UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| | |
| Investment Company Act file number | | 811-10491 |
Nuveen Real Estate Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
| Item 1. | Reports to Stockholders. |
This
semi-annual
report
contains
the
Funds'
unaudited
financial
statements.
Nuveen
Multi-Asset
Income
Fund
NMAI
Nuveen
Real
Asset
Income
and
Growth
Fund
JRI
Nuveen
Real
Estate
Income
Fund
JRS
IMPORTANT
DISTRIBUTION
NOTICE
for
Shareholders
of
the
Nuveen
Real
Estate
Income
Fund
(JRS)
Annual
Shareholder
Report
for
the
period
ending
June
30,
2024
The
Nuveen
Real
Estate
Income
Fund
(JRS)
seek
to
offer
attractive
cash
flow
to
its
shareholders,
by
converting
the
expected
long-term
total
return
potential
of
the
Fund’s
investments
in
REITs
into
regular
quarterly
distributions.
Following
is
a
discussion
of
the
Managed
Distribution
Policy
the
Fund
uses
to
achieve
this.
The
Fund
pays
quarterly
common
share
distributions
that
seek
to
convert
the
Fund’s
expected
long-term
total
return
potential
into
regular
cash
flow.
As
a
result,
the
Fund’s
regular
common
share
distributions
(presently
$0.1700
per
share)
may
be
derived
from
a
variety
of
sources,
including:
distributions
from
portfolio
companies
(REITs),
realized
capital
gains
or,
Possibly,
returns
of
capital
representing
in
certain
cases
unrealized
capital
appreciation.
Such
distributions
are
sometimes
referred
to
as
“managed
distributions.”
The
Fund
seeks
to
establish
a
distribution
rate
that
roughly
corresponds
to
the
Adviser’s
projections
of
the
total
return
that
could
reasonably
be
expected
to
be
generated
by
the
Fund
over
an
extended
period
of
time.
The
Adviser
may
consider
many
factors
when
making
such
projections,
including,
but
not
limited
to,
long-
term
historical
returns
for
the
asset
classes
in
which
the
Fund
invests.
As
portfolio
and
market
conditions
change,
the
distribution
amount
and
distribution
rate
on
the
Common
Shares
under
the
Fund’s
Managed
Distribution
Policy
could
change.
When
it
pays
a
distribution,
the
Fund
provides
holders
of
its
Common
Shares
a
notice
of
the
estimated
sources
of
the
Fund’s
distributions
(i.e.,
what
percentage
of
the
distributions
is
estimated
to
constitute
ordinary
income,
short-term
capital
gains,
long-
term
capital
gains,
and/or
a
non-taxable
return
of
capital)
on
a
year-to-date
basis.
It
does
this
by
posting
the
notice
on
its
website
(www.nuveen.com/cef),
and
by
sending
it
in
written
form.
You
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Fund’s
Managed
Distribution
Policy.
The
Fund’s
actual
financial
performance
will
likely
vary
from
month-to-month
and
from
year-to-year,
and
there
may
be
extended
periods
when
the
distribution
rate
will
exceed
the
Fund’s
actual
total
returns.
The
Managed
Distribution
Policy
provides
that
the
Board
may
amend
or
terminate
the
Policy
at
any
time
without
prior
notice
to
Fund
shareholders.
There
are
presently
no
reasonably
foreseeable
circumstances
that
might
cause
the
Fund
to
terminate
its
Managed
Distribution
Policy.
Important
Notices
4
Common
Share
Information
5
About
the
Funds’
Benchmarks
8
Fund
Performance,
Leverage
and
Holdings
Summaries
9
Portfolios
of
Investments
17
Statement
of
Assets
and
Liabilities
74
Statement
of
Operations
75
Statement
of
Changes
in
Net
Assets
76
Statement
of
Cash
Flows
78
Financial
Highlights
80
Notes
to
Financial
Statements
83
Shareholder
Meeting
Report
97
Additional
Fund
Information
99
Glossary
of
Terms
Used
in
this
Report
100
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
101
Important
Notices
(Unaudited)
Portfolio
manager
commentaries:
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
your
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Shareholder
Update
section
of
your
Fund’s
annual
shareholder
report
for
information
on
the
Fund’s
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund’s
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com
.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Management
fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
the
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
JRI
-
Portfolio
manager
updates:
Effective
March
31,
2024,
Jay
Rosenberg
is
no
longer
a
portfolio
manager
of
the
Fund.
Effective
May
1,
2024,
Noah
Hauser,
CFA
was
added
as
a
portfolio
manager
of
the
Fund.
NMAI
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
distributions
for
the
Fund
are
current
as
of
May
31,
2024,
and
likely
will
vary
over
time
based
on
each
Fund's
investment
activities
and
portfolio
investment
value
changes.
The
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
quarterly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
quarterly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
quarterly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
the
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
Actual
amounts
and
sources
for
tax
reporting
purposes
will
be
determined
as
of
the
Fund’s
fiscal
year-end
and
reported
to
shareholders
on
Form
1099-DIV.
Because
distribution
source
estimates
are
updated
throughout
the
current
fiscal
year
based
on
a
fund’s
performance,
these
estimates
may
differ
from
both
the
tax
information
reported
to
you
in
the
Fund’s
1099
statement,
as
well
as
the
ultimate
economic
sources
of
distributions
over
the
life
of
your
investment.
The
figures
in
the
table
below
provide
an
estimate
of
the
sources
of
distributions
and
may
include
amounts
attributed
to
realized
gains
and/or
returns
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
Funds
attribute
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
fiscal
year.
These
estimates
should
not
be
used
for
tax
reporting
purposes.
The
final
determination
for
all
distributions
paid
in
2024
will
be
made
in
early
2025
and
reported
to
you
on
Form
1099-DIV.
More
details
about
the
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/en-us/closed-end-funds.
JRI
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
Fund’s
distributions
is
current
as
of
June
30,
2024,
and
likely
will
vary
over
time
based
on
the
Fund's
investment
activities
and
portfolio
investment
value
changes.
The
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
the
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
Data
as
of
May
31
,
2024
Per
Share
Estimated
Sources
of
Distribution
Estimated
Percentage
of
Distributions
NMAI
(FYE
12/31)
Per
Share
Distribution
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Current
Distribution
$0.4175
$0.0978
$0.0000
$0.0000
$0.3197
23.43%
0.00%
0.00%
76.57%
Fiscal
YTD
$0.8175
$0.1915
$0.0000
$0.0000
$0.6260
23.43%
0.00%
0.00%
76.57%
Common
Share
Information
(continued)
Actual
amounts
and
sources
for
tax
reporting
purposes
will
be
determined
as
of
the
Fund’s
fiscal
year-end
and
reported
to
shareholders
on
Form
1099-DIV.
Because
distribution
source
estimates
are
updated
throughout
the
current
fiscal
year
based
on
the
Fund’s
performance,
these
estimates
may
differ
from
both
the
tax
information
reported
to
you
in
your
fund’s
1099
statement,
as
well
as
the
ultimate
economic
sources
of
distributions
over
the
life
of
your
investment.
The
figures
in
the
table
below
provide
an
estimate
of
the
sources
of
distributions
and
may
include
amounts
attributed
to
realized
gains
and/or
returns
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
Funds
attribute
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
fiscal
year.
These
estimates
should
not
be
used
for
tax
reporting
purposes.
The
final
determination
for
all
distributions
paid
in
2024
will
be
made
in
early
2025
and
reported
to
you
on
Form
1099-DIV.
More
details
about
the
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/en-us/closed-end-funds.
JRS
DISTRIBUTION
INFORMATION
The
following
19(a)
Notice
presents
JRS’s
most
current
distribution
information
as
of
May
31,
2024
as
required
by
certain
exempted
regulatory
relief
the
Fund
has
received.
Because
the
ultimate
tax
character
of
your
distributions
depends
on
the
Fund’s
performance
for
its
entire
fiscal
year
(which
is
the
calendar
year
for
the
Fund)
as
well
as
certain
fiscal
year-end
(FYE)
tax
adjustments,
estimated
distribution
source
information
you
receive
with
each
distribution
may
differ
from
the
tax
information
reported
to
you
on
your
Fund’s
IRS
Form
1099
statement.
JRS
makes
regular
cash
distributions
to
shareholders
of
a
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board
of
Trustees,
the
Fund
seeks
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
the
Fund’s
investment
strategy
through
regular
distributions
(a
“Managed
Distribution
Program”).
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
the
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
DISTRIBUTION
INFORMATION
-
AS
OF
MAY
31,
2024
This
notice
provides
shareholders
with
information
regarding
fund
distributions,
as
required
by
current
securities
laws.
You
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Fund’s
Managed
Distribution
Policy.
The
following
table
provides
estimates
of
the
Fund’s
distribution
sources,
reflecting
year-to-date
cumulative
experience
through
the
month-end
prior
to
the
latest
distribution.
The
Fund
attributes
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
as
of
the
specified
month-end
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
year.
It
is
estimated
that
the
Fund
has
distributed
more
than
its
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distributions
may
be
(and
is
shown
below
as
being
estimated
to
be)
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
amounts
and
sources
of
distributions
reported
in
this
notice
are
only
estimates
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
of
the
amounts
for
tax
reporting
purposes
will
depend
upon
the
Fund’s
investment
experience
during
the
remainder
of
its
fiscal
year
and
may
be
subject
to
changes
based
on
tax
regulations.
The
Fund
will
send
you
a
Form
1099-DIV
for
the
calendar
year
that
will
tell
you
how
to
report
these
distributions
for
federal
income
tax
purposes.
More
details
about
the
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/cef.
Data
as
of
June
30,
2024
Per
Share
Estimated
Sources
of
Distribution
Estimated
Percentage
of
Distributions
JRI
(FYE
12/31)
Per
Share
Distribution
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Current
Distribution
$0.1335
$0.0722
$0.0000
$0.0000
$0.0613
54.10%
0.00%
0.00%
45.90%
Fiscal
YTD
$0.6335
$0.3430
$0.0000
$0.0000
$0.2905
54.10%
0.00%
0.00%
45.90%
The
following
table
provides
information
regarding
the
JRS’s
distributions
and
total
return
performance
over
various
time
periods.
This
information
is
intended
to
help
you
better
understand
whether
returns
for
the
specified
time
periods
were
sufficient
to
meet
its
distributions.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
authorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
June
30,
2024
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
common
shares
as
shown
in
the
accompanying
table.
Data
as
of
May
31,
2024
Per
Share
Estimated
Sources
of
Distribution
1
Estimated
Percentage
of
Distributions
1
JRS
(FYE
12/31)
Per
Share
Distribution
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Net
Investment
Income
Long-Term
Gains
Short-Term
Gains
Return
of
Capital
Current
Quarter
$0.1700
$0.0237
$0.0000
$0.0000
$0.1463
14.00%
0.00%
0.00%
86.00%
Fiscal
YTD
$0.3400
$0.0474
$0.0000
$0.0000
$0.2926
14.00%
0.00%
0.00%
86.00%
1
Net
investment
income
(NII)
is
a
projection
through
the
end
of
the
current
calendar
quarter
using
actual
data
through
the
stated
month-end
date
above.
Capital
gain
amounts
are
as
of
the
stated
date
above.
JRS
owns
REIT
securities
which
attribute
their
distributions
to
various
sources
including
NII,
gains,
and
return
of
capital.
The
estimated
per
share
sources
above
include
an
allocation
of
the
NII
based
on
prior
year
attributions
which
can
be
expected
to
differ
from
the
actual
final
attributions
for
the
current
year.
Data
as
of
May
31,
2024
Annualized
Cumulative
5-Year
Fiscal
YTD
Fiscal
YTD
Fiscal
YTD
JRS
(FYE
12/31)
Inception
Date
Quarterly
Distribution
Fiscal
YTD
Distribution
Net
Asset
Value
(NAV)
Return
on
NAV
Dist
Rate
on
NAV
1
Return
on
NAV
Dist
Rate
on
NAV
1
Nov
2001
$0.1700
$0.3400
$8.44
2.52%
8.06%
(2.62)%
4.03%
1
As
a
percentage
of
5/31/24
NAV.
NMAI
JRI
JRS
Common
shares
cumulatively
repurchased
and
retired
0
243,500
0
Common
shares
authorized
for
repurchase
3,340,000
2,740,000
2,885,000
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
U.S.
publicly
traded
REITs
preferred
stocks.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
Hybrid
&
Preferred
Infrastructure
7%
Issuer
Constrained
Custom
Index:
An
index
designed
to
measure
the
performance
of
the
energy
and
utilities
subgroups
of
the
ICE
BofA
U.S.
All
Capital
Securities
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
ACWI
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
stocks
across
23
developed
and
24
emerging
markets.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
World
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
equity
securities
across
23
developed
market
countries.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
500®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Global
Infrastructure
Index
(Net):
An
index
designed
to
measure
the
performance
of
listed
infrastructure
companies
from
around
the
world.
To
create
diversified
exposure
across
the
global
listed
infrastructure
market,
the
index
has
balanced
weights
across
three
distinct
infrastructure
clusters:
utilities,
transportation,
and
energy.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Wells
Fargo
Hybrid
&
Preferred
Securities
REIT
Index
(discontinued
on
April
1,
2021):
An
index
designed
to
measure
the
performance
of
preferred
securities
issued
in
the
U.S.
market
by
REITs
(index
was
discontinued
on
April
1,
2021).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Wilshire
U.S.
Real
Estate
Securities
Index
(WILRESI):
An
index
designed
to
measure
the
performance
of
U.S.
publicly-
traded
real
estate
securities.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Leverage
and
Holdings
Summaries
The
Fund
Performance,
Leverage
and
Holding
Summaries
for
each
Fund
are
shown
below
within
this
section
of
the
report.
Fund
Performance
Performance
data
for
each
Fund
shown
below
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
performance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
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.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Impact
of
Leverage
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
bank
borrowings
and
reverse
repurchase
agreements.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
a
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-
term
periods.
Leverage
Ratios
Each
Fund’s
Effective
Leverage
and
Regulatory
Leverage
Ratios
are
set
forth
below.
“Effective
Leverage”
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
“Regulatory
Leverage”
consists
of
preferred
shares
or
borrowings
of
a
Fund.
Regulatory
Leverage
is
a
part
of
a
Fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
A
Fund,
however,
may
from
time
to
time
borrow
for
temporary
purposes,
typically
on
a
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
temporary
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
Effective
Leverage
and
Regulatory
Leverage
ratios.
Holding
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.
For
financial
reporting
purposes
NMAI
uses
credit
quality
ratings
for
its
portfolio
securities
provided
by
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
and
Fitch,
Inc.
If
all
three
provide
a
rating
for
a
security,
the
middle
is
used;
if
two
of
the
three
agencies
rate
a
security,
the
lower
rating
is
used;
and
if
only
one
rating
agency
rates
a
security,
that
rating
is
used.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
For
financial
reporting
purposes
JRI
and
JRS
use
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
Fund
Performance,
Leverage
and
Holdings
Summaries
(continued)
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
Multi-Asset
Income
Fund
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NMAI
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
50%
MSCI
ACWI
Index
(Net)
and
2)
50%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NMAI
at
Common
Share
NAV
11/22/21
4.39%
10.59%
(2.45)%
NMAI
at
Common
Share
Price
11/22/21
7.13%
19.77%
(4.11)%
S&P
500®
Index
—
15.29%
24.56%
7.78%
NMAI
Blended
Benchmark
—
6.90%
14.94%
3.14%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$13.54
$12.35
(8.79)%
(11.38)%
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
28.47%
Regulatory
Leverage
19.85%
Fund
Allocation
(%
of
net
assets)
Common
Stocks
47.5%
Mortgage-Backed
Securities
17.0%
Variable
Rate
Senior
Loan
Interests
13.6%
Exchange-Traded
Funds
13.4%
Real
Estate
Investment
Trust
Common
Stocks
11.6%
$1,000
Par
(or
similar)
Institutional
Preferred
9.5%
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
9.0%
U.S.
Government
and
Agency
Obligations
7.1%
Contingent
Capital
Securities
5.5%
Corporate
Bonds
2.8%
$25
Par
(or
similar)
Retail
Preferred
2.5%
Asset-Backed
Securities
0.2%
Warrants
0.1%
Investment
Companies
0.0%
Repurchase
Agreements
3.5%
Other
Assets
&
Liabilities,
Net
(3.4)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(15.1)%
Borrowings
(24.8)%
Net
Assets
100%
Bond
Credit
Quality
(%
of
total
fixed-income
investments)
U.S. Guaranteed
5.0%
AAA
1.8%
AA
10.7%
A
0.6%
BBB
10.8%
BB
or
Lower
21.0%
N/R
(not
rated)
1.9%
N/A
(not
applicable)
48.2%
Total
100%
Portfolio
Composition
1
(%
of
total
investments)
Banks
9.9%
Exchange-Traded
Funds
9.4%
Equity
Real
Estate
Investment
Trusts
(REITs)
8.2%
Utilities
4.8%
Energy
3.9%
Capital
Goods
3.6%
Semiconductors
&
Semiconductor
Equipment
3.0%
Transportation
2.8%
Financial
Services
2.8%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.6%
Insurance
2.6%
Software
&
Services
2.5%
Materials
2.3%
Health
Care
Equipment
&
Services
2.2%
Media
&
Entertainment
1.9%
Commercial
&
Professional
Services
1.7%
Consumer
Services
1.6%
Food,
Beverage
&
Tobacco
1.5%
Consumer
Discretionary
Distribution
&
Retail
1.5%
Technology
Hardware
&
Equipment
1.5%
Other
3.9%
Mortgage-Backed
Securities
11.9
%
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
6.3%
U.S.
Government
and
Agency
Obligations
5.0%
Asset-Backed
Securities
0.2%
Investment
Companies
0.0%
Repurchase
Agreements
2.4%
Total
100%
Top
Five
Issuers
(%
of
total
investments)
Fannie
Mae
Pool
7.6%
iShares
Core
MSCI
Emerging
Markets
ETF
5.4%
United
States
Treasury
Inflation
Indexed
Bonds
4.3%
Vanguard
Short-Term
Bond
ETF
3.9%
Prologis
Inc
1.0%
Country
Allocation
2
(%
of
total
investments)
United
States
69.6%
Japan
3.3%
United
Kingdom
2.6%
France
2.5%
Canada
1.4%
Spain
1.4%
Australia
1.3%
Netherlands
1.3%
Germany
1.2%
China
1.2%
Mexico
1.1%
Other
13.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
11.3%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Real
Asset
Income
and
Growth
Fund
Fund
Performance,
Leverage
&
Holdings
June
30,
2024
Performance*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JRI
Blended
Benchmark.
Effective
April
1,
2021,
the
JRI
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)
13%
FTSE
Nareit
Preferred
Stock
Index
and
5)
20%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index.
Through
March
31,
2021,
the
JRI
Blended
Benchmark
consisted
of
1)
21%
FTSE
EPRA
Nareit
Developed
Index
(Net),
2)
28%
S&P
Global
Infrastructure
Index
(Net),
3)
15%
Bloomberg
Global
Capital
Securities
Index,
4)
18%
Wells
Fargo
Hybrid
&
Preferred
Securities
REIT
Index,
and
5)
18%
Bloomberg
US
Corporate
High
Yield
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JRI
at
Common
Share
NAV
4/25/12
0.66%
6.46%
0.51%
3.26%
JRI
at
Common
Share
Price
4/25/12
9.57%
18.00%
2.28%
4.07%
MSCI
World
Index
(Net)
—
11.75%
20.19%
11.78%
9.16%
JRI
Blended
Benchmark
—
1.36%
8.09%
2.50%
3.57%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$13.13
$12.17
(7.31)%
(12.52)%
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
29.65%
Regulatory
Leverage
29.65%
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
37
.1
%
Common
Stocks
32
.6
%
Real
Estate
Investment
Trust
Common
Stocks
31
.0
%
$25
Par
(or
similar)
Retail
Preferred
18
.3
%
$1,000
Par
(or
similar)
Institutional
Preferred
16
.9
%
Convertible
Preferred
Securities
2
.2
%
Investment
Companies
0
.7
%
Mortgage-Backed
Securities
0
.2
%
Repurchase
Agreements
2
.9
%
Other
Assets
&
Liabilities,
Net
0.2%
Borrowings
(42.1)%
Net
Assets
100
%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
AA
0.5%
A
5.3%
BBB
26.9%
BB
or
Lower
17.0%
N/R
(not
rated)
50.3%
Total
100
%
Portfolio
Composition
(%
of
total
investments)
Utilities
28.6%
Real
Estate
Investment
Trust
Common
Stocks
21.8%
Energy
19.8%
Equity
Real
Estate
Investment
Trusts
(Reits)
14.2%
Transportation
3.7%
Telecommunication
Services
1.5%
Financial
Services
1.4%
Health
Care
Equipment
&
Services
1.3%
Consumer
Services
1.2%
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Real
Estate
Management
&
Development
1.0%
Media
&
Entertainment
0.8%
Capital
Goods
0.7%
Investment
Companies
0.5%
Commercial
&
Professional
Services
0.3%
Consumer
Discretionary
Distribution
&
Retail
0.1%
Mortgage-Backed
Securities
0.1%
Repurchase
Agreements
2.0%
Total
100%
Country
Allocation
1
(%
of
total
investments)
United
States
67
.0
%
Canada
12
.4
%
United
Kingdom
3
.8
%
Australia
3
.2
%
Singapore
2
.2
%
Italy
2
.1
%
Hong
Kong
1
.5
%
France
1
.5
%
Japan
1
.2
%
Spain
1
.2
%
Mexico
1
.0
%
Other
2
.9
%
Total
100
%
Top
Five
Common
Stock
Holdings
(%
of
total
common
stocks)
Enbridge
Inc
7.2%
ONEOK
Inc
6.5%
Pembina
Pipeline
Corp
5.4%
Kinder
Morgan
Inc
5.4%
National
Grid
PLC,
Sponsored
ADR
4.2%
1
Includes
1.9%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Real
Estate
Income
Fund
Fund
Performance,
Leverage
&
Holdings
June
30,
2024
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JRS
Blended
Benchmark.
Effective
April
1,
2021,
the
JRS
Blended
Benchmark
consists
of:
1)
60%
Wilshire
US
Real
Estate
Securities
Index
and
2)
40%
FTSE
Nareit
Preferred
Stock
Index.
Through
March
31,
2021,
the
JRS
Blended
Benchmark
consisted
of
1)
60%
Wilshire
US
Real
Estate
Securities
Index
and
2)
40%
Wells
Fargo
Hybrid
&
Preferred
Securities
REIT
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JRS
at
Common
Share
NAV
11/15/01
0.14%
9.07%
2.72%
5.32%
JRS
at
Common
Share
Price
11/15/01
2.03%
12.48%
2.33%
4.93%
Wilshire
U.S.
Real
Estate
Securities
Index
(WILRESI)
—
(0.18)%
8.61%
4.06%
6.09%
JRS
Blended
Benchmark
—
(0.38)%
8.36%
2.85%
5.20%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$8.51
$7.64
(10.22)%
(11.28)%
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
27.75%
Regulatory
Leverage
27.75%
Fund
Allocation
(%
of
net
assets)
Real
Estate
Investment
Trust
Common
Stocks
95
.3
%
Real
Estate
Investment
Trust
Preferred
Stocks
40
.9
%
Repurchase
Agreements
3
.2
%
Other
Assets
&
Liabilities,
Net
(1.0)%
Borrowings
(38.4)%
Net
Assets
100
%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
3.7%
BBB
13.0%
BB
or
Lower
5.7%
N/R
(not
rated)
77.6%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Retail
REITs
17.0%
Office
REITs
14.1%
Multi-Family
Residential
REITs
11.2%
Data
Center
REITs
11.1%
Industrial
REITs
10.8%
Self-Storage
REITs
10.4%
Health
Care
REITs
9.5%
Hotel
&
Resort
REITs
5.5%
Single-Family
Residential
REITs
5.1%
Other
3.0%
Repurchase
Agreements
2.3%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
total
investments)
Prologis
Inc
7.4%
Digital
Realty
Trust
Inc
5.6%
Simon
Property
Group
Inc
4.4%
Ventas
Inc
4.1%
Camden
Property
Trust
3.4%
Top
Five
Preferred
Stock
Issuers
(%
of
total
investments)
Highwoods
Properties
Inc
3.9%
Public
Storage
3.7%
Vornado
Realty
Trust
3.0%
Digital
Realty
Trust
Inc
2.5%
Kimco
Realty
Corp
2.1%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Multi-Asset
Income
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
139.8%
(97.6%
of
Total
Investments)
X
–
COMMON
STOCKS
-
47.5%
(33.2%
of
Total
Investments)
X
214,989,486
AUTOMOBILES
&
COMPONENTS
-
0.7%
20,491
BYD
Co
Ltd,
Class
A
$
704,315
4,115
(b)
Li
Auto
Inc,
ADR
73,576
1,130
(b)
Tesla
Inc
223,604
103,800
(b)
Toyota
Motor
Corp
2,129,714
TOTAL
AUTOMOBILES
&
COMPONENTS
3,131,209
BANKS
-
4.3%
146,661
Banco
Bilbao
Vizcaya
Argentaria
SA
1,472,256
239,850
Banco
Santander
SA
1,115,967
12,188
Bank
of
America
Corp
484,717
2,578,600
Bank
Rakyat
Indonesia
Persero
Tbk
PT
723,030
10,343
BNP
Paribas
SA
661,456
1,997
Capitec
Bank
Holdings
Ltd
289,955
107,439
China
Merchants
Bank
Co
Ltd,
Class
A
504,957
12,138
Commonwealth
Bank
of
Australia
1,028,226
1,051
Credicorp
Ltd
169,558
2,732
Fifth
Third
Bancorp
99,691
51,100
Grupo
Financiero
Banorte
SAB
de
CV
398,186
28,257
(c)
HDFC
Bank
Ltd,
ADR
1,817,773
82,235
ING
Groep
NV
1,413,017
11,437
JPMorgan
Chase
&
Co
2,313,248
54,800
Kasikornbank
PCL
186,861
2,464
KB
Financial
Group
Inc
140,153
187,000
Mitsubishi
UFJ
Financial
Group
Inc
2,018,109
58,098
Nordea
Bank
Abp
692,587
1,378
PNC
Financial
Services
Group
Inc/The
214,251
36,300
Sumitomo
Mitsui
Financial
Group
Inc
2,436,632
24,117
(c)
Wells
Fargo
&
Co
1,432,309
TOTAL
BANKS
19,612,939
CAPITAL
GOODS
-
3.6%
14,146
Airbus
SE
1,941,491
743
Allegion
plc
87,785
11,930
Ashtead
Group
PLC
795,417
970,200
Astra
International
Tbk
PT
263,738
1,436
(b)
Boeing
Co/The
261,366
1,921
Caterpillar
Inc
639,885
6,125
Cie
de
Saint-Gobain
SA
476,367
24,209
Contemporary
Amperex
Technology
Co
Ltd,
Class
A
599,692
373
Deere
&
Co
139,364
1,425
Dover
Corp
257,141
1,824
Eaton
Corp
PLC
571,915
43,500
(b)
Embraer
SA
281,305
489
Emerson
Electric
Co
53,868
20,110
Ferrovial
SE
781,231
132,000
(b)
Hitachi
Ltd
2,972,153
5,001
Honeywell
International
Inc
1,067,914
46,499
Infratil
Ltd
317,356
1,911
Masco
Corp
127,406
253
Northrop
Grumman
Corp
110,295
646
Parker-Hannifin
Corp
326,753
3,427
RTX
Corp
344,037
8,641
Siemens
AG
1,608,311
1,025
Trane
Technologies
PLC
337,153
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
CAPITAL
GOODS
(continued)
849
United
Rentals
Inc
$
549,074
13,921
Vinci
SA
