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 811-09037
Nuveen Investment Trust III
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
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: September 30
Date of reporting period: March 31, 2020
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
31 March
2020
Nuveen Taxable Fixed Income Funds
Fund Name | Class A | Class C | Class R6 | Class I | ||||
Nuveen Symphony High Yield Income Fund | NCOAX | NCFCX | NCSRX | NCOIX | ||||
Nuveen Symphony Floating Rate Income Fund | NFRAX | NFFCX | NFRFX | NFRIX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent 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.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime 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.
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Chair’s Letter to Shareholders
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. The extreme “social distancing” efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying market volatility, as global supply chains and consumer and business demand have been significantly disrupted. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials face the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. The spike in market volatility during March and the strong rally that followed in April may be indicative of the large swings in both directions that are likely to continue as markets digest new information and seek more clarity.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short-term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Momentum could pick up again as factories come back online and consumer demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments. Additional aid will likely be approved in the months ahead.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial advisor, who can review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
May 22, 2020
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Nuveen Symphony High Yield Income Fund
Nuveen Symphony Floating Rate Income Fund
The Funds’ portfolios are managed by Symphony Asset Management LLC, (Symphony), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio Managers, Jenny Rhee and Scott Caraher oversee the investments of the Nuveen Symphony High Yield Income Fund and the Nuveen Symphony Floating Rate Income Fund. Here they discuss key investment strategies and performance of the Funds for thesix-month reporting period ended March 31, 2020.
An Update onCOVID-19 Coronavirus and its Impact on the Securities Markets
TheCOVID-19 coronavirus pandemic has delivered a shock to the global economy. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets began tosell-off severely, reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered, below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the10-year U.S. Treasury note below 1% in March 2020, anall-time low. Additionally, oil prices collapsed to an18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand while Saudi Arabia and Russia engaged in a price war.
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, but volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
Nuveen Symphony High Yield Income Fund
The Fund’s Class A Shares at net asset value (NAV) underperformed the ICE BofA U.S. High Yield Master II Index, the Lipper High Yield Funds Classification Average and the Custom Benchmark Index during the reporting period.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise, any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comment (continued)
The Fund currently invests, under normal market conditions, primarily in debt instruments (e.g., bonds, loans and convertible securities), a substantial portion of which may be rated below investment grade. As of the end of the reporting period, the Fund’s portfolio had 21.6% senior loans and 76.4% high yield bonds. The Fund is permitted to invest up to 30% of its net assets in loans and will no longer invest in convertible securities as a principal investment strategy. The Fund may utilize derivatives, including options, futures contracts, options on futures contracts, swap agreements, including interest rate swaps, total return swaps and credit default swaps and options on swap agreements.
For thesix-month reporting period ended March 31, 2020, the U.S. high yield bond market, as measured by ICE BofA U.S. High Yield Master II Index (“the Index”), generated a negative return of 10.86%. This negative result was driven by a resetting of near-term U.S. economic fundamentals due to the growingCOVID-19 crisis and corresponding flight out of U.S. risk assets, including high yield bonds, during February and March 2020. The Index’s decline in February and March 2020 more than offset the positive return of 2.61% for the prior four-month period. During the fourth quarter of 2019 and heading into 2020, U.S. risk assets in general trended upwards on improved U.S. economic growth expectations following the announcement of a U.S.-China “Phase One” trade deal, as well as solid performance of U.S. corporations broadly. However, investor sentiment turned sharply lower in late February 2020 following news reports of rapidly increasingCOVID-19 cases in many regions of the world. In response, governments globally enactedCOVID-19 crisis mitigation policies to protect their populations. Following the path of other governments, U.S. Federal, State and local authorities advised Americans to follow “shelter in place” and “social distancing” protocols. These policies have resulted in the shuttering of most“non-essential” businesses, leading to widespread layoffs across industries and a sharp contraction in gross domestic product (GDP) growth. By the end of the reporting period, U.S. initial unemployment claims jumped by 10 million. The global pandemic’s economic impact was reflected in global capital markets, which fell sharply in the final five weeks of the reporting period.
Further complicating the difficult economic environment, collaboration amongst oil producers collapsed in March 2020. Facing a historic drop in global demand due to theCOVID-19 crisis and unable to reach agreement, Russia and Saudi Arabia increased supply in an attempt to protect revenue. Due to these circumstances, West Texas Intermediate (WTI) oil prices fell 66.46% during the first quarter of 2020.
Seeking to temper the negative economic outcome, the Federal Reserve cut its key interest rate to the zero bound and expanded its open market operations, purchasing treasuries and agency securities. The U.S. fiscal response was also extraordinary. The U.S. Congress passed the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), a $2 trillion aid package designed to directly help individuals, businesses, and industries impacted by theCOVID-19 crisis. This fiscal stimulus package was well received, sparking a relief rally in capital markets during the final week of March 2020. However, despite this, U.S. levered credit markets (i.e., high yield bonds, senior loans, convertibles) continue to trade at stressed levels at the end of the reporting period. For the last two months of the reporting period, the U.S. high yield bond market, as measured by the index, declined 13.13%.
Contributing to the Fund’s relative return was a large underweight to the energy sector, as well as strong issue selection within energy. The Fund also benefited from an overweight to the relatively strong information technology sector and good issue selection within real estate.
Detracting from relative performance was the Fund’s overweight toB/CCC- versusBB-rated issues, as higher quality issues outperformed lower quality issues. Also detracting was equity exposure gained through post restructurings, as these positions fell in concert with U.S. stocks during the reporting period.
Within the consumer discretionary sector, specifically retail, exposure to major toy manufacture, Mattel, Inc., was one of the largest contributors as the company’s bonds were sold on strength prior to theCOVID-19 crisis marketsell-off. Similarly, before the market decline, gains were captured through the sale of the bond of OpenText Corporation, an information technology company that develops enterprise information management software. In November 2019, the Fund sold and took profits on the bonds of Clovis Oncology, a pharmaceutical company at a price well above par.
While issue selection within energy in aggregate aided performance, the Fund held loans andre-org equity exposure to Fieldwood Energy LLC, a large oil and exploration company. These holdings detracted from performance as WTI oil prices tumbled to historical low levels, ending the quarter at $20.48 per barrel. Also detracting from performance were the bonds of Intelsat Jackson Holdings
6
S.A., a global satellite services company. The company’s bonds fell on expected lower demand for its services and uncertainty over the timing and potential proceeds of a key asset sale. Further, exposure in the form of loans, bonds andre-org equity to iHeartCommunications Inc. negatively impacted performance, as price fell on lowered expectations for radio advertising spend by corporations who have begun cost cutting in light of depressed revenue. The Fund continued to hold these positions on valuations.
An Update onCOVID-19 Coronavirus and its Impact on the Nuveen Symphony High Yield Income Fund
In addition to market volatility described in previous sections, the down draft in risk assets was exacerbated by an enormousflight-to-quality out of risk assets into U.S. treasuries and other “safe haven” assets. By the end of the reporting period, the10-year U.S. treasury had sunk to 0.67%. In March 2020, the Fund experienced an outflow of $38 million, which represented a 7% month-over-month decrease. The redemptions led to a decrease in the Fund’s liquidity and was replenished by trimming positions at distressed price levels to meet redemption needs.
We believe thesell-off in U.S. high yield bond is overdone. While near/medium-term fundamentals have been negatively impacted, these effects will likely be tempered by monetary easing and fiscal stimulus. This said, some industry sectors, such as the energy and select retail sectors, may likely not recover to past highs. However, it is anticipated there will be meaningful recovery in other high yield bond sectors as theCOVID-19 crisis ebbs.
Nuveen Symphony Floating Rate Income Fund
The Fund’s Class A Shares at NAV outperformed the Credit Suisse Leveraged Loan Index and the Lipper Loan Participation Funds Classification Average during the reporting period.
The Fund seeks current income and capital appreciation by investing primarily in floating rate loans and other floating rate securities, a substantial portion of which will be rated below investment grade. The Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in floating rate securities. Floating rate securities are defined to include floating rate loans, other floating rate debt securities, money market securities and shares of money market and short-term bond funds. The Fund may invest up to 20% of its net assets in other securities, which would primarily be fixed rate debt securities, convertible securities and equity securities received as a result of the restructuring of an issuer’s debt. A substantial portion of the Fund’s assets generally will be invested in securities rated below investment grade or, if unrated, deemed to be of comparable quality. The Fund may utilize derivatives, including options, futures contracts, options on futures contracts, swap agreements, including interest rate swaps, total return swaps, credit default swaps and options on swap agreements.
For thesix-month reporting period ended March 31, 2020, the U.S. senior loan market, as measured by Credit Suisse Leveraged Loan Index (“the index”), generated a negative return of 11.73%. This negative result was driven by a resetting of near-term U.S. economic fundamentals due to the growingCOVID-19 crisis and corresponding flight out of U.S. risk assets, including loans, during February and March 2020. The Index’s decline in February and March 2020 more than offset the positive return of 2.22% for the prior four month period. During the fourth quarter of 2019 and heading into 2020, U.S. risk assets in general trended upwards on the improved U.S. economic growth expectations following the announcement of a U.S.-China “Phase One” trade deal, as well as solid performance of U.S. corporations broadly. However, investor sentiment turned sharply lower in late February 2020 following news reports of rapidly increasingCOVID-19 cases in many regions of the world. In response, governments globally enactedCOVID-19 mitigation policies to protect their populations. Following the path of other governments, U.S. Federal, State and local authorities advised Americans to follow “shelter in place” and “social distancing” protocols. These policies have resulted in the shuttering of most“non-essential” businesses, leading to widespread layoffs across industries and a sharp contraction in gross domestic product (GDP) growth. By the end of March 2020, U.S. initial unemployment claims jumped by 10 million. The global pandemic’s economic impact was reflected in global capital markets, which fell sharply in in final five weeks of the reporting period.
Further complicating the difficult economic environment, collaboration amongst oil producers collapsed in March 2020. Facing a historic drop in global demand due to theCOVID-19 crisis and unable to reach agreement, Russia and Saudi Arabia increased supply in an attempt to protect revenue. Due to these circumstances, West Texas Intermediate (WTI) oil prices fell 66.46% during the first quarter of 2020.
7
Portfolio Managers’ Comment (continued)
Seeking to temper the negative economic outcome, the Federal Reserve cut its rate to zero and expanded its open market operations, purchasing treasuries and agency securities. The U.S. fiscal response was also extraordinary. The U.S. Congress passed the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), a $2 trillion aid package designed to directly help individuals, businesses, and industries impacted by theCOVID-19 crisis. This fiscal stimulus package was well received, sparking a relief rally in capital markets during the final week of March 2020. However, despite this, at the end of the reporting period, U.S. levered credit markets (i.e., high yield bonds, senior loans, convertibles) continue to trade at stressed levels. For the two month period ended March 31, 2020, the U.S. senior loan market, as measured by Credit Suisse Leveraged Loan Index (“the Index”), declined 13.65%.
The Fund’s investment approach focuses on the more liquid part of the loan market. During the reporting period, the Fund benefitted from a higher liquidity profile relative to the Index, as larger, more liquid loans outperformed their smaller, illiquid counterparts. Additionally, the Fund’s overweight toBBB/BB- versusB-rated issues relative to the Index helped return comparisons, as higher quality issues outperformed lower quality issues. Relative return was also aided by good issue selection in aggregate, particularly within the health care, information technology and utilities sectors.
Detracting from the Fund’s performance was an overweight to the energy sector, as well as disappointing results from issue selection within the energy sector. Also detracting from performance was equity exposure gained through post restructurings as it fell in concert with U.S. stocks during the reporting period.
Notably contributing to absolute performance during the reporting period were several bond positions purchased at dislocated levels during the March 2020sell-off. Within the utility sector, the Fund invested in the bonds of Southern California Edison, a utilities company that provides energy production and distribution services. In addition to rallying with the boarder market during the final week of March 2020, the company’s bond price rebounded strongly to above par due to itsnon-cyclical business profile and good credit fundamentals, reflected in its investment grade credit rating. The Fund exited the position and profited from the trade. The Fund invested in the bonds of CSC Holdings LLC, a cable company with operations in New York and the Southeast region. The company’s bond price rose on anticipated business growth from consumers upgrading their broadband speed. We continue to hold the positions. Performance also benefited from loans of Uniti Group Inc. (formerly Communications Sales & Leasing), a real estate investment trust (REIT). The loans increased in January as a large hedge fund manager increased its holdings in the REIT in an attempt to boost a controlling stake in management. The Fund took advantage of the technical price increase and sold the loans at a price near par.
Notably detracting from absolute performance were the loans of Fieldwood Energy LLC and California Resources Corporation, two large oil and exploration companies. Loans of the two companies andre-org equity exposure to Fieldwood fell in the first quarter of 2020 as WTI crude oi price tumbled to historical low levels, ending at $20.48 per barrels. Also detracting from performance were loans, bonds andre-org equity exposure to iHeartCommunications Inc., which fell on lowered expectations for radio advertising spend by corporations who have begun cost cutting in light of depressed revenue. The Fund continued to hold these positions.
An Update onCOVID-19 Coronavirus and its Impact on the Nuveen Symphony Floating Rate Income Fund
In addition to market volatility described in previous sections, the down draft in risk assets was exacerbated by an enormousflight-to-quality out of risk assets into U.S. treasuries and other “safe haven” assets. By the end of the reporting period, the10-year U.S. treasury had sunk to 0.67%. Theflight-to-quality asset shift, combined with the Federal Reserve’s decision to cut benchmark interest rate to zero bound created massive outflow in the senior loan asset class. In March 2020, the Fund experienced an outflow of $184 million, which represented a 16% month-over-month decline. The redemption led to a decrease in the Fund’s liquidity which was replenished by trimming positions at distressed price levels to meet redemption needs.
We believe thesell-off in U.S. senior loans is overdone. While near/medium-term fundamentals have been negatively impacted, these effects will likely be tempered by monetary easing and fiscal stimulus. The loan market dislocation remained at extreme levels and is expected to recover meaningfully as theCOVID-19 crisis ebbs. The Fund is well positioned to benefit from the recovery that will first be felt in higher quality issues, as it has an overweight to high quality issuers relative to the Index.
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Risk Considerations and Dividend Information
Risk Considerations
Nuveen Symphony High Yield Income Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Investments in below investment grade orhigh yield securities are subject to liquidity risk and heightened credit risk.Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. The Fund is subject to interest rate risk; as interest rates rise, bond prices fall. This Fund is subject to the risks of investing in loans, includingloan settlement risk due to the lack of established settlement standards or remedies for failure to settle andcovenant lite loan risk, which is the risk that loans with limited restrictive covenants on borrowers may weaken the Fund’s ability to access collateral securing the loan and enforce its rights as a lender.Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, call, derivatives, income, and unrated securities risks, are described in detail in the Fund’s prospectus.
Nuveen Symphony Floating Rate Income Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity 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. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The value of the Fund’s convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the underlying securities. This Fund is subject to loan settlement risk due to the lack of established settlement standards or remedies for failure to settle.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
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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.
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Fund Performance and Expense Ratios(continued)
Nuveen Symphony High Yield 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 Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
Average Annual Total Returns as of March 31, 2020
Total Returns as of March 31, 2020* | ||||||||||||||||||||||||||||
Cumulative | Average Annual | Expense Ratios** | ||||||||||||||||||||||||||
Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | Gross | Net | ||||||||||||||||||||||
Class A Shares at NAV | 4/28/10 | (13.47)% | (9.59)% | 1.51% | 4.78% | 1.05% | 1.01% | |||||||||||||||||||||
Class A Shares at maximum Offering Price | 4/28/10 | (17.58)% | (13.87)% | 0.52% | 4.27% | — | — | |||||||||||||||||||||
ICE BofAML U.S. High Yield Master II Index | — | (10.86)% | (7.45)% | 2.67% | 5.31% | — | — | |||||||||||||||||||||
Lipper High Yield Funds Classification Average | — | (10.73)% | (7.49)% | 1.76% | 4.41% | — | — | |||||||||||||||||||||
Class C Shares | 4/28/10 | (13.82)% | (10.27)% | 0.75% | 4.00% | 1.81% | 1.76% | |||||||||||||||||||||
Class R6 Shares | 10/01/14 | (13.29)% | (9.24)% | 1.85% | 1.78% | 0.69% | 0.65% | |||||||||||||||||||||
Class I Shares | 4/28/10 | (13.36)% | (9.35)% | 1.76% | 5.04% | 0.80% | 0.76% |
* | Class A Shares have a maximum 4.75% 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 ten years after purchase. 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 so that the total annual operating expenses of the Fund (excluding12b-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 0.79% through July 31, 2021 or 1.35% after July 31, 2021 of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject tosub-transfer agent and similar fees, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. The expense limitation expiring July 31, 2021 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund. |
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Nuveen Symphony Floating Rate 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 Glossary of Terms Used in this Report for definitions of terms used in this section.
Fund Performance and Expense Ratios
Average Annual Total Returns as of March 31, 2020
Total Returns as of March 31, 2020* | ||||||||||||||||||||||||
Cumulative | Average Annual | |||||||||||||||||||||||
Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | Expense Ratios | |||||||||||||||||||
Class A Shares at NAV | 5/02/11 | (10.92)% | (9.18)% | 0.49% | 2.71% | 1.01% | ||||||||||||||||||
Class A Shares at maximum Offering Price | 5/02/11 | (13.59)% | (11.90)% | (0.12)% | 2.36% | — | ||||||||||||||||||
Credit Suisse Leveraged Loan Index | — | (11.73)% | (9.51)% | 1.21% | 2.69% | — | ||||||||||||||||||
Lipper Loan Participation Funds Classification Average | — | (11.79)% | (9.94)% | 0.36% | 1.75% | — | ||||||||||||||||||
Class C Shares | 5/02/11 | (11.26)% | (9.87)% | (0.27)% | 1.94% | 1.76% | ||||||||||||||||||
Class R6 Shares | 1/28/15 | (10.76)% | (8.85)% | 0.84% | 1.15% | 0.67% | ||||||||||||||||||
Class I Shares | 5/02/11 | (10.84)% | (8.95)% | 0.74% | 2.97% | 0.77% |
* | Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $500,000 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 ten years after purchase. 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. |
13
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. If the fund did not receive a fee waiver/expense reimbursement during the period under its most recent agreement, subsidized and unsubsidized yields will be equal. Refer to the Notes to Financial Statements, Note 7 – Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
Nuveen Symphony High Yield Income Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class R6 | Class I | |||||||||||||
Dividend Yield | 5.78% | 5.15% | 6.35% | 6.50% | ||||||||||||
SEC 30-Day Yield-Subsidized | 7.59% | 7.26% | 8.32% | 8.42% | ||||||||||||
SEC 30-Day Yield-Unsubsidized | 7.52% | 7.19% | 8.25% | 8.41% |
Nuveen Symphony Floating Rate Income Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class R6 | Class I | |||||||||||||
Dividend Yield | 5.79% | 5.09% | 6.25% | 6.34% | ||||||||||||
SEC 30-Day Yield | 5.09% | 4.47% | 5.48% | 5.63% |
1 | The SEC Yield for Class A Shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
14
Holding Summaries as of March 31, 2020
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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Nuveen Symphony High Yield Income Fund
Fund Allocation
(% of net assets)
Corporate Bonds | 69.1% | |||
Variable Rate Senior Loan Interests | 26.4% | |||
Common Stocks | 1.1% | |||
Convertible Bonds | 0.8% | |||
Warrants | 0.0% | |||
Common Stock Rights | 0.0% | |||
Other Assets Less Liabilities | 2.6% | |||
Net Assets | 100% |
Top Five Holdings
(% of net assets)
Greeneden U.S. Holdings II LLC., Term Loan B | 1.5% | |||
Epicor Software Corporation, Term Loan B | 1.4% | |||
Ellucian, Term Loan B, First Lien | 1.4% | |||
Blackboard, Inc., Term Loan B5, First Lien | 1.1% | |||
Kronos Acquisition Holdings Inc, 144A | 1.0% |
Portfolio Composition
(% of net assets)
Media | 15.7% | |||
Software | 7.3% | |||
Health Care Providers & Services | 5.5% | |||
Hotels, Restaurants & Leisure | 4.9% | |||
Communications Equipment | 4.3% | |||
Oil, Gas & Consumable Fuels | 4.2% | |||
Pharmaceuticals | 3.0% | |||
Specialty Retail | 2.9% | |||
Aerospace & Defense | 2.4% | |||
Household Durables | 2.4% | |||
Wireless Telecommunication Services | 2.4% | |||
Electric Utilities | 2.3% | |||
Food Products | 2.0% | |||
Professional Services | 2.0% | |||
Diversified Telecommunication Services | 2.0% | |||
Diversified Consumer Services | 1.7% | |||
Energy Equipment & Services | 1.6% | |||
Consumer Finance | 1.6% | |||
Food & Staples Retailing | 1.6% | |||
Auto Components | 1.5% | |||
Metals & Mining | 1.4% | |||
Thrifts & Mortgage Finance | 1.4% | |||
Health Care Technology | 1.3% | |||
Diversified Financial Services | 1.3% | |||
Equity Real Estate Investment Trust | 1.2% | |||
Other | 19.5% | |||
Other Assets Less Liabilities | 2.6% | |||
Net Assets | 100% |
Portfolio Credit Quality
(% of total long-term fixed-income investments)
BBB | 2.9% | |||
BB or Lower | 95.3% | |||
N/R (not rated) | 1.8% | |||
Total | 100% |
15
Holding Summariesas of March 31, 2020 (continued)
Nuveen Symphony Floating Rate Income Fund
Fund Allocation
(% of net assets)
Variable Rate Senior Loan Interests | 82.7% | |||
Corporate Bonds | 16.0% | |||
Common Stocks | 1.2% | |||
Common Stock Rights | 0.0% | |||
Warrants | 0.0% | |||
Investment Companies | 0.5% | |||
Other Assets Less Liabilities | (0.4)% | |||
Net Assets | 100% |
Top Five Holdings
(% of net assets)
iHeartCommunications Inc., Term Loan B | 1.5% | |||
Numericable Group S.A., Term Loan B13 | 1.3% | |||
CenturyLink, Inc., Term Loan B | 1.3% | |||
Pacific Gas & Electric Co. | 1.2% | |||
Cengage Learning Acquisitions, Inc., Term Loan B | 1.2% |
Portfolio Composition
(% of net assets)
Media | 16.3% | |||
Hotels, Restaurants & Leisure | 9.9% | |||
Software | 8.9% | |||
Health Care Providers & Services | 6.9% | |||
Diversified Telecommunication Services | 4.5% | |||
Pharmaceuticals | 4.5% | |||
Electric Utilities | 3.7% | |||
Commercial Services & Supplies | 3.7% | |||
Communications Equipment | 2.7% | |||
Technology Hardware, Storage & Peripherals | 2.1% | |||
Insurance | 2.0% | |||
Oil, Gas & Consumable Fuels | 2.0% | |||
IT Services | 1.7% | |||
Aerospace & Defense | 1.7% | |||
Professional Services | 1.5% | |||
Household Products | 1.5% | |||
Machinery | 1.4% | |||
Health Care Technology | 1.4% | |||
Semiconductors & Semiconductor Equipment | 1.3% | |||
Wireless Telecommunication Services | 1.3% | |||
Diversified Consumer Services | 1.3% | |||
Other | 19.6% | |||
Investments Companies | 0.5% | |||
Other Assets Less Liabilities | (0.4)% | |||
Net Assets | 100% |
Portfolio Credit Quality
(% of total long-term fixed-income investments)
A | 0.6% | |||
BBB | 8.6% | |||
BB or Lower | 88.1% | |||
N/R (not rated) | 2.7% | |||
Total | 100% |
16
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 March 31, 2020.
