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 811-21979
Nuveen Investment Trust V
(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: December 31
Date of reporting period: June 30, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
Mutual Funds
30 June
2019
Nuveen Equity Funds
| | | | | | | | | | |
| Fund Name | | Class A | | Class C | | Class R3 | | Class R6 | | Class I |
| Nuveen Global Infrastructure Fund | | FGIAX | | FGNCX | | FGNRX | | FGIWX | | FGIYX |
| Nuveen Global Real Estate Securities Fund | | NGJAX | | NGJCX | | — | | NGJFX | | NGJIX |
| Nuveen Real Asset Income Fund | | NRIAX | | NRICX | | — | | NRIFX | | NRIIX |
| Nuveen Real Estate Securities Fund | | FREAX | | FRLCX | | FRSSX | | FREGX | | FARCX |
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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Table
of Contents
3
Chairman’s Letter to Shareholders
Dear Shareholders,
The worries weighing on markets at the end of 2018 appeared to dissipate in early 2019 as positive economic and corporate earnings news, more dovish signals from central banks and trade progress boosted investor confidence. However, political noise and trade disputes continue to drive short-term market volatility and weigh on longer-term outlooks. Investors are concerned that increased tariffs and a protracted stalemate between the U.S. and its trading partners could dampen business and consumer sentiment, weakening spending and potentially impacting the global economy. Acknowledging similar concerns, the U.S. Federal Reserve recently lowered its benchmark interest rate 0.25% for the first time in a decade and will stop reducing its bond portfolio sooner than planned to help stimulate the U.S. economy. As the current U.S. economic expansion has reached the 10-year mark this summer, it’s important to note that economic expansions don’t die of old age, but mature economic cycles can be more vulnerable to an exogenous shock.
Until a clearer picture on trade emerges, more bouts of market turbulence are likely in the meantime. While the downside risks warrant careful monitoring, we believe the likelihood of a near-term recession remains low. Global economic growth is moderating but still expanding, with demand driven by the historically low unemployment in the U.S., Japan and across Europe. Some central banks have begun to adjust monetary policy to help sustain growth and others continue to emphasize their readiness to act, while China’s authorities remain committed to keeping economic growth rates steady with fiscal and monetary policy.
The opportunity set may be narrower, but we believe there is still scope for gains in this environment. Patience and maintaining perspective can help you weather periodic market volatility. We encourage you to work with your financial advisor to assess short-term market movements in the context of 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
Chairman of the Board
August 23, 2019
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Portfolio Managers’ Comments
Nuveen Global Infrastructure Fund
Nuveen Global Real Estate Securities Fund
Nuveen Real Asset Income Fund
Nuveen Real Estate Securities Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen LLC. For the Nuveen Global Infrastructure Fund, Jay L. Rosenberg has been a portfolio manager since its inception in 2007 and Tryg T. Sarsland has been a portfolio manager since 2012. For the Nuveen Global Real Estate Securities Fund, Jay L. Rosenberg along with Scott C. Sedlak have been portfolio managers since its inception in 2018, and Benjamin T. Kerl joined in 2019. For the Nuveen Real Asset Income Fund, Jay L. Rosenberg has been portfolio manager since the Fund’s inception in 2011. Brenda A. Langenfeld, CFA, and Tryg T. Sarsland were added as portfolio managers in 2015 and Jean C. Lin, CFA joined in 2019. For the Nuveen Real Estate Securities Fund, Jay L. Rosenberg has served as a portfolio manager since he joined the Fund’s management team in 2005, while Scott C. Sedlak and Sarah Wade joined the team as portfolio managers in 2011 and 2017, respectively.
In January 2019, Benjamin T. Kerl was added as a portfolio manager to the Nuveen Global Real Estate Securities Fund.
In January 2019, Jean C. Lin, CFA, joined as a portfolio manager on the Nuveen Real Asset Income Fund.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for thesix-month reporting period ended June 30, 2019.
Nuveen Global Infrastructure Fund
How did the Fund perform during thesix-month period ended June 30, 2019?
The table in the Fund Performance and Expense Ratios section of this report provides total returns for the Fund for thesix-month,one-year, five-year,ten-year and/or since inception periods ended June 30, 2019. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the S&P Global Infrastructure Index NR (Net Return) and the Lipper classification average during thesix-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide long-term growth of capital and income by investing primarily in equity securities issued by U.S. andnon-U.S. companies that typically derive the majority of their value from owned or operated infrastructure assets. During the reporting period, our strategy for managing the Fund remained consistent as we focused on buying global infrastructure companies that
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; 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.
5
Portfolio Managers’ Comments(continued)
own and operate long life assets that have visible cash flows, strong balance sheets, manageable amounts of leverage and inelastic demand characteristics. We believe these types of companies will have ongoing access to capital and the best chances for producing sustainable and growing cash flow. The Fund is structured using a number of core infrastructure companies that we believe should provide long-term outperformance versus the market, combined with more opportunistic holdings that we believe are undervalued by the market in the short term. We have exposure around the globe to a mixture of holdings that represent significant value, as well as positions in companies that may prove to be more stable in a slowly growing global economy.
During the reporting period, the global infrastructure sector produced strong results with the segment gaining 19.45% as measured by the S&P Global Infrastructure Index NR, outperforming the domestic equity market, which advanced 18.54% (S&P 500®). The segment also surpassed global equities, as measured by the MSCI All Country World Index, which returned 16.23%. After a weak year for global infrastructure in 2018, the sector not only kept pace with therisk-on, broad market rally witnessed so far in the first half of 2019, but outperformed. During thissix-month reporting period, every sector but one (ports) within the infrastructure index posted double-digit gains. The more cyclical areas within infrastructure that have higher potential earnings growth resulting from more of a tie to economic activity performed better than the more stable, more highly regulated areas. The technology infrastructure, toll road and pipeline sectors were standout performers during the reporting period.
The Fund experienced strong absolute and relative returns during the reporting period driven by solid outperformance across a number of sectors, led by electric utilities, technology infrastructure, ports and waste. The Fund had relatively few noteworthy detractors during the reporting period, although its cash position and slight weakness in the rail and toll road sectors were modest drags on results.
Electric utilities contributed the most relative outperformance due to positive stock selection within the sector along with the Fund’s underweight position relative to the benchmark weight. The Fund currently has one of its highest weights to electric utilities since the portfolio’s inception, but still remains about 10% underweight versus the benchmark given the sector’s very high exposure in the index due to several factors. First, we prefer to be more diversified than the benchmark across all the potential investment areas within infrastructure and therefore are hesitant to concentrate so much of the Fund in one sector. Second, we are uncomfortable investing in several electric utilities companies in the benchmark with business models that make them somewhat commodity price sensitive. We prefer instead to own more regulated companies within the investable universe given their more consistent earnings profiles and lower sensitivity to commodity prices. That said, we have a positive outlook toward the group as a whole given where we are in the business cycle. We believe that as economic growth slows, investors will be in search of more earnings certainty rather than growth. During the reporting period, however, the snapback equity rally after the decline at the end of 2018 benefited more economically sensitive areas of investment. As a result, our underweight to electric utilities, and particularly integrated names in the U.S., was the largest contributor to outperformance in the sector.
Technology infrastructure also continued to contribute strongly to the Fund’s performance. This sector, comprised of businesses such as cell tower companies and data centers, provides the infrastructure necessary for mobile communications and computing. Technology infrastructure is not represented in the benchmark; therefore, the Fund’s nearly 7% weight to the group represents its largest overweight by sector. After a difficult fourth quarter in 2018, the segment has experienced a significant rebound in the first half of 2019 with our holdings collectively advancing by more than 30%, besting all other sectors within the Fund’s benchmark. Performance was solid across the board with U.S. as well as international names advancing. Fundamentally driven demand for both cell towers and data centers based on consumer and business needs for data and continual upgrades to keep pace with 4G and upcoming 5G cellular capabilities has driven strong revenue growth and remains a compelling secular story. European cell tower companies have been especially strong this year. Cellular service providers have accelerated the outsourcing of their tower businesses after lagging this trend in the U.S. over the past several years. This is providing significant asset acquisition opportunities for existing tower companies abroad, increasing their anticipated growth rates, which has been cheered by the financial markets.
Ports were the third leading contributor to relative performance during the reporting period, primarily due to the Fund’s regional underweight to China. This included underweight positions in two Chinese seaport index constituents and no exposure to the third: China Merchants Port Holdings Co., Ltd., COSCO SHIPPING Ports Limited, and Hutchison Port Holdings Trust, respectively. As China continues its fiscal stimulus in an effort to boost gross domestic product growth, the country has targeted infrastructure assets, often through tariff reductions (i.e. lowered fees). Although these reductions are typically meant to benefit consumers and exporters alike,
6
they often have the opposite effect on the companies that operate the infrastructure assets. An overall slowdown in economic activity also played a role on throughput declines, which coupled with the ongoing tariffs imposed by the U.S. on Chinese goods, has also negatively impacted these stocks.
In addition, the Fund’s diversified exposure to holdings in the waste sector contributed favorably to results. The Fund’s holdings advanced strongly over the reporting period, while the benchmark has no exposure to the waste sector.
The leading detractor during the reporting period was the Fund’s cash exposure. We usually do not call out cash as a detractor since we keep the Fund more or less fully invested, which means the cash allocation is typically below 5% of overall portfolio assets. While less than 3% of the Fund was allocated to cash during the reporting period, it served as a drag on performance given the nearly 20% gain in the global infrastructure market. No infrastructure sector detracted more than five basis points from relative performance, which limits our ability to provide commentary on any material laggards.
The rail sector detracted very modestly from the Fund’s relative returns, primarily driven by itsout-of-index exposures to two Japanese commuter rail companies, East Japan Railway Co and Central Japan Railway Co. Both firms reported relatively strong first quarter earnings; however, their shares traded down due to managements’ softer guidance for the remainder of 2019. Expense growth is the primary concern for both companies.
Toll roads also detracted slightly from relative returns, primarily the result of the Fund’s underweight position in Atlantia S.p.A., an Italian toll road company. During 2018, the Genoa bridge collapse in Italy, which killed dozens of people, brought into question the government’s commitment to privatized infrastructure. Atlantia, which has the concession on that stretch of road, suffered due to the potential liability from the disaster, the obvious inability to collect tolls during reconstruction, and the political uncertainty going forward. During the reporting period however, Atlantia’s stock has performed well based on optimism that the company may actually be able to retain the concession, which the government had said it was going to revoke immediately following the accident. The company represents a large weight in the index and our portfolio remains underweight, which hampered relative performance.
Throughout the reporting period, we largely maintained the more defensive posture of the Fund’s portfolio that took shape at the end of 2018. We maintained the Fund’s market sensitivity, relative to the first nine months of 2018 and continued to focus on and have conviction in companies whose earnings are more stable and those whose business models are less correlated to the global economic cycle. Generally speaking, we focused more heavily on mitigating downside risk given how late it appears to be in the business cycle and how much downside volatility we saw in global equity markets late last year. While we have not completely abandoned higher growth areas within infrastructure, we are selective within that group and favor“best-in-class” opportunities for businesses that have higher sensitivities to the economic cycle.
Geographically, we continued to keep the Fund’s portfolio well diversified. At the midpoint of 2019, the Fund continued to have broad exposure to well over 20 different countries. We prefer to spread the Fund’s holdings out over many geographies and regulatory jurisdictions to mitigate risk, especially in light of the rise of populist governments worldwide.
Nuveen Global Real Estate Securities Fund
How did the Fund perform during thesix-month period ended June 30, 2019?
The table in the Fund Performance and Expense Ratios section of this report provides total returns for the Fund for thesix-month,one-year and since inception periods ended June 30, 2019. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the FTSE EPRA/Nareit Developed Index NR (Net Return) and the Lipper classification Average during thesix-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks long-term capital appreciation with a secondary objective to provide current income. The Fund invests in income producing equities of companies engaged in the real estate industry. Applying a fundamentally based, relative value process, the investment team diversifies across geographies and sectors of listed global commercial real estate by investing at least 80% of the
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Portfolio Managers’ Comments(continued)
sum of its net assets and the amount of any borrowings for investment purposes in common stocks, preferred securities and other equity securities issued by U.S. andnon-U.S. companies in the real estate industry, including real estate investment trusts (REITs) and similar REIT-like entities. REITs are types of real estate companies that pool investors’ funds for investment in real estate or in real estate related loans or other interests. REITs in the U.S. are generally not taxed on income distributed to shareholders so long as they meet certain requirements of the Internal Revenue Code. Foreign REITs and REIT-like entities are organized outside of the U.S. and generally have operations and receive tax treatment in their respective countries similar to that of U.S. REITs, though some countries may have REIT-like structures that are significantly different from U.S. REITs or may not have adopted a REIT-like structure at all. Equity securities in which the Fund may invest may be of any market capitalization, including small- andmid-capitalization companies.
The Fund may invest at least 40% of its net assets in securities ofnon-U.S. issuers and, in any case, will invest at least 30% of its net assets in such issuers. The Fund will invest in securities of issuers in at least three different countries and may invest up to 25% of its total assets in securities of emerging market issuers.
The Fund may utilize derivatives, including options, futures contracts, options on futures contracts, and forward foreign currency exchange contracts. The Fund may use these derivatives to manage market or business risk, enhance the Fund’s return, or hedge against adverse movements in currency exchange rates.
During the reporting period, the technology infrastructure, mall, office and industrial sectors were the top contributors to the Fund’s relative performance, while only cash and net lease detracted modestly from results. All of the Fund’s country exposures added value during the reporting period led by positions in the U.S., Europe and the U.K.
The technology infrastructure sector, which is made up of mostly global data center and cell phone tower companies, contributed the most to the Fund’s relative results during the reporting period. The Fund’s broad exposure to the group proved beneficial given the strong returns for most companies in the sector, while the index’s exposure to technology infrastructure is quite limited. In fact, no portfolio holdings detracted from relative returns during the reporting period. Stock selection within the category also benefited the portfolio with our exposure to Equinix Inc. again leading the way. Equinix had previously performed quite poorly in the late 2018 marketsell-off and we took advantage of the attractive relative valuation and added to our exposure. The stock’s positive momentum continued throughout the reporting period after management’s better-than-expected guidance in the first quarter buoyed the stock. Equinix was the portfolio’s largest holding in the data center group and contributed approximately half of the Fund’s relative outperformance with the technology infrastructure sector.
The mall sector also contributed quite favorably to the Fund’s relative outperformance. The struggles within retail real estate are well documented and have persisted over the past few years. The disruption from ecommerce has led to store closings, shrinking footprints for retailers, and a change of business mix for regional malls as they target more experiential options and restaurants versus traditional apparel storefronts. As a result, we have seen a significant bifurcation in performance among companies within the mall sector in terms of those with high quality destination properties that have capital to redevelop assets to keep or increase foot traffic and sales versus those whose tenants are of lower quality and whose assets aren’t as likely to draw shoppers. For some time, we have focused the Fund’s exposure in higher quality mall operators where they exist and in geographies less impacted by the above-mentioned trends. Additionally, the portfolio only carried approximately half the weight of the index in the mall sector overall. Given the weak and declining fundamentals, we believed capital could be better deployed in more productive areas where positive returns were more likely. The combination of strong selection within the group, coupled with the underweight relative to the benchmark, added a substantial amount of value during the reporting period.
Our stock selection within the office sector also contributed to the Fund’s relative performance versus the benchmark. The most beneficial holding was a position in Terreis, a French office company that is not represented in the index. Fundamentals remained positive within the French office sector as low vacancy rates and limited high quality space placed pricing power in the hands of the landlords, leading to solid earnings growth. Although declining interest rates served as a tailwind, the most significant company specific driver for Terreis was its disposition of several assets to a Swiss insurer at a premium to appraised property value. Investors viewed the transaction favorably as follow through on management’s stated strategy of accretive asset recycling to create value. The sale resulted in the announcement of a significant special dividend to be paid to Terreis shareholders as well as a share buyback tender offer at a substantial premium to where shares were trading, both of which were well received.
8
Finally, an overweight position in industrial real estate companies provided a boost to the Fund’s relative outperformance. The flip side to the regional mall/retail real estate coin is the industrial sector, which is directly benefiting from the disruption of ecommerce in the marketplace. The group continues to demonstrate the strongest fundamentals with ever increasing demand for logistics and fulfillment facilities outstripping what has been a rather contained supply situation. These trends that we’ve witnessed in the U.S. for some time are in their earlier stages globally and represent a significant amount of future growth potential. While the U.S. names did perform well during the reporting period, the portfolio’s exposure to international companies, several of which are not included in the benchmark, contributed even more significantly to the outperformance.
The leading detractor during the reporting period was the Fund’s cash exposure. We usually do not call out cash as a detractor since we keep the Fund more or less fully invested, which means the cash allocation is typically below 5% of overall portfolio assets. While just slightly more than 2% of the Fund was allocated to cash during the reporting period, it served as a drag on performance given the nearly 15% gain in the global real estate market, as measured by the FTSE EPRA/Nareit Developed Index NR (Net Return). Net lease was the only other sector to detract mildly, which limits our ability to provide commentary on any material laggards.
Although the net lease sector detracted, the actual relative performance impact was rather muted. In general terms, positioning within the sector was skewed toward slightly more defensive, higher multiple names with strong tenant profiles. However, the market generally seemed to reward companies within the category with slightly higher dividend yields and lower multiples, perhaps due to the likelihood of easier monetary policy and falling global interest rates. A net lease is a type of commercial real estate lease in which the lessee or tenant pays for his or her space, but also pays the landlord for all, or some part of, certain “usual costs.” These usual costs are typically expenses that are associated with operating, maintaining, and using the property. These are costs which the landlord would ordinarily pay.
In terms of portfolio changes, Australia experienced the largest increase in exposure during the reporting period after its accommodative central bank cut interest rates and provided a tailwind to the commercial real estate sector. We funded much of the added exposure with a reduction in the Fund’s Japan weight, which we lowered after a period of solid performance. The portfolio’s U.S. weight stayed relatively consistent and ended the reporting period neutral relative to the benchmark.
By sector, the Fund’s largest overweight at the end of the reporting period was in the technology infrastructure sector, driven by positive supply and demand trends within data centers and cell phone towers. In the cell tower area, global tower densification continued on the back of individual and corporate demand for more data, while necessary future equipment upgrades for 5G have benefited tower companies as well. Meanwhile, the data center industry continued to benefit from demand for space to house servers to support several themes including cloud computing, big data andweb-based enterprise technology solutions. The strength of the underlying fundamentals has so far provided support to both groups in the sector, although valuations now appear full. The industrial area remained the Fund’s second largest overweight as the sector continued to benefit from secular growth trends that should extend beyond the current cycle. The Fund’s largest underweight was in malls because the ongoing negative secular trends affectingbrick-and-mortar retailers due to the growth in ecommerce remained a headwind.
Nuveen Real Asset Income Fund
How did the Fund perform during thesix-month period ended June 30, 2019?
The table in the Fund Performance and Expense Ratios section of this report provides total returns for the Fund for thesix-month,one-year, five-year and/or since inception periods ended June 30, 2019. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Real Asset Income Blend benchmark, the Bloomberg Barclays U.S. Corporate High Yield Bond Index and the Lipper classification average during thesix-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks a high level of current income with a secondary objective of capital appreciation by investing in a global portfolio of infrastructure and commercial real estate related securities (i.e. real assets) across the capital structure. These securities include a
9
Portfolio Managers’ Comments(continued)
combination of infrastructure and real estate common stock, infrastructure and real estate preferred stock, and infrastructure and real estate related debt. Our goal is to combine these securities into a portfolio that provides investors with an attractive level of income and dampens levels of risk versus the broader equity market. We continued to select securities using an investment process that screens for companies and assets across the real assets market that provide higher yields. From the group of securities providing significant yields, we focus on owning those companies and securities with the highest total return potential in the Fund. Our process places a premium on finding securities whose revenues come from tangible assets with long-term concessions, contracts or leases and are therefore capable of producing steady, predictable and recurring cash flows. The Fund’s management team employs abottom-up, fundamental approach to security selection and portfolio construction. We look for stable companies that demonstrate consistent and growing cash flow, strong balance sheets and histories of being good stewards of shareholder capital.
During the reporting period, all five of the “real asset” categories represented in the Real Asset Income Blend benchmark produced strong positive absolute returns. The global infrastructure sector produced the best results with the segment gaining 19.45% as measured by the S&P Global Infrastructure Index NR, outperforming the domestic equity market, which advanced 18.54% (S&P 500®). The segment also surpassed global equities, as measured by the MSCI All Country World Index, which returned 16.23%. After a weak year for global infrastructure in 2018, the sector not only kept pace with therisk-on, broad market rally witnessed so far in the first half of 2019, but outperformed. The defensive sector returned to favor as markets digested the Federal Reserve’s policy pivot and other central bank’s dovish moves, combined with the continued backdrop of slowing economic growth, downward earnings revisions, and still present trade and geopolitical risks.
The commercial real estate segment also kept somewhat close pace with the market rally so far in 2019 after a year of demonstrable outflows from the sector in 2018. The public commercial real estate sector returned 14.51% as measured by the FTSE EPRA/NAREIT Developed Index over the reporting period. We believe investors began to place a premium on earnings stability over growth, given a more benign interest rate environment. Dovish comments by central banks have led to a significant decline in U.S. and global interest rates year to date. The10-year Treasury yield, for example, has fallen from 2.66% at the beginning of 2019 to 2.00% bymid-year. Real estate investment trusts (REITs) tend to be more sensitive to interest rate movements than equities in general. REITs have also likely benefited from increased investor appetite for more stable, lease-based earnings and cash flows as the economic cycle has become very mature.
The interest rate rally and drop in bond yields in both the U.S. and overseas also provided a favorable backdrop for debt and preferred securities. The segments posted strong snapbacks as credit spreads rallied. The high yield sector gained 9.94% year to date as measured by the Bloomberg Barclays U.S. Corporate High Yield Index, propelled in part by the segment’s best first quarter gain in more than 25 years. The high yield sector also continued to benefit from limited net new supply, intact credit fundamentals and default rates at or near all time lows. The two preferred indices within the Fund’s Custom Blended Benchmark also finished the reporting period strongly in positive territory. The Wells Fargo Hybrid & Preferred Securities REIT Index returned 14.17%, while the Bloomberg Barclays Global Capital Securities Index rose 9.75% during the reporting period.
We attempt to add value versus the Real Asset Income Blend benchmark in two ways: by reallocating money among five main security types when we see pockets of value at differing times and, more importantly, through individual security selection. During the reporting period, the REIT common equity segment was the primary driver of the Fund’s favorable results relative to the benchmark, although the REIT preferred and global infrastructure preferred segments of the portfolio also contributed modestly to its relative returns. The global infrastructure common equity and high yield segments detracted from relative results.
The vast majority of the Fund’s outperformance versus its blended benchmark was due to stock selection in the real estate common equity portion of the portfolio. Selection was particularly beneficial in the health care REIT sector, where the Fund had a higher weight and the securities we selected outperformed by a wide margin. Within this more defensive sector, we focused on medical office properties and lab space, which are two areas where demand remains strong. This demand is leading to potential strong internal growth rates, as well as external growth opportunities through development and acquisition, which likely led these names to outperform. Investors appeared to appreciate the balance between the defensive characteristics of the overall group, coupled with attractive growth opportunities in the context of a benign and improving interest rate environment. Our exposure in the mall sector also benefited the Fund’s relative results versus the benchmark. The struggles within retail real estate are well documented and have persisted over the past few years. The disruption from ecommerce has led to store closings, shrinking footprints for retailers, and a
10
change of business mix for regional malls as they target more experiential options and restaurants versus traditional apparel storefronts. As a result, we have seen a significant bifurcation in performance among companies within the mall sector in terms of those with high quality destination properties that have capital to redevelop assets to keep or increase foot traffic and sales versus those whose tenants are of lower quality and whose assets aren’t as likely to draw shoppers. We have focused the Fund’s exposure in higher quality mall operators and in geographies less impacted by the above mentioned trends for quite some time, a strategy that paid off during the reporting period.
The global infrastructure common equity portion of the portfolio was the greatest detractor, followed closely by high yield debt. The shortfall within the global infrastructure segment was the result of the Fund’s significant underweight to the group as a whole. As noted above, global infrastructure common equity was the strongest performing asset class in the Fund during the reporting period. The primary reason we have underweighted infrastructure equity has been to avoid geopolitical risk globally, which has reduced our opportunity set to deploy capital. For example, we have an underweight in the U.K. because of Brexit worries and the subsequent potential political fallout that could impact infrastructure assets there. A populist government coalition in Italy that has seen the far left and the far right unite makes us somewhat hesitant regarding that country as well. Additionally, the current regulatory environment in Spain could negatively impact regulated utilities in that country as allowable returns are scheduled to be set in the near future. In addition, our portfolio was positioned with underweights in three of the top performing sectors within global infrastructure equity during the reporting period, toll roads, pipelines and airports. The underweight in toll roads ties back to the avoidance of geopolitical risks as a significant portion of the sector is found in European countries like Italy and Spain. In pipelines, we have tended to focus on preferred securities, which offer exposure to the sector with less volatility relative to the common equity exposure. We also had a lower weight than the benchmark in airports, driven almost exclusively by the Fund’s primary objective to provide income. Within the airport investment universe, very few equity securities possess dividend yields that are high enough to qualify for inclusion in this portfolio.
Within the high yield debt portfolio, by far the largest drag on the Fund’s relative results came from security selection in the electric utilities sector. Performance was negatively impacted by our exposure to power generation companies in California. These holdings underperformed after the largest utility in California, PG&E, filed for Chapter 11 bankruptcy protection due to its potential liability related to a number of wildfires, including the Camp Fire blaze. Subsequently, we eliminated any material exposure to the uncertainty surrounding California wildfire liability from our debt portfolio. Also during the reporting period, we took advantage of a strong high yield market and repositioned the debt portfolio. In the process, our cash balance was higher than it would be normally, which detracted modestly in the strong up market.
