UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Mutual Funds
30 June
2021
Nuveen Equity Funds
| Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |||||
| Nuveen Global Infrastructure Fund | FGIAX | FGNCX | FGNRX | FGIWX | FGIYX | |||||
| Nuveen Global Real Estate Securities Fund | NGJAX | NGJCX | — | NGJFX | NGJIX | |||||
| Nuveen Real Asset Income Fund | NRIAX | NRICX | — | NRIFX | NRIIX | |||||
| Nuveen Real Estate Securities Fund | FREAX | FRLCX | FRSSX | FREGX | FARCX |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
Semiannual Report
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It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
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If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
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3
Chair’s Letter to Shareholders
4
Important Semiannual Shareholder Report Notice
For Shareholders of
Nuveen Global Infrastructure Fund
Nuveen Global Real Estate Securities Fund
Nuveen Real Asset Income Fund
Nuveen Real Estate Securities Fund
Semiannual Shareholder Report for the period ending June 30, 2021
Beginning with this semiannual shareholder report, the Funds will only include portfolio manager commentaries in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s December 31, 2020 annual shareholder report.
For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section within this report and the Fund’s most recent prospectus at www.nuveen.com.
For average annual total returns as of the end of this reporting period, please refer to the Fund Performance and Expense Ratios section within this report.
5
Risk Considerations and Dividend Information
Risk Considerations
Nuveen Global Infrastructure Fund
Mutual fund investing involves risk; principal loss is possible. Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with master limited partnerships (MLPs) and real estate investment trusts (REITS). Foreign investments involve additional risks including currency fluctuations and economic and political instability. These risks are magnified in emerging markets. Common stocks are subject to market risk or the risk of decline. Small- and mid-cap stocks are subject to greater price volatility. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of fund expenses and indirectly, the expenses of other investment companies. Fund investments in exchange trade funds (ETFs) may involve tracking error. Preferred securities may involve greater credit risk than other debt instruments.
Nuveen Global Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The real estate industry is greatly affected by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of the REIT. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, derivatives, preferred security, and, small and mid-cap risks, are described in detail in the Fund’s prospectus.
Nuveen Real Asset Income Fund
Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Fund are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with master limited partnerships (MLPs). Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the exchange trade funds (ETFs) in which it invests.
Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Nuveen Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. Common stocks and REITs such as those held in the Fund involve market risk, concentration risk, sector risk, and non-diversification risk. The real estate industry is greatly affected by economic downturns that may persist as well as changes in property values, taxes, and regulatory developments. Foreign investments involve additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. The use of derivatives involves substantial financial risks and transaction costs. Small cap stocks may experience more volatility than large cap stocks.
6
Risk Considerations and Dividend Information (continued)
Dividend Information
Regular dividends are declared and distributed annually for Nuveen Global Infrastructure Fund, declared daily and distributed monthly for Nuveen Real Asset Income Fund and declared and distributed quarterly for Nuveen Global Real Estate Securities Fund and Nuveen Real Estate Securities Fund. To permit a Fund to maintain a more stable dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income it actually earned during the period.
In certain instances, a portion of each Fund’s distributions may be paid from sources or comprised of elements other than ordinary income, including capital gains and/or a return of capital. This is generally due to the fact that the tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Fund’s portfolio. Distributions received from certain securities in which the Fund invests, most notably real estate investment trust (REIT) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security typically reports the tax character of its distributions only once per year, generally during the first two months of the following calendar year. The full amount of the distributions received from such securities is included in the Fund’s ordinary income during the course of the year until such time the Fund is notified by the issuer of the actual tax character. To the extent that at the time of a particular distribution the Fund estimates that a portion of that distribution is attributable to a source or sources other than ordinary income, the Fund would send shareholders a notice to that effect. The final determination of the sources and tax character of all distributions for the fiscal year is made after the end of the fiscal year.
Additional Dividend Information for Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund
Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund seek to pay regular dividends at a rate that reflects the cash flow received from each Fund’s investments in portfolio securities. Fund distributions are not intended to include expected portfolio appreciation; however, the Funds invest in securities that make payments which ultimately may be fully or partially characterized for tax purposes by the securities’ issuers as gains or return of capital. While the reported sources of distributions may include capital gains and/or return of capital for tax purposes, the Funds intend to distribute only the net cash flow received as opposed to a distribution rate based on long-term total return. This tax treatment will generally “flow through” to the Funds’ distributions, but the specific tax treatment is often not known with certainty until after the end of the Funds’ tax year. As a result, certain portions of the regular distributions by Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund throughout the year were later re-characterized for tax purposes as either long-term gains (both realized and unrealized), or as a non-taxable return of capital, as set forth in each Fund’s table below. Nuveen Global Real Estate Securities Fund did not have any such distribution re-characterizations.
Nuveen Real Asset Income Fund – Data as of June 30, 2021
| Calendar Year 2021 | ||||||||||||||||||||||||||||||
| Estimated Percentage of the Distribution | Estimated Per Share Amounts | |||||||||||||||||||||||||||||
| Share Class | Ticker Symbol | Net Investment Income |
Realized Gains |
Return of Capital |
Distributions | Net Investment Income |
Realized Gains |
Return of Capital |
||||||||||||||||||||||
| Class A |
NRIAX |
100.0% | 0.0% | 0.0% | $ | 0.4710 | $ | 0.4710 | $ | 0.0000 | $ | 0.0000 | ||||||||||||||||||
| Class C |
NRICX |
100.0% | 0.0% | 0.0% | $ | 0.3880 | $ | 0.3880 | $ | 0.0000 | $ | 0.0000 | ||||||||||||||||||
| Class R6 |
NRIFX |
100.0% | 0.0% | 0.0% | $ | 0.5095 | $ | 0.5095 | $ | 0.0000 | $ | 0.0000 | ||||||||||||||||||
| Class I |
NRIIX |
100.0% | 0.0% | 0.0% | $ | 0.4990 | $ | 0.4990 | $ | 0.0000 | $ | 0.0000 | ||||||||||||||||||
7
Nuveen Real Estate Securities Fund – Data as of June 30, 2021(1)
| Calendar Year 2021 | ||||||||||||||||||||||||||||||
| Estimated Percentage of the Distribution | Estimated Per Share Amounts | |||||||||||||||||||||||||||||
| Share Class | Ticker Symbol | Net Investment Income |
Realized Gains |
Return of Capital |
Distributions | Net Investment Income |
Realized Gains |
Return of Capital |
||||||||||||||||||||||
| Class A |
FREAX |
62.5% | 37.5% | 0.0% | $ | 0.1684 | $ | 0.1052 | $ | 0.0632 | $ |
0.0000 |
| |||||||||||||||||
| Class C |
FRLCX |
17.6% | 82.4% | 0.0% | $ | 0.0902 | $ | 0.0158 | $ | 0.0744 | $ |
0.0000 |
| |||||||||||||||||
| Class R3 |
FRSSX |
33.5% | 66.5% | 0.0% | $ | 0.0744 | $ | 0.0249 | $ | 0.0495 | $ |
0.0000 |
| |||||||||||||||||
| Class R6 |
FREGX |
69.0% | 31.0% | 0.0% | $ | 0.2182 | $ | 0.1505 | $ | 0.0677 | $ |
0.0000 |
| |||||||||||||||||
| Class I |
FARCX |
67.0% | 33.0% | 0.0% | $ | 0.1971 | $ | 0.1321 | $ | 0.0650 | $ |
0.0000 |
| |||||||||||||||||
| (1) | The Fund owns REIT securities which attribute their distributions to various sources, including net investment income, gains and return of capital. |
These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2021 will be made in early 2022 and reported to you on Form 1099-DIV. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com.
8
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund’s most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
9
Fund Performance and Expense Ratios (continued)
Nuveen Global Infrastructure Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | ||||||||||||||||||||||
| Class A Shares at NAV |
12/17/07 | 5.56% | 18.49% | 6.70% | 7.54% | 1.35% | 1.22% | |||||||||||||||||||||
| Class A Shares at maximum Offering Price |
12/17/07 | (0.52)% | 11.73% | 5.43% | 6.91% | — | — | |||||||||||||||||||||
| S&P Global Infrastructure Index (Net) |
— | 4.99% | 22.22% | 5.28% | 5.27% | — | — | |||||||||||||||||||||
| Lipper Global Infrastructure Funds Classification Average |
— | 7.68% | 21.94% | 7.11% | 7.61% | — | — | |||||||||||||||||||||
| Class C Shares |
11/03/08 | 5.15% | 17.57% | 5.88% | 6.89% | 2.10% | 1.97% | |||||||||||||||||||||
| Class I Shares |
12/17/07 | 5.67% | 18.82% | 6.96% | 7.80% | 1.10% | 0.97% | |||||||||||||||||||||
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | 5-Year | Since Inception |
Gross | Net | ||||||||||||||||||||||
| Class R6 Shares |
6/30/16 | 5.66% | 18.85% | 7.08% | 7.08% | 1.01% | 0.88% | |||||||||||||||||||||
| * | Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
| ** | The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.00% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund. |
10
Fund Performance and Expense Ratios (continued)
Nuveen Global Real Estate Securities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | Since Inception |
Gross | Net | |||||||||||||||||||
| Class A Shares at NAV |
3/20/18 | 15.37% | 31.90% | 11.62% | 2.45% | 1.30% | ||||||||||||||||||
| Class A Shares at maximum Offering Price |
3/20/18 | 8.74% | 24.32% | 9.62% | — | — | ||||||||||||||||||
| FTSE EPRA/Nareit Developed Index (Net) |
— | 15.50% | 33.55% | 7.53% | — | — | ||||||||||||||||||
| Lipper Global Real Estate Funds Classification Average |
— | 15.70% | 33.50% | 9.40% | — | — | ||||||||||||||||||
| Class C Shares |
3/20/18 | 14.95% | 30.93% | 10.79% | 3.20% | 2.05% | ||||||||||||||||||
| Class R6 Shares |
3/20/18 | 15.54% | 32.35% | 11.98% | 2.15% | 1.00% | ||||||||||||||||||
| Class I Shares |
3/20/18 | 15.56% | 32.28% | 11.91% | 2.20% | 1.05% | ||||||||||||||||||
| * | Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically converts to Class A shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
| ** | The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.09% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. |
11
Fund Performance and Expense Ratios (continued)
Nuveen Real Asset Income Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | 5-Year | Since Inception |
Gross | Net | ||||||||||||||||||||||
| Class A Shares at NAV |
9/13/11 | 7.87% | 22.82% | 5.80% | 7.83% | 1.16% | 1.16% | |||||||||||||||||||||
| Class A Shares at maximum Offering Price |
9/13/11 | 1.67% | 15.76% | 4.55% | 7.18% | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Corporate High Yield Bond Index |
— | 3.62% | 15.37% | 7.48% | 7.20% | — | — | |||||||||||||||||||||
| Real Asset Income Custom Blended Fund Performance Benchmark1 |
— | 6.84% | 22.05% | 6.32% | 7.55% | — | — | |||||||||||||||||||||
| Lipper Real Return Funds Classification Average |
— | 12.92% | 29.20% | 5.66% | 3.29% | — | — | |||||||||||||||||||||
| Class C Shares |
9/13/11 | 7.44% | 21.90% | 5.00% | 7.18% | 1.91% | 1.91% | |||||||||||||||||||||
| Class R6 Shares |
6/30/16 | 8.05% | 23.25% | 6.16% | 6.16% | 0.82% | 0.81% | |||||||||||||||||||||
| Class I Shares |
9/13/11 | 8.00% | 23.17% | 6.06% | 8.10% | 0.91% | 0.91% | |||||||||||||||||||||
| * | Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
| ** | The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2023 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.95% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of trustees of the Fund. |
| 1 | The Real Asset Income Custom Blended Fund Performance Benchmark consists of: 1) 25% of the return of the Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/Nareit) Developed Index (Net), 2) 22% of the return of the S&P Global Infrastructure Index (Net), 3) 20% of the return of the ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 20% of the Bloomberg Barclays U.S. Corporate High Yield Bond Index and 5) 13% of the return of the Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE Nareit) Preferred Stock Index. |
12
Fund Performance and Expense Ratios (continued)
Nuveen Real Estate Securities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | ||||||||||||||||||||||
| Class A Shares at NAV |
9/29/95 | 19.72% | 31.77% | 5.91% | 8.87% | 1.30% | 1.22% | |||||||||||||||||||||
| Class A Shares at maximum Offering Price |
9/29/95 | 12.85% | 24.18% | 4.67% | 8.23% | — | — | |||||||||||||||||||||
| MSCI U.S. REIT Index |
— | 21.80% | 38.05% | 6.32% | 9.38% | — | — | |||||||||||||||||||||
| Lipper Real Estate Funds Classification Average |
— | 19.95% | 35.24% | 7.07% | 9.07% | — | — | |||||||||||||||||||||
| Class C Shares |
2/01/00 | 19.25% | 30.84% | 5.13% | 8.22% | 2.05% | 1.97% | |||||||||||||||||||||
| Class I Shares |
6/30/95 | 19.84% | 32.09% | 6.18% | 9.14% | 1.05% | 0.97% | |||||||||||||||||||||
| Total Returns as of June 30, 2021* | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
| Inception Date |
6-Month | 1-Year | 5-Year | Since Inception |
Gross | Net | ||||||||||||||||||||||
| Class R6 Shares |
4/30/13 | 19.92% | 32.29% | 6.35% | 7.79% | 0.90% | 0.82% | |||||||||||||||||||||
| * | Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares eight years (ten years prior to March 1, 2021) after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
| ** | The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2023 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.97% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to July 31, 2023 only with the approval of the Board of Directors of the Fund. |
13
Holding Summaries as of June 30, 2021
This 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.
Nuveen Global Infrastructure Fund
| 1 | Includes 6.6% (as a percentage of net assets) in emerging market countries. |
| 2 | See Portfolio of Investments for details on “other” Portfolio Composition. |
14
Nuveen Global Real Estate Securities Fund
| 1 | Includes 1.4% (as a percentage of net assets) in emerging market countries. |
15
Holding Summaries as of June 30, 2021 (continued)
Nuveen Real Asset Income Fund
| 1 | Includes 6.6% (as a percentage of net assets) in emerging market countries. |
| 2 | See Portfolio of Investments for details on “other” Portfolio Composition. |
16
Nuveen Real Estate Securities Fund
17
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended June 30, 2021.
The beginning of the period is January 1, 2021.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Global Infrastructure Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
| Actual Performance |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,055.61 | $ | 1,051.52 | $ | 1,056.57 | $ | 1,056.72 | ||||||||
| Expenses Incurred During the Period |
$ | 6.17 | $ | 9.97 | $ | 4.49 | $ | 4.90 | ||||||||
| Hypothetical Performance (5% annualized return before expenses) |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,018.79 | $ | 1,015.08 | $ | 1,020.43 | $ | 1,020.03 | ||||||||
| Expenses Incurred During the Period |
$ | 6.06 | $ | 9.79 | $ | 4.41 | $ | 4.81 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 0.88%, and 0.96% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
18
Nuveen Global Real Estate Securities Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
| Actual Performance |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,153.72 | $ | 1,149.50 | $ | 1,155.44 | $ | 1,155.60 | ||||||||
| Expenses Incurred During the Period |
$ | 6.89 | $ | 10.93 | $ | 5.02 | $ | 5.56 | ||||||||
| Hypothetical Performance (5% annualized return before expenses) |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,018.40 | $ | 1,014.63 | $ | 1,020.13 | $ | 1,019.64 | ||||||||
| Expenses Incurred During the Period |
$ | 6.46 | $ | 10.24 | $ | 4.71 | $ | 5.21 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.05%, 0.94% and 1.04% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Real Asset Income Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
| Actual Performance |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,078.69 | $ | 1,074.39 | $ | 1,080.48 | $ | 1,079.98 | ||||||||
| Expenses Incurred During the Period |
$ | 5.88 | $ | 9.72 | $ | 4.18 | $ | 4.59 | ||||||||
| Hypothetical Performance (5% annualized return before expenses) |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,019.14 | $ | 1,015.42 | $ | 1,020.78 | $ | 1,020.38 | ||||||||
| Expenses Incurred During the Period |
$ | 5.71 | $ | 9.44 | $ | 4.06 | $ | 4.46 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.14%, 1.89%, 0.81% and 0.89% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Real Estate Securities Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
| Actual Performance |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,197.20 | $ | 1,192.46 | $ | 1,199.22 | $ | 1,198.45 | ||||||||
| Expenses Incurred During the Period |
$ | 6.92 | $ | 11.04 | $ | 4.80 | $ | 5.56 | ||||||||
| Hypothetical Performance (5% annualized return before expenses) |
||||||||||||||||
| Beginning Account Value |
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
| Ending Account Value |
$ | 1,018.50 | $ | 1,014.73 | $ | 1,020.43 | $ | 1,019.74 | ||||||||
| Expenses Incurred During the Period |
$ | 6.36 | $ | 10.14 | $ | 4.41 | $ | 5.11 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.03%, 0.88% and 1.02% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
19
Nuveen Global Infrastructure Fund
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| LONG-TERM INVESTMENTS – 97.5% |
||||||||||||||||
| COMMON STOCKS – 87.4% |
||||||||||||||||
| Commercial Services & Supplies – 2.7% | ||||||||||||||||
| 281,322 | Biffa PLC, 144A, (2) |
$ | 1,264,746 | |||||||||||||
| 48,772 | Casella Waste Systems Inc, (2) |
3,093,608 | ||||||||||||||
| 1,225,128 | China Everbright Environment Group Ltd, (3) |
694,269 | ||||||||||||||
| 19,478 | GFL Environmental Inc |
621,738 | ||||||||||||||
| 26,815 | Republic Services Inc |
2,949,918 | ||||||||||||||
| 44,296 | Waste Connections Inc |
5,290,271 | ||||||||||||||
| 26,368 | Waste Management Inc |
3,694,420 | ||||||||||||||
| Total Commercial Services & Supplies |
17,608,970 | |||||||||||||||
| Construction & Engineering – 3.8% | ||||||||||||||||
| 14,933 | Ameresco Inc, (2) |
936,598 | ||||||||||||||
| 69,328 | Eiffage SA, (3) |
7,061,514 | ||||||||||||||
| 59,790 | Ferrovial SA, (3) |
1,757,133 | ||||||||||||||
| 139,363 | Vinci SA, (3) |
14,897,602 | ||||||||||||||
| Total Construction & Engineering |
24,652,847 | |||||||||||||||
| Diversified Financial Services – 0.2% | ||||||||||||||||
| 849,233 | Cordiant Digital Infrastructure Ltd, 144A, (2) |
1,245,229 | ||||||||||||||
| Diversified Telecommunication Services – 3.3% | ||||||||||||||||
| 97,847 | Cellnex Telecom SA, 144A, (3) |
6,240,803 | ||||||||||||||
| 1,096,952 | HKBN Ltd |
1,328,046 | ||||||||||||||
| 644,877 | Infrastrutture Wireless Italiane SpA, 144A, (3) |
7,282,246 | ||||||||||||||
| 3,447,822 | NetLink NBN Trust, (3) |
2,437,241 | ||||||||||||||
| 85,997 | Radius Global Infrastructure Inc, (2) |
1,246,956 | ||||||||||||||
| 88,892 | Vantage Towers AG, (2) |
2,862,765 | ||||||||||||||
| Total Diversified Telecommunication Services |
21,398,057 | |||||||||||||||
| Electric Utilities – 17.1% | ||||||||||||||||
| 329,329 | Alupar Investimento SA |
1,746,693 | ||||||||||||||
| 1,424,253 | AusNet Services Ltd, (3) |
1,866,725 | ||||||||||||||
| 327,241 | CK Infrastructure Holdings Ltd, (3) |
1,949,348 | ||||||||||||||
| 78,528 | Duke Energy Corp |
7,752,284 | ||||||||||||||
| 568,894 | EDP – Energias de Portugal SA |
3,015,311 | ||||||||||||||
| 7,548 | Elia Group SA/NV, (3) |
796,740 | ||||||||||||||
| 45,416 | Endesa SA, (3) |
1,102,509 | ||||||||||||||
| 674,929 | Enel SpA, (3) |
6,272,026 | ||||||||||||||
| 51,578 | Entergy Corp |
5,142,327 | ||||||||||||||
20
| Shares | Description (1) | Value | ||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||
| 67,567 | Evergy Inc |
$ | 4,083,074 | |||||||||||||
| 28,826 | Eversource Energy |
2,312,998 | ||||||||||||||
| 790,477 | Iberdrola SA, (3) |
9,639,594 | ||||||||||||||
| 360,323 | NextEra Energy Inc |
26,404,469 | ||||||||||||||
| 47,304 | Orsted AS, 144A, (3) |
6,639,653 | ||||||||||||||
| 464,388 | Power Grid Corp of India Ltd, (3) |
1,453,831 | ||||||||||||||
| 225,878 | Southern Co/The |
13,667,878 | ||||||||||||||
| 354,032 | Spark Infrastructure Group, (3) |
596,967 | ||||||||||||||
| 42,580 | SSE PLC, (3) |
884,334 | ||||||||||||||
| 1,034,116 | Terna SPA, (3) |
7,712,111 | ||||||||||||||
| 138,089 | Xcel Energy Inc |
9,097,303 | ||||||||||||||
| Total Electric Utilities |
112,136,175 | |||||||||||||||
| Gas Utilities – 0.4% | ||||||||||||||||
| 45,524 | AltaGas Ltd |
955,578 | ||||||||||||||
| 40,692 | China Resources Gas Group Ltd, (3) |
244,038 | ||||||||||||||
| 18,691 | Enagas SA, (3) |
432,004 | ||||||||||||||
| 197,162 | Snam SpA, (3) |
1,140,533 | ||||||||||||||
| Total Gas Utilities |
2,772,153 | |||||||||||||||
| Independent Power & Renewable Electricity Producers – 1.1% | ||||||||||||||||
| 19,141 | Brookfield Renewable Corp |
802,774 | ||||||||||||||
| 105,144 | Clearway Energy Inc |
2,784,213 | ||||||||||||||
| 31,665 | Corp ACCIONA Energias Renovables SA, (2) |
1,003,626 | ||||||||||||||
| 38,903 | EDP Renovaveis SA |
901,365 | ||||||||||||||
| 7,312 | NextEra Energy Partners LP |
558,344 | ||||||||||||||
| 162,456 | Omega Geracao SA, (2) |
1,241,169 | ||||||||||||||
| Total Independent Power & Renewable Electricity Producers |
7,291,491 | |||||||||||||||
| Industrial Conglomerates – 0.2% | ||||||||||||||||
| 808,021 | Sembcorp Industries Ltd, (3) |
1,288,844 | ||||||||||||||
| IT Services – 0.2% | ||||||||||||||||
| 6,144 | GDS Holdings Ltd, ADR, (2) |
482,243 | ||||||||||||||
| 116,804 | NEXTDC Ltd, (2), (3) |
1,039,402 | ||||||||||||||
| Total IT Services |
1,521,645 | |||||||||||||||
| Machinery – 0.2% | ||||||||||||||||
| 36,264 | Evoqua Water Technologies Corp, (2) |
1,224,998 | ||||||||||||||
| Media – 0.1% | ||||||||||||||||
| 1,922,305 | Converge ICT Solutions Inc, (2) |
893,912 | ||||||||||||||
| Multi-Utilities – 9.2% | ||||||||||||||||
| 5,039 | ACEA SpA, (3) |
116,499 | ||||||||||||||
| 243,009 | CenterPoint Energy Inc |
5,958,581 | ||||||||||||||
21
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Multi-Utilities (continued) | ||||||||||||||||
| 56,590 | CMS Energy Corp |
$ | 3,343,337 | |||||||||||||
| 145,368 | Dominion Energy Inc |
10,694,724 | ||||||||||||||
| 55,779 | DTE Energy Co |
7,228,958 | ||||||||||||||
| 535,210 | Engie SA, (3) |
7,339,104 | ||||||||||||||
| 421,759 | EON SE, (3) |
4,879,612 | ||||||||||||||
| 132,242 | Iren SpA, (3) |
377,426 | ||||||||||||||
| 12,052 | National Grid PLC, Sponsored ADR |
770,605 | ||||||||||||||
| 163,040 | NiSource Inc |
3,994,480 | ||||||||||||||
| 129,514 | RWE AG, (3) |
4,695,812 | ||||||||||||||
| 13,595 | Sempra Energy |
1,801,066 | ||||||||||||||
| 92,757 | Veolia Environnement SA, (3) |
2,804,124 | ||||||||||||||
| 75,577 | WEC Energy Group Inc |
6,722,574 | ||||||||||||||
| Total Multi-Utilities |
60,726,902 | |||||||||||||||
| Oil, Gas & Consumable Fuels – 16.4% | ||||||||||||||||
| 167,016 | Cheniere Energy Inc, (2) |
14,486,968 | ||||||||||||||
| 525,982 | Enbridge Inc |
21,060,319 | ||||||||||||||
| 315,446 | Enterprise Products Partners LP |
7,611,712 | ||||||||||||||
| 150,440 | Gibson Energy Inc |
2,882,341 | ||||||||||||||
| 322,364 | Kinder Morgan Inc |
5,876,696 | ||||||||||||||
| 17,508 | Koninklijke Vopak NV, (3) |
795,876 | ||||||||||||||
| 44,730 | ONEOK Inc |
2,488,777 | ||||||||||||||
| 163,290 | Pembina Pipeline Corp |
5,188,765 | ||||||||||||||
| 229,990 | Plains GP Holdings LP |
2,746,081 | ||||||||||||||
| 76,963 | Targa Resources Corp |
3,421,005 | ||||||||||||||
| 490,625 | TC Energy Corp |
24,277,942 | ||||||||||||||
| 624,723 | Williams Cos Inc/The |
16,586,396 | ||||||||||||||
| Total Oil, Gas & Consumable Fuels |
107,422,878 | |||||||||||||||
| Road & Rail – 5.1% | ||||||||||||||||
| 15,428 | Canadian National Railway Co |
1,627,962 | ||||||||||||||
| 355,059 | CSX Corp |
11,390,293 | ||||||||||||||
| 40,331 | East Japan Railway Co, (3) |
2,876,166 | ||||||||||||||
| 22,629 | Kansas City Southern |
6,412,380 | ||||||||||||||
| 15,025 | Norfolk Southern Corp |
3,987,785 | ||||||||||||||
| 33,101 | Union Pacific Corp |
7,279,903 | ||||||||||||||
| Total Road & Rail |
33,574,489 | |||||||||||||||
| Transportation Infrastructure – 26.0% | ||||||||||||||||
| 124,821 | Aena SME SA, 144A, (2), (3) |
20,480,764 | ||||||||||||||
| 50,731 | Aeroports de Paris, (2), (3) |
6,621,997 | ||||||||||||||
| 727,938 | Atlantia SpA, (2), (3) |
13,217,903 | ||||||||||||||
| 1,825,807 | Atlas Arteria Ltd, (3) |
8,721,908 | ||||||||||||||
22
| Shares | Description (1) | Value | ||||||||||||||
| Transportation Infrastructure (continued) | ||||||||||||||||
| 1,987,918 | Auckland International Airport Ltd, (2), (3) |
$ | 10,099,296 | |||||||||||||
| 2,917,649 | China Merchants Port Holdings Co Ltd, (3) |
4,261,090 | ||||||||||||||
| 1,808,448 | COSCO SHIPPING Ports Ltd, (3) |
1,411,981 | ||||||||||||||
| 354,370 | Enav SpA, 144A, (2), (3) |
1,597,679 | ||||||||||||||
| 43,303 | Flughafen Wien AG, (2), (3) |
1,506,659 | ||||||||||||||
| 53,782 | Flughafen Zurich AG, (2), (3) |
8,903,239 | ||||||||||||||
| 41,244 | Fraport AG Frankfurt Airport Services Worldwide, (2), (3) |
2,810,698 | ||||||||||||||
| 615,079 | Getlink SE, (3) |
9,605,785 | ||||||||||||||
| 126,946 | Grupo Aeroportuario del Centro Norte SAB de CV, ADR, (2) |
6,627,851 | ||||||||||||||
| 86,459 | Grupo Aeroportuario del Pacifico SAB de CV, ADR |
9,241,603 | ||||||||||||||
| 18,940 | Grupo Aeroportuario del Sureste SAB de CV, ADR, (2) |
3,502,006 | ||||||||||||||
| 1,145,133 | International Container Terminal Services Inc |
3,840,178 | ||||||||||||||
| 65,303 | Japan Airport Terminal Co Ltd, (2), (3) |
2,933,626 | ||||||||||||||
| 230,551 | Kamigumi Co Ltd, (3) |
4,678,782 | ||||||||||||||
| 101,369 | Macquarie Infrastructure Corp |
3,879,392 | ||||||||||||||
| 663,787 | Port of Tauranga Ltd, (3) |
3,261,379 | ||||||||||||||
| 450,993 | Promotora y Operadora de Infraestructura SAB de CV |
3,601,111 | ||||||||||||||
| 732,487 | Qube Holdings Ltd, (3) |
1,741,055 | ||||||||||||||
| 3,875,587 | Sydney Airport, (2), (3) |
16,816,230 | ||||||||||||||
| 1,942,949 | Transurban Group, (3) |
20,721,702 | ||||||||||||||
| 19,609 | Westshore Terminals Investment Corp |
270,185 | ||||||||||||||
| Total Transportation Infrastructure |
170,354,099 | |||||||||||||||
| Water Utilities – 1.4% | ||||||||||||||||
| 20,146 | American Water Works Co Inc |
3,105,103 | ||||||||||||||
| 1,713,720 | Guangdong Investment Ltd, (3) |
2,461,438 | ||||||||||||||
| 8,935 | Pennon Group PLC, (3) |
140,416 | ||||||||||||||
| 93,527 | Severn Trent PLC, (3) |
3,237,691 | ||||||||||||||
| 24,041 | United Utilities Group PLC, (3) |
324,486 | ||||||||||||||
| Total Water Utilities |
9,269,134 | |||||||||||||||
| Total Common Stocks (cost $470,628,497) |
573,381,823 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
| REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 9.8% |
||||||||||||||||
| Health Care – 0.1% | ||||||||||||||||
| 263,171 | Parkway Life Real Estate Investment Trust |
$ | 898,308 | |||||||||||||
| Mortgage – 0.1% | ||||||||||||||||
| 5,261 | Hannon Armstrong Sustainable Infrastructure Capital Inc |
295,405 | ||||||||||||||
| Specialized – 9.6% | ||||||||||||||||
| 128,496 | American Tower Corp |
34,711,910 | ||||||||||||||
| 3,397 | CoreSite Realty Corp |
457,236 | ||||||||||||||
23
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Specialized (continued) | ||||||||||||||||
| 29,211 | Crown Castle International Corp |
$ | 5,699,066 | |||||||||||||
| 14,631 | CyrusOne Inc |
1,046,409 | ||||||||||||||
| 19,812 | Digital Realty Trust Inc |
2,980,914 | ||||||||||||||
| 4,784 | Equinix Inc |
3,839,638 | ||||||||||||||
| 44,654 | SBA Communications Corp |
14,231,230 | ||||||||||||||
| Total Specialized |
62,966,403 | |||||||||||||||
| Total Real Estate Investment Trust Common Stocks (cost $53,528,877) |
64,160,116 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
| INVESTMENT COMPANIES – 0.3% |
||||||||||||||||
| 541,815 | 3i Infrastructure PLC |
$ | 2,234,501 | |||||||||||||
| Total Investment Companies (cost $1,982,034) |
2,234,501 | |||||||||||||||
| Total Long-Term Investments (cost $526,139,408) |
639,776,440 | |||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||
| SHORT-TERM INVESTMENTS – 2.0% |
||||||||||||||||
| REPURCHASE AGREEMENTS – 2.0% |
||||||||||||||||
| $ | 13,101 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $13,100,988, collateralized by $14,912,600, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $13,363,088 |
0.000% | 7/01/21 | $ | 13,100,988 | ||||||||||
| Total Short-Term Investments (cost $13,100,988) |
13,100,988 | |||||||||||||||
| Total Investments (cost $539,240,396) – 99.5% |
652,877,428 | |||||||||||||||
| Other Assets Less Liabilities – 0.5% |
3,279,921 | |||||||||||||||
| Net Assets – 100% |
$ | 656,157,349 | ||||||||||||||
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) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| 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 |
See accompanying notes to financial statements.