1,467,334
TOTAL
CAPITAL
GOODS
16,378,351
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.0%
3,363
(b)
Casella
Waste
Systems
Inc,
Class
A
333,677
154,369
Cleanaway
Waste
Management
Ltd
284,883
27,900
Infomart
Corp
53,811
27,000
Recruit
Holdings
Co
Ltd
1,452,793
6,271
(c)
Republic
Services
Inc
1,218,706
5,321
Waste
Connections
Inc
933,091
2,120
Waste
Management
Inc
452,281
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,729,242
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.4%
149,200
Alibaba
Group
Holding
Ltd
1,344,715
3,176
(c)
Alibaba
Group
Holding
Ltd,
Sponsored
ADR
228,672
9,674
(b),(c)
Amazon.com
Inc
1,869,502
15,692
(b)
Baozun
Inc
36,719
1
(b)
Belk
Inc
8
1,061
(b)
EJF
SIDECAR
FUND,
SERIES
LLC
928
2,109
Home
Depot
Inc/The
726,002
20,719
JD.com
Inc,
ADR
535,379
54,050
JD.com
Inc,
Class
A
701,962
932
Lowe's
Cos
Inc
205,469
1,365
Naspers
Ltd
267,633
40
(b)
O'Reilly
Automotive
Inc
42,242
2,040
TJX
Cos
Inc/The
224,604
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
6,183,835
CONSUMER
DURABLES
&
APPAREL
-
1.0%
2,122
Kering
SA
771,867
896
LVMH
Moet
Hennessy
Louis
Vuitton
SE
687,941
10,786
Moncler
SpA
661,655
5,864
NIKE
Inc,
Class
B
441,970
34
(b)
NVR
Inc
258,011
19,800
Sony
Group
Corp
1,687,378
TOTAL
CONSUMER
DURABLES
&
APPAREL
4,508,822
CONSUMER
SERVICES
-
0.8%
174,789
(b)
24
Hour
Fitness
Worldwide
Inc
874
83,128
(b)
24
Hour
Fitness
Worldwide
Inc
–
116,034
Arcos
Dorados
Holdings
Inc,
Class
A
1,044,305
53
Booking
Holdings
Inc
209,960
96
(b)
Crown
Finance
US
Inc
1,626
1,184
Hilton
Worldwide
Holdings
Inc
258,349
3,740
McDonald's
Corp
953,102
32,851
(b)
Melco
Resorts
&
Entertainment
Ltd
245,068
13,900
Oriental
Land
Co
Ltd/Japan
388,423
1,330
Starbucks
Corp
103,541
438,000
Wynn
Macau
Ltd
358,101
TOTAL
CONSUMER
SERVICES
3,563,349
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.8%
124,900
(b)
Almacenes
Exito
SA
256,945
1,301,835
(b)
Cia
Brasileira
de
Distribuicao
628,782
1,267
Costco
Wholesale
Corp
1,076,937
125,683
Sendas
Distribuidora
S/A
232,476
Shares
Description
(a)
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
(continued)
18,302
(c)
Walmart
Inc
$
1,239,229
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,434,369
ENERGY
-
4.8%
140,376
BP
PLC
845,171
9,426
Cheniere
Energy
Inc
1,647,948
2,465
Chevron
Corp
385,575
3,098
ConocoPhillips
354,349
2,959
Diamondback
Energy
Inc
592,362
50,056
Enbridge
Inc
1,781,493
11,188
(c)
Energy
Transfer
LP
181,469
4,261
(c)
Enterprise
Products
Partners
LP
123,484
2,035
EOG
Resources
Inc
256,145
18,562
Equinor
ASA
531,686
18,738
Exxon
Mobil
Corp
2,157,119
10,049
Gibson
Energy
Inc
170,783
33,230
(c)
Kinder
Morgan
Inc
660,280
9,442
(c)
MPLX
LP
402,135
19,426
(c)
ONEOK
Inc
1,584,190
18,392
Pembina
Pipeline
Corp
682,415
8,158
(d)
Reliance
Industries
Ltd,
Sponsored
GDR
608,587
23,867
(d)
Reliance
Industries
Ltd,
Sponsored
GDR
1,780,478
68,624
Shell
PLC
2,461,404
32,484
(b)
Tal
Shares
Quartenorth
Entitlement
394,686
5,471
Targa
Resources
Corp
704,555
12,223
TC
Energy
Corp
463,349
12,704
TotalEnergies
SE
850,580
7,368
(b)
Transocean
Ltd
39,419
5,496
Valero
Energy
Corp
861,553
25,513
Williams
Cos
Inc/The
1,084,303
TOTAL
ENERGY
21,605,518
FINANCIAL
SERVICES
-
1.3%
2,495
American
Express
Co
577,717
1,185
(b)
Berkshire
Hathaway
Inc,
Class
B
482,058
299
BlackRock
Inc
235,409
7,102
Charles
Schwab
Corp/The
523,346
1,772
(b)
Fiserv
Inc
264,099
785
Goldman
Sachs
Group
Inc/The
355,071
14,000
Hong
Kong
Exchanges
&
Clearing
Ltd
448,044
2,156
Intercontinental
Exchange
Inc
295,135
1,198
Mastercard
Inc,
Class
A
528,510
5,583
Morgan
Stanley
542,612
25,400
ORIX
Corp
562,962
473
S&P
Global
Inc
210,958
19,400
SBI
Holdings
Inc
492,382
2,248
Visa
Inc,
Class
A
590,032
TOTAL
FINANCIAL
SERVICES
6,108,335
FOOD,
BEVERAGE
&
TOBACCO
-
1.1%
9,324
Coca-Cola
Co/The
593,473
10,217
Fomento
Economico
Mexicano
SAB
de
CV,
Sponsored
ADR
1,099,859
8,536
Heineken
NV
825,824
6,608
Keurig
Dr
Pepper
Inc
220,707
5,095
Mondelez
International
Inc,
Class
A
333,417
7,459
(b)
Monster
Beverage
Corp
372,577
4,201
Nestle
SA
428,814
972
PepsiCo
Inc
160,312
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
FOOD,
BEVERAGE
&
TOBACCO
(continued)
9,166
(c)
Philip
Morris
International
Inc
$
928,791
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
4,963,774
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.2%
4,975
Abbott
Laboratories
516,952
8,236
(b)
Boston
Scientific
Corp
634,254
711
Cigna
Group/The
235,035
1,025
Elevance
Health
Inc
555,407
4,753
EssilorLuxottica
SA
1,021,341
827
HCA
Healthcare
Inc
265,699
316
Humana
Inc
118,073
2,576
Medtronic
PLC
202,757
12,280
(b),(e)
Millennium
Health
LLC
1,228
11,534
(b),(e)
Millennium
Health
LLC
115
1,679
(c)
Stryker
Corp
571,280
2,836
UnitedHealth
Group
Inc
1,444,262
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,566,403
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.7%
244,695
Haleon
PLC
995,594
6,124
Procter
&
Gamble
Co/The
1,009,970
19,444
Unilever
PLC
1,067,230
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,072,794
INSURANCE
-
0.6%
52,400
AIA
Group
Ltd
354,525
4,586
American
International
Group
Inc
340,465
1,248
Chubb
Ltd
318,340
2,522
Marsh
&
McLennan
Cos
Inc
531,436
2,823
MetLife
Inc
198,146
49,288
Ping
An
Insurance
Group
Co
of
China
Ltd,
Class
A
279,818
1,488
Zurich
Insurance
Group
AG
792,651
TOTAL
INSURANCE
2,815,381
MATERIALS
-
2.5%
8,768
Anglo
American
PLC
277,073
33,806
BHP
Group
Ltd
966,241
1,045
Celanese
Corp
140,960
8,383
Corteva
Inc
452,179
21,594
CRH
PLC
1,619,117
6,659
Crown
Holdings
Inc
495,363
3,046
DuPont
de
Nemours
Inc
245,173
18,678
Freeport-McMoRan
Inc
907,751
258,710
Glencore
PLC
1,472,130
8,785
Heidelberg
Materials
AG
908,142
835
LG
Chem
Ltd
208,078
6,162
Linde
PLC
2,703,946
6,018
Newmont
Corp
251,974
789
Packaging
Corp
of
America
144,040
313
Reliance
Inc
89,393
38,000
Vale
SA
422,955
16,690
Vale
SA,
Sponsored
ADR
186,427
TOTAL
MATERIALS
11,490,942
MEDIA
&
ENTERTAINMENT
-
1.6%
4,701
Alphabet
Inc,
Class
A
856,287
1,064
Alphabet
Inc,
Class
C
195,159
45,800
(b)
Baidu
Inc,
Class
A
495,833
10,635
Comcast
Corp,
Class
A
416,467
Shares
Description
(a)
MEDIA
&
ENTERTAINMENT
(continued)
58,224
Grupo
Televisa
SAB,
Sponsored
ADR
$
161,280
53,397
HUYA
Inc,
ADR
210,918
2,763
Meta
Platforms
Inc
1,393,160
33,810
Nintendo
Co
Ltd
1,805,505
3,787
(b)
Sea
Ltd,
ADR
270,468
17,700
Tencent
Holdings
Ltd
839,694
6,176
Walt
Disney
Co/The
613,215
TOTAL
MEDIA
&
ENTERTAINMENT
7,257,986
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
3.2%
3,567
AbbVie
Inc
611,812
15,114
AstraZeneca
PLC
2,352,237
48,800
Daiichi
Sankyo
Co
Ltd
1,695,981
1,028
Danaher
Corp
256,846
1,204
Eli
Lilly
&
Co
1,090,078
618
Gilead
Sciences
Inc
42,401
3,153
Johnson
&
Johnson
460,842
1,432
Lonza
Group
AG
779,588
4,593
Merck
&
Co
Inc
568,613
12,494
Novartis
AG
1,330,257
33,627
Novo
Nordisk
A/S,
Class
B
4,811,511
3,773
Sanofi,
ADR
183,066
1,329
Zoetis
Inc
230,395
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
14,413,627
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
4.3%
26,800
Advantest
Corp
1,086,095
918
Analog
Devices
Inc
209,543
1,130
Applied
Materials
Inc
266,669
2,403
ASML
Holding
NV
2,449,056
4,217
(b)
Bright
Bidco
BV
3,235
3,087
(b)
Bright
Bidco
BV
2,368
1,280
Broadcom
Inc
2,055,078
22,753
Infineon
Technologies
AG
835,042
3,152
Intel
Corp
97,617
167
Lam
Research
Corp
177,830
5,000
MediaTek
Inc
215,342
1,998
Micron
Technology
Inc
262,797
30,820
NVIDIA
Corp
3,807,502
884
NXP
Semiconductors
NV
237,876
2,102
SK
Hynix
Inc
356,727
51,400
SUMCO
Corp
743,543
107,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
3,170,154
17,105
(c)
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
2,973,020
543
Texas
Instruments
Inc
105,630
20,911
Will
Semiconductor
Co
Ltd
Shanghai,
Class
A
285,475
42,309
Win
Semiconductors
Corp
226,698
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
19,567,297
SOFTWARE
&
SERVICES
-
1.4%
1,973
Accenture
PLC,
Class
A
598,628
21,660
(b)
Avaya
Inc
140,790
4,662
(b)
Avaya
Inc
30,303
239,200
(b),(d)
LWSA
SA
173,299
8,947
Microsoft
Corp
3,998,861
1,741
Oracle
Corp
245,829
2,395
Salesforce
Inc
615,755
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
SOFTWARE
&
SERVICES
(continued)
852
(b)
ServiceNow
Inc
$
670,243
TOTAL
SOFTWARE
&
SERVICES
6,473,708
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.9%
14,465
Apple
Inc
3,046,618
3,387
Cisco
Systems
Inc
160,916
66,116
E
Ink
Holdings
Inc
511,929
1,038
Motorola
Solutions
Inc
400,720
3,238
Samsung
Electro-Mechanics
Co
Ltd
369,200
63,271
Samsung
Electronics
Co
Ltd
3,723,738
1,002
Samsung
SDI
Co
Ltd
255,861
1,790
TE
Connectivity
Ltd
269,270
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
8,738,252
TELECOMMUNICATION
SERVICES
-
0.4%
10,802
(d)
Cellnex
Telecom
SA
351,329
24,008
Infrastrutture
Wireless
Italiane
SpA
250,060
167,935
Koninklijke
KPN
NV
643,650
1,098,500
Telkom
Indonesia
Persero
Tbk
PT
208,701
1,626
T-Mobile
US
Inc
286,469
TOTAL
TELECOMMUNICATION
SERVICES
1,740,209
TRANSPORTATION
-
3.4%
10,994
Aena
SME
SA
2,226,255
3,787
Aeroports
de
Paris
SA
461,260
7,360
Athens
International
Airport
SA
61,875
133,162
Atlas
Arteria
Ltd
452,646
219,232
Auckland
International
Airport
Ltd
1,018,866
2,961
Canadian
National
Railway
Co
349,783
3,045
Canadian
Pacific
Railway
Ltd
239,733
18,200
Central
Japan
Railway
Co
394,524
78,000
China
Merchants
Port
Holdings
Co
Ltd
115,902
15,281
CSX
Corp
511,149
10,765
Deutsche
Post
AG
437,133
4,304
DSV
A/S
660,656
32,100
East
Japan
Railway
Co
534,454
3,793
Flughafen
Zurich
AG
839,617
4,501
(b)
Fraport
AG
Frankfurt
Airport
Services
Worldwide
232,902
42,511
Getlink
SE
703,871
4,779
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV,
ADR
323,299
3,211
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
500,177
1,630
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
ADR
488,218
38,330
International
Container
Terminal
Services
Inc
228,767
17,900
Japan
Airport
Terminal
Co
Ltd
612,014
13,900
Kamigumi
Co
Ltd
287,169
1,220
Norfolk
Southern
Corp
261,922
40,869
Port
of
Tauranga
Ltd
117,496
59,857
Qube
Holdings
Ltd
145,374
218,643
Transurban
Group
1,803,274
4,997
Union
Pacific
Corp
1,130,621
840
United
Parcel
Service
Inc,
Class
B
114,954
TOTAL
TRANSPORTATION
15,253,911
Shares
Description
(a)
Value
UTILITIES
-
5.5%
2,081
Ameren
Corp
$
147,980
1,961
American
Electric
Power
Co
Inc
172,058
29,466
APA
Group
156,626
2,515
Brookfield
Renewable
Corp,
Class
A
71,376
31,094
CenterPoint
Energy
Inc
963,292
32,500
CK
Infrastructure
Holdings
Ltd
183,537
3,324
Clearway
Energy
Inc,
Class
C
82,070
21,000
CLP
Holdings
Ltd
169,850
19,220
CMS
Energy
Corp
1,144,167
3,263
Dominion
Energy
Inc
159,887
4,473
DTE
Energy
Co
496,548
3,499
Duke
Energy
Corp
350,705
38,879
E.ON
SE
510,975
1,661
Elia
Group
SA/NV
155,132
7,042
Enagas
SA
104,714
12,332
Endesa
SA
231,706
160,200
Enel
SpA
1,111,594
25,071
Engie
SA
359,026
5,809
Entergy
Corp
621,563
15,658
Evergy
Inc
829,404
2,949
Eversource
Energy
167,238
15,745
Exelon
Corp
544,934
6,556
Hydro
One
Ltd
190,970
39,367
Iberdrola
SA
510,784
5,699
Italgas
SpA
28,144
21,699
National
Grid
PLC
242,294
8,599
(c)
National
Grid
PLC,
Sponsored
ADR
488,423
47,958
NextEra
Energy
Inc
3,395,905
25,281
(c)
NiSource
Inc
728,346
34,316
(c)
PG&E
Corp
599,157
5,157
Public
Service
Enterprise
Group
Inc
380,071
16,766
Redeia
Corp
SA
293,177
37,326
RWE
AG
1,280,482
116,700
Sembcorp
Industries
Ltd
412,486
5,550
Sempra
422,133
10,896
Severn
Trent
PLC
327,962
139,528
Snam
SpA
616,157
26,316
(c)
Southern
Co/The
2,041,331
23,933
SSE
PLC
540,493
99,841
Terna
-
Rete
Elettrica
Nazionale
769,637
20,154
Veolia
Environnement
SA
603,670
2,926
WEC
Energy
Group
Inc
229,574
28,902
(c)
Xcel
Energy
Inc
1,543,655
TOTAL
UTILITIES
24,379,233
TOTAL
COMMON
STOCKS
(cost
$170,493,187)
214,989,486
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
-
17.0%
(11.9%
of
Total
Investments)
X
77,123,962
$
420
BANK
2019-BNK24,
2019
BN24
3.283%
11/15/62
$
368,773
350
(d),(f)
BX
Commercial
Mortgage
Trust
2021-CIP,
(TSFR1M
reference
rate
+
1.035%
spread),
2021
CIP
6.364%
12/15/38
346,363
1,040
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
3.500%
spread),
2022
R03
8.835%
3/25/42
1,096,000
410
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
reference
rate
+
3.100%
spread),
2022
R04
8.435%
3/25/42
427,592
475
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
reference
rate
+
0.070%
spread),
2022
R05
12.335%
4/25/42
521,527
60
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
reference
rate
+
3.000%
spread),
2022
R05
8.335%
4/25/42
62,177
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
(continued)
$
970
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R06,
(SOFR30A
reference
rate
+
0.039%
spread),
2022
R06
9.185%
5/25/42
$
1,029,634
900
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
reference
rate
+
4.650%
spread),
2022
R07
9.985%
6/25/42
976,755
35
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R08,
(Update
NuveenReferenceRate_Name
reference
rate
+
3.600%
spread),
2022
R08
8.935%
7/25/42
37,125
105
(d),(f)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
reference
rate
+
0.048%
spread),
2022
R09
10.085%
9/25/42
114,697
500
(d),(f)
Connecticut
Avenue
Securities
Trust
2023-R01,
(SOFR30A
reference
rate
+
3.750%
spread),
2023
R01
9.085%
12/25/42
536,471
210
(d),(f)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
reference
rate
+
0.039%
spread),
2023
R06
9.188%
7/25/43
223,258
1,667
(g)
Fannie
Mae
Pool,
FN
MA5165
5.500%
10/01/53
1,644,041
723
(g)
Fannie
Mae
Pool,
FN
MA5247
6.000%
1/01/54
725,331
818
(g)
Fannie
Mae
Pool,
FN
CB2795
3.000%
2/01/52
697,154
696
(g)
Fannie
Mae
Pool,
FN
MA4785
5.000%
10/01/52
674,065
2,732
(g)
Fannie
Mae
Pool,
FN
MA4783
4.000%
10/01/52
2,499,900
3,123
(g)
Fannie
Mae
Pool,
FN
MA4805,
2022
1
4.500%
11/01/52
2,945,419
506
(g)
Fannie
Mae
Pool,
FN
BW3383
4.500%
7/01/52
477,451
2,018
(g)
Fannie
Mae
Pool,
FN
FS0522
2.500%
2/01/52
1,670,355
514
(g)
Fannie
Mae
Pool,
FN
FS7299
3.000%
5/01/52
441,805
3,258
(g)
Fannie
Mae
Pool,
FN
MA4732
4.000%
9/01/52
2,984,453
3,412
(g)
Fannie
Mae
Pool,
FN
MA4600,
2022
2
3.500%
5/01/52
3,022,248
3,497
(g)
Fannie
Mae
Pool,
FN
MA4733
4.500%
9/01/52
3,299,754
146
Fannie
Mae
Pool,
FN
MA4920
6.000%
2/01/53
146,373
3,941
(g)
Fannie
Mae
Pool,
FN
MA4737,
2022
1
5.000%
8/01/52
3,818,209
784
(g)
Fannie
Mae
Pool,
FN
MA5039
5.500%
6/01/53
773,514
908
(g)
Fannie
Mae
Pool,
FN
MA4644,
2022
1
4.000%
5/01/52
832,286
475
(g)
Fannie
Mae
Pool,
FN
MA5106
5.000%
8/01/53
458,781
4,679
(g)
Fannie
Mae
Pool,
FN
BW3382
4.500%
7/01/52
4,417,081
1,471
(g)
Fannie
Mae
Pool,
FN
CB2211
2.500%
11/01/51
1,205,425
1,265
(g)
Fannie
Mae
Pool,
FN
CB3599
3.500%
5/01/52
1,128,118
1,383
(g)
Fannie
Mae
Pool,
FN
CB3905
3.500%
6/01/52
1,225,284
1,405
(g)
Fannie
Mae
Pool,
FN
MA4626
4.000%
6/01/52
1,286,289
1,952
(g)
Fannie
Mae
Pool,
FN
MA4700,
2022
1
4.000%
7/01/52
1,787,560
1,177
(g)
Fannie
Mae
Pool,
FN
MA4918
5.000%
2/01/53
1,138,530
1,187
(g)
Fannie
Mae
Pool,
FN
MA4942
6.000%
3/01/53
1,192,008
1,590
(g)
Fannie
Mae
Pool,
FN
FS1533
3.000%
4/01/52
1,368,797
2,434
(g)
Fannie
Mae
Pool,
FN
MA4919
5.500%
2/01/53
2,401,897
1,712
(g)
Fannie
Mae
Pool,
FN
FS1535
3.000%
4/01/52
1,467,661
2,687
(g)
Fannie
Mae
Pool,
FN
MA4655
4.000%
7/01/52
2,458,743
398
Freddie
Mac
Pool,
FR
SD4810
3.000%
4/01/52
342,772
1,650
(g)
Freddie
Mac
Pool,
FR
RA9629
5.500%
8/01/53
1,629,316
1,472
(g)
Freddie
Mac
Pool,
FR
SD0922
2.500%
3/01/52
1,219,009
907
(g)
Freddie
Mac
Pool,
FR
QE5382
4.500%
7/01/52
856,239
838
(g)
Freddie
Mac
Pool,
FR
SD8220
3.000%
6/01/52
713,602
1,203
Freddie
Mac
REMICS,
2021
5160
3.000%
9/25/50
857,045
500
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5,
(SOFR30A
reference
rate
+
4.800%
spread),
2020
DNA5
10.135%
10/25/50
572,716
695
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
2.900%
spread),
2022
DNA3
8.235%
4/25/42
723,159
275
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4,
(SOFR30A
reference
rate
+
3.350%
spread),
2022
DNA4
8.685%
5/25/42
289,070
1,000
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA5,
(SOFR30A
reference
rate
+
4.500%
spread),
2022
DNA5
9.835%
6/25/42
1,086,020
165
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA2,
(SOFR30A
reference
rate
+
0.040%
spread),
2022
HQA2
9.335%
7/25/42
176,433
285
(d),(f)
Freddie
Mac
STACR
REMIC
Trust
2023-DNA1,
(SOFR30A
reference
rate
+
3.100%
spread),
2023
DNA1
8.444%
3/25/43
301,074
314
Ginnie
Mae
II
Pool,
G2
MA7419,
2021
MTGE
3.000%
6/20/51
274,170
483
(g)
Ginnie
Mae
II
Pool,
G2
MA7871,
2022
1
2.500%
2/20/52
394,035
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
(continued)
$
404
Ginnie
Mae
II
Pool,
G2
MA8043
3.000%
5/20/52
$
351,623
900
(g)
Ginnie
Mae
II
Pool,
G2
MA8200
4.000%
8/20/52
831,446
1,419
(g)
Ginnie
Mae
II
Pool,
G2
MA8149
3.500%
7/20/52
1,273,866
701
(g)
Ginnie
Mae
II
Pool,
G2
MA8428
5.000%
11/20/52
684,018
239
Government
National
Mortgage
Association,
2021
209
3.000%
11/20/51
166,454
828
(g)
Government
National
Mortgage
Association,
2013
188
2.500%
12/20/43
720,006
254
Government
National
Mortgage
Association,
2022
124
4.000%
7/20/52
200,796
453
(g)
Government
National
Mortgage
Association,
2022
174
4.500%
9/20/52
407,386
410
(g)
Government
National
Mortgage
Association,
2023
111
3.000%
2/20/52
272,555
100
(d),(f)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
reference
rate
+
0.014%
spread),
2021
ARDN
6.693%
11/15/36
98,908
841
(d)
GS
Mortgage-Backed
Securities
Corp
Trust
2022-PJ2,
2022
PJ2
3.000%
6/25/52
688,842
297
(d)
GS
Mortgage-Backed
Securities
Trust
2021-PJ10,
2021
PJ10
2.500%
3/25/52
232,840
437
(d)
GS
Mortgage-Backed
Securities
Trust
2022-GR2,
2022
GR2
3.000%
8/26/52
357,758
309
(d)
GS
Mortgage-Backed
Securities
Trust
2022-HP1,
2022
HP1
3.000%
9/25/52
253,084
504
(d)
GS
Mortgage-Backed
Securities
Trust
2022-INV1,
2022
INV1
3.000%
7/25/52
412,802
253
(d)
GS
Mortgage-Backed
Securities
Trust
2022-PJ5,
2022
PJ5
3.000%
10/25/52
207,150
261
(d)
GS
Mortgage-Backed
Securities
Trust
2023-PJ1,
2023
PJ1
3.500%
2/25/53
222,788
414
(d)
J.P.
Morgan
Mortgage
Trust
2021-15,
2021
15
2.500%
6/25/52
325,134
350
(d)
J.P.
Morgan
Mortgage
Trust
2022-4,
2022
4
3.000%
10/25/52
286,277
219
(d)
J.P.
Morgan
Mortgage
Trust
2022-6,
2022
6
3.000%
11/25/52
179,894
531
(d)
J.P.
Morgan
Mortgage
Trust
2022-INV3,
2022
INV3
3.000%
9/25/52
434,592
131
(d)
J.P.
Morgan
Mortgage
Trust
2022-LTV2,
2022
LTV2
3.500%
9/25/52
112,042
1,657
(d)
JP
Morgan
Mortgage
Trust,
2022
LTV1
3.250%
7/25/52
1,394,937
1,215
(d)
JP
Morgan
Mortgage
Trust
2022-2,
2022
2
3.000%
8/25/52
994,999
740
(d)
JP
Morgan
Mortgage
Trust
2022-3,
2022
3
3.000%
8/25/52
605,927
615
(d)
JP
Morgan
Mortgage
Trust
Series
2024-3,
2024
3
3.000%
5/25/54
503,286
294
(d)
OBX
2022-INV5
Trust,
2022
INV5
4.000%
10/25/52
259,854
679
(d)
RCKT
Mortgage
Trust
2022-2,
2022
2
2.500%
2/25/52
533,039
89
(d)
RCKT
Mortgage
Trust
2022-3,
2022
3
3.000%
5/25/52
72,869
184
(d)
RCKT
Mortgage
Trust
2022-4,
2022
4
3.500%
6/25/52
157,188
115
(d)
Wells
Fargo
Mortgage
Backed
Securities
2021-2
Trust,
2021
2
2.500%
6/25/51
90,060
176
(d)
Wells
Fargo
Mortgage
Backed
Securities
2022-2
Trust,
2022
2
2.500%
12/25/51
138,139
216
(d)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
2022
INV1
3.500%
3/25/52
183,983
129
(d)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
2022
INV1
3.000%
3/25/52
105,856
TOTAL
MORTGAGE-BACKED
SECURITIES
(cost
$80,431,256)
77,123,962
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
13.6%
(9.5%
of
Total
Investments)
(h)
X
61,408,015
AUTOMOBILES
&
COMPONENTS
-
0.2%
$
237
Adient
US
LLC,
Term
Loan
B
8.095%
SOFR30A
2.750%
4/10/28
$
238,921
390
Clarios
Global
LP,
Term
Loan
B
8.344%
SOFR30A
3.000%
5/06/30
390,424
21
DexKo
Global
Inc.,
Term
Loan
9.346%
3-Month
LIBOR
3.750%
10/04/28
21,350
86
DexKo
Global
Inc.,
Term
Loan
B
9.346%
SOFR90A
3.750%
10/04/28
86,103
TOTAL
AUTOMOBILES
&
COMPONENTS
736,798
CAPITAL
GOODS
-
0.8%
138
ACProducts,
Inc.,
Term
Loan
B
,
(DD1)
9.846%
SOFR90A
4.250%
5/17/28
116,981
173
Ali
Group
North
America
Corporation,
Term
Loan
B
7.444%
1-Month
LIBOR
2.000%
10/13/28
174,335
73
Centuri
Group,
Inc,
Term
Loan
B
7.885%
SOFR30A
+
SOFR90A
2.500%
8/28/28
72,710
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
CAPITAL
GOODS
(continued)
$
149
Chamberlain
Group
Inc,
Term
Loan
B
8.694%
SOFR30A
3.250%
10/22/28
$
148,765
70
Chamberlain
Group
Inc,
Term
Loan
B
8.844%
SOFR30A
3.500%
11/03/28
70,108
224
Chart
Industries,
Inc.,
Term
Loan
8.678%
SOFR30A
3.250%
3/18/30
224,704
173
Core
&
Main
LP,
Term
Loan
B
7.339%
SOFR90A
2.000%
7/27/28
173,337
21
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
8.679%
SOFR30A
3.250%
4/12/28
20,081
150
Emrld
Borrower
LP,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
150,172
241
Filtration
Group
Corporation,
Term
Loan
8.958%
SOFR30A
3.500%
10/23/28
242,725
357
Fly
Funding
II
S.a.r.l.,
Term
Loan
B
7.330%
3-Month
LIBOR
1.750%
8/11/25
348,065
245
Gates
Global
LLC,
Term
Loan
B5
7.594%
SOFR30A
2.250%
5/23/31
245,675
85
MI
Windows
and
Doors,
LLC,
Term
Loan
B2
8.844%
SOFR30A
3.500%
3/28/31
85,620
164
Quikrete
Holdings,
Inc.,
Term
Loan
B
7.844%
SOFR30A
2.500%
4/14/31
164,559
202
Standard
Industries
Inc.,
Term
Loan
B
7.344%
TSFR1M
2.000%
9/22/28
202,998
446
TK
Elevator
US
Newco
Inc,
Term
Loan
B
8.791%
TSFR3M
3.500%
4/15/30
449,752
88
TransDigm,
Inc.,
Term
Loan
I
8.570%
TSFR3M
2.750%
8/24/28
88,304
433
Victory
Buyer
LLC,
Term
Loan
9.342%
SOFR90A
3.750%
11/20/28
417,798
357
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.339%
SOFR30A
4.000%
8/01/30
360,074
TOTAL
CAPITAL
GOODS
3,756,763
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.9%
458
Allied
Universal
Holdco
LLC,
Term
Loan
B
9.194%
SOFR30A
3.750%
5/15/28
457,222
180
Amentum
Government
Services
Holdings
LLC,
Term
Loan
9.344%
SOFR30A
4.000%
2/07/29
181,389
223
Anticimex
International
AB,
Term
Loan
B1
8.460%
SOFR90A
3.150%
11/16/28
223,136
112
CHG
Healthcare
Services
Inc.,
Term
Loan
8.694%
SOFR30A
3.250%
9/29/28
112,140
249
CoreLogic,
Inc.,
Term
Loan
8.958%
SOFR30A
3.500%
6/02/28
246,064
172
Covanta
Holding
Corporation,
Term
Loan
B
7.844%
SOFR30A
2.500%
11/30/28
172,254
13
Covanta
Holding
Corporation,
Term
Loan
C
7.844%
SOFR30A
2.500%
11/30/28
13,200
30
Creative
Artists
Agency,
LLC
,
Term
Loan
B
8.594%
SOFR30A
3.250%
11/27/28
29,875
116
Dun
&
Bradstreet
Corporation
(The),
Term
Loan
B
8.095%
SOFR30A
2.750%
2/09/26
116,642
77
Evertec
Group,
LLC,
Term
Loan
B
8.595%
SOFR30A
3.250%
10/15/30
77,074
249
Garda
World
Security
Corporation,
Term
Loan
B
9.594%
SOFR90A
4.250%
2/01/29
251,236
320
GFL
Environmental
Inc.,
Term
Loan
7.826%
3-Month
LIBOR
2.500%
5/30/25
321,101
466
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.335%
SOFR90A
3.000%
1/31/31
467,230
101
LABL,
Inc.,
Term
Loan,
First
Lien
10.444%
SOFR30A
5.000%
10/29/28
99,667
195
OMNIA
Partners
LLC,
Term
Loan
,
(DD1)
8.586%
SOFR90A
3.250%
7/25/30
194,959
45
OMNIA
Partners
LLC,
Term
Loan
B
8.574%
SOFR90A
3.250%
7/25/30
45,077
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
$
55
Prime
Security
Services
Borrower,
LLC,
Term
Loan
,
(WI/
DD)
TBD
TBD
TBD
TBD
$
55,039
55
Prime
Security
Services
Borrower,
LLC,
Term
Loan
B
7.579%
SOFR90A
2.250%
10/15/30
55,039
175
Trans
Union,
LLC,
Term
Loan
B5
7.094%
TSFR3M
1.750%
11/13/26
174,944
35
VT
Topco,
Inc.,
Term
Loan
B
8.829%
SOFR30A
3.500%
8/12/30
35,030
539
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B
8.208%
SOFR30A
2.750%
3/27/28
502,639
120
XPLOR
T1
LLC,
Term
Loan
B
9.597%
SOFR90A
4.250%
6/13/31
120,000
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
3,950,957
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.7%
39
Avis
Budget
Car
Rental,
LLC,
Term
Loan
B
7.208%
SOFR30A
1.750%
8/06/27
38,201
95
Avis
Budget
Car
Rental,
LLC,
Term
Loan
C
8.444%
SOFR30A
3.000%
3/16/29
95,192
103
Barentz
International
B.V.,
Term
Loan
B2
9.310%
3-Month
LIBOR
4.000%
3/28/31
103,644
2
Belk,
Inc.,
Term
Loan
15.000%
Prime
6.500%
7/31/25
1,685
65
CNT
Holdings
I
Corp
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
65,235
303
CNT
Holdings
I
Corp,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
303,989
233
Driven
Holdings,
LLC,
Term
Loan
B
8.458%
SOFR30A
3.000%
12/18/28
232,706
116
EOS
Finco
Sarl,
Term
Loan
11.264%
SOFR180A
6.000%
8/03/29
95,038
114
Fastlane
Parent
Company,
Inc.,
Term
Loan
B
9.844%
SOFR30A
4.500%
9/29/28
113,795
634
Frontier
Communications
Holdings
LLC
,
(WI/DD)
TBD
TBD
TBD
TBD
635,001
50
Gulfside
Supply
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
50,094
120
Johnstone
Supply
LLC,
Term
Loan
8.328%
TSFR3M
3.000%
5/16/31
120,300
134
Kodiak
Building
Partners
Inc.,
Term
Loan
B2
,
(DD1)
9.085%
SOFR90A
3.750%
3/13/28
134,715
249
LBM
Acquisition
LLC,
Term
Loan
B
9.179%
SOFR30A
3.750%
12/20/27
249,253
153
Les
Schwab
Tire
Centers,
Term
Loan
B
8.344%
SOFR30A
3.000%
4/16/31
153,280
65
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B
8.344%
SOFR30A
3.000%
3/27/31
65,273
542
PetSmart,
Inc.,
Term
Loan
B
9.194%
SOFR30A
3.750%
2/14/28
540,723
176
Restoration
Hardware,
Inc.,
Term
Loan
B
7.944%
SOFR30A
2.500%
10/15/28
169,508
140
Wand
NewCo
3,
Inc.,
Term
Loan
B
9.094%
SOFR30A
3.750%
1/30/31
141,087
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,308,719
CONSUMER
DURABLES
&
APPAREL
-
0.3%
100
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
9.584%
TSFR1M
+
SOFR30A
4.250%
7/31/28
100,012
623
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
First
Lien
9.329%
SOFR30A
4.000%
7/31/28
624,957
84
Birkenstock
GmbH
&
Co.
KG,
Term
Loan
B
8.840%
SOFR90A
3.250%
4/28/28
84,519
249
Hayward
Industries,
Inc.,
Term
Loan
8.208%
SOFR30A
2.750%
5/30/28
249,493
6
Serta
Simmons
Bedding,
LLC,
Term
Loan
12.949%
SOFR90A
7.500%
8/10/23
4,576
57
SRAM,
LLC
,
Term
Loan
B
8.208%
SOFR30A
2.750%
5/18/28
56,891
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
CONSUMER
DURABLES
&
APPAREL
(continued)
$
62
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B
8.344%
SOFR30A
3.000%
3/18/30
$
61,852
344
Weber-Stephen
Products
LLC,
Term
Loan
B
8.708%
SOFR30A
3.250%
10/29/27
321,048
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,503,348
CONSUMER
SERVICES
-
1.5%
55
1011778
B.C.
Unlimited
Liability
Company
,
(WI/DD)
TBD
TBD
TBD
TBD
54,930
55
1011778
B.C.