We continued to actively manage the Fund’s allocations among the five investment categories to reflect what we believed to be the best opportunities in our investment universe. Across the Fund, we took advantage of market strength and reduced overall volatility within all areas of the portfolio. We modestly increased exposure to infrastructure equities, which slightly reduced the Fund’s overall underweight to infrastructure equities. The primary source of funds for the rebalancing was a reduction in infrastructure preferred securities. Although reduced, the Fund’s overall preferred exposure (infrastructure and real estate) remains its largest overweight by category and roughly balances out its common equity underweight.
In our debt portfolio, we continued to migrate the portfolio higher in quality relative to historic ranges, while reducing its exposure to less liquid issues. We also improved the portfolio’s diversification by reducing issuer concentration and adding new issuers to the debt sleeve. We continued to find opportunities to invest in a number of attractive bonds with stable cash flows and minimal exposure to volatile commodity prices. We maintained a geographic representation in the debt portfolio that was similar to the equity and preferred categories. And similar to the preferred segment, utilities and pipeline infrastructure holdings remained the largest sectors in the debt portion of the portfolio at the end of the reporting period.
Nuveen Real Estate Securities Fund
How did the Fund perform during thesix-month period ended June 30, 2019?
The table in the Fund Performance and Expense Ratios section of this report provides total returns for the Fund for thesix-month,one-year, five-year,ten-year and/or since inception periods ended June 30, 2019. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the MSCI U.S. REIT Index and performed in line with the Lipper classification average during thesix-month reporting period.
11
Portfolio Managers’ Comments(continued)
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide above average income potential and long-term capital appreciation by investing in income producing common stocks of publicly traded companies engaged in the real estate industry. During the reporting period, we continued to implement the Fund’s strategy of investing on a relative value basis with a focus on individual stocks rather than economic or market cycles. We also continued to invest the Fund in a fairly sector neutral manner with a goal of providing a well-diversified portfolio of public real estate stocks to our shareholders. A sector neutral approach reduces the impact of any one property type on performance. Additionally, we continued to invest in a broader universe of stocks than our benchmark index to access more dynamic parts of the commercial real estate cycle.
During the reporting period, the public commercial real estate sector returned 17.77% (MSCI U.S. REIT Index), which was just shy of the overall broader equity market return of 18.54%, as measured by the S&P 500®. The commercial real estate segment has kept close pace with the market rally so far this year after a year of demonstrable outflows from the sector in 2018. We believe investors have now begun to place a premium on earnings stability over growth, given a more benign interest rate environment. The Federal Reserve’s policy pivot and other central bank’s dovish moves have led to a significant decline in U.S. and global interest rates year to date. The10-year Treasury yield, for example, has fallen from 2.66% at the beginning of 2019 to 2.00% bymid-year. Real estate investment trusts (REITs) tend to be more sensitive to interest rate movements than equities in general. REITs have also likely benefited from increased investor appetite for more stable, lease-based earnings and cash flows as the economic cycle has become very mature.
The Fund experienced strong absolute and relative returns during the reporting period driven by solid outperformance across a number of sectors, led by health care REITs, office space and malls. The Fund had relatively few noteworthy detractors during the reporting period, although its cash position and slight weakness in the net lease sector were modest drags on results.
The Fund’s leading contribution during the reporting period came from favorable stock selection and an overweight in the health care REIT sector. Within the sector, the senior housing segment struggled predominantly due to short-term oversupply and increasing expenses. While demographics favor the senior housing category, new supply delivered to the market over the past several years has led to underutilization of space and a lack of pricing power for property owners, leading us to have lack of conviction in thesub-sector in the near term. The Fund benefited from no exposure to Senior Housing Properties Trust, which saw its shares drop sharply during the reporting period. Also, the Fund’s underweight position in Welltower, Inc. contributed favorably as approximately 60% of the company’s business comes from senior housing. On the other hand, we continued to favor the life science area (lab space for research) within the group. Our overweight position in Alexandria Real Estate Equities Inc. aided performance. The company benefited from stronger demand in its core markets, an expected internal growth rate that is higher than its peers, and solid expected returns on its existing property development pipeline. These strong fundamentals were key to the investor interest in the name, which propelled the stock higher. Another contributor was the Fund’s overweight position in Ventas Inc., one of the “big three” within the health care REIT benchmark. During the reporting period, we took the opportunity to add to our position when Ventas did an equity offering to fund a senior housing acquisition in Canada. Not long after the capital raise, the company also announced several other development projects and acquisitions that would provide substantial growth relative to their peers and would likely be accretive, especially in 2020. The market received the announcements positively and the stock performed well.
Stock selection within the office sector also contributed to the Fund’s relative performance versus the benchmark, due mostly to an underweight position in SL Green Realty Corp. At this point in previous cycles, demand characteristics in the office sector have driven strong net operating income growth, which often led to relatively strong returns for the asset type. However, returns during this expansion have been impacted by current densification trends (companies are emphasizing more shared space and less square footage per employee), along with some pockets of significant amounts of additional supply. One of the geographic areas where supply has been a concern is New York City, and we have chosen to be relatively underweight as a result. One way to do that has been to underweight SL Green, which has a Manhattan centric property profile. The company struggled during the reporting period and significantly underperformed the overall sector due to the previously mentioned fundamental issues. Our portfolio also held an overweight to Cousins Properties Inc. for some time because of the company’s underlying property portfolio, its geographic footprint and its overall potential growth rate. Shares rebounded strongly at the beginning of 2019 as the market began to recognize the
12
value in the company. Cousins Properties also increased 2019 guidance during the reporting period on the heels of a transaction with Norfolk Southern. In addition, the firm announced its intention to merge with TIER REIT, which may provide additional development opportunities in the future.
Also, the Fund’s positioning within the mall sector benefited its relative outperformance. The mall sector faltered again during the reporting period, and was the only sector to slip into negative territory with a nearly 5% decline as measured by the index constituents, while every other sector within the benchmark rose by double digits. The struggles within retail real estate are well documented and have persisted over the past few years. The disruption from ecommerce has led to store closings, shrinking footprints for retailers, and a change of business mix for regional malls as they target more experiential options and restaurants versus traditional apparel storefronts. As a result, we have seen a significant bifurcation in performance among companies within the mall sector in terms of those with high quality destination properties that have capital to redevelop assets to keep or increase foot traffic and sales versus those whose tenants are of lower quality and whose assets aren’t as likely to draw shoppers. For quite some time, we have emphasized exposure to only higher quality mall operators in the Fund’s portfolio. During the reporting period, our only significant position in the sector was Simon Property Group Inc., the largest mall operator in the U.S. All of our outperformance within the group came from having little to no exposure to the remaining six of seven names in the index.
The leading detractor during the reporting period was the Fund’s cash exposure. We usually do not call out cash as a detractor since we keep the Fund more or less fully invested, which means the cash allocation is typically below 5% of overall portfolio assets. While less than 2% of the Fund was allocated to cash during the reporting period, it served as a drag on performance given the nearly 18% gain in the real estate market. Other than net lease, no real estate sector detracted in any meaningful way from relative performance, which limits our ability to provide commentary on any material laggards.
Within net lease, security selection hurt performance during the reporting period. An underweight to WP Carey Inc. provided the largest drag within the sector after its shares performed well following a merger that was well received by the market. The Fund was underweight the stock based on our concerns regarding future earnings growth, but the transaction has been the focal point for investors so far this year. Performance was also hindered by our overweight positions in Four Corners Property Trust Inc., National Retail Properties Inc. and Agree Realty Corp, although we didn’t see any apparent fundamental reason that led to the underperformance of the companies. It appears that investors showed favoritism for competitors with slightly lower multiples and slightly higher dividend yields during the reporting period; however, the underlying tenancy and core business of the companies remained solid. Therefore, we did not change our positioning in these names.
In terms of changes during the reporting period, we maintained our biases to large cap over small cap and high quality over lower quality, which were reflected in our core/high conviction names, especially within the mall sector. We remained more highly allocated to areas that display more defensive characteristics, have a higher certainty of cash flow and have less linkage to the global economic cycle than we have in previous reporting periods. The health care REIT sector was the primary recipient of our added defensive exposure, which brought the Fund’s health care weight to a slight overweight relative to the benchmark for the first time in several years. We ended the reporting period with the Fund’s sector weights relatively neutral to the benchmark.
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Risk Considerations and Dividend Information
Risk Considerations
Nuveen Global Infrastructure Fund
Mutual fund investing involves risk; principal loss is possible. Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with master limited partnerships (MLPs) and real estate investment trusts (REITS). Foreign investments involve additional risks including currency fluctuations and economic and political instability. These risks are magnified in emerging markets. Common stocks are subject to market risk or the risk of decline. Small- and mid-cap stocks are subject to greater price volatility. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of fund expenses and indirectly, the expenses of other investment companies. Fund investments in exchange trade funds (ETFs) may involve tracking error. Preferred securities may involve greater credit risk than other debt instruments.
Nuveen Global Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The real estate industry is greatly affected by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of the REIT. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, derivatives, preferred security, and, small and mid-cap risks, are described in detail in the Fund’s prospectus.
Nuveen Real Asset Income Fund
Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Fund are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with master limited partnerships (MLPs). Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the exchange trade funds (ETFs) in which it invests.
Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Nuveen Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. Common stocks and REITs such as those held in the Fund involve market risk, concentration risk, sector risk, and non-diversification risk. The real estate industry is greatly affected by economic downturns that may persist as well as changes in property values, taxes, and regulatory developments. Foreign investments involve additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. The use of derivatives involves substantial financial risks and transaction costs. Small cap stocks may experience more volatility than large cap stocks.
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Dividend Information
Regular dividends are declared and distributed annually for Nuveen Global Infrastructure Fund, declared daily and distributed monthly for Nuveen Real Asset Income Fund and declared and distributed quarterly for Nuveen Global Real Estate Securities Fund and Nuveen Real Estate Securities Fund. To permit a Fund to maintain a more stable dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income it actually earned during the period.
In certain instances, a portion of each Fund’s distributions may be paid from sources or comprised of elements other than ordinary income, including capital gains and/or a return of capital. This is generally due to the fact that the tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Fund’s portfolio. Distributions received from certain securities in which the Fund invests, most notably real estate investment trust (REIT) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security typically reports the tax character of its distributions only once per year, generally during the first two months of the following calendar year. The full amount of the distributions received from such securities is included in the Fund’s ordinary income during the course of the year until such time the Fund is notified by the issuer of the actual tax character. To the extent that at the time of a particular distribution the Fund estimates that a portion of that distribution is attributable to a source or sources other than ordinary income, the Fund would send shareholders a notice to that effect. The final determination of the sources and tax character of all distributions for the fiscal year is made after the end of the fiscal year.
Additional Dividend Information for Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund
Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund seek to pay regular dividends at a rate that reflects the cash flow received from each Fund’s investments in portfolio securities. Fund distributions are not intended to include expected portfolio appreciation; however, the Funds invest in securities that make payments which ultimately may be fully or partially characterized for tax purposes by the securities’ issuers as gains or return of capital. While the reported sources of distributions may include capital gains and/or return of capital for tax purposes, the Funds intend to distribute only the net cash flow received as opposed to a distribution rate based on long-term total return. This tax treatment will generally “flow through” to the Funds’ distributions, but the specific tax treatment is often not known with certainty until after the end of the Funds’ tax year. As a result, certain portions of the regular distributions by Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund throughout the year were laterre-characterized for tax purposes as either long-term gains (both realized and unrealized), or as anon-taxable return of capital, as set forth in each Fund’s table below. Nuveen Global Real Estate Securities Fund did not have any such distribution re-characterizations.
Nuveen Real Asset Income Fund – Data as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Calendar Year 2019 | |
| | | | | Estimated Percentage of the Distribution | | | Estimated Per Share Amounts | |
| Share Class | | Ticker Symbol | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | | | Distributions | | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | |
Class A | | NRIAX | | | 87.4% | | | | 4.6% | | | | 8.0% | | | $ | 0.5965 | | | $ | 0.5212 | | | $ | 0.0275 | | | $ | 0.0479 | |
Class C | | NRICX | | | 85.0% | | | | 5.4% | | | | 9.6% | | | $ | 0.5125 | | | $ | 0.4358 | | | $ | 0.0275 | | | $ | 0.0492 | |
Class R6 | | NRIFX | | | 94.3% | | | | 4.5% | | | | 1.2% | | | $ | 0.6310 | | | $ | 0.5949 | | | $ | 0.0278 | | | $ | 0.0075 | |
Class I | | NRIIX | | | 88.5% | | | | 4.4% | | | | 7.1% | | | $ | 0.6240 | | | $ | 0.5524 | | | $ | 0.0275 | | | $ | 0.0440 | |
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Risk Considerations and Dividend Information(continued)
Nuveen Real Estate Securities Fund – Data as of June 30, 2019(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Calendar Year 2019 | |
| | | | | Estimated Percentage of the Distribution | | | Estimated Per Share Amounts | |
| Share Class | | Ticker Symbol | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | | | Distributions | | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | |
Class A | | FREAX | | | 63.8% | | | | 36.2% | | | | 0.0% | | | $ | 0.2592 | | | $ | 0.1654 | | | $ | 0.0938 | | | $ | 0.0000 | |
Class C | | FRLCX | | | 50.1% | | | | 49.9% | | | | 0.0% | | | $ | 0.1768 | | | $ | 0.0887 | | | $ | 0.0881 | | | $ | 0.0000 | |
Class R3 | | FRSSX | | | 60.9% | | | | 39.1% | | | | 0.0% | | | $ | 0.2375 | | | $ | 0.1447 | | | $ | 0.0928 | | | $ | 0.0000 | |
Class R6 | | FREGX | | | 73.5% | | | | 26.5% | | | | 0.0% | | | $ | 0.3023 | | | $ | 0.2221 | | | $ | 0.0802 | | | $ | 0.0000 | |
Class I | | FARCX | | | 68.4% | | | | 31.6% | | | | 0.0% | | | $ | 0.2897 | | | $ | 0.1982 | | | $ | 0.0915 | | | $ | 0.0000 | |
| (1) | The Fund owns REIT securities which attribute their distributions to various sources, including net investment income, gains and return of capital. |
These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2019 will be made in early 2020 and reported to you on Form 1099-DIV. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com.
16
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
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. 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.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
17
Fund Performance and Expense Ratios(continued)
Nuveen Global Infrastructure Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of June 30, 2019
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 21.73% | | | | 14.87% | | | | 5.83% | | | | 10.99% | |
Class A Shares at maximum Offering Price | | | 14.71% | | | | 8.27% | | | | 4.58% | | | | 10.34% | |
S&P Global Infrastructure Index TR (old benchmark) | | | 20.15% | | | | 12.17% | | | | 4.83% | | | | 9.33% | |
S&P Global Infrastructure Index NR (new benchmark) | | | 19.45% | | | | 11.03% | | | | 3.90% | | | | 8.37% | |
Lipper Global Infrastructure Funds Classification Average | | | 19.52% | | | | 11.45% | | | | 4.35% | | | | 10.50% | |
| | | | |
Class C Shares | | | 21.25% | | | | 13.98% | | | | 5.05% | | | | 10.15% | |
Class R3 Shares | | | 21.58% | | | | 14.56% | | | | 5.58% | | | | 10.67% | |
Class I Shares | | | 21.93% | | | | 15.11% | | | | 6.10% | | | | 11.27% | |
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class R6 Shares | | | 21.96% | | | | 15.29% | | | | 8.67% | |
Since inception return for Class R6 Shares is from 6/30/16. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. 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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Gross Expense Ratios | | | 1.35% | | | | 2.11% | | | | 1.60% | | | | 1.02% | | | | 1.10% | |
Net Expense Ratios | | | 1.22% | | | | 1.97% | | | | 1.47% | | | | 0.89% | | | | 0.97% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2020 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.00% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.
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Nuveen Global Real Estate Securities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of June 30, 2019
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 18.27% | | | | 12.24% | | | | 12.90% | |
Class A Shares at maximum Offering Price | | | 11.47% | | | | 5.79% | | | | 7.80% | |
FTSE EPRA/NAREIT Developed Index TR (old benchmark) | | | 15.09% | | | | 8.64% | | | | 11.50% | |
FTSE EPRA/NAREIT Developed Index NR (new benchmark) | | | 14.51% | | | | 7.68% | | | | 10.37% | |
Lipper Global Real Estate Funds Classification Average | | | 15.92% | | | | 8.37% | | | | 10.32% | |
| | | |
Class C Shares | | | 17.78% | | | | 11.41% | | | | 12.04% | |
Class R6 Shares | | | 18.42% | | | | 12.59% | | | | 13.23% | |
Class I Shares | | | 18.41% | | | | 12.52% | | | | 13.17% | |
Since inception returns are from 3/20/18. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without anup-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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Gross Expense Ratios | | | 2.65% | | | | 3.41% | | | | 2.38% | | | | 2.42% | |
Net Expense Ratios | | | 1.30% | | | | 2.05% | | | | 1.02% | | | | 1.05% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2021 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 1.09% 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 Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
19
Fund Performance and Expense Ratios(continued)
Nuveen Real Asset Income Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of June 30, 2019
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class A Shares at NAV | | | 14.39% | | | | 9.15% | | | | 5.26% | | | | 8.46% | |
Class A Shares at maximum Offering Price | | | 7.81% | | | | 2.87% | | | | 4.02% | | | | 7.64% | |
Bloomberg Barclays U.S. Corporate High Yield Bond Index | | | 9.94% | | | | 7.48% | | | | 4.70% | | | | 7.14% | |
Real Asset Income Blend (old benchmark) | | | 14.60% | | | | 9.12% | | | | 5.15% | | | | 8.32% | |
Real Asset Income Blend (new benchmark) | | | 14.29% | | | | 8.61% | | | | 4.69% | | | | 7.86% | |
Lipper Real Return Classification Average | | | 10.77% | | | | 1.25% | | | | (0.83)% | | | | 1.14% | |
| | | | |
Class C Shares | | | 13.97% | | | | 8.33% | | | | 4.48% | | | | 7.66% | |
Class I Shares | | | 14.52% | | | | 9.42% | | | | 5.53% | | | | 8.73% | |
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class R6 Shares | | | 14.58% | | | | 9.56% | | | | 6.41% | |
Since inception returns for Class A Shares, Class C Shares and Class I Shares, and the index and Lipper average, are from 9/13/11; since inception return for Class R6 Shares is from 6/30/16. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without anup-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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Expense Ratios | | | 1.14% | | | | 1.89% | | | | 0.81% | | | | 0.89% | |
20
Nuveen Real Estate Securities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of June 30, 2019
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 18.14% | | | | 10.98% | | | | 7.35% | | | | 15.04% | |
Class A Shares at maximum Offering Price | | | 11.35% | | | | 4.61% | | | | 6.09% | | | | 14.36% | |
MSCI U.S. REIT Index | | | 17.77% | | | | 11.06% | | | | 7.81% | | | | 15.55% | |
Lipper Real Estate Funds Classification Average | | | 18.15% | | | | 10.43% | | | | 7.11% | | | | 14.63% | |
| | | | |
Class C Shares | | | 17.71% | | | | 10.14% | | | | 6.56% | | | | 14.18% | |
Class R3 Shares | | | 17.99% | | | | 10.71% | | | | 7.09% | | | | 14.76% | |
Class I Shares | | | 18.34% | | | | 11.27% | | | | 7.63% | | | | 15.33% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R6 Shares | | | 18.42% | | | | 11.43% | | | | 7.81% | | | | 7.26% | |
Since inception return for Class R6 Shares is from 4/30/13. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. 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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Expense Ratios | | | 1.26% | | | | 2.02% | | | | 1.52% | | | | 0.88% | | | | 1.02% | |
21
Holding Summaries as of June 30, 2019
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Global Infrastructure Fund
Fund Allocation
(% of net assets)
| | | | |
| | |
Common Stocks | | | 93.5% | |
| |
Real Estate Investment Trust Common Stocks | | | 4.3% | |
| |
Investment Companies | | | 0.3% | |
| |
Repurchase Agreements | | | 2.6% | |
| |
Other Assets Less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
Top Five Common Stock & Real Estate Investment Trust
Common Stock Holdings
(% of net assets)
| | | | |
| | |
Aena SME SA | | | 5.1% | |
| |
Transurban Group | | | 4.8% | |
| |
NextEra Energy Inc. | | | 3.7% | |
| |
Enbridge Inc. | | | 3.5% | |
| |
Duke Energy Corp | | | 2.8% | |
Portfolio Composition
(% of net assets)
| | | | |
| | |
Transportation Infrastructure | | | 27.0% | |
| |
Electric Utilities | | | 20.3% | |
| |
Oil, Gas & Consumable Fuels | | | 15.1% | |
| |
Multi-Utilities | | | 10.9% | |
| |
Gas Utilities | | | 4.7% | |
| |
Other | | | 19.8% | |
| |
Repurchase Agreements | | | 2.6% | |
| |
Investment Companies | | | 0.3% | |
| |
Other Assets Less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
Country Allocation¹
(% of net assets)
| | | | |
| | |
United States | | | 40.9% | |
| |
Spain | | | 8.9% | |
| |
Italy | | | 8.7% | |
| |
Australia | | | 8.6% | |
| |
France | | | 8.1% | |
| |
Canada | | | 8.0% | |
| |
New Zealand | | | 3.1% | |
| |
Japan | | | 2.7% | |
| |
Mexico | | | 1.8% | |
| |
Singapore | | | 1.6% | |
| |
Hong Kong | | | 1.4% | |
| |
Other | | | 6.9% | |
| |
Other Assets Less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
| 1 | Includes 4.3% (as a percentage of net assets) in emerging market countries. |
22
Nuveen Global Real Estate Securities Fund
Fund Allocation
(% of net assets)
| | | | |
| | |
Real Estate Investment Trust Common Stocks | | | 76.7% | |
| |
Common Stocks | | | 21.4% | |
| |
Repurchase Agreements | | | 2.6% | |
| |
Other Assets Less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
Top Five Common Stock & Real Estate Investment Trust
Common Stock Holdings
(% of net assets)
| | | | |
| | |
Simon Property Group Inc. | | | 2.6% | |
| |
Prologis Inc. | | | 2.5% | |
| |
Ventas Inc. | | | 2.1% | |
| |
Public Storage | | | 2.1% | |
| |
Duke Realty Corp | | | 2.0% | |
Portfolio Composition
(% of net assets)
| | | | |
| | |
Real Estate Management & Development | | | 18.4% | |
| |
Residential | | | 13.2% | |
| |
Office | | | 11.5% | |
| |
Industrial | | | 11.3% | |
| |
Specialized | | | 10.6% | |
| |
Retail | | | 10.2% | |
| |
Health Care | | | 8.8% | |
| |
Diversified | | | 8.6% | |
| |
Other | | | 5.5% | |
| |
Repurchase Agreements | | | 2.6% | |
| |
Other Assets Less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
Country Allocation1
(% of net assets)
| | | | |
| | |
United States | | | 54.1% | |
| |
Japan | | | 8.4% | |
| |
Hong Kong | | | 7.1% | |
| |
Germany | | | 6.0% | |
| |
Australia | | | 5.7% | |
| |
United Kingdom | | | 4.4% | |
| |
Canada | | | 3.7% | |
| |
Singapore | | | 2.4% | |
| |
Belgium | | | 1.6% | |
| |
Sweden | | | 1.4% | |
| |
Netherlands | | | 1.0% | |
| |
Other | | | 4.9% | |
| |
Other Assets less Liabilities | | | (0.7)% | |
| |
Net Assets | | | 100% | |
| 1 | Includes 1.5% (as a percentage of net assets) in emerging market countries. |
23
Holding Summariesas of June 30, 2019 (continued)
Nuveen Real Asset Income Fund
Fund Allocation
(% of net assets)
| | | | |
| | |
Real Estate Investment Trust Common Stocks | | | 24.4% | |
| |
Common Stocks | | | 19.3% | |
| |
$25 Par (or similar) Retail Preferred | | | 16.8% | |
| |
Corporate Bonds | | | 14.9% | |
| |
$1,000 Par (or similar) Institutional Preferred | | | 14.5% | |
| |
Convertible Preferred Securities | | | 3.6% | |
| |
Variable Rate Senior Loan Interests | | | 2.5% | |
| |
Convertible Bonds | | | 0.7% | |
| |
Investment Companies | | | 0.6% | |
| |
Repurchase Agreements | | | 1.5% | |
| |
Other Assets Less Liabilities | | | 1.2% | |
| |
Net Assets | | | 100% | |
Top Five Common Stock & Real Estate Investment Trust
Common Stock Holdings
(% of net assets)
| | | | |
| | |
Ventas Inc. | | | 2.1% | |
| |
Enel SpA | | | 1.4% | |
| |
VICI Properties Inc. | | | 1.2% | |
| |
Snam SpA | | | 1.0% | |
| |
Enbridge Inc. | | | 0.9% | |
Portfolio Composition
(% of net assets)
| | | | |
| | |
Electric Utilities | | | 16.3% | |
| |
Equity Real Estate Investment Trust | | | 11.6% | |
| |
Oil, Gas & Consumable Fuels | | | 11.0% | |
| |
Multi-Utilities | | | 9.2% | |
| |
Health Care | | | 6.0% | |
| |
Real Estate Management & Development | | | 3.7% | |
| |
Industrial | | | 3.7% | |
| |
Diversified | | | 3.7% | |
| |
Retail | | | 3.2% | |
| |
Gas Utilities | | | 2.9% | |
| |
Energy Equipment & Services | | | 2.9% | |
| |
Specialized | | | 2.4% | |
| |
Office | | | 2.1% | |
| |
Other | | | 18.0% | |
| |
Repurchase Agreements | | | 1.5% | |
| |
Investment Companies | | | 0.6% | |
| |
Other Assets Less Liabilities | | | 1.2% | |
| |
Net Assets | | | 100% | |
Country Allocation1
(% of net assets)
| | | | |
| | |
United States | | | 57.7% | |
| |
Canada | | | 12.0% | |
| |
Italy | | | 4.2% | |
| |
Singapore | | | 4.1% | |
| |
Australia | | | 3.6% | |
| |
France | | | 2.9% | |
| |
Germany | | | 1.7% | |
| |
New Zealand | | | 1.6% | |
| |
United Kingdom | | | 1.5% | |
| |
Hong Kong | | | 1.1% | |
| |
Brazil | | | 0.8% | |
| |
Other | | | 7.6% | |
| |
Other Assets Less Liabilities | | | 1.2% | |
| |
Net Assets | | | 100% | |
| 1 | Includes 4.9% (as a percentage of net assets) in emerging market countries. |
24
Nuveen Real Estate Securities Fund
Fund Allocation
(% of net assets)
| | | | |
| | |
Real Estate Investment Trust Common Stocks | | | 99.5% | |
| |
Money Market Funds | | | 0.1% | |
| |
Other Assets Less Liabilities | | | 0.4% | |
| |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
| | |
Residential | | | 20.8% | |
| |
Specialized | | | 17.9% | |
| |
Health Care | | | 14.1% | |
| |
Retail | | | 13.7% | |
| |
Industrial | | | 12.7% | |
| |
Office | | | 12.6% | |
| |
Other | | | 7.7% | |
| |
Money Market Funds | | | 0.1% | |
| |
Other Assets Less Liabilities | | | 0.4% | |
| |
Net Assets | | | 100% | |
Top Five Common Stock and Real Estate Investment Trust Common Stock Holdings
(% of net assets)
| | | | |
| | |
Simon Property Group Inc. | | | 5.0% | |
| |
Prologis Inc. | | | 4.9% | |
| |
Ventas Inc. | | | 4.1% | |
| |
Public Storage | | | 4.0% | |
| |
Duke Realty Corp | | | 4.0% | |
25
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended June 30, 2019.