24
Nuveen Global Real Estate Securities Fund
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| LONG-TERM INVESTMENTS – 99.3% |
||||||||||||||||
| REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 75.9% |
||||||||||||||||
| Diversified – 8.7% | ||||||||||||||||
| 61 | Activia Properties Inc, (2) |
$ | 288,750 | |||||||||||||
| 3,962 | Broadstone Net Lease Inc |
92,750 | ||||||||||||||
| 70 | Daiwa House REIT Investment Corp, (2) |
205,987 | ||||||||||||||
| 769 | Empire State Realty Trust Inc |
9,228 | ||||||||||||||
| 3,249 | Essential Properties Realty Trust Inc |
87,853 | ||||||||||||||
| 2,183 | Gecina SA, (2) |
334,461 | ||||||||||||||
| 55,965 | GPT Group/The, (2) |
204,728 | ||||||||||||||
| 4,487 | H&R Real Estate Investment Trust |
57,915 | ||||||||||||||
| 52 | Heiwa Real Estate REIT Inc, (2) |
81,828 | ||||||||||||||
| 213 | Hulic Reit Inc, (2) |
358,490 | ||||||||||||||
| 41 | Kenedix Office Investment Corp, (2) |
288,754 | ||||||||||||||
| 60,959 | Land Securities Group PLC, (2) |
568,910 | ||||||||||||||
| 126,139 | LondonMetric Property PLC, (2) |
403,498 | ||||||||||||||
| 221,665 | LXI REIT Plc, (2) |
408,685 | ||||||||||||||
| 307,586 | Mapletree North Asia Commercial Trust, (2) |
237,946 | ||||||||||||||
| 48,347 | Merlin Properties Socimi SA, (2) |
500,240 | ||||||||||||||
| 89,854 | Mirvac Group, (2) |
195,914 | ||||||||||||||
| 113 | Nomura Real Estate Master Fund Inc, (2) |
180,849 | ||||||||||||||
| 1,939 | PS Business Parks Inc |
287,127 | ||||||||||||||
| 371 | Star Asia Investment Corp, (2) |
207,300 | ||||||||||||||
| 73,094 | Stockland, (2) |
254,531 | ||||||||||||||
| 129 | Tokyu REIT Inc, (2) |
237,630 | ||||||||||||||
| 10,292 | VEREIT Inc |
472,711 | ||||||||||||||
| 1,974 | Washington Real Estate Investment Trust |
45,402 | ||||||||||||||
| 1,992 | WP Carey Inc |
148,643 | ||||||||||||||
| Total Diversified |
6,160,130 | |||||||||||||||
| Health Care – 5.7% | ||||||||||||||||
| 2,174 | Aedifica SA, (2) |
287,189 | ||||||||||||||
| 9,026 | CareTrust REIT Inc |
209,674 | ||||||||||||||
| 6,318 | Healthcare Realty Trust Inc |
190,804 | ||||||||||||||
| 10,700 | Healthcare Trust of America Inc |
285,690 | ||||||||||||||
| 10,095 | Healthpeak Properties Inc |
336,063 | ||||||||||||||
| 16,742 | Medical Properties Trust Inc |
336,514 | ||||||||||||||
| 15,216 | NorthWest Healthcare Properties Real Estate Investment Trust |
156,260 | ||||||||||||||
| 4,181 | Omega Healthcare Investors Inc |
151,729 | ||||||||||||||
25
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Health Care (continued) | ||||||||||||||||
| 3,287 | Sabra Health Care REIT Inc |
$ | 59,823 | |||||||||||||
| 17,668 | Ventas Inc |
1,008,843 | ||||||||||||||
| 12,071 | Welltower Inc |
1,003,100 | ||||||||||||||
| Total Health Care |
4,025,689 | |||||||||||||||
| Hotels – 2.7% | ||||||||||||||||
| 15,994 | Apple Hospitality REIT Inc |
244,068 | ||||||||||||||
| 15,790 | Host Hotels & Resorts Inc, (3) |
269,851 | ||||||||||||||
| 200 | Japan Hotel REIT Investment Corp, (2) |
119,740 | ||||||||||||||
| 8,981 | MGM Growth Properties LLC |
328,884 | ||||||||||||||
| 8,244 | Pebblebrook Hotel Trust |
194,146 | ||||||||||||||
| 9,990 | RLJ Lodging Trust |
152,148 | ||||||||||||||
| 2,227 | Ryman Hospitality Properties Inc, (3) |
175,844 | ||||||||||||||
| 20,301 | Summit Hotel Properties Inc, (3) |
189,408 | ||||||||||||||
| 15,087 | Sunstone Hotel Investors Inc, (3) |
187,381 | ||||||||||||||
| 3,620 | Xenia Hotels & Resorts Inc, (3) |
67,803 | ||||||||||||||
| Total Hotels |
1,929,273 | |||||||||||||||
| Industrial – 12.3% | ||||||||||||||||
| 7,890 | Americold Realty Trust |
298,636 | ||||||||||||||
| 89,187 | Ascendas Real Estate Investment Trust, (2) |
195,990 | ||||||||||||||
| 50,916 | Centuria Industrial REIT, (2) |
141,792 | ||||||||||||||
| 17,633 | Deutsche Industrie REIT AG |
358,578 | ||||||||||||||
| 28,184 | Dream Industrial Real Estate Investment Trust |
347,412 | ||||||||||||||
| 11,934 | Duke Realty Corp |
565,075 | ||||||||||||||
| 953 | EastGroup Properties Inc |
156,721 | ||||||||||||||
| 9 | ESR-REIT, (2) |
3 | ||||||||||||||
| 1,116 | First Industrial Realty Trust Inc |
58,289 | ||||||||||||||
| 318,786 | Frasers Logistics & Commercial Trust, (2) |
341,761 | ||||||||||||||
| 122 | GLP J-Reit |
210,407 | ||||||||||||||
| 9,015 | Goodman Group, (2) |
142,668 | ||||||||||||||
| 3,061 | Granite Real Estate Investment Trust |
203,672 | ||||||||||||||
| 263 | LaSalle Logiport REIT |
444,114 | ||||||||||||||
| 26,199 | Lexington Realty Trust |
313,078 | ||||||||||||||
| 168,003 | Mapletree Industrial Trust, (2) |
353,734 | ||||||||||||||
| 14 | Mitsubishi Estate Logistics REIT Investment Corp |
61,938 | ||||||||||||||
| 33 | Mitsui Fudosan Logistics Park Inc |
175,850 | ||||||||||||||
| 69 | Nippon Prologis REIT Inc, (2) |
219,428 | ||||||||||||||
| 25,208 | Prologis Inc |
3,013,112 | ||||||||||||||
| 4,759 | Rexford Industrial Realty Inc |
271,025 | ||||||||||||||
| 29,868 | Segro PLC, (2) |
452,150 | ||||||||||||||
| 122 | Summit Industrial Income REIT |
1,749 | ||||||||||||||
26
| Shares | Description (1) | Value | ||||||||||||||
| Industrial (continued) | ||||||||||||||||
| 6,147 | Terreno Realty Corp |
$ | 396,604 | |||||||||||||
| Total Industrial |
8,723,786 | |||||||||||||||
| Mortgage – 0.1% | ||||||||||||||||
| 1,500 | Blackstone Mortgage Trust Inc |
47,835 | ||||||||||||||
| 289 | Hannon Armstrong Sustainable Infrastructure Capital Inc |
16,227 | ||||||||||||||
| Total Mortgage |
64,062 | |||||||||||||||
| Office – 7.5% | ||||||||||||||||
| 5,347 | Alexandria Real Estate Equities Inc |
972,833 | ||||||||||||||
| 3,123 | Boston Properties Inc |
357,865 | ||||||||||||||
| 7,706 | Columbia Property Trust Inc |
134,007 | ||||||||||||||
| 10,280 | Corporate Office Properties Trust |
287,737 | ||||||||||||||
| 2,066 | Cousins Properties Inc |
75,987 | ||||||||||||||
| 31 | Daiwa Office Investment Corp, (2) |
215,499 | ||||||||||||||
| 10,175 | Douglas Emmett Inc |
342,084 | ||||||||||||||
| 7,326 | Dream Office Real Estate Investment Trust |
135,693 | ||||||||||||||
| 4,355 | Easterly Government Properties Inc |
91,803 | ||||||||||||||
| 433 | Franklin Street Properties Corp |
2,278 | ||||||||||||||
| 129,502 | GDI Property Group, (2) |
108,736 | ||||||||||||||
| 14,703 | Great Portland Estates PLC, (2) |
144,144 | ||||||||||||||
| 1,057 | Highwoods Properties Inc |
47,745 | ||||||||||||||
| 1,945 | Hudson Pacific Properties Inc |
54,110 | ||||||||||||||
| 68 | Ichigo Office REIT Investment Corp, (2) |
60,395 | ||||||||||||||
| 80 | Japan Excellent Inc, (2) |
114,098 | ||||||||||||||
| 9,995 | JBG SMITH Properties |
314,942 | ||||||||||||||
| 3,985 | Kilroy Realty Corp |
277,515 | ||||||||||||||
| 4,820 | Mack-Cali Realty Corp |
82,663 | ||||||||||||||
| 61 | Nippon Building Fund Inc, (2) |
380,064 | ||||||||||||||
| 2,781 | NSI NV |
107,336 | ||||||||||||||
| 21 | Orix JREIT Inc, (2) |
40,314 | ||||||||||||||
| 30,339 | Paramount Group Inc |
305,514 | ||||||||||||||
| 12,068 | Piedmont Office Realty Trust Inc |
222,896 | ||||||||||||||
| 174,984 | Precinct Properties New Zealand Ltd, (2) |
195,660 | ||||||||||||||
| 288 | SL Green Realty Corp |
23,040 | ||||||||||||||
| 5,109 | Vornado Realty Trust |
238,437 | ||||||||||||||
| Total Office |
5,333,395 | |||||||||||||||
| Residential – 12.3% | ||||||||||||||||
| 50 | Advance Residence Investment Corp, (2) |
166,558 | ||||||||||||||
| 3,424 | American Campus Communities Inc |
159,969 | ||||||||||||||
| 13,596 | American Homes 4 Rent |
528,205 | ||||||||||||||
| 2,409 | Apartment Income REIT Corp |
114,259 | ||||||||||||||
27
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Residential (continued) | ||||||||||||||||
| 2,710 | AvalonBay Communities Inc |
$ | 565,550 | |||||||||||||
| 4,331 | Boardwalk Real Estate Investment Trust |
142,829 | ||||||||||||||
| 3,981 | BSR Real Estate Investment Trust |
52,589 | ||||||||||||||
| 1,729 | Camden Property Trust |
229,386 | ||||||||||||||
| 3,570 | Canadian Apartment Properties REIT |
167,383 | ||||||||||||||
| 1,997 | Centerspace |
157,563 | ||||||||||||||
| 1,082 | Equity LifeStyle Properties Inc |
80,403 | ||||||||||||||
| 9,322 | Equity Residential |
717,794 | ||||||||||||||
| 2,741 | Essex Property Trust Inc |
822,327 | ||||||||||||||
| 21,426 | Invitation Homes Inc |
798,976 | ||||||||||||||
| 14,012 | Killam Apartment Real Estate Investment Trust |
229,125 | ||||||||||||||
| 4,188 | Mid-America Apartment Communities Inc |
705,343 | ||||||||||||||
| 2,421 | NexPoint Residential Trust Inc |
133,107 | ||||||||||||||
| 68 | Nippon Accommodations Fund Inc, (2) |
392,090 | ||||||||||||||
| 5,769 | Sun Communities Inc |
988,807 | ||||||||||||||
| 19,313 | UDR Inc |
945,951 | ||||||||||||||
| 27,862 | UNITE Group PLC/The |
413,936 | ||||||||||||||
| 4,549 | Xior Student Housing NV |
274,014 | ||||||||||||||
| Total Residential |
8,786,164 | |||||||||||||||
| Retail – 11.2% | ||||||||||||||||
| 2,332 | Acadia Realty Trust |
51,211 | ||||||||||||||
| 2,792 | Agree Realty Corp |
196,808 | ||||||||||||||
| 14,544 | Brixmor Property Group Inc |
332,912 | ||||||||||||||
| 236,359 | CapitaLand China Trust, (2) |
241,036 | ||||||||||||||
| 1,361 | Federal Realty Investment Trust |
159,468 | ||||||||||||||
| 126,559 | Fortune Real Estate Investment Trust, (2) |
135,591 | ||||||||||||||
| 233,538 | Frasers Centrepoint Trust, (2) |
422,735 | ||||||||||||||
| 80 | Kenedix Retail REIT Corp, (2) |
216,327 | ||||||||||||||
| 17,001 | Kimco Realty Corp |
354,471 | ||||||||||||||
| 900 | Kite Realty Group Trust |
19,809 | ||||||||||||||
| 5,036 | Klepierre SA, (2) |
129,746 | ||||||||||||||
| 57,127 | Link REIT, (2) |
552,723 | ||||||||||||||
| 8,436 | National Retail Properties Inc |
395,480 | ||||||||||||||
| 7,174 | Realty Income Corp |
478,793 | ||||||||||||||
| 6,202 | Regency Centers Corp |
397,362 | ||||||||||||||
| 14,318 | Retail Properties of America Inc |
163,941 | ||||||||||||||
| 18,468 | RioCan Real Estate Investment Trust |
328,956 | ||||||||||||||
| 8,868 | RPT Realty |
115,107 | ||||||||||||||
| 61,863 | Scentre Group, (2) |
126,591 | ||||||||||||||
| 110,586 | Shopping Centres Australasia Property Group, (2) |
207,913 | ||||||||||||||
28
| Shares | Description (1) | Value | ||||||||||||||
| Retail (continued) | ||||||||||||||||
| 12,514 | Simon Property Group Inc |
$ | 1,632,827 | |||||||||||||
| 6,646 | SITE Centers Corp |
100,089 | ||||||||||||||
| 3,295 | Spirit Realty Capital Inc |
157,633 | ||||||||||||||
| 1,856 | Unibail – Rodamco-Westfield, (2) |
160,908 | ||||||||||||||
| 528 | Unibail – Rodamco-Westfield, (2) |
45,775 | ||||||||||||||
| 1,618 | Urban Edge Properties |
30,904 | ||||||||||||||
| 2,446 | Urstadt Biddle Properties Inc |
47,403 | ||||||||||||||
| 419,013 | Vicinity Centres, (2) |
483,105 | ||||||||||||||
| 47,980 | Waypoint REIT, (2) |
94,055 | ||||||||||||||
| 5,695 | Weingarten Realty Investors |
182,639 | ||||||||||||||
| Total Retail |
7,962,318 | |||||||||||||||
| Specialized – 15.4% | ||||||||||||||||
| 6,332 | American Tower Corp |
1,710,527 | ||||||||||||||
| 2,004 | ARGAN SA, (2) |
244,410 | ||||||||||||||
| 15,891 | Big Yellow Group PLC, (2) |
287,045 | ||||||||||||||
| 1,834 | CoreSite Realty Corp |
246,856 | ||||||||||||||
| 366 | Crown Castle International Corp |
71,407 | ||||||||||||||
| 3,412 | CubeSmart |
158,044 | ||||||||||||||
| 4,479 | CyrusOne Inc |
320,338 | ||||||||||||||
| 5,764 | Digital Realty Trust Inc |
867,251 | ||||||||||||||
| 2,556 | Equinix Inc |
2,051,446 | ||||||||||||||
| 1,924 | Extra Space Storage Inc |
315,190 | ||||||||||||||
| 9,701 | Four Corners Property Trust Inc |
267,845 | ||||||||||||||
| 10,325 | Gaming and Leisure Properties Inc |
478,357 | ||||||||||||||
| 36,224 | Keppel DC REIT, (2) |
67,138 | ||||||||||||||
| 4,538 | Life Storage Inc |
487,154 | ||||||||||||||
| 641 | National Storage Affiliates Trust |
32,409 | ||||||||||||||
| 121,704 | National Storage REIT, (2) |
180,581 | ||||||||||||||
| 3,530 | PotlatchDeltic Corp |
187,620 | ||||||||||||||
| 5,861 | Public Storage |
1,762,344 | ||||||||||||||
| 27,512 | Safestore Holdings PLC |
360,403 | ||||||||||||||
| 1,269 | SBA Communications Corp |
404,430 | ||||||||||||||
| 8,508 | VICI Properties Inc |
263,918 | ||||||||||||||
| 5,974 | Weyerhaeuser Co |
205,625 | ||||||||||||||
| Total Specialized |
10,970,338 | |||||||||||||||
| Total Real Estate Investment Trust Common Stocks (cost $43,921,869) |
53,955,155 | |||||||||||||||
29
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| COMMON STOCKS – 23.4% |
||||||||||||||||
| Diversified Telecommunication Services – 1.5% | ||||||||||||||||
| 3,717 | Cellnex Telecom SA, 144A, (2) |
$ | 237,075 | |||||||||||||
| 43,153 | Infrastrutture Wireless Italiane SpA, 144A, (2) |
487,303 | ||||||||||||||
| 11,216 | Radius Global Infrastructure Inc, (3) |
162,632 | ||||||||||||||
| 5,468 | Vantage Towers AG, (3) |
176,097 | ||||||||||||||
| Total Diversified Telecommunication Services |
1,063,107 | |||||||||||||||
| Equity Real Estate Investment Trust – 0.3% | ||||||||||||||||
| 10,960 | Flagship Communities REIT |
193,992 | ||||||||||||||
| Health Care Providers & Services – 0.3% | ||||||||||||||||
| 4,890 | Chartwell Retirement Residences |
52,269 | ||||||||||||||
| 11,220 | Sienna Senior Living Inc |
148,803 | ||||||||||||||
| Total Health Care Providers & Services |
201,072 | |||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% | ||||||||||||||||
| 124 | Hilton Worldwide Holdings Inc, (3) |
14,957 | ||||||||||||||
| 7,773 | Pandox AB, (3) |
129,337 | ||||||||||||||
| Total Hotels, Restaurants & Leisure |
144,294 | |||||||||||||||
| Household Durables – 0.3% | ||||||||||||||||
| 4,203 | PulteGroup Inc |
229,358 | ||||||||||||||
| IT Services – 0.3% | ||||||||||||||||
| 2,035 | GDS Holdings Ltd, ADR, (3) |
159,727 | ||||||||||||||
| 11,277 | NEXTDC Ltd, (2), (3) |
100,351 | ||||||||||||||
| Total IT Services |
260,078 | |||||||||||||||
| Real Estate Management & Development – 20.5% | ||||||||||||||||
| 38,527 | Amot Investments Ltd, (2) |
252,939 | ||||||||||||||
| 51,270 | Aroundtown SA, (2) |
400,020 | ||||||||||||||
| 154,254 | CapitaLand Ltd, (2) |
426,085 | ||||||||||||||
| 7,706 | Castellum AB, (2) |
196,203 | ||||||||||||||
| 1,453 | Catena AB |
77,794 | ||||||||||||||
| 79,160 | China Resources Land Ltd, (2) |
319,711 | ||||||||||||||
| 12,665 | Cibus Nordic Real Estate AB, (2) |
302,568 | ||||||||||||||
| 10,541 | Citycon Oyj, (2) |
89,777 | ||||||||||||||
| 45,745 | Corp Inmobiliaria Vesta SAB de CV |
89,131 | ||||||||||||||
| 30,299 | Cyrela Commercial Properties SA Empreendimentos e Participacoes |
72,491 | ||||||||||||||
| 23,095 | DIC Asset AG, (2) |
398,813 | ||||||||||||||
| 17,458 | Dios Fastigheter AB, (2) |
180,741 | ||||||||||||||
| 40,814 | ESR Cayman Ltd, 144A, (2), (3) |
137,614 | ||||||||||||||
| 2,605 | Fastighets AB Balder, (2), (3) |
163,302 | ||||||||||||||
| 81,646 | Grainger PLC, (2) |
321,778 | ||||||||||||||
30
| Shares | Description (1) | Value | ||||||||||||||
| Real Estate Management & Development (continued) | ||||||||||||||||
| 115,526 | Hongkong Land Holdings Ltd, (2) |
$ | 550,185 | |||||||||||||
| 30,521 | Hulic Co Ltd, (2) |
342,868 | ||||||||||||||
| 66,197 | Hysan Development Co Ltd |
263,874 | ||||||||||||||
| 8,237 | Instone Real Estate Group AG, 144A, (2) |
248,003 | ||||||||||||||
| 26,137 | Keihanshin Building Co Ltd, (2) |
320,372 | ||||||||||||||
| 4,658 | Kennedy-Wilson Holdings Inc |
92,554 | ||||||||||||||
| 37,997 | Kungsleden AB |
459,972 | ||||||||||||||
| 282,716 | Land & Houses PCL, (2) |
70,122 | ||||||||||||||
| 568,618 | Langham Hospitality Investments and Langham Hospitality Investments Ltd, (2), (3) |
71,700 | ||||||||||||||
| 10,021 | LEG Immobilien SE, (2) |
1,442,591 | ||||||||||||||
| 8,026 | Lifestyle Communities Ltd, (2) |
94,227 | ||||||||||||||
| 26,227 | Longfor Group Holdings Ltd, 144A, (2) |
146,088 | ||||||||||||||
| 58,812 | Mitsubishi Estate Co Ltd, (2) |
950,612 | ||||||||||||||
| 50,185 | Mitsui Fudosan Co Ltd, (2) |
1,160,462 | ||||||||||||||
| 58,193 | New World Development Co Ltd, (2) |
301,786 | ||||||||||||||
| 6,274 | Platzer Fastigheter Holding AB |
95,157 | ||||||||||||||
| 21,893 | Samhallsbyggnadsbolaget i Norden AB |
91,736 | ||||||||||||||
| 154,958 | Sino Land Co Ltd, (2) |
244,281 | ||||||||||||||
| 197,976 | Sirius Real Estate Ltd, (2) |
302,682 | ||||||||||||||
| 80,314 | Sun Hung Kai Properties Ltd, (2) |
1,193,622 | ||||||||||||||
| 96,111 | Swire Properties Ltd, (2) |
286,284 | ||||||||||||||
| 22,162 | TAG Immobilien AG, (2) |
702,458 | ||||||||||||||
| 25,674 | Tokyo Tatemono Co Ltd, (2) |
366,434 | ||||||||||||||
| 13,973 | Tricon Residential Inc |
160,741 | ||||||||||||||
| 10,767 | VIB Vermoegen AG |
457,058 | ||||||||||||||
| 11,471 | Vonovia SE, (2) |
741,319 | ||||||||||||||
| Total Real Estate Management & Development |
14,586,155 | |||||||||||||||
| Total Common Stocks (cost $14,841,658) |
16,678,056 | |||||||||||||||
| Total Long-Term Investments (cost $58,763,527) |
|
70,633,211 | ||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||
| SHORT-TERM INVESTMENTS – 1.3% |
||||||||||||||||
| REPURCHASE AGREEMENTS – 1.3% |
||||||||||||||||
| $ | 919 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $918,749, collateralized by $1,045,800, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $937,135 |
0.000% | 7/01/21 | $ | 918,749 | ||||||||||
| Total Short-Term Investments (cost $918,749) |
918,749 | |||||||||||||||
| Total Investments (cost $59,682,276) – 100.6% |
71,551,960 | |||||||||||||||
| Other Assets Less Liabilities – (0.6)% |
(441,337 | ) | ||||||||||||||
| Net Assets – 100% |
$ | 71,110,623 | ||||||||||||||
31
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
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 an ex-dividend date within the past twelve months. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
32
Nuveen Real Asset Income Fund
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| LONG-TERM INVESTMENTS – 96.3% |
||||||||||||||||||||||||||||
| COMMON STOCKS – 25.0% |
||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.3% | ||||||||||||||||||||||||||||
| 73,680 | Oesterreichische Post AG |
$ | 3,918,368 | |||||||||||||||||||||||||
| 154,971 | PostNL NV, (2) |
842,016 | ||||||||||||||||||||||||||
| Total Air Freight & Logistics |
4,760,384 | |||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.3% |
||||||||||||||||||||||||||||
| 7,722,158 | China Everbright Environment Group Ltd, (2) |
4,376,075 | ||||||||||||||||||||||||||
| Diversified Financial Services – 0.2% | ||||||||||||||||||||||||||||
| 2,051,204 | Sdcl Energy Efficiency Income Trust PLC |
3,319,794 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 1.3% | ||||||||||||||||||||||||||||
| 4,613,353 | HKBN Ltd |
5,585,245 | ||||||||||||||||||||||||||
| 974,914 | HKT Trust & HKT Ltd, (2) |
1,327,906 | ||||||||||||||||||||||||||
| 17,615,812 | NetLink NBN Trust, (2) |
12,452,494 | ||||||||||||||||||||||||||
| Total Diversified Telecommunication Services |
19,365,645 | |||||||||||||||||||||||||||
| Electric Utilities – 5.1% | ||||||||||||||||||||||||||||
| 5,127,146 | AusNet Services Ltd, (2) |
6,719,996 | ||||||||||||||||||||||||||
| 95,942 | CEZ AS, (2) |
2,845,166 | ||||||||||||||||||||||||||
| 430,168 | Cia de Transmissao de Energia Eletrica Paulista |
2,169,954 | ||||||||||||||||||||||||||
| 171,829 | CK Infrastructure Holdings Ltd, (2) |
1,023,571 | ||||||||||||||||||||||||||
| 74,001 | Emera Inc |
3,357,386 | ||||||||||||||||||||||||||
| 392,588 | Endesa SA, (2) |
9,530,380 | ||||||||||||||||||||||||||
| 258,860 | Enel Chile SA, ADR |
763,637 | ||||||||||||||||||||||||||
| 119,786 | Enel SpA, (2) |
1,113,156 | ||||||||||||||||||||||||||
| 257,705 | OGE Energy Corp |
8,671,773 | ||||||||||||||||||||||||||
| 268,527 | Power Assets Holdings Ltd, (2) |
1,647,697 | ||||||||||||||||||||||||||
| 79,144 | PPL Corp |
2,213,658 | ||||||||||||||||||||||||||
| 463,644 | Red Electrica Corp SA, (2) |
8,608,100 | ||||||||||||||||||||||||||
| 6,001,476 | Spark Infrastructure Group, (2) |
10,119,665 | ||||||||||||||||||||||||||
| 799,003 | SSE PLC, (2) |
16,594,305 | ||||||||||||||||||||||||||
| 356,617 | Transmissora Alianca de Energia Eletrica SA |
2,645,697 | ||||||||||||||||||||||||||
| Total Electric Utilities |
78,024,141 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.0% | ||||||||||||||||||||||||||||
| 111,938 | Nexus Real Estate Investment Trust |
904,823 | ||||||||||||||||||||||||||
| Gas Utilities – 2.8% |
||||||||||||||||||||||||||||
| 360,386 | AltaGas Ltd |
7,564,733 | ||||||||||||||||||||||||||
| 206,239 | APA Group, (2) |
1,376,156 | ||||||||||||||||||||||||||
33
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Gas Utilities (continued) | ||||||||||||||||||||||||||||
| 579,739 | Enagas SA, (2) |
$ | 13,399,470 | |||||||||||||||||||||||||
| 682,688 | Italgas SpA, (2) |
4,465,595 | ||||||||||||||||||||||||||
| 180,394 | Naturgy Energy Group SA, (2) |
4,642,705 | ||||||||||||||||||||||||||
| 2,018,129 | Snam SpA, (2) |
11,674,373 | ||||||||||||||||||||||||||
| Total Gas Utilities |
43,123,032 | |||||||||||||||||||||||||||
