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Form NPORT-EX NUVEEN INVESTMENT FUNDS For: Mar 31

May 30, 2019 4:19 PM EDT
Nuveen Global Infrastructure Fund
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 97.9%        
    COMMON STOCKS – 93.3%        
    Air Freight & Logistics – 0.1%        
14,662   Oesterreichische Post AG, (2)       $620,475
    Commercial Services & Supplies – 4.4%        
1,137,814   China Everbright International Ltd, (2)       1,158,942
48,016   Republic Services Inc.       3,859,526
178,481   Waste Connections Inc.       15,811,632
14,576   Waste Management Inc.       1,514,592
    Total Commercial Services & Supplies       22,344,692
    Construction & Engineering – 4.7%        
47,002   Eiffage SA, (2)       4,518,201
472,432   Ferrovial SA, (2)       11,070,716
84,182   Vinci SA, (2)       8,191,062
    Total Construction & Engineering       23,779,979
    Diversified Telecommunication Services – 2.6%        
86,755   ARTERIA Networks Corp, (2)       980,144
139,317   Cellnex Telecom SA, (2), (3)       4,090,046
298,722   HKBN Ltd, (2)       476,033
4,275   HKT Trust & HKT Ltd       6,873
478,666   Infrastrutture Wireless Italiane SpA, (2)       4,286,002
3,552,014   NetLink NBN Trust       2,175,371
1,225,595   Telesites SAB de CV, (3)       791,796
    Total Diversified Telecommunication Services       12,806,265
    Electric Utilities – 20.1%        
189,520   Alliant Energy Corp       8,932,078
104,659   Alupar Investimento SA       620,681
62,447   American Electric Power Co Inc.       5,229,936
1,531,045   AusNet Services, (2)       1,930,707
1,923   Cia de Transmissao de Energia Eletrica Paulista, (WI/DD)       37,887
182,708   CK Infrastructure Holdings Ltd, (2)       1,499,651
146,781   CLP Holdings Ltd, (2)       1,702,452
172,442   Duke Energy Corporation       15,519,780
46,325   Edison International       2,868,444
6,501   Elia System Operator SA/NV, (2)       455,858
105,858   Enel Chile SA, ADR       548,344
482,218   Enel SpA, (2)       3,089,959
      1

Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Electric Utilities (continued)        
44,574   Entergy Corp       $4,262,612
399   Evergy Inc.       23,162
628   Eversource Energy       44,557
989,003   Iberdrola SA, (2)       8,683,214
554,788   Infratil Ltd, (2)       1,575,901
126,715   Interconexion Electrica SA ESP, (WI/DD)       634,364
89,508   NextEra Energy Inc.       17,303,686
13,210   Portland General Electric Co       684,806
3,561   Power Assets Holdings Ltd, (2)       24,706
449,284   Power Grid Corp of India Ltd, (2)       1,282,212
25,363   Red Electrica Corp SA, (2), (3)       540,655
97,977   Southern Company       5,063,451
1,530,021   Spark Infrastructure Group, (2)       2,479,371
1,043,717   Terna Rete Elettrica Nazionale SpA, (2)       6,624,279
54,578   Transmissora Alianca de Energia Eletrica SA, (WI/DD)       345,699
164,867   Xcel Energy Inc.       9,267,174
    Total Electric Utilities       101,275,626
    Gas Utilities – 3.5%        
188,036   APA Group, (2)       1,334,793
52,263   Atmos Energy Corporation       5,379,431
1,106,606   Hong Kong & China Gas Co Ltd, (2)       2,653,909
714,832   Italgas SpA, (2)       4,417,006
120,547   Naturgy Energy Group SA, (2), (3)       3,374,044
9,843   UGI Corp       545,499
    Total Gas Utilities       17,704,682
    IT Services – 0.8%        
43,166   InterXion Holding NV, (3)       2,880,467
195,884   NEXTDC Ltd, (2), (3)       879,749
    Total IT Services       3,760,216
    Media – 0.4%        
113,511   Eutelsat Communications SA, (2)       1,987,802
    Multi-Utilities – 8.3%        
46,841   Ameren Corporation       3,445,156
34,877   Brookfield Infrastructure Partners LP       1,460,300
124,248   CMS Energy Corp       6,900,734
26,489   Consolidated Edison Inc.       2,246,532
120,712   Dominion Energy Inc.       9,253,782
63,690   DTE Energy Co       7,944,691
68,797   E.ON SE, (2)       765,589
2      

Shares   Description (1)       Value
    Multi-Utilities (continued)        
175,372   Engie SA, (2)       $2,615,295
596,871   Hera SpA, (2)       2,160,061
422,002   Iren SpA, (2)       1,077,327
44,613   National Grid PLC, Sponsored ADR       2,491,190
39,636   REN - Redes Energeticas Nacionais SGPS SA, (2)       113,105
7,633   Sempra Energy       960,689
6,829   Unitil Corp       369,927
    Total Multi-Utilities       41,804,378
    Oil, Gas & Consumable Fuels – 16.1%        
62,864   Cheniere Energy Inc., (3)       4,297,383
517,821   Enbridge Inc.       18,776,190
44,493   Energy Transfer LP       683,857
195,806   Enterprise Products Partners LP       5,697,955
4,940   Gibson Energy Inc.       84,912
637,540   Kinder Morgan Inc/DE       12,757,175
42,382   Koninklijke Vopak NV, (2)       2,029,974
124,792   ONEOK Inc.       8,715,473
114,191   Pembina Pipeline Corp       4,194,737
690,331   Snam SpA, (2)       3,551,153
32,860   Targa Resources Corp       1,365,333
105,534   TransCanada Corp       4,742,698
147,649   TransCanada Corp       6,631,416
262,625   Williams Cos Inc/The       7,542,590
    Total Oil, Gas & Consumable Fuels       81,070,846
    Road & Rail – 3.9%        
129,374   Aurizon Holdings Ltd, (2)       418,264
3,750   Central Japan Railway Co, (2)       871,674
1,327,111   ComfortDelGro Corp Ltd, (2)       2,522,367
64,820   East Japan Railway Co, (WI/DD), (2)       6,259,406
19,408   Genesee & Wyoming Inc., (3)       1,691,213
11,617   Kansas City Southern       1,347,340
1,414   MTR Corp Ltd, (2)       8,761
676,783   Rumo SA, (3)       3,310,149
20,280   Union Pacific Corporation       3,390,816
    Total Road & Rail       19,819,990
    Transportation Infrastructure – 27.6%        
136,119   Aena SME SA, (2), (3)       24,527,405
44,526   Aeroports de Paris, (2)       8,614,807
524,085   Atlantia SpA, (2)       13,591,568
      3

Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Transportation Infrastructure (continued)        
637,004   Atlas Arteria Ltd, (2)       $3,270,383
1,594,528   Auckland International Airport Ltd, (2)       8,845,806
179,639   CCR SA, (WI/DD)       538,639
393,207   China Merchants Port Holdings Co Ltd, (2)       838,574
4,104   COSCO SHIPPING Ports Ltd, (2)       4,438
534,728   Enav SpA, (2)       2,916,370
82,701   Flughafen Wien AG       3,580,917
20,887   Flughafen Zurich AG, (2)       3,811,881
49,530   Fraport AG Frankfurt Airport Services Worldwide, (2)       3,799,685
616,309   Getlink SE, (2)       9,345,860
29,521   Grupo Aeroportuario del Centro Norte SAB de CV, ADR       1,331,102
38,531   Grupo Aeroportuario del Pacifico SAB de CV, ADR       3,428,103
25,124   Grupo Aeroportuario del Sureste SAB de CV, ADR       4,064,058
37,872   Hamburger Hafen und Logistik AG, (2)       865,296
491,372   International Container Terminal Services Inc.       1,223,049
49,503   Kamigumi Co Ltd, (WI/DD), (2)       1,148,140
41,749   Macquarie Infrastructure Corp       1,720,894
660,593   Port of Tauranga Ltd, (2)       2,442,865
38,548   Promotora y Operadora de Infraestructura SAB de CV       382,218
69,889   Promotora y Operadora de Infraestructura SAB de CV       439,276
93,321   SATS Ltd, (2)       352,658
25,719   Societa Iniziative Autostradali e Servizi SpA, (2)       445,883
1,653,476   Sydney Airport, (2)       8,728,427
2,892,376   Transurban Group, (2)       27,127,871
451,425   Westports Holdings Bhd, (WI/DD), (2)       416,146
62,242   Westshore Terminals Investment Corp       932,454
    Total Transportation Infrastructure       138,734,773
    Water Utilities – 0.8%        
1,696,654   Aguas Andinas SA, (2)       964,621
10,739   AquaVenture Holdings Ltd, (3)       207,800
175,015   China Everbright Water Ltd       45,199
15,919   Cia de Saneamento do Parana       304,731
1,098,938   Guangdong Investment Ltd, (2)       2,121,852
18,861   Severn Trent PLC, (2)       485,745
    Total Water Utilities       4,129,948
    Total Common Stocks (cost $367,893,358)       469,839,672
    