The beginning of the period is October 1, 2019.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Symphony High Yield 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 | $ | 865.29 | $ | 861.78 | $ | 867.11 | $ | 866.42 | ||||||||
Expenses Incurred During the Period | $ | 4.66 | $ | 8.15 | $ | 2.94 | $ | 3.50 | ||||||||
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 | $ | 1,020.00 | $ | 1,016.25 | $ | 1,021.85 | $ | 1,021.25 | ||||||||
Expenses Incurred During the Period | $ | 5.05 | $ | 8.82 | $ | 3.18 | $ | 3.79 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.00%, 1.75%, 0.63% and 0.75% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
17
Expense Examples(continued)
Nuveen Symphony Floating Rate 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 | $ | 890.82 | $ | 887.36 | $ | 892.44 | $ | 891.55 | ||||||||
Expenses Incurred During the Period | $ | 4.68 | $ | 8.21 | $ | 3.17 | $ | 3.50 | ||||||||
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 | $ | 1,020.05 | $ | 1,016.30 | $ | 1,021.65 | $ | 1,021.30 | ||||||||
Expenses Incurred During the Period | $ | 5.00 | $ | 8.77 | $ | 3.39 | $ | 3.74 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.99%, 1.74%, 0.67% and 0.74% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
18
Nuveen Symphony High Yield Income Fund
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
LONG-TERM INVESTMENTS – 97.4% | ||||||||||||||||||||||||||||
CORPORATE BONDS – 69.1% | ||||||||||||||||||||||||||||
Aerospace & Defense – 1.1% | ||||||||||||||||||||||||||||
$ | 1,000 | Arconic Corp, 144A | 6.125% | 2/15/28 | Ba3 | $ | 1,022,500 | |||||||||||||||||||||
900 | Signature Aviation US Holdings Inc, 144A | 4.000% | 3/01/28 | BB | 812,520 | |||||||||||||||||||||||
1,800 | Spirit AeroSystems Inc | 4.600% | 6/15/28 | BB | 1,547,800 | |||||||||||||||||||||||
1,450 | TransDigm Inc, 144A | 5.500% | 11/15/27 | B– | 1,301,375 | |||||||||||||||||||||||
5,150 | Total Aerospace & Defense | 4,684,195 | ||||||||||||||||||||||||||
Air Freight & Logistics – 0.2% | ||||||||||||||||||||||||||||
950 | Cargo Aircraft Management Inc, 144A | 4.750% | 2/01/28 | Ba3 | 881,125 | |||||||||||||||||||||||
Auto Components – 1.5% | ||||||||||||||||||||||||||||
1,800 | Allison Transmission Inc, 144A | 5.875% | 6/01/29 | BB | 1,764,000 | |||||||||||||||||||||||
2,800 | Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance Inc, 144A | 7.875% | 10/01/22 | Caa2 | 1,792,000 | |||||||||||||||||||||||
2,650 | Panther BF Aggregator 2 LP / Panther Finance Co Inc, 144A | 6.250% | 5/15/26 | BB | 2,504,250 | |||||||||||||||||||||||
7,250 | Total Auto Components | 6,060,250 | ||||||||||||||||||||||||||
Building Products – 0.8% | ||||||||||||||||||||||||||||
1,400 | Builders FirstSource Inc, 144A | 5.000% | 3/01/30 | BB– | 1,260,000 | |||||||||||||||||||||||
2,700 | Hillman Group Inc/The, 144A | 6.375% | 7/15/22 | CCC | 2,095,875 | |||||||||||||||||||||||
4,100 | Total Building Products | 3,355,875 | ||||||||||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||||||||||
450 | AG Issuer LLC, 144A | 6.250% | 3/01/28 | B2 | 378,000 | |||||||||||||||||||||||
1,000 | LPL Holdings Inc, 144A | 4.625% | 11/15/27 | BB | 914,620 | |||||||||||||||||||||||
1,450 | Total Capital Markets | 1,292,620 | ||||||||||||||||||||||||||
Chemicals – 1.2% | ||||||||||||||||||||||||||||
900 | Kraton Polymers LLC / Kraton Polymers Capital Corp, 144A | 7.000% | 4/15/25 | B+ | 796,500 | |||||||||||||||||||||||
3,600 | PQ Corp, 144A | 5.750% | 12/15/25 | B | 3,240,000 | |||||||||||||||||||||||
1,000 | Valvoline Inc, 144A | 4.250% | 2/15/30 | BB | 930,000 | |||||||||||||||||||||||
5,500 | Total Chemicals | 4,966,500 | ||||||||||||||||||||||||||
Commercial Services & Supplies – 0.6% | ||||||||||||||||||||||||||||
750 | Allied Universal Holdco LLC / Allied Universal Finance Corp, 144A | 6.625% | 7/15/26 | BB– | 734,067 | |||||||||||||||||||||||
540 | GFL Environmental Inc, 144A | 7.000% | 6/01/26 | B– | 522,674 | |||||||||||||||||||||||
900 | GFL Environmental Inc, 144A | 5.125% | 12/15/26 | BB– | 877,500 | |||||||||||||||||||||||
590 | Tervita Corp, 144A | 7.625% | 12/01/21 | B+ | 413,000 | |||||||||||||||||||||||
2,780 | Total Commercial Services & Supplies | 2,547,241 |
19
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Communications Equipment – 2.6% | ||||||||||||||||||||||||||||
$ | 3,600 | CommScope Inc, 144A | 6.000% | 3/01/26 | Ba3 | $ | 3,594,600 | |||||||||||||||||||||
2,820 | Intelsat Jackson Holdings SA | 5.500% | 8/01/23 | CCC+ | 1,734,300 | |||||||||||||||||||||||
4,000 | Intelsat Jackson Holdings SA, 144A | 9.750% | 7/15/25 | CCC+ | 2,500,000 | |||||||||||||||||||||||
850 | ViaSat Inc, 144A | 5.625% | 9/15/25 | BB– | 794,665 | |||||||||||||||||||||||
1,800 | ViaSat Inc, 144A | 5.625% | 4/15/27 | BB+ | 1,777,500 | |||||||||||||||||||||||
13,070 | Total Communications Equipment | 10,401,065 | ||||||||||||||||||||||||||
Construction & Engineering – 0.7% | ||||||||||||||||||||||||||||
3,343 | Tutor Perini Corp, 144A | 6.875% | 5/01/25 | BB– | 2,774,690 | |||||||||||||||||||||||
Construction Materials – 0.4% | ||||||||||||||||||||||||||||
1,000 | Ashton Woods USA LLC / Ashton Woods Finance Co, 144A | 6.625% | 1/15/28 | B– | 790,000 | |||||||||||||||||||||||
850 | Summit Materials LLC / Summit Materials Finance Corp, 144A | 5.125% | 6/01/25 | BB | 790,500 | |||||||||||||||||||||||
1,850 | Total Construction Materials | 1,580,500 | ||||||||||||||||||||||||||
Consumer Finance – 1.0% | ||||||||||||||||||||||||||||
930 | Curo Group Holdings Corp, 144A | 8.250% | 9/01/25 | B– | 655,650 | |||||||||||||||||||||||
1,700 | DAE Funding LLC, 144A | 4.500% | 8/01/22 | Baa3 | 1,576,750 | |||||||||||||||||||||||
850 | Provident Funding Associates LP / PFG Finance Corp, 144A | 6.375% | 6/15/25 | B2 | 711,875 | |||||||||||||||||||||||
1,100 | Verscend Escrow Corp, 144A | 9.750% | 8/15/26 | CCC+ | 1,097,932 | |||||||||||||||||||||||
4,580 | Total Consumer Finance | 4,042,207 | ||||||||||||||||||||||||||
Containers & Packaging – 0.4% | ||||||||||||||||||||||||||||
900 | Cascades Inc/Cascades USA Inc, 144A | 5.125% | 1/15/26 | BB– | 870,750 | |||||||||||||||||||||||
900 | Trivium Packaging Finance BV, 144A | 5.500% | 8/15/26 | B+ | 895,500 | |||||||||||||||||||||||
1,800 | Total Containers & Packaging | 1,766,250 | ||||||||||||||||||||||||||
Distributors – 0.2% | ||||||||||||||||||||||||||||
900 | American Builders & Contractors Supply Co Inc, 144A | 4.000% | 1/15/28 | BB+ | 819,000 | |||||||||||||||||||||||
Diversified Consumer Services – 1.0% | ||||||||||||||||||||||||||||
4,950 | Kronos Acquisition Holdings Inc, 144A | 9.000% | 8/15/23 | Caa2 | 4,059,000 | |||||||||||||||||||||||
Diversified Financial Services – 0.8% | ||||||||||||||||||||||||||||
2,300 | ASP AMC Merger Sub Inc, 144A | 8.000% | 5/15/25 | CCC | 1,322,500 | |||||||||||||||||||||||
2,000 | PetSmart Inc, 144A | 7.125% | 3/15/23 | CCC+ | 1,884,000 | |||||||||||||||||||||||
4,300 | Total Diversified Financial Services | 3,206,500 | ||||||||||||||||||||||||||
Diversified Telecommunication Services – 1.1% | ||||||||||||||||||||||||||||
900 | Altice France SA/France, 144A | 5.500% | 1/15/28 | B | 842,670 | |||||||||||||||||||||||
3,360 | Intelsat Luxembourg SA | 7.750% | �� | 6/01/21 | D | 1,680,000 | ||||||||||||||||||||||
1,900 | Qualitytech LP / QTS Finance Corp, 144A | 4.750% | 11/15/25 | BB | 1,833,500 | |||||||||||||||||||||||
6,160 | Total Diversified Telecommunication Services | 4,356,170 | ||||||||||||||||||||||||||
Electric Utilities – 2.1% | ||||||||||||||||||||||||||||
1,800 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (3) | 6.850% | 6/01/34 | N/R | 6,750 |
20
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Electric Utilities(continued) | ||||||||||||||||||||||||||||
$ | 3,700 | Pacific Gas & Electric Co, (3) | 6.050% | 3/01/34 | N/R | $ | 3,737,000 | |||||||||||||||||||||
1,000 | Pacific Gas & Electric Co, (3) | 4.750% | 2/15/44 | N/R | 980,000 | |||||||||||||||||||||||
2,250 | Talen Energy Supply LLC, 144A | 6.625% | 1/15/28 | B | 1,885,309 | |||||||||||||||||||||||
1,800 | TerraForm Power Operating LLC, 144A | 4.750% | 1/15/30 | BB | 1,746,000 | |||||||||||||||||||||||
10,550 | Total Electric Utilities | 8,355,059 | ||||||||||||||||||||||||||
Electronic Equipment, Instruments & Components – 0.4% | ||||||||||||||||||||||||||||
1,800 | MTS Systems Corp, 144A | 5.750% | 8/15/27 | B+ | 1,669,500 | |||||||||||||||||||||||
Energy Equipment & Services – 1.4% | ||||||||||||||||||||||||||||
900 | Archrock Partners LP / Archrock Partners Finance Corp, 144A | 6.250% | 4/01/28 | B+ | 621,000 | |||||||||||||||||||||||
1,590 | FTS International Inc | 6.250% | 5/01/22 | CCC+ | 552,525 | |||||||||||||||||||||||
1,300 | Oceaneering International Inc | 6.000% | 2/01/28 | BB | 497,790 | |||||||||||||||||||||||
900 | Shelf Drilling Holdings Ltd, 144A | 8.250% | 2/15/25 | CCC+ | 430,200 | |||||||||||||||||||||||
752 | Transocean Guardian Ltd, 144A | 5.875% | 1/15/24 | B | 601,200 | |||||||||||||||||||||||
1,000 | Transocean Inc, 144A | 8.000% | 2/01/27 | B– | 475,000 | |||||||||||||||||||||||
751 | Transocean Pontus Ltd, 144A | 6.125% | 8/01/25 | B | 608,715 | |||||||||||||||||||||||
2,400 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 4/01/26 | BB– | 1,500,000 | |||||||||||||||||||||||
9,593 | Total Energy Equipment & Services | 5,286,430 | ||||||||||||||||||||||||||
Equity Real Estate Investment Trust – 1.2% | ||||||||||||||||||||||||||||
1,800 | MPT Operating Partnership LP / MPT Finance Corp | 4.625% | 8/01/29 | BBB– | 1,656,000 | |||||||||||||||||||||||
2,750 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A | 7.875% | 2/15/25 | B | 2,557,500 | |||||||||||||||||||||||
920 | VICI Properties LP / VICI Note Co Inc, 144A | 4.125% | 8/15/30 | BB | 871,700 | |||||||||||||||||||||||
5,470 | Total Equity Real Estate Investment Trust | 5,085,200 | ||||||||||||||||||||||||||
Food & Staples Retailing – 1.1% | ||||||||||||||||||||||||||||
920 | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A | 4.875% | 2/15/30 | BB– | 910,800 | |||||||||||||||||||||||
1,800 | Kraft Heinz Foods Co | 6.500% | 2/09/40 | Baa3 | 1,968,613 | |||||||||||||||||||||||
1,620 | New Albertsons LP | 8.000% | 5/01/31 | B+ | 1,587,600 | |||||||||||||||||||||||
4,340 | Total Food & Staples Retailing | 4,467,013 | ||||||||||||||||||||||||||
Food Products – 1.6% | ||||||||||||||||||||||||||||
3,150 | H-Food Holdings LLC / Hearthside Finance Co Inc, 144A | 8.500% | 6/01/26 | CCC | 2,488,500 | |||||||||||||||||||||||
2,250 | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 144A | 5.500% | 1/15/30 | BB | 2,323,125 | |||||||||||||||||||||||
1,575 | Post Holdings Inc, 144A | 4.625% | 4/15/30 | B+ | 1,508,063 | |||||||||||||||||||||||
6,975 | Total Food Products | 6,319,688 | ||||||||||||||||||||||||||
Gas Utilities – 0.6% | ||||||||||||||||||||||||||||
3,300 | Rockpoint Gas Storage Canada Ltd, 144A | 7.000% | 3/31/23 | B+ | 2,400,783 |
21
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Health Care Equipment & Supplies – 0.2% | ||||||||||||||||||||||||||||
$ | 920 | Radiology Partners Inc, 144A | 9.250% | 2/01/28 | CCC+ | $ | 796,489 | |||||||||||||||||||||
Health Care Providers & Services – 3.2% | ||||||||||||||||||||||||||||
1,350 | CHS/Community Health Systems Inc, 144A | 9.875% | 6/30/23 | CCC– | 1,053,000 | |||||||||||||||||||||||
1,800 | LifePoint Health Inc, 144A | 4.375% | 2/15/27 | B+ | 1,695,600 | |||||||||||||||||||||||
1,160 | Polaris Intermediate Corp, 144A (cash 8.500%, PIK 9.250%) | 8.500% | 12/01/22 | B– | 899,000 | |||||||||||||||||||||||
4,050 | RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A | 9.750% | 12/01/26 | CCC+ | 3,835,957 | |||||||||||||||||||||||
3,000 | Tenet Healthcare Corp | 8.125% | 4/01/22 | B– | 2,835,000 | |||||||||||||||||||||||
900 | Vizient Inc, 144A | 6.250% | 5/15/27 | B | 898,124 | |||||||||||||||||||||||
2,000 | West Street Merger Sub Inc, 144A | 6.375% | 9/01/25 | CCC | 1,743,400 | |||||||||||||||||||||||
14,260 | Total Health Care Providers & Services | 12,960,081 | ||||||||||||||||||||||||||
Health Care Technology – 0.6% | ||||||||||||||||||||||||||||
2,500 | Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 144A | 5.750% | 3/01/25 | B– | 2,312,500 | |||||||||||||||||||||||
Hotels, Restaurants & Leisure – 4.8% | ||||||||||||||||||||||||||||
1,000 | Boyd Gaming Corp, 144A | 4.750% | 12/01/27 | B+ | 825,000 | |||||||||||||||||||||||
2,750 | Caesars Resort Collection LLC / CRC Finco Inc, 144A | 5.250% | 10/15/25 | B– | 1,986,050 | |||||||||||||||||||||||
2,700 | ESH Hospitality Inc, 144A | 4.625% | 10/01/27 | BB– | 2,106,000 | |||||||||||||||||||||||
875 | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A | 4.750% | 6/01/27 | BB | 822,500 | |||||||||||||||||||||||
1,350 | Marriott Ownership Resorts Inc, 144A | 4.750% | 1/15/28 | BB– | 1,012,500 | |||||||||||||||||||||||
1,000 | NCL Corp Ltd, 144A | 3.625% | 12/15/24 | BB+ | 637,800 | |||||||||||||||||||||||
2,400 | Penn National Gaming Inc, 144A | 5.625% | 1/15/27 | B | 1,780,488 | |||||||||||||||||||||||
500 | Scientific Games International Inc, 144A | 5.000% | 10/15/25 | B+ | 435,000 | |||||||||||||||||||||||
3,500 | Scientific Games International Inc, 144A | 7.000% | �� | 5/15/28 | B– | 2,152,500 | ||||||||||||||||||||||
900 | Speedway Motorsports LLC / Speedway Funding II Inc, 144A | 4.875% | 11/01/27 | BB+ | 810,000 | |||||||||||||||||||||||
1,700 | Station Casinos LLC, 144A | 5.000% | 10/01/25 | B– | 1,415,777 | |||||||||||||||||||||||
2,750 | Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp, 144A | 5.875% | 5/15/25 | B– | 2,254,175 | |||||||||||||||||||||||
1,745 | Wyndham Hotels & Resorts Inc, 144A | 5.375% | 4/15/26 | Ba2 | 1,518,150 | |||||||||||||||||||||||
1,800 | Wynn Resorts Ltd, 144A | 5.125% | 10/01/29 | BB– | 1,638,000 | |||||||||||||||||||||||
24,970 | Total Hotels, Restaurants & Leisure | 19,393,940 | ||||||||||||||||||||||||||
Household Durables – 1.6% | ||||||||||||||||||||||||||||
1,800 | Brookfield Residential Properties Inc / Brookfield Residential US Corp, 144A | 6.250% | 9/15/27 | BB– | 1,561,320 | |||||||||||||||||||||||
900 | Mattamy Group Corp, 144A | 5.250% | 12/15/27 | BB | 837,000 | |||||||||||||||||||||||
2,511 | New Home Co Inc/The | 7.250% | 4/01/22 | B– | 2,134,350 | |||||||||||||||||||||||
1,800 | Taylor Morrison Communities Inc, 144A | 6.000% | 9/01/23 | Ba3 | 1,728,000 | |||||||||||||||||||||||
7,011 | Total Household Durables | 6,260,670 |
22
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Household Products – 0.7% | ||||||||||||||||||||||||||||
$ | 3,600 | Spectrum Brands Inc, 144A | 5.000% | 10/01/29 | BB | $ | 3,060,000 | |||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.6% | ||||||||||||||||||||||||||||
2,500 | Pattern Energy Group Inc, 144A | 5.875% | 2/01/24 | BB– | 2,481,700 | |||||||||||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||||||||||||||||
1,400 | Aptim Corp, 144A | 7.750% | 6/15/25 | CCC+ | 476,000 | |||||||||||||||||||||||
Insurance – 0.8% | ||||||||||||||||||||||||||||
1,800 | Acrisure LLC / Acrisure Finance Inc, 144A | 7.000% | 11/15/25 | CCC+ | 1,548,000 | |||||||||||||||||||||||
1,800 | Alliant Holdings Intermediate LLC / Alliant HoldingsCo-Issuer, 144A | 6.750% | 10/15/27 | CCC+ | 1,685,520 | |||||||||||||||||||||||
3,600 | Total Insurance | 3,233,520 | ||||||||||||||||||||||||||
Interactive Media & Services – 0.4% | ||||||||||||||||||||||||||||
1,870 | Rackspace Hosting Inc, 144A | 8.625% | 11/15/24 | B– | 1,663,739 | |||||||||||||||||||||||
Internet & Direct Marketing Retail – 0.2% | ||||||||||||||||||||||||||||
900 | Photo Holdings Merger Sub Inc, 144A | 8.500% | 10/01/26 | B1 | 729,000 | |||||||||||||||||||||||
IT Services – 0.7% | ||||||||||||||||||||||||||||
2,700 | Go Daddy Operating Co LLC / GD Finance Co Inc, 144A | 5.250% | 12/01/27 | BB– | 2,724,840 | |||||||||||||||||||||||
Life Sciences Tools & Services – 0.3% | ||||||||||||||||||||||||||||
1,350 | Charles River Laboratories International Inc, 144A | 4.250% | 5/01/28 | BB | 1,301,265 | |||||||||||||||||||||||
Machinery – 0.6% | ||||||||||||||||||||||||||||
3,510 | Apex Tool Group LLC / BC Mountain Finance Inc, 144A | 9.000% | 2/15/23 | CCC+ | 2,281,500 | |||||||||||||||||||||||
Media – 13.0% | ||||||||||||||||||||||||||||
1,365 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 5.000% | 2/01/28 | BB+ | 1,370,474 | |||||||||||||||||||||||
3,500 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 5.375% | 6/01/29 | BB+ | 3,596,600 | |||||||||||||||||||||||
2,025 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 4.500% | 8/15/30 | BB+ | 1,984,500 | |||||||||||||||||||||||
1,350 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 4.500% | 5/01/32 | BB+ | 1,316,520 | |||||||||||||||||||||||
2,978 | Clear Channel Worldwide Holdings Inc, 144A | 9.250% | 2/15/24 | B– | 2,561,080 | |||||||||||||||||||||||
3,410 | Clear Channel Worldwide Holdings Inc, 144A | 5.125% | 8/15/27 | B+ | 3,193,124 | |||||||||||||||||||||||
2,000 | CSC Holdings LLC, 144A | 5.500% | 4/15/27 | BB | 2,069,800 | |||||||||||||||||||||||
3,600 | CSC Holdings LLC, 144A | 5.750% | 1/15/30 | B | 3,630,456 | |||||||||||||||||||||||
500 | DISH DBS Corp | 5.875% | 7/15/22 | B1 | 486,910 | |||||||||||||||||||||||
1,500 | DISH DBS Corp | 5.000% | 3/15/23 | B1 | 1,440,075 | |||||||||||||||||||||||
900 | DISH DBS Corp | 7.750% | 7/01/26 | B1 | 924,750 | |||||||||||||||||||||||
1,350 | Entercom Media Corp, 144A | 6.500% | 5/01/27 | B | 1,171,125 | |||||||||||||||||||||||
1,800 | Houghton Mifflin Harcourt Publishers Inc, 144A | 9.000% | 2/15/25 | BB– | 1,584,000 | |||||||||||||||||||||||
850 | iHeartCommunications Inc | 6.375% | 5/01/26 | BB– | 804,064 | |||||||||||||||||||||||
1,564 | iHeartCommunications Inc | 8.375% | 5/01/27 | B– | 1,331,825 | |||||||||||||||||||||||
2,250 | iHeartCommunications Inc, 144A | 5.250% | 8/15/27 | BB– | 1,960,650 | |||||||||||||||||||||||
3,325 | iHeartCommunications Inc, 144A | 4.750% | 1/15/28 | BB– | 2,992,500 |
23
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Media(continued) | ||||||||||||||||||||||||||||
$ | 1,550 | Intelsat Luxembourg SA | 8.125% | 6/01/23 | CCC– | $ | 317,750 | |||||||||||||||||||||
1,800 | LCPR Senior Secured Financing DAC, 144A | 6.750% | 10/15/27 | BB– | 1,773,000 | |||||||||||||||||||||||
2,030 | McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance, 144A | 7.875% | 5/15/24 | BB | 1,512,350 | |||||||||||||||||||||||
2,700 | Midcontinent Communications / Midcontinent Finance Corp, 144A | 5.375% | 8/15/27 | B | 2,614,180 | |||||||||||||||||||||||
1,900 | Nexstar Broadcasting Inc, 144A | 5.625% | 7/15/27 | B | 1,857,250 | |||||||||||||||||||||||
1,200 | Outfront Media Capital LLC / Outfront Media Capital Corp, 144A | 5.000% | 8/15/27 | BB– | 1,104,000 | |||||||||||||||||||||||