The beginning of the period is January 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 ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Global Infrastructure Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,217.30 | | | $ | 1,212.50 | | | $ | 1,215.80 | | | $ | 1,219.60 | | | $ | 1,219.30 | |
Expenses Incurred During the Period | | $ | 6.71 | | | $ | 10.81 | | | $ | 8.08 | | | $ | 4.79 | | | $ | 5.34 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,018.74 | | | $ | 1,015.03 | | | $ | 1,017.50 | | | $ | 1,020.48 | | | $ | 1,019.98 | |
Expenses Incurred During the Period | | $ | 6.11 | | | $ | 9.84 | | | $ | 7.35 | | | $ | 4.36 | | | $ | 4.86 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 1.47%, 0.87%, and 0.97% for Classes A, C, R3, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period).
26
Nuveen Global Real Estate Securities Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,182.70 | | | $ | 1,177.80 | | | $ | 1,184.20 | | | $ | 1,184.10 | |
Expenses Incurred During the Period | | $ | 6.98 | | | $ | 11.02 | | | $ | 5.36 | | | $ | 5.69 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,018.40 | | | $ | 1,014.68 | | | $ | 1,019.89 | | | $ | 1,019.59 | |
Expenses Incurred During the Period | | $ | 6.46 | | | $ | 10.19 | | | $ | 4.96 | | | $ | 5.26 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.04%, 0.99%, and 1.05% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Real Asset Income Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,143.90 | | | $ | 1,139.70 | | | $ | 1,145.80 | | | $ | 1,145.20 | |
Expenses Incurred During the Period | | $ | 6.11 | | | $ | 10.08 | | | $ | 4.31 | | | $ | 4.79 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.09 | | | $ | 1,015.37 | | | $ | 1,020.78 | | | $ | 1,020.33 | |
Expenses Incurred During the Period | | $ | 5.76 | | | $ | 9.49 | | | $ | 4.06 | | | $ | 4.51 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 0.81%, and 0.90% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period).
Nuveen Real Estate Securities Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,181.40 | | | $ | 1,177.10 | | | $ | 1,179.90 | | | $ | 1,184.20 | | | $ | 1,183.40 | |
Expenses Incurred During the Period | | $ | 7.09 | | | $ | 11.12 | | | $ | 8.43 | | | $ | 4.77 | | | $ | 5.74 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,018.30 | | | $ | 1,014.58 | | | $ | 1,017.06 | | | $ | 1,020.43 | | | $ | 1,019.54 | |
Expenses Incurred During the Period | | $ | 6.56 | | | $ | 10.29 | | | $ | 7.80 | | | $ | 4.41 | | | $ | 5.31 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.06%, 1.56%, 0.88%, and 1.06% for Classes A, C, R3, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period).
27
Nuveen Global Infrastructure Fund
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | LONG-TERM INVESTMENTS – 98.1% | |
| |
| | | | COMMON STOCKS – 93.5% | |
| |
| | | | Air Freight & Logistics – 0.1% | |
| | | | |
| | 18,196 | | | Oesterreichische Post AG, (2) | | | | | | | | | | $ | 612,531 | |
| |
| | | | Commercial Services & Supplies – 2.7% | |
| | | | |
| | 840,440 | | | China Everbright International Ltd, (2) | | | | | | | | | | | 776,267 | |
| | | | |
| | 20,088 | | | Republic Services Inc. | | | | | | | | | | | 1,740,424 | |
| | | | |
| | 107,560 | | | Waste Connections Inc. | | | | | | | | | | | 10,280,585 | |
| | | | |
| | 14,003 | | | Waste Management Inc. | | | | | | | | | | | 1,615,526 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | | | 14,412,802 | |
| |
| | | | Construction & Engineering – 4.2% | |
| | | | |
| | 65,211 | | | Eiffage SA, (2) | | | | | | | | | | | 6,444,766 | |
| | | | |
| | 291,832 | | | Ferrovial SA, (2) | | | | | | | | | | | 7,470,493 | |
| | | | |
| | 81,171 | | | Vinci SA, (2) | | | | | | | | | | | 8,289,639 | |
| | | | Total Construction & Engineering | | | | | | | | | | | 22,204,898 | |
| |
| | | | Diversified Telecommunication Services – 2.0% | |
| | | | |
| | 37,907 | | | Cellnex Telecom SA, (2), (3) | | | | | | | | | | | 1,402,311 | |
| | | | |
| | 344,306 | | | HKBN Ltd, (2) | | | | | | | | | | | 620,826 | |
| | | | |
| | 4,275 | | | HKT Trust & HKT Ltd | | | | | | | | | | | 6,786 | |
| | | | |
| | 525,495 | | | Infrastrutture Wireless Italiane SpA, (2) | | | | | | | | | | | 5,152,169 | |
| | | | |
| | 3,552,014 | | | NetLink NBN Trust | | | | | | | | | | | 2,336,506 | |
| | | | |
| | 1,451,424 | | | Telesites SAB de CV, (3) | | | | | | | | | | | 896,849 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | 10,415,447 | |
| |
| | | | Electric Utilities – 20.3% | |
| | | | |
| | 98,201 | | | Alliant Energy Corp | | | | | | | | | | | 4,819,705 | |
| | | | |
| | 104,659 | | | Alupar Investimento SA | | | | | | | | | | | 704,550 | |
| | | | |
| | 80,407 | | | American Electric Power Co Inc. | | | | | | | | | | | 7,076,620 | |
| | | | |
| | 1,345,350 | | | AusNet Services, (2) | | | | | | | | | | | 1,772,990 | |
| | | | |
| | 7,692 | | | Cia de Transmissao de Energia Eletrica Paulista | | | | | | | | | | | 49,558 | |
| | | | |
| | 47,602 | | | CK Infrastructure Holdings Ltd, (2) | | | | | | | | | | | 387,970 | |
| | | | |
| | 378,923 | | | CLP Holdings Ltd, (2) | | | | | | | | | | | 4,175,651 | |
| | | | |
| | 169,605 | | | Duke Energy Corp | | | | | | | | | | | 14,965,945 | |
| | | | |
| | 16,611 | | | Edison International | | | | | | | | | | | 1,119,747 | |
| | | | |
| | 7,313 | | | Elia System Operator SA/NV, (2) | | | | | | | | | | | 539,276 | |
| | | | |
| | 8,168 | | | Emera Inc., (WI/DD) | | | | | | | | | | | 333,756 | |
| | | | |
| | 142,074 | | | Enel Chile SA, ADR | | | | | | | | | | | 679,114 | |
| | | | |
| | 767,370 | | | Enel SpA, (2) | | | | | | | | | | | 5,352,980 | |
28
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Electric Utilities(continued) | |
| | | | |
| | 32,125 | | | Entergy Corp | | | | | | | | | | $ | 3,306,626 | |
| | | | |
| | 62,248 | | | Eversource Energy | | | | | | | | | | | 4,715,908 | |
| | | | |
| | 19,024 | | | Exelon Corp | | | | | | | | | | | 912,011 | |
| | | | |
| | 19,482 | | | HK Electric Investments & HK Electric Investments Ltd | | | | | | | | | | | 19,952 | |
| | | | |
| | 813,781 | | | Iberdrola SA, (2) | | | | | | | | | | | 8,102,148 | |
| | | | |
| | 810,296 | | | Infratil Ltd, (2) | | | | | | | | | | | 2,532,403 | |
| | | | |
| | 128,024 | | | Interconexion Electrica SA ESP | | | | | | | | | | | 711,532 | |
| | | | |
| | 131,396 | | | Neoenergia SA, (3) | | | | | | | | | | | 547,490 | |
| | | | |
| | 97,082 | | | NextEra Energy Inc. | | | | | | | | | | | 19,888,219 | |
| | | | |
| | 1,799 | | | PNM Resources Inc. | | | | | | | | | | | 91,587 | |
| | | | |
| | 449,284 | | | Power Grid Corp of India Ltd, (2) | | | | | | | | | | | 1,340,403 | |
| | | | |
| | 11,981 | | | Red Electrica Corp SA, (2), (3) | | | | | | | | | | | 249,542 | |
| | | | |
| | 66,479 | | | Southern Co | | | | | | | | | | | 3,674,959 | |
| | | | |
| | 1,347,346 | | | Spark Infrastructure Group, (2) | | | | | | | | | | | 2,299,588 | |
| | | | |
| | 1,238,917 | | | Terna Rete Elettrica Nazionale SpA, (2) | | | | | | | | | | | 7,893,907 | |
| | | | |
| | 45,342 | | | Transmissora Alianca de Energia Eletrica SA | | | | | | | | | | | 320,704 | |
| | | | |
| | 157,587 | | | Xcel Energy Inc. | | | | | | | | | | | 9,374,851 | |
| | | | Total Electric Utilities | | | | | | | | | | | 107,959,692 | |
| |
| | | | Gas Utilities – 4.7% | |
| | | | |
| | 194,956 | | | APA Group, (2) | | | | | | | | | | | 1,478,411 | |
| | | | |
| | 51,406 | | | Atmos Energy Corp | | | | | | | | | | | 5,426,417 | |
| | | | |
| | 195,852 | | | ENN Energy Holdings Ltd, (2) | | | | | | | | | | | 1,905,952 | |
| | | | |
| | 1,335,835 | | | Hong Kong & China Gas Co Ltd, (2) | | | | | | | | | | | 2,961,420 | |
| | | | |
| | 165,495 | | | Italgas SpA, (2) | | | | | | | | | | | 1,112,280 | |
| | | | |
| | 95,965 | | | Naturgy Energy Group SA, (2) | | | | | | | | | | | 2,644,683 | |
| | | | |
| | 37,539 | | | Northwest Natural Holding Co | | | | | | | | | | | 2,608,961 | |
| | | | |
| | 11,077 | | | ONE Gas Inc. | | | | | | | | | | | 1,000,253 | |
| | | | |
| | 954,462 | | | Snam SpA, (2) | | | | | | | | | | | 4,748,279 | |
| | | | |
| | 18,995 | | | UGI Corp | | | | | | | | | | | 1,014,523 | |
| | | | Total Gas Utilities | | | | | | | | | | | 24,901,179 | |
| |
| | | | IT Services – 1.1% | |
| | | | |
| | 58,720 | | | InterXion Holding NV, (3) | | | | | | | | | | | 4,468,005 | |
| | | | |
| | 307,774 | | | NEXTDC Ltd, (2), (3) | | | | | | | | | | | 1,404,896 | |
| | | | Total IT Services | | | | | | | | | | | 5,872,901 | |
| |
| | | | Media – 0.4% | |
| | | | |
| | 125,162 | | | Eutelsat Communications SA, (2) | | | | | | | | | | | 2,337,537 | |
| |
| | | | Multi-Utilities – 10.9% | |
| | | | |
| | 19,439 | | | Ameren Corp | | | | | | | | | | | 1,460,063 | |
| | | | |
| | 34,648 | | | Brookfield Infrastructure Partners LP | | | | | | | | | | | 1,487,785 | |
29
Nuveen Global Infrastructure Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Multi-Utilities(continued) | |
| | | | |
| | 72,277 | | | CenterPoint Energy Inc. | | | | | | | | | | $ | 2,069,290 | |
| | | | |
| | 128,313 | | | CMS Energy Corp | | | | | | | | | | | 7,430,606 | |
| | | | |
| | 102,672 | | | Consolidated Edison Inc. | | | | | | | | | | | 9,002,281 | |
| | | | |
| | 110,283 | | | Dominion Energy Inc. | | | | | | | | | | | 8,527,081 | |
| | | | |
| | 81,214 | | | DTE Energy Co | | | | | | | | | | | 10,385,646 | |
| | | | |
| | 222,262 | | | Engie SA, (2) | | | | | | | | | | | 3,370,267 | |
| | | | |
| | 121,064 | | | EON SE, (2) | | | | | | | | | | | 1,313,558 | |
| | | | |
| | 50,171 | | | Hera SpA, (2) | | | | | | | | | | | 191,905 | |
| | | | |
| | 774,749 | | | Iren SpA | | | | | | | | | | | 2,013,891 | |
| | | | |
| | 48,129 | | | National Grid PLC, Sponsored ADR | | | | | | | | | | | 2,559,500 | |
| | | | |
| | 206,307 | | | NiSource Inc. | | | | | | | | | | | 5,941,642 | |
| | | | |
| | 410,687 | | | REN – Redes Energeticas Nacionais SGPS SA, (2) | | | | | | | | | | | 1,125,691 | |
| | | | |
| | 1,547 | | | Sempra Energy | | | | | | | | | | | 212,620 | |
| | | | |
| | 7,889 | | | Suez | | | | | | | | | | | 113,837 | |
| | | | |
| | 6,829 | | | Unitil Corp | | | | | | | | | | | 408,989 | |
| | | | |
| | 4,532 | | | WEC Energy Group Inc. | | | | | | | | | | | 377,833 | |
| | | | Total Multi-Utilities | | | | | | | | | | | 57,992,485 | |
| |
| | | | Oil, Gas & Consumable Fuels – 15.1% | |
| | | | |
| | 65,924 | | | Cheniere Energy Inc., (3) | | | | | | | | | | | 4,512,498 | |
| | | | |
| | 518,804 | | | Enbridge Inc. | | | | | | | | | | | 18,718,448 | |
| | | | |
| | 112,644 | | | Energy Transfer LP | | | | | | | | | | | 1,586,028 | |
| | | | |
| | 184,689 | | | Enterprise Products Partners LP | | | | | | | | | | | 5,331,971 | |
| | | | |
| | 14,017 | | | Gibson Energy Inc. | | | | | | | | | | | 249,931 | |
| | | | |
| | 717 | | | Keyera Corp | | | | | | | | | | | 18,451 | |
| | | | |
| | 552,035 | | | Kinder Morgan Inc/DE | | | | | | | | | | | 11,526,491 | |
| | | | |
| | 18,875 | | | Koninklijke Vopak NV, (2) | | | | | | | | | | | 869,206 | |
| | | | |
| | 635 | | | MPLX LP | | | | | | | | | | | 20,441 | |
| | | | |
| | 146,580 | | | ONEOK Inc. | | | | | | | | | | | 10,086,170 | |
| | | | |
| | 232,232 | | | Pembina Pipeline Corp | | | | | | | | | | | 8,645,191 | |
| | | | |
| | 12,980 | | | Plains GP Holdings LP | | | | | | | | | | | 324,111 | |
| | | | |
| | 101,722 | | | TC Energy Corp | | | | | | | | | | | 5,037,273 | |
| | | | |
| | 149,412 | | | TC Energy Corp | | | | | | | | | | | 7,406,993 | |
| | | | |
| | 230,201 | | | Williams Cos Inc. | | | | | | | | | | | 6,454,836 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 80,788,039 | |
| |
| | | | Road & Rail – 4.0% | |
| | | | |
| | 38,588 | | | Central Japan Railway Co, (2) | | | | | | | | | | | 7,737,201 | |
| | | | |
| | 926,750 | | | ComfortDelGro Corp Ltd, (2) | | | | | | | | | | | 1,822,538 | |
| | | | |
| | 62,414 | | | East Japan Railway Co, (2) | | | | | | | | | | | 5,844,680 | |
| | | | |
| | 11,504 | | | Genesee & Wyoming Inc. | | | | | | | | | | | 1,150,400 | |
| | | | |
| | 1,414 | | | MTR Corp Ltd, (2) | | | | | | | | | | | 9,524 | |
30
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Road & Rail(continued) | |
| | | | |
| | 450,456 | | | Rumo SA, (3) | | | | | | | | | | $ | 2,431,790 | |
| | | | |
| | 13,215 | | | Union Pacific Corp | | | | | | | | | | | 2,234,789 | |
| | | | Total Road & Rail | | | | | | | | | | | 21,230,922 | |
| |
| | | | Transportation Infrastructure – 27.0% | |
| | | | |
| | 136,654 | | | Aena SME SA, (2), (3) | | | | | | | | | | | 27,085,219 | |
| | | | |
| | 56,945 | | | Aeroports de Paris, (2) | | | | | | | | | | | 10,046,974 | |
| | | | |
| | 540,739 | | | Atlantia SpA, (2) | | | | | | | | | | | 14,100,493 | |
| | | | |
| | 752,210 | | | Atlas Arteria Ltd, (2) | | | | | | | | | | | 4,147,645 | |
| | | | |
| | 1,654,410 | | | Auckland International Airport Ltd, (2) | | | | | | | | | | | 10,952,627 | |
| | | | |
| | 393,207 | | | China Merchants Port Holdings Co Ltd, (2) | | | | | | | | | | | 669,114 | |
| | | | |
| | 131,705 | | | COSCO SHIPPING Ports Ltd, (2) | | | | | | | | | | | 129,960 | |
| | | | |
| | 514,630 | | | Enav SpA, (2) | | | | | | | | | | | 2,921,014 | |
| | | | |
| | 82,687 | | | Flughafen Wien AG | | | | | | | | | | | 3,709,223 | |
| | | | |
| | 22,607 | | | Flughafen Zurich AG, (2) | | | | | | | | | | | 4,257,718 | |
| | | | |
| | 28,441 | | | Fraport AG Frankfurt Airport Services Worldwide, (2) | | | | | | | | | | | 2,448,066 | |
| | | | |
| | 726,409 | | | Getlink SE, (2) | | | | | | | | | | | 11,635,974 | |
| | | | |
| | 21,910 | | | Grupo Aeroportuario del Centro Norte SAB de CV, ADR | | | | | | | | | | | 1,070,961 | |
| | | | |
| | 35,416 | | | Grupo Aeroportuario del Pacifico SAB de CV, ADR | | | | | | | | | | | 3,694,243 | |
| | | | |
| | 20,247 | | | Grupo Aeroportuario del Sureste SAB de CV, ADR | | | | | | | | | | | 3,282,241 | |
| | | | |
| | 14,574 | | | Hamburger Hafen und Logistik AG, (2) | | | | | | | | | | | 385,643 | |
| | | | |
| | 23,081 | | | Kamigumi Co Ltd, (2) | | | | | | | | | | | 547,336 | |
| | | | |
| | 45,034 | | | Macquarie Infrastructure Corp | | | | | | | | | | | 1,825,678 | |
| | | | |
| | 660,593 | | | Port of Tauranga Ltd, (2) | | | | | | | | | | | 2,814,847 | |
| | | | |
| | 38,548 | | | Promotora y Operadora de Infraestructura SAB de CV | | | | | | | | | | | 383,758 | |
| | | | |
| | 69,889 | | | Promotora y Operadora de Infraestructura SAB de CV | | | | | | | | | | | 436,948 | |
| | | | |
| | 108,566 | | | Societa Iniziative Autostradali e Servizi SpA, (2) | | | | | | | | | | | 2,017,167 | |
| | | | |
| | 1,489,030 | | | Sydney Airport, (2) | | | | | | | | | | | 8,412,249 | |
| | | | |
| | 2,484,240 | | | Transurban Group, (2) | | | | | | | | | | | 25,722,826 | |
| | | | |
| | 371,333 | | | Westports Holdings Bhd, (2) | | | | | | | | | | | 354,774 | |
| | | | |
| | 45,685 | | | Westshore Terminals Investment Corp | | | | | | | | | | | 766,795 | |
| | | | Total Transportation Infrastructure | | | | | | | | | | | 143,819,493 | |
| |
| | | | Water Utilities – 1.0% | |
| | | | |
| | 1,868,900 | | | Aguas Andinas SA | | | | | | | | | | | 1,103,206 | |
| | | | |
| | 10,739 | | | AquaVenture Holdings Ltd, (3) | | | | | | | | | | | 214,458 | |
| | | | |
| | 15,919 | | | Cia de Saneamento do Parana | | | | | | | | | | | 334,055 | |
| | | | |
| | 1,687,537 | | | Guangdong Investment Ltd, (2) | | | | | | | | | | | 3,336,602 | |
| | | | |
| | 22,207 | | | Severn Trent PLC, (2) | | | | | | | | | | | 577,710 | |
| | | | |
| | 4,483 | | | United Utilities Group PLC, (2) | | | | | | | | | | | 44,623 | |
| | | | Total Water Utilities | | | | | | | | | | | 5,610,654 | |
| | | | Total Common Stocks (cost $386,463,433) | | | | | | | | | | | 498,158,580 | |
31
Nuveen Global Infrastructure Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | |
| | | | REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 4.3% | | | | | |
| | |
| | | | Equity Real Estate Investment Trusts – 4.3% | | | | | |
| | |
| | | | Health Care – 0.4% | | | | |
| | | | |
| | 1,008,214 | | | Parkway Life Real Estate Investment Trust, (2) | | | | | | | | | | $ | 2,257,955 | |
| | |
| | | | Retail – 0.0% | | | | |
| | | | |
| | 157,439 | | | Viva Energy REIT, (2) | | | | | | | | | | | 287,685 | |
| | |
| | | | Specialized – 3.9% | | | | |
| | | | |
| | 2,955 | | | American Tower Corp | | | | | | | | | | | 604,150 | |
| | | | |
| | 8,303 | | | CoreSite Realty Corp | | | | | | | | | | | 956,256 | |
| | | | |
| | 37,658 | | | Crown Castle International Corp | | | | | | | | | | | 4,908,720 | |
| | | | |
| | 38,169 | | | CyrusOne Inc. | | | | | | | | | | | 2,203,115 | |
| | | | |
| | 76,373 | | | Digital Realty Trust Inc. | | | | | | | | | | | 8,995,976 | |
| | | | |
| | 1,438 | | | Equinix Inc. | | | | | | | | | | | 725,169 | |
| | | | |
| | 877,611 | | | Keppel DC REIT, (2) | | | | | | | | | | | 1,083,337 | |
| | | | |
| | 23,499 | | | QTS Realty Trust Inc. | | | | | | | | | | | 1,085,184 | |
| | | | Total Specialized | | | | | | | | | | | 20,561,907 | |
| | | | Total Real Estate Investment Trust Common Stocks (cost $20,216,871) | | | | 23,107,547 | |
| | | | |
| Shares | | | Description (1), (4) | | | | | | | | Value | |
| |
| | | | INVESTMENT COMPANIES – 0.3% | |
| | | | |
| | 133,327 | | | 3I Infrastructure PLC | | | | | | | | | | $ | 503,908 | |
| | | | |
| | 2,180,449 | | | Keppel Infrastructure Trust | | | | | | | | | | | 814,146 | |
| | | | Total Investment Companies (cost $1,111,277) | | | | | | | | | | | 1,318,054 | |
| | | | Total Long-Term Investments (cost $407,791,581) | | | | | | | | | | | 522,584,181 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| |
| | | | SHORT-TERM INVESTMENTS – 2.6% | |
| |
| | | | REPURCHASE AGREEMENTS – 2.6% | |
| | | | |
| $ | 13,690 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/19, repurchase price $13,691,465, collateralized by $13,205,000, U.S. Treasury Notes, 2.625%, due 1/31/26, value $13,964,763 | | | 1.200% | | | | 7/01/19 | | | $ | 13,690,096 | |
| | | | Total Short-Term Investments (cost $13,690,096) | | | | 13,690,096 | |
| | | | Total Investments (cost $421,481,677) – 100.7% | | | | 536,274,277 | |
| | | | Other Assets Less Liabilities – (0.7)% | | | | (3,908,001 | ) |
| | | | Net Assets – 100% | | | $ | 532,366,276 | |
32
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 indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (4) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
33
Nuveen Global Real Estate Securities Fund
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | LONG-TERM INVESTMENTS – 98.1% | |
| |
| | | | REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 76.7% | |
| |
| | | | Diversified – 8.6% | |
| | | | |
| | 17 | | | Activia Properties Inc., (DD1), (2) | | | | | | | | | | $ | 73,993 | |
| | | | |
| | 1,697 | | | Alexander & Baldwin Inc. | | | | | | | | | | | 39,201 | |
| | | | |
| | 1,087 | | | American Assets Trust Inc. | | | | | | | | | | | 51,219 | |
| | | | |
| | 577 | | | Armada Hoffler Properties Inc. | | | | | | | | | | | 9,550 | |
| | | | |
| | 557 | | | Cofinimmo SA | | | | | | | | | | | 72,330 | |
| | | | |
| | 115,247 | | | Cromwell European Real Estate Investment Trust | | | | | | | | | | | 62,903 | |
| | | | |
| | 9 | | | Daiwa House REIT Investment Corp, (2) | | | | | | | | | | | 21,725 | |
| | | | |
| | 11,557 | | | Dream Global Real Estate Investment Trust | | | | | | | | | | | 120,464 | |
| | | | |
| | 5,128 | | | Empire State Realty Trust Inc. | | | | | | | | | | | 75,946 | |
| | | | |
| | 1,079 | | | Gecina SA | | | | | | | | | | | 161,464 | |
| | | | |
| | 25,948 | | | Goodman Property Trust | | | | | | | | | | | 33,731 | |
| | | | |
| | 92,258 | | | GPT Group, (2) | | | | | | | | | | | 398,633 | |
| | | | |
| | 7 | | | Hulic Reit Inc., (2) | | | | | | | | | | | 12,152 | |
| | | | |
| | 3,427 | | | Liberty Property Trust | | | | | | | | | | | 171,487 | |
| | | | |
| | 2,223 | | | LondonMetric Property PLC | | | | | | | | | | | 5,957 | |
| | | | |
| | 80,935 | | | LXI REIT PLC | | | | | | | | | | | 130,740 | |
| | | | |
| | 2,190 | | | Mapletree North Asia Commercial Trust, (2) | | | | | | | | | | | 2,363 | |
| | | | |
| | 5,222 | | | Merlin Properties Socimi SA, (2), (3) | | | | | | | | | | | 72,385 | |
| | | | |
| | 57,406 | | | Mirvac Group, (2) | | | | | | | | | | | 126,370 | |
| | | | |
| | 24,170 | | | Secure Income REIT PLC | | | | | | | | | | | 122,779 | |
| | | | |
| | 134 | | | Star Asia Investment Corp, (2) | | | | | | | | | | | 148,007 | |
| | | | |
| | 331 | | | STORE Capital Corp | | | | | | | | | | | 10,986 | |
| | | | |
| | 36,198 | | | Stride Property Group, (2) | | | | | | | | | | | 53,520 | |
| | | | |
| | 287,961 | | | Sunlight Real Estate Investment Trust, (2) | | | | | | | | | | | 220,015 | |
| | | | |
| | 86,582 | | | Suntec Real Estate Investment Trust, (2) | | | | | | | | | | | 124,211 | |
| | | | |
| | 7,731 | | | VEREIT Inc. | | | | | | | | | | | 69,656 | |
| | | | |
| | 188 | | | WP Carey Inc. | | | | | | | | | | | 15,262 | |
| | | | Total Diversified | | | | | | | | | | | 2,407,049 | |
| |
| | | | Health Care – 8.8% | |