| Health Care Providers & Services – 0.3% | ||||||||||||||||||||||||||||
| 122,837 | Chartwell Retirement Residences |
1,312,996 | ||||||||||||||||||||||||||
| 245,927 | Sienna Senior Living Inc |
3,261,568 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
4,574,564 | |||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 1.1% | ||||||||||||||||||||||||||||
| 62,287 | Atlantica Sustainable Infrastructure PLC |
2,318,322 | ||||||||||||||||||||||||||
| 1,824 | Canadian Solar Infrastructure Fund Inc, (2) |
2,074,286 | ||||||||||||||||||||||||||
| 145,488 | Clearway Energy Inc |
3,669,207 | ||||||||||||||||||||||||||
| 495,836 | TransAlta Renewables Inc |
8,331,933 | ||||||||||||||||||||||||||
| Total Independent Power & Renewable Electricity Producers |
16,393,748 | |||||||||||||||||||||||||||
| Industrial Conglomerates – 0.1% | ||||||||||||||||||||||||||||
| 983,573 | NWS Holdings Ltd, (2) |
1,046,305 | ||||||||||||||||||||||||||
| Multi-Utilities – 1.6% | ||||||||||||||||||||||||||||
| 40,322 | ACEA SpA, (2) |
932,223 | ||||||||||||||||||||||||||
| 201,290 | Canadian Utilities Ltd |
5,585,976 | ||||||||||||||||||||||||||
| 160,099 | Engie SA, (2) |
2,195,368 | ||||||||||||||||||||||||||
| 119,187 | National Grid PLC, Sponsored ADR |
7,620,817 | ||||||||||||||||||||||||||
| 2,463,347 | REN – Redes Energeticas Nacionais SGPS SA, (2) |
6,833,160 | ||||||||||||||||||||||||||
| 738,430 | Vector Ltd |
2,090,459 | ||||||||||||||||||||||||||
| Total Multi-Utilities |
25,258,003 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 6.7% | ||||||||||||||||||||||||||||
| 313,676 | Enbridge Inc |
12,559,587 | ||||||||||||||||||||||||||
| 588,916 | Enterprise Products Partners LP |
14,210,543 | ||||||||||||||||||||||||||
| 325,097 | Gibson Energy Inc |
6,228,666 | ||||||||||||||||||||||||||
| 412,497 | Kinder Morgan Inc |
7,519,820 | ||||||||||||||||||||||||||
| 98,566 | Magellan Midstream Partners LP |
4,820,863 | ||||||||||||||||||||||||||
| 62,397 | ONEOK Inc |
3,471,769 | ||||||||||||||||||||||||||
| 349,324 | Pembina Pipeline Corp |
11,100,252 | ||||||||||||||||||||||||||
| 354,172 | Plains GP Holdings LP |
4,228,814 | ||||||||||||||||||||||||||
| 212,834 | TC Energy Corp |
10,531,815 | ||||||||||||||||||||||||||
| 1,032,411 | Williams Cos Inc |
27,410,512 | ||||||||||||||||||||||||||
| 253,230 | Z Energy Ltd, (2) |
484,996 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
102,567,637 | |||||||||||||||||||||||||||
34
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Real Estate Management & Development – 3.0% | ||||||||||||||||||||||||||||
| 600,868 | Amot Investments Ltd, (2) |
$ | 3,944,847 | |||||||||||||||||||||||||
| 32 | Ascendas India Trust, (2) |
33 | ||||||||||||||||||||||||||
| 384,321 | Cibus Nordic Real Estate AB, (2) |
9,181,471 | ||||||||||||||||||||||||||
| 103,240 | Citycon Oyj, (2) |
879,286 | ||||||||||||||||||||||||||
| 1,643,252 | Corp Inmobiliaria Vesta SAB de CV |
3,201,761 | ||||||||||||||||||||||||||
| 285,304 | DIC Asset AG, (2) |
4,926,738 | ||||||||||||||||||||||||||
| 274,621 | Dios Fastigheter AB, (2) |
2,843,118 | ||||||||||||||||||||||||||
| 653,514 | Hongkong Land Holdings Ltd, (2) |
3,112,316 | ||||||||||||||||||||||||||
| 639,420 | Hysan Development Co Ltd |
2,548,852 | ||||||||||||||||||||||||||
| 96,868 | Kennedy-Wilson Holdings Inc |
1,924,767 | ||||||||||||||||||||||||||
| 5,496,039 | Land & Houses PCL, (2) |
1,363,189 | ||||||||||||||||||||||||||
| 996,837 | New World Development Co Ltd, (2) |
5,169,546 | ||||||||||||||||||||||||||
| 4,870,774 | Sino Land Co Ltd, (2) |
7,678,451 | ||||||||||||||||||||||||||
| Total Real Estate Management & Development |
46,774,375 | |||||||||||||||||||||||||||
| Road & Rail – 0.3% | ||||||||||||||||||||||||||||
| 1,652,672 | Aurizon Holdings Ltd, (2) |
4,603,266 | ||||||||||||||||||||||||||
| Thrifts & Mortgage Finance – 0.1% | ||||||||||||||||||||||||||||
| 818,596 | Real Estate Credit Investments Ltd/Fund |
1,677,932 | ||||||||||||||||||||||||||
| Transportation Infrastructure – 0.7% | ||||||||||||||||||||||||||||
| 493,490 | Atlas Arteria Ltd, (2) |
2,357,409 | ||||||||||||||||||||||||||
| 2,353,928 | China Merchants Port Holdings Co Ltd, (2) |
3,437,802 | ||||||||||||||||||||||||||
| 2,721,277 | COSCO SHIPPING Ports Ltd, (2) |
2,124,690 | ||||||||||||||||||||||||||
| 70,822 | Dalrymple Bay Infrastructure Ltd |
111,537 | ||||||||||||||||||||||||||
| 1,433,341 | Jiangsu Expressway Co Ltd, (2) |
1,622,208 | ||||||||||||||||||||||||||
| 29,182 | Macquarie Infrastructure Corp |
1,116,795 | ||||||||||||||||||||||||||
| Total Transportation Infrastructure |
10,770,441 | |||||||||||||||||||||||||||
| Water Utilities – 1.1% | ||||||||||||||||||||||||||||
| 3,750,744 | Guangdong Investment Ltd, (2) |
5,387,242 | ||||||||||||||||||||||||||
| 735,896 | Inversiones Aguas Metropolitanas SA |
401,823 | ||||||||||||||||||||||||||
| 303,624 | Pennon Group PLC, (2) |
4,771,519 | ||||||||||||||||||||||||||
| 522,284 | United Utilities Group PLC, (2) |
7,049,374 | ||||||||||||||||||||||||||
| Total Water Utilities |
17,609,958 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $330,294,093) |
385,150,123 | |||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 23.4% | ||||||||||||||||||||||||||||
| Diversified – 3.8% | ||||||||||||||||||||||||||||
| 1,189,753 | Abacus Property Group, (2) |
2,805,036 | ||||||||||||||||||||||||||
| 59,675 | Alpine Income Property Trust Inc |
1,135,019 | ||||||||||||||||||||||||||
35
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Diversified (continued) | ||||||||||||||||||||||||||||
| 105,628 | Broadstone Net Lease Inc |
$ | 2,472,751 | |||||||||||||||||||||||||
| 1,055,627 | Charter Hall Long Wale REIT, (2) |
3,752,524 | ||||||||||||||||||||||||||
| 7,976 | Cofinimmo SA, (2) |
1,214,982 | ||||||||||||||||||||||||||
| 1,756,065 | GPT Group, (2) |
6,423,935 | ||||||||||||||||||||||||||
| 1,001,430 | Growthpoint Properties Australia Ltd, (2) |
3,050,053 | ||||||||||||||||||||||||||
| 592 | Hulic Reit Inc, (2) |
996,366 | ||||||||||||||||||||||||||
| 51,626 | ICADE, (2) |
4,454,851 | ||||||||||||||||||||||||||
| 220,556 | Land Securities Group PLC, (2) |
2,058,375 | ||||||||||||||||||||||||||
| 1,654,942 | LXI REIT Plc, (2) |
3,051,225 | ||||||||||||||||||||||||||
| 5,045,389 | Mapletree North Asia Commercial Trust, (2) |
3,903,068 | ||||||||||||||||||||||||||
| 6,563 | Star Asia Investment Corp, (2) |
3,667,136 | ||||||||||||||||||||||||||
| 1,625,053 | Stockland, (2) |
5,658,839 | ||||||||||||||||||||||||||
| 449,294 | Stride Property Group, (2) |
749,561 | ||||||||||||||||||||||||||
| 130,180 | Washington Real Estate Investment Trust |
2,994,140 | ||||||||||||||||||||||||||
| 129,721 | WP Carey Inc |
9,679,781 | ||||||||||||||||||||||||||
| Total Diversified |
58,067,642 | |||||||||||||||||||||||||||
| Health Care – 3.1% | ||||||||||||||||||||||||||||
| 41,591 | CareTrust REIT Inc |
966,159 | ||||||||||||||||||||||||||
| 181,306 | Global Medical REIT Inc |
2,676,077 | ||||||||||||||||||||||||||
| 252,407 | Healthcare Trust of America Inc |
6,739,267 | ||||||||||||||||||||||||||
| 9,884 | LTC Properties Inc |
379,447 | ||||||||||||||||||||||||||
| 341,509 | Medical Properties Trust Inc |
6,864,331 | ||||||||||||||||||||||||||
| 651,337 | NorthWest Healthcare Properties Real Estate Investment Trust |
6,688,867 | ||||||||||||||||||||||||||
| 323,914 | Omega Healthcare Investors Inc |
11,754,839 | ||||||||||||||||||||||||||
| 332,847 | Physicians Realty Trust |
6,147,684 | ||||||||||||||||||||||||||
| 269,790 | Sabra Health Care REIT Inc |
4,910,178 | ||||||||||||||||||||||||||
| Total Health Care |
47,126,849 | |||||||||||||||||||||||||||
| Hotels – 1.0% | ||||||||||||||||||||||||||||
| 412,144 | MGM Growth Properties LLC |
15,092,713 | ||||||||||||||||||||||||||
| Industrial – 3.3% | ||||||||||||||||||||||||||||
| 514,906 | APN Industria REIT |
1,282,031 | ||||||||||||||||||||||||||
| 2,114,355 | Ascendas Real Estate Investment Trust, (2) |
4,646,334 | ||||||||||||||||||||||||||
| 2,078,066 | Centuria Industrial REIT, (2) |
5,787,024 | ||||||||||||||||||||||||||
| 1,051,947 | Dream Industrial Real Estate Investment Trust |
12,966,885 | ||||||||||||||||||||||||||
| 4,842,433 | ESR-REIT, (2) |
1,478,582 | ||||||||||||||||||||||||||
| 7,183,766 | Frasers Logistics & Commercial Trust, (2) |
7,701,513 | ||||||||||||||||||||||||||
| 90,301 | Industrial Logistics Properties Trust |
2,360,468 | ||||||||||||||||||||||||||
| 2,210,986 | Mapletree Industrial Trust, (2) |
4,655,284 | ||||||||||||||||||||||||||
| 1,793,078 | PLA Administradora Industrial S de RL de CV |
2,723,708 | ||||||||||||||||||||||||||
36
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Industrial (continued) | ||||||||||||||||||||||||||||
| 1,572,740 | Urban Logistics REIT PLC |
$ | 3,415,647 | |||||||||||||||||||||||||
| 937,151 | Warehouse Reit PLC |
1,944,541 | ||||||||||||||||||||||||||
| 83,874 | WPT Industrial Real Estate Investment Trust |
1,520,636 | ||||||||||||||||||||||||||
| Total Industrial |
50,482,653 | |||||||||||||||||||||||||||
| Mortgage – 1.4% | ||||||||||||||||||||||||||||
| 126,734 | Ares Commercial Real Estate Corp |
1,861,722 | ||||||||||||||||||||||||||
| 311,199 | Blackstone Mortgage Trust Inc |
9,924,136 | ||||||||||||||||||||||||||
| 219,942 | KKR Real Estate Finance Trust Inc |
4,757,346 | ||||||||||||||||||||||||||
| 63,583 | Nexpoint Real Estate Finance Inc |
1,328,249 | ||||||||||||||||||||||||||
| 137,606 | Starwood Property Trust Inc |
3,601,149 | ||||||||||||||||||||||||||
| Total Mortgage |
21,472,602 | |||||||||||||||||||||||||||
| Office – 3.7% | ||||||||||||||||||||||||||||
| 339,006 | Brandywine Realty Trust |
4,647,772 | ||||||||||||||||||||||||||
| 1,302,574 | Centuria Office REIT, (2) |
2,280,528 | ||||||||||||||||||||||||||
| 141,867 | Columbia Property Trust Inc |
2,467,067 | ||||||||||||||||||||||||||
| 61,834 | Covivio, (2) |
5,293,436 | ||||||||||||||||||||||||||
| 92,011 | Dexus, (2) |
733,485 | ||||||||||||||||||||||||||
| 96,390 | Dream Office Real Estate Investment Trust |
1,785,346 | ||||||||||||||||||||||||||
| 317,433 | Easterly Government Properties Inc |
6,691,488 | ||||||||||||||||||||||||||
| 14,853 | Franklin Street Properties Corp |
78,127 | ||||||||||||||||||||||||||
| 2,648,118 | GDI Property Group, (2) |
2,223,483 | ||||||||||||||||||||||||||
| 3,629 | Highwoods Properties Inc |
163,922 | ||||||||||||||||||||||||||
| 1,264 | Ichigo Office REIT Investment Corp, (2) |
1,122,639 | ||||||||||||||||||||||||||
| 171,788 | Intervest Offices & Warehouses NV, (2) |
4,654,659 | ||||||||||||||||||||||||||
| 138,121 | NSI NV |
5,330,941 | ||||||||||||||||||||||||||
| 289,201 | Piedmont Office Realty Trust Inc |
5,341,542 | ||||||||||||||||||||||||||
| 144,823 | Postal Realty Trust Inc |
2,641,571 | ||||||||||||||||||||||||||
| 1,646,159 | Precinct Properties New Zealand Ltd, (2) |
1,840,672 | ||||||||||||||||||||||||||
| 10,548 | SL Green Realty Corp |
843,840 | ||||||||||||||||||||||||||
| 615,937 | True North Commercial Real Estate Investment Trust |
3,681,908 | ||||||||||||||||||||||||||
| 96,760 | Vornado Realty Trust |
4,515,789 | ||||||||||||||||||||||||||
| Total Office |
56,338,215 | |||||||||||||||||||||||||||
| Residential – 0.1% | ||||||||||||||||||||||||||||
| 5,194 | Altarea SCA, (2) |
1,090,974 | ||||||||||||||||||||||||||
| 82,259 | BSR Real Estate Investment Trust |
1,086,641 | ||||||||||||||||||||||||||
| Total Residential |
2,177,615 | |||||||||||||||||||||||||||
| Retail – 5.6% | ||||||||||||||||||||||||||||
| 555,886 | APN Convenience Retail REIT, (2) |
1,550,328 | ||||||||||||||||||||||||||
| 5,037,367 | CapitaLand China Trust, (2) |
5,137,047 | ||||||||||||||||||||||||||
37
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Retail (continued) | ||||||||||||||||||||||||||||
| 443,515 | Choice Properties Real Estate Investment Trust |
$ | 5,112,802 | |||||||||||||||||||||||||
| 341,831 | Crombie Real Estate Investment Trust |
4,891,967 | ||||||||||||||||||||||||||
| 130,428 | CT Real Estate Investment Trust |
1,723,468 | ||||||||||||||||||||||||||
| 4,639,992 | Fortune Real Estate Investment Trust, (2) |
4,971,127 | ||||||||||||||||||||||||||
| 2,853,915 | Frasers Centrepoint Trust, (2) |
5,165,968 | ||||||||||||||||||||||||||
| 1,983 | Kenedix Retail REIT Corp, (2) |
5,362,219 | ||||||||||||||||||||||||||
| 242,049 | National Retail Properties Inc |
11,347,257 | ||||||||||||||||||||||||||
| 434,714 | RioCan Real Estate Investment Trust |
7,743,212 | ||||||||||||||||||||||||||
| 35,026 | Saul Centers Inc |
1,591,932 | ||||||||||||||||||||||||||
| 1,397,963 | Scentre Group, (2) |
2,860,680 | ||||||||||||||||||||||||||
| 551,531 | Shopping Centres Australasia Property Group, (2) |
1,036,934 | ||||||||||||||||||||||||||
| 142,956 | Simon Property Group Inc |
18,652,899 | ||||||||||||||||||||||||||
| 151,612 | Spirit Realty Capital Inc |
7,253,118 | ||||||||||||||||||||||||||
| 3,747 | Urstadt Biddle Properties Inc |
72,617 | ||||||||||||||||||||||||||
| 1,290,212 | Waypoint REIT, (2) |
2,529,206 | ||||||||||||||||||||||||||
| Total Retail |
87,002,781 | |||||||||||||||||||||||||||
| Specialized – 1.4% | ||||||||||||||||||||||||||||
| 307,161 | Automotive Properties Real Estate Investment Trust |
3,080,035 | ||||||||||||||||||||||||||
| 355,076 | CatchMark Timber Trust Inc |
4,154,389 | ||||||||||||||||||||||||||
| 423,296 | Charter Hall Social Infrastructure REIT, (2) |
1,101,108 | ||||||||||||||||||||||||||
| 2,884 | CoreSite Realty Corp |
388,186 | ||||||||||||||||||||||||||
| 180,752 | Four Corners Property Trust Inc |
4,990,563 | ||||||||||||||||||||||||||
| 170,029 | Gaming and Leisure Properties Inc |
7,877,444 | ||||||||||||||||||||||||||
| 369 | VICI Properties Inc |
11,446 | ||||||||||||||||||||||||||
| Total Specialized |
21,603,171 | |||||||||||||||||||||||||||
| Total Real Estate Investment Trust Common Stocks (cost $303,457,689) |
|
359,364,241 | ||||||||||||||||||||||||||
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 15.0% |
||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.2% | ||||||||||||||||||||||||||||
| $ | 2,300 | Cargo Aircraft Management Inc, 144A |
4.750% | 2/01/28 | BB | $ | 2,345,609 | |||||||||||||||||||||
| Auto Components – 0.1% | ||||||||||||||||||||||||||||
| 1,450 | NESCO Holdings II Inc, 144A |
5.500% | 4/15/29 | B | 1,513,438 | |||||||||||||||||||||||
| Chemicals – 0.0% | ||||||||||||||||||||||||||||
| 500 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A |
|
11.000% | 4/15/25 | B– | 543,750 | ||||||||||||||||||||||
| Commercial Services & Supplies – 0.2% | ||||||||||||||||||||||||||||
| 1,300 | GFL Environmental Inc, 144A |
3.500% | 9/01/28 | BB– | 1,296,750 | |||||||||||||||||||||||
| 1,085 | GFL Environmental Inc, 144A |
4.750% | 6/15/29 | B– | 1,126,555 | |||||||||||||||||||||||
38
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Commercial Services & Supplies (continued) | ||||||||||||||||||||||||||||
| $ | 550 | Stericycle Inc, 144A |
3.875% | 1/15/29 | BB | $ | 548,917 | |||||||||||||||||||||
| Total Commercial Services & Supplies |
2,972,222 | |||||||||||||||||||||||||||
| Communications Equipment – 0.3% | ||||||||||||||||||||||||||||
| 650 | Liquid Telecommunications Financing Plc, 144A |
5.500% | 9/04/26 | B1 | 665,568 | |||||||||||||||||||||||
| 780 | Viasat Inc, 144A |
5.625% | 9/15/25 | BB– | 794,820 | |||||||||||||||||||||||
| 3,325 | Viasat Inc, 144A |
6.500% | 7/15/28 | BB– | 3,545,979 | |||||||||||||||||||||||
| Total Communications Equipment |
5,006,367 | |||||||||||||||||||||||||||
| Construction & Engineering – 0.3% | ||||||||||||||||||||||||||||
| 1,800 | GMR Hyderabad International Airport Ltd, 144A |
5.375% | 4/10/24 | BB+ | 1,863,316 | |||||||||||||||||||||||
| 1,500 | IHS Netherlands Holdco BV, 144A |
8.000% | 9/18/27 | B2 | 1,623,750 | |||||||||||||||||||||||
| 798 | International Airport Finance SA, 144A |
12.000% | 3/15/33 | B– | 841,047 | |||||||||||||||||||||||
| Total Construction & Engineering |
4,328,113 | |||||||||||||||||||||||||||
| Diversified Financial Services – 0.5% | ||||||||||||||||||||||||||||
| 1,010 | Cometa Energia SA de CV, 144A |
6.375% | 4/24/35 | Baa3 | 1,158,941 | |||||||||||||||||||||||
| 975 | Genesis Energy LP / Genesis Energy Finance Corp |
7.750% | 2/01/28 | B+ | 1,007,604 | |||||||||||||||||||||||
| 1,815 | Minejesa Capital BV, 144A |
5.625% | 8/10/37 | Baa3 | 1,964,737 | |||||||||||||||||||||||
| 16,426 | BRL | Swiss Insured Brazil Power Finance Sarl, 144A |
9.850% | 7/16/32 | AAA | 3,426,343 | ||||||||||||||||||||||
| Total Diversified Financial Services |
7,557,625 | |||||||||||||||||||||||||||
| Diversified Telecommunication Services – 1.1% | ||||||||||||||||||||||||||||
| 1,325 | Altice France SA/France, 144A |
5.500% | 1/15/28 | B | 1,374,953 | |||||||||||||||||||||||
| 1,925 | Altice France SA/France, 144A |
5.125% | 7/15/29 | B | 1,934,432 | |||||||||||||||||||||||
| 3,280 | Cellnex Finance Co SA, 144A, (WI/DD) |
3.875% | 7/07/41 | BB+ | 3,270,029 | |||||||||||||||||||||||
| 1,670 | Level 3 Financing Inc, 144A |
4.625% | 9/15/27 | BB | 1,733,326 | |||||||||||||||||||||||
| 2,750 | Level 3 Financing Inc, 144A |
4.250% | 7/01/28 | BB | 2,790,590 | |||||||||||||||||||||||
| 1,155 | Switch Ltd, 144A |
4.125% | 6/15/29 | BB | 1,185,319 | |||||||||||||||||||||||
| 2,495 | Vmed O2 UK Financing I PLC, 144A, (WI/DD) |
|
4.750% | 7/15/31 | BB– | 2,532,425 | ||||||||||||||||||||||
| 2,000 | Zayo Group Holdings Inc, 144A |
4.000% | 3/01/27 | B1 | 1,986,240 | |||||||||||||||||||||||
| Total Diversified Telecommunication Services |
16,807,314 | |||||||||||||||||||||||||||
| Electric Utilities – 1.5% | ||||||||||||||||||||||||||||
| 1,808 | Acwa Power Management And Investments One Ltd, 144A |
|
5.950% | 12/15/39 | Baa3 | 2,147,184 | ||||||||||||||||||||||
| 1,925 | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ, 144A |
|
6.250% | 12/10/24 | BB+ | 2,130,012 | ||||||||||||||||||||||
| 374 | Adani Transmission Ltd, 144A |
4.250% | 5/21/36 | BBB– | 380,902 | |||||||||||||||||||||||
| 650 | AES Panama Generation Holdings SRL, 144A |
4.375% | 5/31/30 | Baa3 | 679,351 | |||||||||||||||||||||||
| 1,500 | Cikarang Listrindo Tbk PT, 144A |
4.950% | 9/14/26 | BB+ | 1,535,700 | |||||||||||||||||||||||
| 2,325 | Clearway Energy Operating LLC, 144A |
3.750% | 2/15/31 | BB | 2,313,375 | |||||||||||||||||||||||
| 1,200 | Empresa de Transmision Electrica SA, 144A |
5.125% | 5/02/49 | Baa2 | 1,332,012 | |||||||||||||||||||||||
| 5,700,000 | COP | Empresas Publicas de Medellin ESP, 144A |
8.375% | 11/08/27 | Baa3 | 1,435,282 | ||||||||||||||||||||||
| 1,600 | Instituto Costarricense de Electricidad, 144A |
6.950% | 11/10/21 | B1 | 1,606,000 | |||||||||||||||||||||||
39
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||||||||||||||
| $ | 1,500 | Lamar Funding Ltd, 144A |
3.958% | 5/07/25 | Ba3 | $ | 1,503,750 | |||||||||||||||||||||
| 1,185 | LLPL Capital Pte Ltd, 144A |
6.875% | 2/04/39 | Baa3 | 1,375,889 | |||||||||||||||||||||||
| 2,175 | Pacific Gas and Electric Co |
3.300% | 8/01/40 | BBB– | 1,964,184 | |||||||||||||||||||||||
| 1,155 | Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A |
|
4.500% | 8/15/28 | BB– | 1,195,656 | ||||||||||||||||||||||
| 3,115 | TerraForm Power Operating LLC, 144A |
4.750% | 1/15/30 | BB | 3,190,289 | |||||||||||||||||||||||
| Total Electric Utilities |
22,789,586 | |||||||||||||||||||||||||||
| Energy Equipment & Services – 0.2% | ||||||||||||||||||||||||||||
| 850 | Archrock Partners LP / Archrock Partners Finance Corp, 144A |
|
6.250% | 4/01/28 | B+ | 887,323 | ||||||||||||||||||||||
| 1,550 | Galaxy Pipeline Assets Bidco Ltd, 144A |
3.250% | 9/30/40 | Aa2 | 1,539,299 | |||||||||||||||||||||||
| Total Energy Equipment & Services |
2,426,622 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 2.3% | ||||||||||||||||||||||||||||
| 2,750 | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A |
|
5.750% | 5/15/26 | BB+ | 2,890,937 | ||||||||||||||||||||||
| 1,455 | CTR Partnership LP / CareTrust Capital Corp, 144A |
3.875% | 6/30/28 | BB+ | 1,485,730 | |||||||||||||||||||||||
| 1,250 | Diversified Healthcare Trust |
4.375% | 3/01/31 | BB | 1,196,875 | |||||||||||||||||||||||
| 1,075 | GLP Capital LP / GLP Financing II Inc |
4.000% | 1/15/31 | BBB– | 1,158,291 | |||||||||||||||||||||||
| 1,740 | HAT Holdings I LLC / HAT Holdings II LLC, 144A |
3.375% | 6/15/26 | BB+ | 1,753,050 | |||||||||||||||||||||||
| 1,300 | HAT Holdings I LLC / HAT Holdings II LLC, 144A |
3.750% | 9/15/30 | BB+ | 1,269,125 | |||||||||||||||||||||||
| 1,535 | Iron Mountain Inc, 144A |
5.250% | 3/15/28 | BB– | 1,606,454 | |||||||||||||||||||||||
| 800 | Iron Mountain Inc, 144A |
4.500% | 2/15/31 | BB– | 810,000 | |||||||||||||||||||||||
| 2,250 | iStar Inc |
4.750% | 10/01/24 | BB+ | 2,368,125 | |||||||||||||||||||||||
| 1,500 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc |
|
5.750% | 2/01/27 | BB+ | 1,668,930 | ||||||||||||||||||||||
| 3,375 | MPT Operating Partnership LP / MPT Finance Corp |
3.500% | 3/15/31 | BBB– | 3,408,716 | |||||||||||||||||||||||
| 1,600 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 144A |
|
4.875% | 5/15/29 | B+ | 1,655,120 | ||||||||||||||||||||||