2,000 | Sirius XM Radio Inc, 144A | 5.500% | 7/01/29 | BB | 2,040,000 | |||||||||||||||||||||||
1,800 | TEGNA Inc, 144A | 5.000% | 9/15/29 | BB– | 1,620,000 | |||||||||||||||||||||||
1,000 | Telesat Canada / Telesat LLC, 144A | 4.875% | 6/01/27 | BB– | 954,800 | |||||||||||||||||||||||
900 | Telesat Canada / Telesat LLC, 144A | 6.500% | 10/15/27 | B | 864,000 | |||||||||||||||||||||||
3,150 | Terrier Media Buyer Inc, 144A | 8.875% | 12/15/27 | CCC+ | 2,646,000 | |||||||||||||||||||||||
1,600 | Videotron Ltd, 144A | 5.125% | 4/15/27 | BB+ | 1,600,000 | |||||||||||||||||||||||
1,800 | Virgin Media Secured Finance PLC, 144A | 5.500% | 5/15/29 | BB+ | 1,800,000 | |||||||||||||||||||||||
57,697 | Total Media | 53,121,783 | ||||||||||||||||||||||||||
Metals & Mining – 1.4% | ||||||||||||||||||||||||||||
1,350 | Cleveland-Cliffs Inc, 144A | 6.750% | 3/15/26 | BB– | 1,193,063 | |||||||||||||||||||||||
1,000 | First Quantum Minerals Ltd, 144A | 7.250% | 4/01/23 | B | 856,250 | |||||||||||||||||||||||
3,375 | Hecla Mining Co | 7.250% | 2/15/28 | B | 2,971,687 | |||||||||||||||||||||||
1,800 | Taseko Mines Ltd, 144A | 8.750% | 6/15/22 | CCC+ | 810,000 | |||||||||||||||||||||||
7,525 | Total Metals & Mining | 5,831,000 | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 3.8% | ||||||||||||||||||||||||||||
1,350 | Buckeye Partners LP, 144A | 4.125% | 3/01/25 | BB | 1,138,050 | |||||||||||||||||||||||
900 | Buckeye Partners LP, 144A | 4.500% | 3/01/28 | BB | 738,000 | |||||||||||||||||||||||
2,700 | Cheniere Energy Partners LP | 5.250% | 10/01/25 | BB | 2,511,000 | |||||||||||||||||||||||
1,800 | Citgo Holding Inc, 144A | 9.250% | 8/01/24 | B+ | 1,467,000 | |||||||||||||||||||||||
3,000 | Enviva Partners LP / Enviva Partners Finance Corp, 144A | 6.500% | 1/15/26 | BB– | 2,925,000 | |||||||||||||||||||||||
1,800 | Hess Midstream Operations LP, 144A | 5.125% | 6/15/28 | BB+ | 1,265,040 | |||||||||||||||||||||||
950 | Holly Energy Partners LP / Holly Energy Finance Corp, 144A | 5.000% | 2/01/28 | BB | 795,625 | |||||||||||||||||||||||
960 | Murphy Oil Corp | 6.875% | 8/15/24 | BB+ | 568,800 | |||||||||||||||||||||||
2,000 | Murphy Oil Corp | 5.875% | 12/01/27 | BB+ | 1,045,600 | |||||||||||||||||||||||
5,000 | Peabody Energy Corp, 144A | 6.000% | 3/31/22 | BB– | 3,400,000 | |||||||||||||||||||||||
700 | Rex Energy Corp, (3) | 8.000% | 10/01/20 | N/R | 5,250 | |||||||||||||||||||||||
21,160 | Total Oil, Gas & Consumable Fuels | 15,859,365 | ||||||||||||||||||||||||||
Paper & Forest Products – 0.2% | ||||||||||||||||||||||||||||
950 | Louisiana-Pacific Corp | 4.875% | 9/15/24 | BB+ | 819,375 | |||||||||||||||||||||||
Personal Products – 0.3% | ||||||||||||||||||||||||||||
1,565 | Revlon Consumer Products Corp | 5.750% | 2/15/21 | Caa3 | 1,267,650 |
24
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Pharmaceuticals – 3.0% | ||||||||||||||||||||||||||||
$ | 3,349 | Advanz Pharma Corp Ltd | 8.000% | 9/06/24 | B– | $ | 2,947,120 | |||||||||||||||||||||
2,200 | Bausch Health Cos Inc, 144A | 7.000% | 1/15/28 | B | 2,281,400 | |||||||||||||||||||||||
1,800 | Bausch Health Cos Inc, 144A | 5.000% | 1/30/28 | B | 1,704,060 | |||||||||||||||||||||||
2,000 | Catalent Pharma Solutions Inc, 144A | 5.000% | 7/15/27 | B+ | 1,940,000 | |||||||||||||||||||||||
1,125 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A | 6.000% | 7/15/23 | CCC+ | 814,927 | |||||||||||||||||||||||
3,200 | Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 4.875% | 4/15/20 | CC | 2,272,000 | |||||||||||||||||||||||
900 | Endo Finance LLC / Endo Finco Inc, 144A | 6.000% | 2/01/25 | CCC+ | 612,000 | |||||||||||||||||||||||
14,574 | Total Pharmaceuticals | 12,571,507 | ||||||||||||||||||||||||||
Professional Services – 0.6% | ||||||||||||||||||||||||||||
2,400 | ASGN Inc, 144A | 4.625% | 5/15/28 | BB– | 2,250,000 | |||||||||||||||||||||||
Real Estate Management & Development – 0.3% | ||||||||||||||||||||||||||||
900 | Forestar Group Inc, 144A | 5.000% | 3/01/28 | B+ | 747,333 | |||||||||||||||||||||||
375 | Howard Hughes Corp/The, 144A | 5.375% | 3/15/25 | BB– | 362,813 | |||||||||||||||||||||||
1,275 | Total Real Estate Management & Development |
| 1,110,146 | |||||||||||||||||||||||||
Road & Rail – 0.4% | ||||||||||||||||||||||||||||
3,140 | Hertz Corp/The, 144A | 6.000% | 1/15/28 | B– | 1,648,500 | |||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 0.4% | ||||||||||||||||||||||||||||
1,820 | Entegris Inc, 144A | 4.625% | 2/10/26 | BB | 1,729,000 | |||||||||||||||||||||||
Software – 1.7% | ||||||||||||||||||||||||||||
1,800 | Camelot Finance SA, 144A | 4.500% | 11/01/26 | B | 1,746,000 | |||||||||||||||||||||||
900 | IQVIA Inc, 144A | 5.000% | 5/15/27 | BB | 920,250 | |||||||||||||||||||||||
1,600 | NortonLifeLock Inc, 144A | 5.000% | 4/15/25 | BB+ | 1,615,488 | |||||||||||||||||||||||
900 | Open Text Holdings Inc, 144A | 4.125% | 2/15/30 | BB | 846,225 | |||||||||||||||||||||||
1,750 | SS&C Technologies Inc, 144A | 5.500% | 9/30/27 | B+ | 1,804,687 | |||||||||||||||||||||||
6,950 | Total Software | 6,932,650 | ||||||||||||||||||||||||||
Specialty Retail – 2.0% | ||||||||||||||||||||||||||||
1,800 | Lithia Motors Inc, 144A | 4.625% | 12/15/27 | BB | 1,620,180 | |||||||||||||||||||||||
3,600 | PetSmart Inc, 144A | 8.875% | 6/01/25 | CCC+ | 3,258,000 | |||||||||||||||||||||||
2,700 | Staples Inc, 144A | 7.500% | 4/15/26 | B+ | 2,362,516 | |||||||||||||||||||||||
1,000 | Staples Inc, 144A | 10.750% | 4/15/27 | B– | 767,300 | |||||||||||||||||||||||
9,100 | Total Specialty Retail | 8,007,996 | ||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.3% | ||||||||||||||||||||||||||||
1,170 | Western Digital Corp | 4.750% | 2/15/26 | Baa3 | 1,189,305 | |||||||||||||||||||||||
Thrifts & Mortgage Finance – 1.4% | ||||||||||||||||||||||||||||
3,500 | Freedom Mortgage Corp, 144A | 8.125% | 11/15/24 | B+ | 2,819,565 | |||||||||||||||||||||||
3,150 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A | 5.250% | 3/15/22 | BB+ | 2,819,250 | |||||||||||||||||||||||
6,650 | Total Thrifts & Mortgage Finance | 5,638,815 |
25
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Trading Companies & Distributors – 0.8% | ||||||||||||||||||||||||||||
$ | 1,800 | Ashtead Capital Inc, 144A | 4.000% | 5/01/28 | BBB– | $ | 1,551,600 | |||||||||||||||||||||
1,880 | United Rentals North America Inc | 5.250% | 1/15/30 | BB– | 1,879,436 | |||||||||||||||||||||||
3,680 | Total Trading Companies & Distributors |
| 3,431,036 | |||||||||||||||||||||||||
Wireless Telecommunication Services – 2.4% | ||||||||||||||||||||||||||||
2,700 | Connect Finco SARL / Connect US Finco LLC, 144A | 6.750% | 10/01/26 | B+ | 2,230,875 | |||||||||||||||||||||||
3,480 | Hughes Satellite Systems Corp | 5.250% | 8/01/26 | BBB– | 3,445,200 | |||||||||||||||||||||||
5,255 | Intelsat Connect Finance SA, 144A | 9.500% | 2/15/23 | CCC– | 1,931,212 | |||||||||||||||||||||||
900 | Sprint Corp | 7.875% | 9/15/23 | B+ | 992,142 | |||||||||||||||||||||||
900 | Sprint Corp | 7.625% | 3/01/26 | B+ | 1,018,620 | |||||||||||||||||||||||
13,235 | Total Wireless Telecommunication Services |
| 9,618,049 | |||||||||||||||||||||||||
$ | 334,143 | Total Corporate Bonds (cost $326,504,759) |
| 281,078,282 | ||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 26.4% (4) | ||||||||||||||||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||||||||||||||||
$ | 4,243 | Sequa Corporation, Term Loan B | 6.742% | 3-Month LIBOR | 5.000% | 11/28/21 | B | $ | 3,484,975 | |||||||||||||||||||
985 | Sequa Corporation, Term Loan, Second Lien | 10.770% | 3-Month LIBOR | 9.000% | 4/28/22 | Caa2 | 720,223 | |||||||||||||||||||||
965 | Transdigm, Inc., Term Loan G, (WI/DD) | TBD | TBD | TBD | TBD | Ba3 | 905,743 | |||||||||||||||||||||
6,193 | Total Aerospace & Defense |
| 5,110,941 | |||||||||||||||||||||||||
Commercial Services & Supplies – 0.3% | ||||||||||||||||||||||||||||
698 | Education Management LLC, Term Loan A, (3) | 0.000% | N/A | N/A | 7/02/20 | N/R | 6,982 | |||||||||||||||||||||
2,092 | iQor US, Inc., Term Loan, First Lien | 6.909% | 3-Month LIBOR | 5.000% | 4/01/21 | Caa1 | 1,248,074 | |||||||||||||||||||||
2,790 | Total Commercial Services & Supplies |
| 1,255,056 | |||||||||||||||||||||||||
Communications Equipment – 1.7% | ||||||||||||||||||||||||||||
1,799 | Avaya, Inc., Term Loan B | 4.955% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 1,551,255 | |||||||||||||||||||||
2,686 | Fleet U.S. Bidco Inc., Term Loan B | 4.322% | 6-Month LIBOR | 3.250% | 10/07/26 | B+ | 2,458,147 | |||||||||||||||||||||
1,929 | MultiPlan, Inc., Term Loan B | 4.200% | 3-Month LIBOR | 2.750% | 6/07/23 | B+ | 1,735,943 | |||||||||||||||||||||
1,845 | Riverbed Technology, Inc., Term Loan B, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 4/24/22 | B2 | 1,221,827 | |||||||||||||||||||||
8,259 | Total Communications Equipment |
| 6,967,172 | |||||||||||||||||||||||||
Consumer Finance – 0.6% | ||||||||||||||||||||||||||||
2,709 | Verscend Technologies, Tern Loan B | 5.489% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | 2,573,313 | |||||||||||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||||||||||||||||
1,146 | Kloeckner Pentaplast of America Inc., Dollar Term Loan | 5.250% | 1-Month LIBOR | 4.250% | 6/30/22 | B– | 811,376 | |||||||||||||||||||||
Diversified Consumer Services – 0.5% | ||||||||||||||||||||||||||||
2,395 | Cengage Learning Acquisitions, Inc., Term Loan B | 5.250% | 1-Month LIBOR | 4.250% | 6/07/23 | B | 1,964,022 | |||||||||||||||||||||
474 | Education Management LLC, Elevated Term Loan B, (3) | 7.612% | 6-Month LIBOR | 5.500% | 7/02/20 | N/R | 5,923 | |||||||||||||||||||||
2,869 | Total Diversified Consumer Services |
| 1,969,945 |
26
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |||||||||||||||||||||
Diversified Financial Services – 0.5% | ||||||||||||||||||||||||||||
$ | 2,885 | Travelport LLC, Term Loan B | 6.072% | 6-Month LIBOR | 5.000% | 5/29/26 | B | $ | 1,892,888 | |||||||||||||||||||
Diversified Telecommunication Services – 0.9% | ||||||||||||||||||||||||||||
959 | Frontier Communications Corporation, Term Loan B | 5.350% | 6-Month LIBOR | 3.750% | 6/15/24 | B3 | 916,943 | |||||||||||||||||||||
2,815 | Numericable Group S.A., Term Loan B13 | 4.705% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 2,694,764 | |||||||||||||||||||||
3,774 | Total Diversified Telecommunication Services |
| 3,611,707 | |||||||||||||||||||||||||
Energy Equipment & Services – 0.2% | ||||||||||||||||||||||||||||
891 | PetroleumGEO-Services ASA/PGS Finance, Inc., Term Loan B | 8.460% | 3-Month LIBOR | 7.000% | 3/19/24 | B2 | 607,133 | |||||||||||||||||||||
Food & Staples Retailing – 0.5% | ||||||||||||||||||||||||||||
2,388 | Hearthside Group Holdings LLC, Term Loan B | 4.677% | 1-Month LIBOR | 3.688% | 5/23/25 | B | 2,025,695 | |||||||||||||||||||||
Food Products – 0.4% | ||||||||||||||||||||||||||||
1,975 | Chobani, Inc., Term Loan B | 4.500% | 1-Month LIBOR | 3.500% | 10/10/23 | B1 | 1,779,527 | |||||||||||||||||||||
Health Care Equipment & Supplies – 0.1% | ||||||||||||||||||||||||||||
711 | Vyaire Medical, Inc., Term Loan B | 6.659% | 3-Month LIBOR | 4.750% | 4/16/25 | B3 | 513,605 | |||||||||||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||||||||||||||||
2,475 | Air Medical Group Holdings, Inc., Term Loan B | 4.932% | 2-Month LIBOR | 3.250% | 4/28/22 | B1 | 2,313,829 | |||||||||||||||||||||
1,591 | Air Methods, Term Loan, First Lien | 4.950% | 3-Month LIBOR | 3.500% | 4/22/24 | B | 1,136,650 | |||||||||||||||||||||
224 | Envision Healthcare Corporation, Initial Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B | 115,818 | |||||||||||||||||||||
3,950 | Kindred at Home Hospice, Term Loan B, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 3,732,750 | |||||||||||||||||||||
2,753 | Heartland Dental Care, Inc., Term Loan, First Lien | 4.739% | 1-Month LIBOR | 3.750% | 4/30/25 | B3 | 2,154,113 | |||||||||||||||||||||
10,993 | Total Health Care Providers & Services |
| 9,453,160 | |||||||||||||||||||||||||
Health Care Technology – 0.7% | ||||||||||||||||||||||||||||
1,671 | Onex Carestream Finance LP, Term Loan, First Lien | 7.322% | 6-Month LIBOR | 6.250% | 2/28/21 | B1 | 1,538,634 | |||||||||||||||||||||
1,525 | Onex Carestream Finance LP, Term Loan, Second Lien (cash 10.572%, PIK 1.000%) | 11.572% | 6-Month LIBOR | 10.500% | 6/07/21 | CCC+ | 1,315,231 | |||||||||||||||||||||
3,196 | Total Health Care Technology | 2,853,865 | ||||||||||||||||||||||||||
Hotels, Restaurants & Leisure – 0.1% | ||||||||||||||||||||||||||||
1,577 | 24 Hour Fitness Worldwide, Inc., Term Loan B | 4.950% | 3-Month LIBOR | 3.500% | 5/30/25 | B– | 372,422 | |||||||||||||||||||||
Household Durables – 0.8% | ||||||||||||||||||||||||||||
4,191 | Apex Tool Group LLC, Third Amendment Term Loan | 6.750% | 1-Month LIBOR | 5.500% | 8/01/24 | B– | 3,284,221 | |||||||||||||||||||||
257 | Serta Simmons Holdings LLC, Term Loan, First Lien | 4.500% | 1-Month LIBOR | 3.500% | 11/08/23 | CCC | 108,389 | |||||||||||||||||||||
4,448 | Total Household Durables | 3,392,610 | ||||||||||||||||||||||||||
Household Products – 0.4% | ||||||||||||||||||||||||||||
1,800 | KIK Custom Products Inc., Term Loan B2 | 5.000% | 1-Month LIBOR | 4.000% | 5/15/23 | B3 | 1,628,253 | |||||||||||||||||||||
Insurance – 0.4% | ||||||||||||||||||||||||||||
1,945 | Acrisure LLC, Term Loan B | 5.207% | 3-Month LIBOR | 3.500% | 2/15/27 | B | 1,740,976 |
27
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |||||||||||||||||||||
Interactive Media & Services – 0.8% | ||||||||||||||||||||||||||||
$ | 3,613 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien | 4.763% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | $ | 3,189,706 | |||||||||||||||||||
Internet Software & Services – 1.0% | ||||||||||||||||||||||||||||
3,900 | Ancestry.com, Inc., Term Loan, First Lien | 4.750% | 1-Month LIBOR | 3.750% | 10/19/23 | B | 3,412,287 | |||||||||||||||||||||
2,825 | SkillSoft Corporation, Term Loan, Second Lien | 10.027% | 3-Month LIBOR | 8.250% | 4/28/22 | C | 510,520 | |||||||||||||||||||||
6,725 | Total Internet Software & Services |
| 3,922,807 | |||||||||||||||||||||||||
IT Services – 0.5% | ||||||||||||||||||||||||||||
2,913 | Syniverse Holdings, Inc., Term Loan C | 6.873% | 6-Month LIBOR | 5.000% | 3/09/23 | B2 | 1,928,446 | |||||||||||||||||||||
Machinery – 0.2% | ||||||||||||||||||||||||||||
893 | TNT Crane and Rigging Inc., Initial Term Loan, First Lien | 5.950% | 3-Month LIBOR | 4.500% | 11/27/20 | Caa1 | 669,649 | |||||||||||||||||||||
Marine – 0.1% | ||||||||||||||||||||||||||||
992 | Harvey Gulf International Marine, Inc., Exit Term Loan | 7.713% | 3-Month LIBOR | 6.000% | 7/02/23 | B | 575,879 | |||||||||||||||||||||
Media – 1.9% | ||||||||||||||||||||||||||||
2,686 | Advantage Sales & Marketing, Inc., Term Loan, First Lien | 4.700% | 3-Month LIBOR | 3.250% | 7/23/21 | B2 | 2,175,489 | |||||||||||||||||||||
994 | Affinion Group Holdings, Inc., Consenting Term Loan, (cash 3.250%, PIK 1.750%) | 5.000% | 1-Month LIBOR | 4.000% | 4/10/24 | N/R | 730,607 | |||||||||||||||||||||
873 | Cumulus Media, Inc., Term Loan B | 4.822% | 6-Month LIBOR | 3.750% | 3/31/26 | B | 711,783 | |||||||||||||||||||||
3,983 | iHeartCommunications Inc., Term Loan B | 3.989% | 1-Month LIBOR | 3.000% | 5/01/26 | BB– | 3,392,015 | |||||||||||||||||||||
312 | McGraw-Hill Education Holdings LLC, Term Loan B | 5.450% | 3-Month LIBOR | 4.000% | 5/04/22 | BB+ | 259,260 | |||||||||||||||||||||
499 | Cox Media/Terrier Media, Term Loan, First Lien | 5.700% | 3-Month LIBOR | 4.250% | 12/17/26 | BB– | 452,616 | |||||||||||||||||||||
9,347 | Total Media | 7,721,770 | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.4% | ||||||||||||||||||||||||||||
3,913 | Fieldwood Energy LLC, Exit Term Loan | 7.027% | 3-Month LIBOR | 5.250% | 4/11/22 | BB– | 1,393,850 | |||||||||||||||||||||
3,520 | Fieldwood Energy LLC, Exit Term Loan, Second Lien | 9.027% | 3-Month LIBOR | 7.250% | 4/11/23 | B+ | 359,087 | |||||||||||||||||||||
7,433 | Total Oil, Gas & Consumable Fuels | �� | 1,752,937 | |||||||||||||||||||||||||
Personal Products – 0.7% | ||||||||||||||||||||||||||||
7,366 | Revlon Consumer Products Corporation, Term Loan B, First Lien | 5.113% | 3-Month LIBOR | 3.500% | 9/07/23 | B3 | 2,948,808 | |||||||||||||||||||||
Professional Services – 1.4% | ||||||||||||||||||||||||||||
2,194 | Ceridian HCM Holding, Inc., Term Loan B | 3.489% | 1-Month LIBOR | 2.500% | 4/30/25 | B+ | 2,106,623 | |||||||||||||||||||||
5,605 | Skillsoft Corporation, Initial Term Loan, First Lien | 6.527% | 3-Month LIBOR | 4.750% | 4/28/21 | Caa2 | 3,699,367 | |||||||||||||||||||||
7,799 | Total Professional Services | 5,805,990 | ||||||||||||||||||||||||||
Road & Rail – 0.3% | ||||||||||||||||||||||||||||
735 | Ceva Group PLC, Term Loan B | 6.450% | 3-Month LIBOR | 5.000% | 8/04/25 | B3 | 411,589 | |||||||||||||||||||||
900 | Hertz Corporation, Term Loan B1, (WI/DD) | TBD | TBD | TBD | TBD | BB | 649,125 | |||||||||||||||||||||
1,635 | Total Road & Rail | 1,060,714 | ||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 0.2% | ||||||||||||||||||||||||||||
1,841 | Lumileds, Term Loan B, (DD1) | 4.572% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC+ | 697,157 |
28
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |||||||||||||||||||||
Software – 5.3% | ||||||||||||||||||||||||||||
$ | 5,199 | Blackboard, Inc., Term Loan B5, First Lien | 7.737% | 3-Month LIBOR | 6.000% | 6/30/24 | B | $ | 4,652,993 | |||||||||||||||||||
5,717 | Ellucian, Term Loan B, First Lien | 4.700% | 3-Month LIBOR | 3.250% | 9/30/22 | B | 5,488,252 | |||||||||||||||||||||
6,019 | Epicor Software Corporation, Term Loan B | 4.250% | 1-Month LIBOR | 3.250% | 6/01/22 | B2 | 5,555,825 | |||||||||||||||||||||
6,315 | Greeneden U.S. Holdings II LLC, Term Loan B | 4.239% | 1-Month LIBOR | 3.250% | 12/01/23 | B2 | 5,967,964 | |||||||||||||||||||||
23,250 | Total Software | 21,665,034 | ||||||||||||||||||||||||||
Specialty Retail – 0.9% | ||||||||||||||||||||||||||||
3,975 | Petsmart Inc., Term Loan B, First Lien | 5.000% | 6-Month LIBOR | 4.000% | 3/11/22 | B | 3,822,910 | |||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.6% | ||||||||||||||||||||||||||||
2,576 | Diebold, Inc., Term Loan A1 | 10.250% | 1-Month LIBOR | 9.250% | 8/31/22 | B– | 2,318,618 | |||||||||||||||||||||
Trading Companies & Distributors – 0.2% | ||||||||||||||||||||||||||||
887 | Hayward Industries, Inc., Initial Term Loan, First Lien | 4.489% | 1-Month LIBOR | 3.500% | 8/05/24 | B | 709,995 | |||||||||||||||||||||
$ | 141,794 | Total Variable Rate Senior Loan Interests (cost $136,028,311) |
| 107,350,064 | ||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCKS – 1.1% | ||||||||||||||||||||||||||||