| | | | |
| | 2,691 | | | Aedifica SA | | | | | | | | | | | 256,729 | |
| | | | |
| | 2,575 | | | CareTrust REIT Inc. | | | | | | | | | | | 61,234 | |
| | | | |
| | 9,398 | | | HCP Inc. | | | | | | | | | | | 300,548 | |
| | | | |
| | 6,397 | | | Healthcare Realty Trust Inc. | | | | | | | | | | | 200,354 | |
| | | | |
| | 4,675 | | | Healthcare Trust of America Inc. | | | | | | | | | | | 128,235 | |
34
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Health Care(continued) | |
| | | | |
| | 4,310 | | | Medical Properties Trust Inc. | | | | | | | | | | $ | 75,166 | |
| | | | |
| | 517 | | | National Health Investors Inc. | | | | | | | | | | | 40,342 | |
| | | | |
| | 4,449 | | | NorthWest Healthcare Properties Real Estate Investment Trust | | | | | | | | | | | 40,021 | |
| | | | |
| | 3,556 | | | Omega Healthcare Investors Inc. | | | | | | | | | | | 130,683 | |
| | | | |
| | 62,238 | | | Parkway Life Real Estate Investment Trust, (2) | | | | | | | | | | | 139,386 | |
| | | | |
| | 8,670 | | | Ventas Inc. | | | | | | | | | | | 592,594 | |
| | | | |
| | 6,049 | | | Welltower Inc. | | | | | | | | | | | 493,175 | |
| | | | Total Health Care | | | | | | | | | | | 2,458,467 | |
| |
| | | | Hotels & Resorts – 2.3% | |
| | | | |
| | 7,279 | | | Host Hotels & Resorts Inc. | | | | | | | | | | | 132,623 | |
| | | | |
| | 42 | | | Ichigo Hotel REIT Investment Corp, (2) | | | | | | | | | | | 49,695 | |
| | | | |
| | 3,374 | | | MGM Growth Properties LLC | | | | | | | | | | | 103,413 | |
| | | | |
| | 32 | | | Park Hotels & Resorts Inc. | | | | | | | | | | | 882 | |
| | | | |
| | 3,849 | | | Pebblebrook Hotel Trust | | | | | | | | | | | 108,465 | |
| | | | |
| | 7 | | | Ryman Hospitality Properties Inc. | | | | | | | | | | | 568 | |
| | | | |
| | 2,393 | | | Summit Hotel Properties Inc. | | | | | | | | | | | 27,448 | |
| | | | |
| | 16,003 | | | Sunstone Hotel Investors Inc. | | | | | | | | | | | 219,401 | |
| | | | Total Hotels & Resorts | | | | | | | | | | | 642,495 | |
| |
| | | | Industrial – 11.3% | |
| | | | |
| | 5,058 | | | Americold Realty Trust | | | | | | | | | | | 163,980 | |
| | | | |
| | 31,566 | | | APN Industria REIT | | | | | | | | | | | 64,045 | |
| | | | |
| | 3,602 | | | Centuria Industrial REIT, (2) | | | | | | | | | | | 7,747 | |
| | | | |
| | 17,029 | | | Centuria Industrial REIT, (2), (3) | | | | | | | | | | | 36,463 | |
| | | | |
| | 2,807 | | | Deutsche Industrie REIT AG | | | | | | | | | | | 50,112 | |
| | | | |
| | 12,318 | | | Dream Industrial Real Estate Investment Trust | | | | | | | | | | | 110,994 | |
| | | | |
| | 17,981 | | | Duke Realty Corp | | | | | | | | | | | 568,379 | |
| | | | |
| | 1,002 | | | EastGroup Properties Inc. | | | | | | | | | | | 116,212 | |
| | | | |
| | 157,710 | | | ESR REIT, (2) | | | | | | | | | | | 61,228 | |
| | | | |
| | 2,830 | | | First Industrial Realty Trust Inc. | | | | | | | | | | | 103,974 | |
| | | | |
| | 53,190 | | | Frasers Logistics & Industrial Trust, (2) | | | | | | | | | | | 47,592 | |
| | | | |
| | 45 | | | GLPJ-Reit | | | | | | | | | | | 51,254 | |
| | | | |
| | 17,113 | | | Goodman Group, (2) | | | | | | | | | | | 180,881 | |
| | | | |
| | 1,255 | | | Granite Real Estate Investment Trust | | | | | | | | | | | 57,779 | |
| | | | |
| | 31 | | | LaSalle Logiport REIT, (2) | | | | | | | | | | | 36,721 | |
| | | | |
| | 210 | | | Macquarie Mexico Real Estate Management SA de CV | | | | | | | | | | | 240 | |
| | | | |
| | 28,717 | | | Mapletree Industrial Trust, (2) | | | | | | | | | | | 47,560 | |
| | | | |
| | 13 | | | Montea CVA | | | | | | | | | | | 1,115 | |
| | | | |
| | 9 | | | Nippon Prologis REIT Inc., (2) | | | | | | | | | | | 20,789 | |
| | | | |
| | 8,563 | | | Prologis Inc. | | | | | | | | | | | 685,896 | |
| | | | |
| | 725 | | | Rexford Industrial Realty Inc. | | | | | | | | | | | 29,268 | |
35
Nuveen Global Real Estate Securities Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Industrial(continued) | |
| | | | |
| | 29,218 | | | Segro PLC, (2) | | | | | | | | | | $ | 271,275 | |
| | | | |
| | 1,843 | | | STAG Industrial Inc. | | | | | | | | | | | 55,732 | |
| | | | |
| | 11,644 | | | Summit Industrial Income REIT | | | | | | | | | | | 114,524 | |
| | | | |
| | 1,409 | | | Terreno Realty Corp | | | | | | | | | | | 69,097 | |
| | | | |
| | 67,709 | | | Warehouse Reit PLC | | | | | | | | | | | 88,567 | |
| | | | |
| | 377 | | | Warehouses De Pauw CVA | | | | | | | | | | | 63,446 | |
| | | | |
| | 4,056 | | | WPT Industrial Real Estate Investment Trust | | | | | | | | | | | 53,742 | |
| | | | Total Industrial | | | | | | | | | | | 3,158,612 | |
| |
| | | | Mortgage – 0.2% | |
| | | | |
| | 1,467 | | | Blackstone Mortgage Trust Inc. | | | | | | | | | | | 52,196 | |
| | | | |
| | 961 | | | TPG RE Finance Trust Inc. | | | | | | | | | | | 18,537 | |
| | | | Total Mortgage | | | | | | | | | | | 70,733 | |
| |
| | | | Office – 11.5% | |
| | | | |
| | 1,871 | | | Alexandria Real Estate Equities Inc. | | | | | | | | | | | 263,979 | |
| | | | |
| | 2,156 | | | Allied Properties Real Estate Investment Trust | | | | | | | | | | | 77,988 | |
| | | | |
| | 2,875 | | | Alstria officeREIT-AG | | | | | | | | | | | 46,553 | |
| | | | |
| | 3,093 | | | Boston Properties Inc. | | | | | | | | | | | 398,997 | |
| | | | |
| | 17,242 | | | Centuria Metropolitan REIT | | | | | | | | | | | 33,893 | |
| | | | |
| | 125,398 | | | Champion REIT, (2) | | | | | | | | | | | 104,487 | |
| | | | |
| | 5,803 | | | COIMA RES SpA | | | | | | | | | | | 51,337 | |
| | | | |
| | 483 | | | Columbia Property Trust Inc., (2) | | | | | | | | | | | 10,018 | |
| | | | |
| | 60 | | | Corporate Office Properties Trust | | | | | | | | | | | 1,582 | |
| | | | |
| | 3,190 | | | Cousins Properties Inc. | | | | | | | | | | | 115,382 | |
| | | | |
| | 173 | | | Covivio | | | | | | | | | | | 18,108 | |
| | | | |
| | 79 | | | Derwent London PLC, (2) | | | | | | | | | | | 3,128 | |
| | | | |
| | 31,673 | | | Dexus, (2) | | | | | | | | | | | 288,942 | |
| | | | |
| | 1,205 | | | Douglas Emmett Inc. | | | | | | | | | | | 48,007 | |
| | | | |
| | 2,022 | | | Dream Office Real Estate Investment Trust | | | | | | | | | | | 36,501 | |
| | | | |
| | 1,053 | | | Easterly Government Properties Inc. | | | | | | | | | | | 19,070 | |
| | | | |
| | 2,158 | | | Equity Commonwealth | | | | | | | | | | | 70,178 | |
| | | | |
| | 124,158 | | | GDI Property Group | | | | | | | | | | | 120,724 | |
| | | | |
| | 10,695 | | | Great Portland Estates PLC, (2) | | | | | | | | | | | 92,952 | |
| | | | |
| | 553 | | | Highwoods Properties Inc. | | | | | | | | | | | 22,839 | |
| | | | |
| | 4,925 | | | Hudson Pacific Properties Inc. | | | | | | | | | | | 163,855 | |
| | | | |
| | 192 | | | Ichigo Office REIT Investment | | | | | | | | | | | 182,179 | |
| | | | |
| | 4,389 | | | Inmobiliaria Colonial Socimi SA, (3) | | | | | | | | | | | 48,884 | |
| | | | |
| | 1,508 | | | Intervest Offices & Warehouses NV | | | | | | | | | | | 42,354 | |
| | | | |
| | 65 | | | Invesco OfficeJ-Reit Inc., (2) | | | | | | | | | | | 10,875 | |
| | | | |
| | 5,498 | | | JBG SMITH Properties | | | | | | | | | | | 216,291 | |
| | | | |
| | 2,534 | | | Kilroy Realty Corp | | | | | | | | | | | 187,035 | |
36
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Office(continued) | |
| | | | |
| | 1,491 | | | Mack-Cali Realty Corp | | | | | | | | | | $ | 34,725 | |
| | | | |
| | 30 | | | Mori Hills REIT Investment Corp, (2) | | | | | | | | | | | 42,494 | |
| | | | |
| | 1,779 | | | NSI NV | | | | | | | | | | | 75,353 | |
| | | | |
| | 2,283 | | | Paramount Group Inc. | | | | | | | | | | | 31,985 | |
| | | | |
| | 183 | | | Piedmont Office Realty Trust Inc. | | | | | | | | | | | 3,647 | |
| | | | |
| | 36,586 | | | Precinct Properties New Zealand Ltd, (2) | | | | | | | | | | | 43,514 | |
| | | | |
| | 170 | | | SL Green Realty Corp | | | | | | | | | | | 13,663 | |
| | | | |
| | 3,028 | | | Vornado Realty Trust | | | | | | | | | | | 194,095 | |
| | | | |
| | 8,677 | | | Workspace Group PLC | | | | | | | | | | | 96,309 | |
| | | | Total Office | | | | | | | | | | | 3,211,923 | |
| |
| | | | Residential – 13.2% | |
| | | | |
| | 4,920 | | | American Campus Communities Inc. | | | | | | | | | | | 227,107 | |
| | | | |
| | 5,564 | | | American Homes 4 Rent, Class A | | | | | | | | | | | 135,261 | |
| | | | |
| | 4,320 | | | Apartment Investment & Management Co, Class A | | | | | | | | | | | 216,518 | |
| | | | |
| | 2,510 | | | AvalonBay Communities Inc. | | | | | | | | | | | 509,982 | |
| | | | |
| | 3,190 | | | Camden Property Trust | | | | | | | | | | | 333,004 | |
| | | | |
| | 6,649 | | | Canadian Apartment Properties REIT | | | | | | | | | | | 245,539 | |
| | | | |
| | 2,184 | | | Equity LifeStyle Properties Inc. | | | | | | | | | | | 265,006 | |
| | | | |
| | 3,635 | | | Equity Residential | | | | | | | | | | | 275,969 | |
| | | | |
| | 1,028 | | | Essex Property Trust Inc. | | | | | | | | | | | 300,104 | |
| | | | |
| | 2,513 | | | InterRent Real Estate Investment Trust | | | | | | | | | | | 26,482 | |
| | | | |
| | 615 | | | Investors Real Estate Trust | | | | | | | | | | | 36,082 | |
| | | | |
| | 7,622 | | | Invitation Homes Inc. | | | | | | | | | | | 203,736 | |
| | | | |
| | 71,476 | | | Irish Residential Properties REIT PLC, (DD1), (3) | | | | | | | | | | | 137,030 | |
| | | | |
| | 185 | | | Japan Rental Housing Investments Inc., (2) | | | | | | | | | | | 143,832 | |
| | | | |
| | 25 | | | Kenedix Residential Next Investment Corp, (DD1), (2) | | | | | | | | | | | 44,282 | |
| | | | |
| | 746 | | | Mid-America Apartment Communities Inc. | | | | | | | | | | | 87,849 | |
| | | | |
| | 40 | | | NexPoint Residential Trust Inc. | | | | | | | | | | | 1,656 | |
| | | | |
| | 43 | | | Northview Apartment Real Estate Investment Trust | | | | | | | | | | | 883 | |
| | | | |
| | 1,931 | | | Sun Communities Inc. | | | | | | | | | | | 247,535 | |
| | | | |
| | 2,689 | | | UDR Inc. | | | | | | | | | | | 120,709 | |
| | | | |
| | 9,580 | | | UNITE Group PLC, (2) | | | | | | | | | | | 118,541 | |
| | | | Total Residential | | | | | | | | | | | 3,677,107 | |
| |
| | | | Retail – 10.2% | |
| | | | |
| | 2,145 | | | Acadia Realty Trust | | | | | | | | | | | 58,709 | |
| | | | |
| | 2,382 | | | Agree Realty Corp | | | | | | | | | | | 152,567 | |
| | | | |
| | 11 | | | Alexander’s Inc. | | | | | | | | | | | 4,073 | |
| | | | |
| | 1,587 | | | Brixmor Property Group Inc. | | | | | | | | | | | 28,376 | |
| | | | |
| | 2,092 | | | Brookfield Property REIT Inc. | | | | | | | | | | | 39,518 | |
37
Nuveen Global Real Estate Securities Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Retail(continued) | |
| | | | |
| | 3,047 | | | Choice Properties Real Estate Investment Trust | | | | | | | | | | $ | 31,830 | |
| | | | |
| | 1,812 | | | Federal Realty Investment Trust | | | | | | | | | | | 233,313 | |
| | | | |
| | 1,852 | | | Fortune Real Estate Investment Trust, (2) | | | | | | | | | | | 2,546 | |
| | | | |
| | 91,144 | | | Frasers Centrepoint Trust | | | | | | | | | | | 175,147 | |
| | | | |
| | 93,215 | | | IGB Real Estate Investment Trust, (2) | | | | | | | | | | | 43,097 | |
| | | | |
| | 5 | | | Kenedix Retail REIT Corp, (2) | | | | | | | | | | | 12,285 | |
| | | | |
| | 31,616 | | | Link REIT, (2) | | | | | | | | | | | 389,048 | |
| | | | |
| | 4,970 | | | National Retail Properties Inc. | | | | | | | | | | | 263,460 | |
| | | | |
| | 4,266 | | | Realty Income Corp | | | | | | | | | | | 294,226 | |
| | | | |
| | 2,255 | | | Regency Centers Corp | | | | | | | | | | | 150,499 | |
| | | | |
| | 33,356 | | | Scentre Group, (2) | | | | | | | | | | | 90,020 | |
| | | | |
| | 4,492 | | | Simon Property Group Inc. | | | | | | | | | | | 717,642 | |
| | | | |
| | 1,085 | | | SITE Centers Corp | | | | | | | | | | | 14,365 | |
| | | | |
| | 1,504 | | | Urban Edge Properties | | | | | | | | | | | 26,064 | |
| | | | |
| | 52,144 | | | Viva Energy REIT, (2) | | | | | | | | | | | 95,282 | |
| | | | |
| | 469 | | | Weingarten Realty Investors | | | | | | | | | | | 12,860 | |
| | | | Total Retail | | | | | | | | | | | 2,834,927 | |
| |
| | | | Specialized – 10.6% | |
| | | | |
| | 80 | | | American Tower Corp | | | | | | | | | | | 16,356 | |
| | | | |
| | 376 | | | ARGAN SA | | | | | | | | | | | 26,081 | |
| | | | |
| | 5,439 | | | Automotive Properties Real Estate Investment Trust, (DD1) | | | | | | | | | | | 42,904 | |
| | | | |
| | 11,591 | | | Big Yellow Group PLC, (2) | | | | | | | | | | | 145,784 | |
| | | | |
| | 197 | | | CoreSite Realty Corp | | | | | | | | | | | 22,688 | |
| | | | |
| | 625 | | | Crown Castle International Corp | | | | | | | | | | | 81,469 | |
| | | | |
| | 3,213 | | | CubeSmart | | | | | | | | | | | 107,443 | |
| | | | |
| | 874 | | | CyrusOne Inc. | | | | | | | | | | | 50,447 | |
| | | | |
| | 4,234 | | | Digital Realty Trust Inc. | | | | | | | | | | | 498,723 | |
| | | | |
| | 35 | | | EPR Properties | | | | | | | | | | | 2,611 | |
| | | | |
| | 1,092 | | | Equinix Inc. | | | | | | | | | | | 550,685 | |
| | | | |
| | 657 | | | Extra Space Storage Inc. | | | | | | | | | | | 69,708 | |
| | | | |
| | 4,783 | | | Four Corners Property Trust Inc. | | | | | | | | | | | 130,719 | |
| | | | |
| | 380 | | | Iron Mountain Inc. | | | | | | | | | | | 11,894 | |
| | | | |
| | 59,953 | | | Keppel DC REIT, (2) | | | | | | | | | | | 74,007 | |
| | | | |
| | 1,942 | | | Life Storage Inc. | | | | | | | | | | | 184,645 | |
| | | | |
| | 2,444 | | | Public Storage | | | | | | | | | | | 582,087 | |
| | | | |
| | 582 | | | QTS Realty Trust Inc. | | | | | | | | | | | 26,877 | |
| | | | |
| | 12,443 | | | Safestore Holdings PLC | | | | | | | | | | | 96,945 | |
| | | | |
| | 10,261 | | | VICI Properties Inc. | | | | | | | | | | | 226,152 | |
| | | | Total Specialized | | | | | | | | | | | 2,948,225 | |
| | | | Total Real Estate Investment Trust Common Stocks (cost $19,399,265) | | | | | | | | | | | 21,409,538 | |
38
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | COMMON STOCKS – 21.4% | |
| |
| | | | Diversified Telecommunication Services – 0.7% | |
| | | | |
| | 15,022 | | | Infrastrutture Wireless Italiane SpA, (2) | | | | | | | | | | $ | 147,282 | |
| | | | |
| | 73,889 | | | Telesites SAB de CV, (3) | | | | | | | | | | | 45,657 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | 192,939 | |
| |
| | | | Health Care Providers & Services – 0.3% | |
| | | | |
| | 4,403 | | | Chartwell Retirement Residences | | | | | | | | | | | 51,173 | |
| | | | |
| | 1,298 | | | Sienna Senior Living Inc. | | | | | | | | | | | 19,278 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 70,451 | |
| |
| | | | Household Durables – 0.3% | |
| | | | |
| | 84,767 | | | Glenveagh Properties PLC, (3) | | | | | | | | | | | 70,556 | |
| |
| | | | IT Services – 1.0% | |
| | | | |
| | 2,696 | | | InterXion Holding NV, (3) | | | | | | | | | | | 205,139 | |
| | | | |
| | 17,132 | | | NEXTDC Ltd, (2), (3) | | | | | | | | | | | 78,202 | |
| | | | Total IT Services | | | | | | | | | | | 283,341 | |
| |
| | | | Real Estate Management & Development – 18.4% | |
| | | | |
| | 29,080 | | | ADLER Real Estate AG | | | | | | | | | | | 371,010 | |
| | | | |
| | 656 | | | ADO Properties SA | | | | | | | | | | | 27,137 | |
| | | | |
| | 1,143 | | | Aroundtown SA, (2) | | | | | | | | | | | 9,430 | |
| | | | |
| | 119,465 | | | Ayala Land Inc., (2) | | | | | | | | | | | 118,520 | |
| | | | |
| | 916 | | | CapitaLand Ltd, (2) | | | | | | | | | | | 2,392 | |
| | | | |
| | 3,587 | | | Cibus Nordic Real Estate AB, (3) | | | | | | | | | | | 49,443 | |
| | | | |
| | 26 | | | City Developments Ltd, (2) | | | | | | | | | | | 182 | |
| | | | |
| | 34,678 | | | CK Asset Holdings Ltd, (2) | | | | | | | | | | | 271,670 | |
| | | | |
| | 20,672 | | | CLS Holdings PLC | | | | | | | | | | | 56,311 | |
| | | | |
| | 72,314 | | | Corp Inmobiliaria Vesta SAB de CV | | | | | | | | | | | 106,472 | |
| | | | |
| | 526 | | | Deutsche Wohnen SE, (2) | | | | | | | | | | | 19,274 | |
| | | | |
| | 1,133 | | | DIC Asset AG, (2) | | | | | | | | | | | 13,082 | |
| | | | |
| | 6,931 | | | Entra ASA, (2) | | | | | | | | | | | 106,527 | |
| | | | |
| | 9,247 | | | Fabege AB, (2) | | | | | | | | | | | 139,233 | |
| | | | |
| | 1,718 | | | Fastighets AB Balder, (2), (3) | | | | | | | | | | | 57,581 | |
| | | | |
| | 6,476 | | | Hembla AB, (3) | | | | | | | | | | | 126,226 | |
| | | | |
| | 519 | | | Hoivatilat Oyj, (2) | | | | | | | | | | | 5,885 | |
| | | | |
| | 3,076 | | | Hulic Co Ltd, (2) | | | | | | | | | | | 24,764 | |
| | | | |
| | 10,884 | | | Keihanshin Building Co Ltd, (2) | | | | | | | | | | | 100,434 | |
| | | | |
| | 8,504 | | | Kungsleden AB, (2) | | | | | | | | | | | 70,214 | |
| | | | |
| | 208,362 | | | Land & Houses PCL, (2) | | | | | | | | | | | 74,804 | |
| | | | |
| | 2,755 | | | LEG Immobilien AG, (2) | | | | | | | | | | | 310,717 | |
| | | | |
| | 19,958 | | | Mitsubishi Estate Co Ltd, (2) | | | | | | | | | | | 371,966 | |
| | | | |
| | 10,731 | | | Mitsui Fudosan Co Ltd, (2) | | | | | | | | | | | 260,808 | |
39
Nuveen Global Real Estate Securities Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| |
| | | | Real Estate Management & Development(continued) | |
| | | | |
| | 154,243 | | | New World Development Co Ltd, (2) | | | | | | | | | | $ | 241,262 | |
| | | | |
| | 10,793 | | | Parque Arauco SA | | | | | | | | | | | 29,959 | |
| | | | |
| | 45,239 | | | Samhallsbyggnadsbolaget i Norden AB, (2), (3) | | | | | | | | | | | 61,734 | |
| | | | |
| | 129,825 | | | Sino Land Co Ltd, (2) | | | | | | | | | | | 217,727 | |
| | | | |
| | 251,265 | | | Sirius Real Estate Ltd | | | | | | | | | | | 212,517 | |
| | | | |
| | 14,947 | | | Sumitomo Realty & Development Co Ltd, (2) | | | | | | | | | | | 534,725 | |
| | | | |
| | 19,939 | | | Sun Hung Kai Properties Ltd, (2) | | | | | | | | | | | 338,266 | |
| | | | |
| | 44,353 | | | Swire Properties Ltd, (2) | | | | | | | | | | | 179,307 | |
| | | | |
| | 6,825 | | | TAG Immobilien AG, (2) | | | | | | | | | | | 157,645 | |
| | | | |
| | 7,211 | | | VIB Vermoegen AG | | | | | | | | | | | 208,271 | |
| | | | |
| | 5,355 | | | Vonovia SE, (2) | | | | | | | | | | | 255,807 | |
| | | | |
| | 1,581 | | | Wharf Real Estate Investment Co Ltd, (2) | | | | | | | | | | | 11,142 | |
| | | | Total Real Estate Management & Development | | | | | | | | | | | 5,142,444 | |
| |
| | | | Road & Rail – 0.7% | |
| | | | |
| | 2,412 | | | Kyushu Railway Co, (2) | | | | | | | | | | | 70,365 | |
| | | | |
| | 8,291 | | | Seibu Holdings Inc., (2) | | | | | | | | | | | 138,407 | |
| | | | Total Road & Rail | | | | | | | | | | | 208,772 | |
| | | | Total Common Stocks (cost $5,892,381) | | | | | | | | | | | 5,968,503 | |
| | | | Total Long-Term Investments (cost $25,291,646) | | | | 27,378,041 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| |
| | | | SHORT-TERM INVESTMENTS – 2.6% | |
| |
| | | | REPURCHASE AGREEMENTS – 2.6% | |
| | | | |
| $ | 729 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/19, repurchase price $728,610, collateralized by $755,000, U.S. Treasury Notes, 1.625%, due 2/15/26, value $747,939 | | | 1.200% | | | | 7/01/19 | | | $ | 728,537 | |
| | | | Total Short-Term Investments (cost $728,537) | | | | | | | | 728,537 | |
| | | | Total Investments (cost $26,020,183) – 100.7% | | | | | | | | 28,106,578 | |
| | | | Other Assets Less Liabilities – (0.7)% | | | | | | | | (199,912 | ) |
| | | | Net Assets – 100% | | | | | | | $ | 27,906,666 | |
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 indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| DD1 | Portion of investment purchased on a delayed delivery basis. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
40
Nuveen Real Asset Income Fund
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | LONG-TERM INVESTMENTS – 97.3% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 24.4% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | Diversified – 3.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 549,656 | | | Abacus Property Group, (2) | | | | | | | | | | | | | | | | | | | | | | $ | 1,584,608 | |
| | | | | | | |
| | 504,021 | | | Armada Hoffler Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 8,341,548 | |
| | | | | | | |
| | 159,171 | | | Charter Hall Long Wale REIT | | | | | | | | | | | | | | | | | | | | | | | 559,847 | |
| | | | | | | |
| | 34,083 | | | Cofinimmo SA | | | | | | | | | | | | | | | | | | | | | | | 4,425,911 | |
| | | | | | | |
| | 6,872,700 | | | Cromwell European Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 3,751,175 | |
| | | | | | | |
| | 956,974 | | | Dream Global Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 9,974,949 | |
| | | | | | | |
| | 638,142 | | | GPT Group, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,757,316 | |
| | | | | | | |
| | 323,108 | | | Growthpoint Properties Australia Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 935,062 | |
| | | | | | | |
| | 70,006 | | | ICADE | | | | | | | | | | | | | | | | | | | | | | | 6,416,069 | |
| | | | | | | |
| | 896,973 | | | LXI REIT PLC | | | | | | | | | | | | | | | | | | | | | | | 1,448,948 | |
| | | | | | | |
| | 191,874 | | | Mapletree North Asia Commercial Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 207,034 | |