| 1,800 | Retail Properties of America Inc |
4.750% | 9/15/30 | BBB– | 1,994,013 | |||||||||||||||||||||||
| 2,450 | RHP Hotel Properties LP / RHP Finance Corp, 144A |
4.500% | 2/15/29 | B1 | 2,452,009 | |||||||||||||||||||||||
| 1,370 | RLJ Lodging Trust LP, 144A |
3.750% | 7/01/26 | BB– | 1,383,700 | |||||||||||||||||||||||
| 2,830 | Scentre Group Trust 2, 144A |
5.125% | 9/24/80 | BBB+ | 3,017,487 | |||||||||||||||||||||||
| 1,150 | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A |
|
4.750% | 4/15/28 | BB+ | 1,147,125 | ||||||||||||||||||||||
| 975 | VICI Properties LP / VICI Note Co Inc, 144A |
4.625% | 12/01/29 | BB | 1,035,938 | |||||||||||||||||||||||
| 2,625 | VICI Properties LP / VICI Note Co Inc, 144A |
4.125% | 8/15/30 | BB | 2,695,403 | |||||||||||||||||||||||
| 1,140 | XHR LP, 144A |
4.875% | 6/01/29 | B | 1,177,050 | |||||||||||||||||||||||
| Total Equity Real Estate Investment Trust |
36,174,078 | |||||||||||||||||||||||||||
| Gas Utilities – 0.3% | ||||||||||||||||||||||||||||
| 2,100 | LBC Tank Terminals Holding Netherlands BV, 144A |
6.875% | 5/15/23 | B– | 2,094,750 | |||||||||||||||||||||||
| 2,550 | National Gas Co of Trinidad & Tobago Ltd, 144A |
6.050% | 1/15/36 | BBB– | 2,626,500 | |||||||||||||||||||||||
| Total Gas Utilities |
4,721,250 | |||||||||||||||||||||||||||
40
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Health Care Providers & Services – 0.6% | ||||||||||||||||||||||||||||
| $ | 1,825 | CHS/Community Health Systems Inc, 144A |
6.875% | 4/15/29 | CCC | $ | 1,909,808 | |||||||||||||||||||||
| 950 | CHS/Community Health Systems Inc, 144A |
4.750% | 2/15/31 | B | 953,562 | |||||||||||||||||||||||
| 1,200 | Cushman & Wakefield US Borrower LLC, 144A |
6.750% | 5/15/28 | Ba3 | 1,294,152 | |||||||||||||||||||||||
| 1,675 | LifePoint Health Inc, 144A |
5.375% | 1/15/29 | CCC+ | 1,633,125 | |||||||||||||||||||||||
| 3,925 | Tenet Healthcare Corp, 144A |
6.125% | 10/01/28 | B | 4,182,637 | |||||||||||||||||||||||
| Total Health Care Providers & Services |
9,973,284 | |||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.7% | ||||||||||||||||||||||||||||
| 575 | Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp / Millennium Op, 144A |
|
5.500% | 5/01/25 | Ba2 | 600,156 | ||||||||||||||||||||||
| 2,250 | Hilton Domestic Operating Co Inc, 144A |
4.000% | 5/01/31 | N/R | 2,269,957 | |||||||||||||||||||||||
| 3,200 | Hilton Domestic Operating Co Inc, 144A |
3.625% | 2/15/32 | BB | 3,160,000 | |||||||||||||||||||||||
| 1,605 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A |
|
5.000% | 6/01/29 | B2 | 1,641,113 | ||||||||||||||||||||||
| 1,065 | Marriott Ownership Resorts Inc, 144A |
4.500% | 6/15/29 | B1 | 1,079,644 | |||||||||||||||||||||||
| 1,695 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc |
|
4.500% | 1/15/28 | BB+ | 1,792,462 | ||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
10,543,332 | |||||||||||||||||||||||||||
| Household Durables – 0.1% | ||||||||||||||||||||||||||||
| 1,775 | WASH Multifamily Acquisition Inc, 144A |
5.750% | 4/15/26 | B– | 1,853,278 | |||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.8% | ||||||||||||||||||||||||||||
| 1,350 | Atlantica Sustainable Infrastructure PLC, 144A |
4.125% | 6/15/28 | BB+ | 1,375,380 | |||||||||||||||||||||||
| 1,685 | Azure Power Energy Ltd, 144A |
5.500% | 11/03/22 | Ba2 | 1,710,275 | |||||||||||||||||||||||
| 4,200 | Calpine Corp, 144A |
3.750% | 3/01/31 | BB+ | 3,999,870 | |||||||||||||||||||||||
| 1,170 | Clearway Energy Operating LLC, 144A |
4.750% | 3/15/28 | BB | 1,227,037 | |||||||||||||||||||||||
| 1,300 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A |
|
5.375% | 12/30/30 | BBB– | 1,293,500 | ||||||||||||||||||||||
| 1,500 | Kallpa Generacion SA, 144A |
4.125% | 8/16/27 | Baa3 | 1,539,390 | |||||||||||||||||||||||
| 1,006 | UEP Penonome II SA, 144A |
6.500% | 10/01/38 | BB | 1,025,814 | |||||||||||||||||||||||
| Total Independent Power & Renewable Electricity Producers |
|
12,171,266 | ||||||||||||||||||||||||||
| Internet Software & Services – 0.2% | ||||||||||||||||||||||||||||
| 3,075 | Cogent Communications Group Inc, 144A |
3.500% | 5/01/26 | BB | 3,144,187 | |||||||||||||||||||||||
| Media – 0.6% | ||||||||||||||||||||||||||||
| 1,775 | Altice Financing SA, 144A |
5.000% | 1/15/28 | B | 1,739,802 | |||||||||||||||||||||||
| 200 | Cablevision Lightpath LLC, 144A |
3.875% | 9/15/27 | B+ | 197,668 | |||||||||||||||||||||||
| 4,600 | CCO Holdings LLC / CCO Holdings Capital Corp |
4.500% | 5/01/32 | BB+ | 4,766,750 | |||||||||||||||||||||||
| 1,900 | Lamar Media Corp |
3.750% | 2/15/28 | BB– | 1,933,250 | |||||||||||||||||||||||
| Total Media |
8,637,470 | |||||||||||||||||||||||||||
| Mortgage Real Estate Investment Trust – 0.2% | ||||||||||||||||||||||||||||
| 1,720 | Starwood Property Trust Inc |
4.750% | 3/15/25 | BB+ | 1,788,800 | |||||||||||||||||||||||
| 1,875 | Starwood Property Trust Inc, 144A, (WI/DD) |
3.625% | 7/15/26 | Ba3 | 1,889,062 | |||||||||||||||||||||||
| Total Mortgage Real Estate Investment Trust |
3,677,862 | |||||||||||||||||||||||||||
41
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 2.3% | ||||||||||||||||||||||||||||
| $ | 1,800 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A |
|
7.875% | 5/15/26 | BB– | $ | 2,011,698 | ||||||||||||||||||||
| 500 | Calumet Specialty Products Partners LP / Calumet Finance Corp |
|
7.750% | 4/15/23 | B– | 497,500 | ||||||||||||||||||||||
| 2,235 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A |
|
5.625% | 5/01/27 | BB– | 2,293,669 | ||||||||||||||||||||||
| 1,820 | DT Midstream Inc, 144A |
4.375% | 6/15/31 | BB+ | 1,859,658 | |||||||||||||||||||||||
| 424 | Energean Israel Finance Ltd |
5.375% | 3/30/28 | BB- | 435,115 | |||||||||||||||||||||||
| 200 | EnLink Midstream LLC, 144A |
5.625% | 1/15/28 | BB+ | 211,278 | |||||||||||||||||||||||
| 1,215 | EQM Midstream Partners LP |
5.500% | 7/15/28 | BB | 1,312,905 | |||||||||||||||||||||||
| 1,300 | EQM Midstream Partners LP, 144A |
4.750% | 1/15/31 | BB | 1,339,572 | |||||||||||||||||||||||
| 1,425 | Leviathan Bond Ltd , Reg S, 144A |
6.750% | 6/30/30 | BB | 1,604,890 | |||||||||||||||||||||||
| 2,875 | M/I Homes Inc |
4.950% | 2/01/28 | BB | 2,999,344 | |||||||||||||||||||||||
| 1,750 | New Fortress Energy Inc, 144A |
6.500% | 9/30/26 | BB– | 1,788,150 | |||||||||||||||||||||||
| 1,350 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
|
7.500% | 2/01/26 | BB– | 1,417,500 | ||||||||||||||||||||||
| 675 | NuStar Logistics LP |
6.375% | 10/01/30 | BB– | 745,807 | |||||||||||||||||||||||
| 300 | Oleoducto Central SA, 144A, (5) |
4.000% | 7/14/27 | Baa3 | 309,516 | |||||||||||||||||||||||
| 3,668 | CAD | Pembina Pipeline Corp |
4.800% | 1/25/81 | BB+ | 2,899,336 | ||||||||||||||||||||||
| 1,200 | Peru LNG Srl, 144A |
5.375% | 3/22/30 | BB– | 1,035,000 | |||||||||||||||||||||||
| 275 | Promigas SA ESP / Gases del Pacifico SAC, 144A |
|
3.750% | 10/16/29 | Baa3 | 272,814 | ||||||||||||||||||||||
| 3,000 | Sunoco LP / Sunoco Finance Corp |
5.875% | 3/15/28 | BB | 3,187,500 | |||||||||||||||||||||||
| 600 | Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A |
|
4.000% | 1/15/32 | BB+ | 617,190 | ||||||||||||||||||||||
| 3,015 | TransMontaigne Partners LP / TLP Finance Corp |
|
6.125% | 2/15/26 | BB | 3,082,837 | ||||||||||||||||||||||
| 600 | Transportadora de Gas del Sur SA, 144A |
6.750% | 5/02/25 | CCC+ | 561,000 | |||||||||||||||||||||||
| 900 | Tullow Oil PLC, 144A |
10.250% | 5/15/26 | B– | 944,370 | |||||||||||||||||||||||
| 1,325 | USA Compression Partners LP / USA Compression Finance Corp |
|
6.875% | 9/01/27 | BB– | 1,415,471 | ||||||||||||||||||||||
| 1,675 | Western Midstream Operating LP |
5.050% | 2/01/30 | BB | 1,876,008 | |||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
34,718,128 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 0.8% | ||||||||||||||||||||||||||||
| 1,225 | Howard Hughes Corp, 144A |
4.125% | 2/01/29 | BB | 1,225,025 | |||||||||||||||||||||||
| 1,300 | Howard Hughes Corp, 144A |
4.375% | 2/01/31 | BB | 1,295,294 | |||||||||||||||||||||||
| 2,700 | Hunt Cos Inc, 144A |
5.250% | 4/15/29 | BB– | 2,619,000 | |||||||||||||||||||||||
| 1,175 | Kennedy-Wilson Inc |
4.750% | 3/01/29 | BB | 1,210,250 | |||||||||||||||||||||||
| 2,250 | Kennedy-Wilson Inc |
5.000% | 3/01/31 | BB | 2,314,687 | |||||||||||||||||||||||
| 2,775 | EUR | Peach Property Finance GmbH, 144A |
4.375% | 11/15/25 | BB | 3,449,075 | ||||||||||||||||||||||
| 600 | RKI Overseas Finance 2016 B Ltd |
4.700% | 9/06/21 | BB– | 600,300 | |||||||||||||||||||||||
| Total Real Estate Management & Development |
|
12,713,631 | ||||||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| 525 | ENA Master Trust, 144A |
4.000% | 5/19/48 | BBB | 528,208 | |||||||||||||||||||||||
| 1,700 | Rumo Luxembourg Sarl, 144A, (5) |
5.875% | 1/18/25 | BB | 1,780,767 | |||||||||||||||||||||||
| 1,400 | Transnet SOC Ltd, 144A |
4.000% | 7/26/22 | Ba2 | 1,426,169 | |||||||||||||||||||||||
| Total Road & Rail |
3,735,144 | |||||||||||||||||||||||||||
42
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Specialty Retail – 0.4% | ||||||||||||||||||||||||||||
| $ | 2,025 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
|
5.375% | 4/01/26 | B– | $ | 2,007,281 | ||||||||||||||||||||
| 2,225 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
|
5.875% | 4/01/29 | B– | 2,197,188 | ||||||||||||||||||||||
| 1,000 | LCM Investments Holdings II LLC, 144A |
4.875% | 5/01/29 | BB– | 1,025,000 | |||||||||||||||||||||||
| 700 | Superior Plus LP / Superior General Partner Inc, 144A |
|
4.500% | 3/15/29 | BB– | 721,014 | ||||||||||||||||||||||
| Total Specialty Retail |
5,950,483 | |||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.2% | ||||||||||||||||||||||||||||
| 2,430 | Fortress Transportation and Infrastructure Investors LLC, 144A |
|
6.500% | 10/01/25 | Ba3 | 2,524,163 | ||||||||||||||||||||||
| Transportation Infrastructure – 0.7% | ||||||||||||||||||||||||||||
| 1,400 | Adani Ports & Special Economic Zone Ltd, 144A |
|
4.000% | 7/30/27 | BBB– | 1,458,215 | ||||||||||||||||||||||
| 1,627 | Aeropuerto Internacional de Tocumen SA, 144A |
|
6.000% | 11/18/48 | BB+ | 1,768,503 | ||||||||||||||||||||||
| 2,810 | Aeropuertos Dominicanos Siglo XXI SA, 144A |
|
6.750% | 3/30/29 | B+ | 2,939,962 | ||||||||||||||||||||||
| 1,108 | Autopistas del Sol SA/Costa Rica, 144A |
7.375% | 12/30/30 | B | 1,135,288 | |||||||||||||||||||||||
| 1,700 | DP World PLC, 144A |
5.625% | 9/25/48 | Baa3 | 2,122,790 | |||||||||||||||||||||||
| 1,800 | Mexico City Airport Trust, 144A |
4.250% | 10/31/26 | BBB | 1,953,900 | |||||||||||||||||||||||
| Total Transportation Infrastructure |
11,378,658 | |||||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||||||||||
| 2,225 | Hughes Satellite Systems Corp |
6.625% | 8/01/26 | BB | 2,494,781 | |||||||||||||||||||||||
| Total Corporate Bonds (cost $224,654,846) |
230,701,641 | |||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| $25 PAR (OR SIMILAR) RETAIL PREFERRED – 14.2% | ||||||||||||||||||||||||||||
| Diversified Financial Services – 0.1% | ||||||||||||||||||||||||||||
| 51,033 | Brookfield Finance Inc |
4.625% | BBB | $ | 1,315,631 | |||||||||||||||||||||||
| 28,354 | National Rural Utilities Cooperative Finance Corp, (5) |
5.500% | A3 | 776,332 | ||||||||||||||||||||||||
| Total Diversified Financial Services |
2,091,963 | |||||||||||||||||||||||||||
| Electric Utilities – 1.8% | ||||||||||||||||||||||||||||
| 98,516 | DTE Energy Co |
4.375% | BBB– | 2,556,490 | ||||||||||||||||||||||||
| 13,048 | Duke Energy Corp, (5) |
5.750% | BBB– | 374,869 | ||||||||||||||||||||||||
| 36,322 | Entergy Arkansas LLC, (5) |
4.875% | A | 929,117 | ||||||||||||||||||||||||
| 34,610 | Entergy Texas Inc |
5.375% | BBB– | 963,889 | ||||||||||||||||||||||||
| 104,701 | Georgia Power Co |
5.000% | BBB | 2,811,222 | ||||||||||||||||||||||||
| 225,075 | Integrys Holding Inc, (2), (6) |
6.000% | BBB | 5,964,487 | ||||||||||||||||||||||||
| 51,805 | NextEra Energy Capital Holdings Inc |
5.250% | BBB | 1,313,775 | ||||||||||||||||||||||||
| 130,819 | Southern Co/The |
5.250% | BBB | 3,341,117 | ||||||||||||||||||||||||
| 156,099 | Southern Co/The |
4.950% | BBB | 4,186,575 | ||||||||||||||||||||||||
| 203,899 | Southern Co/The |
4.200% | BBB | 5,264,672 | ||||||||||||||||||||||||
| Total Electric Utilities |
27,706,213 | |||||||||||||||||||||||||||
43
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 7.9% | ||||||||||||||||||||||||||||
| 120,471 | American Homes 4 Rent |
5.875% | BB | $ | 3,098,514 | |||||||||||||||||||||||
| 151,769 | American Homes 4 Rent |
5.875% | BB | 3,918,676 | ||||||||||||||||||||||||
| 5,337 | American Homes 4 Rent |
6.250% | Ba1 | 147,355 | ||||||||||||||||||||||||
| 155,079 | Armada Hoffler Properties Inc |
6.750% | N/R | 4,149,914 | ||||||||||||||||||||||||
| 231,039 | Centerspace |
6.625% | N/R | 6,055,532 | ||||||||||||||||||||||||
| 55,490 | Chatham Lodging Trust, (2), (6) |
6.625% | N/R | 1,442,740 | ||||||||||||||||||||||||
| 98,347 | City Office REIT Inc, (5) |
6.625% | N/R | 2,562,923 | ||||||||||||||||||||||||
| 134,544 | DiamondRock Hospitality Co, (5) |
8.250% | N/R | 3,868,140 | ||||||||||||||||||||||||
| 159,527 | Digital Realty Trust Inc |
5.250% | Baa3 | 4,147,702 | ||||||||||||||||||||||||
| 101,034 | Digital Realty Trust Inc |
5.850% | Baa3 | 2,870,376 | ||||||||||||||||||||||||
| 149,573 | Digital Realty Trust Inc |
5.200% | Baa3 | 4,214,967 | ||||||||||||||||||||||||
| 2,620 | DigitalBridge Group Inc, (6) |
7.125% | N/R | 67,439 | ||||||||||||||||||||||||
| 5,788 | Federal Realty Investment Trust |
5.000% | BBB | 152,919 | ||||||||||||||||||||||||
| 159,118 | Kimco Realty Corp |
5.250% | Baa2 | 4,256,406 | ||||||||||||||||||||||||
| 5,162 | Mid-America Apartment Communities Inc |
8.500% | BBB– | 333,930 | ||||||||||||||||||||||||
| 170,505 | Monmouth Real Estate Investment Corp |
6.125% | N/R | 4,308,661 | ||||||||||||||||||||||||
| 39,142 | National Retail Properties Inc |
5.200% | Baa2 | 1,012,212 | ||||||||||||||||||||||||
| 47,659 | National Storage Affiliates Trust |
6.000% | N/R | 1,286,793 | ||||||||||||||||||||||||
| 112,006 | Pebblebrook Hotel Trust |
6.500% | N/R | 2,807,990 | ||||||||||||||||||||||||
| 116,474 | Pebblebrook Hotel Trust |
6.375% | N/R | 2,937,474 | ||||||||||||||||||||||||
| 157,895 | Pebblebrook Hotel Trust |
6.300% | N/R | 3,993,165 | ||||||||||||||||||||||||
| 71,146 | Pebblebrook Hotel Trust, (6) |
6.375% | N/R | 1,939,440 | ||||||||||||||||||||||||
| 118,477 | PS Business Parks Inc |
5.200% | BBB | 3,164,521 | ||||||||||||||||||||||||
| 270,056 | PS Business Parks Inc |
4.875% | BBB | 7,507,557 | ||||||||||||||||||||||||
| 104,578 | Public Storage |
4.875% | A3 | 2,888,444 | ||||||||||||||||||||||||
| 293 | Public Storage |
4.750% | A3 | 8,081 | ||||||||||||||||||||||||
| 84,599 | Public Storage |
4.625% | A3 | 2,329,856 | ||||||||||||||||||||||||
| 3,839 | QTS Realty Trust Inc |
7.125% | B | 99,008 | ||||||||||||||||||||||||
| 195,935 | Rexford Industrial Realty Inc |
5.625% | BB+ | 5,358,822 | ||||||||||||||||||||||||
| 57,827 | Saul Centers Inc |
6.125% | N/R | 1,525,476 | ||||||||||||||||||||||||
| 81,910 | Saul Centers Inc |
6.000% | N/R | 2,232,048 | ||||||||||||||||||||||||
| 104,685 | SITE Centers Corp |
6.375% | BB+ | 2,818,120 | ||||||||||||||||||||||||
| 31,224 | SL Green Realty Corp |
6.500% | Ba1 | 794,651 | ||||||||||||||||||||||||
| 31,568 | Summit Hotel Properties Inc |
6.450% | N/R | 794,882 | ||||||||||||||||||||||||
| 139,118 | Summit Hotel Properties Inc, (5) |
6.250% | N/R | 3,632,371 | ||||||||||||||||||||||||
| 147,328 | Sunstone Hotel Investors Inc |
6.450% | N/R | 3,793,696 | ||||||||||||||||||||||||
| 102,625 | Sunstone Hotel Investors Inc |
6.125% | N/R | 2,913,524 | ||||||||||||||||||||||||
| 135,949 | UMH Properties Inc |
6.750% | N/R | 3,561,864 | ||||||||||||||||||||||||
| 92,168 | Urstadt Biddle Properties Inc |
6.250% | N/R | 2,412,958 | ||||||||||||||||||||||||
| 91,006 | Urstadt Biddle Properties Inc |
5.875% | N/R | 2,385,267 | ||||||||||||||||||||||||
44
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| Equity Real Estate Investment Trust (continued) | ||||||||||||||||||||||||||||
| 31,623 | Vornado Realty Trust |
5.700% | Baa3 | $ | 822,830 | |||||||||||||||||||||||
| 300,879 | Vornado Realty Trust |
5.250% | Baa3 | 8,072,584 | ||||||||||||||||||||||||
| 181,419 | Vornado Realty Trust |
5.250% | Baa3 | 4,894,685 | ||||||||||||||||||||||||
| Total Equity Real Estate Investment Trust |
121,584,513 | |||||||||||||||||||||||||||
| Gas Utilities – 0.4% | ||||||||||||||||||||||||||||
| 211,688 | South Jersey Industries Inc |
5.625% | BB+ | 5,561,044 | ||||||||||||||||||||||||
| 40,621 | Spire Inc |
5.900% | BBB | 1,148,762 | ||||||||||||||||||||||||
| Total Gas Utilities |
6,709,806 | |||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.6% | ||||||||||||||||||||||||||||
| 101,928 | Brookfield BRP Holdings Canada Inc, (6) |
4.625% | BBB– | 2,585,913 | ||||||||||||||||||||||||
| 98,427 | Brookfield Renewable Partners LP |
5.750% | BBB– | 2,024,757 | ||||||||||||||||||||||||
| 174,381 | Brookfield Renewable Partners LP |
5.250% | BBB– | 4,568,782 | ||||||||||||||||||||||||
| Total Independent Power & Renewable Electricity Producers |
|
9,179,452 | ||||||||||||||||||||||||||
| Multi-Utilities – 2.0% | ||||||||||||||||||||||||||||
| 54,061 | Algonquin Power & Utilities Corp |
6.200% | BB+ | 1,508,302 | ||||||||||||||||||||||||
| 35,122 | Brookfield Infrastructure Finance ULC, (6) |
5.000% | BBB– | 892,099 | ||||||||||||||||||||||||
| 210,219 | Brookfield Infrastructure Partners LP |
5.350% | BBB– | 4,275,267 | ||||||||||||||||||||||||
| 190,225 | Brookfield Infrastructure Partners LP |
5.125% | BBB– | 4,976,286 | ||||||||||||||||||||||||
| 55,805 | Brookfield Infrastructure Partners LP, (5) |
5.000% | BBB– | 1,451,488 | ||||||||||||||||||||||||
| 97,972 | CMS Energy Corp |
5.875% | BBB– | 2,715,784 | ||||||||||||||||||||||||
| 67,664 | CMS Energy Corp, (2), (6) |
4.200% | BBB– | 1,709,869 | ||||||||||||||||||||||||
| 149,703 | Dominion Energy Inc, (5) |
5.250% | BBB– | 3,826,409 | ||||||||||||||||||||||||
| 5,876 | DTE Energy Co |
5.250% | BBB– | 155,773 | ||||||||||||||||||||||||
| 54,019 | NiSource Inc |
6.500% | BBB– | 1,548,184 | ||||||||||||||||||||||||
| 292,265 | Sempra Energy |
5.750% | BBB– | 8,040,210 | ||||||||||||||||||||||||
| Total Multi-Utilities |
31,099,671 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.1% | ||||||||||||||||||||||||||||
| 41,277 | NuStar Energy LP |
7.625% | B2 | 912,635 | ||||||||||||||||||||||||
| Real Estate Management & Development – 1.2% | ||||||||||||||||||||||||||||
| 175,695 | Brookfield Property Partners LP |
6.375% | BB+ | 4,620,779 | ||||||||||||||||||||||||
| 197,393 | Brookfield Property Partners LP, (5) |
6.500% | BB+ | 5,155,905 | ||||||||||||||||||||||||
| 209,259 | Brookfield Property Partners LP |
5.750% | BB+ | 5,225,197 | ||||||||||||||||||||||||
| 112,449 | Landmark Infrastructure Partners LP |
7.900% | N/R | 2,861,827 | ||||||||||||||||||||||||
| Total Real Estate Management & Development |
17,863,708 | |||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.1% | ||||||||||||||||||||||||||||
| 67,409 | Fortress Transportation and Infrastructure Investors LLC |
|
8.250% | B | 1,893,519 | |||||||||||||||||||||||
| Total $25 Par (or similar) Retail Preferred (cost $201,725,853) |
|
219,041,480 | ||||||||||||||||||||||||||
45
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 10.0% | ||||||||||||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||||||||||
| $ | 360 | National Rural Utilities Cooperative Finance Corp |
5.250% | 4/20/46 | A3 | $ | 390,054 | |||||||||||||||||||||
| 3,957 | Transcanada Trust, (5) |
5.625% | 5/20/75 | BBB | 4,283,453 | |||||||||||||||||||||||
| Total Diversified Financial Services |
4,673,507 | |||||||||||||||||||||||||||
| Electric Utilities – 3.0% | ||||||||||||||||||||||||||||
| 3,625 | AusNet Services Holdings Pty Ltd |
5.750% | 3/17/76 | BBB | 3,659,435 | |||||||||||||||||||||||
| 1,800 | ComEd Financing III |
6.350% | 3/15/33 | Baa2 | 2,206,429 | |||||||||||||||||||||||
| 6,205 | Duke Energy Corp |
4.875% | N/A | (7) | BBB– | 6,592,812 | ||||||||||||||||||||||
| 4,390 | Edison International |
5.375% | N/A | (7) | BB+ | 4,422,047 | ||||||||||||||||||||||
| 2,100 | GBP | Electricite de France SA |
5.875% | N/A | (7) | BBB | 3,296,515 | |||||||||||||||||||||
| 7,540 | Emera Inc, (5) |
6.750% | 6/15/76 | BB+ | 8,831,225 | |||||||||||||||||||||||
| 5,740 | Enel SpA, 144A |
8.750% | 9/24/73 | BBB | 6,672,750 | |||||||||||||||||||||||
| 2,070 | NextEra Energy Capital Holdings Inc |
4.800% | 12/01/77 | BBB | 2,326,320 | |||||||||||||||||||||||
| 4,085 | NextEra Energy Capital Holdings Inc |
5.650% | 5/01/79 | BBB | 4,746,905 | |||||||||||||||||||||||
| 1,990 | Southern Co/The |
4.000% | 1/15/51 | BBB | 2,104,425 | |||||||||||||||||||||||
| 1,515 | SSE PLC |
4.750% | 9/16/77 | BBB– | 1,566,359 | |||||||||||||||||||||||
| Total Electric Utilities |
46,425,222 | |||||||||||||||||||||||||||
| Marine – 0.2% | ||||||||||||||||||||||||||||
