

Nippon

Building

Fund

Inc  

359,297

184

Orix

JREIT

Inc  

217,121

Total

Office

REITs

2,191,990

Other

Specialized

REITs

-

4.5%

2,193

Four

Corners

Property

Trust

Inc  

55,483

13,763

Gaming

and

Leisure

Properties

Inc  

679,204

2,425

Safehold

Inc  

56,745

35,736

VICI

Properties

Inc  

1,139,264

Total

Other

Specialized

REITs

1,930,696

Real

Estate

Operating

Companies

-

0.6%

224,052

Sirius

Real

Estate

Ltd  

269,309

Total

Real

Estate

Operating

Companies

269,309

Residential

REITs

-

0.4%

4,744

Xior

Student

Housing

NV  

155,906

Total

Residential

REITs

155,906

Retail

REITs

-

14.5%

7,752

Agree

Realty

Corp  

487,988

7,289

Brixmor

Property

Group

Inc  

169,615

39,829

Charter

Hall

Retail

REIT  

97,926

10,446

CT

Real

Estate

Investment

Trust  

115,493

1,024

Federal

Realty

Investment

Trust  

105,523

58,322

Fortune

Real

Estate

Investment

Trust  

37,037

125,335

Frasers

Centrepoint

Trust  

214,424

446,782

Hammerson

PLC  

161,483

47,813

Kimco

Realty

Corp  

1,018,895

98,948

Link

REIT  

555,598

7,928

NNN

REIT

Inc  

341,697

5,562

Realty

Income

Corp  

319,370

Nuveen

Global

Real

Estate

Securities

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

36

Shares

Description

(a)

Value

Retail

REITs

(continued)

7,126

Regency

Centers

Corp  

$

477,442

24,921

RioCan

Real

Estate

Investment

Trust  

350,197

150,226

Scentre

Group  

305,921

3,429

Simon

Property

Group

Inc  

489,113

27,487

SITE

Centers

Corp  

374,648

149,466

Vicinity

Ltd  

207,625

99,645

Waypoint

REIT

Ltd  

165,552

15,250

Wereldhave

NV  

243,617

Total

Retail

REITs

6,239,164

Self-Storage

REITs

-

4.5%

3,167

CubeSmart  

146,791

2,689

Extra

Space

Storage

Inc  

431,127

4,549

Public

Storage  

1,387,445

Total

Self-Storage

REITs

1,965,363

Single-Family

Residential

REITs

-

1.6%

2,711

American

Homes

4

Rent,

Class

A  

97,488

4,201

Equity

LifeStyle

Properties

Inc  

296,338

3,551

Invitation

Homes

Inc  

121,125

1,422

Sun

Communities

Inc  

190,050

Total

Single-Family

Residential

REITs

705,001

Specialized

REITs

-

0.1%

4,267

Big

Yellow

Group

PLC  

66,427

Total

Specialized

REITs

66,427

Telecom

Tower

REITs

-

4.7%

5,149

American

Tower

Corp  

1,111,566

3,059

Crown

Castle

Inc  

352,366

2,216

SBA

Communications

Corp  

562,177

Total

Telecom

Tower

REITs

2,026,109

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$32,733,127)

37,579,856

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

10

.7

%

X

4,572,792

Health

Care

Equipment

&

Services

-

0.6%

26,449

Chartwell

Retirement

Residences

$

233,940

Total

Health

Care

Equipment

&

Services

233,940

Real

Estate

Management

&

Development

-

8.6%

114,622

Capitaland

India

Trust

99,010

56,474

Capitaland

Investment

Ltd/Singapore

135,022

3,020

Catena

AB

141,405

69,993

CK

Asset

Holdings

Ltd

351,301

14,155

CTP

NV

239,136

33,043

Hysan

Development

Co

Ltd

65,597

6,427

Instone

Real

Estate

Group

SE,

144A

51,794

8,962

Mitsubishi

Estate

Co

Ltd

122,852

45,829

Mitsui

Fudosan

Co

Ltd

1,120,505

4,997

Sagax

AB,

Class

B

137,540

100,711

Sino

Land

Co

Ltd

109,521

44,522

Sun

Hung

Kai

Properties

Ltd

481,789

22,343

TAG

Immobilien

AG

324,842

49,111

Tokyu

Fudosan

Holdings

Corp

312,956

Total

Real

Estate

Management

&

Development

3,693,270

37

Shares

Description

(a)

Value

Telecommunication

Services

-

1.3%

13,010

Cellnex

Telecom

SA,

144A

$

512,243

4,579

Infrastruture

Wireless

Italiane

SpA

57,974

Total

Telecommunication

Services

570,217

Transportation

-

0.2%

3,424

Kyushu

Railway

Co

75,365

Total

Transportation

75,365

Total

Common

Stocks

(cost

$3,969,431)

4,572,792

Total

Long-Term

Investments

(cost

$36,702,558)

42,152,648

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.6% 

X

–

REPURCHASE

AGREEMENTS

-

1

.6

%

X

700,000

$

700

(c)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

700,000

Total

Repurchase

Agreements

(cost

$700,000)

700,000

Total

Short-Term

Investments

(cost

$700,000)

700,000

Total

Investments

(cost

$

37,402,558

)

-

99

.6

%

42,852,648

Other

Assets

&

Liabilities,

Net

-   0.4%

182,172

Net

Assets

-

100%

$

43,034,820

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$700,413

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$714,050.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

38

Nuveen

Real

Asset

Income

Fund

Portfolio

of

Investments

December

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

97.0% 

X

–

CORPORATE

BONDS

-

26

.2

%

X

286,249,752

Automobiles

&

Components

-

0.2%

$

2,060

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

$

2,101,643

Total

Automobiles

&

Components

2,101,643

Capital

Goods

-

0.9%

3,730

Advanced

Drainage

Systems

Inc,

144A

6.375%

6/15/30

3,757,951

2,335

Chart

Industries

Inc,

144A

7.500%

1/01/30

2,440,652

1,575

Emerald

Debt

Merger

Sub

LLC,

144A

6.625%

12/15/30

1,608,658

1,580

Trinity

Industries

Inc,

144A

7.750%

7/15/28

1,632,268

Total

Capital

Goods

9,439,529

Commercial

&

Professional

Services

-

0.9%

1,425

Clean

Harbors

Inc,

144A

4.875%

7/15/27

1,396,346

800

Clean

Harbors

Inc,

144A

5.125%

7/15/29

764,690

665

GFL

Environmental

Inc,

144A

6.750%

1/15/31

685,137

2,390

Republic

Services

Inc

5.000%

12/15/33

2,440,238

3,990

Waste

Management

Inc

4.875%

2/15/34

4,069,969

Total

Commercial

&

Professional

Services

9,356,380

Consumer

Discretionary

Distribution

&

Retail

-

0.1%

1,380

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

1,281,902

Total

Consumer

Discretionary

Distribution

&

Retail

1,281,902

Consumer

Services

-

0.4%

3,475

Churchill

Downs

Inc,

144A

5.750%

4/01/30

3,388,095

1,230

LIGHT

+

WONDER

INTL

INC,

144A

7.500%

9/01/31

1,282,959

Total

Consumer

Services

4,671,054

Energy

-

5.1%

2,050

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

7.875%

5/15/26

2,099,653

1,821

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

1,793,685

3,170

Cheniere

Energy

Partners

LP

4.500%

10/01/29

3,032,000

1,270

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

1,140,438

1,250

DT

Midstream

Inc

4.300%

4/15/32

1,121,950

1,820

DT

Midstream

Inc,

144A

4.375%

6/15/31

1,641,702

3,575

Energy

Transfer

LP

5.550%

2/15/28

3,646,858

1,200

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

1,186,419

1,215

EQM

Midstream

Partners

LP

5.500%

7/15/28

1,203,860

1,300

EQM

Midstream

Partners

LP,

144A

4.750%

1/15/31

1,209,844

590

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/30

634,261

1,060

CAD

Gibson

Energy

Inc

5.250%

12/22/80

683,518

1,380

CAD

Keyera

Corp

6.875%

6/13/79

1,007,935

3,470

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

3,404,250

4,505

MPLX

LP

5.000%

3/01/33

4,413,071

4,085

MPLX

LP

5.650%

3/01/53

4,034,220

2,505

ONEOK

Inc

6.100%

11/15/32

2,661,792

2,195

PBF

Holding

Co

LLC

/

PBF

Finance

Corp,

144A

7.875%

9/15/30

2,235,388

3,653

CAD

Pembina

Pipeline

Corp

4.800%

1/25/81

2,324,489

2,825

Sabine

Pass

Liquefaction

LLC

5.000%

3/15/27

2,837,190

1,190

Sunoco

LP

/

Sunoco

Finance

Corp

5.875%

3/15/28

1,188,415

2,725

Targa

Resources

Corp

6.125%

3/15/33

2,868,984

415

CAD

Transcanada

Trust

4.200%

3/04/81

257,503

1,250

Venture

Global

Calcasieu

Pass

LLC,

144A

4.125%

8/15/31

1,101,257

39

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Energy

(continued)

$

4,000

Venture

Global

Calcasieu

Pass

LLC,

144A

6.250%

1/15/30

$

3,978,357

2,955

Venture

Global

LNG

Inc,

144A

9.500%

2/01/29

3,126,883

875

Williams

Cos

Inc/The

5.400%

3/02/26

883,743

Total

Energy

55,717,665

Equity

Real

Estate

Investment

Trusts

(REITs)

-

6.8%

4,300

Agree

LP

4.800%

10/01/32

4,060,833

1,630

Alexandria

Real

Estate

Equities

Inc

5.150%

4/15/53

1,572,231

2,620

Alexandria

Real

Estate

Equities

Inc

4.750%

4/15/35

2,541,404

2,230

American

Tower

Corp

5.500%

3/15/28

2,279,277

2,235

American

Tower

Corp

5.650%

3/15/33

2,322,578

4,100

AvalonBay

Communities

Inc

5.000%

2/15/33

4,169,503

5,175

Crown

Castle

Inc

5.000%

1/11/28

5,154,692

1,455

CTR

Partnership

LP

/

CareTrust

Capital

Corp,

144A

3.875%

6/30/28

1,328,181

2,385

Extra

Space

Storage

LP

5.900%

1/15/31

2,489,279

2,715

Extra

Space

Storage

LP

5.700%

4/01/28

2,782,570

4,140

Federal

Realty

OP

LP

5.375%

5/01/28

4,184,605

1,795

GLP

Capital

LP

/

GLP

Financing

II

Inc

6.750%

12/01/33

1,936,500

3,500

Goodman

US

Finance

Five

LLC,

144A

4.625%

5/04/32

3,257,834

1,200

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

8.000%

6/15/27

1,249,613

1,925

Iron

Mountain

Inc,

144A

7.000%

2/15/29

1,978,665

1,445

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

1,323,588

9,045

Kimco

Realty

OP

LLC

4.600%

2/01/33

8,725,091

10,895

Prologis

LP

4.625%

1/15/33

10,943,337

1,370

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

1,298,067

1,430

RLJ

Lodging

Trust

LP,

144A

4.000%

9/15/29

1,285,045

5,025

SBA

Communications

Corp

3.125%

2/01/29

4,514,946

1,410

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

1,255,382

3,625

Welltower

OP

LLC

3.850%

6/15/32

3,351,831

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

74,005,052

Financial

Services

-

0.3%

725

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.750%

2/01/28

727,528

2,700

Hunt

Cos

Inc,

144A

5.250%

4/15/29

2,408,434

Total

Financial

Services

3,135,962

Health

Care

Equipment

&

Services

-

0.4%

1,900

CHS/Community

Health

Systems

Inc,

144A

10.875%

1/15/32

1,985,747

2,300

Tenet

Healthcare

Corp

6.125%

6/15/30

2,325,500

Total

Health

Care

Equipment

&

Services

4,311,247

Media

&

Entertainment

-

1.1%

4,600

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

3,939,737

1,200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

1,183,395

2,450

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

2,301,963

1,250

Lamar

Media

Corp

3.625%

1/15/31

1,110,625

4,600

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

3,927,119

Total

Media

&

Entertainment

12,462,839

Real

Estate

Management

&

Development

-

0.2%

2,775

EUR

Peach

Property

Finance

GmbH,

144A

4.375%

11/15/25

2,396,417

Total

Real

Estate

Management

&

Development

2,396,417

Telecommunication

Services

-

1.4%

2,700

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

2,370,992

3,030

Cellnex

Finance

Co

SA,

144A

3.875%

7/07/41

2,346,947

2,750

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

2,346,146

750

Frontier

Communications

Holdings

LLC,

144A

8.625%

3/15/31

764,702

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

40

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Telecommunication

Services

(continued)

$

1,600

Iliad

Holding

SASU,

144A

7.000%

10/15/28

$

1,592,142

1,365

Iliad

Holding

SASU,

144A

6.500%

10/15/26

1,362,329

1,785

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC,

144A

5.152%

3/20/28

1,777,015

2,030

(b)