Unlimited
Liability
Company,
Term
Loan
B6
7.094%
SOFR90A
1.750%
9/23/30
54,930
398
24
Hour
Fitness
Worldwide,
Inc.,
Term
Loan
,
(cash
10.596%,
PIK
5.000%),
(DD1)
10.596%
SOFR90A
5.000%
12/29/25
159,705
243
Alterra
Mountain
Company,
Term
Loan
8.563%
1-Month
LIBOR
3.500%
8/17/28
243,615
500
Alterra
Mountain
Company,
Term
Loan
B4
8.594%
SOFR30A
3.250%
8/17/28
502,293
250
Alterra
Mountain
Company,
Term
Loan
B5
8.844%
SOFR30A
3.500%
5/31/30
251,680
180
AVSC
Holding
Corp.,
Term
Loan
B3
,
(cash
5.000%,
PIK
10.000%),
(DD1)
7.500%
3-Month
LIBOR
10.000%
12/04/26
186,684
199
Caesars
Entertainment
Corp,
Term
Loan
B
8.097%
SOFR90A
2.750%
2/06/30
199,307
495
Caesars
Entertainment
Inc.,
Term
Loan
B1
8.097%
SOFR90A
2.750%
2/06/31
495,504
132
Carnival
Corporation,
Term
Loan
B2
8.094%
SOFR30A
2.750%
8/09/27
132,832
90
Cedar
Fair,
L.P.,
Term
Loan
B
7.329%
TSFR1M
2.000%
4/18/31
89,958
217
Churchill
Downs
Incorporated,
Term
Loan
B1
7.444%
SOFR30A
2.000%
3/17/28
217,810
566
ClubCorp
Holdings,
Inc.,
Term
Loan
B2
10.596%
SOFR90A
5.262%
9/18/26
570,861
418
Fertitta
Entertainment,
LLC,
Term
Loan
B
9.081%
SOFR30A
3.750%
1/29/29
418,944
499
Flutter
Entertainment
PLC,
Term
Loan
B
7.585%
SOFR90A
2.250%
11/29/30
499,632
235
Formula
One
Holdings
Limited,
Term
Loan
B
7.585%
SOFR90A
2.250%
1/15/30
235,881
133
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.909%
3-Month
LIBOR
3.500%
10/31/29
133,694
217
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
7.844%
SOFR30A
2.500%
8/02/28
216,844
55
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.095%
SOFR30A
2.750%
1/17/31
54,931
120
IRB
Holding
Corp,
Term
Loan
B
8.179%
1-Month
LIBOR
2.750%
12/15/27
119,907
249
Light
and
Wonder
International,
Inc.,
Term
Loan
8.070%
SOFR30A
2.750%
4/16/29
249,799
249
Motion
Finco
Sarl,
Term
Loan
B
8.835%
SOFR90A
3.500%
11/30/29
249,749
56
PCI
Gaming
Authority,
Term
Loan
7.845%
SOFR30A
2.500%
5/29/26
55,947
165
Penn
National
Gaming,
Inc.,
Term
Loan
B
8.194%
SOFR30A
2.750%
4/20/29
165,766
164
Scientific
Games
Holdings
LP,
Term
Loan
B
8.306%
TSFR3M
3.000%
4/04/29
163,739
190
Scientific
Games
International,
Inc.,
Term
Loan
8.080%
SOFR30A
3.000%
4/07/29
190,365
266
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B
7.844%
SOFR30A
2.500%
8/25/28
266,005
454
Spin
Holdco
Inc.,
Term
Loan
9.600%
SOFR90A
4.000%
3/06/28
389,144
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
CONSUMER
SERVICES
(continued)
$
–(j)
Twin
River
Worldwide
Holdings,
Inc.,
Term
Loan
B
8.836%
TSFR3M
3.250%
10/02/28
$
70
262
William
Morris
Endeavor
Entertainment,
LLC,
Term
Loan,
First
Lien
8.208%
SOFR30A
2.750%
5/16/25
262,650
TOTAL
CONSUMER
SERVICES
6,833,176
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.1%
123
Cardenas
Markets,
Inc.,
Term
Loan
12.185%
SOFR90A
6.750%
8/01/29
123,636
125
Heritage
Grocers
Group
LLC
,
(WI/DD)
TBD
TBD
TBD
TBD
125,209
301
US
Foods,
Inc.,
Term
Loan
B
,
(DD1)
7.344%
SOFR30A
2.000%
11/22/28
301,957
53
US
Foods,
Inc.,
Term
Loan
B
7.458%
SOFR30A
2.000%
9/14/26
53,270
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
604,072
ENERGY
-
0.2%
1
DT
Midstream,
Inc,
Term
Loan
B
7.458%
SOFR30A
2.000%
6/12/28
1,262
80
EG
America
LLC
,
(WI/DD)
TBD
TBD
TBD
TBD
79,167
258
Freeport
LNG
Investments,
LLLP,
Term
Loan
A
8.586%
TSFR3M
3.000%
11/16/26
256,867
256
Gulf
Finance,
LLC,
Term
Loan
11.692%
1-Month
LIBOR
+
SOFR30A
6.250%
8/25/26
257,516
229
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B
8.944%
SOFR30A
3.500%
11/05/28
229,964
TOTAL
ENERGY
824,776
FINANCIAL
SERVICES
-
0.1%
45
Aragorn
Parent
Corporation,
Term
Loan
9.589%
SOFR30A
4.250%
12/15/28
44,985
80
Avolon
TLB
Borrower
1
(US)
LLC,
Term
Loan
B6
7.339%
SOFR30A
2.000%
6/22/28
80,366
168
(k)
Ditech
Holding
Corporation,
Term
Loan
0.000%
N/A
N/A
6/30/24
33,157
67
Forward
Air
Corporation,
Term
Loan
B
,
(DD1)
9.830%
TSFR1M
4.500%
12/19/30
62,653
123
Kestra
Advisor
Services
Holdings
A,
Inc.,
Term
Loan
9.344%
SOFR30A
4.000%
3/24/31
123,601
74
NCR
Atleos
LLC,
Term
Loan
B
10.180%
TSFR3M
+
SOFR90A
4.750%
3/27/29
75,359
TOTAL
FINANCIAL
SERVICES
420,121
FOOD,
BEVERAGE
&
TOBACCO
-
0.4%
19
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan
10.194%
1-Month
LIBOR
4.750%
10/01/25
17,959
231
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
First
Lien
9.194%
1-Month
LIBOR
3.750%
10/01/25
219,837
70
Arterra
Wines
Canada,
Inc.,
Term
Loan
9.096%
SOFR90A
3.500%
11/26/27
65,356
33
Bengal
Debt
Merger
Sub
LLC
,
(DD1)
7.550%
United
States
SOFR
Secured
Ove
3.250%
1/20/29
30,421
249
CHG
PPC
Parent
LLC,
Term
Loan
8.458%
SOFR30A
3.000%
12/08/28
250,001
29
City
Brewing
Company,
LLC,
First
Lien
10.590%
TSFR1M
3.500%
4/14/28
23,254
77
City
Brewing
Company,
LLC,
Term
Loan
9.090%
TSFR3M
3.500%
4/14/28
70,709
31
City
Brewing
Company,
LLC,
Term
Loan
,
(DD1)
11.574%
SOFR90A
6.250%
4/05/28
31,133
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
FOOD,
BEVERAGE
&
TOBACCO
(continued)
$
250
Fiesta
Purchaser,
Inc.,
Term
Loan
B
9.344%
SOFR30A
4.000%
2/12/31
$
252,046
246
Pegasus
BidCo
BV,
Term
Loan
9.072%
SOFR90A
3.750%
7/12/29
247,695
233
Sycamore
Buyer
LLC,
Term
Loan
B
7.687%
3-Month
LIBOR
2.250%
7/23/29
232,585
268
Triton
Water
Holdings,
Inc,
Term
Loan
8.595%
SOFR90A
3.250%
3/31/28
268,441
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,709,437
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.5%
195
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan
19.603%
3-Month
LIBOR
14.000%
9/30/26
107,013
100
ADMI
Corp.,
Term
Loan
B5
11.094%
SOFR30A
5.750%
12/23/27
100,329
214
AHP
Health
Partners,
Inc.,
Term
Loan
B
8.958%
SOFR30A
3.500%
8/24/28
214,621
600
Bausch
&
Lomb,
Inc.,
Term
Loan
8.689%
SOFR30A
3.250%
5/05/27
594,306
40
Concentra
Health
Services
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
40,200
58
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.685%
SOFR90A
4.250%
4/12/29
58,002
125
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.685%
SOFR90A
4.250%
4/12/29
125,670
385
Envision
Healthcare
Corporation,
Term
Loan,
First
Lien
7.803%
3-Month
LIBOR
3.750%
10/10/25
7,060
27
Global
Medical
Response,
Inc.,
Term
Loan
11.320%
1-Month
LIBOR
4.250%
3/14/25
26,671
563
Global
Medical
Response,
Inc.,
Term
Loan
B
9.813%
SOFR90A
4.250%
10/02/25
546,480
1,177
Medline
Borrower,
LP,
Term
Loan
B
8.094%
SOFR30A
2.750%
10/23/28
1,181,655
167
National
Mentor
Holdings,
Inc.,
Term
Loan
9.189%
SOFR30A
+
SOFR90A
3.750%
3/02/28
158,117
5
National
Mentor
Holdings,
Inc.,
Term
Loan
C
9.185%
SOFR90A
3.750%
3/02/28
5,118
154
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.346%
SOFR90A
4.750%
2/28/28
153,856
174
Pacific
Dental
Services,
LLC,
Term
Loan
B
8.579%
TSFR1M
3.250%
3/17/31
174,126
616
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
B
8.585%
SOFR90A
3.250%
11/30/27
618,399
716
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.708%
SOFR30A
3.250%
11/15/28
717,884
191
Phoenix
Guarantor
Inc,
Term
Loan
8.594%
SOFR30A
3.250%
2/21/31
190,258
70
Resonetics,
LLC,
Term
Loan
9.082%
TSFR3M
3.750%
6/06/31
70,219
341
Select
Medical
Corporation,
Term
Loan
B1
8.344%
SOFR30A
3.000%
3/05/27
341,781
261
Star
Parent,
Inc.,
Term
Loan
B
9.085%
SOFR90A
4.000%
9/30/30
261,448
917
Surgery
Center
Holdings,
Inc.,
Term
Loan
B
8.089%
SOFR30A
2.750%
12/19/30
921,061
178
Team
Health
Holdings,
Inc.,
Term
Loan
B
10.584%
SOFR30A
+
SOFR90A
5.250%
3/02/27
166,743
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
6,781,017
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.1%
$
250
Kronos
Acquisition
Holdings
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
$
248,750
109
Kronos
Acquisition
Holdings
Inc.,
Term
Loan
B
9.095%
SOFR90A
3.750%
12/22/26
108,653
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
357,403
INSURANCE
-
0.8%
234
Acrisure,
LLC,
Term
Loan
B
8.344%
1-Month
LIBOR
3.500%
2/16/27
234,083
176
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6
8.830%
SOFR30A
3.500%
11/06/30
176,569
200
AssuredPartners,
Inc.,
Term
Loan
B5
8.844%
SOFR30A
3.500%
2/14/31
200,248
92
Asurion
LLC,
Term
Loan
B11
9.679%
SOFR30A
4.250%
8/21/28
91,309
127
Asurion
LLC,
Term
Loan
B7,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
126,220
245
Asurion
LLC,
Term
Loan
B8
,
(WI/DD)
TBD
TBD
TBD
TBD
243,386
127
Asurion
LLC,
Term
Loan
B9
8.708%
SOFR30A
3.250%
7/30/27
124,762
157
Broadstreet
Partners,
Inc.,
Term
Loan
B
8.444%
3-Month
LIBOR
3.000%
1/27/27
156,793
242
Broadstreet
Partners,
Inc.,
Term
Loan
B2
8.694%
3-Month
LIBOR
3.250%
1/27/27
241,531
250
Broadstreet
Partners,
Inc.,
Term
Loan
B3
9.078%
SOFR30A
3.750%
1/26/29
249,625
462
HUB
International
Limited,
Term
Loan
B
8.579%
TSFR3M
+
SOFR90A
3.250%
6/20/30
464,586
319
Ryan
Specialty
Group,
LLC,
Term
Loan
8.094%
SOFR30A
2.750%
9/01/27
321,308
435
Truist
Insurance
Holdings
LLC,
First
Lien,
Term
Loan
8.585%
SOFR90A
3.250%
3/22/31
436,475
104
USI,
Inc.,
Term
Loan
8.081%
SOFR90A
2.750%
9/27/30
104,344
325
USI,
Inc.,
Term
Loan
B
8.335%
SOFR90A
3.000%
11/23/29
325,029
TOTAL
INSURANCE
3,496,268
MATERIALS
-
0.6%
25
Arsenal
AIC
Parent
LLC,
Term
Loan
9.094%
SOFR30A
4.500%
7/27/30
24,993
71
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
B
10.074%
SOFR90A
4.750%
8/27/26
71,469
109
ASP
Unifrax
Holdings
Inc,
Term
Loan
B
9.095%
SOFR90A
3.750%
12/12/25
106,792
171
Axalta
Coating
Systems
US
Holdings
Inc
7.330%
CME
Term
SOFR
1
Month
2.500%
12/20/29
171,081
290
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B
9.119%
SOFR30A
3.675%
3/30/29
291,582
182
CPC
Acquisition
Corp,
Term
Loan
9.346%
SOFR90A
3.750%
12/29/27
152,842
75
Derby
Buyer
LLC,
Term
Loan
B
8.829%
TSFR1M
3.500%
11/01/30
75,257
187
Discovery
Purchaser
Corporation,
Term
Loan
9.681%
TSFR3M
4.375%
8/03/29
186,829
35
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
9.179%
SOFR30A
3.750%
3/03/30
34,650
133
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
First
Lien
9.679%
SOFR30A
4.250%
3/29/29
132,686
182
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B
,
(DD1)
10.267%
SOFR180A
4.725%
2/09/26
170,865
195
Lonza
Group
AG,
Term
Loan
B
9.270%
SOFR90A
3.925%
7/03/28
189,395
250
Nouryon
Finance
B.V.,
Term
Loan
B
8.826%
SOFR90A
3.500%
4/03/28
250,969
15
Nouryon
Finance
B.V.,
Term
Loan
B
8.829%
TSFR1M
3.500%
4/03/28
14,981
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
MATERIALS
(continued)
$
249
Nouryon
USA
LLC
,
(WI/DD)
TBD
TBD
TBD
TBD
$
250,969
33
PMHC
II,
Inc.,
Term
Loan
B
9.706%
SOFR90A
4.250%
2/03/29
31,887
95
Proampac
PG
Borrower
LLC,
Term
Loan
9.325%
TSFR3M
+
SOFR90A
4.000%
9/15/28
94,868
176
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B3
7.827%
TSFR3M
2.500%
9/25/28
176,478
55
SupplyOne,
Inc,
Term
Loan
B
9.594%
SOFR30A
4.250%
4/21/31
55,017
44
TricorBraun
Holdings,
Inc.,
Term
Loan
8.708%
SOFR30A
3.250%
3/03/28
44,301
95
Tronox
Finance
LLC,
Term
Loan
B
8.094%
SOFR30A
2.750%
4/04/29
95,112
1
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B
8.594%
SOFR30A
3.250%
9/22/28
1,229
TOTAL
MATERIALS
2,624,252
MEDIA
&
ENTERTAINMENT
-
0.9%
135
ABG
Intermediate
Holdings
2
LLC,
Term
Loan
B1
8.929%
1-Month
LIBOR
3.500%
12/21/28
135,561
81
Advantage
Sales
&
Marketing
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
79,102
175
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan
B
,
(DD1)
8.444%
SOFR30A
3.000%
4/22/26
166,446
119
Cable
One,
Inc.,
Term
Loan
B4
7.458%
SOFR30A
2.000%
5/03/28
116,882
215
Cengage
Learning,
Inc.,
Term
Loan
B
9.538%
SOFR180A
4.250%
3/24/31
216,336
250
Cinemark
USA,
Inc.,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
251,666
357
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
9.458%
SOFR30A
4.000%
8/23/28
357,572
429
Crown
Finance
US,
Inc.,
Term
Loan
,
(cash
6.958%,
PIK
7.000%),
(DD1)
6.979%
1-Month
LIBOR
+
SOFR30A
4.250%
7/31/28
435,963
323
CSC
Holdings,
LLC,
Term
Loan
B6
9.829%
TSFR1M
4.500%
1/18/28
311,336
113
DirecTV
Financing,
LLC,
Term
Loan
10.458%
SOFR30A
5.000%
8/02/27
113,339
173
Dotdash
Meredith
Inc,
Term
Loan
B
9.429%
SOFR30A
4.000%
12/01/28
173,744
77
iHeartCommunications
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
59,483
81
iHeartCommunications,
Inc.,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
63,083
228
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
10.194%
3-Month
LIBOR
4.750%
7/31/28
228,585
83
Mission
Broadcasting,
Inc.,
Term
Loan
B
7.944%
SOFR30A
2.500%
6/02/28
82,180
140
NEP
Group
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
133,044
322
NEP
Group,
Inc.,
Term
Loan
B
,
(cash
8.708%,
PIK
1.500%),
(DD1)
8.708%
1-Month
LIBOR
+
SOFR30A
2.375%
8/19/26
305,977
125
Simon
&
Schuster
Inc,
Term
Loan
B
9.330%
TSFR3M
4.000%
10/30/30
124,973
135
UPC
Financing
Partnership,
Term
Loan
AX
8.443%
SOFR30A
3.000%
1/31/29
134,447
184
Virgin
Media
Bristol
LLC,
Term
Loan
Y
8.656%
SOFR180A
3.250%
3/06/31
174,175
250
Wood
Mackenzie
Limited,
Term
Loan
B
8.823%
SOFR90A
3.500%
2/10/31
251,906
TOTAL
MEDIA
&
ENTERTAINMENT
3,915,800
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.5%
$
1,350
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
B
8.458%
SOFR30A
3.000%
5/05/28
$
1,352,000
2
Mallinckrodt
International
Finance
S.A.,
Term
Loan
14.842%
SOFR30A
9.500%
11/14/28
1,641
221
Maravai
Intermediate
Holdings,
LLC,
Term
Loan
B
8.327%
SOFR90A
3.000%
10/19/27
218,790
318
Organon
&
Co,
Term
Loan
B
7.829%
TSFR1M
2.500%
5/14/31
319,049
153
Perrigo
Investments,
LLC,
Term
Loan
B
7.694%
SOFR30A
2.250%
4/05/29
153,174
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,044,654
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
379
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
8.344%
SOFR30A
3.000%
1/31/30
379,279
125
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
9.094%
SOFR30A
3.750%
1/31/30
125,623
6
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
8.208%
SOFR30A
2.750%
8/21/25
6,455
90
Forest
City
Enterprises
LP
,
(WI/
DD)
TBD
TBD
TBD
TBD
83,841
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
595,198
SOFTWARE
&
SERVICES
-
2.2%
120
AppLovin
Corporation,
Term
Loan
7.844%
SOFR30A
2.500%
10/25/28
120,436
66
Apttus
Corporation,
Term
Loan
9.458%
SOFR30A
4.000%
5/08/28
65,658
692
Avaya,
Inc.,
Term
Loan
,
(DD1)
6.922%
1-Month
LIBOR
+
SOFR30A
7.750%
8/01/28
599,967
313
Banff
Merger
Sub
Inc,
Term
Loan
9.344%
SOFR30A
4.250%
12/29/28
314,438
365
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B
8.095%
SOFR30A
2.750%
10/30/26
365,821
499
Cotiviti
Corporation,
Term
Loan
8.579%
TSFR1M
3.250%
4/30/31
497,503
125
Drake
Software,
LLC,
Term
Loan
B
9.595%
TSFR3M
4.250%
6/05/31
123,906
111
DTI
Holdco,
Inc.,
Term
Loan
10.094%
SOFR30A
4.750%
4/21/29
111,916
592
Epicor
Software
Corporation,
Term
Loan
8.578%
1-Month
LIBOR
3.250%
7/30/27
595,658
125
Fortress
Intermediate
3
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
125,313
143
Gen
Digital
Inc.,
Term
Loan
B
7.094%
SOFR30A
1.750%
9/12/29
142,277
739
Genesys
Cloud
Services
Holdings
II
LLC,
First
Lien,
Term
Loan
B
8.844%
SOFR30A
3.500%
12/01/27
742,927
118
IGT
Holding
IV
AB,
Term
Loan
B2
8.710%
SOFR90A
3.400%
3/29/28
118,193
266
Informatica
LLC,
Term
Loan
B
7.594%
SOFR30A
2.250%
10/30/28
267,509
244
Instructure
Holdings,
Inc.,
Term
Loan
B
8.354%
SOFR90A
2.750%
10/30/28
244,528
19
Ivanti
Software,
Inc.,
Term
Loan
B
9.555%
SOFR90A
4.000%
12/01/27
14,718
40
Marcel
LUX
IV
SARL,
Term
Loan
B5
9.320%
SOFR30A
4.000%
10/07/30
40,199
478
McAfee,
LLC,
Term
Loan
B
8.579%
SOFR30A
3.250%
3/01/29
477,768
230
Mitchell
International,
Inc.,
Term
Loan
8.526%
SOFR30A
3.250%
6/06/31
228,330
402
Open
Text
Corporation,
Term
Loan
B
7.594%
SOFR30A
2.250%
1/31/30
404,553
117
Peraton
Corp.,
Term
Loan
B
9.194%
SOFR30A
3.750%
2/01/28
116,726
115
Perforce
Software,
Inc.,
Term
Loan
10.094%
SOFR30A
4.750%
3/24/31
115,095
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
SOFTWARE
&
SERVICES
(continued)
$
249
Perforce
Software,
Inc.,
Term
Loan
B
9.194%
SOFR30A
3.750%
7/01/26
$
249,036
47
Proofpoint,
Inc.,
Term
Loan
8.344%
SOFR30A
3.000%
8/31/28
46,817
94
Quartz
Acquireco
LLC,
Term
Loan
B
8.085%
SOFR90A
2.750%
6/28/30
94,464
222
Rackspace
Technology
Global,
Inc.,
Term
Loan,
First
Lien
11.692%
SOFR30A
6.250%
5/15/28
225,822
547
Rackspace
Technology
Global,
Inc.,
Term
Loan,
First
Lien
8.192%
SOFR30A
2.750%
5/15/28
252,399
164
Rocket
Software,
Inc.,
Term
Loan
B
10.094%
SOFR30A
4.750%
11/28/28
164,648
84
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B
9.094%
SOFR30A
3.750%
2/24/28
84,346
312
Sophia,
L.P.,
Term
Loan
B
,
(DD1)
8.944%
SOFR30A
3.500%
10/29/29
313,815
223
SS&C
Technologies
Inc.,
Term
Loan
B8
7.345%
SOFR30A
2.000%
5/09/31
223,576
644
Syniverse
Holdings,
Inc.,
Term
Loan
12.335%
SOFR90A
7.000%
5/10/29
631,266
256
Tempo
Acquisition
LLC,
Term
Loan
B
7.595%
SOFR30A
2.250%
8/31/28
256,781
790
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
8.576%
TSFR1M
3.250%
2/10/31
793,395
49
Vision
Solutions,
Inc.,
Term
Loan
10.671%
SOFR90A
+
Prime
3.750%
4/24/28
48,811
255
VS
Buyer,
LLC,
Term
Loan
B
,
(DD1)
8.581%
TSFR1M
3.250%
4/14/31
255,956
199
West
Corporation,
Term
Loan
B3
9.580%
SOFR90A
4.000%
4/12/27
193,415
93
WEX
Inc.,
Term
Loan
7.344%
SOFR30A
2.000%
4/03/28
92,933
249
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B
8.094%
SOFR30A
2.750%
9/28/29
249,603
TOTAL
SOFTWARE
&
SERVICES
10,010,522
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
274
CommScope,
Inc.,
Term
Loan
B
8.708%
SOFR30A
3.250%
4/06/26
247,622
122
Ingram
Micro
Inc.,
Term
Loan
8.596%
SOFR90A
3.000%
7/03/28
122,875
151
MLN
US
HoldCo
LLC,
Term
Loan
12.127%
SOFR90A
6.700%
10/18/27
29,665
261
MLN
US
HoldCo
LLC,
Term
Loan,
First
Lien
9.947%
SOFR90A
4.500%
12/01/25
29,324
156
Riverbed
Technology,
Inc.,
Term
Loan
,
(DD1)
4.917%
3-Month
LIBOR
+
SOFR90A
2.250%
7/03/28
96,261
60
Viasat
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
53,837
60
Viasat
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
53,588
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
633,172
TELECOMMUNICATION
SERVICES
-
0.7%
138
Altice
France
S.A.,
Term
Loan
B12
9.278%
3-Month
LIBOR
3.688%
2/02/26
110,462
205
Altice
France
S.A.,
Term
Loan
B13
9.584%
3-Month
LIBOR
4.000%
8/14/26
158,651
121
Cincinnati
Bell,
Inc.,
Term
Loan
B2
8.694%
SOFR30A
3.250%
11/24/28
120,382
202
(k)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0.000%
N/A
N/A
5/01/25
4,035
15
Dawn
Acquisitions
LLC
,
(WI/
DD)
TBD
TBD
TBD
TBD
14,760
870
Frontier
Communications
Corp.,
Term
Loan
B
9.208%
SOFR30A
3.750%
10/08/27
871,797
249
Iridium
Satellite
LLC,
Term
Loan
B
7.594%
SOFR30A
2.250%
9/20/30
249,391
Principal
Amount
(000)
Description
(a)
Coupon
(h)
Reference
Rate
(h)
Spread
(h)
Maturity
(i)
Value
TELECOMMUNICATION
SERVICES
(continued)
$
256
Level
3
Financing
Inc.,
Term
Loan
B1
11.904%
TSFR1M
6.560%
4/16/29
$
251,335
258
Level
3
Financing
Inc.,
Term
Loan
B2
11.904%
TSFR1M
6.560%
4/15/30
251,715
–(j)
Lumen
Technologies,
Inc.,
Term
Loan
B1
7.808%
SOFR30A
2.350%
4/16/29
44
–(j)
Lumen
Technologies,
Inc.,
Term
Loan
B2
7.808%
SOFR30A
2.350%
4/15/30
121
400
Virgin
Media
Bristol
LLC,
Term
Loan
N
,
(DD1)
7.943%
SOFR30A
2.500%
1/31/28
383,204
425
Zayo
Group
Holdings,
Inc.,
Term
Loan
,
(DD1)
8.458%
SOFR30A
3.000%
3/09/27
371,167
481
Ziggo
Financing
Partnership,
Term
Loan
I
7.943%
SOFR30A
2.500%
4/28/28
465,995
TOTAL
TELECOMMUNICATION
SERVICES
3,253,059
TRANSPORTATION
-
0.6%
130
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
10.336%
SOFR90A
4.750%
4/20/28
134,373
195
Air
Canada,
Term
Loan
B
7.847%
SOFR90A
2.500%
3/21/31
195,029
140
American
Airlines,
Inc.,
Term
Loan
B
8.193%
SOFR30A
2.750%
2/06/28
139,440
187
Brown
Group
Holding,
LLC,
Term
Loan
B
8.179%
1-Month
LIBOR
2.750%
4/22/28
187,045
148
Brown
Group
Holding,
LLC,
Term
Loan
B2
8.341%
SOFR30A
+
SOFR90A
3.000%
6/09/29
147,866
136
First
Student
Bidco
Inc,
Term
Loan
B
8.345%
SOFR90A
3.000%
7/21/28
136,104
57
First
Student
Bidco
Inc,
Term
Loan
C
8.345%
SOFR90A
3.000%
7/21/28
56,678
8
Hertz
Corporation,
(The),
Term
Loan
B
8.859%
SOFR90A
3.250%
6/30/28
7,161
55
Kestrel
Bidco
Inc.,
Term
Loan
B
8.428%
1-Month
LIBOR
3.000%
12/11/26
55,331
225
KKR
Apple
Bidco,
LLC,
Term
Loan
8.208%
SOFR30A
2.750%
9/25/28
226,402
118
KKR
Apple
Bidco,
LLC,
Term
Loan
8.844%
SOFR30A
3.500%
9/23/28
118,636
322
Mileage
Plus
Holdings
LLC,
Term
Loan
B
10.744%
SOFR90A
5.250%
6/21/27
329,734
41
PODS,
LLC,
Term
Loan
B
8.591%
SOFR90A
3.000%
3/31/28
38,804
140
SkyMiles
IP
Ltd.,
Term
Loan
B
9.075%
TSFR3M
3.750%
10/20/27
143,057
499
United
Airlines,
Inc.,
Term
Loan
B
8.094%
TSFR1M
2.750%
2/24/31
500,620
249
WestJet
Loyalty
LP,
Term
Loan
B
9.048%
SOFR90A
3.750%
2/14/31
251,439
TOTAL
TRANSPORTATION
2,667,719
UTILITIES
-
0.3%
80
Pacific
Gas
&
Electric
Company,
Term
Loan
7.844%
SOFR30A
3.000%
6/23/27
80,425
650
Talen
Energy
Supply,
LLC,
Term
Loan
B
8.827%
SOFR90A
3.500%
5/17/30
658,309
532
Talen
Energy
Supply,
LLC,
Term
Loan
C
8.824%
SOFR90A
3.500%
5/27/30
538,846
3
Vistra
Operations
Company
LLC,
Term
Loan
B3,
First
Lien
7.344%
SOFR30A
2.000%
12/20/30
2,868
100
Vistra
Zero
Operating
Company,
LLC,
Term
Loan
B
8.094%
SOFR30A
2.750%
4/30/31
100,336
TOTAL
UTILITIES
1,380,784
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(cost
$62,420,329)
61,408,015
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
13.4%
(9.4%
of
Total
Investments)
X
60,770,695
642,894
iShares
Core
MSCI
Emerging
Markets
ETF
$
34,414,116
18,839
iShares
MSCI
India
ETF
1,050,839
17,939
iShares
MSCI
Saudi
Arabia
ETF
728,682
320,431
Vanguard
Short-Term
Bond
ETF
24,577,058
TOTAL
EXCHANGE-TRADED
FUNDS
(cost
$55,857,221)
60,770,695
Shares
Description
(a)
Value
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
11.6%
(8.1%
of
Total
Investments)
X
52,583,146
DATA
CENTER
REITS
-
1.5%
22,542
Digital
Realty
Trust
Inc
$
3,427,511
4,435
Equinix
Inc
3,355,521
TOTAL
DATA
CENTER
REITS
6,783,032
HEALTH
CARE
REITS
-
1.0%
28,700
Healthpeak
Properties
Inc
562,520
33,500
Parkway
Life
Real
Estate
Investment
Trust
86,423
21,300
Ventas
Inc
1,091,838
25,500
Welltower
Inc
2,658,375
TOTAL
HEALTH
CARE
REITS
4,399,156
HOTEL
&
RESORT
REITS
-
0.2%
40,000
Host
Hotels
&
Resorts
Inc
719,200
TOTAL
HOTEL
&
RESORT
REITS
719,200
INDUSTRIAL
REITS
-
2.0%
3,500
EastGroup
Properties
Inc
595,350
55,898
Prologis
Inc
6,277,905
33,800
Rexford
Industrial
Realty
Inc
1,507,142
19,600
Terreno
Realty
Corp
1,159,928
TOTAL
INDUSTRIAL
REITS
9,540,325
MULTI-FAMILY
RESIDENTIAL
REITS
-
1.1%
10,000
AvalonBay
Communities
Inc
2,068,900
4,100
Camden
Property
Trust
447,351
11,400
Equity
Residential
790,476
4,100
Essex
Property
Trust
Inc
1,116,020
3,700
Mid-America
Apartment
Communities
Inc
527,657
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
4,950,404
OFFICE
REITS
-
0.4%
6,800
Boston
Properties
Inc
418,608
16,800
SL
Green
Realty
Corp
951,552
12,300
Vornado
Realty
Trust
323,367
TOTAL
OFFICE
REITS
1,693,527
OTHER
SPECIALIZED
REITS
-
0.8%
17,700
Gaming
and
Leisure
Properties
Inc
800,217
8,600
Iron
Mountain
Inc
770,732
72,900
VICI
Properties
Inc
2,087,856
TOTAL
OTHER
SPECIALIZED
REITS
3,658,805
RETAIL
REITS
-
1.7%
37,600
Brixmor
Property
Group
Inc
868,184
60,100
Kimco
Realty
Corp
1,169,546
27,000
Kite
Realty
Group
Trust
604,260
16,000
Realty
Income
Corp
845,120
19,600
Regency
Centers
Corp
1,219,120
21,200
Simon
Property
Group
Inc
3,218,160
TOTAL
RETAIL
REITS
7,924,390
Shares
Description
(a)
Value
SELF-STORAGE
REITS
-
0.6%
8,700
Extra
Space
Storage
Inc
$
1,352,067
4,100
Public
Storage
1,179,365
TOTAL
SELF-STORAGE
REITS
2,531,432
SINGLE-FAMILY
RESIDENTIAL
REITS
-
0.9%
31,000
American
Homes
4
Rent,
Class
A
1,151,960
19,600
Equity
LifeStyle
Properties
Inc
1,276,548
17,400
Invitation
Homes
Inc
624,486
9,200
Sun
Communities
Inc
1,107,128
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
4,160,122
TELECOM
TOWER
REITS
-
1.4%
22,825
American
Tower
Corp
4,436,723
10,700
Crown
Castle
Inc
1,045,390
3,773
SBA
Communications
Corp
740,640
TOTAL
TELECOM
TOWER
REITS
6,222,753