| 2,195 | Royal Capital BV |
4.875% | N/A | (7) | N/R | 2,285,544 | ||||||||||||||||||||||
| Multi-Utilities – 1.9% | ||||||||||||||||||||||||||||
| 7,995 | CenterPoint Energy Inc |
6.125% | N/A | (7) | BBB– | 8,494,688 | ||||||||||||||||||||||
| 1,465 | CMS Energy Corp |
4.750% | 6/01/50 | BBB– | 1,632,559 | |||||||||||||||||||||||
| 2,440 | Dominion Energy Inc |
5.750% | 10/01/54 | BBB– | 2,664,264 | |||||||||||||||||||||||
| 3,100 | Dominion Energy Inc |
4.650% | N/A | (7) | BBB– | 3,293,750 | ||||||||||||||||||||||
| 1,895 | NiSource Inc |
5.650% | N/A | (7) | BBB– | 2,020,544 | ||||||||||||||||||||||
| 4,556 | RWE AG |
6.625% | 7/30/75 | BBB– | 5,278,627 | |||||||||||||||||||||||
| 6,020 | Sempra Energy |
4.875% | N/A | (7) | BBB– | 6,531,700 | ||||||||||||||||||||||
| Total Multi-Utilities |
29,916,132 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 4.0% | ||||||||||||||||||||||||||||
| 9,742 | Enbridge Inc |
6.000% | 1/15/77 | BBB– | 10,803,359 | |||||||||||||||||||||||
| 11,104 | Enbridge Inc |
5.500% | 7/15/77 | BBB– | 11,814,656 | |||||||||||||||||||||||
| 3,947 | Enbridge Inc |
6.250% | 3/01/78 | BBB– | 4,308,299 | |||||||||||||||||||||||
| 3,605 | Enbridge Inc |
5.750% | 7/15/80 | BBB– | 4,019,575 | |||||||||||||||||||||||
| 3,478 | Energy Transfer LP, (3-Month LIBOR reference rate + 3.018% spread), (8) |
|
3.193% | 11/01/66 | Ba1 | 2,812,815 | ||||||||||||||||||||||
| 1,275 | Energy Transfer LP |
6.500% | N/A | (7) | BB | 1,299,862 | ||||||||||||||||||||||
| 7,251 | Enterprise Products Operating LLC |
5.250% | 8/16/77 | Baa2 | 7,602,485 | |||||||||||||||||||||||
| 4,840 | Enterprise Products Operating LLC |
5.375% | 2/15/78 | Baa2 | 5,039,411 | |||||||||||||||||||||||
| 2,005 | CAD | Inter Pipeline Ltd |
6.625% | 11/19/79 | BB | 1,775,839 | ||||||||||||||||||||||
46
| Principal Amount (000) (3) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
| $ | 2,315 | CAD | Keyera Corp |
5.950% | 3/10/81 | BB | $ | 1,927,635 | ||||||||||||||||||||
| 5,285 | Transcanada Trust |
5.875% | 8/15/76 | BBB | 5,899,381 | |||||||||||||||||||||||
| 3,170 | Transcanada Trust |
5.500% | 9/15/79 | BBB | 3,455,300 | |||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
60,758,617 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 0.4% | ||||||||||||||||||||||||||||
| 5,750 | AT Securities BV |
5.250% | N/A | (7) | BBB- | 6,005,875 | ||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| 2,790 | BNSF Funding Trust I |
6.613% | 12/15/55 | A | 3,194,103 | |||||||||||||||||||||||
| Total $1,000 Par (or similar) Institutional Preferred (cost $140,360,346) |
|
153,259,000 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 6.8% | ||||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.3% | ||||||||||||||||||||||||||||
| 58,545 | GFL Environmental Inc |
6.000% | N/R | $ | 4,376,239 | |||||||||||||||||||||||
| Electric Utilities – 2.9% | ||||||||||||||||||||||||||||
| 160,880 | American Electric Power Co Inc |
6.125% | BBB | 7,904,035 | ||||||||||||||||||||||||
| 106,812 | American Electric Power Co Inc |
6.125% | BBB | 5,473,047 | ||||||||||||||||||||||||
| 138,535 | NextEra Energy Inc |
4.872% | A– | 7,778,740 | ||||||||||||||||||||||||
| 167,698 | NextEra Energy Inc |
5.279% | BBB | 8,210,494 | ||||||||||||||||||||||||
| 69,922 | NextEra Energy Inc |
6.219% | BBB | 3,454,147 | ||||||||||||||||||||||||
| 43,271 | PG&E Corp |
5.500% | N/R | 4,386,381 | ||||||||||||||||||||||||
| 151,686 | Southern Co/The |
6.750% | BBB | 7,679,862 | ||||||||||||||||||||||||
| Total Electric Utilities |
44,886,706 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.3% | ||||||||||||||||||||||||||||
| 23,760 | Equity Commonwealth |
6.500% | N/R | 763,884 | ||||||||||||||||||||||||
| 20,450 | Lexington Realty Trust |
6.500% | N/R | 1,231,090 | ||||||||||||||||||||||||
| 41,758 | RPT Realty |
7.250% | BB | 2,380,624 | ||||||||||||||||||||||||
| Total Equity Real Estate Investment Trust |
4,375,598 | |||||||||||||||||||||||||||
| Gas Utilities – 0.6% | ||||||||||||||||||||||||||||
| 50,677 | South Jersey Industries Inc |
8.750% | N/R | 2,827,777 | ||||||||||||||||||||||||
| 66,322 | Spire Inc, (2) |
7.500% | N/R | 3,579,398 | ||||||||||||||||||||||||
| 22,624 | UGI Corp |
7.250% | N/R | 2,411,718 | ||||||||||||||||||||||||
| Total Gas Utilities |
8,818,893 | |||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.3% | ||||||||||||||||||||||||||||
| 42,550 | AES Corp/The |
6.875% | BB | 4,577,103 | ||||||||||||||||||||||||
| Multi-Utilities – 2.3% | ||||||||||||||||||||||||||||
| 53,458 | Algonquin Power & Utilities Corp |
7.750% | N/R | 2,654,612 | ||||||||||||||||||||||||
| 109,103 | CenterPoint Energy Inc |
7.000% | N/R | 4,944,548 | ||||||||||||||||||||||||
47
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| Multi-Utilities (continued) | ||||||||||||||||||||||||||||
| 80,158 | Dominion Energy Inc |
7.250% | BBB– | $ | 7,785,746 | |||||||||||||||||||||||
| 230,785 | DTE Energy Co |
6.250% | BBB– | 11,407,703 | ||||||||||||||||||||||||
| 45,237 | NiSource Inc |
7.750% | BBB– | 4,649,911 | ||||||||||||||||||||||||
| 32,335 | Sempra Energy |
6.750% | N/R | 3,193,728 | ||||||||||||||||||||||||
| Total Multi-Utilities |
34,636,248 | |||||||||||||||||||||||||||
| Water Utilities – 0.1% | ||||||||||||||||||||||||||||
| 40,127 | Essential Utilities Inc |
6.000% | N/R | 2,294,462 | ||||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $99,203,690) |
|
103,965,249 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 0.6% | ||||||||||||||||||||||||||||
| 1,019,440 | Greencoat UK Wind PLC/Funds |
$ | 1,785,302 | |||||||||||||||||||||||||
| 1,118,775 | JLEN Environmental Assets Group Ltd |
|
1,546,054 | |||||||||||||||||||||||||
| 921,969 | Keppel Infrastructure Trust |
380,526 | ||||||||||||||||||||||||||
| 1,127,923 | Renewables Infrastructure Group Ltd/The |
|
1,997,814 | |||||||||||||||||||||||||
| 939,058 | Sequoia Economic Infrastructure Income Fund Ltd |
|
1,444,487 | |||||||||||||||||||||||||
| 1,823,093 | Starwood European Real Estate Finance Ltd |
|
2,370,571 | |||||||||||||||||||||||||
| Total Investment Companies (cost $9,315,120) |
|
9,524,754 | ||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CONVERTIBLE BONDS – 0.6% | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.4% | ||||||||||||||||||||||||||||
| $ | 7,990 | Cheniere Energy Inc |
4.250% | 3/15/45 | N/R | $ | 6,729,241 | |||||||||||||||||||||
| Real Estate Management & Development – 0.2% |
||||||||||||||||||||||||||||
| 2,330 | Tricon Residential Inc, 144A |
5.750% | 3/31/22 | N/R | 2,597,717 | |||||||||||||||||||||||
| 10,320 | Total Convertible Bonds (cost $7,999,138) |
|
9,326,958 | |||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon (9) | Reference Rate (9) |
Spread (9) | Maturity (10) | Ratings (4) | Value | |||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 0.4% (9) | ||||||||||||||||||||||||||||
| Electric Utilities – 0.1% | ||||||||||||||||||||||||||||
| $ | 2,009 | ExGen Renewables IV, LLC, Term Loan |
3.500% | 3-Month LIBOR | 2.500% | 12/15/27 | BB– | $ | 2,011,688 | |||||||||||||||||||
| Real Estate Management & Development – 0.3% | ||||||||||||||||||||||||||||
| 3,880 | Brookfield Property REIT Inc., Term Loan B |
2.604% | 1-Month LIBOR | 2.500% | 8/24/25 | BB+ | 3,794,553 | |||||||||||||||||||||
| 5,889 | Total Variable Rate Senior Loan Interests (cost $5,867,205) |
|
5,806,241 | |||||||||||||||||||||||||
48
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| ASSET-BACKED SECURITIES – 0.3% | ||||||||||||||||||||||||||||
| $ | 550 | Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (8) |
|
4.073% | 4/15/34 | BB– | $ | 554,559 | ||||||||||||||||||||
| 1,265 | Benchmark 2020-B18 Mortgage Trust, 144A |
4.139% | 7/15/53 | B– | 1,283,114 | |||||||||||||||||||||||
| 100 | COMM 2014-UBS3 Mortgage Trust, 144A |
4.927% | 6/10/47 | N/R | 101,047 | |||||||||||||||||||||||
| 405 | COMM 2015-CCRE24 Mortgage Trust |
3.463% | 8/10/48 | BBB– | 372,340 | |||||||||||||||||||||||
| 400 | GS Mortgage Securities Corp Trust 2017-SLP, 144A |
4.744% | 10/10/32 | B | 399,002 | |||||||||||||||||||||||
| 560 | GS Mortgage Securities Trust 2016-GS4 |
3.930% | 11/10/49 | A– | 560,678 | |||||||||||||||||||||||
| 400 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 2.750% spread), (8) |
2.823% | 7/15/36 | N/R | 399,880 | |||||||||||||||||||||||
| 1,300 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 4.250% spread), (8) |
4.323% | 7/15/36 | N/R | 1,277,154 | |||||||||||||||||||||||
| 4,980 | Total Asset-Backed Securities (cost $4,873,113) |
|
4,947,774 | |||||||||||||||||||||||||
| Total Long-Term Investments (cost $1,327,751,093) |
|
1,481,087,461 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.4% | ||||||||||||||||||||||||||||
| Money Market Funds – 0.4% | ||||||||||||||||||||||||||||
| 5,787,587 | State Street Navigator Securities Lending Government Money Market Portfolio, (11) |
0.020%(12) | $ | 5,787,587 | ||||||||||||||||||||||||
| Total Investments Purchased with Collateral from Securities Lending (cost $5,787,587) |
|
5,787,587 | ||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 2.1% |
||||||||||||||||||||||||||||
| REPURCHASE AGREEMENTS – 2.1% | ||||||||||||||||||||||||||||
| $ | 32,241 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $32,241,055, collateralized by $36,699,200, U.S. Treasury Bonds, 1.375%, due 11/15/40, value $32,885,924 |
0.000% | 7/01/21 | $ | 32,241,055 | ||||||||||||||||||||||
| Total Short-Term Investments (cost $32,241,055) |
32,241,055 | |||||||||||||||||||||||||||
| Total Investments (cost $1,365,779,735) – 98.8% |
1,519,116,103 | |||||||||||||||||||||||||||
| Other Assets Less Liabilities – 1.2% (13) |
19,152,382 | |||||||||||||||||||||||||||
| Net Assets – 100% |
$ | 1,538,268,485 | ||||||||||||||||||||||||||
49
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
Investments in Derivatives
Futures Contracts – Short
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
Variation Margin Receivable/ (Payable) |
||||||||||||||||||
| U.S. Treasury 10-Year Note |
(80 | ) | 9/21 | $ | (10,566,090 | ) | $ | (10,600,000 | ) | $ | (33,910 | ) | $ | (18,750 | ) | |||||||||
| U.S. Treasury Ultra 10-Year Note |
(68 | ) | 9/21 | (9,876,299 | ) | (10,009,813 | ) | (133,514 | ) | (32,938 | ) | |||||||||||||
| U.S. Treasury Ultra Bond |
(43 | ) | 9/21 | (7,971,886 | ) | (8,285,562 | ) | (313,676 | ) | (48,375 | ) | |||||||||||||
| Total |
$ | (28,414,275 | ) | $ | (28,895,375 | ) | $ | (481,100 | ) | $ | (100,063 | ) | ||||||||||||
| 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) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (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) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $5,669,298. |
| (6) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (7) | Perpetual security. Maturity date is not applicable. |
| (8) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (9) | 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. |
| (10) | 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. |
| (11) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. |
| (12) | The rate shown is the one-day yield as of the end of the reporting period. |
| (13) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. |
| 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 |
| CAD | Canadian Dollar |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | Pound Sterling |
| LIBOR | London Inter-Bank Offered Rate |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
| REIT | Real Estate Investment Trust |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
50
Nuveen Real Estate Securities Fund
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| LONG-TERM INVESTMENTS – 99.1% |
||||||||||||||||
| REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 98.2% |
||||||||||||||||
| Diversified – 3.0% | ||||||||||||||||
| 270,104 | Broadstone Net Lease Inc |
$ | 6,323,135 | |||||||||||||
| 51,900 | Empire State Realty Trust Inc |
622,800 | ||||||||||||||
| 219,074 | Essential Properties Realty Trust Inc |
5,923,761 | ||||||||||||||
| 130,947 | PS Business Parks Inc |
19,390,632 | ||||||||||||||
| 703,634 | VEREIT Inc |
32,317,909 | ||||||||||||||
| 133,994 | Washington Real Estate Investment Trust |
3,081,862 | ||||||||||||||
| 135,428 | WP Carey Inc |
10,105,637 | ||||||||||||||
| Total Diversified |
77,765,736 | |||||||||||||||
| Health Care – 9.5% | ||||||||||||||||
| 610,505 | CareTrust REIT Inc |
14,182,031 | ||||||||||||||
| 429,970 | Healthcare Realty Trust Inc |
12,985,094 | ||||||||||||||
| 729,087 | Healthcare Trust of America Inc |
19,466,623 | ||||||||||||||
| 683,485 | Healthpeak Properties Inc |
22,753,216 | ||||||||||||||
| 1,136,202 | Medical Properties Trust Inc |
22,837,660 | ||||||||||||||
| 284,269 | Omega Healthcare Investors Inc |
10,316,122 | ||||||||||||||
| 223,487 | Sabra Health Care REIT Inc |
4,067,464 | ||||||||||||||
| 1,193,520 | Ventas Inc |
68,149,992 | ||||||||||||||
| 827,281 | Welltower Inc |
68,747,051 | ||||||||||||||
| Total Health Care |
243,505,253 | |||||||||||||||
| Hotels – 4.8% | ||||||||||||||||
| 1,085,222 | Apple Hospitality REIT Inc |
16,560,488 | ||||||||||||||
| 1,079,125 | Host Hotels & Resorts Inc, (2) |
18,442,246 | ||||||||||||||
| 605,558 | MGM Growth Properties LLC |
22,175,534 | ||||||||||||||
| 559,465 | Pebblebrook Hotel Trust |
13,175,401 | ||||||||||||||
| 678,929 | RLJ Lodging Trust |
10,340,088 | ||||||||||||||
| 151,155 | Ryman Hospitality Properties Inc, (2) |
11,935,199 | ||||||||||||||
| 1,369,023 | Summit Hotel Properties Inc, (2) |
12,772,984 | ||||||||||||||
| 1,012,735 | Sunstone Hotel Investors Inc, (2) |
12,578,169 | ||||||||||||||
| 247,012 | Xenia Hotels & Resorts Inc, (2) |
4,626,535 | ||||||||||||||
| Total Hotels |
122,606,644 | |||||||||||||||
| Industrial – 13.4% | ||||||||||||||||
| 535,267 | Americold Realty Trust |
20,259,856 | ||||||||||||||
| 804,633 | Duke Realty Corp |
38,099,372 | ||||||||||||||
| 63,785 | EastGroup Properties Inc |
10,489,443 | ||||||||||||||
51
Nuveen Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Industrial (continued) | ||||||||||||||||
| 74,755 | First Industrial Realty Trust Inc |
$ | 3,904,454 | |||||||||||||
| 1,778,264 | Lexington Realty Trust |
21,250,255 | ||||||||||||||
| 1,698,687 | Prologis Inc |
203,044,057 | ||||||||||||||
| 326,263 | Rexford Industrial Realty Inc |
18,580,678 | ||||||||||||||
| 414,219 | Terreno Realty Corp |
26,725,410 | ||||||||||||||
| Total Industrial |
342,353,525 | |||||||||||||||
| Mortgage – 0.2% | ||||||||||||||||
| 103,181 | Blackstone Mortgage Trust Inc |
3,290,442 | ||||||||||||||
| 20,072 | Hannon Armstrong Sustainable Infrastructure Capital Inc |
1,127,043 | ||||||||||||||
| Total Mortgage |
4,417,485 | |||||||||||||||
| Office – 10.1% | ||||||||||||||||
| 360,643 | Alexandria Real Estate Equities Inc |
65,615,387 | ||||||||||||||
| 209,053 | Boston Properties Inc |
23,955,383 | ||||||||||||||
| 515,772 | Columbia Property Trust Inc |
8,969,275 | ||||||||||||||
| 694,322 | Corporate Office Properties Trust |
19,434,073 | ||||||||||||||
| 139,171 | Cousins Properties Inc |
5,118,709 | ||||||||||||||
| 681,048 | Douglas Emmett Inc |
22,896,834 | ||||||||||||||
| 295,244 | Easterly Government Properties Inc |
6,223,743 | ||||||||||||||
| 29,434 | Franklin Street Properties Corp |
154,823 | ||||||||||||||
| 70,770 | Highwoods Properties Inc |
3,196,681 | ||||||||||||||
| 130,236 | Hudson Pacific Properties Inc |
3,623,166 | ||||||||||||||
| 683,951 | JBG SMITH Properties |
21,551,296 | ||||||||||||||
| 266,727 | Kilroy Realty Corp |
18,574,868 | ||||||||||||||
| 325,685 | Mack-Cali Realty Corp |
5,585,498 | ||||||||||||||
| 2,051,531 | Paramount Group Inc |
20,658,917 | ||||||||||||||
| 807,696 | Piedmont Office Realty Trust Inc |
14,918,145 | ||||||||||||||
| 19,838 | SL Green Realty Corp |
1,587,040 | ||||||||||||||
| 344,977 | Vornado Realty Trust |
16,100,077 | ||||||||||||||
| Total Office |
258,163,915 | |||||||||||||||
| Residential – 18.5% | ||||||||||||||||
| 229,193 | American Campus Communities Inc |
10,707,897 | ||||||||||||||
| 920,627 | American Homes 4 Rent |
35,766,359 | ||||||||||||||
| 166,758 | Apartment Income REIT Corp |
7,909,332 | ||||||||||||||
| 184,937 | AvalonBay Communities Inc |
38,594,503 | ||||||||||||||
| 286,056 | BSR Real Estate Investment Trust |
3,778,800 | ||||||||||||||
| 117,812 | Camden Property Trust |
15,630,118 | ||||||||||||||
| 135,479 | Centerspace |
10,689,293 | ||||||||||||||
| 73,768 | Equity LifeStyle Properties Inc |
5,481,700 | ||||||||||||||
| 632,437 | Equity Residential |
48,697,649 | ||||||||||||||
52
| Shares | Description (1) | Value | ||||||||||||||
| Residential (continued) | ||||||||||||||||
| 187,176 | Essex Property Trust Inc |
$ | 56,154,672 | |||||||||||||
| 1,458,132 | Invitation Homes Inc |
54,373,742 | ||||||||||||||
| 282,182 | Mid-America Apartment Communities Inc |
47,525,092 | ||||||||||||||
| 164,619 | NexPoint Residential Trust Inc |
9,050,753 | ||||||||||||||
| 389,403 | Sun Communities Inc |
66,743,674 | ||||||||||||||
| 1,312,360 | UDR Inc |
64,279,393 | ||||||||||||||
| Total Residential |
475,382,977 | |||||||||||||||
| Retail – 12.7% | ||||||||||||||||
| 157,300 | Acadia Realty Trust |
3,454,308 | ||||||||||||||
| 189,292 | Agree Realty Corp |
13,343,193 | ||||||||||||||
| 977,292 | Brixmor Property Group Inc |
22,370,214 | ||||||||||||||
| 91,132 | Federal Realty Investment Trust |
10,677,936 | ||||||||||||||
| 1,149,014 | Kimco Realty Corp |
23,956,942 | ||||||||||||||
| 60,886 | Kite Realty Group Trust |
1,340,101 | ||||||||||||||
| 566,946 | National Retail Properties Inc |
26,578,429 | ||||||||||||||
| 486,787 | Realty Income Corp |
32,488,164 | ||||||||||||||
| 427,043 | Regency Centers Corp |
27,360,645 | ||||||||||||||
| 970,736 | Retail Properties of America Inc |
11,114,927 | ||||||||||||||
| 593,546 | RPT Realty |
7,704,227 | ||||||||||||||
| 847,586 | Simon Property Group Inc |
110,593,021 | ||||||||||||||
| 448,109 | SITE Centers Corp |
6,748,522 | ||||||||||||||
| 225,281 | Spirit Realty Capital Inc |
10,777,443 | ||||||||||||||
| 110,573 | Urban Edge Properties |
2,111,944 | ||||||||||||||
| 165,975 | Urstadt Biddle Properties Inc |
3,216,596 | ||||||||||||||
| 381,275 | Weingarten Realty Investors |
12,227,489 | ||||||||||||||
| Total Retail |
326,064,101 | |||||||||||||||
| Specialized – 26.0% | ||||||||||||||||
| 427,982 | American Tower Corp |
115,615,057 | ||||||||||||||
| 123,990 | CoreSite Realty Corp |
16,689,054 | ||||||||||||||
| 24,706 | Crown Castle International Corp |
4,820,141 | ||||||||||||||
| 229,976 | CubeSmart |
10,652,488 | ||||||||||||||
| 303,551 | CyrusOne Inc |
21,709,968 | ||||||||||||||
| 389,180 | Digital Realty Trust Inc |
58,556,023 | ||||||||||||||
| 172,988 | Equinix Inc |
138,840,169 | ||||||||||||||
| 130,125 | Extra Space Storage Inc |
21,317,077 | ||||||||||||||
| 656,695 | Four Corners Property Trust Inc |
18,131,349 | ||||||||||||||
| 702,810 | Gaming and Leisure Properties Inc |
32,561,187 | ||||||||||||||
| 310,558 | Life Storage Inc |
33,338,401 | ||||||||||||||
| 43,607 | National Storage Affiliates Trust |
2,204,770 | ||||||||||||||
53
Nuveen Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2021
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Specialized (continued) | ||||||||||||||||
| 240,522 | PotlatchDeltic Corp |
$ | 12,783,744 | |||||||||||||
| 401,111 | Public Storage |
120,610,067 | ||||||||||||||
| 85,527 | SBA Communications Corp |
27,257,455 | ||||||||||||||
| 580,247 | VICI Properties Inc |
17,999,262 | ||||||||||||||
| 406,848 | Weyerhaeuser Co |
14,003,708 | ||||||||||||||
| Total Specialized |
667,089,920 | |||||||||||||||
| Total Real Estate Investment Trust Common Stocks (cost $1,745,994,414) |
2,517,349,556 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
| COMMON STOCKS – 0.9% |
||||||||||||||||
| Hotels, Restaurants & Leisure – 0.0% | ||||||||||||||||
| 8,473 | Hilton Worldwide Holdings Inc, (2) |
$ | 1,022,013 | |||||||||||||
| Household Durables – 0.6% | ||||||||||||||||
| 287,812 | PulteGroup Inc |
15,705,901 | ||||||||||||||
| Real Estate Management & Development – 0.3% | ||||||||||||||||
| 320,432 | Kennedy-Wilson Holdings Inc |
6,366,984 | ||||||||||||||
| Total Common Stocks (cost $22,668,830) |
23,094,898 | |||||||||||||||
| Total Long-Term Investments (cost $1,768,663,244) |
2,540,444,454 | |||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||
| SHORT-TERM INVESTMENTS – 1.0% |
||||||||||||||||
| REPURCHASE AGREEMENTS – 1.0% |
||||||||||||||||
| $ | 24,630 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price $24,629,599, collateralized by $22,311,500, U.S. Treasury Inflation Index Notes, 0.125%, due 4/15/22, value $25,122,277 |
0.000% | 7/01/21 | $ | 24,629,599 | ||||||||||
| Total Short-Term Investments (cost $24,629,599) |
24,629,599 | |||||||||||||||
| Total Investments (cost $1,793,292,843) – 100.1% |
2,565,074,053 | |||||||||||||||
| Other Assets Less Liabilities – (0.1)% |
(1,519,944 | ) | ||||||||||||||
| Net Assets – 100% |
$ | 2,563,554,109 | ||||||||||||||
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) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