T-Mobile

USA

Inc

4.800%

7/15/28

2,046,984

1,090

T-Mobile

USA

Inc

5.050%

7/15/33

1,098,475

Total

Telecommunication

Services

15,705,732

Transportation

-

0.4%

2,300

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

2,104,983

1,500

XPO

Inc,

144A

6.250%

6/01/28

1,518,015

905

XPO

Inc,

144A

7.125%

6/01/31

937,254

Total

Transportation

4,560,252

Utilities

-

8.0%

2,660

AEP

Transmission

Co

LLC

5.400%

3/15/53

2,764,026

2,915

CAD

AltaGas

Ltd

7.350%

8/17/82

2,180,844

2,670

CAD

AltaGas

Ltd

5.250%

1/11/82

1,686,046

4,150

Ameren

Illinois

Co

4.950%

6/01/33

4,202,689

1,720

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

1,611,970

1,675

Baltimore

Gas

and

Electric

Co

5.400%

6/01/53

1,728,331

1,200

Calpine

Corp,

144A

3.750%

3/01/31

1,052,498

1,395

CAD

Capital

Power

Corp

7.950%

9/09/82

1,030,640

1,825

Clearway

Energy

Operating

LLC,

144A

3.750%

2/15/31

1,607,480

3,320

Clearway

Energy

Operating

LLC,

144A

3.750%

1/15/32

2,884,169

2,635

Consolidated

Edison

Co

of

New

York

Inc

4.625%

12/01/54

2,364,264

2,365

Duke

Energy

Carolinas

LLC

5.350%

1/15/53

2,420,923

1,300

EUR

EDP

-

Energias

de

Portugal

SA

,

Reg

S

4.496%

4/30/79

1,433,347

3,820

EDP

Finance

BV,

144A

6.300%

10/11/27

4,003,030

1,775

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

1,737,092

1,975

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

1,865,699

4,040

Florida

Power

&

Light

Co

4.800%

5/15/33

4,085,284

2,185

Georgia

Power

Co

4.650%

5/16/28

2,201,702

6,870

ITC

Holdings

Corp,

144A

4.950%

9/22/27

6,907,238

5,965

NextEra

Energy

Capital

Holdings

Inc

6.051%

3/01/25

6,018,125

585

NextEra

Energy

Operating

Partners

LP,

144A

4.500%

9/15/27

563,073

1,015

NextEra

Energy

Operating

Partners

LP,

144A

7.250%

1/15/29

1,062,611

2,581

GBP

NGG

Finance

PLC

,

Reg

S

5.625%

6/18/73

3,238,479

1,785

Northern

States

Power

Co/MN

5.100%

5/15/53

1,799,531

995

NRG

Energy

Inc,

144A

7.000%

3/15/33

1,051,670

1,500

NRG

Energy

Inc,

144A

3.625%

2/15/31

1,288,768

3,425

Pacific

Gas

and

Electric

Co

6.150%

1/15/33

3,549,897

1,485

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc,

144A

4.500%

8/15/28

1,404,602

2,460

Public

Service

Enterprise

Group

Inc

5.850%

11/15/27

2,560,643

2,935

Southern

Co

Gas

Capital

Corp

5.150%

9/15/32

2,976,179

2,900

Southern

Co/The

5.200%

6/15/33

2,958,171

700

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

649,089

3,315

TerraForm

Power

Operating

LLC,

144A

4.750%

1/15/30

3,082,950

1,525

Virginia

Electric

and

Power

Co

5.000%

4/01/33

1,542,341

3,330

Vistra

Operations

Co

LLC,

144A

7.750%

10/15/31

3,458,501

2,095

WEC

Energy

Group

Inc

5.600%

9/12/26

2,132,176

Total

Utilities

87,104,078

Total

Corporate

Bonds

(cost

$289,754,719)

286,249,752

41

Shares

Description

(a)

Value

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

22

.1

%

X

241,181,544

Diversified

REITs

-

1.7%

55,728

Armada

Hoffler

Properties

Inc  

$

689,355

632,247

Charter

Hall

Long

Wale

REIT  

1,619,396

106,914

ICADE  

4,196,194

2,280,310

LXI

REIT

Plc  

3,046,114

1,929,741

Mirvac

Group  

2,745,301

10,922

Star

Asia

Investment

Corp  

4,458,536

388,937

Stockland  

1,179,504

Total

Diversified

REITs

17,934,400

Health

Care

REITs

-

2.3%

5,371,249

Assura

PLC  

3,294,518

160,031

CareTrust

REIT

Inc  

3,581,494

80,065

Community

Healthcare

Trust

Inc  

2,132,931

169,008

Healthcare

Realty

Trust

Inc  

2,912,008

579,325

Healthpeak

Properties

Inc  

11,470,635

68,580

Omega

Healthcare

Investors

Inc  

2,102,663

34,111

Physicians

Realty

Trust  

454,017

Total

Health

Care

REITs

25,948,266

Hotel

&

Resort

REITs

-

0.2%

120,751

Apple

Hospitality

REIT

Inc  

2,005,674

Total

Hotel

&

Resort

REITs

2,005,674

Industrial

REITs

-

4.6%

251,447

CapitaLand

Ascendas

REIT  

576,460

796,662

Centuria

Industrial

REIT  

1,764,178

540,320

Dexus

Industria

REIT  

1,022,912

240,574

Dream

Industrial

Real

Estate

Investment

Trust  

2,534,556

1,160,696

FIBRA

Macquarie

Mexico,

144A  

2,272,725

3,151,306

Frasers

Logistics

&

Commercial

Trust  

2,743,428

1,331,974

LondonMetric

Property

PLC  

3,244,233

720,251

LXP

Industrial

Trust  

7,144,890

3,991,988

Mapletree

Industrial

Trust  

7,584,314

5,097,228

Mapletree

Logistics

Trust  

6,711,494

784,485

Nexus

Industrial

REIT  

4,789,618

1,384,290

TF

Administradora

Industrial

S

de

RL

de

CV  

2,945,315

1,294,217

Tritax

Big

Box

REIT

PLC  

2,777,241

2,449,962

Urban

Logistics

REIT

PLC  

3,978,504

Total

Industrial

REITs

50,089,868

Mortgage

REITs

-

0.1%

31,524

KKR

Real

Estate

Finance

Trust

Inc  

417,062

36,481

Starwood

Property

Trust

Inc  

766,831

Total

Mortgage

REITs

1,183,893

Multi-Family

Residential

REITs

-

1.0%

281,337

Apartment

Income

REIT

Corp  

9,770,834

3,970,455

(c)

Home

Reit

PLC  

5,061

44,472

UDR

Inc  

1,702,833

Total

Multi-Family

Residential

REITs

11,478,728

Office

REITs

-

1.1%

226,626

Allied

Properties

Real

Estate

Investment

Trust  

3,451,426

25,439

Boston

Properties

Inc  

1,785,055

16,163

Gecina

SA  

1,967,670

19,602

Highwoods

Properties

Inc  

450,062

472

Kenedix

Office

Investment

Corp  

537,624

97,866

NSI

NV  

2,026,815

91,300

Postal

Realty

Trust

Inc,

Class

A  

1,329,328

Total

Office

REITs

11,547,980

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

42

Shares

Description

(a)

Value

Other

Specialized

REITs

-

2.5%

210,396

Four

Corners

Property

Trust

Inc  

$

5,323,019

236,889

Gaming

and

Leisure

Properties

Inc  

11,690,472

317,035

VICI

Properties

Inc  

10,107,076

Total

Other

Specialized

REITs

27,120,567

Real

Estate

Operating

Companies

-

0.3%

2,561,051

Sirius

Real

Estate

Ltd  

3,078,371

Total

Real

Estate

Operating

Companies

3,078,371

Retail

REITs

-

6.9%

13,761

Agree

Realty

Corp  

866,255

76,941

Brixmor

Property

Group

Inc  

1,790,417

904,089

Charter

Hall

Retail

REIT  

2,222,838

285,060

Choice

Properties

Real

Estate

Investment

Trust  

3,001,085

296,945

Crombie

Real

Estate

Investment

Trust  

3,092,593

258,087

CT

Real

Estate

Investment

Trust  

2,853,458

2,953,615

Fortune

Real

Estate

Investment

Trust  

1,875,694

2,213,207

Frasers

Centrepoint

Trust  

3,786,364

173,676

Kimco

Realty

Corp  

3,701,035

692,316

Link

REIT  

3,887,390

160,103

NNN

REIT

Inc  

6,900,439

373,213

Primaris

Real

Estate

Investment

Trust  

3,886,902

124,735

Realty

Income

Corp  

7,162,284

198,965

RioCan

Real

Estate

Investment

Trust  

2,795,916

166,228

RPT

Realty  

2,132,705

13,670

Saul

Centers

Inc  

536,821

1,781,547

Scentre

Group  

3,627,957

77,020

Simon

Property

Group

Inc  

10,986,133

39,258

Spirit

Realty

Capital

Inc  

1,715,182

2,326,355

Vicinity

Ltd  

3,231,568

2,157,169

Waypoint

REIT

Ltd  

3,583,966

62,931

Wereldhave

NV  

1,005,314

Total

Retail

REITs

74,642,316

Self-Storage

REITs

-

0.6%

37,226

CubeSmart  

1,725,425

32,064

Extra

Space

Storage

Inc  

5,140,821

Total

Self-Storage

REITs

6,866,246

Telecom

Tower

REITs

-

0.8%

80,608

Crown

Castle

Inc  

9,285,235

Total

Telecom

Tower

REITs

9,285,235

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$231,099,646)

241,181,544

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

21

.9

%

X

239,251,259

Energy

-

7.7%

33,705

DT

Midstream

Inc

$

1,847,034

442,955

Enbridge

Inc

15,955,239

101,770

Energy

Transfer

LP

1,404,426

230,219

Enterprise

Products

Partners

LP

6,066,271

344,379

Gibson

Energy

Inc

5,231,764

97,049

Keyera

Corp

2,345,934

582,508

Kinder

Morgan

Inc

10,275,441

78,451

MPLX

LP

2,880,721

162,252

ONEOK

Inc

11,393,335

358,272

Pembina

Pipeline

Corp

12,334,907

39,730

Plains

GP

Holdings

LP,

Class

A

633,693

75,334

TC

Energy

Corp

2,942,748

43

Shares

Description

(a)

Value

Energy

(continued)

297,707

Williams

Cos

Inc/The

$

10,369,135

Total

Energy

83,680,648

Financial

Services

-

0.2%

2,477,283

Sdcl

Energy

Efficiency

Income

Trust

PLC

2,052,485

Total

Financial

Services

2,052,485

Health

Care

Equipment

&

Services

-

0.6%

587,472

Chartwell

Retirement

Residences

5,196,160

140,668

Sienna

Senior

Living

Inc

1,219,785

Total

Health

Care

Equipment

&

Services

6,415,945

Real

Estate

Management

&

Development

-

0.8%

1,656,898

Capitaland

India

Trust

1,431,228

155,114

CK

Asset

Holdings

Ltd

778,531

546,883

Hysan

Development

Co

Ltd

1,085,673

2,447,809

Sino

Land

Co

Ltd

2,661,946

241,097

Sun

Hung

Kai

Properties

Ltd

2,608,999

Total

Real

Estate

Management

&

Development

8,566,377

Telecommunication

Services

-

0.5%

816,957

HKT

Trust

&

HKT

Ltd

975,388

7,746,752

NETLINK

NBN

TRUST

4,929,640

Total

Telecommunication

Services

5,905,028

Transportation

-

2.4%

14,413

Aena

SME

SA

2,616,120

1,229,544

Atlas

Arteria

Ltd

4,840,856

908,694

Aurizon

Holdings

Ltd

2,352,550

808,895

China

Merchants

Port

Holdings

Co

Ltd

1,102,324

1,103,991

Dalrymple

Bay

Infrastructure

Ltd

2,023,727

852,649

Enav

SpA

3,238,637

3,234

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

273,693

16,870

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

2,955,961

742,573

Transurban

Group

6,938,884

Total

Transportation

26,342,752

Utilities

-

9.7%

45,309

American

Electric

Power

Co

Inc

3,679,997

1,012,586

APA

Group

5,892,787

916

Canadian

Solar

Infrastructure

Fund

Inc

726,987

22,969

Canadian

Utilities

Ltd,

Class

A

552,795

9,767

Capital

Power

Corp

278,920

940,043

CK

Infrastructure

Holdings

Ltd

5,202,373

98,484

Clearway

Energy

Inc,

Class

A

2,519,221

551,906

CLP

Holdings

Ltd

4,559,910

615,629

Contact

Energy

Ltd

3,117,251

89,446

Duke

Energy

Corp

8,679,840

114,923

Enagas

SA

1,938,673

116,930

Endesa

SA

2,385,500

1,553,459

Enel

SpA

11,557,435

81,133

Engie

SA

1,429,263

32,834

Entergy

Corp

3,322,472

69,743

Evergy

Inc

3,640,585

568,559

Italgas

SpA

3,255,490

178,658

(b)

National

Grid

PLC,

Sponsored

ADR

12,146,957

79,262

Northwestern

Energy

Group

Inc

4,033,643

109,015

OGE

Energy

Corp

3,807,894

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

44

Shares

Description

(a)

Value

Utilities

(continued)

22,097

Pinnacle

West

Capital

Corp

$

1,587,448

917,229

Power

Assets

Holdings

Ltd

5,317,821

176,503

Redeia

Corp

SA

2,908,527

693,362

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

1,781,545

1,872,630

Snam

SpA

9,634,523

10,045

Southern

Co/The

704,355

33,022

SSE

PLC

779,517

358,916

Vector

Ltd

846,295

Total

Utilities

106,288,024

Total

Common

Stocks

(cost

$214,623,404)

239,251,259

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

14

.0

%

X

152,823,154

Energy

-

0.1%

23,861

NuStar

Energy

LP

11.282%

$

596,763

Total

Energy

596,763

Equity

Real

Estate

Investment

Trusts

(REITs)