| | | | | | | |
| | 1,993,327 | | | Nexus Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 3,013,850 | |
| | | | | | | |
| | 3,695 | | | Star Asia Investment Corp, (2) | | | | | | | | | | | | | | | | | | | | | | | 4,081,228 | |
| | | | | | | |
| | 1,361,253 | | | Stride Property Group, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,012,666 | |
| | | | | | | |
| | 832,133 | | | Sunlight Real Estate Investment Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 635,786 | |
| | | | | | | |
| | 4,546,097 | | | Suntec Real Estate Investment Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 6,521,838 | |
| | | | | | | |
| | 591,117 | | | Tritax EuroBox PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 722,766 | |
| | | | | | | |
| | 1,163,698 | | | VEREIT Inc. | | | | | | | | | | | | | | | | | | | | | | | 10,484,919 | |
| | | | | | | |
| | 38,813 | | | WP Carey Inc. | | | | | | | | | | | | | | | | | | | | | | | 3,150,839 | |
| | | | Total Diversified | | | | | | | | | | | | | | | | | | | | | | | 71,026,359 | |
| | | | | | | |
| | | | Health Care – 6.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 338,180 | | | HCP Inc. | | | | | | | | | | | | | | | | | | | | | | | 10,814,996 | |
| | | | | | | |
| | 7,279 | | | LTC Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 332,359 | |
| | | | | | | |
| | 945,918 | | | Medical Properties Trust Inc. | | | | | | | | | | | | | | | | | | | | | | | 16,496,810 | |
| | | | | | | |
| | 62,181 | | | National Health Investors Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,851,983 | |
| | | | | | | |
| | 729,077 | | | NorthWest Healthcare Properties Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 6,558,380 | |
| | | | | | | |
| | 452,532 | | | Omega Healthcare Investors Inc. | | | | | | | | | | | | | | | | | | | | | | | 16,630,551 | |
| | | | | | | |
| | 3,091,469 | | | Parkway Life Real Estate Investment Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 6,923,529 | |
| | | | | | | |
| | 2,372 | | | Physicians Realty Trust | | | | | | | | | | | | | | | | | | | | | | | 41,368 | |
| | | | | | | |
| | 3,674,998 | | | Target Healthcare REIT Ltd | | | | | | | | | | | | | | | | | | | | | | | 5,395,123 | |
| | | | | | | |
| | 594,223 | | | Ventas Inc. | | | | | | | | | | | | | | | | | | | | | | | 40,615,142 | |
| | | | | | | |
| | 105,240 | | | Welltower Inc. | | | | | | | | | | | | | | | | | | | | | | | 8,580,217 | |
| | | | Total Health Care | | | | | | | | | | | | | | | | | | | | | | | 117,240,458 | |
41
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | Hotels & Resorts – 1.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 531,386 | | | MGM Growth Properties LLC | | | | | | | | | | | | | | | | | | | | | | $ | 16,286,981 | |
| | | | | | | |
| | 150,670 | | | Park Hotels & Resorts Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,152,465 | |
| | | | | | | |
| | 3,996 | | | Ryman Hospitality Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 324,036 | |
| | | | Total Hotels & Resorts | | | | | | | | | | | | | | | | | | | | | | | 20,763,482 | |
| | | | | | | |
| | | | Industrial – 3.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 850,841 | | | Centuria Industrial REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,829,913 | |
| | | | | | | |
| | 618,190 | | | Centuria Industrial REIT, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 1,323,701 | |
| | | | | | | |
| | 1,304,106 | | | Dream Industrial Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 11,750,946 | |
| | | | | | | |
| | 8,608,062 | | | ESR REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,341,913 | |
| | | | | | | |
| | 14,690,512 | | | Frasers Logistics & Industrial Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 13,144,328 | |
| | | | | | | |
| | 363 | | | LaSalle Logiport REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 429,994 | |
| | | | | | | |
| | 1,981,565 | | | Mapletree Industrial Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,281,804 | |
| | | | | | | |
| | 2,839,409 | | | Mapletree Logistics Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,338,876 | |
| | | | | | | |
| | 1,356,815 | | | PLA Administradora Industrial S de RL de CV | | | | | | | | | | | | | | | | | | | | | | | 2,127,076 | |
| | | | | | | |
| | 410,589 | | | STAG Industrial Inc. | | | | | | | | | | | | | | | | | | | | | | | 12,416,211 | |
| | | | | | | |
| | 623,717 | | | Summit Industrial Income REIT | | | | | | | | | | | | | | | | | | | | | | | 6,134,531 | |
| | | | | | | |
| | 2,611,693 | | | Warehouse Reit PLC | | | | | | | | | | | | | | | | | | | | | | | 3,416,219 | |
| | | | | | | |
| | 713,629 | | | WPT Industrial Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 9,455,584 | |
| | | | Total Industrial | | | | | | | | | | | | | | | | | | | | | | | 71,991,096 | |
| | | | | | | |
| | | | Mortgage – 1.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 15,945 | | | Apollo Commercial Real Estate Finance Inc. | | | | | | | | | | | | | | | | | | | | | | | 293,229 | |
| | | | | | | |
| | 378,102 | | | Blackstone Mortgage Trust Inc. | | | | | | | | | | | | | | | | | | | | | | | 13,452,869 | |
| | | | | | | |
| | 207,650 | | | KKR Real Estate Finance Trust Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,136,388 | |
| | | | | | | |
| | 237,813 | | | Starwood Property Trust Inc. | | | | | | | | | | | | | | | | | | | | | | | 5,403,111 | |
| | | | | | | |
| | 492,357 | | | TPG RE Finance Trust Inc. | | | | | | | | | | | | | | | | | | | | | | | 9,497,567 | |
| | | | Total Mortgage | | | | | | | | | | | | | | | | | | | | | | | 32,783,164 | |
| | | | | | | |
| | | | Office – 2.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 423,342 | | | Brandywine Realty Trust | | | | | | | | | | | | | | | | | | | | | | | 6,062,257 | |
| | | | | | | |
| | 1,207,850 | | | Centuria Metropolitan REIT | | | | | | | | | | | | | | | | | | | | | | | 2,374,319 | |
| | | | | | | |
| | 264,732 | | | City Office REIT Inc. | | | | | | | | | | | | | | | | | | | | | | | 3,174,137 | |
| | | | | | | |
| | 72,368 | | | Covivio | | | | | | | | | | | | | | | | | | | | | | | 7,574,764 | |
| | | | | | | |
| | 29,418 | | | Dexus, (2) | | | | | | | | | | | | | | | | | | | | | | | 268,371 | |
| | | | | | | |
| | 235,777 | | | Easterly Government Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,269,922 | |
| | | | | | | |
| | 1,476,672 | | | GDI Property Group | | | | | | | | | | | | | | | | | | | | | | | 1,435,826 | |
| | | | | | | |
| | 210,339 | | | Globalworth Real Estate Investments Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,130,031 | |
| | | | | | | |
| | 140,840 | | | Intervest Offices & Warehouses NV | | | | | | | | | | | | | | | | | | | | | | | 3,955,685 | |
| | | | | | | |
| | 8,886 | | | Invesco OfficeJ-Reit Inc., (2) | | | | | | | | | | | | | | | | | | | | | | | 1,486,744 | |
| | | | | | | |
| | 166,749 | | | NSI NV | | | | | | | | | | | | | | | | | | | | | | | 7,062,984 | |
| | | | | | | |
| | 232,165 | | | True North Commercial Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 1,171,861 | |
| | | | Total Office | | | | | | | | | | | | | | | | | | | | | | | 40,966,901 | |
42
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | Residential – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 362,211 | | | Independence Realty Trust Inc. | | | | | | | | | | | | | | | | | | | | | | $ | 4,190,781 | |
| | | | | | | |
| | 23,274 | | | Investors Real Estate Trust | | | | | | | | | | | | | | | | | | | | | | | 1,365,486 | |
| | | | | | | |
| | 256,546 | | | Northview Apartment Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 5,269,816 | |
| | | | Total Residential | | | | | | | | | | | | | | | | | | | | | | | 10,826,083 | |
| | | | | | | |
| | | | Retail – 3.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 10,545 | | | Altarea SCA | | | | | | | | | | | | | | | | | | | | | | | 2,194,302 | |
| | | | | | | |
| | 153,732 | | | Brixmor Property Group Inc. | | | | | | | | | | | | | | | | | | | | | | | 2,748,728 | |
| | | | | | | |
| | 341,623 | | | Brookfield Property REIT Inc. | | | | | | | | | | | | | | | | | | | | | | | 6,453,258 | |
| | | | | | | |
| | 306,677 | | | Choice Properties Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 3,203,651 | |
| | | | | | | |
| | 395,575 | | | CT Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 4,295,427 | |
| | | | | | | |
| | 4,610,502 | | | Fortune Real Estate Investment Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 6,338,253 | |
| | | | | | | |
| | 5,433,006 | | | Frasers Centrepoint Trust | | | | | | | | | | | | | | | | | | | | | | | 10,440,366 | |
| | | | | | | |
| | 10,420,691 | | | IGB Real Estate Investment Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 4,817,907 | |
| | | | | | | |
| | 130,415 | | | Immobiliare Grande Distribuzione SIIQ SpA | | | | | | | | | | | | | | | | | | | | | | | 860,111 | |
| | | | | | | |
| | 561 | | | Kenedix Retail REIT Corp, (2), (DD1) | | | | | | | | | | | | | | | | | | | | | | | 1,378,340 | |
| | | | | | | |
| | 25,985 | | | Macerich Co | | | | | | | | | | | | | | | | | | | | | | | 870,238 | |
| | | | | | | |
| | 2,010,826 | | | Mapletree Commercial Trust, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,107,150 | |
| | | | | | | |
| | 1,124,850 | | | NewRiver REIT PLC | | | | | | | | | | | | | | | | | | | | | | | 2,545,591 | |
| | | | | | | |
| | 584,179 | | | Scentre Group, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,576,569 | |
| | | | | | | |
| | 258,436 | | | SITE Centers Corp | | | | | | | | | | | | | | | | | | | | | | | 3,421,693 | |
| | | | | | | |
| | 24 | | | Urstadt Biddle Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 504 | |
| | | | | | | |
| | 3,939,451 | | | Viva Energy REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 7,198,476 | |
| | | | | | | |
| | 48,320 | | | Weingarten Realty Investors | | | | | | | | | | | | | | | | | | | | | | | 1,324,934 | |
| | | | Total Retail | | | | | | | | | | | | | | | | | | | | | | | 62,775,498 | |
| | | | | | | |
| | | | Specialized – 2.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 893,725 | | | Automotive Properties Real Estate Investment Trust, (DD1) | | | | | | | | | | | | | | | | | | | | | | | 7,049,887 | |
| | | | | | | |
| | 24,528 | | | EPR Properties | | | | | | | | | | | | | | | | | | | | | | | 1,829,544 | |
| | | | | | | |
| | 143,511 | | | Iron Mountain Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,491,894 | |
| | | | | | | |
| | 5,231,229 | | | Keppel DC REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 6,457,513 | |
| | | | | | | |
| | 1,008,934 | | | National Storage REIT, (3), (4) | | | | | | | | | | | | | | | | | | | | | | | 1,239,564 | |
| | | | | | | |
| | 1,252,970 | | | National Storage REIT, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,540,718 | |
| | | | | | | |
| | 1,027,181 | | | VICI Properties Inc. | | | | | | | | | | | | | | | | | | | | | | | 22,639,069 | |
| | | | Total Specialized | | | | | | | | | | | | | | | | | | | | | | | 45,248,189 | |
| | | | Total Real Estate Investment Trust Common Stocks (cost $422,928,784) | | | | | | | | | | | | | | | | | | | | | | | 473,621,230 | |
| | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | COMMON STOCKS – 19.3% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | Air Freight & Logistics – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 130,637 | | | Bpost SA, (2) | | | | | | | | | | | | | | | | | | | | | | $ | 1,239,654 | |
| | | | | | | |
| | 202,312 | | | Oesterreichische Post AG, (2) | | | | | | | | | | | | | | | | | | | | | | | 6,810,422 | |
| | | | Total Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | 8,050,076 | |
43
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | Commercial Services & Supplies – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 303,970 | | | Covanta Holding Corp | | | | | | | | | | | | | | | | | | | | | | $ | 5,444,103 | |
| | | | | | | |
| | | | Diversified Telecommunication Services – 1.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,992,161 | | | HKBN Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 5,395,231 | |
| | | | | | | |
| | 2,637,100 | | | HKT Trust & HKT Ltd | | | | | | | | | | | | | | | | | | | | | | | 4,186,034 | |
| | | | | | | |
| | 18,086,932 | | | NetLink NBN Trust | | | | | | | | | | | | | | | | | | | | | | | 11,897,538 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 21,478,803 | |
| | | | | | | |
| | | | Electric Utilities – 5.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 7,186,782 | | | AusNet Services, (2) | | | | | | | | | | | | | | | | | | | | | | | 9,471,209 | |
| | | | | | | |
| | 137,141 | | | Cia de Transmissao de Energia Eletrica Paulista | | | | | | | | | | | | | | | | | | | | | | | 883,571 | |
| | | | | | | |
| | 2,041,561 | | | Contact Energy Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 10,984,116 | |
| | | | | | | |
| | 624,106 | | | Endesa SA, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 16,052,353 | |
| | | | | | | |
| | 642,953 | | | Enel Chile SA, ADR | | | | | | | | | | | | | | | | | | | | | | | 3,073,315 | |
| | | | | | | |
| | 3,966,166 | | | Enel SpA, (2) | | | | | | | | | | | | | | | | | | | | | | | 27,666,974 | |
| | | | | | | |
| | 60,328 | | | HK Electric Investments & HK Electric Investments Ltd | | | | | | | | | | | | | | | | | | | | | | | 61,782 | |
| | | | | | | |
| | 2,626,798 | | | Infratil Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 8,209,485 | |
| | | | | | | |
| | 572,124 | | | Power Assets Holdings Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 4,115,884 | |
| | | | | | | |
| | 46,891 | | | PPL Corp | | | | | | | | | | | | | | | | | | | | | | | 1,454,090 | |
| | | | | | | |
| | 20,756 | | | Red Electrica Corp SA, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 432,308 | |
| | | | | | | |
| | 166,683 | | | Southern Co | | | | | | | | | | | | | | | | | | | | | | | 9,214,236 | |
| | | | | | | |
| | 8,472,969 | | | Spark Infrastructure Group, (2) | | | | | | | | | | | | | | | | | | | | | | | 14,461,271 | |
| | | | | | | |
| | 113,149 | | | SSE PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,612,751 | |
| | | | | | | |
| | 47,167 | | | Terna Rete Elettrica Nazionale SpA, (2) | | | | | | | | | | | | | | | | | | | | | | | 300,530 | |
| | | | | | | |
| | 943,242 | | | Transmissora Alianca de Energia Eletrica SA | | | | | | | | | | | | | | | | | | | | | | | 6,671,559 | |
| | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 114,665,434 | |
| | | | | | | |
| | | | Gas Utilities – 1.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 376,551 | | | APA Group, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,855,502 | |
| | | | | | | |
| | 113,441 | | | Enagas SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,027,351 | |
| | | | | | | |
| | 274,545 | | | Naturgy Energy Group SA, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 7,566,137 | |
| | | | | | | |
| | 3,766,562 | | | Snam SpA, (2) | | | | | | | | | | | | | | | | | | | | | | | 18,737,977 | |
| | | | Total Gas Utilities | | | | | | | | | | | | | | | | | | | | | | | 32,186,967 | |
| | | | | | | |
| | | | Health Care Providers & Services – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 75,077 | | | Sienna Senior Living Inc. | | | | | | | | | | | | | | | | | | | | | | | 1,115,076 | |
| | | | | |
| | | | Independent Power & Renewable Electricity Producers – 0.4% | | | | | | | | | | | | | |
| | | | | | | |
| | 99,364 | | | Brookfield Renewable Partners LP | | | | | | | | | | | | | | | | | | | | | | | 3,437,203 | |
| | | | | | | |
| | 1,191,051 | | | Meridian Energy Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,805,652 | |
| | | | Total Independent Power & Renewable Electricity Producers | | | | | | | | | | | | | | | | | | | | | | | 7,242,855 | |
| | | | | | | |
| | | | Media – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 465,890 | | | Eutelsat Communications SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 8,701,005 | |
44
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | Multi-Utilities – 3.1% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 63,779 | | | Brookfield Infrastructure Partners LP | | | | | | | | | | | | | | | | | | | | | | $ | 2,738,670 | |
| | | | | | | |
| | 62,951 | | | Dominion Energy Inc. | | | | | | | | | | | | | | | | | | | | | | | 4,867,371 | |
| | | | | | | |
| | 119,136 | | | Dominion Energy Inc. | | | | | | | | | | | | | | | | | | | | | | | 12,337,724 | |
| | | | | | | |
| | 1,033,373 | | | Engie SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 15,669,537 | |
| | | | | | | |
| | 85,669 | | | National Grid PLC, Sponsored ADR | | | | | | | | | | | | | | | | | | | | | | | 4,555,878 | |
| | | | | | | |
| | 3,917,751 | | | REN - Redes Energeticas Nacionais SGPS SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 10,738,535 | |
| | | | | | | |
| | 140,112 | | | Suez | | | | | | | | | | | | | | | | | | | | | | | 2,021,788 | |
| | | | | | | |
| | 2,819,532 | | | Vector Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 7,161,993 | |
| | | | Total Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | 60,091,496 | |
| | | | | | | |
| | | | Oil, Gas & Consumable Fuels – 3.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 491,608 | | | Enbridge Inc. | | | | | | | | | | | | | | | | | | | | | | | 17,737,216 | |
| | | | | | | |
| | 276,760 | | | Energy Transfer LP | | | | | | | | | | | | | | | | | | | | | | | 3,896,781 | |
| | | | | | | |
| | 580,275 | | | Enterprise Products Partners LP | | | | | | | | | | | | | | | | | | | | | | | 16,752,539 | |
| | | | | | | |
| | 20,594 | | | Equitrans Midstream Corp | | | | | | | | | | | | | | | | | | | | | | | 405,908 | |
| | | | | | | |
| | 80,052 | | | Gibson Energy Inc. | | | | | | | | | | | | | | | | | | | | | | | 1,427,371 | |
| | | | | | | |
| | 1,259 | | | Inter Pipeline Ltd | | | | | | | | | | | | | | | | | | | | | | | 19,584 | |
| | | | | | | |
| | 2,212 | | | Keyera Corp | | | | | | | | | | | | | | | | | | | | | | | 56,924 | |
| | | | | | | |
| | 129,421 | | | MPLX LP | | | | | | | | | | | | | | | | | | | | | | | 4,166,062 | |
| | | | | | | |
| | 114,154 | | | ONEOK Inc. | | | | | | | | | | | | | | | | | | | | | | | 7,854,937 | |
| | | | | | | |
| | 361,585 | | | Pembina Pipeline Corp | | | | | | | | | | | | | | | | | | | | | | | 13,460,554 | |
| | | | | | | |
| | 37,703 | | | Plains GP Holdings LP | | | | | | | | | | | | | | | | | | | | | | | 941,444 | |
| | | | | | | |
| | 17,460 | | | Williams Cos Inc. | | | | | | | | | | | | | | | | | | | | | | | 489,578 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 67,208,898 | |
| | | | | | | |
| | | | Real Estate Management & Development – 0.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 198,708 | | | Cibus Nordic Real Estate AB, (3) | | | | | | | | | | | | | | | | | | | | | | | 2,738,985 | |
| | | | | | | |
| | 1,493,179 | | | Corp Inmobiliaria Vesta SAB de CV | | | | | | | | | | | | | | | | | | | | | | | 2,198,488 | |
| | | | | | | |
| | 67,562 | | | DIC Asset AG, (2) | | | | | | | | | | | | | | | | | | | | | | | 780,108 | |
| | | | | | | |
| | 223,737 | | | Dios Fastigheter AB, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,656,789 | |
| | | | | | | |
| | 9,106,781 | | | Land & Houses PCL, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 3,269,424 | |
| | | | | | | |
| | 5,084,016 | | | Sirius Real Estate Ltd | | | | | | | | | | | | | | | | | | | | | | | 4,299,991 | |
| | | | Total Real Estate Management & Development | | | | | | | | | | | | | | | | | | | | | | | 14,943,785 | |
| | | | | | | |
| | | | Road & Rail – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 38,429 | | | Aurizon Holdings Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 145,883 | |
| | | | | | | |
| | 871,163 | | | ComfortDelGro Corp Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,713,222 | |
| | | | Total Road & Rail | | | | | | | | | | | | | | | | | | | | | | | 1,859,105 | |
| | | | | | | |
| | | | Thrifts & Mortgage Finance – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,060,255 | | | Real Estate Credit Investments Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,299,737 | |
| | | | | | | |
| | | | Semiconductors & Semiconductor Equipment – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 3,221 | | | Canadian Solar Infrastructure Fund Inc., (2) | | | | | | | | | | | | | | | | | | | | | | | 3,003,354 | |
45
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | | | | |
| | | | Transportation Infrastructure – 1.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 118,763 | | | Atlantia SpA, (2) | | | | | | | | | | | | | | | | | | | | | | $ | 3,096,904 | |
| | | | | | | |
| | 11,972 | | | Grupo Aeroportuario del Pacifico SAB de CV, ADR | | | | | | | | | | | | | | | | | | | | | | | 1,248,800 | |
| | | | | | | |
| | 192,741 | | | Macquarie Infrastructure Corp | | | | | | | | | | | | | | | | | | | | | | | 7,813,720 | |
| | | | | | | |
| | 1,314,651 | | | Sydney Airport, (2) | | | | | | | | | | | | | | | | | | | | | | | 7,427,098 | |
| | | | Total Transportation Infrastructure | | | | | | | | | | | | | | | | | | | | | | | 19,586,522 | |
| | | | | | | |