4      

Shares   Description (1)       Value
    REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 4.3%        
    Health Care  –  0.6%        
1,284,280   Parkway Life Real Estate Investment Trust, (2)       $2,768,074
    Retail  –  0.1%        
324,767   Viva Energy REIT, (2)       585,886
    Specialized  –  3.6%        
20,852   Crown Castle International Corp       2,669,056
64,565   CyrusOne Inc.       3,385,788
33,280   Digital Realty Trust Inc.       3,960,320
4,767   Equinix Inc.       2,160,214
2,020,802   Keppel DC REIT, (2)       2,238,731
34,708   QTS Realty Trust Inc.       1,561,513
10,733   SBA Communications Corp, (3)       2,142,951
    Total Specialized       18,118,573
    Total Real Estate Investment Trust Common Stocks (cost $18,112,650)       21,472,533
    
Shares   Description (1), (4)       Value
    INVESTMENT COMPANIES – 0.3%        
236,229   3i Infrastructure PLC       $847,499
2,180,449   Keppel Infrastructure Trust       748,634
    Total Investment Companies (cost $1,463,400)       1,596,133
    Total Long-Term Investments (cost $387,469,408)       492,908,338
    
Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 2.7%        
    REPURCHASE AGREEMENTS – 2.7%        
$13,607   Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/19, repurchase price $13,608,425, collateralized by $13,635,000 U.S. Treasury Notes, 2.625%, due 2/28/23, value $13,882,012 1.200% 4/01/19   $13,607,064
    Total Short-Term Investments (cost $13,607,064)       13,607,064
    Total Investments (cost $401,076,472) – 100.6%       506,515,402
    Other Assets Less Liabilities – (0.6)%       (2,928,542)
    Net Assets – 100%       $503,586,860
      5

Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own 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).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Common Stocks $242,852,526 $226,987,146 $ — $469,839,672
Real Estate Investment Trust Common Stocks 15,879,842 5,592,691  — 21,472,533
Investment Companies 1,596,133  —  — 1,596,133
Short-Term Investments:        
Repurchase Agreements  — 13,607,064  — 13,607,064
Total $260,328,501 $246,186,901 $ — $506,515,402
    
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) For fair value measurement disclosure purposes, investment classified as Level 2.  
(3) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(4) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
ADR American Depositary Receipt  
REIT Real Estate Investment Trust  
WI/DD Purchased on a when-issued or delayed delivery basis.  
6      

Nuveen Real Asset Income Fund
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 96.2%        
    REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 24.7%        
    Diversified  –  3.3%        
326,700   Abacus Property Group, (2)       $863,791
136,390   AEW UK REIT PLC, (2)       163,785
539,298   Armada Hoffler Properties Inc.       8,407,656
30,022   Cofinimmo SA       3,987,379
6,881,630   Cromwell European Real Estate Investment Trust       3,782,541
465,630   Dream Global Real Estate Investment Trust       4,937,312
355,845   Growthpoint Properties Australia Ltd, (2)       1,048,985
95,091   ICADE       8,042,794
72,707   Lexington Realty Trust       658,725
2,010,776   Nexus Real Estate Investment Trust       3,024,402
5,926   Star Asia Investment Corp, (2)       5,848,061
1,419,820   Stride Property Group, (2)       1,953,696
1,003,503   Sunlight Real Estate Investment Trust       750,395
495,220   Suntec Real Estate Investment Trust, (2)       713,552
806,233   Tritax EuroBox PLC, (2)       1,020,668
1,660,416   VEREIT Inc.       13,897,682
50,154   WP Carey Inc.       3,928,563
    Total Diversified       63,029,987
    Health Care  –  5.5%        
2,337,026   Assura PLC       1,747,175
311,399   HCP Inc.       9,746,789
34,268   LTC Properties Inc.       1,569,474
379,386   MedEquities Realty Trust Inc.       4,222,566
634,447   Medical Properties Trust Inc.       11,743,614
2,039   National Health Investors Inc.       160,163
985,586   NorthWest Healthcare Properties Real Estate Investment Trust       8,599,493
196,810   Omega Healthcare Investors Inc.       7,508,301
3,593,077   Parkway Life Real Estate Investment Trust, (2)       7,744,341
6,581   Physicians Realty Trust       123,789
4,032,231   Target Healthcare REIT Ltd       6,039,545
547,654   Ventas Inc.       34,945,802
      7

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Health Care (continued)        
128,887   Welltower Inc.       $10,001,631
    Total Health Care       104,152,683
    Hotels  –  1.1%        
2,594,249   Concentradora Fibra Hotelera Mexicana SA de CV,144A       1,269,709
150   Hersha Hospitality Trust       2,571
620,554   MGM Growth Properties LLC, Class A       20,012,867
4,631   Ryman Hospitality Properties Inc.       380,853
    Total Hotels       21,666,000
    Industrial  –  4.2%        
865,817   Centuria Industrial REIT, (2)       1,852,123
573,336   Dream Industrial Real Estate Investment Trust       5,118,344
16,859,079   Frasers Logistics & Industrial Trust, (2)       14,439,719
635,567   Macquarie Mexico Real Estate Management SA de CV,144A       693,843
2,300,105   Mapletree Industrial Trust, (2)       3,566,625
11,043,051   Mapletree Logistics Trust, (2)       11,905,285
1,504,797   PLA Administradora Industrial S de RL de CV       2,305,620
609,443   STAG Industrial Inc.       18,069,985
1,013,045   Summit Industrial Income REIT       9,119,565
1,718,022   Warehouse Reit PLC, (2)       2,304,766
724,469   WPT Industrial Real Estate Investment Trust       10,084,608
    Total Industrial       79,460,483
    Mortgage  –  1.5%        
252,071   Blackstone Mortgage Trust Inc.       8,711,574
220,664   KKR Real Estate Finance Trust Inc.       4,417,693
332,631   Starwood Property Trust Inc.       7,434,303
443,511   TPG RE Finance Trust Inc.       8,692,816
    Total Mortgage       29,256,386
    Office  –  2.0%        
980,168   CapitaLand Commercial Trust, (2)       1,404,327
1,460,571   Centuria Metropolitan REIT       2,592,695
320,907   City Office REIT Inc.       3,629,458
87,508   Covivio       9,286,137
392,509   Easterly Government Properties Inc.       7,069,087
613,980   GDI Property Group       605,979
161,902   Intervest Offices & Warehouses NV       4,367,807
120,504   NSI NV       5,116,389
413,420   Slate Office REIT       1,890,221
8      