-

8.6%

298,026

Agree

Realty

Corp

4.250%

5,573,086

92,890

American

Homes

4

Rent

6.250%

2,353,833

163,451

American

Homes

4

Rent

5.875%

3,930,996

118,080

Armada

Hoffler

Properties

Inc

6.750%

2,833,920

201,242

Centerspace

6.625%

4,948,541

10,687

Chatham

Lodging

Trust

6.625%

235,435

68,686

(b)

DiamondRock

Hospitality

Co

8.250%

1,730,887

139,710

Digital

Realty

Trust

Inc

5.200%

3,112,739

112,827

Digital

Realty

Trust

Inc

5.850%

2,803,751

121,101

Digital

Realty

Trust

Inc

5.250%

2,682,387

164,472

Federal

Realty

Investment

Trust

5.000%

3,751,606

205,404

Kimco

Realty

Corp

5.250%

4,808,508

169,504

Kimco

Realty

Corp

5.125%

3,966,394

4,704

Mid-America

Apartment

Communities

Inc

8.500%

266,396

112,018

National

Storage

Affiliates

Trust

6.000%

2,648,106

70,139

Pebblebrook

Hotel

Trust

5.700%

1,326,329

48,443

Pebblebrook

Hotel

Trust

6.375%

1,022,632

105,377

Pebblebrook

Hotel

Trust

6.300%

2,293,004

50,997

Public

Storage

5.150%

1,209,139

69,067

Public

Storage

3.950%

1,198,313

57,934

Public

Storage

5.600%

1,460,516

69,889

Public

Storage

4.125%

1,305,527

64,398

Public

Storage

4.700%

1,377,473

81,420

Public

Storage

3.900%

1,405,309

83,572

(b)

Public

Storage

3.875%

1,426,574

61,956

Public

Storage

5.050%

1,470,836

73,136

Public

Storage

4.750%

1,575,349

114,145

Public

Storage

4.000%

2,039,771

89,664

(b)

Public

Storage

4.625%

1,917,913

101,356

Public

Storage

4.000%

1,839,611

110,895

Public

Storage

4.875%

2,482,939

93,962

Public

Storage

4.100%

1,737,357

61,558

Rexford

Industrial

Realty

Inc

5.875%

1,447,844

183,080

Rexford

Industrial

Realty

Inc

5.625%

4,082,666

22,309

RLJ

Lodging

Trust

1.950%

558,840

41,442

Saul

Centers

Inc

6.125%

973,887

59,638

Saul

Centers

Inc

6.000%

1,421,173

151,886

SITE

Centers

Corp

6.375%

3,508,567

65,648

Spirit

Realty

Capital

Inc

6.000%

1,544,041

45

Shares  

Description

(a)

Coupon

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

41,439

Summit

Hotel

Properties

Inc

5.875%

$

866,075

78,299

Summit

Hotel

Properties

Inc

6.250%

1,703,786

64,424

Sunstone

Hotel

Investors

Inc

6.125%

1,401,222

89,937

Sunstone

Hotel

Investors

Inc

5.700%

1,906,664

38,104

UMH

Properties

Inc

6.375%

857,340

67,304

Vornado

Realty

Trust

5.250%

1,009,560

18,702

Vornado

Realty

Trust

5.250%

287,076

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

94,303,918

Financial

Services

-

0.2%

52,851

Brookfield

Finance

Inc

4.625%

891,596

32,801

(b)

National

Rural

Utilities

Cooperative

Finance

Corp

5.500%

825,273

Total

Financial

Services

1,716,869

Real

Estate

-

0.0%

20,976

Brookfield

Property

Partners

LP

6.375%

270,590

Total

Real

Estate

270,590

Real

Estate

Management

&

Development

-

0.2%

71,465

Brookfield

Property

Partners

LP

5.750%

821,133

51,380

(b)

Brookfield

Property

Partners

LP

6.500%

663,830

Total

Real

Estate

Management

&

Development

1,484,963

Utilities

-

4.9%

52,583

BIP

Bermuda

Holdings

I

Ltd

5.125%

886,549

85,812

Brookfield

BRP

Holdings

Canada

Inc

4.625%

1,342,958

27,395

Brookfield

Infrastructure

Finance

ULC

5.000%

459,688

42,131

(b)

Brookfield

Infrastructure

Partners

LP

5.000%

670,304

139,205

Brookfield

Infrastructure

Partners

LP

5.125%

2,302,451

158,178

Brookfield

Renewable

Partners

LP

5.250%

2,696,935

59,357

CMS

Energy

Corp

5.625%

1,457,214

139,028

CMS

Energy

Corp

4.200%

2,762,486

99,383

CMS

Energy

Corp

5.875%

2,481,594

73,405

CMS

Energy

Corp

5.875%

1,816,774

151,580

DTE

Energy

Co

4.375%

2,986,126

141,667

DTE

Energy

Co

4.375%

2,966,507

94,161

DTE

Energy

Co

5.250%

2,304,120

101,003

(b)

Duke

Energy

Corp

5.750%

2,464,473

87,768

Duke

Energy

Corp

5.625%

2,061,670

37,698

Entergy

Arkansas

LLC

4.875%

803,721

21,032

Entergy

Mississippi

LLC

4.900%

466,069

14,696

Entergy

New

Orleans

LLC

5.500%

334,187

32,428

Entergy

Texas

Inc

5.375%

744,223

95,072

Georgia

Power

Co

5.000%

2,102,042

28,227

(b)

NextEra

Energy

Capital

Holdings

Inc

5.650%

685,069

84,269

NiSource

Inc

6.500%

2,103,354

44,931

SCE

Trust

VII

7.500%

1,171,800

233,774

Sempra

5.750%

5,839,675

76,081

(b)

Southern

Co/The

5.250%

1,822,901

155,589

Southern

Co/The

4.950%

3,497,641

183,750

Southern

Co/The

4.200%

3,647,438

63,212

Spire

Inc

5.900%

1,572,082

Total

Utilities

54,450,051

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$166,165,371)

152,823,154

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

46

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

10

.4

%

X

113,143,242

Consumer

Discretionary

-

0.1%

$

600

EUR

(b)

Accor

SA

,

Reg

S

7.250%

N/A

(d)

$

720,309

Total

Consumer

Discretionary

720,309

Energy

-

4.0%

5,732

Enbridge

Inc

6.000%

1/15/77

5,441,299

4,710

Enbridge

Inc

5.500%

7/15/77

4,305,217

3,127

Enbridge

Inc

6.250%

3/01/78

2,890,407

2,815

Enbridge

Inc

5.750%

7/15/80

2,596,838

2,589

Enbridge

Inc

7.625%

1/15/83

2,592,933

1,897

Enbridge

Inc

8.500%

1/15/84

2,017,737

2,428

(e)

Energy

Transfer

LP

(TSFR3M

reference

rate

+

3.279%

spread)

8.656%

11/01/66

2,026,259

1,230

Energy

Transfer

LP

6.500%

N/A

(d)

1,168,844

5,956

Enterprise

Products

Operating

LLC

5.250%

8/16/77

5,693,988

4,205

Enterprise

Products

Operating

LLC

5.375%

2/15/78

3,768,690

1,609

CAD

Inter

Pipeline

Ltd/AB

6.625%

11/19/79

1,145,443

2,275

CAD

Keyera

Corp

5.950%

3/10/81

1,517,874

740

(e)

Plains

All

American

Pipeline

LP

(TSFR3M

reference

rate

+

4.372%

spread)

9.751%

N/A

(d)

715,025

2,450

Transcanada

Trust

5.500%

9/15/79

2,089,803

3,775

Transcanada

Trust

5.875%

8/15/76

3,568,424

2,345

Transcanada

Trust

5.600%

3/07/82

1,964,509

625

Transcanada

Trust

5.300%

3/15/77

555,444

Total

Energy

44,058,734

Financial

Services

-

0.5%

1,910

National

Rural

Utilities

Cooperative

Finance

Corp

7.125%

9/15/53

1,968,584

880

National

Rural

Utilities

Cooperative

Finance

Corp

5.250%

4/20/46

841,899

2,747

Transcanada

Trust

5.625%

5/20/75

2,589,949

Total

Financial

Services

5,400,432

Transportation

-

0.4%

2,050

BNSF

Funding

Trust

I

6.613%

12/15/55

1,996,214

1,995

Royal

Capital

BV

,

Reg

S

4.875%

N/A

(d)

1,976,662

Total

Transportation

3,972,876

Utilities

-

5.4%

1,285

CAD

AltaGas

Ltd

8.900%

11/10/83

1,013,579

3,765

American

Electric

Power

Co

Inc

3.875%

2/15/62

3,159,877

3,570

CMS

Energy

Corp

4.750%

6/01/50

3,223,462

2,015

CMS

Energy

Corp

3.750%

12/01/50

1,590,589

1,775

ComEd

Financing

III

6.350%

3/15/33

1,784,653

3,230

Dominion

Energy

Inc

4.350%

N/A

(d)

2,864,091

2,990

(b)

Dominion

Energy

Inc

4.650%

N/A

(d)

2,841,479

2,755

Dominion

Energy

Inc

5.750%

10/01/54

2,705,862

5,075

Duke

Energy

Corp

4.875%

N/A

(d)

4,996,772

2,810

Edison

International

5.000%

N/A

(d)

2,616,401

1,790

Edison

International

5.375%

N/A

(d)

1,692,980

1,900

EUR

EDP

-

Energias

de

Portugal

SA

,

Reg

S

5.943%

4/23/83

2,176,288

1,900

GBP

Electricite

de

France

SA

,

Reg

S

5.875%

N/A

(d)

2,212,468

4,310

Emera

Inc

6.750%

6/15/76

4,220,436

5,185

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

4,865,347

1,700

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

1,439,938

330

PPL

Capital

Funding

Inc

8.275%

3/30/67

307,671

3,320

Sempra

4.125%

4/01/52

2,849,120

5,537

Sempra

4.875%

N/A

(d)

5,416,640

962

(e)

Southern

California

Edison

Co

(3-Month

LIBOR

reference

rate

+

4.461%

spread)

4.516%

N/A

(d)

963,423

47

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Utilities

(continued)

$

2,590

Southern

Co/The

4.000%

1/15/51

$

2,462,683

2,275

GBP

SSE

PLC

,

Reg

S

3.740%

N/A

(d)

2,722,916

868

Vistra

Corp,

144A

8.000%

N/A

(d)

864,216

Total

Utilities

58,990,891

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$117,153,965)

113,143,242

Shares

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

1

.9

%

X

20,555,393

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.0%

432,107

British

Land

Co

PLC/The

0.000%

$

2,196,734

17,112

Equity

Commonwealth

6.500%

430,025

17,536

LXP

Industrial

Trust

6.500%

848,216

134,625

Regency

Centers

Corp

6.250%

3,364,279

109,459

Regency

Centers

Corp

5.875%

2,572,286

27,491

RPT

Realty

7.250%

1,570,561

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

10,982,101

Utilities

-

0.9%

33,583

AES

Corp/The

6.875%

2,554,995

18,753

Algonquin

Power

&

Utilities

Corp

7.750%

417,629

113,512

(b)

NextEra

Energy

Inc

6.926%

4,327,077

47,268

Spire

Inc

7.500%

2,273,591

Total

Utilities

9,573,292

Total

Convertible

Preferred

Securities

(cost

$22,253,905)

20,555,393

Shares

Description

(a)

Value

X

–

INVESTMENT

COMPANIES

-

0.4%

X

4,737,066

554,988

Greencoat

UK

Wind

PLC/Funds

$

1,071,735

538,723

JLEN

Environmental

Assets

Group

Ltd

Foresight

Group

Holdings

697,572

655,141

Renewables

Infrastructure

Group

Ltd/The

949,763

1,328,243

Sequoia

Economic

Infrastructure

Income

Fund

Ltd

1,448,117

494,565

Starwood

European

Real

Estate

Finance

Ltd

569,879

Total

Investment

Companies

(cost

$4,826,849)

4,737,066

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

0.1%

X

1,387,726

$

200

COMM

2014-UBS3

Mortgage

Trust,

144A

4.767%

6/10/47

$

105,252

150

GS

Mortgage

Securities

Corp

II,

2018

GS10,

144A

5.067%

3/10/33

128,389

1,300

(e)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

4.329%

spread),

2019

MILE,

144A

9.691%

7/15/36

850,890

400

(e)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

144A

8.191%

7/15/36

303,195

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$2,034,741)

1,387,726

Total

Long-Term

Investments

(cost

$1,047,912,600)

1,059,329,136

Nuveen

Real

Asset

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

48

Investments

in

Derivatives

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.6%

X

–

17,203,089

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%(g)

$

17,203,089

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$17,203,089)

17,203,089

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.2% 

X

–

REPURCHASE

AGREEMENTS

-

2

.2

%

24,401,807

$

23,400

(h)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

23,400,000

1,002

(i)

Fixed

Income

Clearing

Corp

(FICC)

1.600%

1/02/24

1,001,807

Total

Repurchase

Agreements

(cost

$24,401,807)

24,401,807

Total

Short-Term

Investments

(cost

$24,401,807)

24,401,807

Total

Investments

(cost

$

1,089,517,496

)

-

100

.8

%

1,100,934,032

Other

Assets

&

Liabilities,

Net

-   (0.8)%

(

8,843,260

)

Net

Assets

-

100%

$

1,092,090,772

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(74)

3/24

$

(

8,086,769

)

$

(

8,353,906

)

$

(

267,137

)

U.S.

Treasury

Ultra

10-Year

Note

(350)

3/24

(

39,521,939

)

(

41,305,469

)

(

1,783,530

)

U.S.