Diversified Consumer Services – 0.2% | ||||||||||||||||||||||||||||
131,431 | Cengage Learning Holdings II Inc, (6) | $ | 936,446 | |||||||||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||||||||||
38,529 | Energy Harbor Corp, (6) | 871,718 | ||||||||||||||||||||||||||
Internet & Direct Marketing Retail – 0.0% | ||||||||||||||||||||||||||||
652 | Catalina Marketing Corp, (6) | 1,956 | ||||||||||||||||||||||||||
Media – 0.4% | ||||||||||||||||||||||||||||
208,386 | Clear Channel Outdoor Holdings Inc | 133,367 | ||||||||||||||||||||||||||
183,957 | iHeartMedia Inc | 1,344,726 | ||||||||||||||||||||||||||
9,292 | Tribune Co, (7) | 2,044 | ||||||||||||||||||||||||||
Total Media | 1,480,137 | |||||||||||||||||||||||||||
Software – 0.3% | ||||||||||||||||||||||||||||
139,186 | Avaya Holdings Corp | 1,126,015 | ||||||||||||||||||||||||||
Total Common Stocks (cost $14,005,355) |
| 4,416,272 | ||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
CONVERTIBLE BONDS – 0.8% | ||||||||||||||||||||||||||||
Biotechnology – 0.4% | ||||||||||||||||||||||||||||
$ | 1,940 | Acorda Therapeutics Inc, 144A | 6.000% | 12/01/24 | N/R | $ | 1,689,263 | |||||||||||||||||||||
Media – 0.4% | ||||||||||||||||||||||||||||
1,800 | DISH Network Corp | 3.375% | 8/15/26 | Ba3 | 1,461,333 | |||||||||||||||||||||||
$ | 3,740 | Total Convertible Bonds (cost $3,655,312) |
| 3,150,596 |
29
Nuveen Symphony High Yield Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||||||||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||||||||||
Communications Equipment – 0.0% | ||||||||||||||||||||||||||||
45,063 | Avaya Holdings Corp, (6) | $ | 46,415 | |||||||||||||||||||||||||
Total Warrants (cost $4,643,893) | 46,415 | |||||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.0% | ||||||||||||||||||||||||||||
14,531 | Fieldwood Energy Inc, (6) | $ | 14,531 | |||||||||||||||||||||||||
2,935 | Fieldwood Energy Inc, (6) | 2,935 | ||||||||||||||||||||||||||
Total Common Stock Rights (cost $414,741) |
| 17,466 | ||||||||||||||||||||||||||
Total Long-Term Investments (cost $485,252,371) |
| 396,059,095 | ||||||||||||||||||||||||||
Other Assets Less Liabilities – 2.6% |
| 10,582,302 | ||||||||||||||||||||||||||
Net Assets – 100% |
| $ | 406,641,397 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industrysub-classifications used by one or more widely recognized market index or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. |
(3) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(4) | 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. |
(5) | 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. |
(6) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
(7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
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. |
DD1 | Portion of investment purchased on a delayed delivery basis. |
LIBOR | London Inter-Bank Offered Rate |
N/A | Not Applicable |
PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
30
Nuveen Symphony Floating Rate Income Fund
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
LONG-TERM INVESTMENTS – 99.7% | ||||||||||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 82.7% (2) | ||||||||||||||||||||||||||||
Aerospace & Defense – 1.7% | ||||||||||||||||||||||||||||
$ | 1,150 | Arconic Inc., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB+ | $ | 1,052,250 | |||||||||||||||||||
1,677 | Standard Aero, Term Loan B1 | 4.950% | 3-Month LIBOR | 3.500% | 4/06/26 | B | 1,360,084 | |||||||||||||||||||||
2,598 | MacDonald, Dettwiler and Associates, Ltd., Term Loan B | 3.739% | 1-Month LIBOR | 2.750% | 10/04/24 | B | 2,242,659 | |||||||||||||||||||||
3,960 | Sequa Corporation, Term Loan B | 6.742% | 3-Month LIBOR | 5.000% | 11/28/21 | B | 3,252,415 | |||||||||||||||||||||
2,444 | Sequa Corporation, Term Loan, Second Lien | 10.770% | 3-Month LIBOR | 9.000% | 4/28/22 | Caa2 | 1,787,189 | |||||||||||||||||||||
901 | Standard Aero, Term Loan B2 | 4.950% | 3-Month LIBOR | 3.500% | 4/06/26 | B | 731,228 | |||||||||||||||||||||
1,392 | Transdigm, Inc., Term Loan E | 3.239% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | 1,282,935 | |||||||||||||||||||||
2,832 | Transdigm, Inc., Term Loan F, (DD1) | 3.239% | 1-Month LIBOR | 2.250% | 12/09/25 | Ba3 | 2,610,493 | |||||||||||||||||||||
16,954 | Total Aerospace & Defense | 14,319,253 | ||||||||||||||||||||||||||
Air Freight & Logistics – 0.4% | ||||||||||||||||||||||||||||
1,057 | PAE Holding Corporation, Term Loan B | 6.500% | 1-Month LIBOR | 5.500% | 10/20/22 | B+ | 971,974 | |||||||||||||||||||||
2,166 | XPO Logistics, Inc., Term Loan B | 3.613% | 3-Month LIBOR | 2.000% | 2/24/25 | BBB– | 2,071,854 | |||||||||||||||||||||
3,223 | Total Air Freight & Logistics | 3,043,828 | ||||||||||||||||||||||||||
Airlines – 1.1% | ||||||||||||||||||||||||||||
2,686 | Allegiant Travel Company, Replacement Term Loan | 4.707% | 3-Month LIBOR | 3.000% | 2/05/24 | BB– | 2,182,781 | |||||||||||||||||||||
425 | American Airlines, Inc., Term Loan B, (DD1) | 2.941% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba1 | 352,668 | |||||||||||||||||||||
3,950 | American Airlines, Inc., Term Loan B | 2.705% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba1 | 3,197,658 | |||||||||||||||||||||
2,394 | WestJet Airlines, Term Loan | 4.000% | 1-Month LIBOR | 3.000% | 12/11/26 | BB+ | 1,883,276 | |||||||||||||||||||||
1,842 | United Air Lines, Inc., Term Loan B | 2.739% | 1-Month LIBOR | 1.750% | 4/01/24 | Baa3 | 1,675,850 | |||||||||||||||||||||
11,297 | Total Airlines | 9,292,233 | ||||||||||||||||||||||||||
Auto Components – 0.5% | ||||||||||||||||||||||||||||
1,692 | DexKo Global, Inc., Term Loan B, (DD1) | 4.500% | 1-Month LIBOR | 3.500% | 7/24/24 | B1 | 1,451,276 | |||||||||||||||||||||
2,989 | Johnson Controls Inc., Term Loan B | 4.441% | 1-Month LIBOR | 3.500% | 4/30/26 | BB | 2,749,641 | |||||||||||||||||||||
4,681 | Total Auto Components | 4,200,917 | ||||||||||||||||||||||||||
Automobiles – 0.4% | ||||||||||||||||||||||||||||
2,846 | Navistar, Inc., Term Loan B | 4.280% | 1-Month LIBOR | 3.500% | 11/06/24 | Ba2 | 2,499,795 | |||||||||||||||||||||
525 | Caliber Collision, Term Loan B | 4.072% | 6-Month LIBOR | 3.000% | 2/05/26 | B1 | 474,781 | |||||||||||||||||||||
3,371 | Total Automobiles | 2,974,576 | ||||||||||||||||||||||||||
Beverages – 0.3% | ||||||||||||||||||||||||||||
2,957 | Jacobs Douwe Egberts, Term Loan B | 3.625% | 1-Month LIBOR | 2.000% | 11/01/25 | Ba1 | 2,794,779 |
31
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Biotechnology – 0.4% | ||||||||||||||||||||||||||||
$ | 3,773 | Grifols, Inc., Term Loan B, First Lien | 2.684% | 1-Week LIBOR | 2.000% | 11/15/27 | Ba2 | $ | 3,600,129 | |||||||||||||||||||
Building Products – 0.4% | ||||||||||||||||||||||||||||
673 | Fairmount, Initial Term Loan | 5.874% | 3-Month LIBOR | 4.000% | 6/01/25 | BB– | 318,474 | |||||||||||||||||||||
3,336 | Quikrete Holdings, Inc., Term Loan B, (DD1) | 3.489% | 1-Month LIBOR | 2.500% | 2/01/27 | BB– | 3,086,160 | |||||||||||||||||||||
4,009 | Total Building Products | 3,404,634 | ||||||||||||||||||||||||||
Capital Markets – 0.5% | ||||||||||||||||||||||||||||
1,219 | Lions Gate Entertainment Corporation, Term Loan A | 2.739% | 1-Month LIBOR | 1.750% | 3/22/23 | Ba2 | 1,106,945 | |||||||||||||||||||||
2,207 | RPI Finance Trust, Term Loan B1, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 2,063,595 | |||||||||||||||||||||
1,283 | RPI Finance Trust, Term Loan B1 | 2.739% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 1,204,996 | |||||||||||||||||||||
4,709 | Total Capital Markets | 4,375,536 | ||||||||||||||||||||||||||
Chemicals – 0.2% | ||||||||||||||||||||||||||||
1,500 | Innophos Holdings, Inc., Term Loan B | 4.755% | 1-Month LIBOR | 3.750% | 2/05/27 | B+ | 1,292,813 | |||||||||||||||||||||
489 | Momentive Performance Materials USA, Inc., Term Loan B | 4.240% | 1-Month LIBOR | 3.250% | 5/15/24 | B+ | 404,495 | |||||||||||||||||||||
1,989 | Total Chemicals | 1,697,308 | ||||||||||||||||||||||||||
Commercial Services & Supplies – 2.9% | ||||||||||||||||||||||||||||
2,286 | ADS Waste Holdings, Inc., Term Loan B | 3.000% | 1-Week LIBOR | 2.250% | 11/10/23 | BB+ | 2,270,421 | |||||||||||||||||||||
571 | Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien | 5.700% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 463,119 | |||||||||||||||||||||
241 | Education Management LLC, Term Loan A, (5) | 0.000% | N/A | N/A | 7/02/20 | N/R | 2,414 | |||||||||||||||||||||
10,319 | Formula One Group, Term Loan B, (DD1) | 3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 9,316,659 | |||||||||||||||||||||
1,354 | Garda World Security Corp, Term Loan B, First Lien | 6.390% | 3-Month LIBOR | 4.750% | 10/30/26 | B | 1,293,328 | |||||||||||||||||||||
3,658 | GFL Environmental, Term Loan, (DD1) | 3.989% | 1-Month LIBOR | 3.000% | 5/30/25 | BB– | 3,564,952 | |||||||||||||||||||||
1,748 | iQor US, Inc., Term Loan, First Lien | 6.909% | 3-Month LIBOR | 5.000% | 4/01/21 | Caa1 | 1,042,979 | |||||||||||||||||||||
417 | iQor US, Inc., Term Loan, Second Lien | 10.659% | 3-Month LIBOR | 8.750% | 4/01/22 | Caa3 | 117,360 | |||||||||||||||||||||
447 | KAR Auction Services, Inc., Term Loan B6 | 3.188% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba2 | 415,632 | |||||||||||||||||||||
1 | Sabert Corporation, Initial Term Loan | 5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 796 | |||||||||||||||||||||
2,791 | Trans Union LLC, Term Loan B5, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 11/16/26 | BB+ | 2,691,043 | |||||||||||||||||||||
2,574 | Harland Clarke Holdings Corporation, Term Loan B7 | 6.463% | 2-Month LIBOR | 4.750% | 11/03/23 | B– | 1,607,780 | |||||||||||||||||||||
1,410 | West Corporation, Incremental Term Loan B1, (DD1) | 4.950% | 3-Month LIBOR | 3.500% | 10/10/24 | BB+ | 1,054,030 | |||||||||||||||||||||
27,817 | Total Commercial Services & Supplies |
| 23,840,513 | |||||||||||||||||||||||||
Communications Equipment – 2.2% | ||||||||||||||||||||||||||||
9,171 | Avaya, Inc., Term Loan B | 4.955% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 7,909,986 | |||||||||||||||||||||
4,442 | CommScope, Inc., Term Loan B | 4.239% | 1-Month LIBOR | 3.250% | 4/06/26 | Ba3 | 4,219,765 | |||||||||||||||||||||
774 | Mitel US Holdings, Inc., Term Loan, First Lien | 6.015% | 1-Month LIBOR | 4.500% | 11/30/25 | B | 553,439 | |||||||||||||||||||||
3,120 | Plantronics, Term Loan B, (DD1) | 3.459% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 2,462,555 | |||||||||||||||||||||
3,241 | Riverbed Technology, Inc., Term Loan B, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 4/24/22 | B2 | 2,146,453 | |||||||||||||||||||||
812 | Univision Communications, Inc., Term Loan C5, (DD1) | 3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 698,443 | |||||||||||||||||||||
21,560 | Total Communications Equipment |
| 17,990,641 |
32
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Construction & Engineering – 0.2% | ||||||||||||||||||||||||||||
$ | 676 | Pike Corp, Initial Term Loan | 4.250% | 1-Month LIBOR | 3.250% | 7/24/26 | B | $ | 634,112 | |||||||||||||||||||
1,626 | Traverse Midstream Partners, Term Loan B | 5.000% | 1-Month LIBOR | 4.000% | 9/27/24 | B+ | 932,346 | |||||||||||||||||||||
2,302 | Total Construction & Engineering | 1,566,458 | ||||||||||||||||||||||||||
Consumer Finance – 0.9% | ||||||||||||||||||||||||||||
803 | American Express Global Business Travel, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 702,420 | |||||||||||||||||||||
672 | American Express Global Business Travel, Delayed Draw, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 588,205 | |||||||||||||||||||||
6,366 | Verscend Technologies, Tern Loan B | 5.489% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | 6,047,766 | |||||||||||||||||||||
7,841 | Total Consumer Finance | 7,338,391 | ||||||||||||||||||||||||||
Containers & Packaging – 0.9% | ||||||||||||||||||||||||||||
1,323 | Berry Global, Inc., Term Loan W | 2.863% | 1-Month LIBOR | 2.000% | 10/01/22 | BBB– | 1,276,492 | |||||||||||||||||||||
1,672 | Berry Global, Inc., Term Loan X, (DD1) | 2.863% | 1-Month LIBOR | 2.000% | 1/19/24 | BBB– | 1,581,828 | |||||||||||||||||||||
4,172 | Berry Global, Inc., Term Loan Y | 2.863% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | 3,987,735 | |||||||||||||||||||||
499 | Kloeckner Pentaplast of America Inc., Dollar Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B– | 353,124 | |||||||||||||||||||||
7,666 | Total Containers & Packaging | 7,199,179 | ||||||||||||||||||||||||||
Distributors – 0.0% | ||||||||||||||||||||||||||||
336 | Insurance Auto Actions Inc., Term Loan | 3.250% | 1-Month LIBOR | 2.250% | 6/28/26 | BB+ | 322,403 | |||||||||||||||||||||
Diversified Consumer Services – 1.2% | ||||||||||||||||||||||||||||
12,216 | Cengage Learning Acquisitions, Inc., Term Loan B | 5.250% | 1-Month LIBOR | 4.250% | 6/07/23 | B | 10,016,931 | |||||||||||||||||||||
163 | Education Management LLC, Elevated Term Loan B, (5) | 7.612% | 6-Month LIBOR | 5.500% | 7/02/20 | N/R | 2,045 | |||||||||||||||||||||
12,379 | Total Diversified Consumer Services | 10,018,976 | ||||||||||||||||||||||||||
Diversified Financial Services – 0.8% | ||||||||||||||||||||||||||||
995 | Blackstone CQP, Term Loan | 4.616% | 3-Month LIBOR | 3.500% | 9/30/24 | B+ | 794,502 | |||||||||||||||||||||
1,250 | Inmarsat Finance, Term Loan, First Lien | 5.490% | 1-Month LIBOR | 4.500% | 12/11/26 | B+ | 1,007,812 | |||||||||||||||||||||
3,418 | Ditech Holding Corporation., Term Loan B, First Lien, (5) | 0.000% | N/A | N/A | 6/30/22 | D | 1,352,290 | |||||||||||||||||||||
2,252 | Lions Gate Entertainment Corp., Term Loan B, (DD1) | 3.239% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 2,055,061 | |||||||||||||||||||||
1,692 | Travelport LLC, Term Loan B | 6.072% | 6-Month LIBOR | 5.000% | 5/29/26 | B | 1,109,951 | |||||||||||||||||||||
9,607 | Total Diversified Financial Services | 6,319,616 | ||||||||||||||||||||||||||
Diversified Telecommunication Services – 3.3% | ||||||||||||||||||||||||||||
11,106 | CenturyLink, Inc., Term Loan B | 3.239% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 10,433,094 | |||||||||||||||||||||
2,494 | Frontier Communications Corporation, Term Loan B | 5.350% | 6-Month LIBOR | 3.750% | 6/15/24 | B3 | 2,383,551 | |||||||||||||||||||||
1,299 | Intelsat Jackson Holdings, S.A., Term Loan B5 | 6.625% | N/A | N/A | 1/02/24 | B1 | 1,219,262 | |||||||||||||||||||||
1,765 | Lumos Networks, Term Loan B, (DD1) | 4.000% | 1-Month LIBOR | 3.000% | 11/17/24 | B | 1,581,257 | |||||||||||||||||||||
11,169 | Numericable Group S.A., Term Loan B13 | 4.705% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 10,694,126 | |||||||||||||||||||||
1,790 | Windstream Corporation, Term Loan, (5), (DD1) | 6.250% | Prime | 3.000% | 4/24/20 | D | 1,109,800 | |||||||||||||||||||||
29,623 | Total Diversified Telecommunication Services |
| 27,421,090 | |||||||||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||||||||||
1,136 | ExGen Renewables, Term Loan | 4.620% | 3-Month LIBOR | 3.000% | 11/28/24 | B | 1,030,587 |
33
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Electric Utilities(continued) | ||||||||||||||||||||||||||||
$ | 761 | Vistra Operations Co., Term Loan B3, (DD1) | 2.550% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | $ | 727,494 | |||||||||||||||||||
1,897 | Total Electric Utilities | 1,758,081 | ||||||||||||||||||||||||||
Electrical Equipment – 0.6% | ||||||||||||||||||||||||||||
4,150 | Avolon LLC, Term Loan B4 | 2.273% | 1-Month LIBOR | 1.500% | 2/12/27 | Baa2 | 3,602,520 | |||||||||||||||||||||
1,800 | Vertiv Co., Term Loan B | 4.581% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 1,566,000 | |||||||||||||||||||||
5,950 | Total Electrical Equipment | 5,168,520 | ||||||||||||||||||||||||||
Electronic Equipment, Instruments & Components – 0.3% | ||||||||||||||||||||||||||||
1,920 | TTM Technologies, Inc., Term Loan B | 4.081% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | 1,805,144 | |||||||||||||||||||||
607 | MTS Systems, Term Loan B | 4.240% | 1-Month LIBOR | 3.250% | 7/05/23 | Ba2 | 560,926 | |||||||||||||||||||||
2,527 | Total Electronic Equipment, Instruments & Components |
| 2,366,070 | |||||||||||||||||||||||||
Energy Equipment & Services – 0.1% | ||||||||||||||||||||||||||||
1,197 | PetroleumGEO-Services ASA/PGS Finance, Inc., Term Loan B | 8.460% | 3-Month LIBOR | 7.000% | 3/19/24 | B2 | 815,953 | |||||||||||||||||||||
Entertainment – 0.2% | ||||||||||||||||||||||||||||
1,970 | AMC Entertainment, Inc., Term Loan B | 4.080% | 6-Month LIBOR | 3.000% | 4/22/26 | BB– | 1,466,717 | |||||||||||||||||||||
Equity Real Estate Investment Trust – 0.7% | ||||||||||||||||||||||||||||
6,097 | Realogy Group LLC, Term Loan A | 3.831% | 1-Month LIBOR | 2.250% | 2/08/23 | BB | 5,609,477 | |||||||||||||||||||||
Food & Staples Retailing – 1.0% | ||||||||||||||||||||||||||||
1,728 | BellRing Brands, Term Loan, First Lien | 6.000% | 1-Month LIBOR | 5.000% | 10/21/24 | B+ | 1,628,758 | |||||||||||||||||||||
1,771 | C.H. Guenther, Term Loan, First Lien | 3.739% | 1-Month LIBOR | 2.750% | 3/31/25 | B | 1,602,321 | |||||||||||||||||||||
2,097 | Hearthside Group Holdings LLC, Term Loan B | 4.677% | 1-Month LIBOR | 3.688% | 5/23/25 | B | 1,779,396 | |||||||||||||||||||||
3,087 | US Foods, Inc., New Term Loan | 2.739% | 1-Month LIBOR | 1.750% | 6/27/23 | BB | 2,891,048 | |||||||||||||||||||||
8,683 | Total Food & Staples Retailing | 7,901,523 | ||||||||||||||||||||||||||
Health Care Equipment & Supplies – 0.8% | ||||||||||||||||||||||||||||
2,974 | Agiliti Health, Inc., Delay Draw Facility | 4.625% | 1-Month LIBOR | 3.000% | 1/04/26 | B+ | 2,869,659 | |||||||||||||||||||||
501 | Carestream Dental Equipment, Inc., Initial Term Loan, First Lien | 4.322% | 6-Month LIBOR | 3.250% | 9/01/24 | B | 414,932 | |||||||||||||||||||||
1,242 | MedPlast, Term Loan, First Lien | 5.200% | 3-Month LIBOR | 3.750% | 7/02/25 | B– | 1,095,277 | |||||||||||||||||||||
2,865 | Vyaire Medical, Inc., Term Loan B | 6.659% | 3-Month LIBOR | 4.750% | 4/16/25 | B3 | 2,069,616 | |||||||||||||||||||||
7,582 | Total Health Care Equipment & Supplies | 6,449,484 | ||||||||||||||||||||||||||
Health Care Providers & Services – 5.6% | ||||||||||||||||||||||||||||
2,431 | Acadia Healthcare, Inc., Term Loan B3 | 3.500% | 1-Month LIBOR | 2.500% | 2/11/22 | Ba2 | 2,254,534 | |||||||||||||||||||||
4,169 | Air Medical Group Holdings, Inc., Term Loan B | 4.932% | 2-Month LIBOR | 3.250% | 4/28/22 | B1 | 3,898,052 | |||||||||||||||||||||
549 | Air Methods, Term Loan, First Lien | 4.950% | 3-Month LIBOR | 3.500% | 4/22/24 | B | 392,177 | |||||||||||||||||||||