Shares   Description (1)       Value
    Office (continued)        
269,050   True North Commercial Real Estate Investment Trust       $1,338,858
    Total Office       37,300,958
    Residential  –  0.4%        
444,661   Independence Realty Trust Inc.       4,797,892
21,811   Investors Real Estate Trust       1,306,697
34,122   Northview Apartment Real Estate Investment Trust       740,989
    Total Residential       6,845,578
    Retail  –  4.3%        
10,631   Altarea SCA       2,191,875
216,510   Brixmor Property Group Inc.       3,977,289
396,493   Brookfield Property REIT Inc.       8,124,141
599,102   CT Real Estate Investment Trust       6,437,763
9,220,210   Fortune Real Estate Investment Trust, (2)       12,147,610
4,684,006   Frasers Centrepoint Trust       8,225,740
10,536,055   IGB Real Estate Investment Trust       4,774,452
133,391   Immobiliare Grande Distribuzione SIIQ SpA       963,626
247   Kenedix Retail REIT Corp, (2)       602,676
41,379   Macerich Co/The       1,793,780
2,431,689   Mapletree Commercial Trust, (2)       3,392,508
1,420,699   NewRiver REIT PLC, (2)       4,418,283
243   Plaza Retail REIT       753
87,553   Retail Properties of America Inc.       1,067,271
2,028,142   Scentre Group, (2)       5,920,333
351,409   SITE Centers Corporation       4,786,191
62,948   Urstadt Biddle Properties Inc.       1,299,247
1,268,619   Vicinity Centres, (2)       2,342,332
5,022,856   Viva Energy REIT, (2)       9,061,325
    Total Retail       81,527,195
    Specialized  –  2.4%        
546,566   Automotive Properties Real Estate Investment Trust       4,409,011
8,582   CoreSite Realty Corp       918,446
50,911   Gaming and Leisure Properties Inc.       1,963,637
351,289   Iron Mountain Inc.       12,456,708
8,896,094   Keppel DC REIT, (2)       9,855,474
1,388,544   National Storage REIT       1,740,176
648,904   VICI Properties Inc.       14,198,019
    Total Specialized       45,541,471
    Total Real Estate Investment Trust Common Stocks (cost $417,630,416)       468,780,741
    
      9

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    COMMON STOCKS – 16.9%        
    Air Freight & Logistics – 0.5%        
186,977   bpost SA, (2)       $2,017,294
192,026   Oesterreichische Post AG, (2)       8,126,274
    Total Air Freight & Logistics       10,143,568
    Commercial Services & Supplies – 0.2%        
271,930   Covanta Holding Corp       4,707,108
    Diversified Telecommunication Services – 1.1%        
2,823,998   HKBN Ltd, (2)       4,500,227
2,637,100   HKT Trust & HKT Ltd       4,239,543
18,166,478   NetLink NBN Trust       11,125,753
    Total Diversified Telecommunication Services       19,865,523
    Electric Utilities – 5.0%        
6,970,518   AusNet Services, (2)       8,790,091
26,449   Cia de Transmissao de Energia Eletrica Paulista       521,097
2,234,159   Contact Energy Ltd, (2)       10,571,690
35,539   Endesa SA, (2), (3)       906,970
527,423   Enel Chile SA, ADR       2,732,051
2,166,057   Enel SpA, (2)       13,879,670
2,319,105   Infratil Ltd, (2)       6,587,527
677,099   Mercury NZ Ltd, (2)       1,799,039
1,824,077   Power Assets Holdings Ltd, (2)       12,655,334
49,590   PPL Corp       1,573,987
229,790   Southern Company       11,875,547
8,486,123   Spark Infrastructure Group, (2)       13,751,609
97,588   SSE PLC, (2)       1,509,863
201,208   Terna Rete Elettrica Nazionale SpA, (2)       1,277,030
963,858   Transmissora Alianca de Energia Eletrica SA       6,105,119
    Total Electric Utilities       94,536,624
    Gas Utilities – 0.6%        
406,236   Naturgy Energy Group SA, (2), (3)       11,370,323
    Health Care Providers & Services – 0.1%        
147,460   Sienna Senior Living Inc.       2,088,837
    Independent Power & Renewable Electricity Producers – 0.6%        
87,305   Brookfield Renewable Partners LP       2,783,098
3,278   Canadian Solar Infrastructure Fund Inc., (2)       2,974,275
2,028,260   Meridian Energy Ltd, (2)       5,786,140
    Total Independent Power & Renewable Electricity Producers       11,543,513
10      

Shares   Description (1)       Value
    Industrial Conglomerates – 0.1%        
504,484   Hopewell Holdings Ltd, (2)       $2,482,152
    Media – 0.5%        
487,281   Eutelsat Communications SA, (2)       8,533,253
    Multi-Utilities – 2.2%        
85,929   Brookfield Infrastructure Partners LP       3,597,847
70,821   Dominion Energy Inc.       5,429,138
880,908   Engie SA, (2)       13,136,842
81,218   National Grid PLC, Sponsored ADR       4,535,213
2,697,455   REN - Redes Energeticas Nacionais SGPS SA, (2)       7,697,471
2,912,518   Vector Ltd, (2)       7,103,676
    Total Multi-Utilities       41,500,187
    Oil, Gas & Consumable Fuels – 3.7%        
117,864   Enagas SA, (2)       3,431,307
446,151   Enbridge Inc.       16,177,435
169,384   Energy Transfer LP       2,603,432
561,263   Enterprise Products Partners LP       16,332,753
92,726   Equitrans Midstream Corp       2,019,572
15,321   Gibson Energy Inc.       263,347
1,347   Magellan Midstream Partners LP       81,669
94,874   MPLX LP       3,120,406
73,484   ONEOK Inc.       5,132,123
6,281   Pembina Pipeline Corp       230,729
3,212,011   Snam SpA, (2)       16,523,007
88,903   Targa Resources Corp       3,693,920
9,992   Williams Cos Inc/The       286,970
    Total Oil, Gas & Consumable Fuels       69,896,670
    Real Estate Management & Development – 0.5%        
352,613   Atrium European Real Estate Ltd, (2)       1,318,060
671,192   Corp Inmobiliaria Vesta SAB de CV       968,219
418,525   Dios Fastigheter AB, (2)       3,438,027
5,596,023   Sirius Real Estate Ltd       4,620,934
    Total Real Estate Management & Development       10,345,240
    Road & Rail – 0.3%        
1,021,311   Aurizon Holdings Ltd, (2)       3,301,879
1,479,324   ComfortDelGro Corp Ltd, (2)       2,811,670
    Total Road & Rail       6,113,549
    Transportation Infrastructure – 1.0%        
127,969   Atlantia SpA, (2)       3,318,735
      11

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Transportation Infrastructure (continued)        
562,698   CCR SA       $1,687,224
20,704   Grupo Aeroportuario del Pacifico SAB de CV, ADR       1,842,035
111,144   Macquarie Infrastructure Corp       4,581,356
1,336,144   Sydney Airport, (2)       7,053,284
    Total Transportation Infrastructure       18,482,634
    Water Utilities – 0.5%        
1,469,541   Aguas Andinas SA, (2)       835,498
19,039   Cia de Saneamento do Parana       364,456
3,002,177   Inversiones Aguas Metropolitanas SA, (2)       4,588,580
292,617   United Utilities Group PLC, (2)       3,107,786
    Total Water Utilities       8,896,320
    Total Common Stocks (cost $291,801,072)       320,505,501
    
Shares   Description (1) Coupon   Ratings (4) Value
    $25 PAR (OR SIMILAR) RETAIL PREFERRED – 16.4%        
    Electric Utilities – 2.5%        
185,277   Entergy Arkansas LLC 4.875%   A $4,594,870
72,517   Entergy Louisiana LLC 4.875%   A 1,815,100
291,263   Georgia Power Co 5.000%   BBB 7,299,051
343,355   Integrys Holding Inc., (2) 6.000%   BBB 8,927,230
69,117   NextEra Energy Capital Holdings Inc. 5.000%   BBB 1,699,587
224,105   NextEra Energy Capital Holdings Inc. 5.250%   BBB 5,636,241
116,847   NextEra Energy Capital Holdings Inc. 5.650%   BBB 2,964,408
309,704   Southern Co/The 5.250%   BBB 7,770,473
238,175   Southern Co/The 5.250%   BBB 5,935,321
    Total Electric Utilities       46,642,281
    Equity Real Estate Investment Trust – 9.5%        
82,787   American Homes 4 Rent 6.500%   BB 2,193,856
231,322   American Homes 4 Rent 6.350%   BB 6,037,504
198,649   American Homes 4 Rent 5.875%   BB 4,896,698
191,392   American Homes 4 Rent 5.875%   BB 4,756,091
149,779   Brookfield Property REIT Inc. 6.375%   N/R 3,789,409
268,200   CBL & Associates Properties Inc. 7.375%   B 2,604,222
66,158   Cedar Realty Trust Inc. 7.250%   N/R 1,621,533
242,638   Cedar Realty Trust Inc. 6.500%   N/R 5,156,058
235,858   City Office REIT Inc. 6.625%   N/R 5,872,864
50,966   Colony Capital Inc. 7.500%   N/R 1,158,967
132,198   Colony Capital Inc. 7.125%   N/R 2,998,251
10,192   Colony Capital Inc. 7.150%   N/R 230,645
197,332   Colony Capital Inc. 7.125%   N/R 4,359,064
12      