Treasury

Ultra

Bond

(72)

3/24

(

8,773,161

)

(

9,618,750

)

(

845,589

)

Total

$(56,381,869)

$(59,278,125)

$(2,896,256)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$16,622,076.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

(e)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(f)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(g)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(h)

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

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$23,868,023.

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

12/29/23

to

be

repurchased

at

$1,001,985

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.875%

and

maturity

date

5/15/32,

valued

at

$1,021,908.

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

49

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

50

Nuveen

Real

Estate

Securities

Fund

Portfolio

of

Investments

December

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.0% 

X

–

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

98

.0

%

X

976,237,494

Data

Center

REITs

-

11.2%

260,076

Digital

Realty

Trust

Inc  

$

35,001,028

95,757

Equinix

Inc  

77,121,730

Total

Data

Center

REITs

112,122,758

Diversified

REITs

-

0.8%

79,855

Armada

Hoffler

Properties

Inc  

987,806

270,827

Essential

Properties

Realty

Trust

Inc  

6,922,338

Total

Diversified

REITs

7,910,144

Health

Care

REITs

-

11.4%

341,356

CareTrust

REIT

Inc  

7,639,547

76,448

Community

Healthcare

Trust

Inc  

2,036,575

1,704,458

Healthpeak

Properties

Inc  

33,748,268

153,077

Omega

Healthcare

Investors

Inc  

4,693,341

488,630

Ventas

Inc  

24,353,319

452,135

Welltower

Inc  

40,769,013

Total

Health

Care

REITs

113,240,063

Hotel

&

Resort

REITs

-

2.6%

841,692

Host

Hotels

&

Resorts

Inc  

16,387,743

87,457

Ryman

Hospitality

Properties

Inc  

9,625,518

Total

Hotel

&

Resort

REITs

26,013,261

Industrial

REITs

-

19.5%

536,647

Americold

Realty

Trust

Inc  

16,244,305

25,420

EastGroup

Properties

Inc  

4,665,587

380,820

First

Industrial

Realty

Trust

Inc  

20,057,789

1,501,963

LXP

Industrial

Trust  

14,899,473

863,700

Prologis

Inc  

115,131,210

413,352

Rexford

Industrial

Realty

Inc  

23,189,047

Total

Industrial

REITs

194,187,411

Multi-Family

Residential

REITs

-

9.7%

518,268

Apartment

Income

REIT

Corp  

17,999,448

129,164

AvalonBay

Communities

Inc  

24,182,084

59,360

Camden

Property

Trust  

5,893,854

83,892

Elme

Communities  

1,224,823

436,424

Equity

Residential  

26,691,692

69,656

Essex

Property

Trust

Inc  

17,270,509

101,237

UDR

Inc  

3,876,365

Total

Multi-Family

Residential

REITs

97,138,775

Office

REITs

-

3.7%

157,427

Alexandria

Real

Estate

Equities

Inc  

19,957,021

72,064

Boston

Properties

Inc  

5,056,731

487,049

Cousins

Properties

Inc  

11,859,643

Total

Office

REITs

36,873,395

Other

Specialized

REITs

-

7.3%

83,649

Four

Corners

Property

Trust

Inc  

2,116,320

516,937

Gaming

and

Leisure

Properties

Inc  

25,510,841

89,367

Safehold

Inc  

2,091,188

1,341,404

VICI

Properties

Inc  

42,763,959

Total

Other

Specialized

REITs

72,482,308

51

Shares

Description

(a)

Value

Retail

REITs

-

14.2%

289,768

Agree

Realty

Corp  

$

18,240,896

269,946

Brixmor

Property

Group

Inc  

6,281,643

38,470

Federal

Realty

Investment

Trust  

3,964,333

1,782,847

Kimco

Realty

Corp  

37,992,470

296,523

NNN

REIT

Inc  

12,780,141

205,133

Realty

Income

Corp  

11,778,737

264,104

Regency

Centers

Corp  

17,694,968

127,701

Simon

Property

Group

Inc  

18,215,271

1,034,167

SITE

Centers

Corp  

14,095,696

Total

Retail

REITs

141,044,155

Self-Storage

REITs

-

7.4%

118,974

CubeSmart  

5,514,445

100,397

Extra

Space

Storage

Inc  

16,096,651

169,260

Public

Storage  

51,624,300

Total

Self-Storage

REITs

73,235,396

Single-Family

Residential

REITs

-

2.6%

100,302

American

Homes

4

Rent,

Class

A  

3,606,860

157,784

Equity

LifeStyle

Properties

Inc  

11,130,083

132,391

Invitation

Homes

Inc  

4,515,857

52,452

Sun

Communities

Inc  

7,010,210

Total

Single-Family

Residential

REITs

26,263,010

Telecom

Tower

REITs

-

7.6%

193,376

American

Tower

Corp  

41,746,011

113,226

Crown

Castle

Inc  

13,042,503

82,535

SBA

Communications

Corp  

20,938,304

Total

Telecom

Tower

REITs

75,726,818

Total

Real

Estate

Investment

Trust

Common

Stocks

(cost

$690,408,824)

976,237,494

Total

Long-Term

Investments

(cost

$690,408,824)

976,237,494

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.1% 

X

–

REPURCHASE

AGREEMENTS

-

2

.1

%

X

21,034,293

$

20,400

(b)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

20,400,000

634

(c)

Fixed

Income

Clearing

Corp

(FICC)

1.600%

1/02/24

634,293

Total

Repurchase

Agreements

(cost

$21,034,293)

21,034,293

Total

Short-Term

Investments

(cost

$21,034,293)

21,034,293

Total

Investments

(cost

$

711,443,117

)

-

100

.1

%

997,271,787

Other

Assets

&

Liabilities,

Net

-   (0.1)%

(

770,963

)

Net

Assets

-

100%

$

996,500,824

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$20,412,036

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.375%

and

maturity

date

2/15/42,

valued

at

$20,808,030.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

12/29/23

to

be

repurchased

at

$634,406

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.875%

and

maturity

date

5/15/32,

valued

at

$647,018.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

52

December

31,

2023

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

ASSETS

Long-term

investments,

at

value

†‡

$

461,328,719‌

$

42,152,648‌

$

1,059,329,136‌

$

976,237,494‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

3,775,397‌

–‌

17,203,089‌

–‌

Short-term

investments,

at

value

◊

12,159,676‌

700,000‌

24,401,807‌

21,034,293‌

Cash

–‌

36,184‌

56,977‌

–‌

Cash

denominated

in

foreign

currencies

^

106,824‌

17,228‌

529,922‌

–‌

Cash

collateral

at

broker

for

investments

in

futures

contracts

(1)

–‌

–‌

1,668,002‌

–‌

Receivables:

Dividends

855,523‌

186,080‌

2,722,195‌

4,635,357‌

Interest

5,262‌

310‌

6,628,565‌

9,112‌

Investments

sold

246‌

141,936‌

314,722‌

4,767,653‌

Reclaims

166,855‌

20,201‌

793,411‌

33,119‌

Reimbursement

from

Adviser

120,041‌

26,628‌

125,317‌

450,167‌

Shares

sold

755,951‌

10‌

791,572‌

1,937,139‌

Variation

margin

on

futures

contracts

–‌

–‌

71,063‌

–‌

Other

78,519‌

15,038‌

153,789‌

368,857‌

Total

assets

479,353,013‌

43,296,263‌

1,114,789,567‌

1,009,473,191‌

LIABILITIES

Payables:

Management

fees

363,566‌

32,423‌

674,820‌

727,037‌

Collateral

from

securities

lending

3,775,397‌

–‌

17,203,089‌

–‌

Dividends

–‌

–‌

180,554‌

–‌

Capital

gain

taxes

47,584‌

–‌

–‌

–‌

Interest

391‌

30‌

893‌

766‌

Investments

purchased

-

regular

settlement

–‌

99,353‌

392,710‌

3,367,375‌

Shares

redeemed

307,987‌

29,656‌

3,495,655‌

7,998,715‌

Accrued

expenses:

Custodian

fees

107,444‌

86,710‌

222,548‌

67,063‌

Directors/Trustees

fees

51,535‌

977‌

102,493‌

345,953‌

Professional

fees

16,512‌

3,925‌

34,138‌

22,164‌

Shareholder

reporting

expenses

6,915‌

7,137‌

65,477‌

30,915‌

Shareholder

servicing

agent

fees

103,511‌

1,037‌

243,056‌

383,052‌

12b-1

distribution

and

service

fees

16,883‌

195‌

83,362‌

29,327‌

Total

liabilities

4,797,725‌

261,443‌

22,698,795‌

12,972,367‌

Net

assets

$

474,555,288‌

$

43,034,820‌

$

1,092,090,772‌

$

996,500,824‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

389,806,949‌

$

43,249,687‌

$

1,378,229,129‌

$

734,979,003‌

Total

distributable

earnings

(loss)

84,748,339‌

(

214,867‌

)

(

286,138,357‌

)

261,521,821‌

Net

assets

$

474,555,288‌

$

43,034,820‌

$

1,092,090,772‌

$

996,500,824‌

†

Long-term

investments,

cost

$

362,709,281‌

$

36,702,558‌

$

1,047,912,600‌

$

690,408,824‌

◊

Short-term

investments,

cost

$

12,159,676‌

$

700,000‌

$

24,401,807‌

$

21,034,293‌

‡

Includes

securities

loaned

of

$

3,659,369‌

$

—‌

$

16,622,076‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

107,003‌

$

17,217‌

$

530,647‌

$

—‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

53

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

CLASS

A:

Net

assets

$

47,992,311‌

$

791,516‌

$

148,967,222‌

$

124,579,004‌

Shares

outstanding

4,385,500‌

42,836‌

7,171,104‌

8,291,541‌

Net

asset

value

("NAV")

per

share

$

10.94‌

$

18.48‌

$

20.77‌

$

15.02‌

Maximum

sales

charge

5.75%

5.75%

5.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

11.61‌

$

19.61‌

$

22.04‌

$

15.94‌

CLASS

C:

Net

assets

$

7,998,324‌

$

54,677‌

$

61,249,544‌

$

3,713,442‌

Shares

outstanding

743,754‌

2,961‌

2,946,763‌

258,605‌

NAV

and

offering

price

per

share

$

10.75‌

$

18.47‌

$

20.79‌

$

14.36‌

CLASS

R6:

Net

assets

$

71,443,859‌

$

39,977,011‌

$

181,052,813‌

$

322,441,784‌

Shares

outstanding

6,540,576‌

2,163,791‌

8,660,176‌

20,602,663‌

NAV

and

offering

price

per

share

$

10.92‌

$

18.48‌

$

20.91‌

$

15.65‌

CLASS

I:

Net

assets

$

347,120,794‌

$

2,211,616‌

$

700,821,193‌

$

545,766,594‌

Shares

outstanding

31,855,840‌

119,765‌

33,734,796‌

35,454,811‌

NAV

and

offering

price

per

share

$

10.90‌

$

18.47‌

$

20.77‌

$

15.39‌

Authorized

shares

-

per

class

2

billion

Unlimited

2

billion

2

billion

Par

value

per

share

$

0.0001

$

0.01

$

0.0001

$

0.0001

Statement

of

Operations

See

Notes

to

Financial

Statements

54

Year

Ended

December

31,

2023

Global

Infrastructure

Global

Real

Estate

Securities

Real

Asset

Income

Real

Estate

Securities

INVESTMENT

INCOME

Dividends

$

16,084,174‌

$

1,553,528‌

$

42,230,559‌

$

34,072,163‌

Interest

525,740‌

31,373‌

25,683,075‌

860,491‌

Securities

lending

income,

net

29,766‌

342‌

273,790‌

—‌

Other

income

497,564‌

49,414‌

945,076‌

1,591,144‌

Tax

withheld

(

1,075,366‌

)

(

73,957‌

)

(

2,076,235‌

)

(

6,996‌

)

Total

investment

income

16,061,878‌

1,560,700‌

67,056,265‌

36,516,802‌

EXPENSES

–

–

–

–

Management

fees

4,445,386‌

366,202‌

8,459,057‌

8,829,973‌

12b-1

service

fees

-

Class

A

120,107‌

1,451‌

383,260‌

310,701‌

12b-1

distribution

and

service

fees

-

Class

C

93,106‌

505‌

754,584‌

46,542‌

Shareholder

servicing

agent

fees

-

Class

A

34,363‌

544‌

165,728‌

170,274‌

Shareholder

servicing

agent

fees

-

Class

C

6,668‌

47‌

81,688‌

6,389‌

Shareholder

servicing

agent

fees

-

Class

R6

4,824‌

1,760‌

15,295‌

25,599‌

Shareholder

servicing

agent

fees

-

Class

I

258,015‌

1,986‌

825,523‌

783,165‌

Interest

expense

2,033‌

471‌

10,272‌

2,837‌

Directors/Trustees

fees

18,606‌

1,549‌

44,664‌

38,505‌

Custodian

expenses

113,918‌

56,848‌

252,021‌

42,288‌

Registration

fees

75,623‌

73,491‌

95,211‌

83,206‌

Professional

fees

121,126‌

83,433‌

166,753‌

177,365‌

Shareholder

reporting

expenses

40,842‌

9,109‌

405,137‌

134,385‌

Other

21,918‌

8,624‌

46,252‌

28,788‌

Total

expenses

before

fee

waiver/expense

reimbursement

5,356,535‌

606,020‌

11,705,445‌

10,680,017‌

Fee

waiver/expense

reimbursement

(

427,478‌

)