1,218 | Albany Molecular Research, Inc., Initial Term Loan, First Lien, (DD1) | 4.250% | 1-Month LIBOR | 3.250% | 8/30/24 | B2 | 1,071,629 | |||||||||||||||||||||
3,831 | Ardent Health, Term Loan, First Lien | 5.500% | 1-Month LIBOR | 4.500% | 6/30/25 | B1 | 3,422,022 | |||||||||||||||||||||
1,387 | Jordan Health, Initial Term Loan, First Lien | 6.615% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 822,388 | |||||||||||||||||||||
1,239 | Catalent Pharma Solutions, Inc., Dollar Term Loan B2 | 3.250% | 1-Month LIBOR | 2.250% | 5/18/26 | BB | 1,208,386 | |||||||||||||||||||||
474 | Civitas Solutions, Term Loan B | 4.989% | 1-Month LIBOR | 4.000% | 3/09/26 | B | 430,625 |
34
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Health Care Providers & Services(continued) | ||||||||||||||||||||||||||||
$ | 26 | Civitas Solutions, Term Loan C | 5.460% | 3-Month LIBOR | 4.000% | 3/09/26 | B | $ | 23,958 | |||||||||||||||||||
2,057 | DaVita, Inc., Term Loan B | 2.739% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB– | 1,969,958 | |||||||||||||||||||||
4,476 | Envision Healthcare Corporation, Initial Term Loan, (DD1) | 4.739% | 1-Month LIBOR | 3.750% | 10/10/25 | B | 2,398,640 | |||||||||||||||||||||
1,378 | EyeCare Partners, LLC, Term Loan, First Lien | 4.822% | 6-Month LIBOR | 3.750% | 2/18/27 | B | 1,132,565 | |||||||||||||||||||||
322 | EyeCare Partners, LLC, Delayed Draw, Term Loan, (6) | 3.750% | N/A | 3.750% | 2/18/27 | B | 264,265 | |||||||||||||||||||||
8,401 | Kindred at Home Hospice, Term Loan B, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 7,939,075 | |||||||||||||||||||||
3,783 | HCA, Inc., Term Loan B12 | 2.739% | 1-Month LIBOR | 1.750% | 3/13/25 | BBB– | 3,625,214 | |||||||||||||||||||||
4,299 | Lifepoint Health, Inc., New Term Loan B | 4.739% | 1-Month LIBOR | 3.750% | 11/16/25 | B+ | 4,013,756 | |||||||||||||||||||||
226 | Millennium Laboratories, Inc., Term Loan B, First Lien, (5) | 7.500% | 1-Month LIBOR | 6.500% | 12/21/20 | Caa3 | 85,000 | |||||||||||||||||||||
988 | InnovaCare, Initial Term Loan | 6.750% | 1-Month LIBOR | 5.750% | 12/24/26 | B+ | 923,313 | |||||||||||||||||||||
1,370 | Pharmaceutical Product Development, Inc., Term Loan B | 3.500% | 1-Month LIBOR | 2.500% | 8/18/22 | Ba2 | 1,319,205 | |||||||||||||||||||||
3,346 | Brightspring Health, Term Loan B | 4.113% | 1-Month LIBOR | 3.250% | 3/05/26 | B1 | 3,053,101 | |||||||||||||||||||||
252 | Quorum Health Corp., Term Loan B | 8.527% | 3-Month LIBOR | 6.750% | 4/29/22 | Caa1 | 211,707 | |||||||||||||||||||||
3,886 | Select Medical Corporation, Term Loan B | 3.430% | 1-Month LIBOR | 2.500% | 3/06/25 | Ba2 | 3,711,144 | |||||||||||||||||||||
1,937 | Team Health, Inc., Initial Term Loan | 3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B+ | 1,249,682 | |||||||||||||||||||||
593 | Universal Health Services, Inc., Term Loan B | 2.739% | 1-Month LIBOR | 1.750% | 10/31/25 | BBB– | 569,758 | |||||||||||||||||||||
52,638 | Total Health Care Providers & Services |
| 45,990,154 | |||||||||||||||||||||||||
Health Care Technology – 1.4% | ||||||||||||||||||||||||||||
5,963 | Emdeon, Inc., Term Loan | 3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 5,694,850 | |||||||||||||||||||||
1,546 | Onex Carestream Finance LP, Term Loan, First Lien | 7.322% | 6-Month LIBOR | 6.250% | 2/28/21 | B1 | 1,424,171 | |||||||||||||||||||||
1,721 | Onex Carestream Finance LP, Term Loan, Second Lien (cash 10.572%, PIK 1.000%) | 11.572% | 6-Month LIBOR | 10.500% | 6/07/21 | CCC+ | 1,484,259 | |||||||||||||||||||||
2,993 | Zelis, Term Loan B | 5.739% | �� | 1-Month LIBOR | 4.750% | 9/30/26 | B | 2,783,025 | ||||||||||||||||||||
12,223 | Total Health Care Technology | 11,386,305 | ||||||||||||||||||||||||||
Hotels, Restaurants & Leisure – 8.5% | ||||||||||||||||||||||||||||
9,316 | Burger King Corporation, Term Loan B4, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 8,640,111 | |||||||||||||||||||||
1,383 | 24 Hour Fitness Worldwide, Inc., Term Loan B | 4.950% | 3-Month LIBOR | 3.500% | 5/30/25 | B– | 326,571 | |||||||||||||||||||||
2,495 | Boyd Gaming Corporation, Refinancing Term Loan B | 2.934% | 1-Week LIBOR | 2.250% | 9/15/23 | BB | 2,187,148 | |||||||||||||||||||||
9,003 | Caesars Entertainment Operating Company, Inc., Term Loan B, (DD1) | 2.989% | 1-Month LIBOR | 2.000% | 10/06/24 | BB | 7,427,528 | |||||||||||||||||||||
8,906 | Caesars Resort Collection, Term Loan, First Lien | 3.739% | 1-Month LIBOR | 2.750% | 12/23/24 | BB | 7,303,259 | |||||||||||||||||||||
249 | Churchill Downs Incorporated, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BBB– | 223,387 | |||||||||||||||||||||
8,045 | CityCenter Holdings LLC, Term Loan B | 3.239% | 1-Month LIBOR | 2.250% | 4/18/24 | BB– | 7,103,584 | |||||||||||||||||||||
1,934 | ClubCorp Operations, Inc., Term Loan B, (DD1) | 4.200% | 3-Month LIBOR | 2.750% | 9/18/24 | B2 | 1,238,737 | |||||||||||||||||||||
2,250 | Equinox Holdings, Inc., Initial Term Loan, Second Lien | 8.072% | 6-Month LIBOR | 7.000% | 9/06/25 | Caa1 | 1,591,875 | |||||||||||||||||||||
2,451 | Equinox Holdings, Inc., Term Loan B1 | 4.072% | 6-Month LIBOR | 3.000% | 3/08/24 | B1 | 1,820,269 | |||||||||||||||||||||
2,358 | Four Seasons Holdings, Inc., Term Loan B | 2.989% | 1-Month LIBOR | 2.000% | 11/30/23 | BB+ | 2,156,936 | |||||||||||||||||||||
675 | Hilton Hotels, Term Loan B2 | 2.697% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 643,303 | |||||||||||||||||||||
3,439 | Alterra Mountain Company, Term Loan B, First Lien | 3.750% | 1-Month LIBOR | 2.750% | 7/31/24 | B1 | 3,147,113 | |||||||||||||||||||||
8,973 | Life Time Fitness, Inc., Term Loan B, (DD1) | 4.363% | 3-Month LIBOR | 2.750% | 6/10/22 | B+ | 6,751,849 |
35
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Hotels, Restaurants & Leisure(continued) | ||||||||||||||||||||||||||||
$ | 5,086 | Scientific Games Corp., Initial Term Loan B5 | 3.739% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | $ | 4,127,832 | |||||||||||||||||||
1,287 | Seaworld Parks and Entertainment, Inc., Term Loan B5, (WI/DD) | TBD | TBD | TBD | TBD | B2 | 1,073,583 | |||||||||||||||||||||
9,563 | Stars Group Holdings, Term Loan B, (DD1) | 4.950% | 3-Month LIBOR | 3.500% | 7/10/25 | B+ | 9,216,584 | |||||||||||||||||||||
1,562 | Station Casinos LLC, Term Loan B, (DD1) | 3.240% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 1,355,423 | |||||||||||||||||||||
2,959 | Wyndham International, Inc., Term Loan B, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 5/30/25 | BBB– | 2,633,301 | |||||||||||||||||||||
81,934 | Total Hotels, Restaurants & Leisure | 68,968,393 | ||||||||||||||||||||||||||
Household Durables – 0.0% | ||||||||||||||||||||||||||||
249 | Apex Tool Group LLC, Third Amendment Term Loan | 6.750% | 1-Month LIBOR | 5.500% | 8/01/24 | B– | 194,697 | |||||||||||||||||||||
417 | Serta Simmons Holdings LLC, Term Loan, First Lien | 4.500% | 1-Month LIBOR | 3.500% | 11/08/23 | CCC | 175,758 | |||||||||||||||||||||
666 | Total Household Durables | 370,455 | ||||||||||||||||||||||||||
Household Products – 1.5% | ||||||||||||||||||||||||||||
392 | Energizer Holdings, Term Loan B | 3.875% | 1-Month LIBOR | 2.250% | 12/17/25 | BB+ | 370,322 | |||||||||||||||||||||
4,455 | KIK Custom Products Inc., Term Loan B2, (DD1) | 5.000% | 1-Month LIBOR | 4.000% | 5/15/23 | B3 | 4,029,926 | |||||||||||||||||||||
8,045 | Reynolds Group Holdings, Inc., Term Loan, First Lien, (DD1) | 3.739% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 7,662,930 | |||||||||||||||||||||
12,892 | Total Household Products | 12,063,178 | ||||||||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.4% | ||||||||||||||||||||||||||||
675 | Calpine Corporation, Term Loan B10 | 2.989% | 1-Month LIBOR | 2.000% | 8/12/26 | BB+ | 644,224 | |||||||||||||||||||||
2,837 | Calpine Corporation, Term Loan B5 | 3.240% | 1-Month LIBOR | 2.250% | 1/15/24 | BB+ | 2,742,185 | |||||||||||||||||||||
3,512 | Total Independent Power & Renewable Electricity Producers |
| 3,386,409 | |||||||||||||||||||||||||
Industrial Conglomerates – 0.3% | ||||||||||||||||||||||||||||
2,658 | Emerald Expositions Holding, Inc., Term Loan B | 3.739% | 1-Month LIBOR | 2.750% | 5/22/24 | B+ | 2,081,953 | |||||||||||||||||||||
Insurance – 2.0% | ||||||||||||||||||||||||||||
2,933 | Acrisure LLC, Term Loan B | 5.207% | 3-Month LIBOR | 3.500% | 2/15/27 | B | 2,625,266 | |||||||||||||||||||||
2,137 | Alliant Holdings I LLC, Term Loan B | 3.989% | 1-Month LIBOR | 3.000% | 5/09/25 | B | 1,959,877 | |||||||||||||||||||||
3,250 | Asurion LLC, Term Loan B6 | 3.989% | 1-Month LIBOR | 3.000% | 11/03/23 | Ba3 | 3,135,799 | |||||||||||||||||||||
4,187 | Hub International Holdings, Inc., Term Loan B | 4.551% | 2-Month LIBOR | 2.750% | 4/25/25 | B | 3,944,374 | |||||||||||||||||||||
4,433 | USI Holdings Corporation, NewTerm Loan | 3.989% | 3-Month LIBOR | 3.000% | 5/16/24 | B | 4,089,114 | |||||||||||||||||||||
994 | USI Holdings Corporation, Incremental Term Loan B, (DD1) | 4.989% | 1-Month LIBOR | 4.000% | 12/02/26 | B | 906,414 | |||||||||||||||||||||
17,934 | Total Insurance |
| 16,660,844 | |||||||||||||||||||||||||
Interactive Media & Services – 0.6% | ||||||||||||||||||||||||||||
5,928 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien, (DD1) | 4.763% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 5,232,722 | |||||||||||||||||||||
Internet Software & Services – 0.4% | ||||||||||||||||||||||||||||
1,784 | Ancestry.com, Inc., Term Loan, First Lien | 4.750% | 1-Month LIBOR | 3.750% | 10/19/23 | B | 1,560,823 | |||||||||||||||||||||
1,341 | Dynatrace LLC, Term Loan, First Lien | 3.239% | 1-Month LIBOR | 2.250% | 8/23/25 | B1 | 1,273,408 | |||||||||||||||||||||
3,497 | SkillSoft Corporation, Term Loan, Second Lien | 10.027% | 3-Month LIBOR | 8.250% | 4/28/22 | C | 632,032 | |||||||||||||||||||||
6,622 | Total Internet Software & Services |
| 3,466,263 |
36
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
IT Services – 1.4% | ||||||||||||||||||||||||||||
$ | 1,251 | DTI Holdings, Inc., Replacement Term Loan B1 | 6.527% | 3-Month LIBOR | 4.750% | 9/30/23 | CCC+ | $ | 900,658 | |||||||||||||||||||
1,336 | KBR, Inc., New Term Loan B, (DD1) | 3.739% | 1-Month LIBOR | 2.750% | 2/05/27 | BB– | 1,198,380 | |||||||||||||||||||||
1,521 | Neustar, Inc., Term Loan, Second Lien | 9.072% | 3-Month LIBOR | 8.000% | 8/08/25 | Caa1 | 749,445 | |||||||||||||||||||||
1,734 | Neustar, Inc., Term Loan B4, First Lien | 4.572% | 6-Month LIBOR | 3.500% | 8/08/24 | B+ | 1,345,401 | |||||||||||||||||||||
2,403 | Sabre, Inc., Term Loan B | 2.989% | 1-Month LIBOR | 2.000% | 2/22/24 | BB– | 2,045,544 | |||||||||||||||||||||
1,000 | Syniverse Holdings, Inc., Initial Term Loan, Second Lien | 10.873% | 6-Month LIBOR | 9.000% | 3/11/24 | CCC | 416,250 | |||||||||||||||||||||
1,556 | Syniverse Holdings, Inc., Term Loan C | 6.873% | 6-Month LIBOR | 5.000% | 3/09/23 | B2 | 1,029,823 | |||||||||||||||||||||
2,523 | Tempo Acquisition LLC, Term Loan B | 3.739% | 1-Month LIBOR | 2.750% | 5/01/24 | B1 | 2,290,985 | |||||||||||||||||||||
598 | West Corporation, Term Loan B | 5.450% | 3-Month LIBOR | 4.000% | 10/10/24 | BB– | 454,538 | |||||||||||||||||||||
1,587 | WEX, Inc., Term Loan B3 | 3.239% | 1-Month LIBOR | 2.250% | 5/15/26 | Ba2 | 1,395,397 | |||||||||||||||||||||
15,509 | Total IT Services | 11,826,421 | ||||||||||||||||||||||||||
Life Sciences Tools & Services – 0.5% | ||||||||||||||||||||||||||||
4,906 | Parexel International Corp., Term Loan B, (DD1) | 3.739% | 1-Month LIBOR | 2.750% | 9/27/24 | B2 | 4,237,421 | |||||||||||||||||||||
Machinery – 1.4% | ||||||||||||||||||||||||||||
1,348 | Columbus McKinnon Corporation, Term Loan B | 3.950% | 3-Month LIBOR | 2.500% | 1/31/24 | Ba2 | 1,219,721 | |||||||||||||||||||||
2,459 | Gardner Denver, Inc., Extended Term Loan B, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 3/01/27 | BB+ | 2,326,909 | |||||||||||||||||||||
2,674 | Gates Global LLC, Term Loan B | 3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 2,356,389 | |||||||||||||||||||||
1,650 | Gardner Denver, Inc., Spinco Term Loan | 2.739% | 1-Month LIBOR | 1.750% | 3/01/27 | BB+ | 1,561,313 | |||||||||||||||||||||
1,171 | NN, Inc., Term Loan | 6.739% | 1-Month LIBOR | 5.750% | 10/19/22 | B | 875,096 | |||||||||||||||||||||
1,000 | Sundyne, Term Loan, First Lien | 5.250% | 3-Month LIBOR | 4.250% | 3/17/27 | B | 870,000 | |||||||||||||||||||||
2,920 | TNT Crane and Rigging Inc., Initial Term Loan, First Lien, (5) | 5.950% | 3-Month LIBOR | 4.500% | 11/27/20 | Caa1 | 2,189,873 | |||||||||||||||||||||
1,325 | TNT Crane and Rigging, Inc., Term Loan, Second Lien, (5) | 10.450% | 3-Month LIBOR | 9.000% | 11/26/21 | Caa3 | 430,625 | |||||||||||||||||||||
14,547 | Total Machinery | 11,829,926 | ||||||||||||||||||||||||||
Marine – 0.3% | ||||||||||||||||||||||||||||
14 | American Commercial Lines LLC, Term Loan B, First Lien, (5) | 11.000% | Prime | 7.750% | 11/12/20 | N/R | 4,539 | |||||||||||||||||||||
908 | American Commercial Lines LLC, Term Loan B, First Lien, (5) | 10.527% | 3-Month LIBOR | 8.750% | 11/12/20 | N/R | 295,036 | |||||||||||||||||||||
43 | American Commercial Lines LLC, DIP Term Loan | 9.000% | 1-Month LIBOR | 7.000% | 2/03/27 | N/R | 41,900 | |||||||||||||||||||||
4,207 | Harvey Gulf International Marine, Inc., Exit Term Loan | 7.713% | 3-Month LIBOR | 6.000% | 7/02/23 | B | 2,443,149 | |||||||||||||||||||||
5,172 | Total Marine | 2,784,624 | ||||||||||||||||||||||||||
Media – 13.1% | ||||||||||||||||||||||||||||
6,900 | Cineworld Group PLC, Incremental Term Loan, First Lien, (WI/DD) | TBD | TBD | TBD | TBD | B | 4,692,000 | |||||||||||||||||||||
274 | Advantage Sales & Marketing, Inc., Term Loan B2, First Lien | 4.700% | 3-Month LIBOR | 3.250% | 7/23/21 | B2 | 223,720 | |||||||||||||||||||||
1,900 | Advantage Sales & Marketing, Inc., Term Loan, First Lien | 4.700% | 3-Month LIBOR | 3.250% | 7/23/21 | B2 | 1,538,655 | |||||||||||||||||||||
1,844 | Affinion Group Holdings, Inc., Consenting Term Loan, (cash 3.250%, PIK 1.750%) | 5.000% | 1-Month LIBOR | 4.000% | 4/10/24 | N/R | 1,355,703 | |||||||||||||||||||||
2,322 | Cable One, Inc., Term Loan B | 2.740% | 1-Month LIBOR | 1.750% | 5/01/24 | Ba3 | 2,275,325 | |||||||||||||||||||||
8,525 | Cequel Communications LLC, Term Loan B | 2.862% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 8,226,316 | |||||||||||||||||||||
6,467 | Charter Communications Operating Holdings LLC, Term Loan B2 | 2.740% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB– | 6,240,863 |
37
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Media(continued) | ||||||||||||||||||||||||||||
$ | 313 | Catalina Marketing Corporation, First Out Term Loan | 8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | B2 | $ | 187,924 | |||||||||||||||||||
426 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) | 2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | Caa2 | 161,827 | |||||||||||||||||||||
960 | Cineworld Group PLC, Term Loan B, (DD1) | 3.322% | 6-Month LIBOR | 2.250% | 2/28/25 | B | 671,797 | |||||||||||||||||||||
11,256 | Clear Channel Outdoor Holdings, Inc., Term Loan B | 4.489% | 1-Month LIBOR | 3.500% | 8/21/26 | B+ | 9,567,974 | |||||||||||||||||||||
2,865 | CSC Holdings, LLC, Term Loan B5 | 3.112% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 2,774,772 | |||||||||||||||||||||
1,749 | CSC Holdings LLC, Refinancing Term Loan | 2.862% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 1,681,836 | |||||||||||||||||||||
2,489 | Cumulus Media, Inc., Term Loan B, (DD1) | 4.822% | 6-Month LIBOR | 3.750% | 3/31/26 | B | 2,030,930 | |||||||||||||||||||||
2,834 | CBS Radio, Inc., Term Loan B2 | 3.489% | 1-Month LIBOR | 2.500% | 11/18/24 | BB | 2,592,860 | |||||||||||||||||||||
995 | Gray Television, Inc., Term Loan B2 | 3.765% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 942,338 | |||||||||||||||||||||
1,007 | Gray Television, Inc., Term Loan C | 4.015% | 1-Month LIBOR | 2.500% | 1/02/26 | BB+ | 947,738 | |||||||||||||||||||||
1,728 | Houghton Mifflin Harcourt, Term Loan | 7.239% | 3-Month LIBOR | 6.250% | 11/22/24 | B | 1,546,672 | |||||||||||||||||||||
14,376 | iHeartCommunications Inc., Term Loan B, (DD1) | 3.989% | 1-Month LIBOR | 3.000% | 5/01/26 | BB– | 12,242,403 | |||||||||||||||||||||
1,832 | IMG Worldwide, Inc., Term Loan B | 4.370% | 3-Month LIBOR | 2.750% | 5/18/25 | B | 1,470,256 | |||||||||||||||||||||
9,442 | Intelsat Jackson Holdings, S.A., Term Loan B | 5.682% | 3-Month LIBOR | 3.750% | 11/27/23 | B1 | 8,751,335 | |||||||||||||||||||||
473 | Lamar Media Corp., Term Loan B | 2.516% | 1-Month LIBOR | 1.500% | 2/05/27 | BBB– | 454,981 | |||||||||||||||||||||
2,169 | LCPR Loan Financing LLC, Term Loan B, (DD1) | 5.705% | 1-Month LIBOR | 5.000% | 10/15/26 | BB– | 2,011,902 | |||||||||||||||||||||
6,551 | McGraw-Hill Education Holdings LLC, Term Loan B | 5.450% | 3-Month LIBOR | 4.000% | 5/04/22 | BB+ | 5,437,303 | |||||||||||||||||||||
1,021 | Mediacom Broadband LLC, Term Loan N | 2.370% | 1-Week LIBOR | 1.750% | 2/15/24 | BBB– | 989,912 | |||||||||||||||||||||
1,106 | Meredith Corporation, Term Loan B2 | 3.489% | 1-Month LIBOR | 2.500% | 1/31/25 | BB | 989,937 | |||||||||||||||||||||
2,366 | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien | 3.490% | 1-Month LIBOR | 2.500% | 7/03/25 | BB | 2,141,699 | |||||||||||||||||||||
4,750 | Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien | 5.500% | 1-Month LIBOR | 4.500% | 7/03/26 | B– | 4,132,500 | |||||||||||||||||||||
2,711 | NAI Entertainment Holdings, Term Loan B | 3.500% | 1-Month LIBOR | 2.500% | 5/08/25 | B+ | 2,135,142 | |||||||||||||||||||||
2,306 | Nexstar Broadcasting, Inc., Term Loan B, (DD1) | 4.331% | 1-Month LIBOR | 2.750% | 9/18/26 | BB | 2,174,995 | |||||||||||||||||||||
1,627 | Nexstar Broadcasting, Inc., Term Loan B3, (DD1) | 3.831% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 1,537,157 | |||||||||||||||||||||
6,339 | Nexstar Broadcasting, Inc., Term Loan B3, (DD1) | 3.191% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 5,990,508 | |||||||||||||||||||||
1,792 | Sinclair Television Group, Term Loan B2 | 3.210% | 1-Month LIBOR | 2.500% | 9/30/26 | BB+ | 1,711,119 | |||||||||||||||||||||
5,407 | Sinclair Television Group, Term Loan B2, (DD1) | 3.240% | 1-Month LIBOR | 2.250% | 1/03/24 | BB+ | 5,217,369 | |||||||||||||||||||||
70 | Cox Media/Terrier Media, Term Loan, First Lien | 5.700% | 3-Month LIBOR | 4.250% | 12/17/26 | BB– | 63,366 | |||||||||||||||||||||
2,402 | Ziggo B.V., Term Loan, (DD1) | 3.205% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 2,293,979 | |||||||||||||||||||||
121,594 | Total Media | 107,405,113 | ||||||||||||||||||||||||||
Multiline Retail – 0.4% | ||||||||||||||||||||||||||||
1,015 | Belk, Inc., Term Loan, First Lien | 7.750% | 6-Month LIBOR | 6.750% | 7/31/25 | B2 | 579,282 | |||||||||||||||||||||