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
(cost
$42,971,307)
52,583,146
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
9.5%
(6.6%
of
Total
Investments)
X
42,905,803
AUTOMOBILES
&
COMPONENTS
-
0.3%
$
755
General
Motors
Financial
Co
Inc
5.750%
N/A
(l)
$
719,626
462
General
Motors
Financial
Co
Inc
5.700%
N/A
(l)
433,688
TOTAL
AUTOMOBILES
&
COMPONENTS
1,153,314
BANKS
-
4.5%
200
(d)
Banco
BBVA
Peru
SA
6.200%
6/07/34
200,000
200
(d)
Banco
del
Estado
de
Chile
7.950%
N/A
(l)
206,600
200
Bancolombia
SA
8.625%
12/24/34
204,250
940
Bank
of
America
Corp
6.500%
N/A
(l)
937,969
295
Bank
of
America
Corp
4.375%
N/A
(l)
278,991
285
Bank
of
America
Corp
6.250%
N/A
(l)
283,818
75
Bank
of
America
Corp
6.100%
N/A
(l)
74,781
200
Bank
of
Montreal
7.700%
5/26/84
204,278
200
Bank
of
Nova
Scotia/The
8.000%
1/27/84
206,534
1,190
Citigroup
Inc
6.250%
N/A
(l)
1,189,169
156
(f)
Citigroup
Inc
(TSFR3M
reference
rate
+
3.685%
spread)
9.007%
N/A
(l)
155,606
170
Citigroup
Inc
5.000%
N/A
(l)
168,899
260
Citigroup
Inc
7.375%
N/A
(l)
266,827
378
Citigroup
Inc
7.125%
N/A
(l)
377,154
5
Citigroup
Inc
6.174%
5/25/34
5,085
655
Citigroup
Inc
7.625%
N/A
(l)
681,973
1,000
Citigroup
Inc
5.950%
N/A
(l)
993,466
125
(f)
Citizens
Financial
Group
Inc
(TSFR3M
reference
rate
+
3.419%
spread)
8.720%
N/A
(l)
122,818
335
Citizens
Financial
Group
Inc
4.000%
N/A
(l)
300,153
93
CoBank
ACB
7.250%
N/A
(l)
94,331
765
CoBank
ACB
6.450%
N/A
(l)
754,529
325
CoBank
ACB
6.250%
N/A
(l)
321,778
525
(d)
Farm
Credit
Bank
of
Texas
6.200%
N/A
(l)
495,915
229
(f)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.626%
N/A
(l)
225,741
520
(f)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.573%
N/A
(l)
525,431
555
Huntington
Bancshares
Inc/OH
5.625%
N/A
(l)
530,480
375
JPMorgan
Chase
&
Co
5.000%
N/A
(l)
373,927
1,072
JPMorgan
Chase
&
Co
6.875%
N/A
(l)
1,107,230
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
BANKS
(continued)
$
205
JPMorgan
Chase
&
Co
3.650%
N/A
(l)
$
193,901
270
JPMorgan
Chase
&
Co
6.100%
N/A
(l)
270,263
90
M&T
Bank
Corp
5.125%
N/A
(l)
85,276
380
(f)
M&T
Bank
Corp
(TSFR3M
reference
rate
+
3.872%
spread)
9.194%
N/A
(l)
382,870
448
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(l)
432,161
415
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(l)
372,326
375
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(l)
365,426
325
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(l)
320,953
710
(f)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.648%
N/A
(l)
713,320
370
Regions
Financial
Corp
5.750%
N/A
(l)
363,507
200
Toronto-Dominion
Bank/The
8.125%
10/31/82
207,272
295
Truist
Financial
Corp
5.100%
N/A
(l)
275,485
535
(f)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.703%
N/A
(l)
538,234
1,194
Truist
Financial
Corp
4.800%
N/A
(l)
1,173,182
200
(d)
Turkiye
Garanti
Bankasi
AS
8.375%
2/28/34
199,250
161
US
Bancorp
5.300%
N/A
(l)
156,122
1,070
Wells
Fargo
&
Co
5.875%
N/A
(l)
1,065,111
663
Wells
Fargo
&
Co
3.900%
N/A
(l)
634,442
495
Wells
Fargo
&
Co
7.625%
N/A
(l)
527,128
200
(d)
Yapi
ve
Kredi
Bankasi
AS
9.250%
1/17/34
205,020
450
(f)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.041%
N/A
(l)
440,710
TOTAL
BANKS
20,209,692
CAPITAL
GOODS
-
0.5%
610
(d)
AerCap
Global
Aviation
Trust
6.500%
6/15/45
608,593
1,495
AerCap
Holdings
NV
5.875%
10/10/79
1,487,863
395
Air
Lease
Corp
4.650%
N/A
(l)
374,941
TOTAL
CAPITAL
GOODS
2,471,397
ENERGY
-
0.4%
342
Enbridge
Inc
8.500%
1/15/84
368,687
305
Enbridge
Inc
7.625%
1/15/83
311,782
250
Energy
Transfer
LP
6.500%
N/A
(l)
246,588
213
Energy
Transfer
LP
7.125%
N/A
(l)
210,985
95
Energy
Transfer
LP
8.000%
5/15/54
99,369
49
Energy
Transfer
LP
6.625%
N/A
(l)
47,551
440
Transcanada
Trust
5.600%
3/07/82
398,888
75
Transcanada
Trust
5.875%
8/15/76
73,403
TOTAL
ENERGY
1,757,253
FINANCIAL
SERVICES
-
1.2%
400
Ally
Financial
Inc
4.700%
N/A
(l)
320,300
160
Ally
Financial
Inc
4.700%
N/A
(l)
140,447
555
(d)
American
AgCredit
Corp
5.250%
N/A
(l)
532,506
180
American
Express
Co
3.550%
N/A
(l)
167,796
150
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(l)
147,355
200
Capital
One
Financial
Corp
3.950%
N/A
(l)
184,051
375
Charles
Schwab
Corp/The
5.375%
N/A
(l)
370,791
150
Discover
Financial
Services
6.125%
N/A
(l)
148,391
130
Discover
Financial
Services
5.500%
N/A
(l)
112,044
390
Equitable
Holdings
Inc
4.950%
N/A
(l)
383,928
720
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(l)
715,291
543
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(l)
558,395
475
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(l)
470,031
430
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(l)
450,517
320
State
Street
Corp
6.700%
N/A
(l)
321,908
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
FINANCIAL
SERVICES
(continued)
$
420
Voya
Financial
Inc
7.758%
N/A
(l)
$
436,304
TOTAL
FINANCIAL
SERVICES
5,460,055
FOOD,
BEVERAGE
&
TOBACCO
-
0.4%
2,250
(d)
Land
O'
Lakes
Inc
8.000%
N/A
(l)
1,957,500
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,957,500
INSURANCE
-
1.0%
118
American
International
Group
Inc
5.750%
4/01/48
115,538
450
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
412,021
325
Enstar
Finance
LLC
5.750%
9/01/40
318,201
235
Enstar
Finance
LLC
5.500%
1/15/42
226,964
541
Markel
Group
Inc
6.000%
N/A
(l)
537,250
580
(d)
MetLife
Inc
9.250%
4/08/38
671,636
360
Provident
Financing
Trust
I
7.405%
3/15/38
381,767
210
Prudential
Financial
Inc
5.125%
3/01/52
195,219
150
Prudential
Financial
Inc
6.500%
3/15/54
151,422
81
Prudential
Financial
Inc
5.375%
5/15/45
80,240
420
(d)
QBE
Insurance
Group
Ltd
5.875%
N/A
(l)
415,688
600
(d)
SBL
Holdings
Inc
7.000%
N/A
(l)
520,999
575
(d)
SBL
Holdings
Inc
6.500%
N/A
(l)
464,568
TOTAL
INSURANCE
4,491,513
MATERIALS
-
0.0%
200
(d)
Cemex
SAB
de
CV
9.125%
N/A
(l)
213,358
TOTAL
MATERIALS
213,358
MEDIA
&
ENTERTAINMENT
-
0.1%
152
(d)
Farm
Credit
Bank
of
Texas
7.750%
N/A
(l)
153,907
190
Paramount
Global
6.375%
3/30/62
167,799
TOTAL
MEDIA
&
ENTERTAINMENT
321,706
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
193
(d)
EUSHI
Finance
Inc
7.625%
12/15/54
193,742
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
193,742
TELECOMMUNICATION
SERVICES
-
0.1%
365
Vodafone
Group
PLC
7.000%
4/04/79
376,095
TOTAL
TELECOMMUNICATION
SERVICES
376,095
UTILITIES
-
1.0%
400
(d)
AES
Andes
SA
8.150%
6/10/55
400,000
300
(d)
AES
Andes
SA
6.350%
10/07/79
295,510
113
AES
Corp/The
7.600%
1/15/55
114,397
310
American
Electric
Power
Co
Inc
3.875%
2/15/62
284,007
165
CMS
Energy
Corp
4.750%
6/01/50
151,098
115
Dominion
Energy
Inc
7.000%
6/01/54
119,653
200
Edison
International
5.000%
N/A
(l)
190,240
150
Edison
International
5.375%
N/A
(l)
146,122
695
Emera
Inc
6.750%
6/15/76
689,749
314
Entergy
Corp
7.125%
12/01/54
311,217
262
NextEra
Energy
Capital
Holdings
Inc
6.750%
6/15/54
263,502
510
Sempra
4.875%
N/A
(l)
500,217
340
Southern
Co/The
4.000%
1/15/51
329,642
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
UTILITIES
(continued)
$
185
(d)
Vistra
Corp
8.000%
N/A
(l)
$
186,573
175
(d)
Vistra
Corp
7.000%
N/A
(l)
173,479
140
(d)
Vistra
Corp
8.875%
N/A
(l)
144,772
TOTAL
UTILITIES
4,300,178
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(cost
$43,829,113)
42,905,803
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
-
9.0%
(6.3%
of
Total
Investments)
X
40,699,655
ANGOLA
-
0.1%
$
270
(d)
Angolan
Government
International
Bond
9.375%
5/08/48
$
225,580
200
(d)
Angolan
Government
International
Bond
8.750%
4/14/32
176,936
TOTAL
ANGOLA
402,516
ARGENTINA
-
0.1%
475
Argentine
Republic
Government
International
Bond
3.625%
7/09/35
198,924
200
Argentine
Republic
Government
International
Bond
4.250%
1/09/38
91,315
466
(d)
Provincia
de
Buenos
Aires/Government
Bonds
6.375%
9/01/37
191,769
139
(d)
YPF
SA
6.950%
7/21/27
125,824
20
YPF
SA,
Reg
S
6.950%
7/21/27
18,104
TOTAL
ARGENTINA
625,936
AUSTRALIA
-
0.3%
200
AngloGold
Ashanti
Holdings
PLC
3.375%
11/01/28
179,715
200
AngloGold
Ashanti
Holdings
PLC
3.750%
10/01/30
174,521
840
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
839,600
TOTAL
AUSTRALIA
1,193,836
BARBADOS
-
0.0%
200
(d)
Barbados
Government
International
Bond
6.500%
10/01/29
189,920
TOTAL
BARBADOS
189,920
BELGIUM
-
0.0%
40
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.900%
2/01/46
36,878
10
Anheuser-Busch
InBev
Worldwide
Inc
5.000%
6/15/34
9,923
TOTAL
BELGIUM
46,801
BENIN
-
0.1%
190
EUR
(d)
Benin
Government
International
Bond
4.950%
1/22/35
160,571
100
EUR
(d)
Benin
Government
International
Bond
6.875%
1/19/52
84,259
TOTAL
BENIN
244,830
BRAZIL
-
0.4%
200
(d)
B3
SA
-
Brasil
Bolsa
Balcao
4.125%
9/20/31
175,491
200
(d)
Banco
do
Brasil
SA/Cayman
4.875%
1/11/29
191,713
1,150
BRL
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.000%
1/01/31
185,778
900
BRL
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.000%
1/01/27
154,922
340
Brazilian
Government
International
Bond
6.000%
10/20/33
326,742
210
Brazilian
Government
International
Bond
5.000%
1/27/45
161,366
200
Brazilian
Government
International
Bond
4.750%
1/14/50
143,220
200
(d)
JSM
Global
Sarl
4.750%
10/20/30
30,000
200
(d)
Klabin
Austria
GmbH
3.200%
1/12/31
169,066
200
(d)
Minerva
Luxembourg
SA
8.875%
9/13/33
206,551
145
Petrobras
Global
Finance
BV
6.750%
6/03/50
133,783
115
Petrobras
Global
Finance
BV
5.500%
6/10/51
91,347
TOTAL
BRAZIL
1,969,979
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
CAMEROON
-
0.0%
100
EUR
(d)
Republic
of
Cameroon
International
Bond
5.950%
7/07/32
$
82,979
TOTAL
CAMEROON
82,979
CANADA
-
0.2%
$
75
(d)
1011778
BC
ULC
/
New
Red
Finance
Inc
4.000%
10/15/30
66,023
150
(d)
Air
Canada
3.875%
8/15/26
142,679
45
Canadian
Pacific
Railway
Co
2.050%
3/05/30
38,384
5
Cenovus
Energy
Inc
5.400%
6/15/47
4,602
330
Enbridge
Inc
5.750%
7/15/80
311,404
175
Enbridge
Inc
5.500%
7/15/77
164,868
25
Enbridge
Inc
2.500%
8/01/33
19,840
25
Nutrien
Ltd
4.900%
3/27/28
24,707
75
(d)
Open
Text
Holdings
Inc
4.125%
12/01/31
65,922
TOTAL
CANADA
838,429
CHILE
-
0.3%
199
(d)
Alfa
Desarrollo
SpA
2021
1
4.550%
9/27/51
149,147
175
(d)
Cia
Cervecerias
Unidas
SA
3.350%
1/19/32
152,175
200
(d)
Corp
Nacional
del
Cobre
de
Chile
6.440%
1/26/36
206,464
200
(d)
Corp
Nacional
del
Cobre
de
Chile
3.000%
9/30/29
176,950
150
(d)
Empresa
Nacional
de
Telecomunicaciones
SA
3.050%
9/14/32
121,042
200
(d)
Empresa
Nacional
del
Petroleo
6.150%
5/10/33
200,067
200
(d)
Inversiones
CMPC
SA
6.125%
6/23/33
203,542
TOTAL
CHILE
1,209,387
CHINA
-
0.1%
200
(d)
ENN
Clean
Energy
International
Investment
Ltd
3.375%
5/12/26
190,631
200
(d)
Lenovo
Group
Ltd
3.421%
11/02/30
176,700
TOTAL
CHINA
367,331
COLOMBIA
-
0.3%
350
Colombia
Government
International
Bond
3.125%
4/15/31
275,466
200
Colombia
Government
International
Bond
8.000%
11/14/35
205,612
200
Colombia
Government
International
Bond
7.500%
2/02/34
200,068
415,000
COP
Colombian
TES
6.000%
4/28/28
87,460
223,000
COP
Colombian
TES
7.000%
6/30/32
43,479
200
Ecopetrol
SA
4.625%
11/02/31
163,690
200
Ecopetrol
SA
5.875%
11/02/51
138,881
200
(d)
Empresas
Publicas
de
Medellin
ESP
4.250%
7/18/29
171,750
200
(d)
Grupo
Aval
Ltd
4.375%
2/04/30
171,702
TOTAL
COLOMBIA
1,458,108
COSTA
RICA
-
0.2%
200
(d)
Costa
Rica
Government
International
Bond
6.550%
4/03/34
205,681
200
(d)
Costa
Rica
Government
International
Bond
7.000%
4/04/44
204,767
200
(d)
Instituto
Costarricense
de
Electricidad
6.750%
10/07/31
199,300
200
(d)
Liberty
Costa
Rica
Senior
Secured
Finance
10.875%
1/15/31
212,001
TOTAL
COSTA
RICA
821,749
COTE
D'IVOIRE
-
0.1%
395
Ivory
Coast
Government
International
Bond,
Reg
S
6.125%
6/15/33
350,167
270
EUR
Ivory
Coast
Government
International
Bond,
Reg
S
6.875%
10/17/40
241,446
TOTAL
COTE
D'IVOIRE
591,613
CZECH
REPUBLIC
-
0.0%
4,300
CZK
Czech
Republic
Government
Bond
1.750%
6/23/32
154,783
TOTAL
CZECH
REPUBLIC
154,783
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
DOMINICAN
REPUBLIC
-
0.2%
$
200
(d)
Aeropuertos
Dominicanos
Siglo
XXI
SA
,
(WI/DD)
7.000%
6/30/34
$
201,740
150
(d)
Dominican
Republic
International
Bond
7.050%
2/03/31
154,125
150
(d)
Dominican
Republic
International
Bond
4.875%
9/23/32
134,195
6,700
DOP
(d)
Dominican
Republic
International
Bond
13.000%
6/10/34
132,069
125
Dominican
Republic
International
Bond,
Reg
S
7.450%
4/30/44
130,954
TOTAL
DOMINICAN
REPUBLIC
753,083
ECUADOR
-
0.1%
373
(d)
Ecuador
Government
International
Bond
1.000%
7/31/35
184,824
137
Ecuador
Government
International
Bond,
Reg
S
3.500%
7/31/35
67,973
TOTAL
ECUADOR
252,797
EGYPT
-
0.2%
300
Egypt
Government
International
Bond,
Reg
S
7.903%
2/21/48
210,354
200
(d)
Egypt
Government
International
Bond
7.600%
3/01/29
181,150
220
(d)
Egypt
Government
International
Bond
7.300%
9/30/33
173,718
225
(d)
Egypt
Government
International
Bond
8.500%
1/31/47
166,815
205
(d)
Egypt
Government
International
Bond
8.875%
5/29/50
155,780
TOTAL
EGYPT
887,817
EL
SALVADOR
-
0.1%
150
(d)
El
Salvador
Government
International
Bond
9.250%
4/17/30
133,232
190
(d)
El
Salvador
Government
International
Bond
7.125%
1/20/50
121,194
135
El
Salvador
Government
International
Bond,
Reg
S
6.375%
1/18/27
119,964
150
(d)
El
Salvador
Government
International
Bond
0.250%
4/17/30
4,650
TOTAL
EL
SALVADOR
379,040
FRANCE
-
0.0%
10
TotalEnergies
Capital
International
SA
2.986%
6/29/41
7,289
TOTAL
FRANCE
7,289
GERMANY
-
0.0%
15
Deutsche
Bank
AG/New
York
NY
6.819%
11/20/29
15,600
TOTAL
GERMANY
15,600
GHANA
-
0.1%
355
Ghana
Government
International
Bond,
Reg
S
7.625%
5/16/29
179,719
250
(d)
Ghana
Government
International
Bond
8.750%
3/11/61
127,188
235
(d)
Ghana
Government
International
Bond
7.750%
4/07/29
119,263
200
(d)
Kosmos
Energy
Ltd
7.500%
3/01/28
190,793
TOTAL
GHANA
616,963
GUATEMALA
-
0.1%
200
(d)
CT
Trust
5.125%
2/03/32
176,237
200
(d)
Guatemala
Government
Bond
3.700%
10/07/33
163,096
180
(d)
Millicom
International
Cellular
SA
2029
2029
6.250%
3/25/29
173,300
TOTAL
GUATEMALA
512,633
HONDURAS
-
0.0%
175
(d)
Honduras
Government
International
Bond
5.625%
6/24/30
148,969
TOTAL
HONDURAS
148,969
HUNGARY
-
0.1%
29,000
HUF
Hungary
Government
Bond
2.000%
5/23/29
63,581
200
(d)
Hungary
Government
International
Bond
5.250%
6/16/29
196,302
200
(d)
Magyar
Export-Import
Bank
Zrt
6.125%
12/04/27
200,579
TOTAL
HUNGARY
460,462
INDIA
-
0.2%
200
(d)
Adani
Ports
&
Special
Economic
Zone
Ltd
3.100%
2/02/31
159,170
200
(d)
Indian
Railway
Finance
Corp
Ltd
3.570%
1/21/32
178,084
200
(d)
IRB
Infrastructure
Developers
Ltd
7.110%
3/11/32
199,300
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
INDIA
$
200
(d)
JSW
Steel
Ltd
5.050%
4/05/32
$
175,857
200
(d)
Network
i2i
Ltd
3.975%
6/03/73
189,006
200
(d)
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries
4.500%
7/14/28
181,561
TOTAL
INDIA
1,082,978
INDONESIA
-
0.3%
200
(d)
Indika
Energy
Tbk
PT
8.750%
5/07/29
199,771
1,500,000
IDR
Indonesia
Treasury
Bond
7.125%
6/15/38
91,484
850,000
IDR
Indonesia
Treasury
Bond
7.000%
9/15/30
51,853
200
(d)
Pertamina
Persero
PT
2.300%
2/09/31
165,970
200
(d)
Perusahaan
Penerbit
SBSN
Indonesia
III
4.700%
6/06/32
192,579
335
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
3.875%
7/17/29
310,344
200
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
5.250%
5/15/47
176,667
TOTAL
INDONESIA
1,188,668
IRAQ
-
0.0%
200
(d)
Iraq
International
Bond
5.800%
1/15/28
186,730
TOTAL
IRAQ
186,730
IRELAND
-
0.0%
55
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.100%
1/15/27
55,807
TOTAL
IRELAND
55,807
ISRAEL
-
0.2%
180
(d)
Energean
Israel
Finance
Ltd,
Reg
S
4.875%
3/30/26
169,650
200
(d)
Israel
Electric
Corp
Ltd,
Reg
S
4.250%
8/14/28
184,197
200
Israel
Government
International
Bond
5.375%
3/12/29
196,202
127
(d)
Leviathan
Bond
Ltd,
Reg
S
6.500%
6/30/27
118,723
75
(d)
Leviathan
Bond
Ltd,
Reg
S
6.750%
6/30/30
66,863
32
(d)
Leviathan
Bond
Ltd,
Reg
S
6.125%
6/30/25
30,975
175
EUR
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.375%
5/09/30
181,324
TOTAL
ISRAEL
947,934
JAMAICA
-
0.1%
215
Jamaica
Government
International
Bond
7.875%
7/28/45
251,434
TOTAL
JAMAICA
251,434
JORDAN
-
0.0%
200
(d)
Jordan
Government
International
Bond
5.850%
7/07/30
178,793
TOTAL
JORDAN
178,793
KAZAKHSTAN
-
0.1%
200
(d)
Development
Bank
of
Kazakhstan
JSC
5.500%
4/15/27
198,775
22,000
KZT
Kazakhstan
Government
Bond
-
MEUKAM
7.130%
8/06/24
46,179
200
(d)
KazMunayGas
National
Co
JSC
3.500%
4/14/33
163,614
200
(d)
Tengizchevroil
Finance
Co
International
Ltd
4.000%
8/15/26
191,309
TOTAL
KAZAKHSTAN
599,877
KENYA
-
0.1%
200
(d)
Republic
of
Kenya
Government
International
Bond
7.250%
2/28/28
181,482
200
(d)
Republic
of
Kenya
Government
International
Bond
6.300%
1/23/34
149,229
TOTAL
KENYA
330,711
MACAU
-
0.1%
200
(d)
MGM
China
Holdings
Ltd
7.125%
6/26/31
201,057
200
Sands
China
Ltd
5.125%
8/08/25
198,248
TOTAL
MACAU
399,305
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
MALAYSIA
-
0.1%
600
MYR
Malaysia
Government
Bond
3.900%
11/30/26
$
128,532
$
215
(d)
MISC
Capital
Two
Labuan
Ltd
3.750%
4/06/27
205,493
200
(d)
Petronas
Capital
Ltd
3.500%
4/21/30
183,712
205
(d)
Petronas
Capital
Ltd
3.404%
4/28/61
137,262
TOTAL
MALAYSIA
654,999
MEXICO
-
0.9%
200
(d)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
4.375%
10/14/25
197,329
200
(d)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2.720%
8/11/31
177,577
192
(d)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10.000%
11/15/28
200,971
200
(d)
Braskem
Idesa
SAPI
6.990%
2/20/32
151,695
200
(d)
Comision
Federal
de
Electricidad
6.125%
6/16/45
183,657
200
(d)
Electricidad
Firme
de
Mexico
Holdings
SA
de
CV
4.900%
11/20/26
186,824
200
(d)
Grupo
Aeromexico
SAB
de
CV
8.500%
3/17/27
200,135
2,350
MXN
Mexican
Bonos
7.500%
6/03/27
119,443
875
MXN
Mexican
Bonos
7.750%
5/29/31
42,621
3,600
MXN
Mexican
Bonos
8.500%
11/18/38
174,337
250
Mexico
Government
International
Bond
6.400%
5/07/54
238,093
300
Mexico
Government
International
Bond
4.400%
2/12/52
218,736
200
Mexico
Government
International
Bond
4.280%
8/14/41
154,805
200
(d)
Nemak
SAB
de
CV
3.625%
6/28/31
154,752
140
Petroleos
Mexicanos
6.375%
1/23/45
90,763
445
Petroleos
Mexicanos
6.840%
1/23/30
391,742
412
Petroleos
Mexicanos
6.750%
9/21/47
271,010
245
Petroleos
Mexicanos
5.950%
1/28/31
197,437
100
EUR
Petroleos
Mexicanos,
Reg
S
3.625%
11/24/25
103,372
25
Petroleos
Mexicanos
6.500%
1/23/29
22,577
TOTAL
MEXICO
3,477,876
MONGOLIA
-
0.1%
300
(d)
Mongolia
Government
International
Bond
5.125%
4/07/26
290,250
TOTAL
MONGOLIA
290,250
MOROCCO
-
0.1%
200
(d)
Morocco
Government
International
Bond
5.500%
12/11/42
176,175
200
(d)
OCP
SA
5.125%
6/23/51
150,253
TOTAL
MOROCCO
326,428
NAMIBIA
-
0.0%
200
(d)
Namibia
International
Bonds
5.250%
10/29/25
196,484
TOTAL
NAMIBIA
196,484
NETHERLANDS
-
0.2%
185
Aegon
Ltd
5.500%
4/11/48
177,961
200
VEON
Holdings
BV,
Reg
S
4.000%
4/09/25
189,400
375
(d)
Ziggo
Bond
Co
BV
6.000%
1/15/27
367,816
TOTAL
NETHERLANDS
735,177
NIGERIA
-
0.2%
400
(d)
Nigeria
Government
International
Bond
8.375%
3/24/29
374,988
200
(d)
Nigeria
Government
International
Bond
7.375%
9/28/33
163,281
200
Nigeria
Government
International
Bond,
Reg
S
7.625%
11/28/47
144,921
TOTAL
NIGERIA
683,190
OMAN
-
0.1%
385
Oman
Government
International
Bond,
Reg
S
5.625%
1/17/28
384,519
200
Oman
Government
International
Bond,
Reg
S
6.750%
1/17/48
203,663
TOTAL
OMAN
588,182
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
PAKISTAN
-
0.0%
$
260
(d)
Pakistan
Government
International
Bond
8.875%
4/08/51
$
195,130
TOTAL
PAKISTAN
195,130
PANAMA
-
0.3%
200
(d)
Aeropuerto
Internacional
de
Tocumen
SA
5.125%
8/11/61
146,782
200
(d)
C&W
Senior
Finance
Ltd
6.875%
9/15/27
191,894
200
(d)
Empresa
de
Transmision
Electrica
SA
5.125%
5/02/49
144,361
190
Panama
Bonos
del
Tesoro
3.362%
6/30/31
151,525
200
Panama
Government
International
Bond
8.000%
3/01/38
210,607
155
Panama
Government
International
Bond
6.700%
1/26/36
150,215
172
(d)
UEP
Penonome
II
SA
2020
1
6.500%
10/01/38
144,591
TOTAL
PANAMA
1,139,975
PARAGUAY
-
0.0%
200
(d)
Paraguay
Government
International
Bond
6.000%
2/09/36
200,765
TOTAL
PARAGUAY
200,765
PERU
-
0.2%
120
(d)
Banco
de
Credito
del
Peru
S.A
3.125%
7/01/30
115,455
65
(d)
Banco
de
Credito
del
Peru
S.A
3.250%
9/30/31
60,452
300
(d)
Fondo
MIVIVIENDA
SA
4.625%
4/12/27
291,091
300
PEN
Peru
Government
Bond
5.400%
8/12/34
68,588
200
Peruvian
Government
International
Bond
3.000%
1/15/34
162,011
250
PEN
(d)
Peruvian
Government
International
Bond
5.400%
8/12/34
57,157
TOTAL
PERU
754,754
PHILIPPINES
-
0.0%
200
Philippine
Government
International
Bond
4.200%
3/29/47
166,750
TOTAL
PHILIPPINES
166,750
POLAND
-
0.1%
200
(d)
Bank
Gospodarstwa
Krajowego
5.375%
5/22/33
197,970
525
PLN
Republic
of
Poland
Government
Bond
2.750%
10/25/29
114,405
375
PLN
Republic
of
Poland
Government
Bond
6.000%
10/25/33
95,429
370
PLN
Republic
of
Poland
Government
Bond
0.250%
10/25/26
82,242
192
Republic
of
Poland
Government
International
Bond
5.500%
4/04/53
188,199
TOTAL
POLAND
678,245
QATAR
-
0.1%
200
Qatar
Government
International
Bond,
Reg
S
4.400%
4/16/50
175,000
310
(d)
QatarEnergy
3.300%
7/12/51
217,000
200
QNB
Finance
Ltd,
Reg
S
2.625%
5/12/25
194,663
TOTAL
QATAR
586,663
REPUBLIC
OF
SERBIA
-
0.0%
200
(d)
Serbia
International
Bond
6.500%
9/26/33
202,694
TOTAL
REPUBLIC
OF
SERBIA
202,694
ROMANIA
-
0.1%
550
RON
Romania
Government
Bond
3.650%
9/24/31
97,147
200
RON
Romania
Government
Bond
4.150%
1/26/28
40,113
185
EUR
(d)
Romanian
Government
International
Bond
5.250%
5/30/32
192,776
102
(d)
Romanian
Government
International
Bond
5.875%
1/30/29
101,347
30
(d)
Romanian
Government
International
Bond
3.000%
2/27/27
27,899
TOTAL
ROMANIA
459,282
RWANDA
-
0.1%
300
(d)
Rwanda
International
Government
Bond
5.500%
8/09/31
240,462
TOTAL
RWANDA
240,462
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SAUDI
ARABIA
-
0.2%
$
200
(d)
EIG
Pearl
Holdings
Sarl
4.387%
11/30/46
$
158,036
200
Saudi
Arabian
Oil
Co,
Reg
S
4.250%
4/16/39
174,000
385
Saudi
Government
International
Bond,
Reg
S
3.750%
1/21/55
271,038
325
(d)
Saudi
Government
International
Bond
2.250%
2/02/33
259,449
TOTAL
SAUDI
ARABIA
862,523
SENEGAL
-
0.1%
215
Senegal
Government
International
Bond,
Reg
S
6.750%
3/13/48
155,307
200
(d)
Senegal
Government
International
Bond
6.750%
3/13/48
144,458
TOTAL
SENEGAL
299,765
SINGAPORE
-
0.0%
200
(d)
MEDCO
MAPLE
TREE
PTE
LTD
8.960%
4/27/29
209,094
TOTAL
SINGAPORE
209,094
SOUTH
AFRICA
-
0.5%
500
(d)
Eskom
Holdings
SOC
Ltd
8.450%
8/10/28
502,499
200
(d)
Eskom
Holdings
SOC
Ltd
6.350%
8/10/28
193,756
200
(d)
MTN
Mauritius
Investments
Ltd
6.500%
10/13/26
198,804
4,000
ZAR
Republic
of
South
Africa
Government
Bond
8.875%
2/28/35
185,162
3,075
ZAR
Republic
of
South
Africa
Government
Bond
7.000%
2/28/31
141,634
225
Republic
of
South
Africa
Government
International
Bond
5.875%
4/20/32
208,710
200
Republic
of
South
Africa
Government
International
Bond
5.650%
9/27/47
151,000
200
Republic
of
South
Africa
Government
International
Bond
5.375%
7/24/44
150,832
200
(d)
Sasol
Financing
USA
LLC
8.750%
5/03/29
203,039
250
(d)
Transnet
SOC
Ltd
8.250%
2/06/28
248,608
TOTAL
SOUTH
AFRICA
2,184,044
SRI
LANKA
-
0.1%
415
Sri
Lanka
Government
International
Bond,
Reg
S
6.850%
11/03/25
243,907
TOTAL
SRI
LANKA
243,907
SUPRANATIONAL
-
0.1%
5,000
INR
Asian
Development
Bank
6.150%
2/25/30
57,687
200
(d)
Banque
Ouest
Africaine
de
Developpement
4.700%
10/22/31
174,692
12,500
INR
European
Bank
for
Reconstruction
&
Development
6.300%
10/26/27
146,411
TOTAL
SUPRANATIONAL
378,790
SWITZERLAND
-
0.1%
30
Credit
Suisse
AG/New
York
NY
5.000%
7/09/27
29,753
1,645
Credit
Suisse
Group
AG
7.250%
3/12/72
180,950
1,000
Credit
Suisse
Group
AG
0.000%
1/17/72
110,000
735
Credit
Suisse
Group
AG
7.500%
1/17/72
80,850
575
Credit
Suisse
Group
AG
7.500%
6/11/72
63,250
300
Credit
Suisse
Group
AG
6.380%
2/21/72
33,000
TOTAL
SWITZERLAND
497,803
THAILAND
-
0.1%
200
(d)
Bangkok
Bank
PCL
,
(WI/DD)
5.650%
7/05/34
200,299
200
(d)
Bangkok
Bank
PCL/Hong
Kong
3.466%
9/23/36
166,352
6,150
THB
Thailand
Government
Bond