(

214,706‌

)

(

200,710‌

)

(

920,598‌

)

Net

expenses

4,929,057‌

391,314‌

11,504,735‌

9,759,419‌

Net

investment

income

(loss)

11,132,821‌

1,169,386‌

55,551,530‌

26,757,383‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

7,517,485‌

(

1,699,720‌

)

(

49,620,680‌

)

27,445,193‌

Futures

contracts

—‌

—‌

3,821,384‌

—‌

Foreign

currency

transactions

(

65,538‌

)

209‌

(

2,216,689‌

)

—‌

Net

realized

gain

(loss)

7,451,947‌

(

1,699,511‌

)

(

48,015,985‌

)

27,445,193‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

**

22,651,371‌

5,001,047‌

83,101,720‌

51,178,164‌

Futures

contracts

—‌

—‌

(

3,175,724‌

)

—‌

Foreign

currency

translations

16,139‌

9‌

29,700‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

22,667,510‌

5,001,056‌

79,955,696‌

51,178,164‌

Net

realized

and

unrealized

gain

(loss)

30,119,457‌

3,301,545‌

31,939,711‌

78,623,357‌

Net

increase

(decrease)

in

net

assets

from

operations

$

41,252,278‌

$

4,470,931‌

$

87,491,241‌

$

105,380,740‌

**

Net

of

change

in

foreign

capital

gains

tax

$

7,153‌

$

—‌

$

—‌

$

—‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

55

Global

Infrastructure

Global

Real

Estate

Securities

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)

$

11,132,821‌

$

7,993,684‌

$

1,169,386‌

$

909,437‌

Net

realized

gain

(loss)

7,451,947‌

6,599,616‌

(

1,699,511‌

)

(

2,330,271‌

)

Net

change

in

unrealized

appreciation

(depreciation)

22,667,510‌

(

55,254,082‌

)

5,001,056‌

(

13,976,226‌

)

Net

increase

(decrease)

in

net

assets

from

operations

41,252,278‌

(

40,660,782‌

)

4,470,931‌

(

15,397,060‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

1,020,446‌

)

(

2,836,621‌

)

(

17,378‌

)

(

18,609‌

)

Class

C

(

111,173‌

)

(

557,634‌

)

(

1,095‌

)

(

1,733‌

)

Class

R6

(

1,749,108‌

)

(

4,822,019‌

)

(

1,218,539‌

)

(

1,841,864‌

)

Class

I

(

8,217,071‌

)

(

23,601,452‌

)

(

67,730‌

)

(

81,795‌

)

Return

of

Capital:

Class

A

(

48,641‌

)

—‌

—‌

(

2,406‌

)

Class

C

(

9,598‌

)

—‌

—‌

(

329‌

)

Class

R6

(

73,976‌

)

—‌

—‌

(

328,590‌

)

Class

I

(

365,813‌

)

—‌

—‌

(

13,330‌

)

Total

distributions

(

11,595,826‌

)

(

31,817,726‌

)

(

1,304,742‌

)

(

2,288,656‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

77,546,708‌

140,015,164‌

1,299,206‌

21,088,272‌

Reinvestments

of

distributions

8,426,032‌

22,768,154‌

102,871‌

152,307‌

Redemptions

(

147,094,878‌

)

(

257,144,025‌

)

(

1,029,507‌

)

(

40,041,645‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

61,122,138‌

)

(

94,360,707‌

)

372,570‌

(

18,801,066‌

)

Net

increase

(decrease)

in

net

assets

(

31,465,686‌

)

(

166,839,215‌

)

3,538,759‌

(

36,486,782‌

)

Net

assets

at

the

beginning

of

period

506,020,974‌

672,860,189‌

39,496,061‌

75,982,843‌

Net

assets

at

the

end

of

period

$

474,555,288‌

$

506,020,974‌

$

43,034,820‌

$

39,496,061‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

56

Real

Asset

Income

Real

Estate

Securities

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)

$

55,551,530‌

$

59,892,131‌

$

26,757,383‌

$

23,015,114‌

Net

realized

gain

(loss)

(

48,015,985‌

)

(

30,970,438‌

)

27,445,193‌

138,032,500‌

Net

change

in

unrealized

appreciation

(depreciation)

79,955,696‌

(

207,313,117‌

)

51,178,164‌

(

626,710,873‌

)

Net

increase

(decrease)

in

net

assets

from

operations

87,491,241‌

(

178,391,424‌

)

105,380,740‌

(

465,663,259‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

7,585,795‌

)

(

7,399,982‌

)

(

3,967,524‌

)

(

24,430,891‌

)

Class

C

(

3,151,082‌

)

(

3,832,003‌

)

(

105,263‌

)

(

1,201,614‌

)

Class

R6

(

8,825,179‌

)

(

8,886,496‌

)

(

11,183,009‌

)

(

57,910,284‌

)

Class

I

(

39,560,593‌

)

(

39,732,630‌

)

(

19,417,017‌

)

(

120,957,743‌

)

Return

of

Capital:

Class

A

—‌

(

1,110,633‌

)

—‌

—‌

Class

C

—‌

(

707,162‌

)

—‌

—‌

Class

R6

—‌

(

1,234,763‌

)

—‌

—‌

Class

I

—‌

(

5,620,661‌

)

—‌

—‌

Total

distributions

(

59,122,649‌

)

(

68,524,330‌

)

(

34,672,813‌

)

(

204,500,532‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

182,856,316‌

318,192,012‌

228,196,157‌

291,469,050‌

Reinvestments

of

distributions

56,492,733‌

64,848,302‌

27,541,116‌

163,101,644‌

Redemptions

(

381,185,908‌

)

(

487,282,523‌

)

(

380,983,554‌

)

(

985,960,191‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

141,836,859‌

)

(

104,242,209‌

)

(

125,246,281‌

)

(

531,389,497‌

)

Net

increase

(decrease)

in

net

assets

(

113,468,267‌

)

(

351,157,963‌

)

(

54,538,354‌

)

(

1,201,553,288‌

)

Net

assets

at

the

beginning

of

period

1,205,559,039‌

1,556,717,002‌

1,051,039,178‌

2,252,592,466‌

Net

assets

at

the

end

of

period

$

1,092,090,772‌

$

1,205,559,039‌

$

996,500,824‌

$

1,051,039,178‌

Financial

Highlights

57

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Global

Infrastructure

Class

A

12/31/23

$

10.31

$

0.22

$

0.66

$

0.88

$

(0.24)

$

—

$

(0.01)

$

(0.25)

$

10.94

12/31/22

11.69

0.13

(0.88)

(0.75)

(0.25)

(0.38)

—

(0.63)

10.31

12/31/21

10.97

0.19

1.37

1.56

(0.20)

(0.64)

—

(0.84)

11.69

12/31/20

11.45

0.13

(0.46)

(0.33)

(0.11)

(0.04)

—

(0.15)

10.97

12/31/19

9.48

0.22

2.56

2.78

(0.20)

(0.61)

—

(0.81)

11.45

Class

C

12/31/23

10.13

0.13

0.65

0.78

(0.15)

—

(0.01)

(0.16)

10.75

12/31/22

11.50

0.04

(0.87)

(0.83)

(0.16)

(0.38)

—

(0.54)

10.13

12/31/21

10.87

0.10

1.35

1.45

(0.18)

(0.64)

—

(0.82)

11.50

12/31/20

11.35

0.05

(0.46)

(0.41)

(0.03)

(0.04)

—

(0.07)

10.87

12/31/19

9.41

0.14

2.52

2.66

(0.11)

(0.61)

—

(0.72)

11.35

Class

R6

12/31/23

10.29

0.25

0.66

0.91

(0.27)

—

(0.01)

(0.28)

10.92

12/31/22

11.68

0.16

(0.89)

(0.73)

(0.28)

(0.38)

—

(0.66)

10.29

12/31/21

10.96

0.23

1.37

1.60

(0.24)

(0.64)

—

(0.88)

11.68

12/31/20

11.42

0.16

(0.44)

(0.28)

(0.14)

(0.04)

—

(0.18)

10.96

12/31/19

9.47

0.26

2.54

2.80

(0.24)

(0.61)

—

(0.85)

11.42

Class

I

12/31/23

10.26

0.24

0.67

0.91

(0.26)

—

(0.01)

(0.27)

10.90

12/31/22

11.65

0.16

(0.90)

(0.74)

(0.27)

(0.38)

—

(0.65)

10.26

12/31/21

10.93

0.22

1.37

1.59

(0.23)

(0.64)

—

(0.87)

11.65

12/31/20

11.40

0.15

(0.44)

(0.29)

(0.14)

(0.04)

—

(0.18)

10.93

12/31/19

9.44

0.25

2.54

2.79

(0.22)

(0.61)

—

(0.83)

11.40

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

See

Notes

to

Financial

Statements

58

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

8.51‌

%

$

47,992

1.31‌

%

1.22‌

%

2.05‌

%

90‌

%

(6.28‌)

47,824

1.34‌

1.22‌

1.18‌

121‌

14.44‌

52,495

1.32‌

1.21‌

1.66‌

128‌

(2.76‌)

44,235

1.35‌

1.22‌

1.24‌

181‌

29.27‌

57,379

1.36‌

1.22‌

1.99‌

144‌

7.74‌

7,998

2.06‌

1.97‌

1.29‌

90‌

(7.04‌)

10,463

2.09‌

1.97‌

0.40‌

121‌

13.58‌

14,905

2.07‌

1.96‌

0.89‌

128‌

(3.56‌)

18,465

2.10‌

1.97‌

0.49‌

181‌

28.37‌

24,640

2.11‌

1.97‌

1.26‌

144‌

8.87‌

71,444

0.99‌

0.90‌

2.37‌

90‌

(6.06‌)

76,161

1.02‌

0.90‌

1.45‌

121‌

14.84‌

133,575

0.99‌

0.88‌

2.00‌

128‌

(2.39‌)

107,342

1.01‌

0.88‌

1.57‌

181‌

29.70‌

60,187

1.03‌

0.89‌

2.26‌

144‌

8.90‌

347,121

1.06‌

0.97‌

2.30‌

90‌

(6.15‌)

371,573

1.09‌

0.97‌

1.40‌

121‌

14.78‌

471,885

1.07‌

0.96‌

1.89‌

128‌

(2.55‌)

439,399

1.10‌

0.97‌

1.50‌

181‌

29.69‌

477,180

1.11‌

0.97‌

2.24‌

144‌

59

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Global

Real

Estate

Securities

Class

A

12/31/23

$

17.10

$

0.46

$

1.42

$

1.88

$

(

0.50

)

$

—

$

—

$

(

0.50

)

$

18.48

12/31/22

24.08

0.37

(

6.42

)

(

6.05

)

(

0.47

)

(

0.32

)

(

0.14

)

(

0.93

)

17.10

12/31/21

21.25

0.54

5.32

5.86

(

1.08

)

(

1.95

)

—

(

3.03

)

24.08

12/31/20

22.22

0.30

(

0.64

)

(

0.34

)

(

0.45

)

(

0.18

)

—

(

0.63

)

21.25

12/31/19

19.07

0.36

4.84

5.20

(

1.33

)

(

0.72

)

—

(

2.05

)

22.22

Class

C

12/31/23

17.09

0.32

1.43

1.75

(

0.37

)

—

—

(

0.37

)

18.47

12/31/22

24.06

0.21

(

6.40

)

(

6.19

)

(

0.32

)

(

0.32

)

(

0.14

)

(

0.78

)

17.09

12/31/21

21.25

0.35

5.31

5.66

(

0.90

)

(

1.95

)

—

(

2.85

)

24.06

12/31/20

22.21

0.14

(

0.62

)

(

0.48

)

(

0.30

)

(

0.18

)

—

(

0.48

)

21.25

12/31/19

19.06

0.19

4.84

5.03

(

1.16

)

(

0.72

)

—

(

1.88

)

22.21

Class

R6

12/31/23

17.10

0.50

1.44

1.94

(

0.56

)

—

—

(

0.56

)

18.48

12/31/22

24.09

0.37

(

6.36

)

(

5.99

)

(

0.54

)

(

0.32

)

(

0.14

)

(

1.00

)

17.10

12/31/21

21.27

0.56

5.38

5.94

(

1.17

)

(

1.95

)

—

(

3.12

)

24.09

12/31/20

22.23

0.37

(

0.63

)

(

0.26

)

(

0.52

)

(

0.18

)

—

(

0.70

)

21.27

12/31/19

19.07

0.43

4.85

5.28

(

1.40

)

(

0.72

)

—

(

2.12

)

22.23

Class

I

12/31/23

17.09

0.49

1.43

1.92

(

0.54

)

—

—

(

0.54

)

18.47

12/31/22

24.07

0.39

(

6.39

)

(

6.00

)

(

0.52

)

(

0.32

)

(

0.14

)

(

0.98

)

17.09

12/31/21

21.25

0.59

5.32

5.91

(

1.14

)

(

1.95

)

—

(

3.09

)

24.07

12/31/20

22.22

0.34

(

0.63

)

(

0.29

)

(

0.50

)

(

0.18

)

—

(

0.68

)

21.25

12/31/19

19.07

0.47

4.79

5.26

(

1.39

)

(

0.72

)

—

(

2.11

)

22.22

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

60

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

11

.22‌

%

$

792

1

.83‌

%

1

.30‌

%

2

.67‌

%

81‌

%

(

25

.09‌

)

482

2

.14‌

1

.30‌

1

.90‌

102‌

28

.21‌

254

1

.89‌

1

.29‌

2

.19‌

130‌

(

1

.32‌

)

