N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22658

Nuveen Real Asset Income and Growth 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.

Closed-End

Funds

Closed-End

Funds

Nuveen

June

30,

2024

Semi-Annual

Report

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

2

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.

Table

of

Contents

3

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

4

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.

Common

Share

Information

5

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)

6

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%

7

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

8

About

the

Funds’

Benchmarks

Bloomberg

Global

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

fixed-rate,

investment

grade

capital

securities

denominated

in

USD,

EUR

and

GBP.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed

rate

corporate

high

yield

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

EPRA/

Nareit

(Financial

Times

Stock

Exchange

–

European

Public

Real

Estate

Association/National

Association

of

Real

Estate

Investment

Trusts)

Developed

Index

(Net):

An

index

designed

to

measure

the

performance

of

listed

real

estate

companies

and

REITs

worldwide.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

FTSE

Nareit

(Financial

Times

Stock

Exchange

National

Association

of

Real

Estate

Investment

Trusts)

Preferred

Stock

Index:

An

index

designed

to

measure

the

performance

of

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

9

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)

10

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

11

NMAI

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)%

12

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

13

JRI

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)%

14

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

15

JRS

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)%

16

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.

17

Nuveen

Multi-Asset

Income

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

NMAI

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)

18

NMAI

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

19

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)

20

NMAI

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

21

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)

22

NMAI

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

23

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)

24

NMAI

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

25

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)

26

NMAI

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

27

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)

28

NMAI

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

29

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)

30

NMAI

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

31

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)

32

NMAI

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

33

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)

34

NMAI

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

35

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)

36

NMAI

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

37

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)

38

NMAI

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

39

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)

40

NMAI

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

41

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)

42

NMAI

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

43

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)

44

NMAI

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

45

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)

46

NMAI

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

47

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)

48

NMAI

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

49

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)

50

NMAI

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

51

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)

52

NMAI

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

53

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)

54

NMAI

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

55

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)

56

NMAI

(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

57

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

58

Nuveen

Real

Asset

Income

and

Growth

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

JRI

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

59

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)

60

JRI

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

61

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)

62

JRI

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

63

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)

64

JRI

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

65

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)

66

JRI

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

67

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)

68

JRI

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.

69

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

70

Nuveen

Real

Estate

Income

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

JRS

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

71

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)

72

JRS

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

73

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

74

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.

Statement

of

Operations

See

Notes

to

Financial

Statements

75

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

76

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

77

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

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

78

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

79

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NMAI

JRI

JRS

Cash

paid

for

interest

$

5,257,504‌

$

4,579,178‌

$

2,851,089‌

Financial

Highlights

80

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

81

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMAI

JRI

JRS

6/30/24(e)

2.04

%

(f)

2.50

%

(f)

2.32

%

(f)

12/31/23

2.32

2.53

2.31

12/31/22

1.04

1.04

1.01

12/31/21

0.12(f),(g

) 

0.34 

0.27 

12/31/20

N/A 

0.66 

0.48 

12/31/19

N/A 

1

.28 

1

.15 

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c),(d)

Portfolio

Turnover

Rate

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.

82

Financial

Highlights

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

NMAI

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)

83

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.

84

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:

85

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%

86

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:

87

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.

88

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

—

89

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.

90

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.

91

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.

92

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

93

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

94

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

95

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

96

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)

97

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.

98

(Unaudited)

(continued)

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

99

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

100

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)

101

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.

102

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

103

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.

104

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.

105

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.

106

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

107

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

108

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

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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.

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

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

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) As of the date of filing, Jay Rosenberg no longer serves as Portfolio Manager for the Nuveen Real Asset Income & Growth Fund effective March 31, 2024. Effective May 1, 2024, Noah P. Hauser was added as a portfolio manager of the Nuveen Real Asset Income & Growth Fund.

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

Portfolio Manager Biography

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

Noah P. Hauser, CFA, serves as Head of Infrastructure Investments for Nuveen, overseeing strategy, investment process and performance of the firm’s infrastructure platform and also serves as a portfolio manager for Nuveen’s public global infrastructure strategies. Offerings span both the traditional public real assets and responsible investing-focused investment styles. Previously, Noah served as a senior research analyst and head of North American utilities. Prior to joining Nuveen in 2015, Noah worked at Xcel Energy as the director of investor relations. Previously, he was a buy-side investment analyst for an energy-focused, relative value equity strategy at Decade Capital Management, a Millennium Group company. In that role, Noah performed detailed analysis on regulated utilities, independent power producers, pipelines and master limited partnerships. He began his career working as a sell-side equity analyst covering regulated utilities and power companies at Barclays Capital and Lehman Brothers. Noah began working in the investment industry in 2008. Noah graduated with highest distinction from Emory University’s Goizueta Business School with a B.B.A. degree with concentrations in Finance and Accounting. He also holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

Other Accounts Managed by Portfolio Manager

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

Portfolio Manager	Type of Account Managed	Number of   Accounts	Assets*
Noah P. Hauser	Registered Investment Company	2	$1.54 billion
	Other Pooled Investment Vehicles	6	$1.28 billion
	Other Accounts	4	$376.74 million

* Assets are as of July 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

Fund Manager Compensation

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

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of JRI Securities

As of July 31, 2024, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager	None	$1-  $10,000	$10,001-  $50,000	$50,001-  $100,000	$100,001-  $500,000	$500,001-  $1,000,000	Over  $1,000,000
Noah P. Hauser	X

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) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

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

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

Nuveen Real Asset Income and Growth 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)

EX-99.CERT

Exhibit 19(a)(3)

CERTIFICATION

I, David J. Lamb, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: September 5, 2024	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)

CERTIFICATION

I, E. Scott Wickerham, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: September 5, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Vice President and Controller
		(principal financial officer)

EX-99.906CERT

Exhibit 19(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the semi-annual report of the Nuveen Real Asset Income and Growth Fund (the “Fund”) on Form N-CSR for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the “Report”), the undersigned officers of the Fund certify that, to the best of each such officer’s knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

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)