2.875%
12/17/28
170,542
TOTAL
THAILAND
537,193
TURKEY
-
0.3%
200
(d)
Akbank
TAS
7.498%
1/20/30
198,550
200
(d)
Ford
Otomotiv
Sanayi
AS
7.125%
4/25/29
201,820
4,400
TRY
Turkiye
Government
Bond
12.600%
10/01/25
101,394
250
Turkiye
Government
International
Bond
7.625%
5/15/34
251,563
200
EUR
Turkiye
Government
International
Bond
5.875%
5/21/30
214,395
250
Turkiye
Government
International
Bond
6.000%
1/14/41
207,500
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
TURKEY
$
200
(d)
Turkiye
Ihracat
Kredi
Bankasi
AS
7.500%
2/06/28
$
200,080
TOTAL
TURKEY
1,375,302
UGANDA
-
0.0%
669,000
UGX
Republic
of
Uganda
Government
Bonds
14.250%
8/23/29
172,631
TOTAL
UGANDA
172,631
UKRAINE
-
0.1%
425
(d)
Ukraine
Government
International
Bond
6.876%
5/21/31
121,125
360
(d)
Ukraine
Government
International
Bond
7.253%
3/15/35
102,420
115
Ukraine
Government
International
Bond,
Reg
S
7.750%
9/01/24
36,398
100
Ukraine
Government
International
Bond,
Reg
S
7.750%
9/01/28
30,300
TOTAL
UKRAINE
290,243
UNITED
ARAB
EMIRATES
-
0.3%
400
Emirate
of
Dubai
Government
International
Bonds,
Reg
S
3.900%
9/09/50
294,167
435
(d)
Galaxy
Pipeline
Assets
Bidco
Ltd
2.625%
3/31/36
353,438
220
(d)
Galaxy
Pipeline
Assets
Bidco
Ltd
2022
2022
2.940%
9/30/40
175,637
240
(d)
MDGH
GMTN
RSC
Ltd
4.375%
11/22/33
226,341
190
(d)
Sweihan
PV
Power
Co
PJSC
2022
1
3.625%
1/31/49
152,058
TOTAL
UNITED
ARAB
EMIRATES
1,201,641
UNITED
KINGDOM
-
0.2%
20
Barclays
PLC
6.490%
9/13/29
20,704
30
BAT
Capital
Corp
6.343%
8/02/30
31,276
40
HSBC
Holdings
PLC
4.583%
6/19/29
38,667
300
(d)
Merlin
Entertainments
Group
US
Holdings
Inc
7.375%
2/15/31
305,657
200
(d)
Standard
Chartered
PLC
5.905%
5/14/35
198,238
190
Vodafone
Group
PLC
4.125%
6/04/81
161,813
TOTAL
UNITED
KINGDOM
756,355
URUGUAY
-
0.0%
6,200
UYU
Uruguay
Government
International
Bond
8.250%
5/21/31
146,571
TOTAL
URUGUAY
146,571
UZBEKISTAN
-
0.0%
200
(d)
Republic
of
Uzbekistan
International
Bond
7.850%
10/12/28
206,322
TOTAL
UZBEKISTAN
206,322
ZAMBIA
-
0.1%
239
(d)
Zambia
Government
International
Bond
5.750%
6/30/33
208,958
197
(d)
Zambia
Government
International
Bond
0.500%
12/31/53
96,120
TOTAL
ZAMBIA
305,078
TOTAL
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
(cost
$49,694,216)
40,699,655
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
7.1%
(5.0%
of
Total
Investments)
X
32,163,622
$
2,090
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.250%
4/15/28
$
2,018,894
286
(m)
United
States
Treasury
Inflation
Indexed
Bonds
3.875%
4/15/29
308,962
360
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.625%
10/15/27
353,960
353
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
3.375%
4/15/32
385,620
486
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.750%
1/15/28
478,572
553
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
2.000%
1/15/26
546,021
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
$
557
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
2.125%
4/15/29
$
558,112
577
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
4/15/25
560,810
818
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.750%
7/15/28
777,353
919
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.250%
7/15/29
844,054
956
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
4/15/26
913,576
872
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
3.625%
4/15/28
916,600
1,052
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.125%
1/15/33
973,720
1,020
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.750%
1/15/34
989,549
906
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
10/15/25
876,258
1,058
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.375%
7/15/25
1,031,046
1,956
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
7/15/30
1,750,471
1,683
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
1.375%
7/15/33
1,588,747
1,170
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
7/15/31
1,027,107
1,525
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.500%
1/15/28
1,437,116
1,523
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
1/15/30
1,370,811
1,434
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
10/15/26
1,364,999
15
(m)
United
States
Treasury
Inflation
Indexed
Bonds
2.375%
10/15/28
15,554
1,388
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
4/15/27
1,305,875
1,280
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.625%
1/15/26
1,238,128
1,298
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.375%
1/15/27
1,233,618
1,204
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
1/15/31
1,063,005
1,428
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
0.875%
1/15/29
1,352,625
1,696
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
-
When
Issued
0.125%
1/15/32
1,468,616
1,079
(g),(m)
United
States
Treasury
Inflation
Indexed
Bonds
-
When
Issued
0.625%
7/15/32
967,474
106
United
States
Treasury
Note/Bond
4.000%
2/15/34
103,080
200
United
States
Treasury
Note/Bond
4.375%
11/15/39
197,742
200
United
States
Treasury
Note/Bond
4.750%
7/31/25
199,289
213
United
States
Treasury
Note/Bond
3.875%
8/15/33
204,624
314
United
States
Treasury
Note/Bond
4.125%
7/31/28
310,181
446
(g)
United
States
Treasury
Note/Bond
2.875%
5/15/49
329,226
449
United
States
Treasury
Note/Bond
3.875%
5/15/43
405,478
50
United
States
Treasury
Note/Bond
4.625%
5/31/31
50,813
235
United
States
Treasury
Note/Bond
4.875%
10/31/30
241,637
475
(g)
United
States
Treasury
Note/Bond
3.625%
5/15/53
404,299
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(cost
$32,129,877)
32,163,622
Principal
Amount
(000)
Description
(a),(n)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
5.5%
(3.8%
of
Total
Investments)
X
24,933,563
BANKS
-
4.6%
$
600
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(l)
$
595,688
200
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(l)
212,863
640
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(l)
588,817
200
(d)
Banco
de
Credito
e
Inversiones
SA
8.750%
N/A
(l)
209,520
500
(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.625%
N/A
(l)
492,174
800
Banco
Santander
SA
4.750%
N/A
(l)
715,042
400
Banco
Santander
SA
9.625%
N/A
(l)
443,402
200
(d)
Bank
Hapoalim
BM,
Reg
S
3.255%
1/21/32
179,570
1,175
Barclays
PLC
9.625%
N/A
(l)
1,273,808
300
Barclays
PLC
8.000%
N/A
(l)
304,602
430
Barclays
PLC
6.125%
N/A
(l)
421,397
200
(d)
BBVA
Bancomer
SA/Texas
8.450%
6/29/38
206,135
410
(d)
BNP
Paribas
SA
8.500%
N/A
(l)
419,929
484
(d)
BNP
Paribas
SA
9.250%
N/A
(l)
513,203
161
(d)
BNP
Paribas
SA
7.375%
N/A
(l)
160,598
565
(d)
BNP
Paribas
SA
7.750%
N/A
(l)
569,811
625
(d)
BNP
Paribas
SA
7.000%
N/A
(l)
615,625
625
(d)
BNP
Paribas
SA
8.000%
N/A
(l)
627,330
515
(d)
Credit
Agricole
SA
8.125%
N/A
(l)
522,571
715
HSBC
Holdings
PLC
8.000%
N/A
(l)
750,929
1,260
HSBC
Holdings
PLC
6.375%
N/A
(l)
1,256,222
910
HSBC
Holdings
PLC
6.000%
N/A
(l)
878,695
200
HSBC
Holdings
PLC
6.500%
N/A
(l)
196,892
400
ING
Groep
NV,
Reg
S
7.500%
N/A
(l)
399,500
380
ING
Groep
NV
6.500%
N/A
(l)
375,830
845
ING
Groep
NV
5.750%
N/A
(l)
812,286
620
(d)
Intesa
Sanpaolo
SpA
7.700%
N/A
(l)
618,402
771
Lloyds
Banking
Group
PLC
8.000%
N/A
(l)
788,119
630
Lloyds
Banking
Group
PLC
7.500%
N/A
(l)
629,772
500
(d)
Macquarie
Bank
Ltd/London
6.125%
N/A
(l)
491,966
680
NatWest
Group
PLC
8.000%
N/A
(l)
684,491
770
NatWest
Group
PLC
6.000%
N/A
(l)
753,242
200
NatWest
Group
PLC
8.125%
N/A
(l)
202,069
205
(d)
Societe
Generale
SA
8.500%
N/A
(l)
194,189
1,301
(d)
Societe
Generale
SA
10.000%
N/A
(l)
1,349,779
725
(d)
Societe
Generale
SA
9.375%
N/A
(l)
733,051
45
(d)
Societe
Generale
SA
8.000%
N/A
(l)
44,948
600
(d)
Standard
Chartered
PLC
7.750%
N/A
(l)
605,821
TOTAL
BANKS
20,838,288
FINANCIAL
SERVICES
-
0.9%
800
Deutsche
Bank
AG
6.000%
N/A
(l)
757,233
200
Deutsche
Bank
AG
7.500%
N/A
(l)
196,819
200
Deutsche
Bank
AG,
Reg
S
4.789%
N/A
(l)
189,750
1,165
UBS
Group
AG,
Reg
S
6.875%
N/A
(l)
1,156,210
630
UBS
Group
AG,
Reg
S
7.000%
N/A
(l)
629,216
410
(d)
UBS
Group
AG
9.250%
N/A
(l)
459,156
420
(d)
UBS
Group
AG
9.250%
N/A
(l)
451,879
250
(d)
UBS
Group
AG
7.750%
N/A
(l)
255,012
TOTAL
FINANCIAL
SERVICES
4,095,275
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(cost
$25,157,537)
24,933,563
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
2.8%
(1.9%
of
Total
Investments)
X
12,620,642
AUTOMOBILES
&
COMPONENTS
-
0.0%
$
15
Ford
Motor
Co
6.100%
8/19/32
$
14,979
20
General
Motors
Financial
Co
Inc
2.750%
6/20/25
19,440
40
General
Motors
Financial
Co
Inc
5.850%
4/06/30
40,489
TOTAL
AUTOMOBILES
&
COMPONENTS
74,908
BANKS
-
0.1%
85
Bank
of
America
Corp
5.819%
9/15/29
86,779
70
Bank
of
America
Corp
5.468%
1/23/35
69,929
45
Citibank
NA
5.570%
4/30/34
45,716
110
JPMorgan
Chase
&
Co
5.766%
4/22/35
112,861
40
JPMorgan
Chase
&
Co
4.851%
7/25/28
39,590
35
Morgan
Stanley
Bank
NA
4.952%
1/14/28
34,736
35
Wells
Fargo
&
Co
5.574%
7/25/29
35,318
TOTAL
BANKS
424,929
CAPITAL
GOODS
-
0.1%
30
Boeing
Co/The
5.805%
5/01/50
27,036
15
Boeing
Co/The
3.250%
2/01/28
13,737
15
Honeywell
International
Inc
5.250%
3/01/54
14,555
15
L3Harris
Technologies
Inc
5.400%
7/31/33
14,953
5
Lockheed
Martin
Corp
5.200%
2/15/64
4,727
25
RTX
Corp
2.250%
7/01/30
21,351
30
Trane
Technologies
Financing
Ltd
3.550%
11/01/24
29,800
375
(d)
TransDigm
Inc
6.875%
12/15/30
382,819
TOTAL
CAPITAL
GOODS
508,978
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.6%
75
(d)
Boost
Newco
Borrower
LLC
7.500%
1/15/31
78,199
625
(d)
GFL
Environmental
Inc
5.125%
12/15/26
618,963
973
(d)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
5.750%
4/15/26
965,608
325
(d)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.250%
1/15/28
320,262
200
(d)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.375%
8/31/27
185,054
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,168,086
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
10
Home
Depot
Inc/The
4.950%
6/25/34
9,896
15
Lowe's
Cos
Inc
4.250%
4/01/52
11,789
20
O'Reilly
Automotive
Inc
4.200%
4/01/30
19,035
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
40,720
CONSUMER
SERVICES
-
0.1%
250
(d)
Life
Time
Inc
5.750%
1/15/26
248,898
TOTAL
CONSUMER
SERVICES
248,898
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.0%
200
(d)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
5.875%
2/15/28
197,678
5
Sysco
Corp
6.600%
4/01/50
5,565
15
Walmart
Inc
2.500%
9/22/41
10,390
10
Walmart
Inc
4.500%
4/15/53
8,851
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
222,484
ENERGY
-
0.2%
300
(d)
Citgo
Petroleum
Corp
7.000%
6/15/25
299,918
20
Diamondback
Energy
Inc
3.250%
12/01/26
19,112
5
Diamondback
Energy
Inc
4.400%
3/24/51
3,994
25
Energy
Transfer
LP
5.950%
5/15/54
24,344
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
ENERGY
(continued)
$
15
Energy
Transfer
LP
5.550%
5/15/34
$
14,845
30
Enterprise
Products
Operating
LLC
4.200%
1/31/50
24,056
100
(d)
EQM
Midstream
Partners
LP
6.500%
7/01/27
101,074
100
(d)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6.250%
4/15/32
96,168
10
Marathon
Oil
Corp
5.300%
4/01/29
10,041
15
Marathon
Petroleum
Corp
6.500%
3/01/41
15,611
250
Matador
Resources
Co
5.875%
9/15/26
249,607
50
MPLX
LP
4.875%
6/01/25
49,558
15
MPLX
LP
2.650%
8/15/30
12,926
15
MPLX
LP
4.700%
4/15/48
12,338
5
ONEOK
Inc
4.500%
3/15/50
3,955
20
Phillips
66
Co
5.300%
6/30/33
19,763
TOTAL
ENERGY
957,310
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.1%
70
American
Tower
Corp
2.750%
1/15/27
65,674
20
Brixmor
Operating
Partnership
LP
3.850%
2/01/25
19,782
20
Brixmor
Operating
Partnership
LP
2.250%
4/01/28
17,845
15
COPT
Defense
Properties
LP
2.750%
4/15/31
12,402
15
Essential
Properties
LP
2.950%
7/15/31
12,340
20
Essex
Portfolio
LP
2.650%
3/15/32
16,551
15
Federal
Realty
OP
LP
1.250%
2/15/26
13,999
30
Kite
Realty
Group
Trust
4.750%
9/15/30
28,655
25
Regency
Centers
LP
2.950%
9/15/29
22,442
250
(d)
RLJ
Lodging
Trust
LP
3.750%
7/01/26
237,655
45
SITE
Centers
Corp
3.625%
2/01/25
44,403
20
SITE
Centers
Corp
4.250%
2/01/26
19,779
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
511,527
FINANCIAL
SERVICES
-
0.0%
30
Goldman
Sachs
Group
Inc/The
5.851%
4/25/35
30,730
30
Morgan
Stanley
5.831%
4/19/35
30,752
35
Morgan
Stanley
5.656%
4/18/30
35,593
TOTAL
FINANCIAL
SERVICES
97,075
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
65
Constellation
Brands
Inc
2.875%
5/01/30
57,364
10
Philip
Morris
International
Inc
5.250%
2/13/34
9,811
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
67,175
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
625
(d)
CHS/Community
Health
Systems
Inc
8.000%
12/15/27
619,744
20
CVS
Health
Corp
5.050%
3/25/48
17,232
10
Elevance
Health
Inc
4.625%
5/15/42
8,803
30
HCA
Inc
3.500%
9/01/30
27,061
20
Humana
Inc
4.875%
4/01/30
19,623
200
(d)
Select
Medical
Corp
6.250%
8/15/26
200,987
256
(d)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
13.500%
6/30/28
283,744
625
Tenet
Healthcare
Corp
4.625%
6/15/28
594,374
250
Tenet
Healthcare
Corp
6.125%
10/01/28
248,750
15
UnitedHealth
Group
Inc
5.050%
4/15/53
13,894
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,034,212
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.0%
15
Haleon
US
Capital
LLC
3.625%
3/24/32
13,437
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
13,437
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
INSURANCE
-
0.4%
$
475
(d)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4.250%
10/15/27
$
444,758
907
Assurant
Inc
7.000%
3/27/48
910,607
20
Berkshire
Hathaway
Finance
Corp
2.850%
10/15/50
12,860
35
Hartford
Financial
Services
Group
Inc/The
2.800%
8/19/29
31,080
375
(d)
HUB
International
Ltd
7.250%
6/15/30
384,424
15
(d)
Principal
Life
Global
Funding
II
0.875%
1/12/26
14,016
TOTAL
INSURANCE
1,797,745
MATERIALS
-
0.1%
15
Amcor
Flexibles
North
America
Inc
4.000%
5/17/25
14,782
15
Amcor
Group
Finance
PLC
5.450%
5/23/29
15,049
250
(d)
Arsenal
AIC
Parent
LLC
8.000%
10/01/30
262,349
75
Ball
Corp
6.000%
6/15/29
75,403
25
Berry
Global
Inc
1.570%
1/15/26
23,488
TOTAL
MATERIALS
391,071
MEDIA
&
ENTERTAINMENT
-
0.1%
200
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500%
5/01/32
161,084
35
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500%
3/01/42
23,285
20
Comcast
Corp
1.500%
2/15/31
16,063
25
Comcast
Corp
2.800%
1/15/51
15,444
10
Comcast
Corp
5.350%
5/15/53
9,586
69
(d)
McGraw-Hill
Education
Inc
5.750%
8/01/28
66,536
250
(d)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
5.000%
8/15/27
242,005
20
Warnermedia
Holdings
Inc
5.050%
3/15/42
16,268
TOTAL
MEDIA
&
ENTERTAINMENT
550,271
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
10
AbbVie
Inc
5.050%
3/15/34
9,971
10
AbbVie
Inc
5.400%
3/15/54
9,888
35
Amgen
Inc
5.650%
3/02/53
34,469
15
Amgen
Inc
5.250%
3/02/33
14,956
10
Amgen
Inc
5.250%
3/02/25
9,980
250
(d)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.125%
4/30/31
224,564
35
Pfizer
Investment
Enterprises
Pte
Ltd
5.300%
5/19/53
33,758
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
337,586
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
35
(d)
Broadcom
Inc
4.926%
5/15/37
32,918
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
32,918
SOFTWARE
&
SERVICES
-
0.0%
15
Oracle
Corp
4.900%
2/06/33
14,550
15
Oracle
Corp
5.550%
2/06/53
14,192
25
Roper
Technologies
Inc
2.000%
6/30/30
20,886
TOTAL
SOFTWARE
&
SERVICES
49,628
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
35
Apple
Inc
2.450%
8/04/26
33,248
10
Apple
Inc
2.650%
5/11/50
6,382
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
39,630
TELECOMMUNICATION
SERVICES
-
0.2%
40
AT&T
Inc
3.800%
12/01/57
27,945
30
AT&T
Inc
3.500%
9/15/53
20,365
25
AT&T
Inc
3.650%
6/01/51
17,658
375
(d)
Frontier
Communications
Holdings
LLC
5.875%
10/15/27
366,116
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
TELECOMMUNICATION
SERVICES
(continued)
$
375
(d)
Level
3
Financing
Inc
10.500%
5/15/30
$
371,405
80
(d)
Level
3
Financing
Inc
10.500%
4/15/29
79,800
50
T-Mobile
USA
Inc
2.250%
11/15/31
40,865
15
T-Mobile
USA
Inc
5.150%
4/15/34
14,743
80
Verizon
Communications
Inc
1.750%
1/20/31
64,742
TOTAL
TELECOMMUNICATION
SERVICES
1,003,639
TRANSPORTATION
-
0.1%
250
(d)
United
Airlines
Inc
4.375%
4/15/26
241,502
TOTAL
TRANSPORTATION
241,502
UTILITIES
-
0.2%
40
AEP
Transmission
Co
LLC
5.400%
3/15/53
38,233
30
Ameren
Illinois
Co
4.950%
6/01/33
29,282
10
Atmos
Energy
Corp
6.200%
11/15/53
10,765
10
Consolidated
Edison
Co
of
New
York
Inc
5.700%
5/15/54
9,976
20
DTE
Electric
Co
5.200%
3/01/34
19,936
30
Duke
Energy
Carolinas
LLC
4.250%
12/15/41
25,072
25
Duke
Energy
Carolinas
LLC
5.350%
1/15/53
23,746
35
Florida
Power
&
Light
Co
4.800%
5/15/33
34,030
15
Florida
Power
&
Light
Co
5.050%
4/01/28
15,055
55
Georgia
Power
Co
2.650%
9/15/29
49,041
15
Interstate
Power
and
Light
Co
3.100%
11/30/51
9,491
484
PG&E
Corp
5.000%
7/01/28
465,676
50
PG&E
Corp
5.250%
7/01/30
47,751
25
Public
Service
Co
of
Colorado
1.875%
6/15/31
20,003
15
Public
Service
Co
of
Colorado
2.700%
1/15/51
8,856
TOTAL
UTILITIES
806,913
TOTAL
CORPORATE
BONDS
(cost
$12,930,448)
12,620,642
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
2.5%
(1.7%
of
Total
Investments)
X
11,125,823
AUTOMOBILES
&
COMPONENTS
-
0.0%
2,594
Dr
Ing
hc
F
Porsche
AG
0.000%
$
192,977
TOTAL
AUTOMOBILES
&
COMPONENTS
192,977
BANKS
-
0.6%
4,750
(d)
Farm
Credit
Bank
of
Texas
9.603%
474,519
15,622
Fifth
Third
Bancorp
9.302%
396,174
142,800
Itau
Unibanco
Holding
SA
0.000%
827,919
27,025
KeyCorp
6.200%
595,631
8,825
KeyCorp
6.125%
202,181
12,231
Regions
Financial
Corp
6.375%
305,163
4,900
Wintrust
Financial
Corp
6.875%
122,304
TOTAL
BANKS
2,923,891
CAPITAL
GOODS
-
0.1%
9,427
Air
Lease
Corp
9.241%
237,937
6,800
WESCO
International
Inc
10.625%
176,324
TOTAL
CAPITAL
GOODS
414,261
ENERGY
-
0.1%
541,133
Raizen
SA
0.000%
285,566
TOTAL
ENERGY
285,566
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
FINANCIAL
SERVICES
-
0.4%
11,100
Equitable
Holdings
Inc
5.250%
$
241,425
25,000
Morgan
Stanley
6.875%
627,250
6,900
Morgan
Stanley
6.500%
180,090
4,206
Morgan
Stanley
7.125%
106,033
8,848
Synchrony
Financial
5.625%
161,122
17,343
Voya
Financial
Inc
5.350%
421,088
TOTAL
FINANCIAL
SERVICES
1,737,008
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
34,746
CHS
Inc
7.100%
894,710
17,393
CHS
Inc
6.750%
436,390
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,331,100
INSURANCE
-
1.0%
24,200
American
National
Group
Inc
6.625%
607,419
22,866
American
National
Group
Inc
5.950%
554,958
21,148
Aspen
Insurance
Holdings
Ltd
9.624%
556,615
15,200
Aspen
Insurance
Holdings
Ltd
5.625%
305,064
9,600
Assurant
Inc
5.250%
200,832
19,836
Athene
Holding
Ltd
6.350%
478,444
16,890
Athene
Holding
Ltd
6.375%
424,784
10,532
Enstar
Group
Ltd
7.000%
263,827
14,737
Reinsurance
Group
of
America
Inc
5.750%
370,636
9,609
Reinsurance
Group
of
America
Inc
7.125%
250,987
8,200
Selective
Insurance
Group
Inc
4.600%
148,830
TOTAL
INSURANCE
4,162,396
TELECOMMUNICATION
SERVICES
-
0.0%
3,900
AT&T
Inc
4.750%
78,624
TOTAL
TELECOMMUNICATION
SERVICES
78,624
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(cost
$11,874,432)
11,125,823
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
-
0.2%
(0.2%
of
Total
Investments)
X
1,065,007
$
250
(d)
Hertz
Vehicle
Financing
III
LLC,
2023
3A
5.940%
2/25/28
$
251,112
250
(d),(e)
Industrial
DPR
Funding
Ltd,
2022
1A
5.380%
4/15/34
213,828
191
(d)
MVW
2020-1
LLC,
2020
1A
1.740%
10/20/37
179,588
300
(d)
OneMain
Financial
Issuance
Trust
2022-2,
2022
2A
4.890%
10/14/34
297,659
125
(d)
PenFed
Auto
Receivables
Owner
Trust
2022-A,
2022
A
4.600%
12/15/28
122,820
TOTAL
ASSET-BACKED
SECURITIES
(cost
$1,090,897)
1,065,007
Shares
Description
(a)
Value
X
–
WARRANTS
-
0.1%
(0.0%
of
Total
Investments)
X
302,157
MEDIA
&
ENTERTAINMENT
-
0.1%
17,839
(b)
Cineworld
Group
PLC
$
302,157
TOTAL
MEDIA
&
ENTERTAINMENT
302,157
TOTAL
WARRANTS
(cost
$286,067)
302,157
A
Investments
in
Derivatives
Shares
Description
(a)
Value
X–
INVESTMENT
COMPANIES
-
0.0%
(0.0%
of
Total
Investments)
X
184,336
45,510
3i
Infrastructure
PLC
$
184,33
5
TOTAL
INVESTMENT
COMPANIES
(cost
$179,732)
184,33
5
TOTAL
LONG-TERM
INVESTMENTS
(cost
$589,345,619)
632,875,91
1
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.5% (2.4%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
3.5%
(2.4%
of
Total
Investments)
X
15,736,097
$
15,736
(o)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
15,736,097
TOTAL
REPURCHASE
AGREEMENTS
(cost
$15,736,097)
15,736,097
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$15,736,097)
15,736,097
TOTAL
INVESTMENTS
(cost
$605,081
,
716
)
-
143.3%
648,612,00
8
BORROWINGS
-
(24.8)%
(p),(q)
(112,116,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(15.1)%(r)
(68,123,222)
OTHER
ASSETS
&
LIABILITIES,
NET
- (3.4)%
(15,734,538
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
452,638,248
Options
Written
Type
Description(s)
Number
of
Contracts
Notional
Amount
(t)
Exercise
Price
Expiration
Date
Value
Call
Russell
2000
Index
(6)
$
(1,260,000)
$
2,100
7/19/24
$
(8,520)
Call
S&P
500
Index
(20)
(10,800,000)
5,400
7/19/24
(223,500)
Call
S&P
500
Index
(5)
(2,725,000)
5,450
7/31/24
(31,175)
Call
S&P
500
Index
(10)
(5,600,000)
5,600
7/31/24
(23,600)
Call
S&P
500
Index
(10)
(5,700,000)
5,700
7/31/24
(6,100)
Call
S&P
500
Index
(10)
(5,700,000)
5,700
8/16/24
(16,000)
Total
Options
Written
(premiums
received
$158,004)
(61)
$(31,785,000)
$(308,895)
Forward
Foreign
Currency
Contracts
Currency
Purchased
Notional
Amount
(Local
Currency)
Currency
Sold
Notional
Amount
(Local
Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
U.S.
Dollar
1,216,974
Euro
1,310,668
Morgan
Stanley
Capital
Services
LLC
7/16/24
$
6,498
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$71,114,433
or
11.0%
of
Total
Investments.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$77,868,130
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
Nuveen
Multi-Asset
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
(h)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
Secured
Overnight
Financing
Rate
(“SOFR”),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(i)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(j)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(k)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(l)
Perpetual
security.
Maturity
date
is
not
applicable.
(m)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(n)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(o)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$15,736,097
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.750%–4.250%
and
maturity
dates
12/31/25–8/31/26,
valued
at
$16,050,961.
(p)
Borrowings
as
a
percentage
of
Total
Investments
is
17.3%.
(q)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$192,971,883
have
been
pledged
as
collateral
for
borrowings.
(r)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
10.5%.
(s)
Exchange-traded,
unless
otherwise
noted.
(t)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
ADR
American
Depositary
Receipt
BRL
Brazilian
Real
COP
Colombian
Peso
CME
Chicago
Mercantile
Exchange
CZK
Czech
Koruna
DD1
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
DOP
Dominican
Peso
ETF
Exchange-Traded
Fund
EUR
Euro
GDR
Global
Depositary
Receipt
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KZT
Kazakhstani
Tenge
LIBOR
London
Inter-Bank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
N/A
Not
Applicable.
PEN
Peruvian
Sol
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
PLN
Polish
Zloty
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
RON
Romanian
Leu
S&P
Standard
&
Poor's
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
THB
Thai
Baht
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted.
TRY
Turkish
Lira
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
UGX
Ugandan
Shilling
UYU
Uruguayan
Peso
WI/DD
When-issued
or
delayed
delivery
security.