37

2

.45‌

1

.30‌

1

.48‌

159‌

27

.55‌

35

3

.21‌

1

.30‌

1

.60‌

198‌

10

.40‌

55

2

.58‌

2

.05‌

1

.85‌

81‌

(

25

.66‌

)

47

2

.89‌

2

.05‌

1

.07‌

102‌

27

.16‌

53

2

.64‌

2

.04‌

1

.44‌

130‌

(

2

.04‌

)

27

3

.20‌

2

.05‌

0

.71‌

159‌

26

.56‌

33

3

.96‌

2

.05‌

0

.86‌

198‌

11

.61‌

39,977

1

.49‌

0

.96‌

2

.91‌

81‌

(

24

.84‌

)

37,200

1

.79‌

0

.95‌

1

.86‌

102‌

28

.57‌

73,585

1

.54‌

0

.94‌

2

.33‌

130‌

(

0

.95‌

)

58,480

2

.15‌

1

.00‌

1

.87‌

159‌

27

.91‌

27,709

2

.88‌

0

.97‌

1

.93‌

198‌

11

.50‌

2,212

1

.58‌

1

.05‌

2

.86‌

81‌

(

24

.90‌

)

1,767

1

.89‌

1

.05‌

1

.94‌

102‌

28

.48‌

2,091

1

.64‌

1

.04‌

2

.45‌

130‌

(

1

.02‌

)

188

2

.20‌

1

.05‌

1

.71‌

159‌

27

.80‌

190

2

.96‌

1

.05‌

2

.06‌

198‌

61

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Real

Asset

Income

Class

A

12/31/23

$

20.18

$

0.93

$

0.66

$

1.59

$

(

1.00

)

$

—

$

—

$

(

1.00

)

$

20.77

12/31/22

24.07

0.91

(

3.75

)

(

2.84

)

(

0.91

)

—

(

0.14

)

(

1.05

)

20.18

12/31/21

22.75

1.05

1.54

2.59

(

1.27

)

—

—

(

1.27

)

24.07

12/31/20

24.76

0.90

(

1.91

)

(

1.01

)

(

1.00

)

—

—

(

1.00

)

22.75

12/31/19

21.46

0.99

3.73

4.72

(

1.38

)

—

(

0.04

)

(

1.42

)

24.76

Class

C

12/31/23

20.19

0.77

0.67

1.44

(

0.84

)

—

—

(

0.84

)

20.79

12/31/22

24.07

0.74

(

3.74

)

(

3.00

)

(

0.74

)

—

(

0.14

)

(

0.88

)

20.19

12/31/21

22.76

0.86

1.55

2.41

(

1.10

)

—

—

(

1.10

)

24.07

12/31/20

24.77

0.73

(

1.90

)

(

1.17

)

(

0.84

)

—

—

(

0.84

)

22.76

12/31/19

21.47

0.81

3.74

4.55

(

1.21

)

—

(

0.04

)

(

1.25

)

24.77

Class

R6

12/31/23

20.30

1.01

0.67

1.68

(

1.07

)

—

—

(

1.07

)

20.91

12/31/22

24.21

0.98

(

3.77

)

(

2.79

)

(

0.98

)

—

(

0.14

)

(

1.12

)

20.30

12/31/21

22.87

1.13

1.56

2.69

(

1.35

)

—

—

(

1.35

)

24.21

12/31/20

24.89

1.00

(

1.95

)

(

0.95

)

(

1.07

)

—

—

(

1.07

)

22.87

12/31/19

21.56

1.10

3.73

4.83

(

1.46

)

—

(

0.04

)

(

1.50

)

24.89

Class

I

12/31/23

20.18

0.98

0.65

1.63

(

1.04

)

—

—

(

1.04

)

20.77

12/31/22

24.07

0.97

(

3.76

)

(

2.79

)

(

0.96

)

—

(

0.14

)

(

1.10

)

20.18

12/31/21

22.75

1.10

1.55

2.65

(

1.33

)

—

—

(

1.33

)

24.07

12/31/20

24.76

0.94

(

1.90

)

(

0.96

)

(

1.05

)

—

—

(

1.05

)

22.75

12/31/19

21.46

1.05

3.73

4.78

(

1.44

)

—

(

0.04

)

(

1.48

)

24.76

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements

62

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

8

.13‌

%

$

148,967

1

.18‌

%

1

.16‌

%

4

.64‌

%

60‌

%

(

12

.00‌

)

154,979

1

.17‌

1

.16‌

4

.18‌

73‌

11

.60‌

192,591

1

.14‌

1

.14‌

4

.42‌

73‌

(

3

.71‌

)

173,139

1

.16‌

1

.16‌

4

.17‌

104‌

22

.39‌

220,665

1

.14‌

1

.14‌

4

.16‌

85‌

7

.36‌

61,250

1

.93‌

1

.91‌

3

.83‌

60‌

(

12

.64‌

)

91,024

1

.92‌

1

.91‌

3

.40‌

73‌

10

.75‌

134,834

1

.89‌

1

.89‌

3

.62‌

73‌

(

4

.43‌

)

156,391

1

.91‌

1

.91‌

3

.41‌

104‌

21

.50‌

217,976

1

.89‌

1

.89‌

3

.41‌

85‌

8

.56‌

181,053

0

.83‌

0

.81‌

5

.01‌

60‌

(

11

.72‌

)

161,185

0

.82‌

0

.81‌

4

.45‌

73‌

11

.99‌

252,907

0

.80‌

0

.80‌

4

.75‌

73‌

(

3

.40‌

)

223,948

0

.82‌

0

.81‌

4

.63‌

104‌

22

.82‌

80,903

0

.80‌

0

.80‌

4

.59‌

85‌

8

.38‌

700,821

0

.93‌

0

.91‌

4

.87‌

60‌

(

11

.77‌

)

798,370

0

.92‌

0

.91‌

4

.43‌

73‌

11

.88‌

976,385

0

.89‌

0

.89‌

4

.64‌

73‌

(

3

.47‌

)

1,055,383

0

.91‌

0

.91‌

4

.37‌

104‌

22

.69‌

1,725,703

0

.89‌

0

.89‌

4

.42‌

85‌

63

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Real

Estate

Securities

Class

A

12/31/23

$

13.95

$

0.34

$

1.19

$

1.53

$

(0.35)

$

(0.11)

$

(0.46)

$

15.02

12/31/22

22.36

0.25

(5.82)

(5.57)

(0.74)

(2.10)

(2.84)

13.95

12/31/21

18.40

0.23

7.12

7.35

(0.33)

(3.06)

(3.39)

22.36

12/31/20

20.22

0.21

(1.54)

(1.33)

(0.14)

(0.35)

(0.49)

18.40

12/31/19

18.03

0.33

4.16

4.49

(0.33)

(1.97)

(2.30)

20.22

Class

C

12/31/23

13.33

0.20

1.17

1.37

(0.23)

(0.11)

(0.34)

14.36

12/31/22

21.51

0.09

(5.58)

(5.49)

(0.59)

(2.10)

(2.69)

13.33

12/31/21

17.80

0.03

6.90

6.93

(0.16)

(3.06)

(3.22)

21.51

12/31/20

19.55

0.06

(1.46)

(1.40)

—

(0.35)

(0.35)

17.80

12/31/19

17.49

0.16

4.03

4.19

(0.16)

(1.97)

(2.13)

19.55

Class

R6

12/31/23

14.53

0.41

1.24

1.65

(0.42)

(0.11)

(0.53)

15.65

12/31/22

23.15

0.33

(6.03)

(5.70)

(0.82)

(2.10)

(2.92)

14.53

12/31/21

18.98

0.32

7.34

7.66

(0.43)

(3.06)

(3.49)

23.15

12/31/20

20.85

0.30

(1.59)

(1.29)

(0.23)

(0.35)

(0.58)

18.98

12/31/19

18.54

0.44

4.27

4.71

(0.43)

(1.97)

(2.40)

20.85

Class

I

12/31/23

14.29

0.38

1.23

1.61

(0.40)

(0.11)

(0.51)

15.39

12/31/22

22.83

0.28

(5.93)

(5.65)

(0.79)

(2.10)

(2.89)

14.29

12/31/21

18.74

0.27

7.27

7.54

(0.39)

(3.06)

(3.45)

22.83

12/31/20

20.59

0.27

(1.58)

(1.31)

(0.19)

(0.35)

(0.54)

18.74

12/31/19

18.34

0.39

4.22

4.61

(0.39)

(1.97)

(2.36)

20.59

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Fund

did

not

have

waiver/reimbursement

for

periods

prior

to

fiscal

year

ended

December

31,

2021.

See

Notes

to

Financial

Statements

64

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

11.22‌

%

$

124,579

1.31‌

%

1.22‌

%

2.39‌

%

72‌

%

(24.87‌)

131,155

1.30‌

1.22‌

1.34‌

78‌

40.98‌

207,384

1.28‌

1.24‌

1.05‌

101‌

(6.37‌)

176,739

1.30‌

1.30‌

(d)

1.20‌

(d)

135‌

25.24‌

249,172

1.30‌

1.30‌

(d)

1.56‌

(d)

109‌

10.46‌

3,713

2.06‌

1.97‌

1.47‌

72‌

(25.45‌)

6,377

2.05‌

1.97‌

0.56‌

78‌

39.85‌

12,195

2.03‌

2.00‌

0.16‌

101‌

(7.03‌)

14,874

2.05‌

2.05‌

(d)

0.32‌

(d)

135‌

24.28‌

37,352

2.06‌

2.06‌

(d)

0.79‌

(d)

109‌

11.66‌

322,442

0.93‌

0.84‌

2.80‌

72‌

(24.59‌)

313,047

0.93‌

0.85‌

1.70‌

78‌

41.48‌

556,126

0.89‌

0.85‌

1.46‌

101‌

(5.95‌)

437,016

0.90‌

0.90‌

(d)

1.66‌

(d)

135‌

25.74‌

479,973

0.88‌

0.88‌

(d)

2.03‌

(d)

109‌

11.51‌

545,767

1.06‌

0.97‌

2.62‌

72‌

(24.70‌)

600,459

1.05‌

0.97‌

1.48‌

78‌

41.32‌

1,476,888

1.03‌

0.99‌

1.23‌

101‌

(6.12‌)

1,604,544

1.05‌

1.05‌

(d)

1.46‌

(d)

135‌

25.56‌

2,148,012

1.06‌

1.06‌

(d)

1.80‌

(d)

109‌

Notes

to

Financial

Statements

65

1.

General

Information 

Trust

and

Fund

Information:

Nuveen

Investment

Funds,

Inc.

and

Nuveen

Investment

Trust

V

(each

a

“Trust”

and

collectively,

the

“Trusts”),

are

open-

end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”)

as

amended.

Nuveen

Investment

Funds,

Inc.

is

comprised

of

Nuveen

Global

Infrastructure

Fund

(“Global

Infrastructure”),

Nuveen

Real

Asset

Income

Fund

(“Real

Asset

Income”)

and

Nuveen

Real

Estate

Securities

Fund

(“Real

Estate

Securities”),

among

others,

and

Nuveen

Investment

Trust

V

is

comprised

of

Nuveen

Global

Real

Estate

Securities

Fund

(“Global

Real

Estate

Securities”),

among

others,

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds.

Nuveen

Investment

Funds,

Inc.

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987

and

Nuveen

Investment

Trust

V

was

organized

as

a

Massachusetts

business

trust

on

September

27,

2006.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

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’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

Neither

Trust

pays

compensation

directly

to

those

of its  officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Trust

from

the

Adviser

or

its

affiliates.

The

Funds’

Board

of

Directors/Trustees

(the

’’Board’’)

has

adopted

a

deferred

compensation

plan

for

independent

directors/trustees

that

enables

directors/trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

the

Funds’

portfolios.

Distributions

received

from

certain

securities

in

which

the

Funds

invest,

most

notably

real

estate

investment

trust

(“REIT”)

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

calendar

year

for

the

previous

year.

The

distribution

is

included

in

the

Funds’

ordinary

income

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

For

the

current

fiscal

period,

dividend

income,

net

realized

gain

(loss)

and

unrealized

appreciation

(depreciation)

recognized

on

the

Statement

of

Operations

reflect

the

amounts

of

ordinary

income,

capital

gain,

and/or

return

of

capital

as

reported

by

the

issuers

of

such

securities

as

of

the

current

calendar

year

end.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

66

Notes

to

Financial

Statements

(continued)

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under each

Trust’s

organizational

documents,

its

officers

and

directors/trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to each

Trust.

In

addition,

in

the

normal

course

of

business, each

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties. Each

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against each

Trust

that

have

not

yet

occurred.

However, each

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Global

Infrastructure

Value

%

of

Net

Assets

Country:

Canada

$

36,669,028

7.7

%

Australia

32,681,530

6.9

Spain

32,310,880

6.8

France

26,586,699

5.6

Italy

21,837,646

4.6

Japan

18,676,754

3.9

Germany

15,138,148

3.2

New

Zealand

14,809,591

3.1

United

Kingdom

12,221,903

2.6

Other

37,247,580

7.9

Total

non-U.S.

Securities

$248,179,759

52.3%

Global

Real

Estate

Securities

Value

%

of

Net

Assets

Country:

Japan

$

4,012,745

9.3

%

Canada

2,284,573

5.3

United

Kingdom

1,858,995

4.3

Hong

Kong

1,600,844

3.7

Australia

1,394,578

3.2

Singapore

1,083,588

2.5

Spain

846,223

2.0

Belgium

765,123

1.8

Germany

645,945

1.5

Other

1,524,824

3.6

Total

non-U.S.