Shares   Description (1) Coupon   Ratings (4) Value
    Equity Real Estate Investment Trust (continued)        
150,902   Digital Realty Trust Inc. 5.250%   Baa3 $3,573,359
213,656   Digital Realty Trust Inc. 5.850%   Baa3 5,347,810
192,498   EPR Properties 5.750%   Baa3 4,577,602
37,535   Gladstone Commercial Corp 7.000%   N/R 967,277
140,863   Hersha Hospitality Trust 6.875%   N/R 3,401,841
381,789   Hersha Hospitality Trust 6.500%   N/R 8,739,150
271,650   Hersha Hospitality Trust 6.500%   N/R 6,487,002
346,064   Investors Real Estate Trust 6.625%   N/R 8,582,387
147,987   Kimco Realty Corp 5.250%   Baa2 3,448,097
4,655   Mid-America Apartment Communities Inc. 8.500%   BBB- 286,283
300,876   Monmouth Real Estate Investment Corp 6.125%   N/R 7,218,015
82,628   National Retail Properties Inc. 5.200%   Baa2 2,003,729
288,437   Pebblebrook Hotel Trust 6.500%   N/R 7,424,368
223,453   Pebblebrook Hotel Trust 6.375%   N/R 5,865,641
214,974   Pebblebrook Hotel Trust 6.300%   N/R 5,352,853
63,517   Pennsylvania Real Estate Investment Trust 6.875%   N/R 1,353,547
125,669   PS Business Parks Inc. 5.250%   BBB 3,078,891
166,119   PS Business Parks Inc. 5.200%   Baa2 3,943,665
157,767   Public Storage 5.600%   A3 4,060,923
830   Rexford Industrial Realty Inc. 5.875%   BB+ 20,443
81,295   Saul Centers Inc. 6.125%   N/R 1,955,145
193,610   SITE Centers Corp 6.375%   BB+ 4,927,375
87,707   STAG Industrial Inc. 6.875%   BB+ 2,317,219
99,545   Summit Hotel Properties Inc. 6.450%   N/R 2,449,802
303,814   Summit Hotel Properties Inc. 6.250%   N/R 7,060,637
48,537   Sunstone Hotel Investors Inc. 6.950%   N/R 1,295,938
226,193   Sunstone Hotel Investors Inc. 6.450%   N/R 5,774,707
140,434   UMH Properties Inc. 8.000%   N/R 3,642,858
228,977   UMH Properties Inc. 6.750%   N/R 5,859,521
90,100   Urstadt Biddle Properties Inc. 6.750%   N/R 2,323,679
135,987   Urstadt Biddle Properties Inc. 6.250%   N/R 3,577,818
356,032   Vornado Realty Trust 5.250%   BBB- 8,348,950
    Total Equity Real Estate Investment Trust       180,941,694
    Independent Power & Renewable Electricity Producers – 0.1%        
146,449   Brookfield Renewable Partners LP 5.750%   BBB- 2,775,885
    Multi-Utilities – 2.8%        
277,440   Brookfield Infrastructure Partners LP 5.350%   BBB- 5,190,257
140,457   CMS Energy Corp 5.875%   Baa2 3,616,768
463,601   Dominion Energy Inc. 5.250%   BBB- 11,705,925
      13

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1) Coupon   Ratings (4) Value
    Multi-Utilities (continued)        
154,307   DTE Energy Co 5.250%   Baa2 $3,937,915
297,055   DTE Energy Co 5.375%   Baa2 7,462,021
222,266   DTE Energy Co 6.000%   Baa2 6,074,530
148,730   DTE Energy Co 5.250%   Baa2 3,724,199
248,000   Duke Energy Corp, (2) 5.750%   BBB 6,316,560
198,988   NiSource Inc. 6.500%   BBB- 5,243,334
    Total Multi-Utilities       53,271,509
    Oil, Gas & Consumable Fuels – 0.8%        
153,214   NGL Energy Partners LP 9.000%   N/R 3,680,200
259,577   NuStar Energy LP 8.500%   B1 6,167,550
112,440   NuStar Energy LP 7.625%   B1 2,392,723
122,066   Pembina Pipeline Corp 5.750%   BB+ 2,369,433
    Total Oil, Gas & Consumable Fuels       14,609,906
    Real Estate Management & Development – 0.7%        
305,387   Brookfield Property Partners LP 6.500%   BB+ 7,582,759
219,989   Landmark Infrastructure Partners LP 7.900%   N/R 5,499,725
    Total Real Estate Management & Development       13,082,484
    Total $25 Par (or similar) Retail Preferred (cost $315,978,065)       311,323,759
    
Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 16.3%        
    Diversified Financial Services  –  0.8%        
$2,460   National Rural Utilities Cooperative Finance Corp 5.250% 4/20/46 A3 $2,469,406
12,182   Transcanada Trust 5.625% 5/20/75 Baa2 11,910,341
    Total Diversified Financial Services       14,379,747
    Electric Utilities  –  5.4%        
5,175   AES Gener SA, 144A 7.125% 3/26/79 BB 5,291,438
5,850   AusNet Services Holdings Pty Ltd, Reg S 5.750% 3/17/76 BBB 6,040,979
2,640   ComEd Financing III 6.350% 3/15/33 Baa2 2,697,420
3,500 GBP   Electricite de France SA. Reg S 5.875% N/A (6) BBB 4,556,294
14,640   Emera Inc. 6.750% 6/15/76 BBB- 15,628,200
9,096   EnBW Energie Baden-Wuerttemberg AG, Reg S 5.125% 4/05/77 Baa2 9,353,471
10,125   Enel SpA, 144A 8.750% 9/24/73 BBB 11,099,025
17,351   NextEra Energy Capital Holdings Inc, (3-Month LIBOR reference rate + 2.125% spread), (7) 4.736% 6/15/67 BBB 15,138,748
8,954   NextEra Energy Capital Holdings Inc., (3-Month LIBOR reference rate + 2.068% spread), (7) 4.659% 10/01/66 BBB 7,789,980
11,255   NextEra Energy Capital Holdings Inc. 4.800% 12/01/77 BBB 10,069,414
9,964   PPL Capital Funding Inc., (3-Month LIBOR reference rate + 2.665% spread), (7) 5.266% 3/30/67 BBB 9,141,970
14      

Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Electric Utilities (continued)        
$3,105   Southern Co/The 5.500% 3/15/57 BBB $3,164,130
2,810   SSE PLC, Reg S 4.750% 9/16/77 BBB- 2,725,700
    Total Electric Utilities       102,696,769
    Equity Real Estate Investment Trust  –  0.2%        
3,500 SGD   Cache Logistics Trust, Reg S 5.500% N/A (6) N/R 2,545,696
    Gas Utilities  –  0.1%        
2,507   SK E&S Co Ltd, 144A 4.875% N/A (6) BB+ 2,488,197
    Marine  –  0.3%        
2,950   Royal Capital BV, Reg S 4.875% N/A (6) N/R 2,865,925
3,295   Royal Capital BV, Reg S 5.500% N/A (6) N/R 3,339,565
    Total Marine       6,205,490
    Multi-Utilities  –  2.2%        
10,470   CenterPoint Energy Inc. 6.125% N/A (6) BBB- 10,640,137
4,705   Dominion Energy Inc., (3-Month LIBOR reference rate + 2.825% spread), (7) 5.417% 6/30/66 BBB- 4,469,750
2,210   Dominion Energy Inc., (3-Month LIBOR reference rate + 2.300% spread), (7) 4.901% 9/30/66 BBB- 2,033,200
2,340   NiSource Inc. 5.650% N/A (6) BBB- 2,281,500
6,700   RWE AG, Reg S 6.625% 7/30/75 BB+ 7,119,320
16,555   WEC Energy Group Inc, (3-Month LIBOR reference rate + 2.113% spread), (7) 4.796% 5/15/67 BBB 14,651,175
    Total Multi-Utilities       41,195,082
    Oil, Gas & Consumable Fuels  –  6.1%        
5,490   Buckeye Partners LP 6.375% 1/22/78 Ba1 4,872,375
16,037   Enbridge Inc. 6.000% 1/15/77 BBB- 15,916,722
17,309   Enbridge Inc. 5.500% 7/15/77 BBB- 16,357,005
6,087   Enbridge Inc. 6.250% 3/01/78 BBB- 6,044,391
13,786   Energy Transfer Operating LP, (3-Month LIBOR reference rate + 3.018% spread), (7) 5.597% 11/01/66 Ba1 11,166,660
2,189   Energy Transfer Operating LP 6.250% N/A (6) BB 2,068,605
13,820   Enterprise Products Operating LLC, (3-Month LIBOR reference rate + 2.778% spread), (7) 5.404% 6/01/67 Baa2 12,748,950
4,826   Enterprise Products Operating LLC 4.875% 8/16/77 Baa2 4,459,948
9,470   Enterprise Products Operating LLC 5.250% 8/16/77 Baa2 8,759,750
9,735   Plains All American Pipeline LP 6.125% N/A (6) BB 9,126,563
15,145   TransCanada PipeLines Ltd, (3-Month LIBOR reference rate + 2.210% spread ), (7) 4.894% 5/15/67 Baa1 12,653,647
8,190   Transcanada Trust 5.875% 8/15/76 Baa2 8,309,165
2,835   Transcanada Trust 5.300% 3/15/77 Baa2 2,650,725
    Total Oil, Gas & Consumable Fuels       115,134,506
    Real Estate Management & Development  –  1.0%        
13,500   AT Securities BV, Reg S 5.250% N/A (6) BBB- 12,799,431
      15

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Real Estate Management & Development (continued)        
$3,000 EUR   CPI Property Group SA, Reg S 4.375% N/A (6) BB+ $3,311,071
4,750 SGD   Frasers Property Treasury Pte Ltd, Reg S 3.950% N/A (6) N/R 3,353,477
    Total Real Estate Management & Development       19,463,979
    Road & Rail  –  0.2%        
3,730   BNSF Funding Trust I 6.613% 12/15/55 A 4,028,400
    Total $1,000 Par (or similar) Institutional Preferred (cost $322,697,953)       308,137,866
    
Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    CORPORATE BONDS – 14.0%        
    Commercial Services & Supplies – 1.3%        
$1,500   Atento Luxco 1 SA, 144A 6.125% 8/10/22 BB $1,490,265
6,716   Covanta Holding Corp 5.875% 7/01/25 B1 6,833,530
2,500 EUR   DSV Miljoe Group AS, Reg S 5.900% 5/10/21 N/R 2,870,677
5,970   Hulk Finance Corp, 144A 7.000% 6/01/26 CCC+ 5,656,575
4,559   Tervita Escrow Corp, 144A 7.625% 12/01/21 B+ 4,524,807
3,525   Waste Pro USA Inc., 144A 5.500% 2/15/26 B+ 3,392,813
    Total Commercial Services & Supplies       24,768,667
    Communications Equipment – 0.1%        
600   IHS Netherlands Holdco BV, 144A 9.500% 10/27/21 B+ 620,069
780   ViaSat Inc., 144A 5.625% 9/15/25 B 746,850
850   ViaSat Inc., 144A 5.625% 4/15/27 BB+ 864,968
    Total Communications Equipment       2,231,887
    Construction & Engineering – 0.1%        
1,900   International Airport Finance SA, 144A 12.000% 3/15/33 B 2,025,400
    Diversified Financial Services – 0.4%        
1,080   Avolon Holdings Funding Ltd, 144A 5.250% 5/15/24 BB+ 1,112,400
1,288   Cometa Energia SA de CV, 144A 6.375% 4/24/35 BBB 1,263,562
1,240   Park Aerospace Holdings Ltd, 144A 5.500% 2/15/24 BB+ 1,286,500
17,405 BRL   Swiss Insured Brazil Power Finance Sarl, 144A 9.850% 7/16/32 AAA 4,623,137
    Total Diversified Financial Services       8,285,599
    Diversified Telecommunication Services – 0.2%        
2,500   CenturyLink Inc. 6.450% 6/15/21 BB 2,603,125
1,500   Equinix Inc. 5.875% 1/15/26 BBB- 1,580,175
    Total Diversified Telecommunication Services       4,183,300
    Electric Utilities – 1.3%        
1,810   Acwa Power Management And Investments One Ltd, 144A 5.950% 12/15/39 BBB- 1,823,575
1,200   Enel Americas SA 4.000% 10/25/26 BBB+ 1,182,060
16      

Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Electric Utilities (continued)        
$4,755   Instituto Costarricense de Electricidad, 144A 6.950% 11/10/21 B1 $4,713,394
1,500   Kallpa Generacion SA, 144A 4.125% 8/16/27 Baa3 1,481,250
1,700   Lamar Funding Ltd, 144A 3.958% 5/07/25 Ba1 1,470,500
1,500   Listrindo Capital BV, 144A 4.950% 9/14/26 BB 1,451,250
1,300   LLPL Capital Pte Ltd, 144A 6.875% 2/04/39 Baa3 1,406,028
850   Minejesa Capital BV, 144A 4.625% 8/10/30 Baa3 824,375
600   Pampa Energia SA, 144A 7.500% 1/24/27 B 529,620
5,094   Terraform Global Operating LLC, 144A 6.125% 3/01/26 BB- 4,966,650
3,575   Vistra Operations Co LLC, 144A 5.625% 2/15/27 BB 3,713,531
    Total Electric Utilities       23,562,233
    Electronic Equipment, Instruments & Components – 0.2%        
4,025   Advanced Disposal Services Inc., 144A 5.625% 11/15/24 B 4,105,500
    Energy Equipment & Services – 0.4%        
695   Archrock Partners LP / Archrock Partners Finance Corp 6.000% 10/01/22 B+ 700,213
4,150   Archrock Partners LP / Archrock Partners Finance Corp, 144A 6.875% 4/01/27 B+ 4,231,755
2,250   Transocean Poseidon Ltd, 144A 6.875% 2/01/27 B+ 2,340,000
    Total Energy Equipment & Services       7,271,968
    Equity Real Estate Investment Trust – 0.9%        
2,500   CoreCivic Inc 4.750% 10/15/27 Ba1 2,126,575
2,110   CyrusOne LP / CyrusOne Finance Corp 5.375% 3/15/27 BBB- 2,183,217
2,000   GEO Group Inc/The 6.000% 4/15/26 B+ 1,680,000
2,335   Iron Mountain Inc., 144A 5.250% 3/15/28 BB- 2,264,950
3,165   iStar Inc. 4.625% 9/15/20 BB 3,200,606
2,615   Sabra Health Care LP 5.125% 8/15/26 BBB- 2,561,778
2,490   SBA Communications Corp 4.875% 9/01/24 BB- 2,515,647
    Total Equity Real Estate Investment Trust       16,532,773
    Gas Utilities – 1.3%        
4,015   AmeriGas Partners LP / AmeriGas Finance Corp 5.750% 5/20/27 BB 3,964,812
3,000   EnLink Midstream Partners LP 4.850% 7/15/26 BBB- 2,977,500
1,700   KazTransGas JSC, 144A 4.375% 9/26/27 Baa3 1,647,997
2,100   LBC Tank Terminals Holding Netherlands BV, 144A 6.875% 5/15/23 B 1,984,500
4,570   National Gas Co of Trinidad & Tobago Ltd, 144A 6.050% 1/15/36 BBB 4,478,600
4,510   NGL Energy Partners LP / NGL Energy Finance Corp 6.125% 3/01/25 B+ 4,352,150
2,795   Rockpoint Gas Storage Canada Ltd, 144A 7.000% 3/31/23 BB- 2,770,544
2,915   Suburban Propane Partners LP/Suburban Energy Finance Corp 5.875% 3/01/27 BB- 2,761,963
    Total Gas Utilities       24,938,066
    Health Care Providers & Services – 1.0%        
1,660   CHS/Community Health Systems Inc. 6.250% 3/31/23 BB 1,558,325
      17