3,311 | EG America LLC, Term Loan, First Lien, (DD1) | 5.072% | 6-Month LIBOR | 4.000% | 2/07/25 | B | 2,463,591 | |||||||||||||||||||||
4,326 | Total Multiline Retail | 3,042,873 | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 1.7% | ||||||||||||||||||||||||||||
658 | BCP Renaissance Parent, Term Loan B | 4.950% | 3-Month LIBOR | 3.500% | 10/31/24 | BB– | 338,609 | |||||||||||||||||||||
3,100 | Buckeye Partners, Term Loan, First Lien | 4.265% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 2,869,050 | |||||||||||||||||||||
869 | California Resources Corporation, Term Loan | 11.988% | 3-Month LIBOR | 10.375% | 12/31/21 | B | 63,314 | |||||||||||||||||||||
7,809 | California Resources Corporation, Term Loan B | 6.363% | 3-Month LIBOR | 4.750% | 12/31/22 | B | 2,082,407 |
38
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Oil, Gas & Consumable Fuels(continued) | ||||||||||||||||||||||||||||
$ | 2,540 | Delek US Holdings, Inc., Initial Loan, (DD1) | 3.239% | 1-Month LIBOR | 2.250% | 3/31/25 | BB+ | $ | 1,988,898 | |||||||||||||||||||
12,578 | Fieldwood Energy LLC, Exit Term Loan | 7.027% | 3-Month LIBOR | 5.250% | 4/11/22 | BB– | 4,480,917 | |||||||||||||||||||||
5,342 | Fieldwood Energy LLC, Exit Term Loan, Second Lien | 9.027% | 3-Month LIBOR | 7.250% | 4/11/23 | B+ | 544,916 | |||||||||||||||||||||
2,339 | Gulf Finance, LLC, Term Loan B | 6.710% | 3-Month LIBOR | 5.250% | 8/25/23 | CCC+ | 1,218,587 | |||||||||||||||||||||
1,135 | Peabody Energy Corporation, Term Loan B | 3.739% | 1-Month LIBOR | 2.750% | 3/31/25 | BB– | 600,159 | |||||||||||||||||||||
36,370 | Total Oil, Gas & Consumable Fuels | 14,186,857 | ||||||||||||||||||||||||||
Personal Products – 0.7% | ||||||||||||||||||||||||||||
4,541 | Coty, Inc., Term Loan A | 2.505% | 1-Month LIBOR | 1.500% | 4/05/23 | Ba3 | 3,610,496 | |||||||||||||||||||||
263 | Coty, Inc., Term Loan B | 3.255% | 1-Month LIBOR | 2.250% | 4/07/25 | Ba3 | 214,414 | |||||||||||||||||||||
3,990 | Revlon Consumer Products Corporation, Term Loan B, First Lien | 5.113% | 3-Month LIBOR | 3.500% | 9/07/23 | B3 | 1,597,252 | |||||||||||||||||||||
8,794 | Total Personal Products | 5,422,162 | ||||||||||||||||||||||||||
Pharmaceuticals – 2.6% | ||||||||||||||||||||||||||||
1,326 | Akorn, Term Loan, First Lien, (cash 10.125%, PIK 0.750%) | 10.200% | 1-Month LIBOR | 9.250% | 4/16/21 | CCC– | 1,031,906 | |||||||||||||||||||||
1,000 | Alphabet Holding Company, Inc., Initial Term Loan, Second Lien | 8.739% | 1-Month LIBOR | 7.750% | 9/26/25 | CCC | 743,000 | |||||||||||||||||||||
3,184 | Alphabet Holding Company, Inc., Initial Term Loan, First Lien | 4.489% | 1-Month LIBOR | 3.500% | 9/26/24 | B– | 2,573,965 | |||||||||||||||||||||
6,475 | Concordia Healthcare Corp, Exit Term Loan | 6.568% | 6-Month LIBOR | 5.500% | 9/06/24 | B– | 5,596,570 | |||||||||||||||||||||
1,610 | Elanco Animal Health, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | Baa3 | 1,541,575 | |||||||||||||||||||||
997 | Endo Health Solutions, Inc., Term Loan B | 5.250% | 1-Month LIBOR | 4.250% | 4/29/24 | B+ | 902,679 | |||||||||||||||||||||
2,908 | Mallinckrodt International Finance S.A., Term Loan B, First Lien | 4.200% | 3-Month LIBOR | 2.750% | 9/24/24 | B– | 1,991,796 | |||||||||||||||||||||
1,201 | Mallinckrodt International Finance S.A., Term Loan, First Lien | 4.704% | 3-Month LIBOR | 3.000% | 2/24/25 | B– | 824,938 | |||||||||||||||||||||
393 | Prestige Brands, Inc., Term Loan B4, (DD1) | 2.989% | 1-Month LIBOR | 2.000% | 1/26/24 | BB | 368,706 | |||||||||||||||||||||
989 | Valeant Pharmaceuticals International, Inc., Term Loan B, (DD1) | 3.362% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 944,458 | |||||||||||||||||||||
4,816 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien, (DD1) | 3.612% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 4,609,631 | |||||||||||||||||||||
24,899 | Total Pharmaceuticals | 21,129,224 | ||||||||||||||||||||||||||
Professional Services – 1.5% | ||||||||||||||||||||||||||||
709 | On Assignment, Inc., Term Loan B3 | 2.739% | 1-Month LIBOR | 1.750% | 4/02/25 | Ba1 | 661,147 | |||||||||||||||||||||
4,777 | Ceridian HCM Holding, Inc., Term Loan B | 3.489% | 1-Month LIBOR | 2.500% | 4/30/25 | B+ | 4,586,335 | |||||||||||||||||||||
748 | Creative Artists Agency, LLC, Term Loan B | 4.739% | 1-Month LIBOR | 3.750% | 11/27/26 | B+ | 659,846 | |||||||||||||||||||||
1,200 | Dun & Bradstreet Corp.,Term Loan, First Lien | 4.959% | 1-Month LIBOR | 4.000% | 2/08/26 | BB | 1,090,500 | |||||||||||||||||||||
2,118 | Nielsen Finance LLC, Term Loan B4 | 3.005% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 1,979,179 | |||||||||||||||||||||
4,908 | Skillsoft Corporation, Initial Term Loan, First Lien | 6.527% | 3-Month LIBOR | 4.750% | 4/28/21 | Caa2 | 3,239,145 | |||||||||||||||||||||
14,460 | Total Professional Services | 12,216,152 | ||||||||||||||||||||||||||
Real Estate Management & Development – 0.6% | ||||||||||||||||||||||||||||
2,967 | Forest City Enterprises, L.P., New Term Loan B | 4.489% | 1-Month LIBOR | 3.500% | 12/08/25 | B2 | 2,581,714 | |||||||||||||||||||||
3,147 | GGP, Initial Term Loan A2 | 3.239% | 1-Month LIBOR | 2.250% | 8/28/23 | BB+ | 2,202,774 | |||||||||||||||||||||
6,114 | Total Real Estate Management & Development |
| 4,784,488 | |||||||||||||||||||||||||
Road & Rail – 1.0% | ||||||||||||||||||||||||||||
2,404 | Avolon LLC, Term Loan B3 | 2.523% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 2,167,582 |
39
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Road & Rail(continued) | ||||||||||||||||||||||||||||
$ | 2,680 | Fly Funding II S.a r.l., Replacement Term Loan, (DD1) | 3.480% | 3-Month LIBOR | 1.750% | 8/11/25 | BBB– | $ | 2,345,295 | |||||||||||||||||||
3,000 | Genesee & Wyoming Inc., Term Loan, First Lien, (DD1) | 3.450% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 2,895,015 | |||||||||||||||||||||
1,193 | Savage Enterprises LLC, Term Loan B, (DD1) | 4.620% | 1-Month LIBOR | 4.000% | 8/01/25 | BB | 1,056,660 | |||||||||||||||||||||
9,277 | Total Road & Rail | 8,464,552 | ||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 1.3% | ||||||||||||||||||||||||||||
2,167 | Cabot Microelectronics, Term Loan B1 | 3.000% | 1-Month LIBOR | 2.000% | 11/17/25 | BB+ | 2,113,117 | |||||||||||||||||||||
2,858 | Lumileds, Term Loan B, (DD1) | 4.572% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC+ | 1,082,521 | |||||||||||||||||||||
1,417 | MACOM Technology Solutions Holdings Inc., Initial Term Loan | 3.239% | 1-Month LIBOR | 2.250% | 5/17/24 | B– | 1,274,723 | |||||||||||||||||||||
3,350 | Microchip Technology, Inc., Term Loan B | 2.990% | 1-Month LIBOR | 2.000% | 5/29/25 | Baa3 | 3,249,569 | |||||||||||||||||||||
3,499 | ON Semiconductor Corporation, New Replacement Term Loan B4 | 2.989% | 1-Month LIBOR | 2.000% | 9/19/26 | BB | 3,310,884 | |||||||||||||||||||||
13,291 | Total Semiconductors & Semiconductor Equipment |
| 11,030,814 | |||||||||||||||||||||||||
Software – 8.7% | ||||||||||||||||||||||||||||
1,750 | Applied Systems, Inc., Initial Term Loan, First Lien, (DD1) | 4.700% | 3-Month LIBOR | 3.250% | 9/19/24 | B2 | 1,630,594 | |||||||||||||||||||||
2,389 | Blackboard, Inc., Term Loan B5, First Lien | 7.737% | 3-Month LIBOR | 6.000% | 6/30/24 | B | 2,138,153 | |||||||||||||||||||||
2,099 | Thomson Reuters IP & S, Term Loan B | 4.239% | 1-Month LIBOR | 3.250% | 10/31/26 | B | 2,004,330 | |||||||||||||||||||||
1,241 | Ellucian, Term Loan B, First Lien | 4.700% | 3-Month LIBOR | 3.250% | 9/30/22 | B | 1,191,713 | |||||||||||||||||||||
2,793 | Press Ganey Holdings, Inc., Term Loan, First Lien | 4.489% | 1-Month LIBOR | 3.500% | 7/24/26 | B | 2,590,029 | |||||||||||||||||||||
3,321 | Epicor Software Corporation, Term Loan B | 4.250% | 1-Month LIBOR | 3.250% | 6/01/22 | B2 | 3,065,234 | |||||||||||||||||||||
2,227 | Misys, New Term Loan, First Lien | 5.277% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 1,924,898 | |||||||||||||||||||||
2,495 | Greeneden U.S. Holdings II LLC, Term Loan B | 4.239% | 1-Month LIBOR | 3.250% | 12/01/23 | B2 | 2,358,143 | |||||||||||||||||||||
445 | Greenway Health, Term Loan, First Lien | 4.820% | 3-Month LIBOR | 3.750% | 2/16/24 | B– | 284,076 | |||||||||||||||||||||
8,371 | Infor (US), Inc., Term Loan B | 3.750% | 1-Month LIBOR | 2.750% | 2/01/22 | Ba3 | 8,116,149 | |||||||||||||||||||||
5,905 | Informatica LLC, Term Loan, First Lien, (DD1) | 4.239% | 1-Month LIBOR | 3.250% | 2/25/27 | B1 | 5,176,884 | |||||||||||||||||||||
1,750 | Informatica LLC, Term Loan, Second Lien | 7.125% | N/A | N/A | 2/25/25 | CCC+ | 1,575,000 | |||||||||||||||||||||
1,620 | Kronos Incorporated, Term Loan B, (DD1) | 4.763% | 3-Month LIBOR | 3.000% | 11/01/23 | B | 1,492,926 | |||||||||||||||||||||
1,800 | Kronos Incorporated, Term Loan B, Second Lien, (DD1) | 10.013% | 3-Month LIBOR | 8.250% | 11/01/24 | CCC | 1,692,000 | |||||||||||||||||||||
1,613 | McAfee Holdings International, Inc., Term Loan, Second Lien | 9.500% | 1-Month LIBOR | 8.500% | 9/29/25 | B– | 1,531,875 | |||||||||||||||||||||
3,950 | McAfee LLC, Term Loan B | 4.691% | 1-Month LIBOR | 3.750% | 9/30/24 | B | 3,733,000 | |||||||||||||||||||||
1,544 | Micro Focus International PLC, New Term Loan, (DD1) | 3.489% | 1-Month LIBOR | 2.500% | 6/21/24 | BB | 1,396,937 | |||||||||||||||||||||
10,424 | Micro Focus International PLC, Term Loan B, (DD1) | 3.489% | 1-Month LIBOR | 2.500% | 6/21/24 | BB | 9,433,428 | |||||||||||||||||||||
1,584 | Micro Focus International PLC, Term Loan B2 | 3.239% | 1-Month LIBOR | 2.250% | 11/19/21 | BB | 1,508,929 | |||||||||||||||||||||
1,363 | Misys, New Term Loan, Second Lien | 9.027% | 3-Month LIBOR | 7.250% | 6/13/25 | CCC+ | 1,046,835 | |||||||||||||||||||||
2,389 | Perforce Software Inc., Term Loan, First Lien | 4.739% | 1-Month LIBOR | 3.750% | 7/01/26 | B2 | 2,038,616 | |||||||||||||||||||||
2,344 | Quintiles Transnational Corporation, Dollar Term Loan B3 | 3.200% | 3-Month LIBOR | 1.750% | 6/11/25 | BBB– | 2,262,140 | |||||||||||||||||||||
2,421 | RP Crown Parent LLC, Term Loan B | 3.750% | 1-Month LIBOR | 2.750% | 10/12/23 | B1 | 2,324,007 | |||||||||||||||||||||
2,916 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 | 2.739% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 2,755,484 | |||||||||||||||||||||
2,081 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 | 2.739% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 1,966,228 |
40
Principal Amount (000) | Description (1) | Coupon (2) | Reference Rate (2) | Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
Software(continued) | ||||||||||||||||||||||||||||
$ | 6,201 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B5, (DD1) | 2.739% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | $ | 5,865,664 | |||||||||||||||||||
65 | TIBCO Software, Inc., Term Loan, First Lien | 4.740% | 1-Month LIBOR | 3.750% | 6/30/26 | B+ | 61,377 | |||||||||||||||||||||
77,101 | Total Software | 71,164,649 | ||||||||||||||||||||||||||
Specialty Retail – 0.6% | ||||||||||||||||||||||||||||
622 | Academy, Ltd., Term Loan B | 5.581% | 1-Month LIBOR | 4.000% | 7/01/22 | CCC+ | 343,226 | |||||||||||||||||||||
1,380 | Petco Animal Supplies, Inc., Term Loan B1 | 5.027% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 967,391 | |||||||||||||||||||||
3,548 | Petsmart Inc., Term Loan B, First Lien | 5.000% | 6-Month LIBOR | 4.000% | 3/11/22 | B | 3,411,927 | |||||||||||||||||||||
786 | Serta Simmons Holdings LLC, Term Loan, Second Lien | 9.000% | 1-Month LIBOR | 8.000% | 11/08/24 | CC | 186,779 | |||||||||||||||||||||
6,336 | Total Specialty Retail | 4,909,323 | ||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 1.9% | ||||||||||||||||||||||||||||
1,565 | BMC Software, Inc., Term Loan B | 5.239% | 1-Month LIBOR | 4.250% | 10/02/25 | B2 | 1,315,526 | |||||||||||||||||||||
9,098 | Dell International LLC, Refinancing Term Loan B1, (DD1) | 2.990% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 8,742,542 | |||||||||||||||||||||
3,819 | Diebold, Inc., Term Loan A1, (DD1) | 10.250% | 1-Month LIBOR | 9.250% | 8/31/22 | B– | 3,437,256 | |||||||||||||||||||||
1,891 | NCR Corporation, Term Loan B | 3.490% | 1-Month LIBOR | 2.500% | 8/28/26 | BBB– | 1,730,492 | |||||||||||||||||||||
16,373 | Total Technology Hardware, Storage & Peripherals |
| 15,225,816 | |||||||||||||||||||||||||
Trading Companies & Distributors – 0.8% | ||||||||||||||||||||||||||||
1,872 | Utility One Source, Extended Term Loan B | 5.000% | 1-Month LIBOR | 4.250% | 4/18/25 | B+ | 1,614,959 | |||||||||||||||||||||
3,268 | Hayward Industries, Inc., Initial Term Loan, First Lien | 4.489% | 1-Month LIBOR | 3.500% | 8/05/24 | B | 2,614,112 | |||||||||||||||||||||
2,135 | Univar, Inc., Term Loan B | 3.700% | 3-Month LIBOR | 2.250% | 7/01/24 | BB+ | 2,049,663 | |||||||||||||||||||||
7,275 | Total Trading Companies & Distributors | 6,278,734 | ||||||||||||||||||||||||||
Transportation Infrastructure – 0.2% | ||||||||||||||||||||||||||||
1,780 | Atlantic Aviation FBO Inc., Term Loan | 4.740% | 1-Month LIBOR | 3.750% | 12/06/25 | BB | 1,709,274 | |||||||||||||||||||||
Wireless Telecommunication Services – 1.1% | ||||||||||||||||||||||||||||
1,000 | Altice Financing S.A., Term Loan | 3.674% | 1-Month LIBOR | 2.750% | 1/31/26 | B | 920,000 | |||||||||||||||||||||
8,792 | Sprint Corporation, Term Loan, First Lien | 3.500% | 1-Month LIBOR | 2.500% | 2/02/24 | BB+ | 8,758,555 | |||||||||||||||||||||
9,792 | Total Wireless Telecommunication Services |
| 9,678,555 | |||||||||||||||||||||||||
$ | 806,920 | Total Variable Rate Senior Loan Interests (cost $791,234,812) |
| 680,189,939 | ||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
CORPORATE BONDS – 16.0% | ||||||||||||||||||||||||||||
Airlines – 0.1% | ||||||||||||||||||||||||||||
$ | 1,260 | American Airlines Group Inc., 144A | 5.000% | 6/01/22 | B1 | $ | 1,014,300 | |||||||||||||||||||||
Chemicals – 0.1% | ||||||||||||||||||||||||||||
500 | Kraton Polymers LLC / Kraton Polymers Capital Corp, 144A | 7.000% | 4/15/25 | B+ | 442,500 | |||||||||||||||||||||||
Commercial Services & Supplies – 0.8% | ||||||||||||||||||||||||||||
6,450 | ADT Security Corp/The | 6.250% | 10/15/21 | BB– | 6,304,875 |
41
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
Communications Equipment – 0.5% | ||||||||||||||||||||||||||||
$ | 7,010 | Intelsat Jackson Holdings SA | 5.500% | 8/01/23 | CCC+ | $ | 4,311,150 | |||||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||||||||||
1,550 | Verscend Escrow Corp, 144A | 9.750% | 8/15/26 | CCC+ | 1,547,086 | |||||||||||||||||||||||
Diversified Consumer Services – 0.1% | ||||||||||||||||||||||||||||
650 | Kronos Acquisition Holdings Inc., 144A | 9.000% | 8/15/23 | Caa2 | 533,000 | |||||||||||||||||||||||
Diversified Telecommunication Services – 1.2% | ||||||||||||||||||||||||||||
3,900 | CenturyLink Inc. | 5.800% | 3/15/22 | BB | 3,936,348 | |||||||||||||||||||||||
4,000 | CenturyLink Inc. | 6.750% | 12/01/23 | BB | 4,251,200 | |||||||||||||||||||||||
2,000 | Frontier Communications Corp, 144A | 8.000% | 4/01/27 | B3 | 1,972,560 | |||||||||||||||||||||||
9,900 | Total Diversified Telecommunication Services |
| 10,160,108 | |||||||||||||||||||||||||
Electric Utilities – 3.2% | ||||||||||||||||||||||||||||
5,340 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (5) | 6.850% | 6/01/34 | N/R | 20,025 | |||||||||||||||||||||||
1,430 | Pacific Gas & Electric Co, (5) | 2.450% | 8/15/22 | N/R | 1,401,400 | |||||||||||||||||||||||
1,075 | Pacific Gas & Electric Co, (5) | 3.850% | 11/15/23 | N/R | 1,053,500 | |||||||||||||||||||||||
3,080 | Pacific Gas & Electric Co, (5) | 3.300% | 12/01/27 | N/R | 2,941,400 | |||||||||||||||||||||||
9,947 | Pacific Gas & Electric Co, (5) | 6.050% | 3/01/34 | N/R | 10,046,263 | |||||||||||||||||||||||
1,907 | Pacific Gas & Electric Co, (5) | 4.450% | 4/15/42 | A3 | 1,859,325 | |||||||||||||||||||||||
3,890 | Pacific Gas & Electric Co, (5) | 4.750% | 2/15/44 | N/R | 3,812,200 | |||||||||||||||||||||||
1,065 | Pacific Gas & Electric Co, (5) | 4.250% | 3/15/46 | N/R | 1,022,400 | |||||||||||||||||||||||
3,000 | Southern California Edison Co | 4.000% | 4/01/47 | A– | 3,122,662 | |||||||||||||||||||||||
1,000 | Vistra Operations Co LLC, 144A | 5.000% | 7/31/27 | BB | 1,015,000 | |||||||||||||||||||||||
31,734 | Total Electric Utilities | 26,294,175 | ||||||||||||||||||||||||||
Energy Equipment & Services – 0.8% | ||||||||||||||||||||||||||||
7,000 | Bausch Health Cos Inc., 144A | 6.125% | 4/15/25 | B | 6,895,000 | |||||||||||||||||||||||
Equity Real Estate Investment Trust – 0.3% | ||||||||||||||||||||||||||||
2,300 | Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC, 144A | 7.875% | 2/15/25 | B | 2,139,000 | |||||||||||||||||||||||
Health Care Providers & Services – 1.3% | ||||||||||||||||||||||||||||
1,000 | CHS/Community Health Systems Inc., 144A | 9.875% | 6/30/23 | CCC– | 780,000 | |||||||||||||||||||||||
2,575 | Envision Healthcare Corp, 144A | 8.750% | 10/15/26 | CCC+ | 624,438 | |||||||||||||||||||||||
2,901 | HCA Inc. | 5.375% | 2/01/25 | Ba2 | 2,951,738 | |||||||||||||||||||||||
500 | RegionalCare Hospital Partners Holdings Inc. / LifePoint Health Inc., 144A | 9.750% | 12/01/26 | CCC+ | 473,575 | |||||||||||||||||||||||
5,000 | Tenet Healthcare Corp | 8.125% | 4/01/22 | B– | 4,725,000 | |||||||||||||||||||||||
1,000 | Tenet Healthcare Corp | 4.625% | 7/15/24 | BB– | 952,500 | |||||||||||||||||||||||
12,976 | Total Health Care Providers & Services | 10,507,251 |
42
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
Hotels, Restaurants & Leisure – 1.4% | ||||||||||||||||||||||||||||
$ | 1,500 | 1011778 BC ULC / New Red Finance Inc., 144A | 5.000% | 10/15/25 | B+ | $ | 1,432,485 | |||||||||||||||||||||
2,400 | MGM Resorts International | 7.750% | 3/15/22 | BB | 2,377,248 | |||||||||||||||||||||||
5,000 | MGM Resorts International | 6.000% | 3/15/23 | BB | 4,825,000 | |||||||||||||||||||||||
2,000 | Scientific Games International Inc., 144A | 5.000% | 10/15/25 | B+ | 1,740,000 | |||||||||||||||||||||||
1,500 | Wynn Las Vegas LLC, 144A | 5.500% | 3/01/25 | BB– | 1,395,000 | |||||||||||||||||||||||
12,400 | Total Hotels, Restaurants & Leisure | 11,769,733 | ||||||||||||||||||||||||||
IT Services – 0.3% | ||||||||||||||||||||||||||||
2,500 | Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 144A | 10.000% | 11/30/24 | CCC+ | 2,556,975 | |||||||||||||||||||||||
Media – 2.5% | ||||||||||||||||||||||||||||
1,000 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 5.000% | 2/01/28 | BB+ | 1,004,010 | |||||||||||||||||||||||
200 | Charter Communications Operating LLC / Charter Communications Operating Capital | 3.579% | 7/23/20 | BBB– | 199,378 | |||||||||||||||||||||||