| | | | Water Utilities – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,866,140 | | | Aguas Andinas SA | | | | | | | | | | | | | | | | | | | | | | | 1,101,577 | |
| | | | | | | |
| | 16,540 | | | Cia de Saneamento do Parana | | | | | | | | | | | | | | | | | | | | | | | 347,086 | |
| | | | | | | |
| | 2,914,155 | | | Inversiones Aguas Metropolitanas SA | | | | | | | | | | | | | | | | | | | | | | | 4,515,569 | |
| | | | | | | |
| | 308,285 | | | United Utilities Group PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,068,631 | |
| | | | Total Water Utilities | | | | | | | | | | | | | | | | | | | | | | | 9,032,863 | |
| | | | Total Common Stocks (cost $341,397,845) | | | | | | | | | | | | | | | | | | | | | | | 376,910,079 | |
| | | | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | | | | | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | $25 PAR (OR SIMILAR) RETAIL PREFERRED – 16.8% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | Diversified Financial Services – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 125,101 | | | National Rural Utilities Cooperative Finance Corp | | | 5.500% | | | | | | | | | | | | | | | | A3 | | | $ | 3,338,946 | |
| | | | | | | |
| | | | Electric Utilities – 2.8% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 248,000 | | | Duke Energy Corp | | | 5.750% | | | | | | | | | | | | | | | | BBB | | | | 6,552,160 | |
| | | | | | | |
| | 185,277 | | | Entergy Arkansas LLC | | | 4.875% | | | | | | | | | | | | | | | | A | | | | 4,739,385 | |
| | | | | | | |
| | 72,517 | | | Entergy Louisiana LLC | | | 4.875% | | | | | | | | | | | | | | | | A | | | | 1,863,687 | |
| | | | | | | |
| | 291,263 | | | Georgia Power Co | | | 5.000% | | | | | | | | | | | | | | | | BBB | | | | 7,517,498 | |
| | | | | | | |
| | 343,355 | | | Integrys Holding Inc., (2) | | | 6.000% | | | | | | | | | | | | | | | | BBB | | | | 9,013,069 | |
| | | | | | | |
| | 69,117 | | | NextEra Energy Capital Holdings Inc. | | | 5.000% | | | | | | | | | | | | | | | | BBB | | | | 1,711,337 | |
| | | | | | | |
| | 224,105 | | | NextEra Energy Capital Holdings Inc. | | | 5.250% | | | | | | | | | | | | | | | | BBB | | | | 5,882,756 | |
| | | | | | | |
| | 116,847 | | | NextEra Energy Capital Holdings Inc. | | | 5.650% | | | | | | | | | | | | | | | | BBB | | | | 3,053,212 | |
| | | | | | | |
| | 309,704 | | | Southern Co | | | 5.250% | | | | | | | | | | | | | | | | BBB | | | | 8,052,304 | |
| | | | | | | |
| | 238,175 | | | Southern Co | | | 5.250% | | | | | | | | | | | | | | | | BBB | | | | 6,118,716 | |
| | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 54,504,124 | |
| | | | | | | |
| | | | Energy Equipment & Services – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 96,230 | | | Energy Transfer Operating LP | | | 7.600% | | | | | | | | | | | | | | | | BB | | | | 2,399,014 | |
| | | | | | | |
| | | | Equity Real Estate Investment Trust – 9.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 82,787 | | | American Homes 4 Rent | | | 6.500% | | | | | | | | | | | | | | | | BB | | | | 2,247,667 | |
| | | | | | | |
| | 231,322 | | | American Homes 4 Rent | | | 6.350% | | | | | | | | | | | | | | | | BB | | | | 6,236,441 | |
| | | | | | | |
| | 198,649 | | | American Homes 4 Rent | | | 5.875% | | | | | | | | | | | | | | | | BB | | | | 5,133,090 | |
| | | | | | | |
| | 191,392 | | | American Homes 4 Rent | | | 5.875% | | | | | | | | | | | | | | | | BB | | | | 4,909,205 | |
| | | | | | | |
| | 80,462 | | | Armada Hoffler Properties Inc. | | | 6.750% | | | | | | | | | | | | | | | | N/R | | | | 2,108,104 | |
| | | | | | | |
| | 149,779 | | | Brookfield Property REIT Inc. | | | 6.375% | | | | | | | | | | | | | | | | N/R | | | | 3,713,021 | |
| | | | | | | |
| | 267,612 | | | CBL & Associates Properties Inc. | | | 7.375% | | | | | | | | | | | | | | | | B | | | | 2,140,896 | |
| | | | | | | |
| | 66,158 | | | Cedar Realty Trust Inc. | | | 7.250% | | | | | | | | | | | | | | | | N/R | | | | 1,627,487 | |
46
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | | | | | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | Equity Real Estate Investment Trust(continued) | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 138,253 | | | Cedar Realty Trust Inc. | | | 6.500% | | | | | | | | | | | | | | | | N/R | | | $ | 2,986,265 | |
| | | | | | | |
| | 217,043 | | | City Office REIT Inc. | | | 6.625% | | | | | | | | | | | | | | | | N/R | | | | 5,727,765 | |
| | | | | | | |
| | 50,966 | | | Colony Capital Inc. | | | 7.500% | | | | | | | | | | | | | | | | N/R | | | | 1,154,380 | |
| | | | | | | |
| | 132,198 | | | Colony Capital Inc. | | | 7.125% | | | | | | | | | | | | | | | | N/R | | | | 2,862,087 | |
| | | | | | | |
| | 10,192 | | | Colony Capital Inc. | | | 7.150% | | | | | | | | | | | | | | | | N/R | | | | 222,695 | |
| | | | | | | |
| | 197,332 | | | Colony Capital Inc. | | | 7.125% | | | | | | | | | | | | | | | | N/R | | | | 4,240,665 | |
| | | | | | | |
| | 150,902 | | | Digital Realty Trust Inc. | | | 5.250% | | | | | | | | | | | | | | | | Baa3 | | | | 3,746,897 | |
| | | | | | | |
| | 213,656 | | | Digital Realty Trust Inc. | | | 5.850% | | | | | | | | | | | | | | | | Baa3 | | | | 5,570,012 | |
| | | | | | | |
| | 192,498 | | | EPR Properties | | | 5.750% | | | | | | | | | | | | | | | | Baa3 | | | | 4,810,525 | |
| | | | | | | |
| | 30,031 | | | Gladstone Commercial Corp | | | 7.000% | | | | | | | | | | | | | | | | N/R | | | | 758,583 | |
| | | | | | | |
| | 123,368 | | | Hersha Hospitality Trust | | | 6.875% | | | | | | | | | | | | | | | | N/R | | | | 3,081,732 | |
| | | | | | | |
| | 380,645 | | | Hersha Hospitality Trust | | | 6.500% | | | | | | | | | | | | | | | | N/R | | | | 9,101,222 | |
| | | | | | | |
| | 240,740 | | | Hersha Hospitality Trust | | | 6.500% | | | | | | | | | | | | | | | | N/R | | | | 5,794,612 | |
| | | | | | | |
| | 346,064 | | | Investors Real Estate Trust | | | 6.625% | | | | | | | | | | | | | | | | N/R | | | | 8,703,509 | |
| | | | | | | |
| | 147,987 | | | Kimco Realty Corp | | | 5.250% | | | | | | | | | | | | | | | | Baa2 | | | | 3,621,242 | |
| | | | | | | |
| | 4,655 | | | Mid-America Apartment Communities Inc. | | | 8.500% | | | | | | | | | | | | | | | | BBB– | | | | 294,661 | |
| | | | | | | |
| | 300,876 | | | Monmouth Real Estate Investment Corp | | | 6.125% | | | | | | | | | | | | | | | | N/R | | | | 7,193,945 | |
| | | | | | | |
| | 82,628 | | | National Retail Properties Inc. | | | 5.200% | | | | | | | | | | | | | | | | Baa2 | | | | 2,015,297 | |
| | | | | | | |
| | 216,754 | | | National Storage Affiliates Trust | | | 6.000% | | | | | | | | | | | | | | | | N/R | | | | 5,603,091 | |
| | | | | | | |
| | 288,437 | | | Pebblebrook Hotel Trust | | | 6.500% | | | | | | | | | | | | | | | | N/R | | | | 7,343,606 | |
| | | | | | | |
| | 223,453 | | | Pebblebrook Hotel Trust | | | 6.375% | | | | | | | | | | | | | | | | N/R | | | | 5,912,566 | |
| | | | | | | |
| | 214,974 | | | Pebblebrook Hotel Trust | | | 6.300% | | | | | | | | | | | | | | | | N/R | | | | 5,391,548 | |
| | | | | | | |
| | 125,669 | | | PS Business Parks Inc. | | | 5.250% | | | | | | | | | | | | | | | | BBB | | | | 3,114,078 | |
| | | | | | | |
| | 166,119 | | | PS Business Parks Inc. | | | 5.200% | | | | | | | | | | | | | | | | Baa2 | | | | 4,073,238 | |
| | | | | | | |
| | 157,767 | | | Public Storage | | | 5.600% | | | | | | | | | | | | | | | | A3 | | | | 4,131,918 | |
| | | | | | | |
| | 81,295 | | | Saul Centers Inc. | | | 6.125% | | | | | | | | | | | | | | | | N/R | | | | 2,036,440 | |
| | | | | | | |
| | 193,610 | | | SITE Centers Corp | | | 6.375% | | | | | | | | | | | | | | | | BB+ | | | | 4,931,247 | |
| | | | | | | |
| | 78,054 | | | STAG Industrial Inc. | | | 6.875% | | | | | | | | | | | | | | | | BB+ | | | | 2,080,139 | |
| | | | | | | |
| | 99,545 | | | Summit Hotel Properties Inc. | | | 6.450% | | | | | | | | | | | | | | | | N/R | | | | 2,505,548 | |
| | | | | | | |
| | 303,814 | | | Summit Hotel Properties Inc. | | | 6.250% | | | | | | | | | | | | | | | | N/R | | | | 7,808,020 | |
| | | | | | | |
| | 48,537 | | | Sunstone Hotel Investors Inc. | | | 6.950% | | | | | | | | | | | | | | | | N/R | | | | 1,322,633 | |
| | | | | | | |
| | 226,193 | | | Sunstone Hotel Investors Inc. | | | 6.450% | | | | | | | | | | | | | | | | N/R | | | | 5,779,231 | |
| | | | | | | |
| | 94,824 | | | UMH Properties Inc. | | | 8.000% | | | | | | | | | | | | | | | | N/R | | | | 2,468,269 | |
| | | | | | | |
| | 190,740 | | | UMH Properties Inc. | | | 6.750% | | | | | | | | | | | | | | | | N/R | | | | 4,816,185 | |
| | | | | | | |
| | 90,100 | | | Urstadt Biddle Properties Inc. | | | 6.750% | | | | | | | | | | | | | | | | N/R | | | | 2,317,372 | |
| | | | | | | |
| | 135,987 | | | Urstadt Biddle Properties Inc. | | | 6.250% | | | | | | | | | | | | | | | | N/R | | | | 3,618,614 | |
| | | | | | | |
| | 356,032 | | | Vornado Realty Trust | | | 5.250% | | | | | | | | | | | | | | | | Baa3 | | | | 8,729,904 | |
| | | | Total Equity Real Estate Investment Trust | | | | | | | | | | | | 183,985,652 | |
| | | | | | | |
| | | | Gas Utilities – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 86,693 | | | Spire Inc. | | | 5.900% | | | | | | | | | | | | | | | | BBB | | | | 2,273,091 | |
47
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | | | | | | | Ratings (5) | | | Value | |
| | |
| | | | Independent Power & Renewable Electricity Producers – 0.1% | | | | |
| | | | | | | |
| | 146,449 | | | Brookfield Renewable Partners LP | | | 5.750% | | | | | | | | | | | | | | | | BBB– | | | $ | 2,851,705 | |
| | | | | | | |
| | | | Multi-Utilities – 2.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 94,257 | | | Algonquin Power & Utilities Corp | | | 6.200% | | | | | | | | | | | | | | | | BB+ | | | | 2,429,945 | |
| | | | | | | |
| | 277,440 | | | Brookfield Infrastructure Partners LP | | | 5.350% | | | | | | | | | | | | | | | | BBB– | | | | 5,338,847 | |
| | | | | | | |
| | 140,457 | | | CMS Energy Corp | | | 5.875% | | | | | | | | | | | | | | | | Baa2 | | | | 3,726,324 | |
| | | | | | | |
| | 433,591 | | | Dominion Energy Inc. | | | 5.250% | | | | | | | | | | | | | | | | BBB– | | | | 11,186,648 | |
| | | | | | | |
| | 154,307 | | | DTE Energy Co | | | 5.250% | | | | | | | | | | | | | | | | Baa2 | | | | 3,942,544 | |
| | | | | | | |
| | 297,055 | | | DTE Energy Co | | | 5.375% | | | | | | | | | | | | | | | | Baa2 | | | | 7,711,548 | |
| | | | | | | |
| | 222,266 | | | DTE Energy Co | | | 6.000% | | | | | | | | | | | | | | | | Baa2 | | | | 6,034,522 | |
| | | | | | | |
| | 148,730 | | | DTE Energy Co | | | 5.250% | | | | | | | | | | | | | | | | Baa2 | | | | 3,816,412 | |
| | | | | | | |
| | 198,988 | | | NiSource Inc. | | | 6.500% | | | | | | | | | | | | | | | | BBB– | | | | 5,223,435 | |
| | | | | | | |
| | 378,614 | | | Sempra Energy | | | 5.750% | | | | | | | | | | | | | | | | Baa2 | | | | 9,488,067 | |
| | | | Total Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | 58,898,292 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 0.6% | | | | | | | | | | |
| | | | | | | |
| | 153,214 | | | NGL Energy Partners LP | | | 9.000% | | | | | | | | | | | | | | | | N/R | | | | 3,788,982 | |
| | | | | | | |
| | 206,311 | | | NuStar Energy LP | | | 8.500% | | | | | | | | | | | | | | | | B1 | | | | 4,732,774 | |
| | | | | | | |
| | 112,440 | | | NuStar Energy LP | | | 7.625% | | | | | | | | | | | | | | | | B1 | | | | 2,315,140 | |
| | | | | | | |
| | 10,733 | | | Pembina Pipeline Corp | | | 5.750% | | | | | | | | | | | | | | | | BB+ | | | | 210,800 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 11,047,696 | |
| | |
| | | | Real Estate Management & Development – 0.6% | | | | |
| | | | | | | |
| | 305,387 | | | Brookfield Property Partners LP | | | 6.500% | | | | | | | | | | | | | | | | BB+ | | | | 7,698,806 | |
| | | | | | | |
| | 196,908 | | | Landmark Infrastructure Partners LP | | | 7.900% | | | | | | | | | | | | | | | | N/R | | | | 4,946,329 | |
| | | | Total Real Estate Management & Development | | | | | | | | | | | | 12,645,135 | |
| | | | Total $25 Par (or similar) Retail Preferred (cost $328,920,175) | | | | | | | | 331,943,655 | |
| | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | |
| | | | CORPORATE BONDS – 14.9% | | | | | | | | | | | | | |
| | | | |
| | | | Commercial Services & Supplies – 1.7% | | | | | | | | | | |
| | | | | | | |
| $ | 1,500 | | | Atento Luxco 1 SA, 144A | | | 6.125% | | | | | | | | | | | | 8/10/22 | | | | BB | | | $ | 1,509,390 | |
| | | | | | | |
| | 125 | | | Clean Harbors Inc., 144A, (WI/DD) | | | 4.875% | | | | | | | | | | | | 7/15/27 | | | | BB+ | | | | 127,044 | |
| | | | | | | |
| | 2,475 | | | Clean Harbors Inc., 144A, (WI/DD) | | | 5.125% | | | | | | | | | | | | 7/15/29 | | | | BB+ | | | | 2,524,500 | |
| | | | | | | |
| | 6,716 | | | Covanta Holding Corp | | | 5.875% | | | | | | | | | | | | 7/01/25 | | | | B1 | | | | 6,984,640 | |
| | | | | | | |
| | 2,500 | EUR | | DSV Miljoe Group AS, Reg S | | | 5.900% | | | | | | | | | | | | 5/10/21 | | | | N/R | | | | 2,883,254 | |
| | | | | | | |
| | 5,970 | | | GFL Environmental Inc., 144A | | | 7.000% | | | | | | | | | | | | 6/01/26 | | | | CCC+ | | | | 6,111,787 | |
| | | | | | | |
| | 900 | | | GFL Environmental Inc., 144A | | | 8.500% | | | | | | | | | | | | 5/01/27 | | | | CCC+ | | | | 968,625 | |
| | | | | | | |
| | 2,335 | | | Iron Mountain Inc., 144A | | | 5.250% | | | | | | | | | | | | 3/15/28 | | | | BB– | | | | 2,337,919 | |
| | | | | | | |
| | 950 | | | Stericycle Inc., 144A | | | 5.375% | | | | | | | | | | | | 7/15/24 | | | | BBB– | | | | 991,677 | |
| | | | | | | |
| | 4,559 | | | Tervita Escrow Corp, 144A | | | 7.625% | | | | | | | | | | | | 12/01/21 | | | | B+ | | | | 4,637,460 | |
48
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | |
| | | | Commercial Services & Supplies(continued) | | | | | | | | | | |
| | | | | | | |
| $ | 3,525 | | | Waste Pro USA Inc., 144A | | | 5.500% | | | | | | | | | | | | 2/15/26 | | | | B+ | | | $ | 3,604,313 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 32,680,609 | |
| | | | | | | |
| | | | Communications Equipment – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 600 | | | IHS Netherlands Holdco BV, 144A | | | 9.500% | | | | | | | | | | | | 10/27/21 | | | | B+ | | | | 622,548 | |
| | | | | | | |
| | 780 | | | ViaSat Inc., 144A | | | 5.625% | | | | | | | | | | | | 9/15/25 | | | | B | | | | 766,350 | |
| | | | | | | |
| | 850 | | | ViaSat Inc., 144A | | | 5.625% | | | | | | | | | | | | 4/15/27 | | | | BB+ | | | | 884,000 | |
| | | | Total Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | 2,272,898 | |
| | | | | | | |
| | | | Construction & Engineering – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,800 | | | GMR Hyderabad International Airport Ltd, 144A | | | 5.375% | | | | | | | | | | | | 4/10/24 | | | | BB+ | | | | 1,825,133 | |
| | | | | | | |
| | 1,900 | | | International Airport Finance SA, 144A | | | 12.000% | | | | | | | | | | | | 3/15/33 | | | | B2 | | | | 2,109,000 | |
| | | | Total Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | 3,934,133 | |
| | | | | | | |
| | | | Diversified Financial Services – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,272 | | | Cometa Energia SA de CV, 144A | | | 6.375% | | | | | | | | | | | | 4/24/35 | | | | BBB | | | | 1,308,956 | |
| | | | | | | |
| | 850 | | | Minejesa Capital BV, 144A | | | 4.625% | | | | | | | | | | | | 8/10/30 | | | | Baa3 | | | | 859,402 | |
| | | | | | | |
| | 1,815 | | | Minejesa Capital BV, 144A | | | 5.625% | | | | | | | | | | | | 8/10/37 | | | | Baa3 | | | | 1,904,211 | |
| | | | | | | |
| | 17,405 | BRL | | Swiss Insured Brazil Power Finance Sarl, 144A | | | 9.850% | | | | | | | | | | | | 7/16/32 | | | | AAA | | | | 4,940,546 | |
| | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | 9,013,115 | |
| | | | | |
| | | | Diversified Telecommunication Services – 0.1% | | | | | | | | | | | | | |
| | | | | | | |
| | 2,500 | | | CenturyLink Inc. | | | 6.450% | | | | | | | | | | | | 6/15/21 | | | | BB | | | | 2,643,750 | |
| | | | | | | |
| | | | Electric Utilities – 1.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,810 | | | Acwa Power Management And Investments One Ltd, 144A | | | 5.950% | | | | | | | | | | | | 12/15/39 | | | | BBB– | | | | 1,873,350 | |
| | | | | | | |
| | 2,325 | | | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ, 144A | | | 6.250% | | | | | | | | | | | | 12/10/24 | | | | BB+ | | | | 2,373,964 | |
| | | | | | | |
| | 1,310 | | | Calpine Corp, 144A | | | 5.250% | | | | | | | | | | | | 6/01/26 | | | | BB+ | | | | 1,332,925 | |
| | | | | | | |
| | 740 | | | Consorcio Transmantaro SA, 144A | | | 4.700% | | | | | | | | | | | | 4/16/34 | | | | Baa3 | | | | 778,850 | |
| | | | | | | |
| | 1,900 | | | Empresa de Transmision Electrica SA, 144A | | | 5.125% | | | | | | | | | | | | 5/02/49 | | | | Baa1 | | | | 2,077,650 | |
| | | | | | | |
| | 1,200 | | | Enel Americas SA | | | 4.000% | | | | | | | | | | | | 10/25/26 | | | | BBB+ | | | | 1,236,000 | |
| | | | | | | |
| | 4,755 | | | Instituto Costarricense de Electricidad, 144A | | | 6.950% | | | | | | | | | | | | 11/10/21 | | | | B1 | | | | 4,867,931 | |
| | | | | | | |
| | 1,700 | | | Lamar Funding Ltd, 144A | | | 3.958% | | | | | | | | | | | | 5/07/25 | | | | Ba1 | | | | 1,491,998 | |
| | | | | | | |
| | 1,300 | | | LLPL Capital Pte Ltd, 144A | | | 6.875% | | | | | | | | | | | | 2/04/39 | | | | Baa3 | | | | 1,482,802 | |
| | | | | | | |
| | 600 | | | Pampa Energia SA, 144A | | | 7.500% | | | | | | | | | | | | 1/24/27 | | | | B | | | | 555,000 | |
| | | | | | | |
| | 1,750 | | | Talen Energy Supply LLC | | | 6.500% | | | | | | | | | | | | 6/01/25 | | | | B3 | | | | 1,465,625 | |
| | | | | | | |
| | 1,650 | | | Talen Energy Supply LLC, 144A | | | 7.250% | | | | | | | | | | | | 5/15/27 | | | | Ba3 | | | | 1,691,250 | |
| | | | | | | |
| | 3,575 | | | Vistra Operations Co LLC, 144A | | | 5.625% | | | | | | | | | | | | 2/15/27 | | | | BB | | | | 3,785,031 | |
| | | | | | | |
| | 1,950 | | | Vistra Operations Co LLC, 144A | | | 5.000% | | | | | | | | | | | | 7/31/27 | | | | BB | | | | 2,016,973 | |
| | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 27,029,349 | |
| | | | | | | |
| | | | Electrical Equipment – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,500 | | | Listrindo Capital BV, 144A | | | 4.950% | | | | | | | | | | | | 9/14/26 | | | | BB+ | | | | 1,479,750 | |
49
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | Energy Equipment & Services – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 695 | | | Archrock Partners LP / Archrock Partners Finance Corp | | | 6.000% | | | | | | | | | | | | 10/01/22 | | | | B+ | | | $ | 703,687 | |
| | | | | | | |
| | 4,150 | | | Archrock Partners LP / Archrock Partners Finance Corp, 144A | | | 6.875% | | | | | | | | | | | | 4/01/27 | | | | B+ | | | | 4,337,165 | |
| | | | | | | |
| | 2,250 | | | Transocean Poseidon Ltd, 144A | | | 6.875% | | | | | | | | | | | | 2/01/27 | | | | B+ | | | | 2,377,969 | |
| | | | | | | |
| | 2,200 | | | Transocean Sentry Ltd, 144A | | | 5.375% | | | | | | | | | | | | 5/15/23 | | | | B+ | | | | 2,202,750 | |
| | | | Total Energy Equipment & Services | | | | | | | | | | | | | | | | | | | | | | | 9,621,571 | |
| | | | | | | |
| | | | Equity Real Estate Investment Trust – 0.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,110 | | | CyrusOne LP / CyrusOne Finance Corp | | | 5.375% | | | | | | | | | | | | 3/15/27 | | | | BBB– | | | | 2,220,775 | |
| | | | | | | |
| | 2,900 | | | Equinix Inc. | | | 5.375% | | | | | | | | | | | | 5/15/27 | | | | BBB– | | | | 3,108,713 | |
| | | | | | | |
| | 600 | | | HAT Holdings I LLC / HAT Holdings II LLC, 144A, (WI/DD) | | | 5.250% | | | | | | | | | | | | 7/15/24 | | | | BB+ | | | | 612,000 | |
| | | | | | | |
| | 3,165 | | | iStar Inc. | | | 4.625% | | | | | | | | | | | | 9/15/20 | | | | BB | | | | 3,192,694 | |
| | | | | | | |
| | 3,055 | | | MPT Operating Partnership LP / MPT Finance Corp | | | 5.000% | | | | | | | | | | | | 10/15/27 | | | | BBB– | | | | 3,146,650 | |
| | | | | | | |
| | 2,615 | | | Sabra Health Care LP | | | 5.125% | | | | | | | | | | | | 8/15/26 | | | | BBB– | | | | 2,721,069 | |
| | | | | | | |
| | 2,490 | | | SBA Communications Corp | | | 4.875% | | | | | | | | | | | | 9/01/24 | | | | BB– | | | | 2,564,700 | |
| | | | Total Equity Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 17,566,601 | |
| | | | | | | |
| | | | Gas Utilities – 1.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 4,015 | | | AmeriGas Partners LP / AmeriGas Finance Corp | | | 5.750% | | | | | | | | | | | | 5/20/27 | | | | BB | | | | 4,215,750 | |
| | | | | | | |
| | 2,100 | | | LBC Tank Terminals Holding Netherlands BV, 144A | | | 6.875% | | | | | | | | | | | | 5/15/23 | | | | B | | | | 2,068,500 | |
| | | | | | | |
| | 4,570 | | | National Gas Co of Trinidad & Tobago Ltd, 144A | | | 6.050% | | | | | | | | | | | | 1/15/36 | | | | BBB | | | | 4,661,446 | |
| | | | | | | |
| | 1,675 | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 6.125% | | | | | | | | | | | | 3/01/25 | | | | B+ | | | | 1,658,250 | |
| | | | | | | |
| | 1,900 | | | NGL Energy Partners LP / NGL Energy Finance Corp, 144A | | | 7.500% | | | | | | | | | | | | 4/15/26 | | | | B+ | | | | 1,980,750 | |