ZAR
South
African
Rand
See
Notes
to
Financial
Statements
Nuveen
Real
Asset
Income
and
Growth
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
139.0%
(98.0%
of
Total
Investments)
X
–
CORPORATE
BONDS
-
37
.1
%
(
26
.1
%
of
Total
Investments)
X
133,505,790
CAPITAL
GOODS
-
1.0%
$
1,600
(b)
Advanced
Drainage
Systems
Inc
6.375%
6/15/30
$
1,605,784
1,080
(b)
Chart
Industries
Inc
7.500%
1/01/30
1,116,036
930
(b)
Trinity
Industries
Inc
7.750%
7/15/28
962,740
TOTAL
CAPITAL
GOODS
3,684,560
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.4%
420
(b)
GFL
Environmental
Inc
6.750%
1/15/31
428,477
1,125
(b)
Wrangler
Holdco
Corp
6.625%
4/01/32
1,120,031
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,548,508
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.2%
705
(b)
LCM
Investments
Holdings
II
LLC
4.875%
5/01/29
658,985
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
658,985
CONSUMER
SERVICES
-
1.7%
300
EUR
Accor
SA,
Reg
S
7.250%
4/11/73
(c)
348,434
520
Choice
Hotels
International
Inc
0.000%
8/01/34
512,516
1,500
(b)
Churchill
Downs
Inc
5.750%
4/01/30
1,457,002
645
(b)
Hilton
Domestic
Operating
Co
Inc
5.875%
4/01/29
645,875
760
(b)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6.625%
1/15/32
763,559
810
Piedmont
Operating
Partnership
LP
9.250%
7/20/28
864,161
690
(b)
Scientific
Games
International
Inc
7.500%
9/01/31
712,922
695
(b)
Six
Flags
Entertainment
Corp
0.000%
4/30/32
706,284
TOTAL
CONSUMER
SERVICES
6,010,753
ENERGY
-
8.6%
935
(b)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.250%
4/01/28
926,008
120
(b)
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
7.250%
7/15/32
123,378
1,240
(b)
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
7.000%
7/15/29
1,262,804
2,250
(b)
Buckeye
Partners
LP
6.875%
7/01/29
2,258,404
1,615
Cheniere
Energy
Partners
LP
4.500%
10/01/29
1,538,517
510
(b)
CNX
Midstream
Partners
LP
4.750%
4/15/30
459,593
700
(b)
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%
6/15/31
663,548
300
(b)
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
7.500%
12/15/33
311,189
765
(b)
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
8.625%
3/15/29
787,230
825
Energy
Transfer
LP
5.550%
5/15/34
816,487
1,695
(b)
EQM
Midstream
Partners
LP
6.375%
4/01/29
1,712,131
450
EQM
Midstream
Partners
LP
5.500%
7/15/28
443,135
205
(b)
EQM
Midstream
Partners
LP
7.500%
6/01/27
209,348
515
CAD
Gibson
Energy
Inc
5.250%
12/22/80
345,015
1,000
(b)
Global
Partners
LP
/
GLP
Finance
Corp
8.250%
1/15/32
1,027,832
750
(b)
Harvest
Midstream
I
LP
7.500%
5/15/32
761,510
1,110
CAD
Keyera
Corp
5.950%
3/10/81
765,531
670
CAD
Keyera
Corp
6.875%
6/13/79
489,014
560
(b)
Kinetik
Holdings
LP
5.875%
6/15/30
551,830
1,000
(b)
Kodiak
Gas
Services
LLC
7.250%
2/15/29
1,025,076
2,745
MPLX
LP
5.000%
3/01/33
2,622,539
915
(b)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7.875%
9/15/30
936,709
1,784
CAD
Pembina
Pipeline
Corp
4.800%
1/25/81
1,167,043
731
(d)
Plains
All
American
Pipeline
LP
(TSFR3M
reference
rate
+
4.372%
spread)
9.694%
11/15/72
(c)
727,790
780
(b)
Sunoco
LP
7.000%
5/01/29
799,409
785
Targa
Resources
Corp
6.150%
3/01/29
810,285
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
ENERGY
(continued)
$
1,185
Targa
Resources
Corp
6.125%
3/15/33
$
1,216,978
195
CAD
Transcanada
Trust
4.200%
3/04/81
124,188
630
(b)
Transocean
Inc
8.750%
2/15/30
661,423
720
(b)
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
7.125%
3/15/29
725,478
2,000
(b)
Venture
Global
Calcasieu
Pass
LLC
6.250%
1/15/30
2,029,792
1,390
(b)
Venture
Global
LNG
Inc
9.500%
2/01/29
1,522,184
1,045
Williams
Cos
Inc/The
4.900%
3/15/29
1,030,807
TOTAL
ENERGY
30,852,205
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
7.7%
1,880
Agree
LP
4.800%
10/01/32
1,762,929
1,000
Alexandria
Real
Estate
Equities
Inc
5.250%
5/15/36
962,211
1,375
American
Homes
4
Rent
LP
5.500%
2/01/34
1,352,060
2,050
American
Tower
Corp
5.500%
3/15/28
2,062,099
945
AvalonBay
Communities
Inc
5.000%
2/15/33
921,527
565
(b)
CTR
Partnership
LP
/
CareTrust
Capital
Corp
3.875%
6/30/28
519,206
830
CubeSmart
LP
4.375%
2/15/29
795,758
1,775
Essex
Portfolio
LP
5.500%
4/01/34
1,759,055
1,810
Extra
Space
Storage
LP
5.700%
4/01/28
1,830,242
1,715
Federal
Realty
OP
LP
5.375%
5/01/28
1,716,875
785
GLP
Capital
LP
/
GLP
Financing
II
Inc
6.750%
12/01/33
824,777
1,405
(b)
Goodman
US
Finance
Five
LLC
4.625%
5/04/32
1,300,545
530
(b)
Iron
Mountain
Inc
7.000%
2/15/29
539,323
1,250
Iron
Mountain
Inc,
Reg
S
4.875%
9/15/27
1,212,115
450
Kilroy
Realty
LP
6.250%
1/15/36
427,062
1,300
Kimco
Realty
OP
LLC
4.600%
2/01/33
1,219,218
893
Kite
Realty
Group
LP
4.000%
10/01/26
863,848
1,120
Kite
Realty
Group
LP
5.500%
3/01/34
1,095,004
915
Mid-America
Apartments
LP
5.300%
2/15/32
910,979
444
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5.000%
10/15/27
366,703
1,955
Prologis
LP
5.000%
3/15/34
1,912,092
660
(b)
Scentre
Group
Trust
2
5.125%
9/24/80
612,235
1,240
SITE
Centers
Corp
4.700%
6/01/27
1,230,553
1,570
Welltower
OP
LLC
3.850%
6/15/32
1,414,166
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
27,610,582
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.6%
1,470
(b)
Prologis
Targeted
US
Logistics
Fund
LP
5.500%
4/01/34
1,470,933
3,000
(b)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6.500%
4/01/32
3,000,217
1,245
SITE
Centers
Corp
3.625%
2/01/25
1,228,471
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
5,699,621
FINANCIAL
SERVICES
-
1.3%
1,460
(b)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
8.000%
6/15/27
1,517,872
1,150
(b)
Hunt
Cos
Inc
5.250%
4/15/29
1,045,129
930
National
Rural
Utilities
Cooperative
Finance
Corp
7.125%
9/15/53
955,803
655
(b)
Starwood
Property
Trust
Inc
4.375%
1/15/27
620,135
585
(b)
Starwood
Property
Trust
Inc
7.250%
4/01/29
591,272
TOTAL
FINANCIAL
SERVICES
4,730,211
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
900
(b)
CHS/Community
Health
Systems
Inc
10.875%
1/15/32
936,708
600
(b)
LifePoint
Health
Inc
11.000%
10/15/30
661,061
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,597,769
Nuveen
Real
Asset
Income
and
Growth
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
MEDIA
&
ENTERTAINMENT
-
1.1%
$
1,713
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
6.375%
9/01/29
$
1,628,257
1,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.125%
5/01/27
960,146
500
Lamar
Media
Corp
4.875%
1/15/29
480,467
1,000
(b)
Ziggo
Bond
Co
BV
6.000%
1/15/27
980,840
TOTAL
MEDIA
&
ENTERTAINMENT
4,049,710
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.2%
725
EUR
(b)
Peach
Property
Finance
GmbH
4.375%
11/15/25
669,721
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
669,721
TELECOMMUNICATION
SERVICES
-
1.3%
1,150
(b)
Frontier
Communications
Holdings
LLC
6.000%
1/15/30
1,000,456
350
(b)
Frontier
Communications
Holdings
LLC
8.625%
3/15/31
360,544
865
(b)
Iliad
Holding
SASU
8.500%
4/15/31
875,846
705
(b)
Iliad
Holding
SASU
7.000%
10/15/28
699,099
635
(b)
Iliad
Holding
SASU
6.500%
10/15/26
632,187
1,000
(b)
Level
3
Financing
Inc
10.500%
4/15/29
997,500
TOTAL
TELECOMMUNICATION
SERVICES
4,565,632
TRANSPORTATION
-
1.8%
2,000
(b)
Brightline
East
LLC
11.000%
1/31/30
1,823,730
1,000
(b)
Cargo
Aircraft
Management
Inc
4.750%
2/01/28
927,541
2,500
(b)
Genesee
&
Wyoming
Inc
6.250%
4/15/32
2,490,634
1,200
(b)
XPO
Inc
7.125%
6/01/31
1,225,934
TOTAL
TRANSPORTATION
6,467,839
UTILITIES
-
9.8%
1,160
AEP
Transmission
Co
LLC
5.150%
4/01/34
1,133,677
1,305
CAD
AltaGas
Ltd
5.250%
1/11/82
838,918
1,425
CAD
AltaGas
Ltd
7.350%
8/17/82
1,057,222
1,810
Ameren
Illinois
Co
4.950%
6/01/33
1,766,672
500
(b)
Calpine
Corp
5.125%
3/15/28
480,874
1,620
CenterPoint
Energy
Houston
Electric
LLC
5.200%
10/01/28
1,633,523
2,500
(b)
Clearway
Energy
Operating
LLC
4.750%
3/15/28
2,388,811
985
CMS
Energy
Corp
3.750%
12/01/50
823,440
1,010
DTE
Electric
Co
5.200%
3/01/34
1,006,758
1,055
Duke
Energy
Progress
LLC
5.100%
3/15/34
1,046,294
800
(b)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.375%
4/01/26
782,629
1,125
(b)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.875%
4/01/29
1,035,055
720
Florida
Power
&
Light
Co
4.800%
5/15/33
700,040
3,000
(b)
ITC
Holdings
Corp
4.950%
9/22/27
2,971,856
420
(b)
NextEra
Energy
Operating
Partners
LP
4.500%
9/15/27
397,459
580
(b)
NextEra
Energy
Operating
Partners
LP
7.250%
1/15/29
594,773
1,210
GBP
NGG
Finance
PLC,
Reg
S
5.625%
6/18/73
1,520,001
1,183
NRG
Energy
Inc
6.625%
1/15/27
1,180,641
675
(b)
NRG
Energy
Inc
5.250%
6/15/29
647,825
910
OGE
Energy
Corp
5.450%
5/15/29
916,973
1,495
Pacific
Gas
and
Electric
Co
6.150%
1/15/33
1,518,734
805
(b)
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4.500%
8/15/28
745,121
898
PPL
Capital
Funding
Inc
8.261%
3/30/67
890,905
610
Public
Service
Electric
and
Gas
Co
5.200%
3/01/34
610,241
1,075
Public
Service
Enterprise
Group
Inc
5.850%
11/15/27
1,093,392
1,325
(b)
RWE
Finance
US
LLC
5.875%
4/16/34
1,326,480
580
(b)
RWE
Finance
US
LLC
6.250%
4/16/54
572,717
1,075
GBP
SSE
PLC,
Reg
S
3.740%
4/14/73
(c)
1,308,845
275
(b)
Superior
Plus
LP
/
Superior
General
Partner
Inc
4.500%
3/15/29
252,361
1,435
(b)
TerraForm
Power
Operating
LLC
4.750%
1/15/30
1,308,004
1,410
(b)
Vistra
Operations
Co
LLC
7.750%
10/15/31
1,468,361
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
UTILITIES
(continued)
$
1,350
Wisconsin
Power
and
Light
Co
5.375%
3/30/34
$
1,341,092
TOTAL
UTILITIES
35,359,694
TOTAL
CORPORATE
BONDS
(cost
$134,388,552)
133,505,790
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
32
.6
%
(
23
.0
%
of
Total
Investments)
X
117,493,457
ENERGY
-
12.8%
238,422
Enbridge
Inc
$
8,485,439
244,125
Energy
Transfer
LP
3,959,708
84,102
Enterprise
Products
Partners
LP
2,437,276
139,801
Gibson
Energy
Inc
2,375,917
33,414
Keyera
Corp
925,446
318,374
Kinder
Morgan
Inc
6,326,091
61,546
MPLX
LP
2,621,244
94,414
ONEOK
Inc
7,699,462
172,780
Pembina
Pipeline
Corp
6,410,813
19,201
Plains
GP
Holdings
LP,
Class
A
361,363
24,614
TC
Energy
Corp
933,067
85,051
Williams
Cos
Inc/The
3,614,667
TOTAL
ENERGY
46,150,493
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.4%
442,247
Chartwell
Retirement
Residences
4,153,996
71,421
Sienna
Senior
Living
Inc
743,941
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
4,897,937
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.7%
662,680
Capitaland
India
Trust
478,186
210,039
Hysan
Development
Co
Ltd
301,602
1,828,794
Sino
Land
Co
Ltd
1,882,013
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,661,801
TELECOMMUNICATION
SERVICES
-
0.8%
392,984
HKT
Trust
&
HKT
Ltd
440,788
86,770
Infrastrutture
Wireless
Italiane
SpA
903,770
2,653,189
NETLINK
NBN
TRUST
1,624,002
TOTAL
TELECOMMUNICATION
SERVICES
2,968,560
TRANSPORTATION
-
3.2%
5,923
Aena
SME
SA
1,199,391
33,082
Athens
International
Airport
SA
278,119
618,932
Atlas
Arteria
Ltd
2,103,884
442,261
Aurizon
Holdings
Ltd
1,074,357
389,144
China
Merchants
Port
Holdings
Co
Ltd
578,236
520,657
Dalrymple
Bay
Infrastructure
Ltd
1,028,671
324,845
Enav
SpA
1,291,485
12,498
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV,
ADR
845,490
9,457
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
1,473,117
183,327
Transurban
Group
1,512,002
TOTAL
TRANSPORTATION
11,384,752
Nuveen
Real
Asset
Income
and
Growth
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
UTILITIES
-
13.7%
30,252
Algonquin
Power
&
Utilities
Corp
$
177,277
237,389
APA
Group
1,261,834
433
Canadian
Solar
Infrastructure
Fund
Inc
265,629
11,069
Canadian
Utilities
Ltd,
Class
A
239,091
325,247
CK
Infrastructure
Holdings
Ltd
1,836,765
64,501
Clearway
Energy
Inc,
Class
A
1,461,593
233,394
CLP
Holdings
Ltd
1,887,718
263,630
Contact
Energy
Ltd
1,445,193
53,979
Dominion
Energy
Inc
2,644,971
45,818
Duke
Energy
Corp
4,592,338
111,520
Enagas
SA
1,658,292
50,152
Endesa
SA
942,305
547,321
Enel
SpA
3,797,746
15,977
Entergy
Corp
1,709,539
89,268
Evergy
Inc
4,728,526
1,470
Eversource
Energy
83,364
116,227
Italgas
SpA
573,970
159,419
National
Grid
PLC
1,780,094
86,578
National
Grid
PLC,
Sponsored
ADR
4,917,630
10,529
Northwestern
Energy
Group
Inc
527,292
78,902
OGE
Energy
Corp
2,816,801
46,011
Pennon
Group
PLC
334,081
14,268
Pinnacle
West
Capital
Corp
1,089,790
67,783
Power
Assets
Holdings
Ltd
366,331
136,737
Redeia
Corp
SA
2,391,041
334,287
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
820,884
977,152
Snam
SpA
4,315,116
6,232
Spire
Inc
378,469
170,918
Vector
Ltd
386,234
TOTAL
UTILITIES
49,429,914
TOTAL
COMMON
STOCKS
(cost
$105,207,869)
117,493,457
Shares
Description
(a)
Value
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
31
.0
%
(
21
.8
%
of
Total
Investments)
X
111,410,349
DATA
CENTER
REITS
-
0.4%
55,518
Digital
Realty
Trust
Inc
$
1,350,198
TOTAL
DATA
CENTER
REITS
1,350,198
DIVERSIFIED
REITS
-
2.1%
45,896
Armada
Hoffler
Properties
Inc
508,987
315,403
British
Land
Co
PLC/The
1,639,408
145,972
Charter
Hall
Long
Wale
REIT
316,123
381,271
Growthpoint
Properties
Australia
Ltd
550,192
40,843
ICADE
1,010,405
638,348
Mirvac
Group
794,219
5,256
Star
Asia
Investment
Corp
1,952,613
184,170
Stockland
510,108
398
United
Urban
Investment
Corp
353,343
TOTAL
DIVERSIFIED
REITS
7,635,398
HEALTH
CARE
REITS
-
4.0%
91,072
American
Healthcare
REIT
Inc
1,330,562
3,567,622
Assura
PLC
1,808,374
41,107
CareTrust
REIT
Inc
1,031,786
28,843
Community
Healthcare
Trust
Inc
674,638
18,212
Healthcare
Realty
Trust
Inc
300,134
288,651
Healthpeak
Properties
Inc
5,657,559
Shares
Description
(a)
Value
HEALTH
CARE
REITS
(continued)
101,406
Omega
Healthcare
Investors
Inc
$
3,473,155
TOTAL
HEALTH
CARE
REITS
14,276,208
HOTEL
&
RESORT
REITS
-
0.6%
157,492
Apple
Hospitality
REIT
Inc
2,289,934
TOTAL
HOTEL
&
RESORT
REITS
2,289,934
INDUSTRIAL
REITS
-
6.1%
13,675
ARGAN
SA
1,066,689
141,497
Dexus
Industria
REIT
266,141
235,688
Dream
Industrial
Real
Estate
Investment
Trust
2,182,791
483,062
(b)
FIBRA
Macquarie
Mexico
819,318
2,108,039
Frasers
Logistics
&
Commercial
Trust
1,474,177
471
GLP
J-Reit
384,574
840
LaSalle
Logiport
REIT
772,152
883,313
LondonMetric
Property
PLC
2,151,062
138,280
LXP
Industrial
Trust
1,261,114
1,461,176
Mapletree
Industrial
Trust
2,271,773
2,795,286
Mapletree
Logistics
Trust
2,654,425
374,442
Nexus
Industrial
REIT
1,855,719
996,116
TF
Administradora
Industrial
S
de
RL
de
CV
2,130,528
595,346
Tritax
Big
Box
REIT
PLC
1,164,022
928,604
Urban
Logistics
REIT
PLC
1,379,195
TOTAL
INDUSTRIAL
REITS
21,833,680
MORTGAGE
REITS
-
0.2%
18,931
Blackstone
Mortgage
Trust
Inc,
Class
A
329,778
17,329
Starwood
Property
Trust
Inc
328,211
TOTAL
MORTGAGE
REITS
657,989
MULTI-FAMILY
RESIDENTIAL
REITS
-
1.1%
524
Daiwa
Securities
Living
Investments
Corp
342,502
7,905
Equity
Residential
548,133
1,768,627
(e)
Home
Reit
PLC
2,236
75,540
UDR
Inc
3,108,471
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
4,001,342
OFFICE
REITS
-
3.0%
29,719
Boston
Properties
Inc
1,829,502
84,448
COPT
Defense
Properties
2,113,733
248
Daiwa
Office
Investment
Corp
437,327
212,599
Dexus
917,128
8,407
Equity
Commonwealth
209,418
23,131
Gecina
SA
2,135,250
1,514
KDX
Realty
Investment
Corp
1,471,709
46,911
NSI
NV
965,601
348
Orix
JREIT
Inc
344,859
44,019
Postal
Realty
Trust
Inc,
Class
A
586,773
TOTAL
OFFICE
REITS
11,011,300
OTHER
SPECIALIZED
REITS
-
2.7%
85,649
Four
Corners
Property
Trust
Inc
2,112,961
118,192
Gaming
and
Leisure
Properties
Inc
5,343,460
78,170
VICI
Properties
Inc
2,238,789
TOTAL
OTHER
SPECIALIZED
REITS
9,695,210
REAL
ESTATE
OPERATING
COMPANIES
-
0.5%
1,432,634
Sirius
Real
Estate
Ltd
1,693,960
TOTAL
REAL
ESTATE
OPERATING
COMPANIES
1,693,960
Nuveen
Real
Asset
Income
and
Growth
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
RETAIL
REITS
-
8.5%
10,003
Agree
Realty
Corp
$
619,586
399,235
Charter
Hall
Retail
REIT
861,711
105,203
Choice
Properties
Real
Estate
Investment
Trust
987,396
125,381
Crombie
Real
Estate
Investment
Trust
1,168,530
90,291
CT
Real
Estate
Investment
Trust
869,877
1,146,899
Fortune
Real
Estate
Investment
Trust
552,361
1,699,776
Frasers
Centrepoint
Trust
2,665,048
165,641
Kimco
Realty
Corp
3,223,374
161,071
Link
REIT
625,497
24,659
NNN
REIT
Inc
1,050,473
194,723
Primaris
Real
Estate
Investment
Trust
1,888,801
104,032
Realty
Income
Corp
5,494,970
4,974
Regency
Centers
Corp
309,383
68,297
RioCan
Real
Estate
Investment
Trust
839,204
4,171
Saul
Centers
Inc
153,368
33,195
Simon
Property
Group
Inc
5,039,001
1,584,317
Vicinity
Ltd
1,948,052
857,453
Waypoint
REIT
Ltd
1,238,909
66,971
Wereldhave
NV
947,843
TOTAL
RETAIL
REITS
30,483,384
SELF-STORAGE
REITS
-
0.9%
38,859
CubeSmart
1,755,261
5,709
Extra
Space
Storage
Inc
887,236
1,980
Public
Storage
569,547
TOTAL
SELF-STORAGE
REITS
3,212,044
SINGLE-FAMILY
RESIDENTIAL
REITS
-
0.3%
45,701
American
Homes
4
Rent
1,068,032
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
1,068,032
TELECOM
TOWER
REITS
-
0.6%
22,535
Crown
Castle
Inc
2,201,670
TOTAL
TELECOM
TOWER
REITS
2,201,670
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
(cost
$115,320,265)
111,410,349
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
18
.3
%
(
12
.9
%
of
Total
Investments)
X
65,760,816
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
11.3%
146,715
Agree
Realty
Corp
4.250%
$
2,588,053
80,447
American
Homes
4
Rent
5.875%
1,800,404
56,280
Armada
Hoffler
Properties
Inc
6.750%
1,204,392
99,054
Centerspace
6.625%
2,342,637
33,798
DiamondRock
Hospitality
Co
8.250%
851,710
68,757
Digital
Realty
Trust
Inc
5.200%
1,478,276
59,594
Digital
Realty
Trust
Inc
5.250%
1,290,210
79,257
Federal
Realty
Investment
Trust
5.000%
1,669,945
13,513
Kimco
Realty
Corp
7.250%
737,404
91,993
Kimco
Realty
Corp
5.250%
1,928,173
66,158
Kimco
Realty
Corp
5.125%
1,352,931
2,301
Mid-America
Apartment
Communities
Inc
8.500%
122,275
54,508
National
Storage
Affiliates
Trust
6.000%
1,238,967
23,192
Pebblebrook
Hotel
Trust
6.375%
454,331
50,450
Pebblebrook
Hotel
Trust
6.300%
1,007,486
33,580
Pebblebrook
Hotel
Trust
5.700%
611,156
40,054
Public
Storage
3.900%
692,934
25,073
Public
Storage
5.150%
579,939
33,970
Public
Storage
3.950%
595,154
34,375
Public
Storage
4.125%
639,375
Shares
Description
(a)
Coupon
Value
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
(continued)
31,672
Public
Storage
4.700%
$
653,393
30,469
Public
Storage
5.050%
699,873
41,114
Public
Storage
3.875%
705,927
35,975
Public
Storage
4.750%
763,749
53,330
Public
Storage
4.100%
967,406
54,568
Public
Storage
4.875%
1,186,308
56,168
Public
Storage
4.000%
1,008,216
49,870
Public
Storage
4.000%
908,632
44,113
Public
Storage
4.625%
899,464
58,997
Realty
Income
Corp
6.000%
1,422,418
30,274
Rexford
Industrial
Realty
Inc
5.875%
657,551
90,113
Rexford
Industrial
Realty
Inc
5.625%
1,892,373
6,841
Saul
Centers
Inc
6.000%
138,188
72,849
SITE
Centers
Corp
6.375%
1,599,036
38,516
Summit
Hotel
Properties
Inc
6.250%
825,398
20,251
Summit
Hotel
Properties
Inc
5.875%
405,222
30,844
Sunstone
Hotel
Investors
Inc
6.125%
672,708
43,058
Sunstone
Hotel
Investors
Inc
5.700%
866,327
18,724
UMH
Properties
Inc
6.375%
430,465
9,192
Vornado
Realty
Trust
5.250%
137,512
33,112
Vornado
Realty
Trust
5.250%
495,025
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
40,520,943
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.2%
17,269
Public
Storage
5.600%
434,143
10,819
RLJ
Lodging
Trust
1.950%
269,285
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
703,428
FINANCIAL
SERVICES
-
0.2%
25,426
Brookfield
Finance
Inc
4.625%
419,529
16,112
National
Rural
Utilities
Cooperative
Finance
Corp
5.500%
393,616
TOTAL
FINANCIAL
SERVICES
813,145
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.3%
35,153
Brookfield
Property
Partners
LP
5.750%
416,915
25,270
Brookfield
Property
Partners
LP
6.500%
358,834
10,309
Brookfield
Property
Partners
LP
6.375%
135,563
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
911,312
UTILITIES
-
6.3%
25,854
BIP
Bermuda
Holdings
I
Ltd
5.125%
463,821
41,127
Brookfield
BRP
Holdings
Canada
Inc
4.625%
637,057
13,470
Brookfield
Infrastructure
Finance
ULC
5.000%
237,745
67,929
Brookfield
Infrastructure
Partners
LP
5.125%
1,260,762
20,719
Brookfield
Infrastructure
Partners
LP
5.000%
360,303
75,559
Brookfield
Renewable
Partners
LP
5.250%
1,389,530
66,991
CMS
Energy
Corp
4.200%
1,266,130
48,898
CMS
Energy
Corp
5.875%
1,183,821
29,190
CMS
Energy
Corp
5.625%
703,187
35,357
CMS
Energy
Corp
5.875%
852,811
75,446
DTE
Energy
Co
4.375%
1,497,603
73,042
DTE
Energy
Co
4.375%
1,411,172
46,327
DTE
Energy
Co
5.250%
1,094,244
49,695
Duke
Energy
Corp
5.750%
1,242,375
43,179
Duke
Energy
Corp
5.625%
1,086,815
45,803
Georgia
Power
Co
5.000%
1,154,236
19,300
SCE
Trust
VIII
6.950%
496,782
90,803
Sempra
5.750%
2,120,250
76,576
Southern
Co/The
4.950%
1,690,032
88,549
Southern
Co/The
4.200%
1,788,690
Nuveen
Real
Asset
Income
and
Growth
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
UTILITIES
(continued)
37,425
Southern
Co/The
5.250%
$
874,622
TOTAL
UTILITIES
22,811,988
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(cost
$74,468,519)
65,760,816
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
16
.9
%
(
12
.0
%
of
Total
Investments)
X
60,989,052
ENERGY
-
6.8%
$
1,380
Enbridge
Inc
5.750%
7/15/80
$
1,302,241
2,810
Enbridge
Inc
6.000%
1/15/77
2,729,100
2,305
Enbridge
Inc
5.500%
7/15/77
2,171,543
1,530
Enbridge
Inc
6.250%
3/01/78
1,467,099
930
Enbridge
Inc
8.500%
1/15/84
1,002,570
1,260
Enbridge
Inc
7.625%
1/15/83
1,288,016
595
Energy
Transfer
LP
6.500%
N/A
(c)
586,879
580
Energy
Transfer
LP
8.000%
5/15/54
606,675
1,451
Energy
Transfer
LP
7.125%
N/A
(c)
1,437,273
648
Energy
Transfer
LP
7.125%
10/01/54
639,307
1,184
(d)
Energy
Transfer
LP
(TSFR3M
reference
rate
+
3.279%
spread)
8.606%
11/01/66
1,162,206
2,920
Enterprise
Products
Operating
LLC
5.250%
8/16/77
2,792,446
2,260
Enterprise
Products
Operating
LLC
5.375%
2/15/78
2,110,864
780
CAD
Inter
Pipeline
Ltd/AB
6.625%
11/19/79
554,350
1,480
Transcanada
Trust
5.600%
3/07/82
1,341,715
1,843
Transcanada
Trust
5.875%
8/15/76
1,803,755
1,194
Transcanada
Trust
5.500%
9/15/79
1,095,768
300
Transcanada
Trust
5.300%
3/15/77
281,324
TOTAL
ENERGY
24,373,131
FINANCIAL
SERVICES
-
0.5%
375
National
Rural
Utilities
Cooperative
Finance
Corp
5.250%
4/20/46
364,387
1,340
Transcanada
Trust
5.625%
5/20/75
1,317,940
TOTAL
FINANCIAL
SERVICES
1,682,327
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.2%
733
(b)
EUSHI
Finance
Inc
7.625%
12/15/54
735,820
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
735,820
TRANSPORTATION
-
0.3%
999
BNSF
Funding
Trust
I
6.613%
12/15/55
998,240
TOTAL
TRANSPORTATION
998,240
UTILITIES
-
9.1%
950
(b)
AES
Andes
SA
8.150%
6/10/55
950,000
1,665
AES
Corp/The
7.600%
1/15/55
1,685,585
625
CAD
AltaGas
Ltd
8.900%
11/10/83
490,255
675
CAD
Capital
Power
Corp
7.950%
9/09/82
504,574
1,971
CMS
Energy
Corp
4.750%
6/01/50
1,804,929
995
ComEd
Financing
III
6.350%
3/15/33
983,511
1,634
Dominion
Energy
Inc
7.000%
6/01/54
1,700,118
1,743
Dominion
Energy
Inc
4.350%
N/A
(c)
1,635,480
1,345
Dominion
Energy
Inc
5.750%
10/01/54
1,341,215
2,490
Duke
Energy
Corp
4.875%
N/A
(c)
2,468,458
870
Edison
International
5.375%
N/A
(c)
847,510
1,375
Edison
International
5.000%
N/A
(c)
1,307,902
900
GBP
Electricite
de
France
SA,
Reg
S
5.875%
N/A
(c)
1,080,122
2,048
Emera
Inc
6.750%
6/15/76
2,032,524
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
UTILITIES
(continued)
$
1,698
Entergy
Corp
7.125%
12/01/54
$
1,682,951
825
NextEra
Energy
Capital
Holdings
Inc
3.800%
3/15/82
760,494
581
NextEra
Energy
Capital
Holdings
Inc
6.750%
6/15/54
584,331
2,747
NextEra
Energy
Capital
Holdings
Inc
5.650%
5/01/79
2,621,840
2,576
NiSource
Inc
6.950%
11/30/54
2,587,845
1,625
Sempra
4.125%
4/01/52
1,495,732
2,075
Sempra
4.875%
N/A
(c)
2,035,193
1,381
Sempra
6.875%
10/01/54
1,372,503
1,265
Southern
Co/The
4.000%
1/15/51
1,226,462
TOTAL
UTILITIES
33,199,534
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(cost
$61,825,950)
60,989,052
Shares
Description
(a)
Coupon
Value
X
–
CONVERTIBLE
PREFERRED
SECURITIES
-
2
.2
%
(
1
.6
%
of
Total
Investments)
X
8,069,741
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.9%
8,595
LXP
Industrial
Trust
6.500%
$
389,955
57,537
Regency
Centers
Corp
5.875%
1,251,430
69,768
Regency
Centers
Corp
6.250%
1,610,245
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
3,251,630
UTILITIES
-
1.3%
55,856
NextEra
Energy
Inc
6.926%
2,317,465
38,650
NextEra
Energy
Inc
7.299%
1,912,789
22,463
SCE
Trust
VII
7.500%
587,857
TOTAL
UTILITIES
4,818,111
TOTAL
CONVERTIBLE
PREFERRED
SECURITIES
(cost
$8,636,431)
8,069,741
Shares
Description
(a)
Value
X
–
INVESTMENT
COMPANIES
-
0.7%
(0.5%
of
Total
Investments)
X
2,615,760
265,683
Greencoat
UK
Wind
PLC/Funds
$
443,322
259,611
JLEN
Environmental
Assets
Group
Ltd
Foresight
Group
Holdings
286,038
313,628
Renewables
Infrastructure
Group
Ltd/The
378,004
742,553
Sdcl
Energy
Efficiency
Income
Trust
PLC
627,867
640,716
Sequoia
Economic
Infrastructure
Income
Fund
Ltd
647,276
198,410
Starwood
European
Real
Estate
Finance
Ltd
233,253
TOTAL
INVESTMENT
COMPANIES
(cost
$3,225,811)
2,615,760
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
MORTGAGE-BACKED
SECURITIES
-
0.2%
(0.1%
of
Total
Investments)
X
596,104
$
525
(b),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
0.043%
spread),
2019
MILE
9.658%
7/15/36
$
353,849
310
(b),(d)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
2.829%
spread),
2019
MILE
8.158%
7/15/36
242,255
TOTAL
MORTGAGE-BACKED
SECURITIES
(cost
$835,000)
596,104
TOTAL
LONG-TERM
INVESTMENTS
(cost
$503,908,397)
500,441,069
Nuveen
Real
Asset
Income
and
Growth
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.9% (2.0%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
2
.9
%
(
2
.0
%
of
Total
Investments)
X
10,358,044
$
9,800
(f)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
9,800,000
558
(g)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
558,044
TOTAL
REPURCHASE
AGREEMENTS
(cost
$10,358,044)
10,358,044
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$10,358,044)
10,358,044
TOTAL
INVESTMENTS
(cost
$
514,266,441
)
-
141
.9
%
510,799,113
BORROWINGS
-
(42.1)%
(h),(i)
(
151,695,000
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.2%
857,323
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
359,961,436
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(10)
9/24
$
(
1,086,028
)
$
(
1,099,844
)
$
(
13,816
)
U.S.
Treasury
Long
Bond
(18)
9/24
(
2,097,896
)
(
2,129,625
)
(
31,729
)
U.S.
Treasury
Ultra
10-Year
Note
(155)
9/24
(
17,400,855
)
(
17,597,344
)
(
196,489
)
U.S.
Treasury
Ultra
Bond
(18)
9/24
(
2,214,235
)
(
2,256,187
)
(
41,952
)
Total
$(22,799,014)
$(23,083,000)
$(283,986)
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(j)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
$
112,400,000
Receive
SOFR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
3,669,221
$
3,669,221
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$75,093,210
or
14.7%
of
Total
Investments.
(c)
Perpetual
security.
Maturity
date
is
not
applicable.
(d)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$9,800,000
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$9,996,371.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$558,044
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$569,349.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
29.7%.
(i)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$264,044,876
have
been
pledged
as
collateral
for
borrowings.
(j)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
ADR
American
Depositary
Receipt
CAD
Canadian
Dollar
EUR
Euro
GBP
Pound
Sterling
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.