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Health Care Providers & Services (continued)        
$2,330   CHS/Community Health Systems Inc., 144A 8.000% 3/15/26 B $2,229,344
4,450   Encompass Health Corp 5.750% 9/15/25 B+ 4,522,313
200   HCA Inc. 5.625% 9/01/28 Ba2 211,500
4,250   HCA Inc. 5.875% 2/01/29 Ba2 4,579,162
3,055   MPT Operating Partnership LP / MPT Finance Corp 5.000% 10/15/27 BBB- 3,108,463
1,500   Tenet Healthcare Corp 6.750% 6/15/23 B- 1,545,000
1,050   Tenet Healthcare Corp 6.875% 11/15/31 B- 987,000
    Total Health Care Providers & Services       18,741,107
    Hotels, Restaurants & Leisure – 0.2%        
1,500   MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc., 144A 5.750% 2/01/27 BB+ 1,552,500
1,695   MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc. 4.500% 1/15/28 BB+ 1,593,300
    Total Hotels, Restaurants & Leisure       3,145,800
    Household Durables – 0.2%        
2,400   KB Home 6.875% 6/15/27 BB- 2,472,000
1,600   LGI Homes Inc., 144A 6.875% 7/15/26 BB- 1,596,000
    Total Household Durables       4,068,000
    Independent Power & Renewable Electricity Producers – 0.5%        
1,685   Azure Power Energy Ltd, 144A 5.500% 11/03/22 Ba3 1,655,108
3,000   Calpine Corp, 144A 5.250% 6/01/26 BB+ 2,985,000
1,815   Cemig Geracao e Transmissao SA, 144A 9.250% 12/05/24 B+ 1,967,006
1,750   NTPC Ltd, Reg S 4.500% 3/19/28 Baa2 1,779,067
1,450   Termocandelaria Power Ltd, 144A 7.875% 1/30/29 BB+ 1,529,765
    Total Independent Power & Renewable Electricity Producers       9,915,946
    Internet Software & Services – 0.2%        
2,900   Equinix Inc. 5.375% 5/15/27 BBB- 3,037,750
    Machinery – 0.3%        
4,425   USA Compression Partners LP / USA Compression Finance Corp, 144A 6.875% 9/01/27 BB- 4,496,906
    Media – 0.4%        
2,275   Altice France SA/France, 144A 7.375% 5/01/26 B 2,229,500
600   CSC Holdings LLC, 144A 6.500% 2/01/29 BB 638,625
2,950   Lamar Media Corp 5.750% 2/01/26 BB 3,082,750
2,275   Virgin Media Secured Finance PLC, 144A 5.250% 1/15/26 BB+ 2,289,219
    Total Media       8,240,094
    Mortgage Real Estate Investment Trust – 0.1%        
1,720   Starwood Property Trust Inc. 4.750% 3/15/25 BB- 1,711,400
18      

Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Multi-Utilities – 0.3%        
$4,800   Dominion Energy Inc. 5.750% 10/01/54 BBB- $4,897,200
    Oil, Gas & Consumable Fuels – 2.4%        
4,300   Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A 5.750% 3/01/27 BBB- 4,364,500
670   Calumet Specialty Products Partners LP / Calumet Finance Corp 6.500% 4/15/21 B- 656,600
1,334   Calumet Specialty Products Partners LP / Calumet Finance Corp 7.625% 1/15/22 B- 1,233,950
1,565   Cheniere Corpus Christi Holdings LLC 5.125% 6/30/27 BB 1,641,294
6,345   DCP Midstream Operating LP, 144A 5.850% 5/21/43 BB- 5,916,712
4,345   Enterprise Products Operating LLC 5.375% 2/15/78 Baa2 3,875,957
4,460   Genesis Energy LP / Genesis Energy Finance Corp 5.625% 6/15/24 B+ 4,281,600
1,620   Global Partners LP / GLP Finance Corp 7.000% 6/15/23 B+ 1,603,800
3,010   Martin Midstream Partners LP / Martin Midstream Finance Corp 7.250% 2/15/21 B- 2,919,700
3,340   Par Petroleum LLC / Par Petroleum Finance Corp, 144A 7.750% 12/15/25 BB- 3,101,190
3,280   PBF Holding Co LLC / PBF Finance Corp 7.250% 6/15/25 BB 3,366,920
1,700   Peru LNG Srl, 144A 5.375% 3/22/30 BBB- 1,768,000
3,000   Sunoco LP / Sunoco Finance Corp 5.875% 3/15/28 BB 2,977,500
625   Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A 6.500% 7/15/27 BB 674,219
2,500   Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A 6.875% 1/15/29 BB 2,721,875
3,015   TransMontaigne Partners LP / TLP Finance Corp 6.125% 2/15/26 BB 2,834,100
600   Transportadora de Gas del Sur SA, 144A 6.750% 5/02/25 B1 564,600
    Total Oil, Gas & Consumable Fuels       44,502,517
    Real Estate Management & Development – 0.7%        
8,685   Hunt Cos Inc., 144A 6.250% 2/15/26 BB- 8,098,762
3,968   Kennedy-Wilson Inc. 5.875% 4/01/24 BB 3,943,200
600   RKI Overseas Finance 2016 B Ltd, Reg S 4.700% 9/06/21 BB- 593,636
600   Shimao Property Holdings Ltd, Reg S 4.750% 7/03/22 BBB- 596,265
    Total Real Estate Management & Development       13,231,863
    Road & Rail – 0.3%        
1,700   Rumo Luxembourg Sarl, 144A 5.875% 1/18/25 BB 1,708,500
1,700   Transnet SOC Ltd, 144A 4.000% 7/26/22 Baa3 1,667,448
2,850   United Rentals North America Inc. 5.500% 5/15/27 BB- 2,878,500
    Total Road & Rail       6,254,448
    Thrifts & Mortgage Finance – 0.2%        
4,580   Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A 5.250% 10/01/25 BB 4,431,150
    Trading Companies & Distributors – 0.1%        
2,430   Fortress Transportation & Infrastructure Investors LLC, 144A 6.500% 10/01/25 B+ 2,399,625
    Transportation Infrastructure – 0.6%        
1,700   Adani Ports & Special Economic Zone Ltd, 144A 4.000% 7/30/27 BBB- 1,632,117
      19

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Principal Amount (000)(5)   Description (1) Coupon Maturity Ratings (4) Value
    Transportation Infrastructure (continued)        
$1,650   Aeropuerto Internacional de Tocumen SA, 144A 6.000% 11/18/48 BBB $1,812,525
2,810   Aeropuertos Dominicanos Siglo XXI SA, 144A 6.750% 3/30/29 BB- 2,876,737
1,700   DP World PLC, 144A 5.625% 9/25/48 Baa1 1,766,572
10,691 MXN   Grupo Aeroportuario del Centro Norte SAB de CV 6.850% 6/07/21 N/R 541,228
1,800   Mexico City Airport Trust, 144A 4.250% 10/31/26 BBB+ 1,730,700
1,500   Pelabuhan Indonesia II PT, 144A 4.250% 5/05/25 Baa2 1,516,155
    Total Transportation Infrastructure       11,876,034
    Wireless Telecommunication Services – 0.3%        
2,225   Hughes Satellite Systems Corp 6.625% 8/01/26 BB- 2,180,500
2,031   Inmarsat Finance PLC, 144A 6.500% 10/01/24 BB 2,132,550
1,100   Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 144A 5.152% 3/20/28 Baa2 1,124,750
    Total Wireless Telecommunication Services       5,437,800
    Total Corporate Bonds (cost $264,133,116)       264,293,033
    