| | | | | | | |
| | 2,795 | | | Rockpoint Gas Storage Canada Ltd, 144A | | | 7.000% | | | | | | | | | | | | 3/31/23 | | | | BB– | | | | 2,833,431 | |
| | | | | | | |
| | 2,915 | | | Suburban Propane Partners LP/Suburban Energy Finance Corp | | | 5.875% | | | | | | | | | | | | 3/01/27 | | | | BB– | | | | 2,922,287 | |
| | | | Total Gas Utilities | | | | | | | | | | | | | | | | | | | | | | | 20,340,414 | |
| | | | | | | |
| | | | Health Care Providers & Services – 0.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,660 | | | CHS/Community Health Systems Inc. | | | 6.250% | | | | | | | | | | | | 3/31/23 | | | | BB | | | | 1,597,750 | |
| | | | | | | |
| | 2,330 | | | CHS/Community Health Systems Inc, 144A | | | 8.000% | | | | | | | | | | | | 3/15/26 | | | | B | | | | 2,239,200 | |
| | | | | | | |
| | 4,450 | | | Encompass Health Corp | | | 5.750% | | | | | | | | | | | | 9/15/25 | | | | B+ | | | | 4,622,437 | |
| | | | | | | |
| | 200 | | | HCA Inc. | | | 5.625% | | | | | | | | | | | | 9/01/28 | | | | Ba2 | | | | 216,500 | |
| | | | | | | |
| | 4,250 | | | HCA Inc. | | | 5.875% | | | | | | | | | | | | 2/01/29 | | | | Ba2 | | | | 4,659,062 | |
| | | | | | | |
| | 525 | | | HCA Inc. | | | 5.125% | | | | | | | | | | | | 6/15/39 | | | | BBB– | | | | 545,325 | |
| | | | | | | |
| | 1,245 | | | RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A | | | 9.750% | | | | | | | | | | | | 12/01/26 | | | | CCC+ | | | | 1,304,138 | |
| | | | | | | |
| | 1,500 | | | Tenet Healthcare Corp | | | 6.750% | | | | | | | | | | | | 6/15/23 | | | | B– | | | | 1,505,625 | |
| | | | | | | |
| | 1,050 | | | Tenet Healthcare Corp | | | 6.875% | | | | | | | | | | | | 11/15/31 | | | | B– | | | | 926,625 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 17,616,662 | |
50
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | Hotels, Restaurants & Leisure – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 1,500 | | | MGM Growth Properties Operating Partnership LP / MGP FinanceCo-Issuer Inc., 144A | | | 5.750% | | | | | | | | | | | | 2/01/27 | | | | BB+ | | | $ | 1,616,250 | |
| | | | | | | |
| | 1,695 | | | MGM Growth Properties Operating Partnership LP / MGP FinanceCo-Issuer Inc. | | | 4.500% | | | | | | | | | | | | 1/15/28 | | | | BB+ | | | | 1,682,288 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | | | | | | | | 3,298,538 | |
| | | | | | | |
| | | | Household Durables – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,400 | | | KB Home | | | 6.875% | | | | | | | | | | | | 6/15/27 | | | | BB– | | | | 2,562,000 | |
| | | | | | | |
| | 1,600 | | | LGI Homes Inc, 144A | | | 6.875% | | | | | | | | | | | | 7/15/26 | | | | BB– | | | | 1,636,000 | |
| | | | Total Household Durables | | | | | | | | | | | | | | | | | | | | | | | 4,198,000 | |
| | | |
| | | | Independent Power & Renewable Electricity Producers – 0.5% | | | | | | | |
| | | | | | | |
| | 1,685 | | | Azure Power Energy Ltd, 144A | | | 5.500% | | | | | | | | | | | | 11/03/22 | | | | Ba3 | | | | 1,699,761 | |
| | | | | | | |
| | 1,500 | | | Kallpa Generacion SA, 144A | | | 4.125% | | | | | | | | | | | | 8/16/27 | | | | Baa3 | | | | 1,545,000 | |
| | | | | | | |
| | 1,325 | | | NRG Energy Inc., 144A | | | 5.250% | | | | | | | | | | | | 6/15/29 | | | | BB | | | | 1,412,781 | |
| | | | | | | |
| | 3,525 | | | NRG Energy Inc., 144A | | | 4.450% | | | | | | | | | | | | 6/15/29 | | | | BBB– | | | | 3,665,844 | |
| | | | | | | |
| | 1,450 | | | Termocandelaria Power Ltd, 144A | | | 7.875% | | | | | | | | | | | | 1/30/29 | | | | BB+ | | | | 1,587,750 | |
| | | | Total Independent Power & Renewable Electricity Producers | | | | | | | | 9,911,136 | |
| | | | | | | |
| | | | Machinery – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 4,425 | | | USA Compression Partners LP / USA Compression Finance Corp, 144A | | | 6.875% | | | | | | | | | | | | 9/01/27 | | | | BB– | | | | 4,646,737 | |
| | | | | | | |
| | | | Marine – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,500 | | | Pelabuhan Indonesia II PT, 144A | | | 4.250% | | | | | | | | | | | | 5/05/25 | | | | BBB | | | | 1,554,375 | |
| | | | | | | |
| | | | Media – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,275 | | | Altice France SA/France, 144A | | | 7.375% | | | | | | | | | | | | 5/01/26 | | | | B | | | | 2,331,875 | |
| | | | | | | |
| | 1,545 | | | CSC Holdings LLC, 144A | | | 7.500% | | | | | | | | | | | | 4/01/28 | | | | B | | | | 1,696,101 | |
| | | | | | | |
| | 2,950 | | | Lamar Media Corp | | | 5.750% | | | | | | | | | | | | 2/01/26 | | | | BB | | | | 3,101,188 | |
| | | | | | | |
| | 2,275 | | | Virgin Media Secured Finance PLC, 144A | | | 5.250% | | | | | | | | | | | | 1/15/26 | | | | BB+ | | | | 2,331,215 | |
| | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 9,460,379 | |
| | | |
| | | | Mortgage Real Estate Investment Trust – 0.1% | | | | | | | |
| | | | | | | |
| | 1,720 | | | Starwood Property Trust Inc. | | | 4.750% | | | | | | | | | | | | 3/15/25 | | | | BB– | | | | 1,737,200 | |
| | | | | | | |
| | | | Multi-Utilities – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 3,330 | | | Dominion Energy Inc. | | | 5.750% | | | | | | | | | | | | 10/01/54 | | | | BBB– | | | | 3,459,870 | |
| | | | | | | |
| | | | Oil, Gas & Consumable Fuels – 3.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 4,300 | | | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | | | 5.750% | | | | | | | | | | | | 3/01/27 | | | | BBB– | | | | 4,300,000 | |
| | | | | | | |
| | 1,450 | | | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | | | 5.750% | | | | | | | | | | | | 1/15/28 | | | | BBB– | | | | 1,435,500 | |
| | | | | | | |
| | 670 | | | Calumet Specialty Products Partners LP / Calumet Finance Corp | | | 6.500% | | | | | | | | | | | | 4/15/21 | | | | B– | | | | 666,650 | |
| | | | | | | |
| | 1,565 | | | Cheniere Corpus Christi Holdings LLC | | | 5.125% | | | | | | | | | | | | 6/30/27 | | | | BB | | | | 1,699,981 | |
51
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | Oil, Gas & Consumable Fuels(continued) | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 4,775 | | | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A | | | 5.625% | | | | | | | | | | | | 5/01/27 | | | | BB– | | | $ | 4,763,062 | |
| | | | | | | |
| | 3,750 | | | DCP Midstream Operating LP | | | 5.125% | | | | | | | | | | | | 5/15/29 | | | | BB+ | | | | 3,853,125 | |
| | | | | | | |
| | 6,345 | | | DCP Midstream Operating LP, 144A | | | 5.850% | | | | | | | | | | | | 5/21/43 | | | | BB– | | | | 5,948,437 | |
| | | | | | | |
| | 2,200 | | | EnLink Midstream LLC | | | 5.375% | | | | | | | | | | | | 6/01/29 | | | | BBB– | | | | 2,255,000 | |
| | | | | | | |
| | 3,000 | | | EnLink Midstream Partners LP | | | 4.850% | | | | | | | | | | | | 7/15/26 | | | | BBB– | | | | 3,022,500 | |
| | | | | | | |
| | 4,345 | | | Enterprise Products Operating LLC | | | 5.375% | | | | | | | | | | | | 2/15/78 | | | | Baa2 | | | | 4,040,850 | |
| | | | | | | |
| | 4,460 | | | Genesis Energy LP / Genesis Energy Finance Corp | | | 5.625% | | | | | | | | | | | | 6/15/24 | | | | B+ | | | | 4,292,750 | |
| | | | | | | |
| | 1,620 | | | Global Partners LP / GLP Finance Corp | | | 7.000% | | | | | | | | | | | | 6/15/23 | | | | B+ | | | | 1,640,250 | |
| | | | | | | |
| | 1,700 | | | KazTransGas JSC, 144A | | | 4.375% | | | | | | | | | | | | 9/26/27 | | | | Baa3 | | | | 1,730,872 | |
| | | | | | | |
| | 3,010 | | | Martin Midstream Partners LP / Martin Midstream Finance Corp | | | 7.250% | | | | | | | | | | | | 2/15/21 | | | | B– | | | | 2,983,512 | |
| | | | | | | |
| | 3,500 | | | NuStar Logistics LP | | | 6.000% | | | | | | | | | | | | 6/01/26 | | | | Ba2 | | | | 3,622,500 | |
| | | | | | | |
| | 1,690 | | | Par Petroleum LLC / Par Petroleum Finance Corp, 144A | | | 7.750% | | | | | | | | | | | | 12/15/25 | | | | BB– | | | | 1,670,988 | |
| | | | | | | |
| | 1,700 | | | Peru LNG Srl, 144A | | | 5.375% | | | | | | | | | | | | 3/22/30 | | | | BBB– | | | | 1,824,950 | |
| | | | | | | |
| | 3,000 | | | Sunoco LP / Sunoco Finance Corp | | | 5.875% | | | | | | | | | | | | 3/15/28 | | | | BB | | | | 3,108,750 | |
| | | | | | | |
| | 625 | | | Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A | | | 6.500% | | | | | | | | | | | | 7/15/27 | | | | BB | | | | 681,250 | |
| | | | | | | |
| | 2,500 | | | Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A | | | 6.875% | | | | | | | | | | | | 1/15/29 | | | | BB | | | | 2,768,750 | |
| | | | | | | |
| | 3,015 | | | TransMontaigne Partners LP / TLP Finance Corp | | | 6.125% | | | | | | | | | | | | 2/15/26 | | | | BB | | | | 2,901,938 | |
| | | | | | | |
| | 600 | | | Transportadora de Gas del Sur SA, 144A | | | 6.750% | | | | | | | | | | | | 5/02/25 | | | | B1 | | | | 579,006 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 59,790,621 | |
| | | |
| | | | Real Estate Management & Development – 0.9% | | | | | | | |
| | | | | | | |
| | 4,250 | | | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A | | | 5.750% | | | | | | | | | | | | 5/15/26 | | | | BB+ | | | | 4,377,500 | |
| | | | | | | |
| | 8,685 | | | Hunt Cos Inc., 144A | | | 6.250% | | | | | | | | | | | | 2/15/26 | | | | BB– | | | | 8,207,325 | |
| | | | | | | |
| | 3,968 | | | Kennedy-Wilson Inc. | | | 5.875% | | | | | | | | | | | | 4/01/24 | | | | BB | | | | 4,047,360 | |
| | | | | | | |
| | 600 | | | RKI Overseas Finance 2016 B Ltd, Reg S | | | 4.700% | | | | | | | | | | | | 9/06/21 | | | | BB– | | | | 594,365 | |
| | | | | | | |
| | 600 | | | Shimao Property Holdings Ltd, Reg S | | | 4.750% | | | | | | | | | | | | 7/03/22 | | | | BBB– | | | | 604,368 | |
| | | | Total Real Estate Management & Development | | | | | | | | | | | | | | | | 17,830,918 | |
| | | | | | | |
| | | | Road & Rail – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,700 | | | Rumo Luxembourg Sarl, 144A | | | 5.875% | | | | | | | | | | | | 1/18/25 | | | | BB | | | | 1,802,468 | |
| | | | | | | |
| | 1,700 | | | Transnet SOC Ltd, 144A | | | 4.000% | | | | | | | | | | | | 7/26/22 | | | | Baa3 | | | | 1,699,048 | |
| | | | | | | |
| | 2,850 | | | United Rentals North America Inc. | | | 5.500% | | | | | | | | | | | | 5/15/27 | | | | BB– | | | | 2,999,625 | |
| | | | Total Road & Rail | | | | | | | | | | | | | | | | | | | | | | | 6,501,141 | |
| | | | | | | |
| | | | Thrifts & Mortgage Finance – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 4,580 | | | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A | | | 5.250% | | | | | | | | | | | | 10/01/25 | | | | BB | | | | 4,591,450 | |
52
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | |
| | | | Trading Companies & Distributors – 0.1% | | | | | | | | | | |
| | | | | | | |
| $ | 2,430 | | | Fortress Transportation & Infrastructure Investors LLC, 144A | | | 6.500% | | | | | | | | | | | | 10/01/25 | | | | B+ | | | $ | 2,502,900 | |
| | | | |
| | | | Transportation Infrastructure – 0.6% | | | | | | | | | | |
| | | | | | | |
| | 1,700 | | | Adani Ports & Special Economic Zone Ltd, 144A | | | 4.000% | | | | | | | | | | | | 7/30/27 | | | | BBB– | | | | 1,694,526 | |
| | | | | | | |
| | 1,650 | | | Aeropuerto Internacional de Tocumen SA, 144A | | | 6.000% | | | | | | | | | | | | 11/18/48 | | | | BBB+ | | | | 1,943,700 | |
| | | | | | | |
| | 2,810 | | | Aeropuertos Dominicanos Siglo XXI SA, 144A | | | 6.750% | | | | | | | | | | | | 3/30/29 | | | | BB– | | | | 2,954,013 | |
| | | | | | | |
| | 1,700 | | | DP World PLC, 144A | | | 5.625% | | | | | | | | | | | | 9/25/48 | | | | Baa1 | | | | 1,882,111 | |
| | | | | | | |
| | 10,692 | MXN | | Grupo Aeroportuario del Centro Norte SAB de CV | | | 6.850% | | | | | | | | | | | | 6/07/21 | | | | N/R | | | | 543,991 | |
| | | | | | | |
| | 1,800 | | | Mexico City Airport Trust, 144A | | | 4.250% | | | | | | | | | | | | 10/31/26 | | | | BBB+ | | | | 1,790,100 | |
| | | | Total Transportation Infrastructure | | | | | | | | | | | | | | | | | | | | | | | 10,808,441 | |
| | | |
| | | | Wireless Telecommunication Services – 0.2% | | | | | | | |
| | | | | | | |
| | 2,225 | | | Hughes Satellite Systems Corp | | | 6.625% | | | | | | | | | | | | 8/01/26 | | | | BB– | | | | 2,339,031 | |
| | | | | | | |
| | 1,100 | | | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 144A | | | 5.152% | | | | | | | | | | | | 3/20/28 | | | | Baa2 | | | | 1,133,000 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | | | | 3,472,031 | |
| | | | Total Corporate Bonds (cost $279,908,776) | | | | | | | | | | | | 287,962,589 | |
| | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | |
| | | | $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 14.5% | | | | | | | | | |
| | | | |
| | | | Diversified Financial Services – 0.7% | | | | | | | | | | |
| | | | | | | |
| $ | 2,460 | | | National Rural Utilities Cooperative Finance Corp | | | 5.250% | | | | | | | | | | | | 4/20/46 | | | | A3 | | | $ | 2,509,717 | |
| | | | | | | |
| | 10,672 | | | Transcanada Trust | | | 5.625% | | | | | | | | | | | | 5/20/75 | | | | BBB | | | | 10,559,517 | |
| | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | 13,069,234 | |
| | | | | | | |
| | | | Electric Utilities – 5.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 5,175 | | | AES Gener SA, 144A | | | 7.125% | | | | | | | | | | | | 3/26/79 | | | | BB | | | | 5,521,777 | |
| | | | | | | |
| | 5,850 | | | AusNet Services Holdings Pty Ltd, Reg S | | | 5.750% | | | | | | | | | | | | 3/17/76 | | | | BBB | | | | 6,113,326 | |
| | | | | | | |
| | 2,640 | | | ComEd Financing III | | | 6.350% | | | | | | | | | | | | 3/15/33 | | | | Baa2 | | | | 2,687,877 | |
| | | | | | | |
| | 3,500 | GBP | | Electricite de France SA, Reg S | | | 5.875% | | | | | | | | | | | | N/A (7) | | | | BBB | | | | 4,701,289 | |
| | | | | | | |
| | 14,640 | | | Emera Inc. | | | 6.750% | | | | | | | | | | | | 6/15/76 | | | | BBB– | | | | 15,693,494 | |
| | | | | | | |
| | 7,680 | | | EnBW Energie Baden-Wuerttemberg AG, Reg S | | | 5.125% | | | | | | | | | | | | 4/05/77 | | | | Baa2 | | | | 7,929,600 | |
| | | | | | | |
| | 10,125 | | | Enel SpA, 144A | | | 8.750% | | | | | | | | | | | | 9/24/73 | | | | BBB | | | | 11,669,062 | |
| | | | | | | |
| | 11,255 | | | NextEra Energy Capital Holdings Inc. | | | 4.800% | | | | | | | | | | | | 12/01/77 | | | | BBB | | | | 10,579,700 | |
| | | | | | | |
| | 4,720 | | | NextEra Energy Capital Holdings Inc. | | | 5.650% | | | | | | | | | | | | 5/01/79 | | | | BBB | | | | 4,866,023 | |
| | | | | | | |
| | 8,954 | | | NextEra Energy Capital Holdings Inc.(3-Month LIBOR reference rate + 2.068% spread), (8) | | | 4.386% | | | | | | | | | | | | 10/01/66 | | | | BBB | | | | 7,400,123 | |
| | | | | | | |
| | 17,351 | | | NextEra Energy Capital Holdings Inc.(3-Month LIBOR reference rate + 2.125% spread), (8) | | | 4.535% | | | | | | | | | | | | 6/15/67 | | | | BBB | | | | 14,309,007 | |
| | | | | | | |
| | 8,398 | | | PPL Capital Funding Inc.(3-Month LIBOR reference rate + 2.665% spread), (8) | | | 4.995% | | | | | | | | | | | | 3/30/67 | | | | BBB | | | | 7,665,198 | |
| | | | | | | |
| | 3,105 | | | Southern Co | | | 5.500% | | | | | | | | | | | | 3/15/57 | | | | BBB | | | | 3,181,777 | |
53
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | | | |
| | | | Electric Utilities (continued) | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 2,810 | | | SSE PLC, Reg S | | | 4.750% | | | | | | | | | | | | 9/16/77 | | | | BBB– | | | $ | 2,817,025 | |
| | | | Total Electric Utilities | | | | 105,135,278 | |
| | | | | |
| | | | Energy Equipment & Services – 2.3% | | | | | | | | | | | | | |
| | | | | | | |
| | 13,786 | | | Energy Transfer Operating LP(3-Month LIBOR reference rate + 3.018% spread), (8) | | | 5.597% | | | | | | | | | | | | 11/01/66 | | | | Ba1 | | | | 10,373,965 | |
| | | | | | | |
| | 2,189 | | | Energy Transfer Operating LP | | | 6.250% | | | | | | | | | | | | N/A (7) | | | | BB | | | | 2,035,770 | |
| | | | | | | |
| | 9,735 | | | Plains All American Pipeline LP | | | 6.125% | | | | | | | | | | | | N/A (7) | | | | BB | | | | 9,272,587 | |
| | | | | | | |
| | 15,145 | | | TransCanada PipeLines Ltd(3-Month LIBOR reference rate + 2.21% spread), (8) | | | 4.728% | | | | | | | | | | | | 5/15/67 | | | | Baa2 | | | | 11,680,581 | |
| | | | | | | |
| | 8,190 | | | Transcanada Trust | | | 5.875% | | | | | | | | | | | | 8/15/76 | | | | BBB | | | | 8,406,216 | |
| | | | | | | |
| | 2,835 | | | Transcanada Trust | | | 5.300% | | | | | | | | | | | | 3/15/77 | | | | BBB | | | | 2,722,727 | |
| | | | Total Energy Equipment & Services | | | | | | | | 44,491,846 | |
| | | | | | | |
| | | | Gas Utilities – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,507 | | | SK E&S Co Ltd, 144A | | | 4.875% | | | | | | | | | | | | N/A (7) | | | | BB+ | | | | 2,485,064 | |
| | | | | | | |
| | | | Marine – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,950 | | | Royal Capital BV, Reg S | | | 4.875% | | | | | | | | | | | | N/A (7) | | | | N/R | | | | 2,924,188 | |
| | | | | | | |
| | 3,295 | | | Royal Capital BV, Reg S | | | 5.500% | | | | | | | | | | | | N/A (7) | | | | N/R | | | | 3,362,297 | |
| | | | Total Marine | | | | | | | | | | | | | | | | | | | | | | | 6,286,485 | |
| | | | | | | |
| | | | Multi-Utilities – 1.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 8,940 | | | CenterPoint Energy Inc. | | | 6.125% | | | | | | | | | | | | N/A (7) | | | | BBB– | | | | 9,262,466 | |
| | | | | | | |
| | 2,340 | | | NiSource Inc. | | | 5.650% | | | | | | | | | | | | N/A (7) | | | | BBB– | | | | 2,281,500 | |
| | | | | | | |
| | 6,700 | | | RWE AG, Reg S | | | 6.625% | | | | | | | | | | | | 7/30/75 | | | | BB+ | | | | 7,344,781 | |
| | | | | | | |
| | 16,555 | | | WEC Energy Group Inc.(3-Month LIBOR reference rate + 2.113% spread), (8) | | | 4.631% | | | | | | | | | | | | 5/15/67 | | | | BBB | | | | 13,657,875 | |
| | | | Total Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | 32,546,622 | |
| | | | | | | |
| | | | Oil, Gas & Consumable Fuels – 2.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 5,490 | | | Buckeye Partners LP | | | 6.375% | | | | | | | | | | | | 1/22/78 | | | | Ba1 | | | | 3,952,800 | |
| | | | | | | |
| | 16,037 | | | Enbridge Inc. | | | 6.000% | | | | | | | | | | | | 1/15/77 | | | | BBB– | | | | 16,117,185 | |
| | | | | | | |
| | 17,309 | | | Enbridge Inc. | | | 5.500% | | | | | | | | | | | | 7/15/77 | | | | BBB– | | | | 16,737,111 | |
| | | | | | | |
| | 6,087 | | | Enbridge Inc. | | | 6.250% | | | | | | | | | | | | 3/01/78 | | | | BBB– | | | | 6,159,801 | |
| | | | | | | |
| | 4,826 | | | Enterprise Products Operating LLC | | | 4.875% | | | | | | | | | | | | 8/16/77 | | | | Baa2 | | | | 4,546,623 | |
| | | | | | | |
| | 9,470 | | | Enterprise Products Operating LLC | | | 5.250% | | | | | | | | | | | | 8/16/77 | | | | Baa2 | | | | 9,049,058 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 56,562,578 | |
| | | | | |
| | | | Real Estate Management & Development – 0.9% | | | | | | | | | | | | | |
| | | | | | | |
| | 11,250 | | | AT Securities BV, Reg S | | | 5.250% | | | | | | | | | | | | N/A (7) | | | | BBB– | | | | 11,016,563 | |
| | | | | | | |
| | 3,000 | EUR | | CPI Property Group SA, Reg S | | | 4.375% | | | | | | | | | | | | N/A (7) | | | | BB+ | | | | 3,366,087 | |
| | | | | | | |
| | 4,750 | SGD | | Frasers Property Treasury Pte Ltd, Reg S | | | 3.950% | | | | | | | | | | | | N/A (7) | | | | N/R | | | | 3,374,884 | |
| | | | Total Real Estate Management & Development | | | | | | | | 17,757,534 | |
54
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) (6) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | |
| | | | Road & Rail – 0.2% | | | | | | | | | | | | | |
| | | | | | | |
| $ | 3,730 | | | BNSF Funding Trust I | | | 6.613% | | | | | | | | | | | | 12/15/55 | | | | A | | | $ | 4,098,337 | |
| | | | Total $1,000 Par (or similar) Institutional Preferred (cost $295,810,586) | | | | | | | | 282,432,978 | |
| | | | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | | | | | | | Ratings (5) | | | Value | |
| | | |
| | | | CONVERTIBLE PREFERRED SECURITIES – 3.6% | | | | | | | | | |
| | | | | |
| | | | Electric Utilities – 0.8% | | | | | | | | | | | | | |
| | | | | | | |
| | 205,805 | | | American Electric Power Co Inc. | | | 6.125% | | | | | | | | | | | | | | | | BBB | | | $ | 11,012,626 | |
| | | | | | | |
| | 89,388 | | | NextEra Energy Inc. | | | 6.123% | | | | | | | | | | | | | | | | BBB | | | | 5,803,963 | |
| | | | Total Electric Utilities | | | | | | | | | | | | | | | | 16,816,589 | |
| | | | | |
| | | | Diversified Telecommunication Services – 0.4% | | | | | | | | | | | | | |
| | | | | | | |
| | 69,496 | | | QTS Realty Trust Inc. | | | 6.500% | | | | | | | | | | | | | | | | B– | | | | 7,698,767 | |
| | | | | |
| | | | Equity Real Estate Investment Trust – 1.1% | | | | | | | | | | | | | |
| | | | | | | |
| | 158,787 | | | Braemar Hotels & Resorts Inc. | | | 5.500% | | | | | | | | | | | | | | | | N/R | | | | 2,950,262 | |
| | | | | | | |
| | 7,719 | | | Crown Castle International Corp, (2) | | | 6.875% | | | | | | | | | | | | | | | | N/R | | | | 9,230,194 | |
| | | | | | | |
| | 25,936 | | | Equity Commonwealth | | | 6.500% | | | | | | | | | | | | | | | | Baa3 | | | | 715,315 | |
| | | | | | | |