54
Statement of Assets and Liabilities
June 30, 2021
(Unaudited)
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Assets |
||||||||||||||||
| Long-term investments, at value (cost $526,139,408, $58,763,527, $1,327,751,093 and $1,768,663,244, respectively)(1) |
$ | 639,776,440 | $ | 70,633,211 | $ | 1,481,087,461 | $ | 2,540,444,454 | ||||||||
| Investment purchased with collateral from securities lending, at value (cost approximates value) |
— | — | 5,787,587 | — | ||||||||||||
| Short-term investments, at value (cost approximates value) |
13,100,988 | 918,749 | 32,241,055 | 24,629,599 | ||||||||||||
| Cash |
13,666 | 815 | 15,494 | — | ||||||||||||
| Cash collateral at brokers for investments in futures contracts(2) |
— | — | 605,006 | — | ||||||||||||
| Cash denominated in foreign currencies (cost $14,250, $67,415, $190,996 and $—, respectively) |
13,943 | 67,180 | 190,781 | — | ||||||||||||
| Receivable for: |
||||||||||||||||
| Dividends |
1,442,375 | 239,303 | 5,873,871 | 8,248,864 | ||||||||||||
| From Adviser |
— | 9,727 | — | — | ||||||||||||
| Interest |
— | — | 5,972,804 | — | ||||||||||||
| Investments sold |
10,013,572 | 620,610 | 26,628,044 | 14,905,751 | ||||||||||||
| Reclaims |
182,302 | 11,912 | 584,037 | 36,137 | ||||||||||||
| Shares sold |
822,412 | 110,750 | 6,204,930 | 3,189,333 | ||||||||||||
| Other assets |
86,291 | 35,356 | 140,508 | 400,948 | ||||||||||||
| Total assets |
665,451,989 | 72,647,613 | 1,565,331,578 | 2,591,855,086 | ||||||||||||
| Liabilities |
||||||||||||||||
| Cash overdraft |
— | — | — | 540 | ||||||||||||
| Payable for: |
||||||||||||||||
| Collateral from securities lending program |
— | — | 5,787,587 | — | ||||||||||||
| Dividends |
— | 216,013 | 295,103 | 2,018,178 | ||||||||||||
| Investments purchased – regular settlement |
7,786,296 | 882,217 | 8,206,542 | 20,123,369 | ||||||||||||
| Investments purchased – when-issued/delayed-delivery settlement |
— | — | 7,650,000 | — | ||||||||||||
| Shares redeemed |
389,782 | 796 | 2,737,877 | 2,197,038 | ||||||||||||
| Variation margin on futures contracts |
— | — | 100,063 | — | ||||||||||||
| Accrued expenses: |
||||||||||||||||
| Custodian fees |
333,008 | 354,197 | 536,660 | 160,557 | ||||||||||||
| Directors/Trustees fees |
48,055 | 691 | 95,869 | 365,765 | ||||||||||||
| Management fees |
451,322 | — | 918,181 | 1,905,072 | ||||||||||||
| Professional fees |
33,196 | 80,089 | 63,133 | 81,929 | ||||||||||||
| 12b-1 distribution and service fees |
22,966 | 41 | 158,433 | 49,532 | ||||||||||||
| Other |
230,015 | 2,946 | 513,645 | 1,398,997 | ||||||||||||
| Total liabilities |
9,294,640 | 1,536,990 | 27,063,093 | 28,300,977 | ||||||||||||
| Net assets |
$ | 656,157,349 | $ | 71,110,623 | $ | 1,538,268,485 | $ | 2,563,554,109 | ||||||||
| Class A Shares |
||||||||||||||||
| Net assets |
$ | 49,283,486 | $ | 101,987 | $ | 186,243,535 | $ | 188,704,055 | ||||||||
| Shares outstanding |
4,257,328 | 4,202 | 7,745,668 | 8,635,187 | ||||||||||||
| Net asset value (“NAV”) per share |
$ | 11.58 | $ | 24.27 | $ | 24.04 | $ | 21.85 | ||||||||
| Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) |
$ | 12.29 | $ | 25.75 | $ | 25.51 | $ | 23.18 | ||||||||
| Class C Shares |
||||||||||||||||
| Net assets |
$ | 15,117,882 | $ | 30,336 | $ | 143,137,659 | $ | 11,486,096 | ||||||||
| Shares outstanding |
1,323,101 | 1,250 | 5,951,105 | 543,597 | ||||||||||||
| NAV and offering price per share |
$ | 11.43 | $ | 24.27 | $ | 24.05 | $ | 21.13 | ||||||||
| Class R6 Shares |
||||||||||||||||
| Net assets |
$ | 121,020,070 | $ | 69,245,490 | $ | 235,890,235 | $ | 510,540,100 | ||||||||
| Shares outstanding |
10,452,205 | 2,850,376 | 9,756,566 | 22,659,808 | ||||||||||||
| NAV and offering price per share |
$ | 11.58 | $ | 24.29 | $ | 24.18 | $ | 22.53 | ||||||||
| Class I Shares |
||||||||||||||||
| Net assets |
$ | 470,735,911 | $ | 1,732,810 | $ | 972,997,056 | $ | 1,852,823,858 | ||||||||
| Shares outstanding |
40,772,209 | 71,377 | 40,463,977 | 83,255,231 | ||||||||||||
| NAV and offering price per share |
$ | 11.55 | $ | 24.28 | $ | 24.05 | $ | 22.25 | ||||||||
| Fund level net assets consist of: |
||||||||||||||||
| Capital paid-in |
$ | 535,429,421 | $ | 56,501,058 | $ | 1,616,265,348 | $ | 1,712,630,355 | ||||||||
| Total distributable earnings |
120,727,928 | 14,609,565 | (77,996,863 | ) | 850,923,754 | |||||||||||
| Fund level net assets |
$ | 656,157,349 | $ | 71,110,623 | $ | 1,538,268,485 | $ | 2,563,554,109 | ||||||||
| Authorized shares – per class |
2 billion | Unlimited | 2 billion | 2 billion | ||||||||||||
| Par value per share |
$ | 0.0001 | $ | 0.01 | $ | 0.0001 | $ | 0.0001 | ||||||||
| (1) | Includes securities loaned of $5,669,298 for Real Asset Income. |
| (2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
55
Six Months Ended June 30, 2021
(Unaudited)
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Investment Income |
||||||||||||||||
| Dividends |
$ | 8,871,409 | $ | 1,066,294 | $ | 34,586,654 | $ | 34,882,620 | ||||||||
| Interest |
6,624 | — | 10,736,721 | — | ||||||||||||
| Foreign tax withheld on dividend income |
(604,394 | ) | (55,244 | ) | (1,746,486 | ) | (11,450 | ) | ||||||||
| Foreign tax withheld from interest income |
— | — | (2,866 | ) | — | |||||||||||
| Securities lending income, net |
7,905 | 19 | 66,814 | — | ||||||||||||
| Total investment income |
8,281,544 | 1,011,069 | 43,640,837 | 34,871,170 | ||||||||||||
| Expenses |
||||||||||||||||
| Management fees |
2,803,502 | 287,931 | 5,523,971 | 9,980,103 | ||||||||||||
| 12b-1 service fees – Class A Shares |
57,832 | 57 | 221,833 | 212,130 | ||||||||||||
| 12b-1 distribution and service fees – Class C Shares |
79,492 | 141 | 735,957 | 61,734 | ||||||||||||
| 12b-1 distribution and service fees – Class R3 Shares(1) |
257 | — | — | 26,945 | ||||||||||||
| Shareholder servicing agent fees |
225,023 | 1,170 | 623,126 | 1,343,111 | ||||||||||||
| Interest expense |
2,056 | 160 | 6,622 | 8,470 | ||||||||||||
| Custodian fees |
128,364 | 138,360 | 205,520 | 87,791 | ||||||||||||
| Directors/Trustees fees |
6,619 | 761 | 16,894 | 24,571 | ||||||||||||
| Professional fees |
48,306 | 61,083 | 78,997 | 90,538 | ||||||||||||
| Shareholder reporting expenses |
73,782 | 11,069 | 242,496 | 148,149 | ||||||||||||
| Federal and state registration fees |
43,962 | 41,044 | 49,734 | 50,733 | ||||||||||||
| Other |
7,593 | 4,476 | 13,251 | 17,261 | ||||||||||||
| Total expenses before fee waiver/expense reimbursement |
3,476,788 | 546,252 | 7,718,401 | 12,051,536 | ||||||||||||
| Fee waiver/expense reimbursement |
(365,270 | ) | (246,494 | ) | — | — | ||||||||||
| Net expenses |
3,111,518 | 299,758 | 7,718,401 | 12,051,536 | ||||||||||||
| Net investment income (loss) |
5,170,026 | 711,311 | 35,922,436 | 22,819,634 | ||||||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments and foreign currency |
23,683,248 | 4,512,362 | 66,244,807 | 172,456,645 | ||||||||||||
| Futures contracts |
— | — | 1,757,097 | — | ||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
| Investments and foreign currency |
5,752,669 | 4,060,462 | 14,376,018 | 236,989,818 | ||||||||||||
| Futures contracts |
— | — | (548,735 | ) | — | |||||||||||
| Net realized and unrealized gain (loss) |
29,435,917 | 8,572,824 | 81,829,187 | 409,446,463 | ||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 34,605,943 | $ | 9,284,135 | $ | 117,751,623 | $ | 432,266,097 | ||||||||
| (1) | Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
56
Statement of Changes in Net Assets
| Global Infrastructure | Global Real Estate Securities | |||||||||||||||||||
| Unaudited |
Year Ended |
Unaudited |
Year Ended |
|||||||||||||||||
| Operations |
||||||||||||||||||||
| Net investment income (loss) |
$ | 5,170,026 | $ | 8,229,508 | $ | 711,311 | $ | 763,753 | ||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||||||
| Investments and foreign currency |
23,683,248 | (8,819,624 | ) | 4,512,362 | (638,998 | ) | ||||||||||||||
| Futures contracts |
— | — | — | — | ||||||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||
| Investments and foreign currency |
5,752,669 | (16,594,704 | ) | 4,060,462 | 4,912,232 | |||||||||||||||
| Futures contracts |
— | — | — | — | ||||||||||||||||
| Net increase (decrease) in net assets from operations |
34,605,943 | (17,184,820 | ) | 9,284,135 | 5,036,987 | |||||||||||||||
| Distributions to Shareholders |
||||||||||||||||||||
| Dividends: |
||||||||||||||||||||
| Class A Shares |
— | (610,511 | ) | (794 | ) | (1,051 | ) | |||||||||||||
| Class C Shares |
— | (128,020 | ) | (191 | ) | (667 | ) | |||||||||||||
| Class R3 Shares(1) |
— | (2,658 | ) | — | — | |||||||||||||||
| Class R6 Shares |
— | (1,787,597 | ) | (773,600 | ) | (1,702,248 | ) | |||||||||||||
| Class I Shares |
— | (6,941,931 | ) | (16,847 | ) | (5,631 | ) | |||||||||||||
| Decrease in net assets from distributions to shareholders |
— | (9,470,717 | ) | (791,432 | ) | (1,709,597 | ) | |||||||||||||
| Fund Share Transactions |
||||||||||||||||||||
| Proceeds from sale of shares |
84,902,487 | 175,535,225 | 3,536,502 | 26,732,246 | ||||||||||||||||
| Proceeds from shares issued to shareholders due to reinvestment of distributions |
— | 6,595,453 | 447,019 | 840,457 | ||||||||||||||||
| 84,902,487 | 182,130,678 | 3,983,521 | 27,572,703 | |||||||||||||||||
| Cost of shares redeemed |
(73,030,173 | ) | (165,539,064 | ) | (96,725 | ) | (136,501 | ) | ||||||||||||
| Net increase (decrease) in net assets from Fund share transactions |
11,872,314 | 16,591,614 | 3,886,796 | 27,436,202 | ||||||||||||||||
| Net increase (decrease) in net assets |
46,478,257 | (10,063,923 | ) | 12,379,499 | 30,763,592 | |||||||||||||||
| Net assets at the beginning of period |
609,679,092 | 619,743,015 | 58,731,124 | 27,967,532 | ||||||||||||||||
| Net assets at the end of period |
$ | 656,157,349 | $ | 609,679,092 | $ | 71,110,623 | $ | 58,731,124 | ||||||||||||
| (1) | Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
57
Statement of Changes in Net Assets (continued)
| Real Asset Income | Real Estate Securities | |||||||||||||||||||
| Unaudited |
Year Ended |
Unaudited |
Year Ended |
|||||||||||||||||
| Operations |
||||||||||||||||||||
| Net investment income (loss) |
$ | 35,922,436 | $ | 76,346,037 | $ | 22,819,634 | $ | 34,582,405 | ||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||||||
| Investments and foreign currency |
66,244,807 | (253,449,443 | ) | 172,456,645 | (60,061,464 | ) | ||||||||||||||
| Futures contracts |
1,757,097 | (1,513,596 | ) | — | — | |||||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||
| Investments and foreign currency |
14,376,018 | 2,745,237 | 236,989,818 | (189,321,504 | ) | |||||||||||||||
| Futures contracts |
(548,735 | ) | 67,635 | — | — | |||||||||||||||
| Net increase (decrease) in net assets from operations |
117,751,623 | (175,804,130 | ) | 432,266,097 | (214,800,563 | ) | ||||||||||||||
| Distributions to Shareholders |
||||||||||||||||||||
| Dividends: |
||||||||||||||||||||
| Class A Shares |
(3,609,786 | ) | (8,322,205 | ) | (1,434,760 | ) | (5,074,310 | ) | ||||||||||||
| Class C Shares |
(2,467,326 | ) | (6,771,926 | ) | (51,582 | ) | (396,370 | ) | ||||||||||||
| Class R3 Shares(1) |
— | — | (47,135 | ) | (340,462 | ) | ||||||||||||||
| Class R6 Shares |
(5,142,540 | ) | (5,360,790 | ) | (5,023,398 | ) | (13,385,125 | ) | ||||||||||||
| Class I Shares |
(21,002,105 | ) | (65,114,685 | ) | (16,436,450 | ) | (48,899,918 | ) | ||||||||||||
| Decrease in net assets from distributions to shareholders |
(32,221,757 | ) | (85,569,606 | ) | (22,993,325 | ) | (68,096,185 | ) | ||||||||||||
| Fund Share Transactions |
||||||||||||||||||||
| Proceeds from sale of shares |
156,550,022 | 609,855,057 | 333,811,150 | 576,399,850 | ||||||||||||||||
| Proceeds from shares issued to shareholders due to reinvestment of distributions |
30,193,094 | 78,076,488 | 18,886,159 | 55,749,963 | ||||||||||||||||
| 186,743,116 | 687,931,545 | 352,697,309 | 632,149,813 | |||||||||||||||||
| Cost of shares redeemed |
(342,865,512 | ) | (1,062,944,740 | ) | (444,050,639 | ) | (1,039,354,881 | ) | ||||||||||||
| Net increase (decrease) in net assets from Fund share transactions |
(156,122,396 | ) | (375,013,195 | ) | (91,353,330 | ) | (407,205,068 | ) | ||||||||||||
| Net increase (decrease) in net assets |
(70,592,530 | ) | (636,386,931 | ) | 317,919,442 | (690,101,816 | ) | |||||||||||||
| Net assets at the beginning of period |
1,608,861,015 | 2,245,247,946 | 2,245,634,667 | 2,935,736,483 | ||||||||||||||||
| Net assets at the end of period |
$ | 1,538,268,485 | $ | 1,608,861,015 | $ | 2,563,554,109 | $ | 2,245,634,667 | ||||||||||||
| (1) | Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
58
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59
Global Infrastructure
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
| Class (Commencement Date)
Year Ended December 31, |
Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net |
From Accumulated Net Realized Gains |
Return of Capital |
Total | Ending NAV |
|||||||||||||||||||||||||||||||
| Class A (12/07) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
$ | 10.97 | $ | 0.08 | $ | 0.53 | $ | 0.61 | $ | — | $ | — | $ | — | $ | — | $ | 11.58 | ||||||||||||||||||||||
| 2020 |
11.45 | 0.13 | (0.46 | ) | (0.33 | ) | (0.11 | ) | (0.04 | ) | — | (0.15 | ) | 10.97 | ||||||||||||||||||||||||||
| 2019 |
9.48 | 0.22 | 2.56 | 2.78 | (0.20 | ) | (0.61 | ) | — | (0.81 | ) | 11.45 | ||||||||||||||||||||||||||||
| 2018 |
10.93 | 0.20 | (1.05 | ) | (0.85 | ) | (0.22 | ) | (0.36 | ) | (0.02 | ) | (0.60 | ) | 9.48 | |||||||||||||||||||||||||
| 2017 |
9.69 | 0.22 | 1.66 | 1.88 | (0.23 | ) | (0.41 | ) | — | (0.64 | ) | 10.93 | ||||||||||||||||||||||||||||
| 2016 |
9.75 | 0.25 | 0.49 | 0.74 | (0.30 | ) | (0.50 | ) | — | (0.80 | ) | 9.69 | ||||||||||||||||||||||||||||
| Class C (11/08) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
10.87 | 0.04 | 0.52 | 0.56 | — | — | — | — | 11.43 | |||||||||||||||||||||||||||||||
| 2020 |
11.35 | 0.05 | (0.46 | ) | (0.41 | ) | (0.03 | ) | (0.04 | ) | — | (0.07 | ) | 10.87 | ||||||||||||||||||||||||||
| 2019 |
9.41 | 0.14 | 2.52 | 2.66 | (0.11 | ) | (0.61 | ) | — | (0.72 | ) | 11.35 | ||||||||||||||||||||||||||||
| 2018 |
10.85 | 0.12 | (1.04 | ) | (0.92 | ) | (0.14 | ) | (0.36 | ) | (0.02 | ) | (0.52 | ) | 9.41 | |||||||||||||||||||||||||
| 2017 |
9.62 | 0.14 | 1.65 | 1.79 | (0.15 | ) | (0.41 | ) | — | (0.56 | ) | 10.85 | ||||||||||||||||||||||||||||
| 2016 |
9.69 | 0.16 | 0.49 | 0.65 | (0.22 | ) | (0.50 | ) | — | (0.72 | ) | 9.62 | ||||||||||||||||||||||||||||
| Class R6 (6/16) |
||||||||||||||||||||||||||||||||||||||||
| 2021(f) |
10.96 | 0.10 | 0.52 | 0.62 | — | — | — | — | 11.58 | |||||||||||||||||||||||||||||||
| 2020 |
11.42 | 0.16 | (0.44 | ) | (0.28 | ) | (0.14 | ) | (0.04 | ) | — | (0.18 | ) | 10.96 | ||||||||||||||||||||||||||
| 2019 |
9.47 | 0.26 | 2.54 | 2.80 | (0.24 | ) | (0.61 | ) | — | (0.85 | ) | 11.42 | ||||||||||||||||||||||||||||
| 2018 |
10.91 | 0.22 | (1.03 | ) | (0.81 | ) | (0.25 | ) | (0.36 | ) | (0.02 | ) | (0.63 | ) | 9.47 | |||||||||||||||||||||||||
| 2017 |
9.65 | 0.27 | 1.66 | 1.93 | (0.26 | ) | (0.41 | ) | — | (0.67 | ) | 10.91 | ||||||||||||||||||||||||||||
| 2016(e) |
11.06 | 0.11 | (0.67 | ) | (0.56 | ) | (0.35 | ) | (0.50 | ) | — | (0.85 | ) | 9.65 | ||||||||||||||||||||||||||
| Class I (12/07) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
10.93 | 0.09 | 0.53 | 0.62 | — | — | — | — | 11.55 | |||||||||||||||||||||||||||||||
| 2020 |
11.40 | 0.15 | (0.44 | ) | (0.29 | ) | (0.14 | ) | (0.04 | ) | — | (0.18 | ) | 10.93 | ||||||||||||||||||||||||||
| 2019 |
9.44 | 0.25 | 2.54 | 2.79 | (0.22 | ) | (0.61 | ) | — | (0.83 | ) | 11.40 | ||||||||||||||||||||||||||||
| 2018 |
10.89 | 0.22 | (1.04 | ) | (0.82 | ) | (0.25 | ) | (0.36 | ) | (0.02 | ) | (0.63 | ) | 9.44 | |||||||||||||||||||||||||
| 2017 |
9.66 | 0.26 | 1.64 | 1.90 | (0.26 | ) | (0.41 | ) | — | (0.67 | ) | 10.89 | ||||||||||||||||||||||||||||
| 2016 |
9.73 | 0.27 | 0.50 | 0.77 | (0.34 | ) | (0.50 | ) | — | (0.84 | ) | 9.66 | ||||||||||||||||||||||||||||
See accompanying notes to financial statements.
60
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement |
Ratios to Average Net Assets After Waiver/Reimbursement(c) |
|||||||||||||||||||||||||||||||||
| Total Return(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
||||||||||||||||||||||||||||
| 5.56 | % | $ | 49,283 | 1.33 | %* | 1.31 | %* | 1.21 | %* | 1.43 | %* | 67 | % | |||||||||||||||||||||
| (2.76 | ) | 44,235 | 1.35 | 1.11 | 1.22 | 1.24 | 181 | |||||||||||||||||||||||||||
| 29.27 | 57,379 | 1.36 | 1.85 | 1.22 | 1.99 | 144 | ||||||||||||||||||||||||||||
| (7.88 | ) | 55,856 | 1.35 | 1.74 | 1.22 | 1.87 | 174 | |||||||||||||||||||||||||||
| 19.38 | 87,876 | 1.42 | 1.85 | 1.22 | 2.05 | 161 | ||||||||||||||||||||||||||||
| 7.61 | 70,173 | 1.45 | 2.20 | 1.22 | 2.42 | 149 | ||||||||||||||||||||||||||||
| 5.15 | 15,118 | 2.08 | * | 0.57 | * | 1.96 | * | 0.68 | * | 67 | ||||||||||||||||||||||||
| (3.56 | ) | 18,465 | 2.10 | 0.37 | 1.97 | 0.49 | 181 | |||||||||||||||||||||||||||
| 28.37 | 24,640 | 2.11 | 1.11 | 1.97 | 1.26 | 144 | ||||||||||||||||||||||||||||
| (8.60 | ) | 24,556 | 2.11 | 1.00 | 1.97 | 1.13 | 174 | |||||||||||||||||||||||||||
| 18.55 | 29,227 | 2.17 | 1.11 | 1.97 | 1.31 | 161 | ||||||||||||||||||||||||||||
| 6.71 | 22,868 | 2.21 | 1.30 | 1.97 | 1.53 | 149 | ||||||||||||||||||||||||||||
| 5.66 | 121,020 | 1.00 | * | 1.64 | * | 0.88 | * | 1.76 | * | 67 | ||||||||||||||||||||||||
| (2.39 | ) | 107,342 | 1.01 | 1.44 | 0.88 | 1.57 | 181 | |||||||||||||||||||||||||||
| 29.70 | 60,187 | 1.03 | 2.11 | 0.89 | 2.26 | 144 | ||||||||||||||||||||||||||||
| (7.56 | ) | 11,520 | 1.02 | 1.93 | 0.89 | 2.06 | 174 | |||||||||||||||||||||||||||
| 19.95 | 19,575 | 1.02 | 2.24 | 0.80 | 2.46 | 161 | ||||||||||||||||||||||||||||
| (5.08 | ) | 7,627 | 1.09 | * | 1.78 | * | 0.86 | * | 2.02 | * | 149 | |||||||||||||||||||||||
| 5.67 | 470,736 | 1.08 | * | 1.56 | * | 0.96 | * | 1.68 | * | 67 | ||||||||||||||||||||||||
| (2.55 | ) | 439,399 | 1.10 | 1.37 | 0.97 | 1.50 | 181 | |||||||||||||||||||||||||||
| 29.69 | 477,180 | 1.11 | 2.10 | 0.97 | 2.24 | 144 | ||||||||||||||||||||||||||||
| (7.67 | ) | 345,782 | 1.10 | 1.98 | 0.97 | 2.11 | 174 | |||||||||||||||||||||||||||
| 19.61 | 472,564 | 1.17 | 2.14 | 0.97 | 2.34 | 161 | ||||||||||||||||||||||||||||
| 7.91 | 314,001 | 1.20 | 2.30 | 0.97 | 2.54 | 149 | ||||||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the period June 30, 2016 (commencement of operations) through December 31, 2016. |
| (f) | Unaudited. For the six months ended June 30, 2021. |
| * | Annualized. |
See accompanying notes to financial statements.
61
Financial Highlights (continued)
Global Real Estate Securities
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
| Class (Commencement Date)
Year Ended December 31, |
Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumulated Net Realized Gains |
Total | Ending NAV |
||||||||||||||||||||||||||||
| Class A (03/18) |
||||||||||||||||||||||||||||||||||||
| 2021(f) |
$ | 21.25 | $ | 0.27 | $ | 2.99 | $ | 3.26 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 24.27 | ||||||||||||||||||
| 2020 |
22.22 | 0.30 | (0.64 | ) | (0.34 | ) | (0.45 | ) | (0.18 | ) | (0.63 | ) | 21.25 | |||||||||||||||||||||||
| 2019 |
19.07 | 0.36 | 4.84 | 5.20 | (1.33 | ) | (0.72 | ) | (2.05 | ) | 22.22 | |||||||||||||||||||||||||
| 2018(e) |
20.00 | 0.32 | (0.54 | ) | (0.22 | ) | (0.53 | ) | (0.18 | ) | (0.71 | ) | 19.07 | |||||||||||||||||||||||
| Class C (03/18) |
||||||||||||||||||||||||||||||||||||
| 2021(f) |
21.25 | 0.12 | 3.05 | 3.17 | (0.15 | ) | — | (0.15 | ) | 24.27 | ||||||||||||||||||||||||||
| 2020 |
22.21 | 0.14 | (0.62 | ) | (0.48 | ) | (0.30 | ) | (0.18 | ) | (0.48 | ) | 21.25 | |||||||||||||||||||||||
| 2019 |
19.06 | 0.19 | 4.84 | 5.03 | (1.16 | ) | (0.72 | ) | (1.88 | ) | 22.21 | |||||||||||||||||||||||||
| 2018(e) |
20.00 | 0.20 | (0.55 | ) | (0.35 | ) | (0.41 | ) | (0.18 | ) | (0.59 | ) | 19.06 | |||||||||||||||||||||||
| Class R6 (03/18) |
||||||||||||||||||||||||||||||||||||
| 2021(f) |
21.27 | 0.25 | 3.05 | 3.30 | (0.28 | ) | — | (0.28 | ) | 24.29 | ||||||||||||||||||||||||||
| 2020 |
22.23 | 0.37 | (0.63 | ) | (0.26 | ) | (0.52 | ) | (0.18 | ) | (0.70 | ) | 21.27 | |||||||||||||||||||||||
| 2019 |
19.07 | 0.43 | 4.85 | 5.28 | (1.40 | ) | (0.72 | ) | (2.12 | ) | 22.23 | |||||||||||||||||||||||||
| 2018(e) |
20.00 | 0.37 | (0.55 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | (0.75 | ) | 19.07 | |||||||||||||||||||||||
| Class I (03/18) |
||||||||||||||||||||||||||||||||||||
| 2021(f) |
21.25 | 0.27 | 3.03 | 3.30 | (0.27 | ) | — | (0.27 | ) | 24.28 | ||||||||||||||||||||||||||
| 2020 |
22.22 | 0.34 | (0.63 | ) | (0.29 | ) | (0.50 | ) | (0.18 | ) | (0.68 | ) | 21.25 | |||||||||||||||||||||||
| 2019 |
19.07 | 0.47 | 4.79 | 5.26 | (1.39 | ) | (0.72 | ) | (2.11 | ) | 22.22 | |||||||||||||||||||||||||
| 2018(e) |
20.00 | 0.36 | (0.54 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | (0.75 | ) | 19.07 | |||||||||||||||||||||||
See accompanying notes to financial statements.