Shares   Description (1) Coupon   Ratings (4) Value
    CONVERTIBLE PREFERRED SECURITIES – 4.0%        
    Electric Utilities – 1.0%        
235,668   American Electric Power Co Inc. 6.125%   BBB $12,125,118
101,938   NextEra Energy Inc. 6.123%   BBB 6,305,885
    Total Electric Utilities       18,431,003
    Equity Real Estate Investment Trust – 1.7%        
158,787   Braemar Hotels & Resorts Inc. 5.500%   N/R 3,169,389
7,719   Crown Castle International Corp, (2) 6.875%   N/R 9,131,577
72,789   EPR Properties 9.000%   BB 2,757,975
25,936   Equity Commonwealth 6.500%   Baa3 709,609
25,720   Lexington Realty Trust 6.500%   N/R 1,385,794
69,496   QTS Realty Trust Inc. 6.500%   B- 7,548,655
64,087   RLJ Lodging Trust 1.950%   N/R 1,612,429
106,414   RPT Realty 7.250%   N/R 5,336,662
    Total Equity Real Estate Investment Trust       31,652,090
    Multi-Utilities – 1.3%        
149,579   CenterPoint Energy Inc. 7.000%   N/R 7,903,754
169,791   Dominion Energy Inc. 6.750%   BBB- 8,475,967
28,977   DTE Energy Co 6.500%   BBB+ 1,603,877
52,933   Sempra Energy 6.000%   N/R 5,595,018
14,228   Sempra Energy 6.750%   N/R 1,510,445
    Total Multi-Utilities       25,089,061
    Total Convertible Preferred Securities (cost $70,269,330)       75,172,154
    
20      

Principal Amount (000)   Description (1) Coupon (8) Reference
Rate (8)
Spread (8) Maturity (9) Ratings (4) Value
    VARIABLE RATE SENIOR LOAN INTERESTS – 2.8% (8)            
    Capital Markets – 0.2%            
$2,244   Capital Automotive L.P., Term Loan, Frist Lien 5.000% 1-Month LIBOR 2.500% 3/24/24 B1 $2,225,000
2,000   Capital Automotive L.P., Term Loan, Second Lien 8.500% 1-Month LIBOR 6.000% 3/24/25 CCC+ 2,006,880
4,244   Total Capital Markets           4,231,880
    Chemicals – 0.1%            
2,500   Messer Industries USA Inc., (WI/DD) TBD TBD TBD TBD BB- 2,453,138
    Commercial Services & Supplies – 0.2%            
2,223   EnergySolutions, LLC, Term Loan B 6.351% 3-Month LIBOR 3.750% 5/11/25 B- 1,971,234
1,397   Gopher Resource LLC, (WI/DD) TBD TBD TBD TBD B 1,394,174
3,620   Total Commercial Services & Supplies           3,365,408
    Diversified Telecommunication Services – 0.1%            
1,588   SBA Senior Finance II LLC, Term Loan B 4.500% 1-Month LIBOR 2.000% 4/11/25 BB+ 1,556,875
    Equity Real Estate Investment Trust – 0.2%            
1,496   Iron Mountain, Inc., Term Loan B 4.249% 1-Month LIBOR 1.750% 1/02/26 BB 1,455,547
2,860   VICI Properties 1 LLC, Term Loan B 4.491% 1-Month LIBOR 2.000% 12/22/24 BBB- 2,814,426
4,356   Total Equity Real Estate Investment Trust           4,269,973
    Health Care Providers & Services – 0.4%            
1,942   Concentra Inc., Term Loan, Frist Lien 5.240% 1-Month LIBOR 2.750% 6/01/22 B+ 1,932,688
1,500   Envision Healthcare Corporation, Term Loan, Frist Lien, (WI/DD) TBD TBD TBD TBD B+ 1,406,880
4,500   RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (WI/DD) TBD TBD TBD TBD B+ 4,459,928
7,942   Total Health Care Providers & Services           7,799,496
    Hotels, Restaurants & Leisure – 0.2%            
2,970   CityCenter Holdings, LLC, Term Loan B 4.749% 1-Month LIBOR 2.250% 4/18/24 BB- 2,922,212
    Machinery – 0.2%            
3,660   Brookfield WEC Holdings Inc., Term Loan, Second Lien 9.249% 1-Month LIBOR 6.750% 8/01/26 B- 3,677,385
    Media – 0.2%            
3,650   CSC Holdings, LLC, Term Loan B 5.591% 1-Month LIBOR 3.000% 4/15/27 BB 3,639,743
    Oil, Gas & Consumable Fuels – 0.5%            
5,459   BCP Renaissance Parent LLC, Term Loan B 6.244% 3-Month LIBOR 3.500% 10/31/24 BB- 5,446,577
2,908   Brazos Delaware II, LLC, Term Loan B 6.487% 1-Month LIBOR 4.000% 5/29/25 BB- 2,768,440
      21

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Principal Amount (000)   Description (1) Coupon (8) Reference
Rate (8)
Spread (8) Maturity (9) Ratings (4) Value
    Oil, Gas & Consumable Fuels (continued)            
$2,178   Navitas Midstream Midland Basin, LLC, Term Loan B 6.986% 1-Month LIBOR 4.500% 12/14/24 BB $2,087,232
10,545   Total Oil, Gas & Consumable Fuels           10,302,249
    Real Estate Management & Development – 0.4%            
3,970   Brookfield Property REIT Inc., Term Loan B, Frist Lien 4.996% 1-Month LIBOR 2.500% 8/24/25 BB+ 3,832,940
4,460   Invitation Homes Operating Partnership LP, Term Loan A 4.186% 1-Month LIBOR 1.700% 2/06/22 N/R 4,376,375
8,430   Total Real Estate Management & Development           8,209,315
    Road & Rail – 0.1%            
1,007   Kenan Advantage Group, Inc., Term Loan 5.499% 1-Month LIBOR 3.000% 8/01/22 B+ 992,389
240   Kenan Advantage Group, Inc., Term Loan B 5.499% 1-Month LIBOR 3.000% 7/29/22 B+ 235,994
1,247   Total Road & Rail           1,228,383
$54,752   Total Variable Rate Senior Loan Interests (cost $54,211,805)         53,656,057
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (4) Value
    CONVERTIBLE BONDS – 0.7%        
    Oil, Gas & Consumable Fuels – 0.5%        
$12,325   Cheniere Energy Inc. 4.250% 3/15/45 N/R $9,636,609
    Real Estate Management & Development – 0.2%        
3,545   Tricon Capital Group Inc., 144A 5.750% 3/31/22 N/R 3,704,525
$15,870   Total Convertible Bonds (cost $12,212,980)       13,341,134
    
Shares   Description (1), (10)       Value
    INVESTMENT COMPANIES – 0.4%        
17,078,128   Keppel Infrastructure Trust       $5,863,598
1,015,144   Starwood European Real Estate Finance Ltd       1,388,282
    Total Investment Companies (cost $7,338,166)       7,251,880
    Total Long-Term Investments (cost $1,756,272,903)       1,822,462,125
    
22      

Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 3.7%        
    REPURCHASE AGREEMENTS – 3.7%        
$70,216   Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/19, repurchase price $70,222,710, collateralized by $73,100,000 U.S. Treasury Notes, 1.125%, due 9/30/21, value $71,621,918 1.200% 4/01/19   $70,215,688
    Total Short-Term Investments (cost $70,215,688)       70,215,688
    Total Investments (cost $1,826,488,591) – 99.9%       1,892,677,813
    Other Assets Less Liabilities – 0.1%       1,715,334
    Net Assets – 100%       $1,894,393,147
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own 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).
      23

Nuveen Real Asset Income Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Real Estate Investment Trust Common Stocks $366,210,476 $102,570,265 $ — $468,780,741
Common Stocks 125,320,918 195,184,583  — 320,505,501
$25 Par (or similar) Retail Preferred 296,079,969 15,243,790  — 311,323,759
$1,000 Par (or similar) Institutional Preferred  — 308,137,866  — 308,137,866
Corporate Bonds  — 264,293,033  — 264,293,033
Convertible Preferred Securities 66,040,577 9,131,577  — 75,172,154
Variable Rate Senior Loan Interests  — 53,656,057  — 53,656,057
Convertible Bonds  — 13,341,134  — 13,341,134
Investment Companies 7,251,880  —  — 7,251,880
Short-Term Investments:        
Repurchase Agreements  — 70,215,688  — 70,215,688
Total $860,903,820 $1,031,773,993 $ — $1,892,677,813
    