3,000 | CSC Holdings LLC, 144A | 5.500% | 5/15/26 | BB | 3,103,050 | |||||||||||||||||||||||
3,000 | CSC Holdings LLC, 144A | 5.500% | 4/15/27 | BB | 3,104,700 | |||||||||||||||||||||||
2,000 | Houghton Mifflin Harcourt Publishers Inc., 144A | 9.000% | 2/15/25 | BB– | 1,760,000 | |||||||||||||||||||||||
8,223 | iHeartCommunications Inc. | 8.375% | 5/01/27 | B– | 7,000,956 | |||||||||||||||||||||||
715 | Intelsat Luxembourg SA | 8.125% | 6/01/23 | CCC– | 146,575 | |||||||||||||||||||||||
4,430 | Nielsen Finance LLC / Nielsen Finance Co, 144A | 5.000% | 4/15/22 | BB | 4,083,663 | |||||||||||||||||||||||
22,568 | Total Media | 20,402,332 | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.3% | ||||||||||||||||||||||||||||
1,500 | Citgo Holding Inc., 144A | 9.250% | 8/01/24 | B+ | 1,222,500 | |||||||||||||||||||||||
250 | Oasis Petroleum Inc., 144A | 6.250% | 5/01/26 | B2 | 40,000 | |||||||||||||||||||||||
1,000 | Occidental Petroleum Corp | 2.600% | 8/13/21 | BB+ | 800,213 | |||||||||||||||||||||||
250 | Whiting Petroleum Corp, (5) | 6.625% | 1/15/26 | CCC+ | 16,875 | |||||||||||||||||||||||
3,000 | Total Oil, Gas & Consumable Fuels | 2,079,588 | ||||||||||||||||||||||||||
Pharmaceuticals – 1.9% | ||||||||||||||||||||||||||||
5,240 | Advanz Pharma Corp Ltd | 8.000% | 9/06/24 | B– | 4,611,200 | |||||||||||||||||||||||
2,000 | Bausch Health Cos Inc., 144A | 7.000% | 3/15/24 | BB | 2,050,000 | |||||||||||||||||||||||
6,000 | Bausch Health Cos Inc., 144A | 9.000% | 12/15/25 | B | 6,325,200 | |||||||||||||||||||||||
2,660 | Endo Dac / Endo Finance LLC / Endo Finco Inc., 144A | 6.000% | 7/15/23 | CCC+ | 1,926,851 | |||||||||||||||||||||||
660 | Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 4.875% | 4/15/20 | CC | 468,600 | |||||||||||||||||||||||
16,560 | Total Pharmaceuticals | 15,381,851 | ||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.2% | ||||||||||||||||||||||||||||
2,000 | Western Digital Corp | 4.750% | 2/15/26 | Baa3 | 2,033,000 | |||||||||||||||||||||||
Trading Companies & Distributors – 0.6% | ||||||||||||||||||||||||||||
2,000 | Air Lease Corp | 3.500% | 1/15/22 | BBB | 1,822,661 |
43
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
Trading Companies & Distributors(continued) | ||||||||||||||||||||||||||||
$ | 3,500 | Air Lease Corp | 4.625% | 10/01/28 | BBB | $ | 2,836,776 | |||||||||||||||||||||
5,500 | Total Trading Companies & Distributors | 4,659,437 | ||||||||||||||||||||||||||
Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||||||||||
1,000 | Intelsat Connect Finance SA, 144A | 9.500% | 2/15/23 | CCC– | 367,500 | |||||||||||||||||||||||
883 | Level 3 Financing Inc. | 5.375% | 8/15/22 | BB | 887,415 | |||||||||||||||||||||||
2,000 | T-Mobile US Inc., (5), (7) | 6.000% | 3/01/23 | N/R | 20 | |||||||||||||||||||||||
3,883 | Total Wireless Telecommunication Services |
| 1,254,935 | |||||||||||||||||||||||||
$ | 149,741 | Total Corporate Bonds (cost $138,007,315) |
| 130,286,296 | ||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCKS – 1.2% | ||||||||||||||||||||||||||||
Diversified Consumer Services – 0.0% | ||||||||||||||||||||||||||||
17,726 | Cengage Learning Holdings II Inc., (8) | $ | 126,298 | |||||||||||||||||||||||||
Electric Utilities – 0.3% | ||||||||||||||||||||||||||||
114,303 | Energy Harbor Corp, (8) | 2,586,105 | ||||||||||||||||||||||||||
Energy Equipment & Services – 0.0% | ||||||||||||||||||||||||||||
76,990 | Transocean Ltd, (9) | 89,308 | ||||||||||||||||||||||||||
5,884 | Vantage Drilling International, (8) | 52,956 | ||||||||||||||||||||||||||
Total Energy Equipment & Services |
| 142,264 | ||||||||||||||||||||||||||
Health Care Providers & Services – 0.0% | ||||||||||||||||||||||||||||
65,945 | Millennium Health LLC, (8) | 3,627 | ||||||||||||||||||||||||||
61,430 | Millennium Health LLC, (7) | 64,993 | ||||||||||||||||||||||||||
57,666 | Millennium Health LLC, (7) | 58,127 | ||||||||||||||||||||||||||
Total Health Care Providers & Services |
| 126,747 | ||||||||||||||||||||||||||
Internet & Direct Marketing Retail – 0.0% | ||||||||||||||||||||||||||||
7,503 | Catalina Marketing Corp, (8) | 22,509 | ||||||||||||||||||||||||||
Media – 0.7% | ||||||||||||||||||||||||||||
1,305,573 | Clear Channel Outdoor Holdings Imnc. | 835,567 | ||||||||||||||||||||||||||
73,000 | Cumulus Media Inc. | 395,660 | ||||||||||||||||||||||||||
575,176 | iHeartMedia Inc. | 4,204,536 | ||||||||||||||||||||||||||
Total Media |
| 5,435,763 | ||||||||||||||||||||||||||
Pharmaceuticals – 0.0% | ||||||||||||||||||||||||||||
12,622 | Advanz Pharma Corp Ltd | 48,595 | ||||||||||||||||||||||||||
Software – 0.2% | ||||||||||||||||||||||||||||
176,172 | Avaya Holdings Corp | 1,425,232 | ||||||||||||||||||||||||||
Total Common Stocks (cost $30,697,699) |
| 9,913,513 |
44
Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.0% | ||||||||||||||||||||||||||||
18,956 | Fieldwood Energy Inc., (8) | $ | 18,956 | |||||||||||||||||||||||||
3,829 | Fieldwood Energy Inc., (8) | 3,829 | ||||||||||||||||||||||||||
Total Common Stock Rights (cost $541,053) |
| 22,785 | ||||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||||||||||
Communications Equipment – 0.0% | ||||||||||||||||||||||||||||
16,108 | Avaya Holdings Corp, (8) | $ | 16,591 | |||||||||||||||||||||||||
Total Warrants (cost $1,365,820) |
| 16,591 | ||||||||||||||||||||||||||
Total Long-Term Investments (cost $961,846,699) |
| 820,429,124 | ||||||||||||||||||||||||||
Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.5% | ||||||||||||||||||||||||||||
INVESTMENT COMPANIES – 0.5% | ||||||||||||||||||||||||||||
3,942,504 | BlackRock Liquidity FundsT-Fund Portfolio, (10) | 0.120% (11) | $ | 3,942,504 | ||||||||||||||||||||||||
Total Short-Term Investments (cost $3,942,504) |
| 3,942,504 | ||||||||||||||||||||||||||
Total Investments (cost $965,789,203) – 100.4% |
| 824,371,628 | ||||||||||||||||||||||||||
Other Assets Less Liabilities – (0.4)% |
| (3,306,935) | ||||||||||||||||||||||||||
Net Assets – 100% |
| $ | 821,064,693 |
45
Nuveen Symphony Floating Rate Income Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industrysub-classifications used by one or more widely recognized market index or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. |
(3) | 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. |
(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) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 8 – Senior Loan Commitments for more information. |
(7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
(8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
(9) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(10) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(11) | The rate shown is the annualizedseven-day subsidized yield as of the end of the reporting period. |
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. |
DD1 | Portion of investment purchased on a delayed delivery basis. |
LIBOR | London Inter-Bank Offered Rate |
N/A | Not Applicable |
PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
Wi/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
46
Statement of Assets and Liabilities
March 31, 2020
(Unaudited)
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Assets | ||||||||
Long-term investments, at value (cost $485,252,371 and $961,846,699, respectively) | $ | 396,059,095 | $ | 820,429,124 | ||||
Short-term investments, at value (cost approximates value) | — | 3,942,504 | ||||||
Receivable for: | ||||||||
Interest | 6,938,371 | 5,657,089 | ||||||
Investments sold | 11,522,569 | 49,306,963 | ||||||
Shares sold | 795,782 | 6,167,532 | ||||||
Other assets | 101,706 | 132,407 | ||||||
Total assets | 415,417,523 | 885,635,619 | ||||||
Liabilities | ||||||||
Cash overdraft | 1,169,273 | 2,267,744 | ||||||
Payable for: | ||||||||
Dividends | 140,028 | 400,323 | ||||||
Investments purchased – regular settlement | 3,296,001 | 1,226,964 | ||||||
Investments purchased – when-issued/delayed-delivery settlement | 2,225,145 | 54,525,441 | ||||||
Shares redeemed | 1,291,626 | 4,896,249 | ||||||
Unfunded senior loans | — | 321,622 | ||||||
Accrued expenses: | ||||||||
Management fees | 197,218 | 451,967 | ||||||
Trustees fees | 45,701 | 76,079 | ||||||
12b-1 distribution and service fees | 46,361 | 52,620 | ||||||
Other | 364,773 | 351,917 | ||||||
Total liabilities | 8,776,126 | 64,570,926 | ||||||
Net assets | $ | 406,641,397 | $ | 821,064,693 |
See accompanying notes to financial statements.
47
Statement of Assets and Liabilities(Unaudited) (continued)
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Class A Shares | ||||||||
Net assets | $ | 35,886,328 | $ | 83,615,077 | ||||
Shares outstanding | 2,122,236 | 5,071,213 | ||||||
Net asset value (“NAV”) per share | $ | 16.91 | $ | 16.49 | ||||
Offering price per share (NAV per share plus maximum sales charge of 4.75% and 3.00%, respectively, of offering price) | $ | 17.75 | $ | 17.00 | ||||
Class C Shares | ||||||||
Net assets | $ | 38,769,628 | $ | 36,804,946 | ||||
Shares outstanding | 2,295,255 | 2,231,885 | ||||||
NAV and offering price per share | $ | 16.89 | $ | 16.49 | ||||
Class R6 Shares | ||||||||
Net assets | $ | 5,821,454 | $ | 48,932,795 | ||||
Shares outstanding | 342,632 | 2,954,024 | ||||||
NAV and offering price per share | $ | 16.99 | $ | 16.56 | ||||
Class I Shares | ||||||||
Net assets | $ | 326,163,987 | $ | 651,711,875 | ||||
Shares outstanding | 19,273,375 | 39,495,559 | ||||||
NAV and offering price per share | $ | 16.92 | $ | 16.50 | ||||
Net assets consist of: | ||||||||
Capitalpaid-in | $ | 629,612,600 | $ | 1,125,889,217 | ||||
Total distributable earnings | (222,971,203 | ) | (304,824,524 | ) | ||||
Net assets | $ | 406,641,397 | $ | 821,064,693 | ||||
Authorized shares – per class | Unlimited | Unlimited | ||||||
Par value per share | $ | 0.01 | $ | 0.01 |
See accompanying notes to financial statements.
48
Six Months Ended March 31, 2020
(Unaudited)
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Investment Income | $ | 18,855,582 | $ | 26,619,123 | ||||
Expenses | ||||||||
Management fees | 1,753,912 | 2,947,979 | ||||||
12b-1 service fees – Class A Shares | 78,567 | 131,059 | ||||||
12b-1 distribution and service fees – Class C Shares | 246,829 | 237,560 | ||||||
Shareholder servicing agent fees | 367,627 | 332,480 | ||||||
Custodian fees | 63,998 | 151,268 | ||||||
Trustees fees | 7,919 | 9,391 | ||||||
Professional fees | 15,158 | 46,626 | ||||||
Shareholder reporting expenses | 55,148 | 66,699 | ||||||
Federal and state registration fees | 46,514 | 42,570 | ||||||
Other | 26,995 | 141,723 | ||||||
Total expenses before fee waiver/expense reimbursement | 2,662,667 | 4,107,355 | ||||||
Fee waiver/expense reimbursement | (111,660 | ) | — | |||||
Net expenses | 2,551,007 | 4,107,355 | ||||||
Net investment income (loss) | 16,304,575 | 22,511,768 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from Investments | (1,042,218 | ) | (26,505,768 | ) | ||||
Change in net unrealized appreciation (depreciation) of Investments | (81,375,838 | ) | (110,567,055 | ) | ||||
Net realized and unrealized gain (loss) | (82,418,056 | ) | (137,072,823 | ) | ||||
Net increase (decrease) in net assets from operations | $ | (66,113,481 | ) | $ | (114,561,055 | ) |
See accompanying notes to financial statements.
49
Statement of Changes in Net Assets
(Unaudited)
Symphony High Yield Income | Symphony Floating Rate Income | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 16,304,575 | $ | 31,576,527 | $ | 22,511,768 | $ | 78,194,395 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | (1,042,218 | ) | (32,838,024 | ) | (26,505,768 | ) | (58,529,879 | ) | ||||||||||||
Swaps | — | 54,709 | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of Investments | (81,375,838 | ) | 30,803,967 | (110,567,055 | ) | (12,536,753 | ) | |||||||||||||
Net increase (decrease) in net assets from operations | (66,113,481 | ) | 29,597,179 | (114,561,055 | ) | 7,127,763 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends | ||||||||||||||||||||
Class A Shares | (1,939,259 | ) | (2,663,173 | ) | (3,150,415 | ) | (7,127,233 | ) | ||||||||||||
Class C Shares | (1,332,458 | ) | (2,698,904 | ) | (1,240,499 | ) | (2,854,282 | ) | ||||||||||||
Class R6 Shares | (215,360 | ) | (368,627 | ) | (1,723,533 | ) | (875,808 | ) | ||||||||||||
Class I Shares | (15,404,989 | ) | (27,192,079 | ) | (25,206,918 | ) | (67,613,446 | ) | ||||||||||||
Decrease in net assets from distributions to shareholders | (18,892,066 | ) | (32,922,783 | ) | (31,321,365 | ) | (78,470,769 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 132,696,496 | 368,963,861 | 322,590,362 | 308,035,005 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 17,754,437 | 30,554,084 | 28,156,245 | 71,256,849 | ||||||||||||||||
150,450,933 | 399,517,945 | 350,746,607 | 379,291,854 | |||||||||||||||||
Cost of shares redeemed | (260,047,938 | ) | (504,445,350 | ) | (499,587,493 | ) | (1,629,405,157 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (109,597,005 | ) | (104,927,405 | ) | (148,840,886 | ) | (1,250,113,303 | ) | ||||||||||||
Net increase (decrease) in net assets | (194,602,552 | ) | (108,253,009 | ) | (294,723,306 | ) | (1,321,456,309 | ) | ||||||||||||
Net assets at the beginning of period | 601,243,949 | 709,496,958 | 1,115,787,999 | 2,437,244,308 | ||||||||||||||||
Net assets at the end of period | $ | 406,641,397 | $ | 601,243,949 | $ | 821,064,693 | $ | 1,115,787,999 |
See accompanying notes to financial statements.
50
THIS PAGE INTENTIONALLY LEFT BLANK
51
(Unaudited)
Symphony High Yield Income
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended September 30, | 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 (4/10) |
| |||||||||||||||||||||||||||||||||||
2020(f) | $ | 20.16 | $ | 0.53 | $ | (3.17 | ) | $ | (2.64 | ) | $ | (0.61 | ) | $ | — | $ | (0.61 | ) | $ | 16.91 | ||||||||||||||||
2019 | 20.14 | 1.03 | 0.07 | 1.10 | (1.08 | ) | — | (1.08 | ) | 20.16 | ||||||||||||||||||||||||||
2018 | 20.36 | 1.04 | (0.12 | ) | 0.92 | (1.14 | ) | — | (1.14 | ) | 20.14 | |||||||||||||||||||||||||
2017 | 20.11 | 1.25 | 0.50 | 1.75 | (1.50 | ) | — | (1.50 | ) | 20.36 | ||||||||||||||||||||||||||
2016 | 19.67 | 1.31 | 0.47 | 1.78 | (1.34 | ) | — | (1.34 | ) | 20.11 | ||||||||||||||||||||||||||
2015 | 22.19 | 1.31 | (2.46 | ) | (1.15 | ) | (1.25 | ) | (0.12 | ) | (1.37 | ) | 19.67 | |||||||||||||||||||||||
Class C (4/10) |
| |||||||||||||||||||||||||||||||||||
2020(f) | 20.14 | 0.45 | (3.17 | ) | (2.72 | ) | (0.53 | ) | — | (0.53 | ) | 16.89 | ||||||||||||||||||||||||
2019 | 20.11 | 0.88 | 0.08 | 0.96 | (0.93 | ) | — | (0.93 | ) | 20.14 | ||||||||||||||||||||||||||
2018 | 20.33 | 0.89 | (0.13 | ) | 0.76 | (0.98 | ) | — | (0.98 | ) | 20.11 | |||||||||||||||||||||||||
2017 | 20.08 | 1.11 | 0.49 | 1.60 | (1.35 | ) | — | (1.35 | ) | 20.33 | ||||||||||||||||||||||||||
2016 | 19.64 | 1.17 | 0.47 | 1.64 | (1.20 | ) | — | (1.20 | ) | 20.08 | ||||||||||||||||||||||||||
2015 | 22.16 | 1.16 | (2.48 | ) | (1.32 | ) | (1.08 | ) | (0.12 | ) | (1.20 | ) | 19.64 | |||||||||||||||||||||||
Class R6 (10/14) |
| |||||||||||||||||||||||||||||||||||
2020(f) | 20.25 | 0.57 | (3.18 | ) | (2.61 | ) | (0.65 | ) | — | (0.65 | ) | 16.99 | ||||||||||||||||||||||||
2019 | 20.22 | 1.11 | 0.07 | 1.18 | (1.15 | ) | — | (1.15 | ) | 20.25 | ||||||||||||||||||||||||||
2018 | 20.42 | 1.12 | (0.13 | ) | 0.99 | (1.19 | ) | — | (1.19 | ) | 20.22 | |||||||||||||||||||||||||
2017 | 20.14 | 1.39 | 0.45 | 1.84 | (1.56 | ) | — | (1.56 | ) | 20.42 | ||||||||||||||||||||||||||
2016 | 19.69 | 1.38 | 0.46 | 1.84 | (1.39 | ) | — | (1.39 | ) | 20.14 | ||||||||||||||||||||||||||
2015(e) | 22.22 | 1.38 | (2.49 | ) | (1.11 | ) | (1.30 | ) | (0.12 | ) | (1.42 | ) | 19.69 | |||||||||||||||||||||||
Class I (4/10) |
| |||||||||||||||||||||||||||||||||||
2020(f) | 20.17 | 0.55 | (3.17 | ) | (2.62 | ) | (0.63 | ) | — | (0.63 | ) | 16.92 | ||||||||||||||||||||||||
2019 | 20.15 | 1.08 | 0.07 | 1.15 | (1.13 | ) | — | (1.13 | ) | 20.17 | ||||||||||||||||||||||||||
2018 | 20.37 | 1.10 | (0.13 | ) | 0.97 | (1.19 | ) | — | (1.19 | ) | 20.15 | |||||||||||||||||||||||||
2017 | 20.11 | 1.28 | 0.53 | 1.81 | (1.55 | ) | — | (1.55 | ) | 20.37 | ||||||||||||||||||||||||||
2016 | 19.67 | 1.36 | 0.47 | 1.83 | (1.39 | ) | — | (1.39 | ) | 20.11 | ||||||||||||||||||||||||||
2015 | 22.20 | 1.37 | (2.48 | ) | (1.11 | ) | (1.30 | ) | (0.12 | ) | (1.42 | ) | 19.67 |
52
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) | ||||||||||||||||||||||||||||
(13.47 | )% | $ | 35,886 | 1.03 | %* | 5.30 | %* | 1.00 | %* | 5.34 | %* | 46 | % | |||||||||||||||||||||
5.73 | 47,647 | 1.04 | 5.17 | 1.00 | 5.22 | 70 | ||||||||||||||||||||||||||||
4.68 | 52,494 | 1.04 | 5.15 | 1.00 | 5.19 | 43 | ||||||||||||||||||||||||||||
8.95 | 86,950 | 0.99 | 6.13 | 0.99 | 6.14 | 55 | ||||||||||||||||||||||||||||
9.73 | 97,672 | 1.03 | 6.88 | 1.03 | 6.88 | 42 | ||||||||||||||||||||||||||||
(5.48 | ) | 156,026 | 1.03 | 6.13 | 1.03 | 6.13 | 40 | |||||||||||||||||||||||||||
(13.82 | ) | 38,770 | 1.78 | * | 4.57 | * | 1.75 | * | 4.61 | 46 | ||||||||||||||||||||||||
4.94 | 54,408 | 1.80 | 4.42 | 1.75 | 4.47 | 70 | ||||||||||||||||||||||||||||
3.93 | 63,854 | 1.79 | 4.39 | 1.75 | 4.43 | 43 | ||||||||||||||||||||||||||||
8.15 | 80,828 | 1.75 | 5.45 | 1.74 | 5.45 | 55 | ||||||||||||||||||||||||||||
8.92 | 87,788 | 1.79 | 6.16 | 1.79 | 6.16 | 42 | ||||||||||||||||||||||||||||
(6.21 | ) | 116,809 | 1.78 | 5.41 | 1.78 | 5.41 | 40 | |||||||||||||||||||||||||||
(13.29 | ) | 5,821 | 0.66 | * | 5.72 | * | 0.63 | * | 5.76 | 46 | ||||||||||||||||||||||||
6.09 | 6,651 | 0.68 | 5.53 | 0.64 | 5.58 | 70 | ||||||||||||||||||||||||||||
5.09 | 7,064 | 0.68 | 5.49 | 0.64 | 5.54 | 43 | ||||||||||||||||||||||||||||
9.32 | 4,494 | 0.67 | 6.76 | 0.67 | 6.76 | 55 | ||||||||||||||||||||||||||||
10.06 | 9,146 | 0.70 | 7.27 | 0.70 | 7.27 | 42 | ||||||||||||||||||||||||||||
(5.27 | ) | 8,643 | 0.70 | 6.47 | 0.70 | 6.47 | 40 | |||||||||||||||||||||||||||
(13.36 | ) | 326,164 | 0.78 | * | 5.52 | * | 0.75 | * | 5.56 | * | 46 | |||||||||||||||||||||||
5.98 | 492,539 | 0.79 | 5.41 | 0.75 | 5.45 | 70 | ||||||||||||||||||||||||||||
4.93 | 586,060 | 0.79 | 5.41 | 0.75 | 5.45 | 43 | ||||||||||||||||||||||||||||
9.26 | 556,776 | 0.74 | 6.31 | 0.74 | 6.31 | 55 | ||||||||||||||||||||||||||||
9.96 | 452,639 | 0.78 | 7.14 | 0.78 | 7.14 | 42 | ||||||||||||||||||||||||||||
(5.23) | 606,545 | 0.78 | 6.39 | 0.78 | 6.39 | 40 |
(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, Management Fees 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 Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period October 1, 2014 (commencement of operations) through September 30, 2015. |
(f) | For the six months ended March 31, 2020. |
* | Annualized. |
See accompanying notes to financial statements.