Securities

$16,017,438

37.2%

Real

Asset

Income

Value

%

of

Net

Assets

Country:

Canada

$

131,147,009

12.0

%

Australia

47,559,638

4.3

United

Kingdom

41,252,064

3.8

Hong

Kong

28,953,724

2.6

Singapore

27,762,930

2.6

Italy

27,686,085

2.5

Spain

13,807,737

1.3

France

13,480,375

1.3

Portugal

9,394,210

0.9

Other

36,615,168

3.4

Total

non-U.S.

Securities

$377,658,940

34.7%

67

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest,

paydown

gains

and

losses

and

fee

income,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees,

when

applicable.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

Global

Infrastructure,

Global

Real

Estate

Securities

and

Real

Estate

Securities

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

of

each

Fund

based

on

the

relative

net

assets

of

each

class.

Income

and

expenses

of

Real

Asset

Income

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

settled

shares

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

net

assets

for

Global

Infrastructure,

Global

Real

Estate

Securities

and

Real

Estate

Securities

and

relative

settled

shares

for

Real

Asset

Income.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

 In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

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.

68

Notes

to

Financial

Statements

(continued)

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

FGI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

243,338,601

$

186,343,073

$

–

$

429,681,674

Real

Estate

Investment

Trust

Common

Stocks

29,232,079

828,449

–

30,060,528

Investment

Companies

–

1,586,517

–

1,586,517

Investments

Purchased

with

Collateral

from

Securities

Lending

3,775,397

–

–

3,775,397

Short-Term

Investments:

Repurchase

Agreements

–

12,159,676

–

12,159,676

Total

$

276,346,077

$

200,917,715

$

–

$

477,263,792

NGRES

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

29,553,839

$

8,025,851

$

166

$

37,579,856

Common

Stocks

332,950

4,239,842

–

4,572,792

Short-Term

Investments:

Repurchase

Agreements

–

700,000

–

700,000

Total

$

29,886,789

$

12,965,693

$

166

$

42,852,648

69

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

NRAI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

286,249,752

$

–

$

286,249,752

Real

Estate

Investment

Trust

Common

Stocks

174,826,907

66,349,576

5,061

241,181,544

Common

Stocks

147,751,360

91,499,899

–

239,251,259

$25

Par

(or

similar)

Retail

Preferred

152,823,154

–

–

152,823,154

$1,000

Par

(or

similar)

Institutional

Preferred

–

113,143,242

–

113,143,242

Convertible

Preferred

Securities

16,085,068

4,470,325

–

20,555,393

Investment

Companies

3,787,303

949,763

–

4,737,066

Asset-Backed

and

Mortgage-Backed

Securities

–

1,387,726

–

1,387,726

Investments

Purchased

with

Collateral

from

Securities

Lending

17,203,089

–

–

17,203,089

Short-Term

Investments:

Repurchase

Agreements

–

24,401,807

–

24,401,807

Investments

in

Derivatives:

Futures

Contracts*

(2,896,256)

–

–

(2,896,256)

Total

$

509,580,625

$

588,452,090

$

5,061

$

1,098,037,776

FRES

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Real

Estate

Investment

Trust

Common

Stocks

$

976,237,494

$

–

$

–

$

976,237,494

Short-Term

Investments:

Repurchase

Agreements

–

21,034,293

–

21,034,293

Total

$

976,237,494

$

21,034,293

$

–

$

997,271,787

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Global

Infrastructure

Fixed

Income

Clearing

Corporation

$

12,159,676

$(12,402,970)

Global

Real

Estate

Securities

Fixed

Income

Clearing

Corporation

700,000

(714,050)

Real

Asset

Income

Fixed

Income

Clearing

Corporation

24,401,807

(24,889,931)

Real

Estate

Securities

Fixed

Income

Clearing

Corporation

21,034,293

(21,455,048)

70

Notes

to

Financial

Statements

(continued)

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

Real

Asset

Income

used

interest

rate

futures

to

partially

hedge

the

portfolio

against

movements

in

interest

rates.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Global

Infrastructure

Common

Stocks

$3,659,369

$3,775,397

Real

Asset

Income

Common

Stocks

$9,330,200

$9,657,476

Corporate

Bonds

2,025,808

2,109,450

$1,000

Par

(or

similar)

Institutional

Preferred

281,827

286,980

Convertible

Preferred

Securities

4,283,773

4,410,758

$25

Par

(or

similar)

Retail

Preferred

700,468

738,425

$16,622,076

$17,203,089

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

Global

Infrastructure

$

425,864,750

$

485,661,313

Global

Real

Estate

Securities

32,487,217

32,037,003

Real

Asset

Income

670,144,390

785,517,254

Real

Estate

Securities

709,041,879

816,667,439

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

Real

Asset

Income

$

51,450,199

*

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.

71

As

of the

end

of

the

reporting

period,

the

following

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds'

Statement

of

Operations

was

as

follows:

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.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Real

Asset

Income

Futures

Contracts

Interest

rate

Unrealized

depreciation

on

futures

contracts

*

$

(2,896,256)

-

$

–

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Real

Asset

Income

Futures

contracts

Interest

rate

$

3,821,384

$

(3,175,724)

72

Notes

to

Financial

Statements

(continued)

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

12/31/23

Year

Ended

12/31/22

Global

Infrastructure

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

525,565

$5,609,243

687,679

$7,809,997

Class

A

-

automatic

conversion

of

Class

C

4

41

—

—

Class

C

97,360

1,021,699

89,018

962,925

Class

R6

514,643

5,478,017

924,426

10,470,416

Class

I

6,224,520

65,437,708

10,826,552

120,771,826

Total

subscriptions

7,362,092

77,546,708

12,527,675

140,015,164

Reinvestments

of

distributions:

Class

A

94,312

1,032,722

266,618

2,733,959

Class

C

10,115

108,932

51,432

514,448

Class

R6

110,032

1,202,653

315,262

3,236,403

Class

I

557,446

6,081,725

1,594,162

16,283,344

Total

reinvestments

of

distributions

771,905

8,426,032

2,227,474

22,768,154

Redemptions:

Class

A

(874,642)

(9,283,915)

(803,215)

(8,944,911)

Class

C

(396,389)

(4,109,033)

(403,602)

(4,435,143)

Class

C

-

automatic

conversion

to

Class

A

(4)

(41)

—

—

Class

R6

(1,486,972)

(15,874,734)

(5,277,594)

(59,964,306)

Class

I

(11,138,297)

(117,827,155)

(16,729,415)

(183,799,665)

Total

redemptions

(13,896,304)

(147,094,878)

(23,213,826)

(257,144,025)

Net

increase

(decrease)

(5,762,307)

$(61,122,138)

(8,458,677)

$(94,360,707)

Year

Ended

12/31/23

Year

Ended

12/31/22

Global

Real

Estate

Securities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

30,853

$549,812

20,080

$396,487

Class

C

191

3,500

1,491

33,875

Class

R6

4,872

83,930

901,441

20,205,235

Class

I

38,114

661,964

22,159

452,675

Total

subscriptions

74,030

1,299,206

945,171

21,088,272

Reinvestments

of

distributions:

Class

A

961

16,753

1,174

19,855

Class

C

36

631

65

1,091

Class

R6

1,073

18,529

2,171

37,458

Class

I

3,866

66,958

5,449

93,903

Total

reinvestments

of

distributions

5,936

102,871

8,859

152,307

Redemptions:

Class

A

(17,184)

(295,925)

(3,602)

(68,338)

Class

C

(24)

(410)

(1,009)

(22,719)

Class

R6

(18,109)

(305,652)

(1,782,623)

(39,730,596)

Class

I

(25,612)

(427,520)

(11,071)

(219,992)

Total

redemptions

(60,929)

(1,029,507)

(1,798,305)

(40,041,645)

Net

increase

(decrease)

19,037

$372,570

(844,275)

$(18,801,066)

73

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.

Year

Ended

12/31/23

Year

Ended

12/31/22

Real

Asset

Income

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,334,670

$27,019,808

2,047,951

$44,996,303

Class

A

-

automatic

conversion

of

Class

C

630

12,516

1,455

30,867

Class

C

98,405

1,994,989

362,923

8,174,252

Class

R6

456,343

9,300,298

2,588,252

53,899,559

Class

I

7,149,066

144,528,705

9,625,427

211,091,031

Total

subscriptions

9,039,114

182,856,316

14,626,008

318,192,012

Reinvestments

of

distributions:

Class

A

355,828

7,171,711

374,710

8,090,088

Class

C

148,955

3,009,909

200,487

4,340,748

Class

R6

435,569

8,825,178

452,383

9,894,071

Class

I

1,859,841

37,485,935

1,969,751

42,523,395

Total

reinvestments

of

distributions

2,800,193

56,492,733

2,997,331

64,848,302

Redemptions:

Class

A

(2,199,486)

(44,159,148)

(2,746,573)

(59,043,855)

Class

C

(1,808,288)

(36,319,531)

(1,654,643)

(35,771,002)

Class

C

-

automatic

conversion

to

Class

A

(630)

(12,516)

(1,454)

(30,867)

Class

R6

(170,081)

(3,448,937)

(5,550,229)

(121,190,763)

Class

I

(14,836,509)

(297,245,776)

(12,597,958)

(271,246,036)

Total

redemptions

(19,014,994)

(381,185,908)

(22,550,857)

(487,282,523)

Net

increase

(decrease)

(7,175,687)

$(141,836,859)

(4,927,518)

$(104,242,209)

Year

Ended

12/31/23

Year

Ended

12/31/22

Real

Estate

Securities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,419,889

$20,403,679

1,435,406

$25,678,919

Class

A

-

automatic

conversion

of

Class

C

4,440

63,976

141

2,743

Class

C

15,724

221,288

56,599

1,010,858

Class

R6

3,760,951

54,709,743

5,229,801

101,776,800

Class

I

10,542,229

152,797,471

8,671,060

162,999,730

Total

subscriptions

15,743,233

228,196,157

15,393,007

291,469,050

Reinvestments

of

distributions:

Class

A

238,711

3,380,701

1,460,698

21,730,363

Class

C

6,869

92,843

75,099

1,063,941

Class

R6

660,001

9,740,746

3,253,845

50,470,437

Class

I

987,406

14,326,826

5,870,713

89,836,903

Total

reinvestments

of

distributions

1,892,987

27,541,116

10,660,355

163,101,644

Redemptions:

Class

A

(2,774,390)

(39,514,456)

(2,767,952)

(49,944,459)

Class

C

(237,620)

(3,230,087)

(220,129)

(3,906,441)

Class

C

-

automatic

conversion

to

Class

A

(4,648)

(63,976)

(147)

(2,743)

Class

R6

(5,368,488)

(79,243,474)

(10,956,177)

(216,987,402)

Class

I

(18,095,173)

(258,931,561)

(37,214,783)

(715,119,146)

Total

redemptions

(26,480,319)

(380,983,554)

(51,159,188)

(985,960,191)

Net

increase

(decrease)

(8,844,099)

$(125,246,281)

(25,105,826)

$(531,389,497)

74

Notes

to

Financial

Statements

(continued)

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,

distribution

reallocations,

foreign

currency

transactions,

foreign

taxes

paid,

investments

in

partnerships,

investments

in

passive

foreign

investment

companies,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

tax

equalization,

and

taxes

paid.

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

were

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

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global

Infrastructure

$

389,922,331

$

99,429,342

$

(12,087,881)

$

87,341,461

Global

Real

Estate

Securities

38,979,679

6,502,969

(2,630,000)

3,872,969

Real

Asset

Income

1,104,309,117

60,975,595

(67,246,936)

(6,271,341)

Real

Estate

Securities

740,417,762

291,539,343

(34,685,318)

256,854,025

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Global

Infrastructure

$

—

$

—

$

87,295,844

$

(2,499,897)

$

—

$

(47,608)

$

84,748,339

Global

Real

Estate

Securities

115,670

—

3,873,171

(4,203,708)

—

—

(214,867)

Real

Asset

Income

897,716

—

(6,267,772)

(280,675,483)

—

(92,818)

(286,138,357)

Real

Estate

Securities

—

5,005,442

256,854,025

—

—

(337,646)

261,521,821

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

Global

Infrastructure

$

11,097,798

$

—

$

498,028

$

13,569,228

$

18,248,498

$

—

Global

Real

Estate

Securities

1,304,742

—

—

1,218,702

725,299

344,655

Real

Asset

Income

59,122,649

—

—

59,851,111

—

8,673,219

Real

Estate

Securities

26,775,692

7,897,121

—

60,683,855

143,816,677

—

Fund

Short-Term

Long-Term

Total

Global

Infrastructure

$

2,499,897

$

—

$

2,499,897

Global

Real

Estate

Securities

1,838,788

2,364,920

4,203,708

Real

Asset

Income

168,153,759

112,521,724

280,675,483

Real

Estate

Securities

—

—

—

75

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedules:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

determined

by

taking

the

complex-level

fee

rate,

which

is

based

on

the

aggregate

amount

of

“eligible

assets”

of

all

Nuveen

funds

as

set

forth

in

the

schedule

below,

and

(except

for

Global

Real

Estate

Securities

and

Real

Asset

Income)

making,

as

appropriate,

an

upward

adjustment

to

that

rate

based

upon

the

percentage

of

the

particular

fund’s

assets

that

are

not

“eligible

assets.”