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) For fair value measurement disclosure purposes, investment classified as Level 2.  
(3) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(4) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(5) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.  
(6) Perpetual security. Maturity date is not applicable.  
(7) Variable rate security. The rate shown is the coupon as of the end of the reporting period.  
(8) Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.  
(9) 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.  
(10) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ADR American Depositary Receipt  
BRL Brazilian Real  
EUR Euro  
GBP Pound Sterling  
LIBOR London Inter-Bank Offered Rate  
MXN Mexican Peso  
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  
SGD Singapore Dollar  
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.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
24      

      25

Nuveen Real Estate Securities Fund
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 97.3%        
    REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 97.3%        
    Diversified  –  1.9%        
245,465   Alexander & Baldwin Inc.       $6,244,630
322,443   Armada Hoffler Properties Inc.       5,026,886
20,959   Empire State Realty Trust Inc.       331,152
346,344   Liberty Property Trust       16,769,977
298,640   STORE Capital Corp       10,004,440
2,424,452   VEREIT Inc.       20,292,663
101,964   WP Carey Inc.       7,986,840
    Total Diversified       66,656,588
    Health Care  –  11.6%        
94,627   CareTrust REIT Inc.       2,219,949
1,939,700   HCP Inc.       60,712,610
2,015,454   Healthcare Realty Trust Inc.       64,716,228
647,769   Healthcare Trust of America Inc.       18,519,716
7,359   LTC Properties Inc.       337,042
206,655   MedEquities Realty Trust Inc.       2,300,070
197,931   Medical Properties Trust Inc.       3,663,703
3,581   National Health Investors Inc.       281,288
373,741   Omega Healthcare Investors Inc.       14,258,219
219,446   Physicians Realty Trust       4,127,779
2,262,248   Ventas Inc.       144,354,045
1,092,866   Welltower Inc.       84,806,402
    Total Health Care       400,297,051
    Hotels  –  6.4%        
328   Hersha Hospitality Trust       5,622
3,660,327   Host Hotels & Resorts Inc.       69,180,180
971,229   MGM Growth Properties LLC, Class A       31,322,135
1,204,012   Pebblebrook Hotel Trust       37,396,613
1,709   Ryman Hospitality Properties Inc.       140,548
1,135,811   Summit Hotel Properties Inc.       12,959,604
4,943,208   Sunstone Hotel Investors Inc.       71,182,195
    Total Hotels       222,186,897
    Industrial  –  10.6%        
644,573   Americold Realty Trust       19,665,922
4,014,404   Duke Realty Corp       122,760,474
26      

Shares   Description (1)       Value
    Industrial (continued)        
824,543   First Industrial Realty Trust Inc.       $29,155,840
60,122   Monmouth Real Estate Investment Corp       792,408
2,015,728   Prologis Inc.       145,031,630
406,429   Rexford Industrial Realty Inc.       14,554,223
257,874   STAG Industrial Inc.       7,645,964
668,553   Terreno Realty Corp       28,105,968
    Total Industrial       367,712,429
    Mortgage  –  0.2%        
134,537   Blackstone Mortgage Trust Inc.       4,649,599
167,502   TPG RE Finance Trust Inc.       3,283,039
    Total Mortgage       7,932,638
    Office  –  13.3%        
526,167   Alexandria Real Estate Equities Inc.       75,010,368
1,009,446   Boston Properties Inc.       135,144,631
94,450   Columbia Property Trust Inc.       2,126,070
390,977   Corporate Office Properties Trust       10,673,672
2,038,145   Cousins Properties Inc.       19,688,481
480,477   Douglas Emmett Inc.       19,420,880
826,930   Easterly Government Properties Inc.       14,893,009
524,999   Equity Commonwealth       17,162,217
206,336   Highwoods Properties Inc.       9,652,398
1,307,094   Hudson Pacific Properties Inc.       44,990,175
571,125   JBG SMITH Properties       23,616,019
367,999   Kilroy Realty Corp       27,953,204
365,761   Mack-Cali Realty Corp       8,119,894
543,491   Paramount Group Inc.       7,712,137
271,958   Piedmont Office Realty Trust Inc.       5,670,324
73,951   SL Green Realty Corp       6,649,674
113,627   Tier REIT Inc.       3,256,550
426,229   Vornado Realty Trust       28,744,884
    Total Office       460,484,587
    Residential  –  18.8%        
990,044   American Campus Communities Inc.       47,106,293
1,389,539   American Homes 4 Rent, Class A       31,570,326
533,552   Apartment Investment & Management Company, Class A       26,832,330
716,722   AvalonBay Communities Inc.       143,867,607
700,786   Camden Property Trust       71,129,779
293,297   Equity LifeStyle Properties Inc.       33,523,847
1,159,024   Equity Residential       87,297,688
      27

Nuveen Real Estate Securities Fund (continued)
Portfolio of Investments    March 31, 2019
(Unaudited)
Shares   Description (1)       Value
    Residential (continued)        
233,049   Essex Property Trust Inc.       $67,407,093
141,918   Investors Real Estate Trust       8,502,307
1,918,975   Invitation Homes Inc.       46,688,662
117,734   Mid-America Apartment Communities Inc.       12,871,858
19,318   NexPoint Residential Trust Inc.       740,652
283,917   Sun Communities Inc.       33,649,843
805,763   UDR Inc.       36,629,986
    Total Residential       647,818,271
    Retail  –  17.6%        
336,681   Agree Realty Corp       23,345,461
2,655   Alexander's Inc.       998,731
492,486   Brixmor Property Group Inc.       9,046,968
581,036   Federal Realty Investment Trust       80,095,813
1,407,466   National Retail Properties Inc.       77,959,542
793,621   Realty Income Corp       58,378,761
1,106,592   Regency Centers Corp       74,683,894
284,450   Retail Properties of America Inc.       3,467,445
1,416,760   Simon Property Group Inc.       258,147,840
376,549   SITE Centers Corporation       5,128,597
750,970   Urban Edge Properties       14,268,430
138,188   Urstadt Biddle Properties Inc.       2,852,200
    Total Retail       608,373,682
    Specialized  –  16.9%        
79,655   CatchMark Timber Trust Inc.       782,212
43,873   CoreSite Realty Corp       4,695,289
125,646   Crown Castle International Corp       16,082,688
1,213,761   CubeSmart       38,888,902
490,466   CyrusOne Inc.       25,720,037
771,238   Digital Realty Trust Inc.       91,777,322
290,071   Equinix Inc.       131,448,574
42,155   Extra Space Storage Inc.       4,296,016
749,303   Four Corners Property Trust Inc.       22,179,369
780,606   Iron Mountain Inc.       27,680,289
200,893   Life Storage Inc.       19,540,862
704,283   Public Storage       153,378,752
235,516   QTS Realty Trust Inc.       10,595,865
1,626,813   VICI Properties Inc.       35,594,668
    Total Specialized       582,660,845
    Total Long-Term Investments (cost $2,552,196,095)       3,364,122,988
    
28      

Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 2.7%        
    MONEY MARKET FUNDS – 2.7%        
91,760,102   First American Treasury Obligations Fund, Class Z 2.330% (2)     $91,760,102
    Total Short-Term Investments (cost $91,760,102)       91,760,102
    Total Investments (cost $2,643,956,197) – 100.0%       3,455,883,090
    Other Assets Less Liabilities – (0.0)%       (144,540)
    Net Assets – 100%       $3,455,738,550
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own 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).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Real Estate Investment Trust Common Stocks $3,364,122,988 $ — $ — $3,364,122,988
Short-Term Investments:        
Money Market Funds 91,760,102  —  — 91,760,102
Total $3,455,883,090 $ — $ — $3,455,883,090
    
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
REIT Real Estate Investment Trust  
      29


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