62
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement |
Ratios to Average Net Assets After Waiver/Reimbursement(c) |
|||||||||||||||||||||||||||||||||
| Total Return(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Expenses | Net Investment |
Portfolio Turnover Rate(d) |
||||||||||||||||||||||||||||
| 15.37 | % | $ | 102 | 2.07 | %* | 1.63 | %* | 1.29 | %* | 2.40 | %* | 68 | % | |||||||||||||||||||||
| (1.32 | ) | 37 | 2.45 | 0.33 | 1.30 | 1.48 | 159 | |||||||||||||||||||||||||||
| 27.55 | 35 | 3.21 | (0.31 | ) | 1.30 | 1.60 | 198 | |||||||||||||||||||||||||||
| (1.21 | ) | 24 | 2.65 | * | 0.67 | * | 1.30 | * | 2.02 | * | 161 | |||||||||||||||||||||||
| 14.95 | 30 | 2.82 | * | 0.33 | * | 2.05 | * | 1.11 | * | 68 | ||||||||||||||||||||||||
| (2.04 | ) | 27 | 3.20 | (0.44 | ) | 2.05 | 0.71 | 159 | ||||||||||||||||||||||||||
| 26.56 | 33 | 3.96 | (1.05 | ) | 2.05 | 0.86 | 198 | |||||||||||||||||||||||||||
| (1.77 | ) | 24 | 3.41 | * | (0.09 | )* | 2.05 | * | 1.27 | * | 161 | |||||||||||||||||||||||
| 15.54 | 69,245 | 1.71 | * | 1.46 | * | 0.94 | * | 2.23 | * | 68 | ||||||||||||||||||||||||
| (0.95 | ) | 58,480 | 2.15 | 0.72 | 1.00 | 1.87 | 159 | |||||||||||||||||||||||||||
| 27.91 | 27,709 | 2.88 | 0.01 | 0.97 | 1.93 | 198 | ||||||||||||||||||||||||||||
| (0.97 | ) | 23,770 | 2.38 | * | 0.94 | * | 1.02 | * | 2.30 | * | 161 | |||||||||||||||||||||||
| 15.56 | 1,733 | 1.82 | * | 1.62 | * | 1.04 | * | 2.40 | * | 68 | ||||||||||||||||||||||||
| (1.02 | ) | 188 | 2.20 | 0.56 | 1.05 | 1.71 | 159 | |||||||||||||||||||||||||||
| 27.80 | 190 | 2.96 | 0.15 | 1.05 | 2.06 | 198 | ||||||||||||||||||||||||||||
| (1.03) | 26 | 2.42 | * | 0.86 | * | 1.05 | * | 2.24 | * | 161 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the period March 20, 2018 (commencement of operations) though December 31, 2018. |
| (f) | Unaudited. For the six months ended June 30, 2021. |
| * | Annualized. |
See accompanying notes to financial statements.
63
Financial Highlights (continued)
Real Asset Income
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
| Class (Commencement Date)
Year Ended December 31, |
Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumulated Net Realized Gains |
Return of Capital |
Total | Ending NAV |
|||||||||||||||||||||||||||||||
| Class A (9/11) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
$ | 22.75 | $ | 0.53 | $ | 1.23 | $ | 1.76 | $ | (0.47 | ) | $ | — | $ | — | $ | (0.47 | ) | $ | 24.04 | ||||||||||||||||||||
| 2020 |
24.76 | 0.90 | (1.91 | ) | (1.01 | ) | (1.00 | ) | — | — | (1.00 | ) | 22.75 | |||||||||||||||||||||||||||
| 2019 |
21.46 | 0.99 | 3.73 | 4.72 | (1.38 | ) | — | (0.04 | ) | (1.42 | ) | 24.76 | ||||||||||||||||||||||||||||
| 2018 |
24.14 | 1.12 | (2.61 | ) | (1.49 | ) | (1.07 | ) | — | (0.12 | ) | (1.19 | ) | 21.46 | ||||||||||||||||||||||||||
| 2017 |
22.76 | 1.11 | 1.59 | 2.70 | (1.32 | ) | — | — | (1.32 | ) | 24.14 | |||||||||||||||||||||||||||||
| 2016 |
21.87 | 1.08 | 1.00 | 2.08 | (1.12 | ) | — | (0.07 | ) | (1.19 | ) | 22.76 | ||||||||||||||||||||||||||||
| Class C (9/11) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
22.76 | 0.44 | 1.24 | 1.68 | (0.39 | ) | — | — | (0.39 | ) | 24.05 | |||||||||||||||||||||||||||||
| 2020 |
24.77 | 0.73 | (1.90 | ) | (1.17 | ) | (0.84 | ) | — | — | (0.84 | ) | 22.76 | |||||||||||||||||||||||||||
| 2019 |
21.47 | 0.81 | 3.74 | 4.55 | (1.21 | ) | — | (0.04 | ) | (1.25 | ) | 24.77 | ||||||||||||||||||||||||||||
| 2018 |
24.15 | 0.95 | (2.62 | ) | (1.67 | ) | (0.89 | ) | — | (0.12 | ) | (1.01 | ) | 21.47 | ||||||||||||||||||||||||||
| 2017 |
22.77 | 0.94 | 1.59 | 2.53 | (1.15 | ) | — | — | (1.15 | ) | 24.15 | |||||||||||||||||||||||||||||
| 2016 |
21.89 | 0.91 | 0.99 | 1.90 | (0.95 | ) | — | (0.07 | ) | (1.02 | ) | 22.77 | ||||||||||||||||||||||||||||
| Class R6 (6/16) |
||||||||||||||||||||||||||||||||||||||||
| 2021(f) |
22.87 | 0.57 | 1.25 | 1.82 | (0.51 | ) | — | — | (0.51 | ) | 24.18 | |||||||||||||||||||||||||||||
| 2020 |
24.89 | 1.00 | (1.95 | ) | (0.95 | ) | (1.07 | ) | — | — | (1.07 | ) | 22.87 | |||||||||||||||||||||||||||
| 2019 |
21.56 | 1.10 | 3.73 | 4.83 | (1.46 | ) | — | (0.04 | ) | (1.50 | ) | 24.89 | ||||||||||||||||||||||||||||
| 2018 |
24.24 | 1.20 | (2.63 | ) | (1.43 | ) | (1.13 | ) | — | (0.12 | ) | (1.25 | ) | 21.56 | ||||||||||||||||||||||||||
| 2017 |
22.83 | 1.22 | 1.58 | 2.80 | (1.39 | ) | — | — | (1.39 | ) | 24.24 | |||||||||||||||||||||||||||||
| 2016(e) |
23.49 | 0.48 | (0.57 | ) | (0.09 | ) | (0.50 | ) | — | (0.07 | ) | (0.57 | ) | 22.83 | ||||||||||||||||||||||||||
| Class I (9/11) |
|
|||||||||||||||||||||||||||||||||||||||
| 2021(f) |
22.75 | 0.55 | 1.25 | 1.80 | (0.50 | ) | — | — | (0.50 | ) | 24.05 | |||||||||||||||||||||||||||||
| 2020 |
24.76 | 0.94 | (1.90 | ) | (0.96 | ) | (1.05 | ) | — | — | (1.05 | ) | 22.75 | |||||||||||||||||||||||||||
| 2019 |
21.46 | 1.05 | 3.73 | 4.78 | (1.44 | ) | — | (0.04 | ) | (1.48 | ) | 24.76 | ||||||||||||||||||||||||||||
| 2018 |
24.14 | 1.18 | (2.61 | ) | (1.43 | ) | (1.13 | ) | — | (0.12 | ) | (1.25 | ) | 21.46 | ||||||||||||||||||||||||||
| 2017 |
22.76 | 1.18 | 1.58 | 2.76 | (1.38 | ) | — | — | (1.38 | ) | 24.14 | |||||||||||||||||||||||||||||
| 2016 |
21.88 | 1.14 | 0.98 | 2.12 | (1.17 | ) | — | (0.07 | ) | (1.24 | ) | 22.76 | ||||||||||||||||||||||||||||
See accompanying notes to financial statements.
64
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement |
Ratios to Average Net Assets After Waiver/Reimbursement(c) |
|||||||||||||||||||||||||||||||||
| Total Return(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
||||||||||||||||||||||||||||
| 7.87 | % | $ | 186,244 | 1.14 | %* | 4.58 | %* | 1.14 | %* | 4.58 | %* | 39 | % | |||||||||||||||||||||
| (3.71 | ) | 173,139 | 1.16 | 4.16 | 1.16 | 4.17 | 104 | |||||||||||||||||||||||||||
| 22.39 | 220,665 | 1.14 | 4.16 | 1.14 | 4.16 | 85 | ||||||||||||||||||||||||||||
| (6.38 | ) | 178,651 | 1.14 | 4.85 | 1.14 | 4.85 | 94 | |||||||||||||||||||||||||||
| 12.07 | 225,282 | 1.15 | 4.64 | 1.15 | 4.64 | 84 | ||||||||||||||||||||||||||||
| 9.60 | 234,495 | 1.18 | 4.72 | 1.16 | 4.74 | 89 | ||||||||||||||||||||||||||||
| 7.44 | 143,138 | 1.89 | * | 3.77 | * | 1.89 | * | 3.77 | * | 39 | ||||||||||||||||||||||||
| (4.43 | ) | 156,391 | 1.91 | 3.40 | 1.91 | 3.41 | 104 | |||||||||||||||||||||||||||
| 21.50 | 217,976 | 1.89 | 3.41 | 1.89 | 3.41 | 85 | ||||||||||||||||||||||||||||
| (7.09 | ) | 186,043 | 1.89 | 4.10 | 1.89 | 4.11 | 94 | |||||||||||||||||||||||||||
| 11.25 | 241,844 | 1.90 | 3.94 | 1.90 | 3.94 | 84 | ||||||||||||||||||||||||||||
| 8.74 | 182,744 | 1.93 | 3.97 | 1.91 | 3.99 | 89 | ||||||||||||||||||||||||||||
| 8.05 | 235,890 | 0.81 | * | 4.91 | * | 0.81 | * | 4.91 | * | 39 | ||||||||||||||||||||||||
| (3.40 | ) | 223,948 | 0.82 | 4.62 | 0.81 | 4.63 | 104 | |||||||||||||||||||||||||||
| 22.82 | 80,903 | 0.80 | 4.59 | 0.80 | 4.59 | 85 | ||||||||||||||||||||||||||||
| (6.08 | ) | 27,654 | 0.81 | 5.18 | 0.81 | 5.19 | 94 | |||||||||||||||||||||||||||
| 12.47 | 29,332 | 0.81 | 5.10 | 0.81 | 5.10 | 84 | ||||||||||||||||||||||||||||
| (0.43 | ) | 7,237 | 0.84 | * | 4.08 | * | 0.82 | * | 4.11 | * | 89 | |||||||||||||||||||||||
| 8.00 | 972,997 | 0.89 | * | 4.78 | * | 0.89 | * | 4.78 | * | 39 | ||||||||||||||||||||||||
| (3.47 | ) | 1,055,383 | 0.91 | 4.37 | 0.91 | 4.37 | 104 | |||||||||||||||||||||||||||
| 22.69 | 1,725,703 | 0.89 | 4.42 | 0.89 | 4.42 | 85 | ||||||||||||||||||||||||||||
| (6.13 | ) | 1,312,280 | 0.89 | 5.10 | 0.89 | 5.11 | 94 | |||||||||||||||||||||||||||
| 12.35 | 1,607,267 | 0.90 | 4.96 | 0.90 | 4.96 | 84 | ||||||||||||||||||||||||||||
| 9.82 | 846,584 | 0.93 | 4.98 | 0.91 | 5.00 | 89 | ||||||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the period June 30, 2016 (commencement of operations) through December 31, 2016. |
| (f) | Unaudited. For the six months ended June 30, 2021. |
| * | Annualized. |
See accompanying notes to financial statements.
65
Financial Highlights (continued)
Real Estate Securities
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
| Class (Commencement Date)
Year Ended December 31, |
Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net |
From Accumulated Net Realized Gains |
Total | Ending NAV |
||||||||||||||||||||||||||||
| Class A (9/95) |
|
|||||||||||||||||||||||||||||||||||
| 2021(f) |
$ | 18.40 | $ | 0.17 | $ | 3.45 | $ | 3.62 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 21.85 | ||||||||||||||||||
| 2020 |
20.22 | 0.21 | (1.54 | ) | (1.33 | ) | (0.14 | ) | (0.35 | ) | (0.49 | ) | 18.40 | |||||||||||||||||||||||
| 2019 |
18.03 | 0.33 | 4.16 | 4.49 | (0.33 | ) | (1.97 | ) | (2.30 | ) | 20.22 | |||||||||||||||||||||||||
| 2018 |
20.23 | 0.31 | (1.43 | ) | (1.12 | ) | (0.34 | ) | (0.74 | ) | (1.08 | ) | 18.03 | |||||||||||||||||||||||
| 2017 |
21.75 | 0.32 | 0.85 | 1.17 | (0.37 | ) | (2.32 | ) | (2.69 | ) | 20.23 | |||||||||||||||||||||||||
| 2016 |
22.66 | 0.31 | 1.14 | 1.45 | (0.31 | ) | (2.05 | ) | (2.36 | ) | 21.75 | |||||||||||||||||||||||||
| Class C (2/00) |
|
|||||||||||||||||||||||||||||||||||
| 2021(f) |
17.80 | 0.07 | 3.35 | 3.42 | (0.09 | ) | — | (0.09 | ) | 21.13 | ||||||||||||||||||||||||||
| 2020 |
19.55 | 0.06 | (1.46 | ) | (1.40 | ) | — | (0.35 | ) | (0.35 | ) | 17.80 | ||||||||||||||||||||||||
| 2019 |
17.49 | 0.16 | 4.03 | 4.19 | (0.16 | ) | (1.97 | ) | (2.13 | ) | 19.55 | |||||||||||||||||||||||||
| 2018 |
19.63 | 0.17 | (1.39 | ) | (1.22 | ) | (0.18 | ) | (0.74 | ) | (0.92 | ) | 17.49 | |||||||||||||||||||||||
| 2017 |
21.18 | 0.15 | 0.82 | 0.97 | (0.20 | ) | (2.32 | ) | (2.52 | ) | 19.63 | |||||||||||||||||||||||||
| 2016 |
22.11 | 0.12 | 1.12 | 1.24 | (0.12 | ) | (2.05 | ) | (2.17 | ) | 21.18 | |||||||||||||||||||||||||
| Class R6 (4/13) |
|
|||||||||||||||||||||||||||||||||||
| 2021(f) |
18.98 | 0.21 | 3.56 | 3.77 | (0.22 | ) | — | (0.22 | ) | 22.53 | ||||||||||||||||||||||||||
| 2020 |
20.85 | 0.30 | (1.59 | ) | (1.29 | ) | (0.23 | ) | (0.35 | ) | (0.58 | ) | 18.98 | |||||||||||||||||||||||
| 2019 |
18.54 | 0.44 | 4.27 | 4.71 | (0.43 | ) | (1.97 | ) | (2.40 | ) | 20.85 | |||||||||||||||||||||||||
| 2018 |
20.75 | 0.44 | (1.51 | ) | (1.07 | ) | (0.40 | ) | (0.74 | ) | (1.14 | ) | 18.54 | |||||||||||||||||||||||
| 2017 |
22.23 | 0.46 | 0.82 | 1.28 | (0.44 | ) | (2.32 | ) | (2.76 | ) | 20.75 | |||||||||||||||||||||||||
| 2016 |
23.07 | 0.43 | 1.16 | 1.59 | (0.38 | ) | (2.05 | ) | (2.43 | ) | 22.23 | |||||||||||||||||||||||||
| Class I (6/95) |
|
|||||||||||||||||||||||||||||||||||
| 2021(f) |
18.74 | 0.20 | 3.51 | 3.71 | (0.20 | ) | — | (0.20 | ) | 22.25 | ||||||||||||||||||||||||||
| 2020 |
20.59 | 0.27 | (1.58 | ) | (1.31 | ) | (0.19 | ) | (0.35 | ) | (0.54 | ) | 18.74 | |||||||||||||||||||||||
| 2019 |
18.34 | 0.39 | 4.22 | 4.61 | (0.39 | ) | (1.97 | ) | (2.36 | ) | 20.59 | |||||||||||||||||||||||||
| 2018 |
20.55 | 0.39 | (1.47 | ) | (1.08 | ) | (0.39 | ) | (0.74 | ) | (1.13 | ) | 18.34 | |||||||||||||||||||||||
| 2017 |
22.07 | 0.40 | 0.84 | 1.24 | (0.44 | ) | (2.32 | ) | (2.76 | ) | 20.55 | |||||||||||||||||||||||||
| 2016 |
22.97 | 0.38 | 1.15 | 1.53 | (0.38 | ) | (2.05 | ) | (2.43 | ) | 22.07 | |||||||||||||||||||||||||
See accompanying notes to financial statements.
66
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average |
||||||||||||||||||||||||||
| Total Return(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(c) |
||||||||||||||||||||||
| 19.72 | % | $ | 188,704 | 1.27 | %* | 1.69 | %* | 58 | % | |||||||||||||||||
| (6.37 | ) | 176,739 | 1.30 | 1.20 | 135 | |||||||||||||||||||||
| 25.24 | 249,172 | 1.30 | 1.56 | 109 | ||||||||||||||||||||||
| (5.78 | ) | 264,414 | 1.26 | 1.61 | 131 | |||||||||||||||||||||
| 5.34 | 459,034 | 1.29 | 1.47 | 131 | ||||||||||||||||||||||
| 6.58 | 679,318 | 1.30 | 1.32 | 139 | ||||||||||||||||||||||
| 19.25 | 11,486 | 2.03 | * | 0.74 | * | 58 | ||||||||||||||||||||
| (7.03 | ) | 14,874 | 2.05 | 0.32 | 135 | |||||||||||||||||||||
| 24.28 | 37,352 | 2.06 | 0.79 | 109 | ||||||||||||||||||||||
| (6.46 | ) | 43,152 | 2.02 | 0.89 | 131 | |||||||||||||||||||||
| 4.59 | 66,953 | 2.04 | 0.71 | 131 | ||||||||||||||||||||||
| 5.76 | 89,123 | 2.05 | 0.55 | 139 | ||||||||||||||||||||||
| 19.92 | 510,540 | 0.88 | * | 2.06 | * | 58 | ||||||||||||||||||||
| (5.95 | ) | 437,016 | 0.90 | 1.66 | 135 | |||||||||||||||||||||
| 25.74 | 479,973 | 0.88 | 2.03 | 109 | ||||||||||||||||||||||
| (5.39 | ) | 346,185 | 0.88 | 2.21 | 131 | |||||||||||||||||||||
| 5.78 | 277,978 | 0.87 | 2.04 | 131 | ||||||||||||||||||||||
| 7.05 | 307,921 | 0.87 | 1.83 | 139 | ||||||||||||||||||||||
| 19.84 | 1,852,824 | 1.02 | * | 1.93 | * | 58 | ||||||||||||||||||||
| (6.12 | ) | 1,604,544 | 1.05 | 1.46 | 135 | |||||||||||||||||||||
| 25.56 | 2,148,012 | 1.06 | 1.80 | 109 | ||||||||||||||||||||||
| (5.51 | ) | 2,302,536 | 1.02 | 1.96 | 131 | |||||||||||||||||||||
| 5.61 | 2,945,935 | 1.04 | 1.78 | 131 | ||||||||||||||||||||||
| 6.79 | 3,497,055 | 1.05 | 1.61 | 139 | ||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives) divided by the average long-term market value during the period. |
| (f) | Unaudited. For the six months ended June 30, 2021. |
| * | Annualized. |
See accompanying notes to financial statements.
67
(Unaudited)
1. General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. and Nuveen Investment Trust V (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) as amended. Nuveen Investment Funds, Inc. is comprised of Nuveen Global Infrastructure Fund (“Global Infrastructure”), Nuveen Real Asset Income Fund (“Real Asset Income”) and Nuveen Real Estate Securities Fund (“Real Estate Securities”), among others, and Nuveen Investment Trust V is comprised of Nuveen Global Real Estate Securities Fund (“Global Real Estate Securities”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987 and Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27, 2006.
The end of the reporting period for the Funds is June 30, 2021, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2021 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years (ten years prior to march 1, 2021) after purchase. Class R6 Shares and I Shares are sold without an up-front sales charge. Class R3 Shares were also sold without an up-front sales charge and converted to Class A after the close of business on June 4, 2021.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and 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
Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
68
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Funds’ portfolios. Distributions received from certain securities in which the Funds invest, most notably real estate investment trust (“REIT”) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two months of the calendar year. The distribution is included in the Funds’ ordinary income until such time the Fund is notified by the issuer of the actual tax character.
Foreign Currency Transactions and Translation
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at each 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 investments and foreign currency” 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 investments and foreign currency” 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 end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
| Global Infrastructure | Value | % of Net Assets |
||||||
| Country: | ||||||||
| Canada |
$ | 56,884,830 | 8.7 | % | ||||
| Australia |
51,503,989 | 7.8 | ||||||
| France |
48,330,126 | 7.4 | ||||||
| Spain |
41,557,798 | 6.3 | ||||||
| Italy |
37,716,423 | 5.7 | ||||||
| Mexico |
22,972,571 | 3.5 | ||||||
| Germany |
15,248,887 | 2.3 | ||||||
| New Zealand |
13,360,675 | 2.0 | ||||||
| Japan |
10,488,574 | 1.6 | ||||||
| Other |
58,392,115 | 9.0 | ||||||
| Total non-U.S securities | $ | 356,455,988 | 54.3 | % | ||||
| Global Real Estate Securities | ||||||||
| Country: | ||||||||
| Japan |
$ | 7,807,158 | 11.0 | % | ||||
| Germany |
5,227,619 | 7.3 | ||||||
| Hong Kong |
3,600,046 | 5.1 | ||||||
| United Kingdom |
3,360,549 | 4.7 | ||||||
| Australia |
2,335,192 | 3.3 | ||||||
| Singapore |
2,286,428 | 3.2 | ||||||
| Canada |
2,185,396 | 3.1 | ||||||
| Sweden |
1,696,810 | 2.4 | ||||||
| France |
915,300 | 1.3 | ||||||
| Other |
3,426,417 | 4.8 | ||||||
| Total non-U.S securities | $ | 32,840,915 | 46.2 | % | ||||
69
Notes to Financial Statements (Unaudited) (continued)
| Real Asset Income | Value | % of Net Assets |
||||||
| Country: | ||||||||
| Canada |
$ | 217,410,972 | 14.1 | % | ||||
| Australia |
75,040,145 | 4.9 | ||||||
| United Kingdom |
58,933,669 | 3.8 | ||||||
| Singapore |
45,520,849 | 3.0 | ||||||
| Spain |
44,437,886 | 2.9 | ||||||
| Hong Kong |
34,111,016 | 2.2 | ||||||
| Italy |
24,858,097 | 1.6 | ||||||
| Germany |
19,660,315 | 1.3 | ||||||
| France |
19,640,529 | 1.3 | ||||||
| Other |
158,014,971 | 10.3 | ||||||
| Total | $ | 697,628,449 | 45.4 | % | ||||
Indemnifications
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
Multiclass Operations and Allocations
Income and expenses of Global Infrastructure, Global Real Estate Securities and Real Estate Securities that are not directly attributable to a specific class of shares are prorated among the classes of each Fund based on the relative net assets of each class. Income and expenses of Real Asset Income that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets for Global Infrastructure, Global Real Estate Securities and Real Estate Securities and relative settled shares for Real Asset Income.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark
70
interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continually evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
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 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 sale price at the official close of business 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 sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes 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, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
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 Board. These foreign 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 independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.
Investments in investment companies are valued at their respective NAVs 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.
71
Notes to Financial Statements (Unaudited) (continued)
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.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be 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 of the fair value hierarchy; 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:
| Global Infrastructure | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
| Common Stocks |
$ | 320,511,933 | $ | 252,869,890 | ** | $ | — | $ | 573,381,823 | |||||||
| Real Estate Investment Trust Common Stocks |
64,160,116 | — | — | 64,160,116 | ||||||||||||
| Investment Companies |
2,234,501 | — | — | 2,234,501 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Repurchase Agreements |
— | 13,100,988 | — | 13,100,988 | ||||||||||||
| Total | $ | 386,906,550 | $ | 265,970,878 | $ | — | $ | 652,877,428 | ||||||||
| Global Real Estate Securities | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
| Real Estate Investment Trust Common Stocks |
$ | 41,328,962 | $ | 12,626,193 | ** | $ | — | $ | 53,955,155 | |||||||
| Common Stocks |
3,127,680 | 13,550,376 | ** | — | 16,678,056 | |||||||||||
| Short-Term Investments: | ||||||||||||||||
| Repurchase Agreements |
— | 918,749 | — | 918,749 | ||||||||||||
| Total | $ | 44,456,642 | $ | 27,095,318 | $ | — | $ | 71,551,960 | ||||||||
| Real Asset Income | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
| Common Stocks |
$ | 188,372,454 | $ | 196,777,669 | ** | $ | — | $ | 385,150,123 | |||||||
| Real Estate Investment Trust Common Stocks |
244,355,060 | 115,009,181 | ** | — | 359,364,241 | |||||||||||
| Corporate Bonds |
— | 230,701,641 | — | 230,701,641 | ||||||||||||
| $25 Par (or similar) Retail Preferred |
209,924,384 | 9,117,096 | ** | — | 219,041,480 | |||||||||||
| $1,000 Par (or similar) Institutional Preferred |
— | 153,259,000 | — | 153,259,000 | ||||||||||||
| Convertible Preferred Securities |
100,385,851 | 3,579,398 | ** | — | 103,965,249 | |||||||||||
| Investment Companies |
9,524,754 | — | — | 9,524,754 | ||||||||||||
| Convertible Bonds |
— | 9,326,958 | — | 9,326,958 | ||||||||||||
| Variable Rate Senior Loan Interests |
— | 5,806,241 | — | 5,806,241 | ||||||||||||
| Asset-Backed Securities |
— | 4,947,774 | — | 4,947,774 | ||||||||||||
| Investments Purchased with Collateral from Securities Lending | 5,787,587 | — | — | 5,787,587 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Repurchase Agreements |
— | 32,241,055 | — | 32,241,055 | ||||||||||||
| Investments in Derivatives: | ||||||||||||||||
| Futures Contracts*** |
(481,100 | ) | — | — | (481,100 | ) | ||||||||||
| Total | $ | 757,868,990 | $ | 760,766,013 | $ | — | $ | 1,518,635,003 | ||||||||
| Real Estate Securities | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
| Real Estate Investment Trust Common Stocks |
$ | 2,517,349,556 | $ | — | $ | — | $ | 2,517,349,556 | ||||||||
| Common Stocks |
23,094,898 | — | — | 23,094,898 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Repurchase Agreements |
— | 24,629,599 | — | 24,629,599 | ||||||||||||
| Total | $ | 2,540,444,454 | $ | 24,629,599 | $ | — | $ | 2,565,074,053 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
| *** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
72
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, Real Asset Income 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, the Fund had no such outstanding unfunded senior loan commitments.
Participation Commitments
With respect to the senior loans held in Real Asset Income’s portfolio, the Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the Fund purchases a participation of a senior loan interest, the Fund 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 Fund 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 Fund 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.
| Fund | Counterparty | Short-Term Investments, at Value |
Collateral Pledged (From) Counterparty |
|||||||
| Global Infrastructure | Fixed Income Clearing Corporation | $ | 13,100,988 | $ | (13,363,088 | ) | ||||
| Global Real Estate Securities | Fixed Income Clearing Corporation | 918,749 | (937,135 | ) | ||||||
| Real Asset Income | Fixed Income Clearing Corporation | 32,241,055 | (32,885,924 | ) | ||||||
| Real Estate Securities | Fixed Income Clearing Corporation | 24,629,599 | (25,122,277 | ) | ||||||
Securities Lending
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The resulting loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statements of Operations.