53
Financial Highlights(Unaudited) (continued)
Symphony Floating Rate Income
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended September 30, | 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 (5/11) |
| |||||||||||||||||||||||||||||||||||
2020(f) | $ | 19.08 | $ | 0.40 | $ | (2.43 | ) | $ | (2.03 | ) | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 16.49 | ||||||||||||||||
2019 | 19.65 | 0.93 | (0.56 | ) | 0.37 | (0.94 | ) | — | (0.94 | ) | 19.08 | |||||||||||||||||||||||||
2018 | 19.64 | 0.79 | 0.05 | 0.84 | (0.83 | ) | — | (0.83 | ) | 19.65 | ||||||||||||||||||||||||||
2017 | 19.71 | 0.78 | 0.18 | 0.96 | (1.03 | ) | — | (1.03 | ) | 19.64 | ||||||||||||||||||||||||||
2016 | 19.76 | 0.95 | (0.03 | ) | 0.92 | (0.97 | ) | — | (0.97 | ) | 19.71 | |||||||||||||||||||||||||
2015 | 20.68 | 0.90 | (0.90 | ) | — | (0.92 | ) | — | (0.92 | ) | 19.76 | |||||||||||||||||||||||||
Class C (5/11) |
| |||||||||||||||||||||||||||||||||||
2020(f) | 19.08 | 0.33 | (2.43 | ) | (2.10 | ) | (0.49 | ) | — | (0.49 | ) | 16.49 | ||||||||||||||||||||||||
2019 | 19.65 | 0.79 | (0.56 | ) | 0.23 | (0.80 | ) | — | (0.80 | ) | 19.08 | |||||||||||||||||||||||||
2018 | 19.63 | 0.64 | 0.06 | 0.70 | (0.68 | ) | — | (0.68 | ) | 19.65 | ||||||||||||||||||||||||||
2017 | 19.71 | 0.64 | 0.16 | 0.80 | (0.88 | ) | — | (0.88 | ) | 19.63 | ||||||||||||||||||||||||||
2016 | 19.76 | 0.81 | (0.04 | ) | 0.77 | (0.82 | ) | — | (0.82 | ) | 19.71 | |||||||||||||||||||||||||
2015 | 20.66 | 0.74 | (0.89 | ) | (0.15 | ) | (0.75 | ) | — | (0.75 | ) | 19.76 | ||||||||||||||||||||||||
Class R6 (1/15) | ||||||||||||||||||||||||||||||||||||
2020(f) | 19.17 | 0.43 | (2.44 | ) | (2.01 | ) | (0.60 | ) | — | (0.60 | ) | 16.56 | ||||||||||||||||||||||||
2019 | 19.73 | 1.06 | (0.62 | ) | 0.44 | (1.00 | ) | — | (1.00 | ) | 19.17 | |||||||||||||||||||||||||
2018 | 19.68 | 0.90 | 0.02 | 0.92 | (0.87 | ) | — | (0.87 | ) | 19.73 | ||||||||||||||||||||||||||
2017 | 19.74 | 0.86 | 0.16 | 1.02 | (1.08 | ) | — | (1.08 | ) | 19.68 | ||||||||||||||||||||||||||
2016 | 19.77 | 0.87 | 0.12 | 0.99 | (1.02 | ) | — | (1.02 | ) | 19.74 | ||||||||||||||||||||||||||
2015(e) | 20.38 | 0.62 | (0.60 | ) | 0.02 | (0.63 | ) | — | (0.63 | ) | 19.77 | |||||||||||||||||||||||||
Class I (5/11) |
| |||||||||||||||||||||||||||||||||||
2020(f) | 19.10 | 0.42 | (2.43 | ) | (2.01 | ) | (0.59 | ) | — | (0.59 | ) | 16.50 | ||||||||||||||||||||||||
2019 | 19.67 | 0.97 | (0.55 | ) | 0.42 | (0.99 | ) | — | (0.99 | ) | 19.10 | |||||||||||||||||||||||||
2018 | 19.65 | 0.84 | 0.05 | 0.89 | (0.87 | ) | — | (0.87 | ) | 19.67 | ||||||||||||||||||||||||||
2017 | 19.72 | 0.82 | 0.19 | 1.01 | (1.08 | ) | — | (1.08 | ) | 19.65 | ||||||||||||||||||||||||||
2016 | 19.77 | 1.00 | (0.03 | ) | 0.97 | (1.02 | ) | — | (1.02 | ) | 19.72 | |||||||||||||||||||||||||
2015 | 20.69 | 0.95 | (0.90 | ) | 0.05 | (0.97 | ) | — | (0.97 | ) | 19.77 |
54
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) | ||||||||||||||||||||||||||||
(10.92 | )% | $ | 83,625 | 0.99 | %* | 4.25 | %* | 0.99 | %* | 4.25 | %* | 40 | % | |||||||||||||||||||||
1.93 | 112,723 | 1.00 | 4.81 | 1.00 | 4.81 | 32 | ||||||||||||||||||||||||||||
4.40 | 220,648 | 1.04 | 4.02 | 1.04 | 4.02 | 33 | ||||||||||||||||||||||||||||
4.95 | 257,236 | 0.99 | 3.96 | 0.99 | 3.96 | 58 | ||||||||||||||||||||||||||||
4.88 | 122,787 | 1.00 | 4.93 | 1.00 | 4.93 | 40 | ||||||||||||||||||||||||||||
(0.04 | ) | 157,579 | 0.96 | 4.39 | 0.96 | 4.39 | 42 | |||||||||||||||||||||||||||
(11.26 | ) | 36,810 | 1.74 | * | 3.50 | * | 1.74 | * | 3.50 | * | 40 | |||||||||||||||||||||||
1.21 | 53,639 | 1.75 | 4.10 | 1.75 | 4.10 | 32 | ||||||||||||||||||||||||||||
3.61 | 87,289 | 1.79 | 3.28 | 1.79 | 3.28 | 33 | ||||||||||||||||||||||||||||
4.12 | 90,616 | 1.74 | 3.22 | 1.74 | 3.22 | 58 | ||||||||||||||||||||||||||||
4.14 | 46,412 | 1.75 | 4.22 | 1.75 | 4.22 | 40 | ||||||||||||||||||||||||||||
(0.82 | ) | 45,962 | 1.71 | 3.65 | 1.71 | 3.65 | 42 | |||||||||||||||||||||||||||
(10.76 | ) | 48,939 | 0.67 | * | 4.58 | * | 0.67 | * | 4.58 | * | 40 | |||||||||||||||||||||||
2.34 | 54,122 | 0.66 | 5.53 | 0.66 | 5.53 | 32 | ||||||||||||||||||||||||||||
4.80 | 2,298 | 0.65 | 4.58 | 0.65 | 4.58 | 33 | ||||||||||||||||||||||||||||
5.26 | 1,114 | 0.66 | 4.33 | 0.66 | 4.33 | 58 | ||||||||||||||||||||||||||||
5.24 | 1,658 | 0.70 | 5.30 | 0.70 | 5.30 | 40 | ||||||||||||||||||||||||||||
0.03 | 24 | 0.68 | * | 4.51 | * | 0.68 | * | 4.51 | * | 42 | ||||||||||||||||||||||||
(10.84 | ) | 651,793 | 0.74 | * | 4.49 | * | 0.74 | * | 4.49 | * | 40 | |||||||||||||||||||||||
2.24 | 895,304 | 0.76 | 5.04 | 0.76 | 5.04 | 32 | ||||||||||||||||||||||||||||
4.65 | 2,126,985 | 0.79 | 4.29 | 0.79 | 4.29 | 33 | ||||||||||||||||||||||||||||
5.20 | 1,866,183 | 0.75 | 4.20 | 0.75 | 4.20 | 58 | ||||||||||||||||||||||||||||
5.14 | 668,302 | 0.75 | 5.19 | 0.75 | 5.19 | 40 | ||||||||||||||||||||||||||||
0.21 | 850,663 | 0.70 | 4.65 | 0.70 | 4.65 | 42 |
(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, Management Fees 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 Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period January 28, 2015 (commencement of operations) through September 30, 2015. |
(f) | For the six months ended March 31, 2020. |
* | Annualized. |
See accompanying notes to financial statements.
55
(Unaudited)
1. General Information
Trust and Fund Information
The Nuveen Investment Trust III (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust is comprised of Nuveen Symphony High Yield Income Fund (“Symphony High Yield Income”) and Nuveen Symphony Floating Rate Income Fund (“Symphony Floating Rate Income”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was organized as a Massachusetts business trust on August 20, 1998.
The end of the reporting period for the Funds is March 31, 2020, and the period covered by these Notes to Financial Statements is the six months ended March 31, 2020 (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 Symphony Asset Management LLC (“Symphony”), an affiliate of Nuveen, under which the Symphony manages the investment portfolios of the Funds.
Share Classes and Sales Charges
Class A Shares are generally sold with anup-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more ($500,000 or more for Symphony Floating Rate Income) 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 incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
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 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. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ Company’s financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ Company’s 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 the 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
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
56
Distributions to Shareholders
Distributions to shareholders are recorded on theex-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.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the 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. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of dividend and interest income. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative value of the 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 settled shares.
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
FASB Accounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU2017-08, which shortens the premium amortization period for purchasednon-contingently callable debt securities.ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchasednon-contingently callable debt securities.ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds’ financial statements.
Reference Rate Reform
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts
57
Notes to Financial Statements(Unaudited) (continued)
that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds’ investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Prices of fixed-income securities are 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. These securities are generally classified as Level 2. 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 or Level 3 depending on the observability of the significant inputs.
Like most fixed-income securities, the senior and subordinated loans in which the Funds invest are not listed on an organized exchange. The secondary market of such investments may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior and subordinated loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan. These securities are generally classified as Level 2.
Certain securities may not be able to be priced by thepre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from apre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case innon-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. 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. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
58
Symphony High Yield Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 281,078,282 | $ | — | $ | 281,078,282 | ||||||||
Variable Rate Senior Loan Interests | — | 107,350,064 | — | 107,350,064 | ||||||||||||
Common Stocks** | 2,604,107 | 1,810,121 | 2,044 | 4,416,272 | ||||||||||||
Convertible Bonds | — | 3,150,596 | — | 3,150,596 | ||||||||||||
Warrants** | — | 46,415 | — | 46,415 | ||||||||||||
Common Stock Rights** | — | 17,466 | — | 17,466 | ||||||||||||
Total | $ | 2,604,107 | $ | 393,452,944 | $ | 2,044 | $ | 396,059,095 | ||||||||
Symphony Floating Rate Income | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Variable Rate Senior Loan Interests | $ | — | $ | 680,189,939 | $ | — | $ | 680,189,939 | ||||||||
Corporate Bonds** | — | 130,286,276 | 20 | 130,286,296 | ||||||||||||
Common Stocks** | 6,998,898 | 2,791,495 | 123,120 | 9,913,513 | ||||||||||||
Common Stock Rights** | — | 22,785 | — | 22,785 | ||||||||||||
Warrants** | — | 16,591 | — | 16,591 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 3,942,504 | — | — | 3,942,504 | ||||||||||||
Total | $ | 10,941,402 | $ | 813,307,086 | $ | 123,140 | $ | 824,371,628 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3. |
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period, were as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Purchases | $ | 259,708,155 | $ | 403,145,023 | ||||
Sales and maturities | 359,968,368 | 533,225,163 |
Investment transactions are recorded on a trade date basis. 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 from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments 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.
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.
59
Notes to Financial Statements(Unaudited) (continued)
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
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
On December 12, 2018, Class T Shares were liquidated.
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months ended 3/31/20 | Year Ended 9/30/19 | |||||||||||||||
Symphony High Yield Income | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,385,635 | $ | 27,524,609 | 1,129,117 | $ | 22,214,324 | ||||||||||
Class C | 39,866 | 799,560 | 194,251 | 3,844,084 | ||||||||||||
Class R6 | 46,485 | 889,347 | 78,922 | 1,571,914 | ||||||||||||
Class I | 5,189,629 | 103,482,980 | 17,265,688 | 341,333,539 | ||||||||||||
Class T(1) | — | — | — | — | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 90,783 | 1,776,713 | 121,134 | 2,390,698 | ||||||||||||
Class C | 62,437 | 1,220,009 | 125,513 | 2,472,417 | ||||||||||||
Class R6 | 10,539 | 206,542 | 17,869 | 354,242 | ||||||||||||
Class I | 741,443 | 14,551,173 | 1,282,380 | 25,336,727 | ||||||||||||
Class T(1) | — | — | — | — | ||||||||||||
7,566,817 | 150,450,933 | 20,214,874 | 399,517,945 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,717,781 | ) | (29,912,397 | ) | (1,493,709 | ) | (29,490,987 | ) | ||||||||
Class C | (509,097 | ) | (9,903,138 | ) | (792,573 | ) | (15,633,521 | ) | ||||||||
Class R6 | (42,737 | ) | (843,183 | ) | (117,822 | ) | (2,320,814 | ) | ||||||||
Class I | (11,071,784 | ) | (219,389,220 | ) | (23,219,943 | ) | (456,976,239 | ) | ||||||||
Class T(1) | — | — | (1,223 | ) | (23,789 | ) | ||||||||||
(13,341,399 | ) | (260,047,938 | ) | (25,625,270 | ) | (504,445,350 | ) | |||||||||
Net increase (decrease) | (5,774,582 | ) | $ | (109,597,005 | ) | (5,410,396 | ) | $ | (104,927,405 | ) |
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Six Months Ended 3/31/20 | Year Ended 9/30/19 | |||||||||||||||
Symphony Floating Rate Income | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 624,665 | $ | 11,779,544 | 2,332,317 | $ | 45,257,834 | ||||||||||
Class A – automatic conversion of Class C Shares | 1,677 | 31,722 | 1,071 | 20,627 | ||||||||||||
Class C | 146,620 | 2,783,158 | 458,477 | 8,867,285 | ||||||||||||
Class R6 | 146,080 | 2,693,915 | 2,775,478 | 53,641,337 | ||||||||||||
Class I | 16,275,272 | 305,302,023 | 10,385,426 | 200,247,922 | ||||||||||||
Class T(1) | — | — | — | — | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 127,930 | 2,373,350 | 298,257 | 5,720,501 | ||||||||||||
Class C | 55,348 | 1,028,098 | 122,708 | 2,353,239 | ||||||||||||
Class R6 | 92,594 | 1,722,801 | 44,798 | 861,568 | ||||||||||||
Class I | 1,242,551 | 23,031,996 | 3,247,203 | 62,321,541 | ||||||||||||
Class T(1) | — | — | — | — | ||||||||||||
18,712,737 | 350,746,607 | 19,665,735 | 379,291,854 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,590,987 | ) | (28,975,924 | ) | (7,951,651 | ) | (151,949,323 | ) | ||||||||
Class C | (779,637 | ) | (14,426,695 | ) | (2,211,108 | ) | (42,391,764 | ) | ||||||||
Class C – automatic conversion to Class A Shares | (1,677 | ) | (31,722 | ) | (1,071 | ) | (20,627 | ) | ||||||||
Class R6 | (107,940 | ) | (1,901,401 | ) | (113,451 | ) | (2,180,867 | ) | ||||||||
Class I | (24,905,698 | ) | (454,251,751 | ) | (74,886,968 | ) | (1,432,838,572 | ) | ||||||||
Class T(1) | — | — | (1,261 | ) | (24,004 | ) | ||||||||||
(27,385,939 | ) | (499,587,493 | ) | (85,165,510 | ) | (1,629,405,157 | ) | |||||||||
Net increase (decrease) | (8,673,202 | ) | $ | (148,840,886 | ) | (65,499,775 | ) | $ | (1,250,113,303 | ) |
(1) | Class T Shares were not available for public offering. |
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 March 31, 2020.
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Tax cost of investments | $ | 487,736,330 | $ | 968,555,890 | ||||
Gross unrealized: | ||||||||
Appreciation | $ | 1,131,581 | $ | 3,721,102 | ||||
Depreciation | (92,808,816 | ) | (147,905,364 | ) | ||||
Net unrealized appreciation (depreciation) of investments | $ | (91,677,235 | ) | $ | (144,184,262 | ) |
Permanent differences, primarily due to investments in partnerships, distressed PIK bond adjustments, bond premium amortization adjustments and treatment of notional principal contracts resulted in reclassifications among the Funds’ components of net assets as of September 30, 2019, the Funds’ last tax year end.
61
Notes to Financial Statements(Unaudited) (continued)
The tax components of undistributed net ordinary income and net long-term capital gains as of September 30, 2019, the Funds’ last tax year end, were as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Undistributed net ordinary income1,2 | $ | 6,827,496 | $ | 9,427,930 | ||||
Undistributed net long-term capital gains | — | — |
1 | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividends declared during the period September 1, 2019 through September 30, 2019, and paid on October 1, 2019. |
2 | 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 years ended September 30, 2019 was designated for purposes of the dividends paid deduction as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Distributions from net ordinary income2 | $ | 33,428,899 | $ | 82,596,303 | ||||
Distributions from net long-term capital gains | — | — |
2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of September 30, 2019, 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.
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Not subject to expiration: | ||||||||
Short-term | $ | 14,589,279 | $ | 26,802,263 | ||||
Long-term | 116,240,001 | 102,214,160 | ||||||
Total | $ | 130,829,280 | $ | 129,016,423 |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Symphony 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 schedule:
Average Daily Net Assets | Symphony High Yield | Symphony Floating Rate Income | ||||||
For the first $125 million | 0.4500 | % | 0.4500 | % | ||||
For the next $125 million | 0.4375 | 0.4375 | ||||||
For the next $250 million | 0.4250 | 0.4250 | ||||||
For the next $500 million | 0.4125 | 0.4125 | ||||||
For the next $1 billion | 0.4000 | 0.4000 | ||||||
For the next $3 billion | 0.3750 | 0.3750 | ||||||
For the next $5 billion | 0.3500 | 0.3500 | ||||||
For net assets over $10 billion | 0.3375 | 0.3375 |
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The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
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 include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of March 31, 2020, the complex-level fee for each Fund was 0.1590%. |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each fund so that total annual Fund operating expenses (excluding12b-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 expense for the Class R6 shares will be less than the expense limitation. The temporary expense limitations may be terminated or modified prior to expiration date only with the approval of the Board. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of shareholders of the Funds.
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap | |||||||
Symphony High Yield Income | 0.79 | % | July 31, 2021 | 1.35 | % | |||||
Symphony Floating Rate Income | 0.85 | July 31, 2021 | 1.10 |
Other Transactions with Affiliates
During the current fiscal period, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Sales charges collected | $ | 60,742 | $ | 72,557 | ||||
Paid to financial intermediaries | 54,463 | 67,855 |
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:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Commission advances | $ | 11,938 | $ | 69,730 |
To compensate for commissions advanced to financial intermediaries all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
12b-1 fees retained | $ | 15,491 | $ | 21,829 |
63
Notes to Financial Statements(Unaudited) (continued)
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:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
CDSC retained | $ | 3,079 | $ | 1,639 |
As of the end of the reporting period, Nuveen owned shares of the Funds as follows:
Symphony High Yield Income | Symphony Floating Rate Income | |||||||
Class A Shares | — | — | ||||||
Class C Shares | — | — | ||||||
Class R6 Shares | — | 1,227 | ||||||
Class I Shares | — | — |
8. Senior Loan Commitments
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds may have unfunded senior loan commitments. Each 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 following Fund’s outstanding unfunded senior loan commitments were as follows:
Symphony Floating Rate Income | ||||
Outstanding unfunded senior loan commitments | $ | 321,622 |
Participation Commitments
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a 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 Funds had no such outstanding participation commitments.
9. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a364-day, $2.65 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 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of(a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” 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 following Fund utilized the facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
Symphony Floating Rate Income | ||||
Maximum Outstanding Balance | $ | 48,300,000 |
64
During the Fund’s utilization period during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
Symphony Floating Rate Income | ||||
Utilization period (days outstanding) | 10 | |||
Average daily balance outstanding | $ | 34,348,593 | ||
Average annual interest rate | 2.72 | % |
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.
10. Subsequent Events
Expense Cap
During May 2020, the Board approved an extension of the Expense Cap limitation for both Symphony High Yield Income and Symphony Floating Rate Income to July 31, 2022.
65
Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 6o6o6
Sub-Adviser Symphony Asset Management LLC 555 California Street Rene Suite 2975 San Francisco, CA 94104 | Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601
Custodian State Street Bank & Trust Company 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 SECon-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.FINRA.org. |
66
Glossary of Terms Used in this Report
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.
Credit Suisse Leveraged Loan Index: A representative, unmanaged index of tradeable, senior, U.S. dollar-denominated leveraged loans. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
ICE BofAML U.S. High Yield Master II Index: Tracks the performance of U.S. Dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges and management fees.
Lipper High Yield Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper High Yield 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 Loan Participation Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Loan Participation Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
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.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
67
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800)257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 6o6o6. 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-SCFR-0320P | 1172680-INV-B-05/21 |
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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
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 Trust III
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: June 5, 2020
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/ Greg A. Bottjer | ||||
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
Date: June 5, 2020
By | (Signature and Title) | /s/ E. Scott Wickerham | ||||
E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: June 5, 2020