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Nuveen
Real
Estate
Income
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
136.2%
(97.7%
of
Total
Investments)
X
–
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
95.3%
(68.4%
of
Total
Investments)
X
234,184,478
DATA
CENTER
REITS
-
12.0%
126,364
Digital
Realty
Trust
Inc
$
19,213,646
13,640
Equinix
Inc
10,320,024
TOTAL
DATA
CENTER
REITS
29,533,670
HEALTH
CARE
REITS
-
13.3%
349,273
Healthpeak
Properties
Inc
6,845,751
276,690
Ventas
Inc
14,183,130
111,001
Welltower
Inc
11,571,854
TOTAL
HEALTH
CARE
REITS
32,600,735
HOTEL
&
RESORT
REITS
-
2.9%
260,781
Host
Hotels
&
Resorts
Inc
4,688,842
91,425
Sunstone
Hotel
Investors
Inc
956,306
106,487
Xenia
Hotels
&
Resorts
Inc
1,525,959
TOTAL
HOTEL
&
RESORT
REITS
7,171,107
INDUSTRIAL
REITS
-
12.1%
93,665
First
Industrial
Realty
Trust
Inc
4,450,024
224,686
Prologis
Inc
25,234,485
TOTAL
INDUSTRIAL
REITS
29,684,509
MULTI-FAMILY
RESIDENTIAL
REITS
-
14.9%
34,947
AvalonBay
Communities
Inc
7,230,185
106,209
Camden
Property
Trust
11,588,464
91,784
Equity
Residential
6,364,303
17,540
Essex
Property
Trust
Inc
4,774,388
21,950
Mid-America
Apartment
Communities
Inc
3,130,289
83,920
UDR
Inc
3,453,308
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
36,540,937
OFFICE
REITS
-
7.9%
60,749
Alexandria
Real
Estate
Equities
Inc
7,105,810
75,700
Boston
Properties
Inc
4,660,092
82,825
Cousins
Properties
Inc
1,917,399
33,095
JBG
SMITH
Properties
504,037
91,745
Kilroy
Realty
Corp
2,859,692
42,485
SL
Green
Realty
Corp
2,406,350
TOTAL
OFFICE
REITS
19,453,380
OTHER
SPECIALIZED
REITS
-
1.5%
128,325
VICI
Properties
Inc
3,675,228
TOTAL
OTHER
SPECIALIZED
REITS
3,675,228
RETAIL
REITS
-
15.2%
108,020
Acadia
Realty
Trust
1,935,718
61,885
Federal
Realty
Investment
Trust
6,248,528
183,160
Kimco
Realty
Corp
3,564,294
304,571
Kite
Realty
Group
Trust
6,816,299
36,655
Macerich
Co/The
565,953
100,504
Simon
Property
Group
Inc
15,256,507
206,605
SITE
Centers
Corp
2,995,773
TOTAL
RETAIL
REITS
37,383,072
Shares
Description
(a)
Value
SELF-STORAGE
REITS
-
8.7%
139,147
CubeSmart
$
6,285,270
44,710
Extra
Space
Storage
Inc
6,948,381
28,405
Public
Storage
8,170,698
TOTAL
SELF-STORAGE
REITS
21,404,349
SINGLE-FAMILY
RESIDENTIAL
REITS
-
5.5%
146,192
American
Homes
4
Rent,
Class
A
5,432,495
108,380
Invitation
Homes
Inc
3,889,758
35,275
Sun
Communities
Inc
4,244,993
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
13,567,246
TELECOM
TOWER
REITS
-
1.3%
16,150
SBA
Communications
Corp
3,170,245
TOTAL
TELECOM
TOWER
REITS
3,170,245
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
(cost
$179,290,053)
234,184,478
Shares
Description
(a)
Coupon
Value
X
–
REAL
ESTATE
INVESTMENT
TRUST
PREFERRED
STOCKS
-
40.9%
(29.3%
of
Total
Investments)
X
100,498,021
DATA
CENTER
REITS
-
3.4%
186,860
Digital
Realty
Trust
Inc
5.200%
$
4,017,490
92,265
Digital
Realty
Trust
Inc
5.850%
2,243,885
101,580
Digital
Realty
Trust
Inc
5.250%
2,199,207
TOTAL
DATA
CENTER
REITS
8,460,582
DIVERSIFIED
REITS
-
0.4%
33,130
Armada
Hoffler
Properties
Inc
6.750%
708,982
9,585
CTO
Realty
Growth
Inc
6.375%
192,946
TOTAL
DIVERSIFIED
REITS
901,928
HOTEL
&
RESORT
REITS
-
4.7%
90,130
Chatham
Lodging
Trust
6.625%
1,858,481
134,155
DiamondRock
Hospitality
Co
8.250%
3,380,706
145,340
Pebblebrook
Hotel
Trust
6.375%
2,847,210
54,595
Pebblebrook
Hotel
Trust
5.700%
993,629
20,840
Pebblebrook
Hotel
Trust
6.300%
416,175
61,650
Sunstone
Hotel
Investors
Inc
5.700%
1,240,398
39,625
Sunstone
Hotel
Investors
Inc
6.125%
864,221
TOTAL
HOTEL
&
RESORT
REITS
11,600,820
INDUSTRIAL
REITS
-
2.9%
59,877
Prologis
Inc
8.540%
3,316,294
156,665
Rexford
Industrial
Realty
Inc
5.625%
3,289,965
22,351
Rexford
Industrial
Realty
Inc
5.875%
485,464
TOTAL
INDUSTRIAL
REITS
7,091,723
MULTI-FAMILY
RESIDENTIAL
REITS
-
0.8%
34,373
Mid-America
Apartment
Communities
Inc
8.500%
1,826,581
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
1,826,581
OFFICE
REITS
-
11.8%
12,713
Highwoods
Properties
Inc
8.625%
13,225,207
159,823
Hudson
Pacific
Properties
Inc
4.750%
2,187,977
144,320
SL
Green
Realty
Corp
6.500%
2,923,923
216,740
Vornado
Realty
Trust
5.250%
3,242,430
213,612
Vornado
Realty
Trust
5.250%
3,193,499
169,040
Vornado
Realty
Trust
4.450%
2,271,898
121,294
Vornado
Realty
Trust
5.400%
1,846,095
TOTAL
OFFICE
REITS
28,891,029
Nuveen
Real
Estate
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
A
Investments
in
Derivatives
Shares
Description
(a)
Coupon
Value
OTHER
SPECIALIZED
REITS
-
0.1%
12,465
EPR
Properties
5.750%
$
243,816
TOTAL
OTHER
SPECIALIZED
REITS
243,816
REAL
ESTATE
OPERATING
COMPANIES
-
0.9%
51,205
DigitalBridge
Group
Inc
7.150%
1,259,643
42,985
DigitalBridge
Group
Inc
7.125%
1,030,780
TOTAL
REAL
ESTATE
OPERATING
COMPANIES
2,290,423
RETAIL
REITS
-
8.5%
121,400
Agree
Realty
Corp
4.250%
2,141,496
138,150
Federal
Realty
Investment
Trust
5.000%
2,910,820
150,224
Kimco
Realty
Corp
5.250%
3,148,695
120,829
Kimco
Realty
Corp
5.125%
2,470,953
30,155
Kimco
Realty
Corp
7.250%
1,645,558
25,870
Realty
Income
Corp
6.000%
623,726
57,560
Regency
Centers
Corp
6.250%
1,328,485
50,765
Regency
Centers
Corp
5.875%
1,104,139
125,020
Saul
Centers
Inc
6.000%
2,525,404
18,910
Saul
Centers
Inc
6.125%
389,168
5,494
Simon
Property
Group
Inc
8.375%
340,133
107,345
SITE
Centers
Corp
6.375%
2,356,223
TOTAL
RETAIL
REITS
20,984,800
SELF-STORAGE
REITS
-
5.8%
73,761
National
Storage
Affiliates
Trust
6.000%
1,676,588
217,965
Public
Storage
5.600%
5,479,640
107,944
Public
Storage
5.050%
2,479,474
84,895
Public
Storage
4.625%
1,731,009
76,605
Public
Storage
4.875%
1,665,393
69,370
Public
Storage
4.000%
1,245,191
TOTAL
SELF-STORAGE
REITS
14,277,295
SINGLE-FAMILY
RESIDENTIAL
REITS
-
1.6%
98,710
American
Homes
4
Rent
6.250%
2,306,853
60,495
American
Homes
4
Rent
5.875%
1,353,878
11,670
UMH
Properties
Inc
6.375%
268,293
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
3,929,024
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
PREFERRED
STOCKS
(cost
$117,921,390)
100,498,021
TOTAL
LONG-TERM
INVESTMENTS
(cost
$297,211,443)
334,682,499
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.2% (2.3%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
3.2%
(2.3%
of
Total
Investments)
X
7,937,277
$
7,725
(b)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
7,725,000
212
(c)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
212,277
TOTAL
REPURCHASE
AGREEMENTS
(cost
$7,937,277)
7,937,277
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$7,937,277)
7,937,277
TOTAL
INVESTMENTS
(cost
$305,148,720
)
-
139.4%
342,619,776
BORROWINGS
-
(38.4)%
(d),(e)
(94,400,000)
OTHER
ASSETS
&
LIABILITIES,
NET
- (1.0)%
(2,444,584)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
245,775,192
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(f)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
72,400,000
Receive
SOFR
0.000%
Monthly
6/01/18
7/01/25
7/01/27
$
2,363,448
$
2,363,448
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$7,728,393
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$7,879,595.
(c)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$212,305
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.375%
and
maturity
date
8/31/26,
valued
at
$216,577.
(d)
Borrowings
as
a
percentage
of
Total
Investments
is
27.6%.
(e)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$189,566,635
have
been
pledged
as
collateral
for
borrowings.
(f)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
June
30,
2024
(Unaudited)
NMAI
JRI
JRS
ASSETS
Long-term
investments,
at
value
†
$
632,875,911
$
500,441,069
$
334,682,499
Short-term
investments,
at
value
◊
15,736,097
10,358,044
7,937,277
Cash
denominated
in
foreign
currencies
^
121,933
857,469
–
Unrealized
appreciation
on
forward
foreign
currency
contracts
6,498
–
–
Unrealized
appreciation
on
interest
rate
swaps
contracts
–
3,669,221
2,363,448
Receivables:
Dividends
490,009
1,403,550
1,421,308
Interest
3,049,752
3,239,751
3,421
Investments
sold
2,281,764
1,005,647
1,375,342
Reclaims
763,208
165,417
–
Reimbursement
from
Adviser
27,055
98,169
–
Variation
margin
on
futures
contracts
–
125,547
–
Other
155,754
66,017
43,584
Total
assets
655,507,981
521,429,901
347,826,879
LIABILITIES
Cash
overdraft
343,937
314,794
–
Cash
collateral
due
to
broker
for
investments
in
futures
contracts
(1)
–
3,079,591
2,039,199
Borrowings
112,116,000
151,695,000
94,400,000
Reverse
repurchase
agreements,
including
accrued
interest
68,123,222
–
–
Written
options,
at
value
#
308,895
–
–
Payables:
Management
fees
439,896
403,123
237,832
Dividends
13,687,915
3,562,069
4,767,439
Interest
461,281
747,941
425,149
Investments
purchased
-
regular
settlement
2,201,163
1,383,274
–
Investments
purchased
-
when-issued/delayed-delivery
settlement
4,667,660
–
–
Accrued
expenses:
Custodian
fees
300,470
212,637
37,268
Investor
relations
94,074
–
66,193
Trustees
fees
73,339
26,536
39,091
Professional
fees
31,451
21,002
19,767
Shareholder
reporting
expenses
19,358
20,644
18,908
Shareholder
servicing
agent
fees
1,072
1,835
841
Other
—
19
—
Total
liabilities
202,869,733
161,468,465
102,051,687
Net
assets
applicable
to
common
shares
$
452,638,248
$
359,961,436
$
245,775,192
Common
shares
outstanding
33,425,645
27,416,679
28,892,471
Net
asset
value
("NAV")
per
common
share
outstanding
$
13.54
$
13.13
$
8.51
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
334,256
$
274,167
$
288,925
Paid-in
capital
463,827,296
576,038,414
231,497,623
Total
distributable
earnings
(loss)
(11,523,304)
(216,351,145)
13,988,644
Net
assets
applicable
to
common
shares
$
452,638,248
$
359,961,436
$
245,775,192
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
589,345,619
$
503,908,397
$
297,211,443
◊
Short-term
investments,
cost
$
15,736,097
$
10,358,044
$
7,937,277
#
Written
options,
premiums
received
$
158,004
$
—
$
—
^
Cash
denominated
in
foreign
currencies,
cost
$
131,904
$
856,961
$
—
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives
is
in
addition
to
the
Fund’s
securities
pledged
as
collateral
as
noted
in
the
Portfolio
of
Investments.
See
Notes
to
Financial
Statements
Six
Months
Ended
June
30,
2024
(Unaudited)
NMAI
JRI
JRS
INVESTMENT
INCOME
Dividends
$
5,217,010
$
9,555,237
$
6,377,589
Interest
9,797,670
6,094,215
222,564
Rehypothecation
income
17,139
—
—
Other
income
39,950
210,963
—
Tax
withheld
(
269,509
)
(
580,813
)
—
Total
investment
income
14,802,260
15,279,602
6,600,153
EXPENSES
–
–
–
Management
fees
2,635,476
2,457,269
1,454,040
Shareholder
servicing
agent
fees
2,398
6,956
3,210
Interest
expense
4,643,033
4,526,395
2,836,929
Trustees
fees
10,006
8,685
5,777
Custodian
expenses
243,685
124,666
20,540
Investor
relations
expenses
41,187
63,765
30,045
Professional
fees
102,676
57,142
38,721
Shareholder
reporting
expenses
131,662
201,620
28,617
Stock
exchange
listing
fees
5,248
4,305
4,536
Other
9,832
8,715
8,443
Total
expenses
7,825,203
7,459,518
4,430,858
Net
investment
income
(loss)
6,977,057
7,820,084
2,169,295
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
512,830
)
(
2,640,392
)
2,141,495
Forward
foreign
currency
contracts
3,530
—
—
Futures
contracts
—
432,217
—
Written
options
(
1,183,608
)
—
—
Swaps
contracts
—
1,988,667
1,280,349
Foreign
currency
transactions
(
28,815
)
(
119,335
)
—
Net
realized
gain
(loss)
(
1,721,723
)
(
338,843
)
3,421,844
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
14,968,412
(
6,142,150
)
(
5,327,357
)
Forward
foreign
currency
contracts
35,487
—
—
Futures
contracts
—
1,014,684
—
Written
options
(
46,240
)
—
—
Swaps
contracts
—
(
330,320
)
(
212,769
)
Foreign
currency
translations
(
22,944
)
(
12,738
)
—
Net
change
in
unrealized
appreciation
(depreciation)
14,934,715
(
5,470,524
)
(
5,540,126
)
Net
realized
and
unrealized
gain
(loss)
13,212,992
(
5,809,367
)
(
2,118,282
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
20,190,049
$
2,010,717
$
51,013
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
NMAI
JRI
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
6,977,057
$
12,963,860
$
7,820,084
$
15,151,992
Net
realized
gain
(loss)
(
1,721,723
)
(
20,581,308
)
(
338,843
)
(
16,481,183
)
Net
change
in
unrealized
appreciation
(depreciation)
14,934,715
62,487,737
(
5,470,524
)
34,130,561
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
20,190,049
54,870,289
2,010,717
32,801,370
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
27,325,465
)
(
20,649,058
)
(
17,368,466
)
(
18,037,353
)
Return
of
Capital
–
(
22,804,280
)
–
(
11,483,011
)
Total
distributions
(
27,325,465
)
(
43,453,338
)
(
17,368,466
)
(
29,520,364
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Cost
of
shares
repurchased
and
retired
–
–
–
(
413,224
)
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—
—
—
(
413,224
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
7,135,416
)
11,416,951
(
15,357,749
)
2,867,782
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
459,773,664
448,356,713
375,319,185
372,451,403
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
452,638,248
$
459,773,664
$
359,961,436
$
375,319,185
See
Notes
to
Financial
Statements
JRS
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
2,169,295
$
4,483,378
Net
realized
gain
(loss)
3,421,844
(
368,112
)
Net
change
in
unrealized
appreciation
(depreciation)
(
5,540,126
)
36,582,147
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
51,013
40,697,413
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
9,823,440
)
(
6,688,820
)
Return
of
Capital
–
(
12,958,060
)
Total
distributions
(
9,823,440
)
(
19,646,880
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
9,772,427
)
21,050,533
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
255,547,619
234,497,086
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
245,775,192
$
255,547,619
See
Notes
to
Financial
Statements
Six
Months
Ended
June
30,
2024
(Unaudited)
NMAI
JRI
JRS
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
20,190,049
$
2,010,717
$
51,013
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(131,386,354)
(186,566,596)
(54,144,287)
Proceeds
from
sale
and
maturities
of
investments
124,248,542
182,067,707
46,115,518
Proceeds
from
(Purchase
of)
short-term
investments,
net
7,663,903
9,591,956
13,187,723
Proceeds
from
(Purchase
of)
closed
foreign
currency
spot
transactions
1,703
(92,972)
(64,988)
Proceeds
from
litigation
settlement
12,891
27,603
—
Capital
gains
and
return
of
capital
distributions
from
investments
99,039
490,900
1,408,635
Amortization
(Accretion)
of
premiums
and
discounts,
net
(306,
679
)
(67,3
81
)
1,610
(Increase)
Decrease
in:
Receivable
for
dividends
4,24
7
(121,679)
509,706
Receivable
for
interest
608,575
(148,913)
89,656
Receivable
for
reclaims
(32,725)
(12,631)
—
Receivable
for
reimbursement
from
Adviser
(4,400)
(11,926)
—
Receivable
for
investments
sold
(713,850)
(889,187)
(1,375,342)
Receivable
for
variation
margin
on
futures
contracts
—
(96,328)
—
Other
assets
85,094
(23,994)
86,772
Increase
(Decrease)
in:
Payable
for
interest
(629,269)
(39,451)
(15,195)
Payable
for
investments
purchased
-
regular
settlement
2,188,381
1,189,178
—
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
862,133
—
—
Payable
for
unfunded
senior
loans
(12,881)
—
—
Payable
for
management
fees
(10,403)
(19,294)
(12,852)
Accrued
custodian
fees
114,705
28,316
7,714
Accrued
investor
relations
fees
5,515
(923)
4,630
Accrued
Trustees
fees
(156,182)
(17,892)
(94,308)
Accrued
professional
fees
27,633
14,824
14,847
Accrued
shareholder
reporting
expenses
(44,661)
(23,817)
(15,203)
Accrued
shareholder
servicing
agent
fees
926
(501)
713
Accrued
other
expenses
(669)
(369)
—
Net
realized
(gain)
loss
from
investments
512,830
2,640,392
(2,141,495)
Net
realized
(gain)
loss
from
foreign
currency
transactions
28,815
119,335
—
Net
realized
(gain)
loss
from
forward
foreign
currency
contracts
(3,530)
—
—
Net
realized
(gain)
loss
from
written
options
1,183,608
—
—
Net
realized
(gain)
loss
from
paydowns
(283,761)
—
—
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(14,968,412)
6,142,150
5,327,357
Net
change
in
unrealized
(appreciation)
depreciation
of
forward
foreign
currency
contracts
(35,485
)
—
—
Net
change
in
unrealized
(appreciation)
depreciation
of
swaps
contracts
—
330,320
212,769
Net
change
in
unrealized
(appreciation)
depreciation
of
written
options
46,240
—
—
Net
change
in
unrealized
(appreciation)
depreciation
on
foreign
currency
translations
22,94
2
12,738
—
Net
cash
provided
by
(used
in)
operating
activities
9,318,510
16,532,282
9,154,993
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
29,500,000
—
—
(Repayments)
of
borrowings
(2,800,000)
—
—
Proceeds
from
reverse
repurchase
agreements
68,016,160
—
—
(Repayments
of)
reverse
repurchase
agreements
(78,516,160)
—
—
Increase
(Decrease)
in:
Cash
overdraft
(11,774,077)
(1,729,813)
(4,098,992)
Cash
collateral
due
to
broker
for
investments
in
futures
contracts
—
(383,189)
—
Cash
distributions
paid
to
common
shareholders
(13,637,550)
(13,806,397)
(5,056,001)
Net
cash
provided
by
(used
in)
financing
activities
(9,211,627)
(15,919,399)
(9,154,993)
Net
increase
(decrease)
in
cash
and
cash
denominated
in
foreign
currencies
106,883
612,883
—
Cash
and
cash
denominated
in
foreign
currencies
at
the
beginning
of
period
15,050
244,586
—
Cash
and
cash
denominated
in
foreign
currencies
at
the
end
of
period
$
121,933
$
857,469
$
—
See
Notes
to
Financial
Statements
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NMAI
JRI
JRS
Cash
paid
for
interest
$
5,257,504
$
4,579,178
$
2,851,089
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NMAI
6/30/24(e)
$
13.76
$
0.21
$
0.39
$
0.60
$
(0.82)
$
—
$
—
$
(0.82)
$
—
$
13.54
$
12.35
12/31/23
13.41
0.39
1.26
1.65
(0.62)
—
(0.68)
(1.30)
—
13.76
12.30
12/31/22
20.03
0.47
(4.86)
(4.39)
(1.40)
(0.83)
—
(2.23)
—
13.41
11.49
12/31/21(g)
20.00
0.07
0.31
0.38
(0.06)
(0.29)
—
(0.35)
—
20.03
18.65
JRI
6/30/24(e)
13.69
0.29
(0.22)
0.07
(0.63)
—
—
(0.63)
—
13.13
12.17
12/31/23
13.57
0.55
0.65
1.20
(0.66)
—
(0.42)
(1.08)
—(h)
13.69
11.72
12/31/22
17.41
0.78
(3.46)
(2.68)
(0.77)
—
(0.39)
(1.16)
—
13.57
11.70
12/31/21
15.84
1.00
1.73
2.73
(1.09)
—
(0.07)
(1.16)
—
17.41
16.12
12/31/20
20.04
0.80
(3.78)
(2.98)
(0.99)
—
(0.23)
(1.22)
—(h)
15.84
13.46
12/31/19
16.48
0.91
3.94
4.85
(1.29)
—
—
(1.29)
—
20.04
18.36
JRS
6/30/24(e)
8.84
0.08
(0.07)
0.01
(0.34)
—
—
(0.34)
—
8.51
7.64
12/31/23
8.12
0.16
1.24
1.40
(0.23)
—
(0.45)
(0.68)
—
8.84
7.82
12/31/22
13.22
0.27
(4.54)
(4.27)
(0.26)
(0.30)
(0.27)
(0.83)
—
8.12
7.56
12/31/21
9.63
0.25
4.10
4.35
(0.20)
(0.56)
—
(0.76)
—
13.22
12.82
12/31/20
11.35
0.26
(1.22)
(0.96)
(0.23)
(0.46)
(0.07)
(0.76)
—
9.63
8.44
12/31/19
9.47
0.27
2.37
2.64
(0.27)
(0.49)
—
(0.76)
—
11.35
10.62
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c),(d)
Portfolio
Turnover
Rate
4.39
%
7.13
%
$
452,638
3.43
%
(f)
3.06
%
(f)
20
%
12.87
19.43
459,774
3.68
2.86
46
(21.91)
(26.29)
448,357
2.53
2.88
129
1.90
(5.00)
669,611
1.63
(f)
3.35
(f)
66
0.66
9.57
359,961
4.12
(f)
4.32
(f)
37
9.32
10.02
375,319
4.07
4.15
59
(15.83)
(20.83)
372,451
2.63
5.09
71
17.73
29.09
477,911
1.82
5.94
73
(14.15)
(19.31)
434,736
2.20
5.26
102
30.18
45.48
550,464
2.80
4.84
90
0.14
2.03
245,775
3.62
(f)
1.77
(f)
14
18.14
13.46
255,548
3.64
1.88
33
(32.94)
(35.25)
234,497
2.33
2.58
58
46.38
62.73
381,815
1.54
2.16
92
(7.42)
(12.24)
278,287
1.79
2.83
116
28.18
34.80
327,788
2.45
2.40
104
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
For
the
period
November
22,
2021
(commencement
of
operations)
through
December
31,
2021.
(h)
Value
rounded
to
zero.
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
Borrowings
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$1,000
Share(b)
NMAI
6/30/24(c)
$
112,116
$
5,037
12/31/23
85,416
6,383
12/31/22
175,601
3,553
12/31/21(d)
178,550
4,750
JRI
6/30/24(c)
151,695
3,373
12/31/23
151,695
3,474
12/31/22
166,985
3,230
12/31/21
197,935
3,414
12/31/20
166,035
3,618
12/31/19
222,225
3,477
JRS
6/30/24(c)
94,400
3,604
12/31/23
94,400
3,707
12/31/22
104,400
3,246
12/31/21
144,000
3,651
12/31/20
110,000
3,530
12/31/19
131,500
3,493
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference,
if
applicable,
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1
,000.
(c)
Unaudited.
(d)
For
the
period
November
22,
2021
(commencement
of
operations)
through
December
31,
2021.
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
Multi-Asset
Income
Fund
(NMAI)
Nuveen
Real
Asset
Income
and
Growth
Fund
(JRI)
Nuveen
Real
Estate
Income
Fund
(JRS)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
closed-end
management
investment
companies.
NMAI,
JRI
and
JRS
were
organized
as
Massachusetts
business
trusts
on
April
22,
2021,
January
10,
2012
and
August
27,
2001,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the Funds
is
June
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds'
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds'
portfolio,
manages
the
Funds'
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
For
NMAI,
the
Adviser
has
entered
into
sub-advisory
agreements
(each
a
“Sub-Advisory
Agreement”)
with
each
of
Nuveen
Asset
Management,
LLC
(“NAM”),
Teachers
Advisors,
LLC
(“TAL”)
and
Winslow
Capital
Management
LLC
(“Winslow”),
each
of
which
are
affiliates
of
the
Adviser.
Pursuant
to
the
Sub-Advisory
Agreement
with
NAM,
NAM
is
responsible
for
the
Fund’s
dynamic
asset
allocation
strategy
and
for
allocating
the
Fund’s
assets
among
each
of
the
various
Sub-
Advisers.
NAM,
TAL
and
Winslow
under
each
Sub-Advisory
Agreement
manages
the
investment
portfolios
of
the
Fund
allocated
to
it.
For
JRI,
the
Adviser
has
entered
into
a
sub-advisory
agreement
with
NAM
under
which
NAM
manages
the
investment
portfolio
of
JRI.
For
JRS,
the
Adviser
has
entered
into sub-advisory
agreements
with
Security
Capital
Research
&
Management
Incorporated
("Security
Capital"),
under
which
Security
Capital
manages JRS's
investment
portfolio.
The
Adviser
is
responsible
for
managing
the
Funds'
investments
in
swap
contracts.
NAM,
TAL,
Winslow
and
Security
Capital
are
each
a
"Sub-Adviser".
Developments
Regarding
the
Fund’s
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
to
provide
that
the
Funds'
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Fund's
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Notes
to
Financial
Statements
(Unaudited)
(continued)
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
NMAI
and
JRS
make
quarterly
cash
distributions,
while
JRI
makes
monthly
cash
distributions
to
common
shareholders
of
a
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board,
JRS
seeks
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
each
Fund’s
investment
strategy
through
regular
quarterly
distributions
(a
“Managed
Distribution
Program”).
Total
distributions
during
a
calendar
year
generally
will
be
made
from
each
Fund’s
net
investment
income,
net
realized
capital
gains
and
net
unrealized
capital
gains
in
the
Fund’s
portfolio,
if
any.
The
portion
of
distributions
paid
attributed
to
net
unrealized
gains,
if
any,
is
distributed
from
the
Fund’s
assets
and
is
treated
by
common
shareholders
as
a
non-taxable
distribution
(“return
of
capital”)
for
tax
purposes.
In
the
event
that
total
distributions
during
a
calendar
year
exceed
a
Fund’s
total
return
on
NAV,
the
difference
will
reduce
NAV
per
share.
If
a
Fund’s
total
return
on
NAV
exceeds
total
distributions
during
a
calendar
year,
the
excess
will
be
reflected
as
an
increase
in
NAV
per
share.
The
final
determination
of
the
source
and
character
of
all
distributions
paid
by
a
Fund
during
the
fiscal
year
is
made
after
the
end
of
the
fiscal
year
and
is
reflected
in
the
financial
statements
contained
in
the
annual
report
as
of
December
31
each
year.
The
distribution
policy
for
JRI,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
the
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
The
tax
character
of
Fund
distributions
for
a
fiscal
year
is
dependent
upon
the
amount
and
tax
character
of
distributions
received
from
securities
held
in
a
Fund’s
portfolio.
Distributions
received
from
certain
securities
in
which
a
Fund
invests,
most
notably
real
estate
investment
trust
securities,
may
be
characterized
for
tax
purposes
as
ordinary
income,
long-term
capital
gain
and/or
a
return
of
capital.
The
issuer
of
a
security
reports
the
tax
character
of
its
distributions
only
once
per
year,
generally
during
the
first
two
months
of
the
calendar
year
for
the
previous
year.
The
distribution
is
included
in
a
Fund’s
ordinary
income
until
such
time
a
Fund
is
notified
by
the
issuer
of
the
actual
tax
character.
Dividend
income,
net
realized
gain
(loss)
and
unrealized
appreciation
(depreciation)
recognized
on
the
Statement
of
Operations
reflect
the
amounts
of
ordinary
income,
capital
gain,
and/or
return
of
capital
as
reported
by
the
issuers
of
such
securities
for
distributions
during
prior
calendar
year
end.
Foreign
Currency
Transactions
and
Translation:
To
the
extent
that
the
Funds
invest
in
securities
and/or
contracts
that
are
denominated
in
a
currency
other
than
U.S.
dollars,
the
Funds
will
be
subject
to
currency
risk,
which
is
the
risk
that
an
increase
in
the
U.S.
dollar
relative
to
the
foreign
currency
will
reduce
returns
or
portfolio
value.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
Funds’
investments
denominated
in
that
currency
will
lose
value
because
their
currency
is
worth
fewer
U.S.
dollars;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
converted
into
U.S.
dollars
on
a
spot
(i.e.
cash)
basis
at
the
spot
rate
prevailing
in
the
foreign
currency
exchange
market
at
the
time
of
valuation.
Purchases
and
sales
of
investments
and
income
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
on
the
respective
dates
of
such
transactions.
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
foreign
currency
transactions”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
foreign
currency
translations”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
NMAI’s
and
JRI’s
investments
in
non-U.S.
securities
were
as
follows:
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“primary
market”
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“secondary
market”
is
the
date
on
which
the
transaction
is
entered
into.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
certain
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in
kind
(“PIK”)
interest,
paydown
gains
and
losses
and
fee
income,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Fee
income
consists
primarily
of
amendment
fees.
Amendment
fees
are
earned
as
compensation
for
evaluating
and
accepting
changes
to
an
original
senior
loan
agreement
and
are
recognized
when
received.
Rehypothecation
income
when
applicable,
is
comprised
of
fees
earned
in
connection
with
the
rehypothecation
of
pledged
collateral
as
further
described
later
in
these
Notes
to
Financial
Statements
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
NMAI
Value
%
of
Total
Investments
Country:
Japan
$
21,353,642
3.3
%
United
Kingdom
16,777,098
2.6
France
16,033,639
2.5
Canada
9,187,604
1.4
Spain
8,862,000
1.4
Australia
8,410,889
1.3
Netherlands
8,373,691
1.3
Germany
7,739,834
1.2
China
7,562,834
1.2
Mexico
7,360,565
1.1
Other
85,464,931
13.1
Total
non-U.S.
Securities
$197,126,727
30.4%
JRI
Value
%
of
Total
Investments
Country:
Canada
$
63,428,117
12.4
%
United
Kingdom
19,362,174
3.8
Australia
16,296,111
3.2
Singapore
11,167,611
2.2
Italy
10,882,086
2.1
Hong
Kong
7,893,077
1.5
France
7,848,032
1.5
Japan
6,324,710
1.2
Spain
6,191,029
1.2
Mexico
5,268,453
1.0
Other
13,994,391
2.9
Total
non-U.S.
Securities
$168,655,791
33.0%
Notes
to
Financial
Statements
(Unaudited)
(continued)
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Forward
foreign
currency
contracts
are
valued
using
the
prevailing
forward
exchange
rate
which
is
derived
from
quotes
provided
by
the
pricing
service
using
the
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the Board,
and
are
generally
classified
as
Level
2.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
Swap
contracts
are
marked-to-market
daily
based
upon
a
price
supplied
by
a
pricing
service.
Swaps
are
generally
classified
as
Level
2.
Purchased
and
written
options
traded
and
listed
on
a
national
market
or
exchange
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
4.
Portfolio
Securities
Unfunded
Commitments:
Pursuant
to
the
terms
of
certain
of
the
variable
rate
senior
loan
agreements,
NMAI
and
JRI
may
have
unfunded
senior
loan
commitments.
The
Fund
will
maintain
with
its
custodian,
cash,
liquid
securities
and/or
liquid
senior
loans
having
an
aggregate
value
at
least
equal
to
the
amount
of
unfunded
senior
loan
commitments.
As
of
the
end
of
the
reporting
period,
NMAI
and
JRI
had
no
value
in
outstanding
unfunded
senior
loan
commitments.
NMAI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
112,100,649
$
102,887,494
$
1,343
$
214,989,486
Mortgage-Backed
Securities
–
77,123,962
–
77,123,962
Variable
Rate
Senior
Loan
Interests
–
61,408,015
–
61,408,015
Exchange-Traded
Funds
60,770,695
–
–
60,770,695
Real
Estate
Investment
Trust
Common
Stocks
52,496,723
86,423
–
52,583,146
$1,000
Par
(or
similar)
Institutional
Preferred
–
42,905,803
–
42,905,803
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
–
40,699,655
–
40,699,655
U.S.
Government
and
Agency
Obligations
–
32,163,622
–
32,163,622
Contingent
Capital
Securities
–
24,933,563
–
24,933,563
Corporate
Bonds
–
12,620,642
–
12,620,642
$25
Par
(or
similar)
Retail
Preferred
10,932,846
192,977
–
11,125,823
Asset-Backed
Securities
–
851,179
213,828
1,065,007
Warrants
–
302,157
–
302,157
Investment
Companies
–
184,33
5
–
184,33
5
Short-Term
Investments:
Repurchase
Agreements
–
15,736,097
–
15,736,097
Investments
in
Derivatives:
Forward
Foreign
Currency
Contracts*
–
6,498
–
6,498
Options
Written
(308,895)
–
–
(308,895)
Total
$
235,992,018
$
412,102,42
2
$
215,171
$
648,309,61
1
JRI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
133,505,790
$
–
$
133,505,790
Common
Stocks
78,733,718
38,759,739
–
117,493,457
Real
Estate
Investment
Trust
Common
Stocks
71,741,361
39,666,752
2,236
111,410,349
$25
Par
(or
similar)
Retail
Preferred
65,760,816
–
–
65,760,816
$1,000
Par
(or
similar)
Institutional
Preferred
–
60,989,052
–
60,989,052
Convertible
Preferred
Securities
8,069,741
–
–
8,069,741
Investment
Companies
–
2,615,760
–
2,615,760
Mortgage-Backed
Securities
–
596,103
–
596,103
Short-Term
Investments:
Repurchase
Agreements
–
10,358,044
–
10,358,044
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
3,669,221
–
3,669,221
Futures
Contracts
(283,986)
–
–
(283,986)
Total
$
224,021,650
$
290,160,461
$
2,236
$
514,184,347
JRS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Real
Estate
Investment
Trust
Common
Stocks
$
234,184,478
$
–
$
–
$
234,184,478
Real
Estate
Investment
Trust
Preferred
Stocks
100,498,021
–
–
100,498,021
Short-Term
Investments:
Repurchase
Agreements
–
7,937,277
–
7,937,277
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
2,363,448
–
2,363,448
Total
$
334,682,499
$
10,300,725
$
–
$
344,983,224
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
Notes
to
Financial
Statements
(Unaudited)
(continued)
Participation
Commitments
:
With
respect
to
the
senior
loans
held
in
NMAI
and
JRI
portfolio,
the
Funds
may:
1)
invest
in
assignments;
2)
act
as
a
participant
in
primary
lending
syndicates;
or
3)
invest
in
participations.
If
the
Funds
purchases
a
participation
of
a
senior
loan
interest,
the
Funds
would
typically
enter
into
a
contractual
agreement
with
the
lender
or
other
third
party
selling
the
participation,
rather
than
directly
with
the
borrower.
As
such,
the
Funds
not
only
assumes
the
credit
risk
of
the
borrower,
but
also
that
of
the
selling
participant
or
other
persons
interpositioned
between
the
Fund
and
the
borrower.