As of the end of the current reporting period, the total value of the securities on loan and the total value of collateral received were as follows:
| Fund | Asset Class out on Loan | Long-Term Investments, at Value |
Total Collateral Received | |||||||
| Real Asset Income | ||||||||||
| Corporate Bonds | $ | 521,401 | $ | 538,032 | ||||||
| $25 Par (or similar) Retail Preferred | 1,583,055 | 1,613,300 | ||||||||
| $1000 Par (or similar) Institutional Preferred | 3,564,842 | 3,636,255 | ||||||||
| Total |
$ | 5,669,298 | $ | 5,787,587 | ||||||
73
Notes to Financial Statements (Unaudited) (continued)
Investment Transactions
Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions, where applicable) during the current fiscal period were as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Purchases | $ | 436,736,094 | $ | 46,885,959 | $ | 590,439,976 | $ | 1,359,191,634 | ||||||||
| Sales and maturities | 413,606,317 | 42,871,165 | 754,211,959 | 1,432,776,696 | ||||||||||||
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. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. 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.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Futures Contracts
Upon execution of a futures contract, 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. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as ‘‘Cash collateral at broker for investments in futures contracts’’ on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days ‘‘mark-to-market’’ of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as ‘‘variation margin.’’ Variation margin is recognized as a receivable and/or payable for ‘‘Variation margin on futures contracts’’ on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by ‘‘marking-to market’’ on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of ‘‘Change in net unrealized appreciation (depreciation) of futures contracts’’ on the Statement of Operations. When the contract is closed or expired, a 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, which is recognized as a component of ‘‘Net realized gain (loss) from futures contracts’’ 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.
During the current fiscal period, Real Asset Income continued using interest rate futures contracts to partially hedge the portfolio against movements in interest rates.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
| Real Asset Income |
||||
| Average notional amount of futures contracts outstanding* | $ | 31,152,074 | ||
| * | 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. |
The following table presents the fair value of all futures contracts held by the Fund as of end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| Location on the Statement of Assets and Liabilities |
||||||||||||||
| Asset Derivatives |
(Liability) Derivatives | |||||||||||||
| Underlying Risk Exposure |
Derivative Instrument | Location | Value | Location | Value | |||||||||
| Real Asset Income |
||||||||||||||
| Interest rate | Futures contracts | — |
$ | — | Payable for variation margin on futures contracts* |
$ | (481,100 | ) | ||||||
| * | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above. |
74
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure |
Derivative Instrument |
Net Realized Gain (Loss) from Futures Contracts |
Change in Net Unrealized Appreciation (Depreciation) of |
||||||||
| Real Asset Income | Interest rate | Futures contracts | $ | 1,757,097 | $ | (548,735 | ) | |||||
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.
5. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Six Months Ended 6/30/21 |
Year Ended 12/31/20 |
|||||||||||||||
| Global Infrastructure | Shares | Amount | Shares |
Amount |
||||||||||||
| Shares sold: | ||||||||||||||||
| Class A |
634,169 | $ | 6,982,319 | 599,211 | $ | 6,202,488 | ||||||||||
| Class A – automatic conversion of Class C Shares |
374 | 4,216 | 8,770 | 91,612 | ||||||||||||
| Class A – automatic conversion of Class R3 Shares |
6,992 | 82,860 | — | — | ||||||||||||
| Class C |
104,388 | 1,182,149 | 136,315 | 1,389,573 | ||||||||||||
| Class R3(1) |
1,062 | 11,808 | 3,124 | 33,000 | ||||||||||||
| Class R6 |
976,084 | 10,894,597 | 4,772,433 | 47,197,004 | ||||||||||||
| Class I |
5,893,873 | 65,744,538 | 11,876,825 | 120,621,548 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
| Class A |
— | — | 54,159 | 587,139 | ||||||||||||
| Class C |
— | — | 11,485 | 121,585 | ||||||||||||
| Class R3(1) |
— | — | 242 | 2,658 | ||||||||||||
| Class R6 |
— | — | 119,400 | 1,295,744 | ||||||||||||
| Class I |
— | — | 424,319 | 4,588,327 | ||||||||||||
| 7,616,942 | 84,902,487 | 18,006,283 | 182,130,678 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
| Class A |
(415,563 | ) | (4,647,609 | ) | (1,644,157 | ) | (16,956,333 | ) | ||||||||
| Class C |
(479,178 | ) | (5,137,448 | ) | (612,147 | ) | (6,097,375 | ) | ||||||||
| Class C – automatic conversion to Class A Shares |
(378 | ) | (4,216 | ) | (8,857 | ) | (91,612 | ) | ||||||||
| Class R3(1) |
(15,527 | ) | (172,038 | ) | (12,778 | ) | (133,348 | ) | ||||||||
| Class R3(1) – automatic conversion to Class A Shares |
(6,882 | ) | (82,859 | ) | — | — | ||||||||||
| Class R6 |
(320,473 | ) | (3,704,481 | ) | (363,446 | ) | (3,706,374 | ) | ||||||||
| Class I |
(5,320,999 | ) | (59,281,522 | ) | (13,961,688 | ) | (138,554,022 | ) | ||||||||
| (6,559,000 | ) | (73,030,173 | ) | (16,603,073 | ) | (165,539,064 | ) | |||||||||
| Net increase (decrease) | 1,057,942 | $ | 11,872,314 | 1,403,210 | $ | 16,591,614 | ||||||||||
75
Notes to Financial Statements (Unaudited) (continued)
| Six Months Ended 6/30/21 |
Year Ended 12/31/20 |
|||||||||||||||
| Global Real Estate Securities | Shares |
Amount | Shares |
Amount |
||||||||||||
| Shares sold: | ||||||||||||||||
| Class A |
2,458 | $ | 61,887 | 143 | $ | 3,000 | ||||||||||
| Class C |
— | — | 220 | 5,000 | ||||||||||||
| Class R6 |
85,162 | 2,096,191 | 1,467,713 | 26,694,142 | ||||||||||||
| Class I |
63,269 | 1,378,424 | 1,459 | 30,104 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
| Class A |
21 | 496 | 13 | 260 | ||||||||||||
| Class C |
— | — | 3 | 63 | ||||||||||||
| Class R6 |
18,305 | 430,009 | 40,556 | 835,357 | ||||||||||||
| Class I |
702 | 16,514 | 238 | 4,777 | ||||||||||||
| 169,917 | 3,983,521 | 1,510,345 | 27,572,703 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
| Class A |
(13 | ) | (308 | ) | — | — | ||||||||||
| Class C |
— | — | (473 | ) | (9,800 | ) | ||||||||||
| Class R6 |
(2,676 | ) | (64,697 | ) | (4,934 | ) | (100,932 | ) | ||||||||
| Class I |
(1,439 | ) | (31,720 | ) | (1,401 | ) | (25,769 | ) | ||||||||
| (4,128 | ) | (96,725 | ) | (6,808 | ) | (136,501 | ) | |||||||||
| Net increase (decrease) | 165,789 | $ | 3,886,796 | 1,503,537 | $ | 27,436,202 | ||||||||||
| Six Months Ended 6/30/21 |
Year Ended 12/31/20 |
|||||||||||||||
| Real Asset Income | Shares | Amount | Shares |
Amount |
||||||||||||
| Shares sold: | ||||||||||||||||
| Class A |
941,230 | $ | 21,895,829 | 1,902,997 | $ | 41,643,734 | ||||||||||
| Class A – automatic conversion of Class C Shares |
9,393 | 219,399 | 17 | 377 | ||||||||||||
| Class C |
223,602 | 5,223,229 | 624,853 | 14,107,617 | ||||||||||||
| Class R6 |
689,751 | 16,106,319 | 6,941,969 | 149,718,990 | ||||||||||||
| Class I |
4,847,136 | 113,105,246 | 18,457,873 | 404,384,339 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
| Class A |
148,731 | 3,467,552 | 377,857 | 8,022,999 | ||||||||||||
| Class C |
100,673 | 2,344,308 | 301,387 | 6,398,946 | ||||||||||||
| Class R6 |
217,313 | 5,092,778 | 245,647 | 5,290,262 | ||||||||||||
| Class I |
828,285 | 19,288,456 | 2,754,414 | 58,364,281 | ||||||||||||
| 8,006,114 | 186,743,116 | 31,607,014 | 687,931,545 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
| Class A |
(965,761 | ) | (22,461,514 | ) | (3,581,869 | ) | (75,610,634 | ) | ||||||||
| Class C |
(1,236,280 | ) | (28,740,800 | ) | (2,854,626 | ) | (59,762,014 | ) | ||||||||
| Class C – automatic conversion to Class A Shares |
(9,390 | ) | (219,399 | ) | (17 | ) | (377 | ) | ||||||||
| Class R6 |
(943,684 | ) | (22,870,126 | ) | (645,459 | ) | (13,575,100 | ) | ||||||||
| Class I |
(11,610,998 | ) | (268,573,673 | ) | (44,519,529 | ) | (913,996,615 | ) | ||||||||
| (14,766,113 | ) | (342,865,512 | ) | (51,601,500 | ) | (1,062,944,740 | ) | |||||||||
| Net increase (decrease) | (6,759,999 | ) | $ | (156,122,396 | ) | (19,994,486 | ) | $ | (375,013,195 | ) | ||||||
76
| Six Months Ended 6/30/21 |
Year Ended 12/31/20 |
|||||||||||||||
| Real Estate Securities | Shares | Amount | Shares |
Amount |
||||||||||||
| Shares sold: | ||||||||||||||||
| Class A |
882,884 | $ | 17,518,232 | 2,345,637 | $ | 41,463,348 | ||||||||||
| Class A – automatic conversion of Class C Shares |
1,566 | 31,314 | 1,555 | 27,275 | ||||||||||||
| Class A – automatic conversion of Class R3 Shares |
551,348 | 12,102,095 | — | — | ||||||||||||
| Class C |
30,534 | 600,129 | 67,657 | 1,202,432 | ||||||||||||
| Class R3(1) |
42,137 | 845,650 | 135,825 | 2,465,994 | ||||||||||||
| Class R6 |
3,786,863 | 77,827,539 | 7,414,430 | 137,949,137 | ||||||||||||
| Class I |
11,021,867 | 224,886,191 | 21,849,716 | 393,291,664 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
| Class A |
61,796 | 1,277,442 | 268,602 | 4,588,210 | ||||||||||||
| Class C |
2,389 | 47,453 | 20,631 | 340,778 | ||||||||||||
| Class R3(1) |
2,323 | 46,381 | 19,140 | 332,810 | ||||||||||||
| Class R6 |
206,454 | 4,395,112 | 678,888 | 11,972,957 | ||||||||||||
| Class I |
623,442 | 13,119,771 | 2,212,738 | 38,515,208 | ||||||||||||
| 17,213,603 | 352,697,309 | 35,014,819 | 632,149,813 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
| Class A |
(2,466,494 | ) | (47,415,674 | ) | (5,336,199 | ) | (93,804,390 | ) | ||||||||
| Class C |
(323,565 | ) | (6,038,720 | ) | (1,161,692 | ) | (19,696,843 | ) | ||||||||
| Class C – automatic conversion to Class A Shares |
(1,620 | ) | (31,314 | ) | (1,611 | ) | (27,275 | ) | ||||||||
| Class R3(1) |
(167,655 | ) | (3,458,672 | ) | (521,277 | ) | (9,168,712 | ) | ||||||||
| Class R3(1) – automatic conversion to Class A Shares |
(541,481 | ) | (12,102,095 | ) | — | — | ||||||||||
| Class R6 |
(4,363,373 | ) | (93,101,760 | ) | (8,082,093 | ) | (145,998,249 | ) | ||||||||
| Class I |
(14,009,102 | ) | (281,902,404 | ) | (42,773,861 | ) | (770,659,412 | ) | ||||||||
| (21,873,290 | ) | (444,050,639 | ) | (57,876,733 | ) | (1,039,354,881 | ) | |||||||||
| Net increase (decrease) | (4,659,687 | ) | $ | (91,353,330 | ) | (22,861,914 | ) | $ | (407,205,068 | ) | ||||||
| (1) | Class R3 Shares were converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
6. 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 to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of June 30, 2021.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
| Global |
Global Real Estate |
Real Asset |
Real Estate |
|||||||||||||
| Tax cost of investments | $ | 555,296,988 | $ | 62,257,949 | $ | 1,405,545,879 | $ | 1,880,349,451 | ||||||||
| Gross unrealized: | ||||||||||||||||
| Appreciation |
$ | 116,460,142 | $ | 12,113,934 | $ | 162,340,422 | $ | 773,893,196 | ||||||||
| Depreciation |
(18,879,702 | ) | (2,819,923 | ) | (49,251,298 | ) | (89,168,594 | ) | ||||||||
| Net unrealized appreciation (depreciation) of investments | $ | 97,580,440 | $ | 9,294,011 | $ | 113,089,124 | $ | 684,724,602 | ||||||||
Permanent differences, primarily due to federal taxes paid, foreign currency transactions, distribution reallocations, bond premium amortization adjustments, investments in passive foreign investment companies, investments in partnerships, REIT adjustments, Sec. 305(c) adjustments, and complex securities character adjustments, resulted in reclassifications among the Funds’ components of net assets as of December 31, 2020, the Funds’ last tax year end.
77
Notes to Financial Statements (Unaudited) (continued)
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2020, the Funds’ last tax year end, were as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Undistributed net ordinary income1 | $ | 2,239,998 | $ | 963,117 | $ | 4,730,444 | $ | 11,453,669 | ||||||||
| Undistributed net long-term capital gains | — | — | — | — | ||||||||||||
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended December 31, 2020 was designated for purposes of the dividends paid deduction as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Distributions from net ordinary income1 | $ | 8,389,679 | $ | 1,638,830 | $ | 85,569,606 | $ | 39,977,994 | ||||||||
| Distributions from net long-term capital gains | 1,081,038 | 70,767 | — | 28,118,191 | ||||||||||||
| Return of capital | — | — | — | — | ||||||||||||
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of December 31, 2020, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| Global Infrastructure |
Global Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Not subject to expiration: | ||||||||||||||||
| Short-term |
$ | 8,478,852 | $ | — | $ | 173,421,038 | $ | 17,644,686 | ||||||||
| Long-term |
— | 78,398 | 93,526,958 | — | ||||||||||||
| Total | $ | 8,478,852 | $ | 78,398 | $ | 266,947,996 | $ | 17,644,686 | ||||||||
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| Average Daily Net Assets | Global Infrastructure and Global Real Estate Securities |
Real Estate Securities |
||||||
| For the first $125 million | 0.7500 | % | 0.7000 | % | ||||
| For the next $125 million | 0.7375 | 0.6875 | ||||||
| For the next $250 million | 0.7250 | 0.6750 | ||||||
| For the next $500 million | 0.7125 | 0.6625 | ||||||
| For the next $1 billion | 0.7000 | 0.6500 | ||||||
| For the next $3 billion | 0.6750 | 0.6250 | ||||||
| For the next $2.5 billion | 0.6500 | 0.6000 | ||||||
| For the next $2.5 billion | 0.6375 | 0.5875 | ||||||
| For net assets over $10 billion | 0.6250 | 0.5750 | ||||||
78
| Average Daily Net Assets | Real Asset Income |
|||
| For the first $125 million | 0.6000 | % | ||
| For the next $125 million | 0.5875 | |||
| For the next $250 million | 0.5750 | |||
| For the next $500 million | 0.5625 | |||
| For the next $1 billion | 0.5500 | |||
| For the next $3 billion | 0.5250 | |||
| For the next $5 billion | 0.5000 | |||
| For net assets over $10 billion | 0.4875 | |||
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and (except for Global Real Estate Securities and Real Asset Income) making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex level fee schedule for each Fund is as follows:
| 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 | |||
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Advisor during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of June 30, 2021, the complex-level fee for each Fund was as follows: |
| Fund | Complex-Level Fee | |||
| Global Infrastructure |
0.1638 | % | ||
| Global Real Estate Securities |
0.1539 | % | ||
| Real Asset Income |
0.1539 | % | ||
| Real Estate Securities |
0.1952 | % | ||
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitations that expire may be terminated or modified prior to that date only with the approval of the Board.
| Fund | Temporary Expense Cap |
Temporary Expense Cap Expiration Date |
||||||
| Global Infrastructure |
1.00 | % | July 31, 2023 | |||||
| Global Real Estate Securities |
1.09 | July 31, 2023 | ||||||
| Real Asset Income |
0.95 | July 31, 2023 | ||||||
| Real Estate Securities |
0.97 | July 31, 2023 | ||||||
Distribution and Service Fees
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R3 Shares incurred a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.
79
Notes to Financial Statements (Unaudited) (continued)
Other Transactions with Affiliates
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Sales charges collected | $ | 47,540 | $ | 275 | $ | 110,481 | $ | 26,943 | ||||||||
| Paid to financial intermediaries | 43,134 | 250 | 98,945 | 23,874 | ||||||||||||
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| Commission advances | $ | 20,365 | $ | — | $ | 65,821 | $ | 8,342 | ||||||||
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on C Shares during the first year following a purchase were retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| 12b-1 fees retained | $ | 5,656 | $ | 66 | $ | 44,521 | $ | 4,412 | ||||||||
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
| Global Infrastructure |
Global Real Estate Securities |
Real Asset Income |
Real Estate Securities |
|||||||||||||
| CDSC retained | $ | 925 | $ | — | $ | 540 | $ | 405 | ||||||||
As of the end of the reporting period, the percentage of Fund shares owned by TIAA are as follows:
| Global Real Estate Securities |
||||
| TIAA owned shares | 43% | |||
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2022 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Funds did not utilize this facility.
Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
80
Additional Fund Information (Unaudited)
| Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 |
Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodians State Street Bank & Trust One Lincoln Street Boston, MA 02111 |
Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 |
Transfer Agent and DST Asset Manager Solutions, Inc. (DST) P.O. Box 219140 Kansas City, MO 64121-9140 (800) 257-8787 |
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| 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. | ||||||||||||||
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| 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. | ||||||||||||||
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| 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.FlNRA.org. | ||||||||||||||
81
Liquidity Risk Management Program
(Unaudited)
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage each Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Directors (the “Board”) previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), as the administrator of the Program. The Adviser’s Liquidity Monitoring and Analysis Team (“LMAT”) carries out day-to-day Program management with oversight by the Adviser’s Liquidity Oversight Sub-Committee (“LOSC”). LMAT and LOSC are composed of personnel from the Adviser and Teachers Advisors, LLC, an affiliate of the Adviser.
At a May 26, 2021 meeting of the Board, the Adviser provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the calendar year 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Fund’s liquidity developments.
In accordance with the Program, LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of its portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each of the Funds’ portfolio investments are classified into one of four liquidity categories (including the most liquid, “Highly Liquid,” and the least liquid, “Illiquid,” as discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, using third-party vendor data.
A fund that does not primarily hold Highly Liquid investments must, among other things, determine a minimum percentage of the fund’s net assets that must be invested in Highly Liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a fund from acquiring Illiquid investments if doing so would result in the fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the fund’s board and the Securities and Exchange Commission any time a fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, the Funds did not exceed the 15% limit on Illiquid investments.
82
Glossary of Terms Used in this Report
(Unaudited)
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Basis Point: One one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%.
Beta: A measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market.
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 track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Lipper Global Infrastructure Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Infrastructure Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Global Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Return Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Return Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
MSCI U.S. REIT Index: An unmanaged index that tracks the performance of real estate investment trusts (REITs). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
83
Glossary of Terms Used in this Report (continued)
Real Asset Income Custom Blended Fund Performance Benchmark (old): A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Benchmark returns do not include the effects of any sales charges or management fees.
| Weighting Percentage |
Index | Definition | ||
| 28% | S&P Global Infrastructure Index (Net) | An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. | ||
| 21% | FTSE EPRA/Nareit Developed Index (Net) | An index designed to track the performance of listed real estate companies and REITs worldwide. | ||
| 18% | Wells Fargo Hybrid & Preferred Securities REIT Index | An Index designed to track the performance of preferred securities issued in the U.S. market by real estate investment trusts (REITs). The index is composed exclusively of preferred shares and depositary shares. | ||
| 18% | Bloomberg Barclays U.S. Corporate High Yield Index | An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. | ||
| 15% | Bloomberg Barclays Global Capital Securities Index | An index that tracks fixed-rate, investment grade capital securities denominated in USD, EUR and GBP. |
Real Asset Income Custom Blended Fund Performance Benchmark (new): (Effective April 1, 2021) A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Performance prior to 4/1/2021 reflects the Real Asset Income Custom Blended Fund Performance Benchmark’s previous composition. Benchmark returns do not include the effects of any sales charges or management fees.
| Weighting Percentage |
Index | Definition | ||
| 22% | S&P Global Infrastructure Index (Net) | An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. | ||
| 25% | FTSE EPRA/Nareit Developed Index (Net) |
An index designed to track the performance of listed real estate companies and REITs worldwide. | ||
| 20% | ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index |
An index designed to represent the performance of the energy and utilities subgroups of the ICE BofA All Capital Securities Index. | ||
| 13% | FTSE Nareit Preferred Stock Index |
An index that is designed to track the performance of the U.S. REITs preferred stocks. | ||
| 20% | Bloomberg Barclays U.S. Corporate High Yield Index |
An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. |
S&P Global Infrastructure Index (Net): An index that provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. 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.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
84
Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held on May 25-27, 2021 (the “May Meeting”), the Board of Directors or Trustees, as applicable (the “Board” and each Director or Trustee, a “Board Member”) of the Funds, which is comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for each Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in light of these challenges.
Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; payments to financial intermediaries, including 12b-1 fees and sub-transfer agency fees, if applicable; securities lending; liquidity management; and overall market and regulatory developments. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and portfolio teams, when feasible.
In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a review of temporary and permanent expense caps and fee waivers for open-end funds (as applicable) and related expense savings; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. The Board reviewed fund performance throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on a fund’s performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more detail below.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
85
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements as well as the Board’s conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds’ independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); and legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies).
In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:
| • | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds; |
| • | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds; |
| • | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
86
| • | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
| • | Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds; |
| • | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
| • | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
| • | Risk Management and Valuation Services – continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
| • | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
| • | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
| • | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
| • | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds. |
In its review, the Board recognized that Nuveen’s risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund 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 as occurred in the market in the first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
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 received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2020 (or for shorter periods available to the extent a Fund was not in existence during such periods) as well as performance data periods ending nearer to the May Meeting, including the quarter, one-, three- and five-year periods ending March 31, 2021 and May 14, 2021 (or for shorter periods available to the extent a Fund was not in existence during such periods). The performance data was based on Class A shares; however, the performance of other classes should be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes would be principally attributed to the variations in the expense structures of the classes. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.
The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen 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 or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For Nuveen Global Infrastructure Fund (the “Global Infrastructure Fund”), the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund also ranked in the third quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2020 and second quartile for the three-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-year period ended March 31, 2021, the Fund outperformed its benchmark for the three- and five-year periods ended March 31, 2021. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2021 and third quartile of its Performance Peer Group for the three- and five-year periods ended March 31, 2021. In addition, for the periods ended May 14, 2021, while the Fund’s performance was below the performance of its benchmark for the one-year period, the Fund outperformed its benchmark for the three- and five-year periods. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period and third quartile for the three- and five-year periods ended May 14, 2021. Based on its review, the Board was satisfied with the Fund’s overall performance.
For Nuveen Global Real Estate Securities Fund (the “Global Real Estate Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-year period ended March 31, 2021, the Fund outperformed its benchmark for the three-year period ended March 31, 2021. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2021 and first quartile of its Performance Peer Group for the three-year period ended March 31, 2021. For the periods ended May 14, 2021, the
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Fund’s performance was below the performance of its benchmark for the one-year period, but the Fund outperformed its benchmark for the three-year period. Further, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and the first quartile for the three-year period ended May 14, 2021. Based on its review, the Board was satisfied with the Fund’s overall performance.
For Nuveen Real Asset Income Fund (the “Real Asset Fund”), the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2020 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended December 31, 2020, the Fund ranked in the second quartile of its Performance Peer Group for the three-year period and first quartile for the five-year period ended December 31, 2020. Although the Fund’s performance was below the performance of its blended benchmark for the three- and five-year periods ended March 31, 2021, the Fund outperformed its blended benchmark for the one-year period ended March 31, 2021 and ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended March 31, 2021. For the periods ended May 14, 2021, while the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods. Based on its review, the Board was satisfied with the Fund’s overall performance.
For Nuveen Real Estate Securities Fund (the “Real Estate Fund”), the Board noted that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2020, the Fund outperformed its benchmark for the one-year period ended December 31, 2020. The Fund further ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2020. Although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended March 31, 2021, the Fund ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021. For the periods ended May 14, 2021, the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods and the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods and fourth quartile for the five-year period. Based on its review, the Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) and/or to a more focused subset of comparable funds (the “Peer Group”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and Peer Group and recognized that differences between the applicable fund and its respective Peer Universe and/or Peer Group as well as changes to the composition of the Peer Group and/or Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”), including the Real Estate Fund, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, and the expense reimbursements and/or fee waivers provided by Nuveen for each fund, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020. Further, fee caps and waivers for all applicable Nuveen funds saved approximately an additional $13.2 million in fees for shareholders in 2020.
With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that (a) the Global Infrastructure Fund had a net management fee that was in line with the peer average and a net expense ratio that was below the peer average; (b) the Global Real Estate Fund had a net management fee and a net expense ratio
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
that were below the respective peer averages (and the Global Real Estate Fund did not incur a management fee after fee waivers and expense reimbursements for the last fiscal year); (c) the Real Asset Fund had a net management fee that was slightly higher than the peer average, but a net expense ratio that was below the peer average; and (d) the Real Estate Fund had a net management fee that was slightly higher than the peer average and a net expense ratio that was higher than the peer average. The Independent Board Members noted that the Adviser had agreed to implement a temporary expense cap for the Real Estate Fund that will be in effect through July 31, 2023.
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts advised by the Sub-Adviser; hedge funds managed by the Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by the Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by the Sub-Adviser; and collective investment trusts sub-advised by the Sub-Adviser. The Board further noted that the Adviser also advised certain exchange-traded funds (“ETFs”) sponsored by Nuveen.
The Board recognized that each Fund had an affiliated sub-adviser and, with respect to affiliated sub-advisers, reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee) and foreign investment companies offered by Nuveen. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by the Sub-Adviser, the hedge funds advised by the Sub-Adviser (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.
In considering the fee data of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.’s operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three
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Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. In the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.
In addition to the fund-level and complex-level fee schedules, the Independent Board Members considered the temporary and/or permanent expense caps applicable to certain Nuveen funds (including the amounts of fees waived or amounts reimbursed to the respective funds in 2019 and 2020), including the temporary expense caps applicable to the Funds.
The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members recognized that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds. The Independent Board Members further noted that, subject to certain exceptions, the Nuveen open-end funds pay 12b-1 fees and while a majority of such fees were paid to third party broker-dealers, the Board reviewed the amount retained by the Adviser’s affiliate. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board also noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Notes
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Notes
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professionals, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mutual-funds
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com |
MSA-FREGIF-0621D 1739041-INV-B-08/22 |
| 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 registrant.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | See Portfolio of Investments in Item 1. |
| (b) | Not applicable. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
| By (Signature and Title) | /s/ Mark J. Czarniecki | |||
| Mark J. Czarniecki | ||||
| Vice President and Secretary | ||||
Date: September 2, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Christopher E. Stickrod | |
| Christopher E. Stickrod | ||
| Chief Administrative Officer | ||
| (principal executive officer) |
Date: September 2, 2021
| By (Signature and Title) | /s/ E. Scott Wickerham | |
| E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: September 2, 2021