The

complex-level

fee

schedule

for

each

Fund

is

as

follows:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

December

31,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

Average

Daily

Net

Assets

Global

Infrastructure

Global

Real

Estate

Securities

Real

Estate

Securities

For

the

first

$125

million

0.7500

%

0.7500

%

0.7000

%

For

the

next

$125

million

0.7375

0.7375

0.6875

For

the

next

$250

million

0.7250

0.7250

0.6750

For

the

next

$500

million

0.7125

0.7125

0.6625

For

the

next

$1

billion

0.7000

0.7000

0.6500

For

the

next

$3

billion

0.6750

0.6750

0.6250

For

the

next

$2.5

billion

0.6500

0.6500

0.6000

For

the

next

$2.5

billion

0.6375

0.6375

0.5875

For

net

assets

over

$10

billion

0.6250

0.6250

0.5750

Average

Daily

Net

Assets

Real

Asset

Income

For

the

first

$125

million

0.6000

%

For

the

next

$125

million

0.5875

For

the

next

$250

million

0.5750

For

the

next

$500

million

0.5625

For

the

next

$1

billion

0.5500

For

the

next

$3

billion

0.5250

For

the

next

$5

billion

0.5000

For

net

assets

over

$10

billion

0.4875

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Global

Infrastructure

0

.1722%

Global

Real

Estate

Securities

0

.1602%

Real

Asset

Income

0

.1602%

Real

Estate

Securities

0

.2000%

76

Notes

to

Financial

Statements

(continued)

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

period

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expenses

for

the

Class

R6

Shares

will

not

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2025,

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees:

 Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

Fund

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Global

Infrastructure

1.00%

July

31,

2025

Global

Real

Estate

Securities

1.09

July

31,

2025

Real

Asset

Income

0.95

July

31,

2025

Real

Estate

Securities

0.97

July

31,

2025

Fund

Amount

Global

Infrastructure

$

497,564

Global

Real

Estate

Securities

49,414

Real

Asset

Income

945,076

Real

Estate

Securities

1,591,144

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

Global

Infrastructure

$

40,719

$

37,115

Global

Real

Estate

Securities

1,979

1,854

Real

Asset

Income

66,502

59,259

Real

Estate

Securities

30,382

26,649

Fund

Commission

Advances

(Unaudited)

Global

Infrastructure

$

17,905

Global

Real

Estate

Securities

1,065

Real

Asset

Income

18,953

Real

Estate

Securities

2,056

77

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Affiliate

Owned

Shares:

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

and/or

TIAA

affiliates

are

as

follows:

9.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

Funds

did

not

utilize

this

facility.

Fund

12b-1

Fees

Retained

(Unaudited)

Global

Infrastructure

$

16,497

Global

Real

Estate

Securities

837

Real

Asset

Income

66,735

Real

Estate

Securities

19,760

Fund

CDSC

Retained

(Unaudited)

Global

Infrastructure

$

1,171

Global

Real

Estate

Securities

518

Real

Asset

Income

2,570

Real

Estate

Securities

(119)

Fund

TIAA

Owned

Shares

Global

Infrastructure

—

%

Global

Real

Estate

Securities

93

Real

Asset

Income

—

Real

Estate

Securities

—

78

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

Section

1250

gains

and 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

Section

1250

Gains

Net

Long-Term

Capital

Gains

Global

Infrastructure

$

—

$

—

Global

Real

Estate

Securities

—

—

Real

Asset

Income

—

—

Real

Estate

Securities

813,386

7,266,347

Fund

Percentage

Global

Infrastructure

39

.5

%

Global

Real

Estate

Securities

1

.9

Real

Asset

Income

13

.2

Real

Estate

Securities

3

.7

Fund

Percentage

Global

Infrastructure

100

.0

%

Global

Real

Estate

Securities

27

.9

Real

Asset

Income

41

.4

Real

Estate

Securities

3

.9

Fund

1/1

to

Current

Year

End

Percentage

Global

Infrastructure

3.6

%

Global

Real

Estate

Securities

1.9

Real

Asset

Income

27.8

Real

Estate

Securities

2.4

79

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid:

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

Global

Infrastructure

—%

Global

Real

Estate

Securities

44.8

Real

Asset

Income

15.4

Real

Estate

Securities

85.2

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

Per

Share

Global

Infrastructure

$

10,198,092

$

0.23430

$

875,764

$

0.02012

Global

Real

Estate

Securities

—

—

—

—

Real

Asset

Income

—

—

—

—

Real

Estate

Securities

—

—

—

—

Fund

Percentage

Global

Infrastructure

3.3

%

Global

Real

Estate

Securities

1.9

Real

Asset

Income

32.6

Real

Estate

Securities

2.4

80

Shareholder

Meeting

Report

(Unaudited)

The

special

meeting

of

shareholders

was

held

on

November

20,

2023,

for

Nuveen

Investment

Trust

V

and

Nuveen

Investment

Fund

Inc;

at

this

meeting,

the

shareholders

were

asked

to

elect

Board

members.

Nuveen

Investment

Trust

V

Nuveen

Investment

Funds,

Inc.

Approval

of

the

Board

Members

was

reached

as

follows:

Joseph

A.

Boateng

For

279,011,480

527,096,856

Withhold

2,605,918

6,978,513

Total

281,617,398

534,075,369

Michael

A.

Forrester

For

279,670,519

528,051,701

Withhold

1,946,879

6,023,668

Total

281,617,398

534,075,369

Thomas

J.

Kenny

For

279,665,769

528,042,849

Withhold

1,951,629

6,032,520

Total

281,617,398

534,075,369

Amy

B.R.

Lancellotta

For

279,558,031

528,290,629

Withhold

2,059,367

5,784,740

Total

281,617,398

534,075,369

Joanne

T.

Medero

For

279,513,027

528,012,180

Withhold

2,104,371

6,063,189

Total

281,617,398

534,075,369

Albin

F.

Moschner

For

279,516,924

527,124,878

Withhold

2,100,474

6,950,491

Total

281,617,398

534,075,369

John

K.

Nelson

For

279,308,542

528,105,547

Withhold

2,308,856

5,969,822

Total

281,617,398

534,075,369

Loren

M.

Starr

For

279,693,509

528,323,160

Withhold

1,923,889

5,752,209

Total

281,617,398

534,075,369

Matthew

Thornton

III

For

279,631,102

528,016,841

Withhold

1,986,296

6,058,528

Total

281,617,398

534,075,369

Terence

J.

Toth

For

272,225,394

527,139,054

Withhold

9,392,004

6,936,315

Total

281,617,398

534,075,369

Margaret

L.

Wolff

For

279,607,501

528,268,255

Withhold

2,009,897

5,807,114

Total

281,617,398

534,075,369

Robert

L.

Young

For

279,611,995

528,003,067

Withhold

2,005,403

6,072,302

Total

281,617,398

534,075,369

81

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

SS&C

Global

Investor

&

Distribution

Solutions,

Inc.

(SS&C

GIDS)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

82

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Basis

Point:

One

one-hundredth

of

one

percentage

point,

or

0.01%.

For

example,

25

basis

points

equals

0.25%.

Beta:

A

measure

of

the

volatility

of

a

portfolio

relative

to

the

overall

market.

A

beta

less

than

1.0

indicates

lower

risk

than

the

market;

a

beta

greater

than

1.0

indicates

higher

risk

than

the

market.

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.

Market

Capitalization:

The

market

capitalization

of

a

company

is

equal

to

the

number

of

the

company’s

common

shares

outstanding

multiplied

by

the

current

price

of

the

company’s

stock.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Tax

Equalization

:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

their

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

fund’s

dividends

paid

deduction.

Liquidity

Risk

Management

Program

(Unaudited)

83

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Directors

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-

Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“liquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

84

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

or

Directors,

as

applicable

(the

“Board”

and

each

Trustee

or

Director,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

85

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

86

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023

(or

for

shorter

periods

available

to

the

extent

a

Fund

was

not

in

existence

during

such

periods).

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Global

Infrastructure

Fund

(the

“Global

Infrastructure

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

period

ended

December

31,

2022,

the

Fund

outperformed

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2022

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

third

quartile

for

the

three-

year

period

and

second

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

three-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

five-year

87

period

ended

March

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Global

Real

Estate

Securities

Fund

(the

“Global

Real

Estate

Securities

Fund”),

the

Board

noted

that

the

Fund

outperformed

or

matched

the

performance

of

its

benchmark

for

the

one-

and

three-year

periods

ended

December 31,

2022

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022

and

first

quartile

for

the

three-year

period

ended

December 31,

2022.

Further,

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

first

quartile

for

the

three-

and

five-year

periods

ended

March 31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Real

Asset

Income

Fund

(the

“Real

Asset

Income

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

three-year

period

ended

December 31,

2022,

the

Fund

outperformed

its

blended

benchmark

for

the

one-

and

five-year

periods

ended

December 31,

2022.

The

Fund

also

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

five-year

period

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Real

Estate

Securities

Fund

(the

“Real

Estate

Securities

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022

and

third

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

Further,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

third

quartile

for

the

five-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

88

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4 million

in

fees

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Global

Infrastructure

Fund

and

the

Real

Asset

Income

Fund

each

had

a

net

management

fee

that

was

in

line

with

the

respective

peer

average

and

a

net

total

expense

ratio

that

was

below

the

respective

peer

average;

and

(b)

the

Global

Real

Estate

Securities

Fund

and

the

Real

Estate

Securities

Fund

each

had

a

net

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-

Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

89

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

the

temporary

expense

caps

applicable

to

the

Funds.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

90

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

91

Directors/Trustees

and

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 Directors/Trustees

of

the

Funds.

The

number

of Directors/Trustees of

the

Funds

is

currently

set

at

twelve.

None

of

the Directors/Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Directors/Trustees”)

has

ever

been

a Directors/Trustees

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Directors/Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Directors/Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Director/Trustee

2008

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

Director/Trustee

2024

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

Director/Trustee

2024

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

Director/Trustee

2024

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

Director/Trustee

2021

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

92

Directors/Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2021

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

Director/Trustee

2016

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

Director/Trustee

2013

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

Director/Trustee

2024

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

93

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2020

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

Director/Trustee

2016

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

Director/Trustee

2017

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:

Jordon

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2024

Managing

Director,

Head

of

Product

Management

and

Development,

ETFs,

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC.

Brett

E.

Black

1972

333

West

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

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

held

various

positions

with

Nuveen

since

2013;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

94

Directors/Trustees

and

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

2016

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

2016

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).

95

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

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2016

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)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-FREGIF-1223P

3342554-INV-Y-02/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

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, Albin F. Moschner, John K. Nelson, Loren M. Starr 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.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers, 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 PricewaterhouseCoopers 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).

	Audit Fees Billed		Audit-Related Fees		Tax Fees Billed		All Other Fees
Fiscal Year Ended December 31, 2023	to Funds 1		Billed to Funds 2		to Funds 3		Billed to Funds 4
Fund Name
Nuveen Global Infrastructure Fund		56,650		0		519		0
Nuveen Real Estate Securities Fund		56,650		0		2,500		0
Nuveen Real Asset Income Fund		56,650		0		1,928		0
Total	$	169,950	$	0	$	4,947	$	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 calculations 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.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			Billed to Funds
Fund Name
Nuveen Global Infrastructure Fund		0	%		0	%		0	%		0	%
Nuveen Real Estate Securities Fund		0	%		0	%		0	%		0	%
Nuveen Real Asset Income Fund		0	%		0	%		0	%		0	%
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
December 31, 2022	to Funds 1			Billed to Funds 2			Billed to Funds 3			Billed to Funds 4
Fund Name
Nuveen Global Infrastructure Fund		54,050			0			36,103			0
Nuveen Real Estate Securities Fund		56,106			0			0			0
Nuveen Real Asset Income Fund		56,435			0			139			0
Total	$	166,591		$	0		$	36,242		$	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 calculations 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. 

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			Billed to Funds
Fund Name
Nuveen Global Infrastructure Fund		0	%		0	%		0	%		0	%
Nuveen Real Estate Securities Fund		0	%		0	%		0	%		0	%
Nuveen Real Asset Income Fund		0	%		0	%		0	%		0	%

	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended December 31, 2023	Service Providers			Service Providers			Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
	Service Providers			Service Providers			Service Providers
		0	%		0	%		0	%
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended December 31, 2022	Service Providers			Service Providers			Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
	Service Providers			Service Providers			Service Providers
		0	%		0	%		0	%

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
	Total Non-Audit Fees		operations and financial		Providers (all other
Fiscal Year Ended December 31, 2023	Billed to Trust		reporting of the Trust)		engagements)		Total
Fund Name
Nuveen Global Infrastructure Fund		519		0		0		519
Nuveen Real Estate Securities Fund		2,500		0		0		2,500
Nuveen Real Asset Income Fund		1,928		0		0		1,928
Total	$	4,947	$	0	$	0	$	4,947

“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. 

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
	Total Non-Audit Fees		operations and financial		Providers (all other
Fiscal Year Ended December 31, 2022	Billed to Trust		reporting of the Trust)		engagements)		Total
Fund Name
Nuveen Global Infrastructure Fund		36,103		0		0		36,103
Nuveen Real Estate Securities Fund		0		0		0		0
Nuveen Real Asset Income Fund		139		0		0		139
Total	$	36,242	$	0	$	0	$	36,242

“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. 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), 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.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

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

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees 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: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

By (Signature and Title)	/s/ Jordan M. Farris
	Jordan M. Farris
	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/ Jordan M. Farris
	Jordan M. Farris
	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