As
of
the
end
of
the
reporting
period,
the
Funds
had
no
such
outstanding
participation
commitments.
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Futures
Contracts:
During
the
current
fiscal
period,
JRI
continued
to
use
interest
rate
futures
to
partially
hedge
the
portfolio
against
movements
in
interest
rates.
A
futures
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
financial
instrument
for
a
set
price
on
a
future
date.
Upon
execution
of
a
futures
contract,
the
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
market
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-
to-market”
on
a
daily
basis.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
futures
contracts.
When
the
contract
is
closed
or
expired,
the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into.
The
net
realized
gain
or
loss
and
the
change
in
unrealized
appreciation
(depreciation)
on
futures
contracts
held
during
the
period
is
included
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
NMAI
Fixed
Income
Clearing
Corporation
15,736,097
(16,050,961)
JRI
Fixed
Income
Clearing
Corporation
10,358,044
(10,565,720)
JRS
Fixed
Income
Clearing
Corporation
7,937,277
(8,096,172)
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
U.S.
Government
Sales
NMAI
$
119,464,943
$
11,921,411
$
96,515,139
$
27,733,403
JRI
186,566,596
—
182,067,707
—
JRS
54,144,287
—
46,115,518
—
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
Options
Transactions:
The
Funds
may
purchase
(buy)
or
write
(sell)
put
and
call
options
on
specific
securities
(including
groups
or
"baskets"
of
specific
securities),
interest
rates,
stock
indices
and/or
bond
indices
(each
a
“financial
instrument”).
Options
can
be
settled
either
directly
with
the
counterparty
(over
the
counter)
or
through
a
central
clearing
house
(exchange
traded).
Call
and
put
options
give
the
holder
the
right,
in
return
for
a
premium
paid,
to
purchase
or
sell,
respectively,
a
financial
instrument
at
a
specified
exercise
price
at
any
time
during
the
period
of
the
option.
When
a
Fund
purchases
an
option,
an
amount
equal
to
the
premium
paid
(the
premium
plus
commission)
is
recognized
as
an
asset
on
the
Statement
of
Asset
and
Liabilities.
When
a
Fund
writes
an
option,
an
amount
equal
to
the
net
premium
received
(the
premium
less
commission)
is
recognized
as
a
liability
on
the
Statement
of
Assets
and
Liabilities
and
is
subsequently
adjusted
to
reflect
the
current
value
of
the
written
option
until
the
option
is
exercised
or
expires
or
the
Fund
enters
into
a
closing
purchase
transaction.
The
changes
in
the
value
of
options
purchased
and/or
written
during
the
fiscal
period
are
recognized
as
in
unrealized
appreciation
(depreciation)
on
the
Statement
of
Operations.
When
an
option
expires,
the
premiums
received
or
paid
are
recognized
as
realized
gains
or
losses
on
the
Statement
of
Operations.
When
an
option
is
exercised
or
a
closing
purchase
transaction
is
entered
into,
the
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
recognized
as
a
realized
gain
or
loss
on
the
Statement
of
Operations.
The
market
risk
associated
with
purchasing
options
is
limited
to
the
premium
paid.
The
Fund,
as
writer
of
an
option,
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(called)
or
purchased
(put)
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
market
value
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
During
the
current
fiscal
period,
NMAI
purchased
put
and
call
options
as
well
as
wrote
call
options
as
part
of
its
overwrite
strategy.
During
the
current
fiscal
period,
the
Fund
wrote
call
options
on
U.S.
equity
indexes
while
investing
in
a
portfolio
that
included
U.S.
equities
to
generate
additional
income
and
provide
downside
protection.
The
average
notional
amount
of
outstanding
options purchased
during
the
current
fiscal
period,
was
as
follows:
The
average
notional
amount
of
outstanding
options
written
during
the
current
fiscal
period,
was
as
follows:
Forward
Foreign
Currency
Contracts:
During
the
current
fiscal
period,
NMAI
used
foreign
exchange
forwards
to
hedge
its
exposure
to
Euro
denominated
positions.
A
forward
contract
is
an
agreement
between
two
parties
to
purchase
or
sell
a
specified
quantity
of
a
currency
at
or
before
a
specified
date
in
the
future
at
a
specified
price.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
Forward
contracts
are
typically
traded
in
the
over-the-counter
(“OTC”)
markets
and
all
details
of
the
contract
are
negotiated
between
the
counterparties
to
the
agreement.
Forward
contracts
are
marked-to-market
daily
and
any
resulting
unrealized
gains
or
losses
are
reflected
as
appreciation
or
depreciation
on
the
Statements
of
Assets
and
Liabilities.
The
Funds
realizes
gains
and
losses
at
the
time
the
forward
contracts
are
closed
and
are
included
on
the
Statement
of
Operations.
Risks
may
arise
upon
entering
into
forward
contracts
from
unanticipated
movements
in
the
value
of
a
foreign
currency
relative
to
the
U.S.
dollar;
and
that
losses
may
exceed
amounts
recognized
on
the
Statements
of
Assets
and
Liabilities.
The
average
notional
amount
of
forward
foreign
currency
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
JRI
$
25,023,766
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Average
Notional
Amount
of
Purchased
Options
Contracts
Outstanding
*
NMAI
$
1,450,000
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Average
Notional
Amount
of
Written
Options
Contracts
Outstanding
*
NMAI
$
22,995,000
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
presents
the
forward
foreign
currency
contracts
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
forward
foreign
currency
contracts
as
of
the
end
of
the
reporting
period.
Interest
Rate
Swap
Contracts:
The
Funds
may
enter
into
an
interest
rate
swap
contract
to
gain
or
reduce
exposure
to
interest
rates,
to
manage
duration,
the
yield
curve
or
interest
rate
risk.
During
the
current
fiscal
period,
the
JRI
and
JRS
used
interest
rate
swap
contracts
to
partially
hedge
its
interest
cost
of
leverage.
Interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
the
counterparty
to
pay
or
receive
a
fixed
rate
payment
in
exchange
for
the
counterparty
receiving
or
paying
a
variable
rate
payment.
Forward
interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
a
counterparty
to
pay,
in
the
future,
a
fixed
or
variable
rate
payment
in
exchange
for
the
counterparty
paying
the
Fund
a
variable
or
fixed
rate
payment,
the
accruals
for
which
would
begin
at
a
specified
date
in
the
future
(the
“effective
date”).
Upon
entering
into
an
interest
rate
swap
contract
(and
beginning
on
the
effective
date
for
a
forward
interest
rate
swap
contract),
the
Fund
accrues
the
fixed
rate
payment
expected
to
be
paid
or
received
and
the
variable
rate
payment
expected
to
be
received
or
paid
on
the
interest
rate
swap
contracts
on
a
daily
basis,
and
recognizes
the
daily
change
in
the
fair
value
of
the
Fund’s
contractual
rights
and
obligations
under
the
contracts.
The
amount
of
the
payment
obligation
for
an
interest
rate
swap
is
based
on
the
notional
amount
and
the
termination
date
of
the
contract.
Interest
rate
swap
contracts
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
on
such
transactions
is
limited
to
the
net
amount
of
interest
payments
that
the
Fund
is
to
receive
from
the
counterparty.
Payments
paid
(received)
at
the
beginning
of
the
measurement
period
are
reflected
as
swap
premiums
paid
(received)
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Interest
rate
swaps
can
be
settled
either
directly
with
the
counterparty
(“OTC”)
or
through
a
central
clearinghouse
(“centrally
cleared”).
For
OTC
swaps,
the
daily
change
in
the
market
value
of
the
swap
contract,
along
with
any
daily
interest
fees
accrued,
are
recognized
as
unrealized
appreciation
(depreciation)
on
interest
rate
swaps
contracts on
the
Statement
of
Assets
and
Liabilities.
Upon
the
execution
of
a
centrally
cleared
swap,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
swap
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
interest
rate
swaps
contracts.
Changes
in
the
value
of
the
swap
contracts
during
the
fiscal
period
are
recognized
as
net
unrealized
appreciation
(depreciation)
of
swaps
contracts on
the
Statement
of
Operations.
The
net
amount
of
periodic
payments
settled
in
cash
are
recognized
as
net
realized
gain
(loss)
from
swaps
on
the
Statement
of
Operations,
in
addition
to
the
net
realized
gain
or
loss
recorded
upon
the
termination
of
the
swap
contract.
The
average
notional
amount
of
interest
rate
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
swap
contracts
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
swap
contracts
as
of
the
end
of
the
reporting
period.
Fund
Average
Notional
Amount
of
Forward
Contracts
Outstanding
*
NMAI
$
1,072,127
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Counterparty
Gross
Unrealized
Appreciation
on
Forward
Foreign
Currency
Contracts*
Gross
Unrealized
(Depreciation)
on
Forward
Foreign
Currency
Contracts*
Net
Unrealized
Collateral
Pledged
to
(from)
Counterparty
Net
Exposure
NMAI
Morgan
Stanley
Capital
Services
LLC
$
6,498
$
-
$
6,498
$
-
$
6,498
* Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Funds’
Portfolio
of
Investments.
Fund
Average
Notional
Amount
of
Interest
Rate
Swap
Contracts
Outstanding
*
JRI
$
112,400,000
JRS
72,400,000
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Counterparty
Gross
Unrealized
Appreciation
Interest
Rate
Swaps***
Gross
Unrealized
(Depreciation)
Interest
Rate
Swaps***
Net
Unrealized
Appreciation(Depreciation)
on
Interest
Rate
Swaps
Collateral
Pledged
to
(from)
Counterparty
Net
Exposure
JRI
Morgan
Stanley
Capital
Services
LLC
$
3,669,221
$
-
$
3,669,221
$
(3,668,156)
$
1,065
JRS
Morgan
Stanley
Capital
Services
LLC
2,363,448
-
2,363,448
(2,369,873)
(6,425)
*** Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Fund's
Portfolio
of
Investments.
As
of
the
end
of
the
reporting
period,
the
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds’
Statements
of
Operations
was
as
follows:
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
NMAI
Options
Written
Equity
-
$
–
Options
written,
at
value
$
(308,895)
Forward
Foreign
Currency
Contracts
Foreign
currency
exchange
rate
Unrealized
appreciation
on
forward
contracts
6,498
-
–
1
1
1
1
1
1
1
1
JRI
Futures
Contracts
Interest
rate
-
–
Unrealized
depreciation
on
futures
contracts
*
(283,986)
Interest
Rate
Swaps
Interest
rate
Unrealized
appreciation
on
interest
rate
swaps
contracts
3,669,221
-
–
1
1
1
1
1
1
1
1
JRS
Interest
Rate
Swaps
Interest
rate
Unrealized
appreciation
on
interest
rate
swaps
contracts
2,363,448
-
–
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)
NMAI
Purchased
options
Equity
$
(6,802)
*
$
1,324
*
Written
options
Equity
(1,183,608)
(46,240)
Forward
contracts
Foreign
currency
exchange
rate
3,530
35,485
JRI
Futures
contracts
Interest
rate
4
32,217
1,014,684
Swap
contracts
Interest
rate
1,988,667
(330,320)
JRS
Swap
contracts
Interest
rate
1,280,349
(212,769)
*
Shown
as
a
component
of
Realized
gain
(loss)
from
Investments
on
the
Statement
of
Operations.
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Advisers
are
compensated
for
their
services
to
the
Fund
from
the
management
fees
paid
to
the
advisor.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
Fund
JRI
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Common
Shares:
Repurchased
and
retired
—
37,001
Total
—
37,001
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
$–
$11.15
Discount
per
share
repurchased
and
retired
–%
(16.36)%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NMAI
$
613,573,673
$
74,358,332
$
(39,622,396)
$
34,735,936
JRI
520,794,133
27,515,697
(34,125,482)
(6,609,785)
JRS
311,971,529
61,709,456
(28,697,761)
33,011,695
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NMAI
$
—
$
—
$
19,855,925
$
(24,243,813)
$
—
$
—
$
(4,387,888)
JRI
—
—
(135,728)
(200,517,922)
—
(339,905)
(200,993,555)
JRS
—
—
38,551,428
(14,441,071)
—
(349,286)
23,761,071
Fund
Short-Term
Long-Term
Total
NMAI
$
6,365,511
$
17,878,302
$
24,243,813
JRI
64,594,942
135,922,980
200,517,922
JRS
12,146,858
2,294,213
14,441,071
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.
Annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
For
the
period
January
1,
2024
through
April
30,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
was
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Effective
May
1,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
E
As
of
June
30,
2024,
the
annual
complex-level
fee
for
each
Fund
was
as
follows:
Average
Daily
Managed
Assets*
NMAI
Fund-Level
Fee
Rate
JRI
Fund-Level
Fee
Rate
JRS
Fund-Level
Fee
Rate
For
the
first
$500
million
0.7000
%
0.8000
%
0.7000
%
For
the
next
$500
million
0.6750
0.7750
0.6750
For
the
next
$500
million
0.6500
0.7500
0.6500
For
the
next
$500
million
0.6250
0.7250
0.6250
For
managed
assets
over
$2
billion
0.6000
0.7000
0.6000
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
or
by
an
affiliate
of
the
Adviser (each
an,
“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Fund
Leverage
Borrowings:
Each
Fund
entered
into
a
borrowing
arrangement
(“Borrowings”)
as
a
means
of
leverage.
As
of
the
end
of
the
reporting
period,
each
Fund’s
maximum
commitment
amount
under
these
Borrowings
is
as
follows:
As
of
the
end
of
the
reporting
period,
each
Fund’s
outstanding
balance
on
its
Borrowings
was
as
follows:
Fund
Complex-Level
Fee
NMAI
0.1574%
JRI
0.1574%
JRS
0.1574%
Fund
Amount
NMAI
$
39,950
JRI
210,963
JRS
—
Fund
Purchases
Sales
Realized
Gain
(Loss)
NMAI
$
—
$
15,428
$
2,078
JRI
—
—
—
JRS
—
—
—
Fund
Maximum
Outstanding
Balance
NMAI
$
112,116,000
JRI
151,695,000
JRS
94,400,000
Fund
Outstanding
balance
on
Borrowings
NMAI
$
112,116,000
JRI
151,695,000
JRS
94,400,000
For
NMAI
interest
is
charged
on
the
Borrowings
at
a
rate
per
annum
equal
to
OBFR
(Overnight
Bank
Funding
Rate)
plus
a
spread
that
is
determined
by
a
portion
of
the
underlying
collateral
pledged
to
secure
the
amount
borrowed.
The
Fund
is
charged
an
undrawn
fee
of
0.50%
per
annum
if
the
undrawn
portion
of
the
Borrowings
on
that
day
is
more
than
20%
of
the
maximum
commitment
amount,
however
this
fee
was
waived
during
the
reporting
period.
On
June
29,
2023,
JRI
entered
into
a
new
Borrowing
facility
and
changed
its
interest
on
Borrowings
to
Daily
Secured
Overnight
Financing
Rate
(SOFR)
plus
0.600%
per
annum
on
the
amount
borrowed.
All
other
terms
remained
unchanged.
For
JRS
interest
is
charged
on
these
Borrowings
at
1-Month
Term
SOFR
plus
0.610%
per
annum
on
the
amounts
borrowed.
For
JRI
interest
is
charged
on
these
Borrowings
at
Daily
SOFR
plus
0.600%
(1-Month
Term
SOFR
plus
0.750%
prior
to
June
29,
2023)
per
annum
on
the
amounts
borrowed
and
0.125%
per
annum
for
the
period
January
1,
2023
through
June
29,
2023
on
the
undrawn
balance.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
each
Fund’s
Borrowings
were
as
follows:
In
order
to
maintain
these
Borrowings,
the
Funds
must
meet
certain
collateral,
asset
coverage
and
other
requirements.
Borrowings
outstanding
are
fully
secured
by
eligible
securities
held
in
each
Fund’s
portfolio
of
investments.
Borrowings
outstanding
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Interest
expense
and
other
fees
incurred
on
the
drawn
amount
and
undrawn
balance
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Rehypothecation:
NMAI
has
entered
into
a
Rehypothecation
Side
Letter
(“Side
Letter”)
with
its
prime
brokerage
lender,
allowing
it
to
re-register
the
Pledged
Collateral
in
its
own
name
or
in
a
name
other
than
the
Fund
to
pledge,
repledge,
hypothecate,
rehypothecate,
sell,
lend
or
otherwise
transfer
or
use
the
Pledged
Collateral
(the
“Hypothecated
Securities”)
with
all
rights
of
ownership
as
described
in
the
Side
Letter.
Subject
to
certain
conditions,
the
total
value
of
the
outstanding
Hypothecated
Securities
shall
not
exceed
the
lesser
of
(i)
98%
of
the
outstanding
balance
on
the
Borrowings
to
which
the
Pledged
Collateral
relates
and
(ii)
33
1⁄3
%
of
the
Fund
total
assets.
The
Fund
may
designate
any
Pledged
Collateral
as
ineligible
for
rehypothecation.
The
Fund
may
also
recall
Hypothecated
Securities
on
demand.
The
Fund
also
has
the
right
to
apply
and
set-off
an
amount
equal
to
one-hundred
percent
(100%)
of
the
then-current
fair
market
value
of
such
Pledged
Collateral
against
the
current
Borrowings
under
the
Side
Letter
in
the
event
that
the
prime
brokerage
lender
fails
to
timely
return
the
Pledged
Collateral
and
in
certain
other
circumstances.
In
such
circumstances,
however,
the
Fund
may
not
be
able
to
obtain
replacement
financing
required
to
purchase
replacement
securities
and,
consequently,
the
Fund
income
generating
potential
may
decrease.
Even
if
the
Fund
is
able
to
obtain
replacement
financing,
it
might
not
be
able
to
purchase
replacement
securities
at
favorable
prices.
The
Fund
will
receive
a
fee
in
connection
with
the
Hypothecated
Securities
(“Rehypothecation
Fees”)
in
addition
to
any
principal,
interest,
dividends
and
other
distributions
paid
on
the
Hypothecated
Securities.
As
of
the
end
of
the
reporting
period,
NMAI
had
Hypothecated
Securities
as
follows:
NMAI
earns
Rehypothecation
Fees,
which
are
recognized
as
“Rehypothecation
income”
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
the
Rehypothecation
Fees
earned
by
NMAI
was
as
follows:
Reverse
Repurchase
Agreements:
During
the
current
fiscal
period, NMAI utilized
reverse
repurchase
agreements
as
a
means
of
leverage.
Each
Fund
may
enter
into
a
reverse
repurchase
agreement
with
brokers,
dealers,
banks
or
other
financial
institutions
that
have
been
determined
by
the
Adviser
to
be
creditworthy.
In
a
reverse
repurchase
agreement,
the
Fund
sells
to
the
counterparty
a
security
that
it
holds
with
a
contemporaneous
agreement
to
repurchase
the
same
security
at
an
agreed-upon
price
and
date,
reflecting
the
interest
rate
effective
for
the
term
of
the
agreement.
It
may
also
be
viewed
as
the
borrowing
of
money
by
the
Fund.
Cash
received
in
exchange
for
securities
delivered,
plus
accrued
interest
payments
to
be
made
by
the
Fund
to
a
counterparty,
are
reflected
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Interest
payments
made
by
the
Fund
to
counterparties
are
recognized
as
a
component
of
"Interest
expense" on
the
Statement
of
Operations.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NMAI
182
$
92,122,593
5.80
%
JRI
182
151,695,000
6.02
JRS
182
94,400,000
6.04
NMAI
Hypothecated
Securities
$71,114,432
NMAI
Rehypothecation
Fees
$17,139
Notes
to
Financial
Statements
(Unaudited)
(continued)
In
a
reverse
repurchase
agreement,
the
Fund
retains
the
risk
of
loss
associated
with
the
sold
security. Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
Upon
a
bankruptcy
or
insolvency
of
a
counterparty,
the
Fund
is
considered
to
be
an
unsecured
creditor
with
respect
to
excess
collateral
and
as
such
the
return
of
excess
collateral
may
be
delayed.
As
of
the
end
of
the
reporting
period,
the
Fund’s
outstanding
balances
on
its
reverse
repurchase
agreements
were
as
follows:
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Funds’
reverse
repurchase
agreements
were
as
follows:
The
following
table
presents
the
reverse
repurchase
agreements
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
reverse
repurchase
agreements.
10.
Inter-Fund
Borrowing
and
Lending
Inter-Fund
Borrowing
and
Lending:
The SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Counterparty
Rate
Principal
Amount
Maturity
Value
Value
and
Accrued
Interest
NMAI
BNP
Paribas
SA
SOFR+0.35%
$
(37,742,160)
35-day
Evergreen
$
(37,742,160)
$
(37,849,222)
NMAI
RBC
Capital
Markets,
LLC
5.70%
(30,274,000)
On-Demand
(30,274,000)
(30,274,000)
Total
$(68,016,160)
$(68,016,160)
$(68,123,222)
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Weighted
Average
Interest
rate
NMAI
182
$
71,420,006
5.56%
Fund
Counterparty
Reverse
Repurchase
Agreements*
Collateral
Pledged
to
Counterparty
NMAI
BNP
Paribas
SA
$
(37,849,222)
$
(44,636,518)
NMAI
RBC
Capital
Markets,
LLC
(30,274,000)
(33,231,612)
Total
(68,123,222)
(77,868,130)
*
Represents
gross
value
and
accrued
interest
for
the
counterparty
as
reported
in
the
preceding
table.
Shareholder
Meeting
Report
(Unaudited)
The
annual
meeting
of
shareholders
for
JRI
was
held
on
May
15,
2024
for
shareholders
of
record
on
January
19,
2024
and
subsequently
adjourned
to
May
31,
2024.
At
this
meeting
the
shareholders
were
asked
to
elect
four
Class
III
Trustees,
including
a
choice
between
four
nominees
nominated
by
the
existing
Board
of
Trustees,
and
one
nominee
nominated
by
an
activist
shareholder.
Additionally,
shareholders
were
asked
to
vote
on
the
ratification
of
the
selection
of
independent
registered
public
accounting
firm.
Due
to
the
lack
of
a
quorum
at
the
2024
annual
meeting,
each
Class
III
Trustee
(Joanne
T.
Medero,
Albin
F.
Moschner,
Loren
M.
Starr
and
Matthew
Thornton
III)
was
not
elected
but
will
continue
to
serve
on
the
Board
as
a
“holdover”
Board
Member
until
their
successor
has
been
duly
elected
and
qualified.
KPMG
LLP
(“KPMG”)
the
independent
registered
public
accounting
firm
was
not
ratified
but
will
continue
to
provide
auditing
services
to
the
fund.
The
annual
meeting
of
shareholders
for
NMAI
was
held
on
May
15,
2024
for
shareholders
of
record
on
January
19,
2024
and
subsequently
adjourned
to
May
31,
2024.
At
this
meeting
the
common
shareholders
were
asked
to
elect
four
Class
III
Trustees,
including
a
choice
between
four
nominees
nominated
by
the
existing
Board
of
Trustees,
and
one
nominee
nominated
by
an
activist
shareholder.
Additionally,
shareholders
were
asked
to
vote
on
the
ratification
of
the
selection
of
the
independent
registered
public
accounting
firm.
Pursuant
to
the
NMAI’s By-Laws, because
the
number
of
persons
nominated
for
election
as
Trustees
exceeded
the
number
of
Trustees
to
be
elected
(i.e.,
a
contested
election),
the
affirmative
vote
of
a
majority
of
the
shares
outstanding
and
entitled
to
vote
on
the
matter
was
required
to
elect
the
Trustees.
With
respect
to
the
election
of
Class III
Trustees
at
the
annual
meeting,
no
Class III
Trustee
candidate
received
the
required
affirmative
vote
of
holders
of
a
majority
of
the
outstanding
common
shares
of
the
Fund.
As
a
result,
no
Class III
Trustees
were
elected
at
the
annual
meeting,
and
the
current
Class III
Trustees
continued
to
serve
as
holdover
Trustees
until
the
Fund’s
2025
annual
meeting
of
shareholders
or
until
their
successors
have
been
duly
elected
and
qualified.
The
vote
totals
for
NMAI
are
set
forth
below:
NMAI
Common
Shares
The
vote
results
in
the
Election
of
Class
III
Trustees
were
as
follows:
Joanne
T.
Medero*
For
7,735,318
Withhold
3,397,618
Abstain
636,698
Total
11,769,634
Albin
F.
Moschner*
For
7,729,547
Withhold
3,392,507
Abstain
352,328
Total
11,474,382
Loren
M.
Starr*
For
10,567,690
Withhold
555,835
Abstain
350,858
Total
11,474,383
Matthew
Thornton
III*
For
7,727,887
Withhold
3,393,884
Abstain
352,612
Total
11,474,383
Jason
Chen
For
6,209,011
Withhold
207,768
Abstain
76,768
Total
6,493,547
To
approve
the
ratification
of
the
selection
of
the
independent
registered
public
accounting
firm:
KPMG
LLP
(“KPMG”)
For
17,342,929
Withhold
261,937
Abstain
361,928
Total
17,966,794
*
Ms.
Medero,
Mr.
Moschner,
Starr
and
Thornton
III,
incumbent
Class
III
Trustees,
will
continue
to
serve
as
Class
III
Trustees
until
their
successors
are
duly
elected
and
qualify.
The
annual
meeting
of
shareholders
for
JRS
was
held
on
April
12,
2024
for
shareholders
of
record
on
January
19,
2024.
At
this
meeting
the
shareholders
were
asked
to
elect
Class
III
Board
Members.
The
vote
totals
for
JRS
are
set
forth
below:
JRS
Common
Shares
Approval
of
the
Board
Members
was
reached
as
follows:
Joanne
T.
Medero
For
20,396,862
Withhold
1,058,577
Total
21,455,439
Albin
F.
Moschner
For
20,442,706
Withhold
1,012,733
Total
21,455,439
Loren
M.
Starr
For
20,381,402
Withhold
1,074,037
Total
21,455,439
Matthew
Thornton
III
For
20,440,042
Withhold
1,015,397
Total
21,455,439
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Joseph
A.
Boateng*
Michael
A.
Forrester*
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
*
Serves
as
a
Trustee
to
JRS
and
a
consultant
to
NMAI
and
JRI
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NMAI
JRI
JRS
Common
shares
repurchased
0
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
19(a)
Notice:
Section
19(a)
of
the
Investment
Company
Act
of
1940
requires
that
the
payment
of
any
distribution
which
is
made
from
a
source
other
than
the
fund’s
net
income
be
accompanied
by
a
written
notice
that
discloses
the
estimated
sources
of
such
payment.
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
below)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
Nuveen
Multi-Asset
Income
Fund
Nuveen
Real
Asset
Income
and
Growth
Fund
Nuveen
Real
Estate
Income
Fund
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”),
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
(a)
in
the
case
of
Nuveen
Multi-Asset
Income
Fund,
the
respective
sub-advisory
agreement
with
Nuveen
Asset
Management,
LLC
(“NAM”),
Teachers
Advisors,
LLC
(“TAL”)
and
Winslow
Capital
Management,
LLC
(“Winslow”),
pursuant
to
which
each
serves
as
a
sub-adviser
to
such
Fund;
(b)
in
the
case
of
Nuveen
Real
Asset
Income
and
Growth
Fund,
the
sub-advisory
agreement
with
NAM,
pursuant
to
which
NAM
serves
as
the
sub-adviser
to
such
Fund;
and
(c)
in
the
case
of
Nuveen
Real
Estate
Income
Fund,
the
sub-advisory
agreement
with
Security
Capital
Research
&
Management
Incorporated
(“Security
Capital”),
pursuant
to
which
Security
Capital
serves
as
the
sub-adviser
to
such
Fund.
NAM,
TAL,
Winslow
and
Security
Capital
are
each
a
“Sub-Adviser,”
and
each
of
the
foregoing
sub-advisory
agreements
with
a
Sub-Adviser
is
a
“Sub-Advisory
Agreement.”
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
NFAL
and
the
Sub-Advisers
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
TAL
(collectively
referred
to
as
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL,
in
addition
to
serving
as
a
sub-adviser
to
certain
Nuveen
funds
(including
Nuveen
Multi-Asset
Income
Fund),
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices,
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-
Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Advisers
in
providing
services
to
the
applicable
Fund(s).
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds,
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Advisers
and
considered
that
each
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
applicable
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
each
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2023
and
March 31,
2024
(or
for
such
shorter
periods
to
the
extent
a
Fund
was
not
in
existence
during
such
periods).
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
The
Board
also
considered
that
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore,
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
at
various
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances,
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Multi-Asset
Income
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024.
In
considering
performance,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
In
its
review,
the
Board
also
considered
that
the
Fund
was
relatively
new
with
a
performance
history
too
limited
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
For
Nuveen
Real
Asset
Income
and
Growth
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
three-year
period
ended
December
31,
2023,
and
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
March
31,
2024.
In
considering
performance,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Real
Estate
Income
Fund,
the
Board
considered
that
the
Fund
outperformed
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023,
and
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-
year
periods
ended
December
31,
2023
and
second
quartile
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2024.
Further,
the
Fund
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
March
31,
2024.
In
considering
performance,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
Fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
With
respect
to
each
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
each
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
applicable
Fund(s).
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
Nuveen
Multi-Asset
Income
Fund,
although
the
Fund’s
contractual
management
fee
rate
was
slightly
above
(within
5
basis
points
of)
the
Expense
Universe
median,
the
Fund’s
actual
management
fee
rate
matched
the
Expense
Universe
median
and
its
net
total
expense
ratio
was
below
the
Expense
Universe
median.
For
Nuveen
Real
Asset
Income
and
Growth
Fund,
although
the
Fund’s
actual
management
fee
rate
was
slightly
above
(within
5
basis
points
of)
the
Expense
Universe
median,
the
Fund’s
contractual
management
fee
rate
was
below
the
Expense
Universe
median
and
its
net
total
expense
ratio
matched
the
Expense
Universe
median.
For
Nuveen
Real
Estate
Income
Fund,
the
Fund’s
contractual
management
fee
rate
matched
the
Expense
Universe
median,
its
actual
management
fee
rate
was
generally
in-line
with
the
Expense
Universe
median
and
its
net
total
expense
ratio
was
below
the
Expense
Universe
median.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
sub-adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
With
respect
to
sub-advisers
unaffiliated
with
Nuveen,
including
Security
Capital,
the
Board
Members
reviewed
the
pricing
schedule
and/or
average
fee
rates
that
such
sub-advisers
charge
for
other
clients.
The
Board
Members
considered
that
the
Sub-Advisory
Agreement
with
Security
Capital,
including
the
fees
thereunder,
was
the
result
of
arm’s
length
negotiations
and
that
such
Sub-Adviser’s
fees
were
reasonable
in
relation
to
the
fees
it
assessed
other
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
(“ETF”)
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/
or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
each
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
with
respect
to
NAM
and
Winslow,
the
Board
Members
reviewed,
among
other
things,
each
such
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
NAM
for
the
calendar
years
ending
December 31,
2023
and
December
31,
2022.
With
respect
to
TAL,
the
Board
Members
reviewed,
among
other
things,
the
revenues,
expenses
and
net
operating
income
for
such
Sub-Adviser’s
advisory
services
to
the
Nuveen
ETFs
and
Nuveen
closed-end
funds
it
sub-advises
for
the
2023
and
2022
calendar
years.
With
respect
to
sub-advisers
unaffiliated
with
Nuveen,
including
Security
Capital,
the
Board
Members
considered
a
profitability
and/or
margin
analysis
for
such
sub-advisers,
generally
including
revenues,
expenses
and
operating
margins
for
their
advisory
services
to
the
applicable
Nuveen
fund(s)
for
the
2023
and
2022
calendar
years.
The
Board
considered
that
Security
Capital’s
sub-advisory
fee
would
have
been
established
through
arm’s
length
negotiations
between
Nuveen
and
such
Sub-Adviser,
and
NFAL
pays
such
Sub-Adviser
out
of
its
own
revenues.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Advisers
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
including
the
Funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds,
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex,
including
the
Funds.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
affiliated
sub-advisers
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
sub-advisers,
as
applicable.
Further,
although
Security
Capital
does
not
have
any
formal
soft
dollar
arrangements
or
commission
sharing
arrangements
with
respect
to
Nuveen
Real
Estate
Income
Fund,
Security
Capital
may
engage
in
soft
dollar
transactions
pursuant
to
which
it
may
receive
the
benefit
of
research
products
and
other
services
provided
by
broker-dealers
executing
portfolio
transactions
on
behalf
of
such
Fund.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
applicable
Fund(s)
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
applicable
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-C-0624P
3734772-INV-B-08/25
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/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Not applicable to this filing.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this filing.
| (a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. | Controls and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable to this filing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen Real Estate Income Fund
| | | | | | | | |
| Date: September 5, 2024 | | | | By: | | /s/ David J. Lamb | | |
| | | | | | David J. Lamb | | |
| | | | | | Chief Administrative Officer | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | | | | |
| Date: September 5, 2024 | | | | By: | | /s/ David J. Lamb | | |
| | | | | | David J. Lamb | | |
| | | | | | Chief Administrative Officer
(principal executive officer) | | |
| | | | |
| Date: September 5, 2024 | | | | By: | | /s/ E. Scott Wickerham | | |
| | | | | | E. Scott Wickerham | | |
| | | | | | Vice President and Controller
(principal financial officer) | | |