| | 25,720 | | | Lexington Realty Trust | | | 6.500% | | | | | | | | | | | | | | | | N/R | | | | 1,382,707 | |
| | | | | | | |
| | 64,087 | | | RLJ Lodging Trust | | | 1.950% | | | | | | | | | | | | | | | | N/R | | | | 1,677,157 | |
| | | | | | | |
| | 106,414 | | | RPT Realty | | | 7.250% | | | | | | | | | | | | | | | | N/R | | | | 5,396,254 | |
| | | | Total Equity Real Estate Investment Trust | | | | | | | | | | | | | | | | 21,351,889 | |
| | | |
| | | | Multi-Utilities – 1.3% | | | | | | | |
| | | | | | | |
| | 149,579 | | | CenterPoint Energy Inc. | | | 7.000% | | | | | | | | | | | | | | | | N/R | | | | 7,511,857 | |
| | | | | | | |
| | 169,791 | | | Dominion Energy Inc. | | | 6.750% | | | | | | | | | | | | | | | | BBB– | | | | 8,538,789 | |
| | | | | | | |
| | 28,977 | | | DTE Energy Co | | | 6.500% | | | | | | | | | | | | | | | | BBB+ | | | | 1,628,507 | |
| | | | | | | |
| | 52,933 | | | Sempra Energy | | | 6.000% | | | | | | | | | | | | | | | | N/R | | | | 5,901,500 | |
| | | | | | | |
| | 14,228 | | | Sempra Energy | | | 6.750% | | | | | | | | | | | | | | | | N/R | | | | 1,579,593 | |
| | | | Total Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | 25,160,246 | |
| | | | Total Convertible Preferred Securities (cost $65,680,624) | | | | | | | | 71,027,491 | |
| | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon (9) | | | Reference
Rate (9) | | | Spread (9) | | | Maturity (10) | | | Ratings (5) | | | Value | |
| | | |
| | | | VARIABLE RATE SENIOR LOAN INTERESTS – 2.5% (9) | | | | | | | | | |
| | | | |
| | | | Capital Markets – 0.1% | | | | | | | | | | |
| | | | | | | |
| $ | 2,000 | | | Capital Automotive LP, Term Loan, Second Lien | | | 8.410% | | | | 1-Month LIBOR | | | | 6.000% | | | | 3/24/25 | | | | CCC+ | | | $ | 2,011,880 | |
| | | |
| | | | Chemicals – 0.1% | | | | | | | |
| | | | | | | |
| | 2,500 | | | Messer Industries USA Inc., Term Loan B | | | 4.830% | | | | 3-Month LIBOR | | | | 2.500% | | | | 3/01/26 | | | | BB– | | | | 2,469,538 | |
| | | |
| | | | Diversified Telecommunication Services – 0.1% | | | | | | | |
| | | | | | | |
| | 1,584 | | | SBA Senior Finance II LLC, Term Loan B | | | 4.410% | | | | 1-Month LIBOR | | | | 2.000% | | | | 4/11/25 | | | | BB+ | | | | 1,566,354 | |
55
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon (9) | | | Reference
Rate (9) | | | Spread (9) | | | Maturity (10) | | | Ratings (5) | | | Value | |
| | | |
| | | | Equity Real Estate Investment Trust – 0.2% | | | | | | | |
| | | | | | | |
| $ | 1,492 | | | Iron Mountain Inc., Term Loan B | | | 4.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/02/26 | | | | BB | | | $ | 1,452,334 | |
| | | | | | | |
| | 2,860 | | | VICI Properties 1 LLC, Term Loan B | | | 4.404% | | | | 1-Month LIBOR | | | | 2.000% | | | | 12/22/24 | | | | BBB– | | | | 2,831,400 | |
| | 4,352 | | | Total Equity Real Estate Investment Trust | | | | | | | | | | | | 4,283,734 | |
| | | |
| | | | Health Care Providers & Services – 0.3% | | | | | | | |
| | | | | | | |
| | 1,942 | | | Concentra, Inc., Term Loan B | | | 5.210% | | | | 3-Month LIBOR | | | | 2.750% | | | | 6/01/22 | | | | B+ | | | | 1,946,435 | |
| | | | | | | |
| | 4,477 | | | Lifepoint Health, Inc., Term Loan | | | 6.904% | | | | 1-Month LIBOR | | | | 4.500% | | | | 11/16/25 | | | | B+ | | | | 4,458,694 | |
| | 6,419 | | | Total Health Care Providers & Services | | | | | | | | | | | | 6,405,129 | |
| | | |
| | | | Hotels, Restaurants & Leisure – 0.2% | | | | | | | |
| | | | | | | |
| | 2,962 | | | CityCenter Holdings LLC, Term Loan B | | | 4.652% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/18/24 | | | | BB– | | | | 2,953,493 | |
| | | |
| | | | Machinery – 0.2% | | | | | | | |
| | | | | | | |
| | 3,660 | | | Brookfield WEC Holdings Inc., Term Loan L2 | | | 9.152% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/01/26 | | | | B– | | | | 3,713,198 | |
| | | |
| | | | Media – 0.2% | | | | | | | |
| | | | | | | |
| | 3,650 | | | CSC Holdings LLC, Term Loan | | | 5.394% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/15/27 | | | | BB | | | | 3,660,037 | |
| | | |
| | | | Mortgage Real Estate Investment Trust – 0.1% | | | | | | | |
| | | | | | | |
| | 2,239 | | | Capital Automotive LP, Term Loan, First Lien | | | 4.910% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/24/24 | | | | B1 | | | | 2,213,395 | |
| | | |
| | | | Oil, Gas & Consumable Fuels – 0.5% | | | | | | | |
| | | | | | | |
| | 5,459 | | | BCP Renaissance Parent, Term Loan B | | | 6.083% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/01/24 | | | | BB– | | | | 5,453,400 | |
| | | | | | | |
| | 3,925 | | | Delek US Holdings Inc., Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 3,873,504 | |
| | 9,384 | | | Total Oil, Gas & Consumable Fuels | | | | | | | | 9,326,904 | |
| | | |
| | | | Real Estate Management & Development – 0.4% | | | | | | | |
| | | | | | | |
| | 3,960 | | | GGP, Term Loan B | | | 4.902% | | | | 1-Month LIBOR | | | | 2.500% | | | | 8/24/25 | | | | BB+ | | | | 3,874,533 | |
| | | | | | | |
| | 4,460 | | | Invitation Homes Operating Partnership LP, Term Loan A | | | 4.104% | | | | 1-Month LIBOR | | | | 1.700% | | | | 2/06/22 | | | | N/R | | | | 4,370,800 | |
| | 8,420 | | | Total Real Estate Management & Development | | | | | | | | 8,245,333 | |
| | | |
| | | | Road & Rail – 0.1% | | | | | | | |
| | | | | | | |
| | 1,005 | | | Kenan Advantage Group Inc., Term Loan | | | 5.402% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/01/22 | | | | B+ | | | | 972,828 | |
| | | | | | | |
| | 239 | | | Kenan Advantage Group Inc., Term Loan B | | | 5.402% | | | | 1-Month LIBOR | | | | 3.000% | | | | 7/29/22 | | | | B+ | | | | 231,341 | |
| | 1,244 | | | Total Road & Rail | | | | | | | | | | | | | | | | | | | | | | | 1,204,169 | |
| $ | 48,414 | | | Total Variable Rate Senior Loan Interests (cost $48,030,384) | | | | | | | | 48,053,164 | |
| | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | |
| | | | CONVERTIBLE BONDS – 0.7% | | | | | | | | | |
| | | |
| | | | Oil, Gas & Consumable Fuels – 0.5% | | | | | | | | | |
| | | | | | | |
| $ | 12,325 | | | Cheniere Energy Inc | | | 4.250% | | | | | | | | | | | | 3/15/45 | | | | N/R | | | $ | 9,651,708 | |
56
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | Ratings (5) | | | Value | |
| | | |
| | | | Real Estate Management & Development – 0.2% | | | | | | | |
| | | | | | | |
| $ | 3,545 | | | Tricon Capital Group Inc, 144A | | | 5.750% | | | | | | | | | | | | 3/31/22 | | | | N/R | | | $ | 3,605,265 | |
| $ | 15,870 | | | Total Convertible Bonds (cost $12,225,723) | | | | | | | | | | | | 13,256,973 | |
| | | | | | | |
| Shares | | | Description (1), (11) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | INVESTMENT COMPANIES – 0.6% | | | | | | | |
| | | | | | | |
| | 17,911,074 | | | Keppel Infrastructure Trust | | | | | | | | | | | | | | | | | | | | | | $ | 6,687,715 | |
| | | | | | | |
| | 3,893,299 | | | Starwood European Real Estate Finance Ltd | | | | | | | | | | | | | | | | | | | | | | | 5,043,178 | |
| | | | Total Investment Companies (cost $11,501,455) | | | | | | | | | | | | 11,730,893 | |
| | | | Total Long-Term Investments (cost $1,806,404,352) | | | | | | | | | | | | 1,896,939,052 | |
| | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | | | | | | | Maturity | | | | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 1.5% | | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 1.5% | | | | | | | | | | |
| | | | | | | |
| $ | 29,425 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/19, repurchase price $29,427,890, collateralized by $29,450,000, U.S. Treasury Notes, 2.500%, due 2/28/21, value $30,018,208 | | | 1.200% | | | | | | | | | | | | 7/01/19 | | | | | | | $ | 29,424,948 | |
| | | | Total Short-Term Investments (cost $29,424,948) | | | | | | | | | | | | 29,424,948 | |
| | | | Total Investments (cost $1,835,829,300) – 98.8% | | | | | | | | | | | | 1,926,364,000 | |
| | | | Other Assets Less Liabilities – 1.2% | | | | | | | | | | | | 23,908,584 | |
| | | | Net Assets – 100% | | | | | | | | | | | $ | 1,950,272,584 | |
57
Nuveen Real Asset Income Fund(continued)
Portfolio of Investments June 30, 2019
(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 indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (4) | 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 2 – Investment Valuation and Fair Value Measurements for more information. |
| (5) | 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. |
| (6) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (7) | Perpetual security. Maturity date is not applicable. |
| (8) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (9) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (10) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (11) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
| DD1 | Portion of investment purchased on a delayed delivery basis. |
| LIBOR | London Inter-Bank Offered Rate |
| REIT | Real Estate Investment Trust |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
| 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.
58
Nuveen Real Estate Securities Fund
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 99.5% | | | | | | | | | | | | |
| | | | |
| | | | REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 99.5% | | | | | | | | | | | | |
| | | | |
| | | | Diversified – 3.1% | | | | | | | | | |
| | | | |
| | 401,400 | | | Alexander & Baldwin Inc. | | | | | | | | | | $ | 9,272,340 | |
| | | | |
| | 259,756 | | | American Assets Trust Inc. | | | | | | | | | | | 12,239,703 | |
| | | | |
| | 135,910 | | | Armada Hoffler Properties Inc. | | | | | | | | | | | 2,249,310 | |
| | | | |
| | 1,222,481 | | | Empire State Realty Trust Inc. | | | | | | | | | | | 18,104,943 | |
| | | | |
| | 826,710 | | | Liberty Property Trust | | | | | | | | | | | 41,368,568 | |
| | | | |
| | 79,266 | | | STORE Capital Corp | | | | | | | | | | | 2,630,839 | |
| | | | |
| | 1,882,967 | | | VEREIT Inc. | | | | | | | | | | | 16,965,533 | |
| | | | |
| | 45,878 | | | WP Carey Inc. | | | | | | | | | | | 3,724,376 | |
| | | | Total Diversified | | | | | | | | | | | 106,555,612 | |
| | | | |
| | | | Health Care – 14.1% | | | | | | | | | |
| | | | |
| | 614,099 | | | CareTrust REIT Inc. | | | | | | | | | | | 14,603,274 | |
| | | | |
| | 2,253,303 | | | HCP Inc. | | | | | | | | | | | 72,060,630 | |
| | | | |
| | 1,499,341 | | | Healthcare Realty Trust Inc., (DD1) | | | | | | | | | | | 46,959,360 | |
| | | | |
| | 1,116,127 | | | Healthcare Trust of America Inc. | | | | | | | | | | | 30,615,364 | |
| | | | |
| | 1,049,014 | | | Medical Properties Trust Inc. | | | | | | | | | | | 18,294,804 | |
| | | | |
| | 124,714 | | | National Health Investors Inc. | | | | | | | | | | | 9,731,433 | |
| | | | |
| | 839,018 | | | Omega Healthcare Investors Inc. | | | | | | | | | | | 30,833,912 | |
| | | | |
| | 2,057,463 | | | Ventas Inc. | | | | | | | | | | | 140,627,596 | |
| | | | |
| | 1,424,791 | | | Welltower Inc. | | | | | | | | | | | 116,163,210 | |
| | | | Total Health Care | | | | | | | | | | | 479,889,583 | |
| | | | |
| | | | Hotels & Resorts – 4.1% | | | | | | | | | |
| | | | |
| | 1,708,731 | | | Host Hotels & Resorts Inc. | | | | | | | | | | | 31,133,079 | |
| | | | |
| | 794,944 | | | MGM Growth Properties LLC | | | | | | | | | | | 24,365,034 | |
| | | | |
| | 7,978 | | | Park Hotels & Resorts Inc. | | | | | | | | | | | 219,874 | |
| | | | |
| | 903,875 | | | Pebblebrook Hotel Trust | | | | | | | | | | | 25,471,197 | |
| | | | |
| | 1,709 | | | Ryman Hospitality Properties Inc. | | | | | | | | | | | 138,583 | |
| | | | |
| | 569,083 | | | Summit Hotel Properties Inc. | | | | | | | | | | | 6,527,382 | |
| | | | |
| | 3,773,058 | | | Sunstone Hotel Investors Inc. | | | | | | | | | | | 51,728,625 | |
| | | | Total Hotels & Resorts | | | | | | | | | | | 139,583,774 | |
| | | | |
| | | | Industrial – 12.7% | | | | | | | | | |
| | | | |
| | 1,204,898 | | | Americold Realty Trust | | | | | | | | | | | 39,062,793 | |
| | | | |
| | 4,258,330 | | | Duke Realty Corp | | | | | | | | | | | 134,605,811 | |
| | | | |
| | 239,871 | | | EastGroup Properties Inc. | | | | | | | | | | | 27,820,239 | |
| | | | |
| | 682,984 | | | First Industrial Realty Trust Inc. | | | | | | | | | | | 25,092,832 | |
59
Nuveen Real Estate Securities Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Industrial(continued) | | | | | | | | | |
| | | | |
| | 2,073,534 | | | Prologis Inc. | | | | | | | | | | $ | 166,090,074 | |
| | | | |
| | 176,072 | | | Rexford Industrial Realty Inc. | | | | | | | | | | | 7,108,027 | |
| | | | |
| | 440,042 | | | STAG Industrial Inc. | | | | | | | | | | | 13,306,870 | |
| | | | |
| | 331,982 | | | Terreno Realty Corp | | | | | | | | | | | 16,280,397 | |
| | | | Total Industrial | | | | | | | | | | | 429,367,043 | |
| | | | |
| | | | Mortgage – 0.5% | | | | | | | | | |
| | | | |
| | 348,078 | | | Blackstone Mortgage Trust Inc. | | | | | | | | | | | 12,384,615 | |
| | | | |
| | 225,668 | | | TPG RE Finance Trust Inc. | | | | | | | | | | | 4,353,136 | |
| | | | Total Mortgage | | | | | | | | | | | 16,737,751 | |
| | | | |
| | | | Office – 12.6% | | | | | | | | | |
| | | | |
| | 448,901 | | | Alexandria Real Estate Equities Inc. | | | | | | | | | | | 63,335,442 | |
| | | | |
| | 735,832 | | | Boston Properties Inc. | | | | | | | | | | | 94,922,328 | |
| | | | |
| | 113,726 | | | Columbia Property Trust Inc. | | | | | | | | | | | 2,358,677 | |
| | | | |
| | 14,918 | | | Corporate Office Properties Trust | | | | | | | | | | | 393,388 | |
| | | | |
| | 764,014 | | | Cousins Properties Inc. | | | | | | | | | | | 27,634,386 | |
| | | | |
| | 292,721 | | | Douglas Emmett Inc. | | | | | | | | | | | 11,662,005 | |
| | | | |
| | 247,408 | | | Easterly Government Properties Inc. | | | | | | | | | | | 4,480,559 | |
| | | | |
| | 504,970 | | | Equity Commonwealth | | | | | | | | | | | 16,421,625 | |
| | | | |
| | 132,481 | | | Highwoods Properties Inc. | | | | | | | | | | | 5,471,465 | |
| | | | |
| | 1,155,481 | | | Hudson Pacific Properties Inc. | | | | | | | | | | | 38,442,853 | |
| | | | |
| | 1,294,498 | | | JBG SMITH Properties | | | | | | | | | | | 50,925,551 | |
| | | | |
| | 609,869 | | | Kilroy Realty Corp | | | | | | | | | | | 45,014,431 | |
| | | | |
| | 365,761 | | | Mack-Cali Realty Corp | | | | | | | | | | | 8,518,574 | |
| | | | |
| | 548,514 | | | Paramount Group Inc. | | | | | | | | | | | 7,684,681 | |
| | | | |
| | 44,169 | | | Piedmont Office Realty Trust Inc. | | | | | | | | | | | 880,288 | |
| | | | |
| | 41,274 | | | SL Green Realty Corp | | | | | | | | | | | 3,317,191 | |
| | | | |
| | 723,433 | | | Vornado Realty Trust | | | | | | | | | | | 46,372,055 | |
| | | | Total Office | | | | | | | | | | | 427,835,499 | |
| | | | |
| | | | Residential – 20.8% | | | | | | | | | |
| | | | |
| | 1,178,891 | | | American Campus Communities Inc. | | | | | | | | | | | 54,417,609 | |
| | | | |
| | 1,324,178 | | | American Homes 4 Rent, Class A | | | | | | | | | | | 32,190,767 | |
| | | | |
| | 1,023,987 | | | Apartment Investment & Management Co, Class A | | | | | | | | | | | 51,322,228 | |
| | | | |
| | 592,396 | | | AvalonBay Communities Inc. | | | | | | | | | | | 120,363,019 | |
| | | | |
| | 749,075 | | | Camden Property Trust | | | | | | | | | | | 78,195,939 | |
| | | | |
| | 518,479 | | | Equity LifeStyle Properties Inc. | | | | | | | | | | | 62,912,242 | |
| | | | |
| | 872,957 | | | Equity Residential | | | | | | | | | | | 66,274,896 | |
| | | | |
| | 245,021 | | | Essex Property Trust Inc. | | | | | | | | | | | 71,528,981 | |
| | | | |
| | 147,013 | | | Investors Real Estate Trust | | | | | | | | | | | 8,625,253 | |
| | | | |
| | 1,812,113 | | | Invitation Homes Inc. | | | | | | | | | | | 48,437,781 | |
60
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Residential(continued) | | | | | | | | | |
| | | | |
| | 179,234 | | | Mid-America Apartment Communities Inc. | | | | | | | | | | $ | 21,106,596 | |
| | | | |
| | 9,628 | | | NexPoint Residential Trust Inc. | | | | | | | | | | | 398,599 | |
| | | | |
| | 463,181 | | | Sun Communities Inc. | | | | | | | | | | | 59,375,172 | |
| | | | |
| | 642,889 | | | UDR Inc. | | | | | | | | | | | 28,859,287 | |
| | | | Total Residential | | | | | | | | | | | 704,008,369 | |
| | | | |
| | | | Retail – 13.7% | | | | | | | | | |
| | | | |
| | 518,999 | | | Acadia Realty Trust | | | | | | | | | | | 14,205,003 | |
| | | | |
| | 568,717 | | | Agree Realty Corp | | | | | | | | | | | 36,426,324 | |
| | | | |
| | 2,623 | | | Alexander’s Inc. | | | | | | | | | | | 971,297 | |
| | | | |
| | 384,984 | | | Brixmor Property Group Inc. | | | | | | | | | | | 6,883,514 | |
| | | | |
| | 440,665 | | | Federal Realty Investment Trust | | | | | | | | | | | 56,740,025 | |
| | | | |
| | 1,193,679 | | | National Retail Properties Inc. | | | | | | | | | | | 63,276,924 | |
| | | | |
| | 1,005,164 | | | Realty Income Corp | | | | | | | | | | | 69,326,161 | |
| | | | |
| | 528,199 | | | Regency Centers Corp | | | | | | | | | | | 35,252,001 | |
| | | | |
| | 1,059,777 | | | Simon Property Group Inc. | | | | | | | | | | | 169,309,973 | |
| | | | |
| | 271,851 | | | SITE Centers Corp | | | | | | | | | | | 3,599,307 | |
| | | | |
| | 367,481 | | | Urban Edge Properties | | | | | | | | | | | 6,368,446 | |
| | | | |
| | 53 | | | Urstadt Biddle Properties Inc. | | | | | | | | | | | 1,113 | |
| | | | |
| | 112,314 | | | Weingarten Realty Investors | | | | | | | | | | | 3,079,650 | |
| | | | Total Retail | | | | | | | | | | | 465,439,738 | |
| | | | |
| | | | Specialized – 17.9% | | | | | | | | | |
| | | | |
| | 18,962 | | | American Tower Corp | | | | | | | | | | | 3,876,781 | |
| | | | |
| | 47,276 | | | CoreSite Realty Corp | | | | | | | | | | | 5,444,777 | |
| | | | |
| | 147,368 | | | Crown Castle International Corp | | | | | | | | | | | 19,209,419 | |
| | | | |
| | 778,576 | | | CubeSmart | | | | | | | | | | | 26,035,582 | |
| | | | |
| | 208,160 | | | CyrusOne Inc. | | | | | | | | | | | 12,014,995 | |
| | | | |
| | 998,186 | | | Digital Realty Trust Inc. | | | | | | | | | | | 117,576,329 | |
| | | | |
| | 8,576 | | | EPR Properties | | | | | | | | | | | 639,684 | |
| | | | |
| | 259,098 | | | Equinix Inc. | | | | | | | | | | | 130,660,530 | |
| | | | |
| | 156,554 | | | Extra Space Storage Inc. | | | | | | | | | | | 16,610,379 | |
| | | | |
| | 1,141,261 | | | Four Corners Property Trust Inc. | | | | | | | | | | | 31,190,663 | |
| | | | |
| | 89,607 | | | Iron Mountain Inc. | | | | | | | | | | | 2,804,699 | |
| | | | |
| | 467,775 | | | Life Storage Inc. | | | | | | | | | | | 44,476,047 | |
| | | | |
| | 574,196 | | | Public Storage | | | | | | | | | | | 136,756,261 | |
| | | | |
| | 142,503 | | | QTS Realty Trust Inc. | | | | | | | | | | | 6,580,789 | |
| | | | |
| | 2,432,502 | | | VICI Properties Inc. | | | | | | | | | | | 53,612,344 | |
| | | | Total Specialized | | | | | | | | | | | 607,489,279 | |
| | | | Total Real Estate Investment Trust Common Stocks (cost $2,599,085,441) | | | | | | | | | | | 3,376,906,648 | |
61
Nuveen Real Estate Securities Fund(continued)
Portfolio of Investments June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | Coupon | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.1% | | | | | | | | | | | | |
| | | | |
| | | | Money Market Funds – 0.1% | | | | | | | | | |
| | | | |
| | 2,171,580 | | | First American Treasury Obligations Fund, Class Z | | | | | | | 2.228% (2) | | | $ | 2,171,580 | |
| | | | Total Short-Term Investments (cost $2,171,580) | | | | | | | | | | | 2,171,580 | |
| | | | Total Investments (cost $2,601,257,021) – 99.6% | | | | | | | | | | | 3,379,078,228 | |
| | | | Other Assets Less Liabilities – 0.4% | | | | | | | | | | | 13,270,489 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 3,392,348,717 | |
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 indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | The rate shown is the annualizedseven-day subsidized yield as of the end of the reporting period. |
| DD1 | Portion of investment purchased on a delayed basis. |
| REIT | Real Estate Investment Trust |
62
Statement of Assets and Liabilities
June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real
Asset Income | | | Real Estate
Securities | |
Assets | | | | | | | | | | | | | | | | |
Long-term investments, at value (cost $407,791,581, $25,291,646 $1,806,404,352 and $2,599,085,441, respectively) | | $ | 522,584,181 | | | $ | 27,378,041 | | | $ | 1,896,939,052 | | | $ | 3,376,906,648 | |
Short-term investments, at value (cost approximates value) | | | 13,690,096 | | | | 728,537 | | | | 29,424,948 | | | | 2,171,580 | |
Cash | | | 13,835 | | | | — | | | | 40,841 | | | | — | |
Cash denominated in foreign currencies (cost $719,292, $4,485, $188,827 and $—, respectively) | | | 719,737 | | | | 4,482 | | | | 188,589 | | | | — | |
Receivable for: | | | | | | | | | | | | | | | | |
Dividends | | | 1,063,876 | | | | 119,023 | | | | 7,526,560 | | | | 13,275,702 | |
From Adviser | | | — | | | | 27,381 | | | | — | | | | — | |
Interest | | | 1,369 | | | | 73 | | | | 9,126,712 | | | | 47,148 | |
Investments sold | | | 9,117,814 | | | | 524,025 | | | | 23,127,684 | | | | 53,105,070 | |
Reclaims | | | 401,803 | | | | 11,823 | | | | 298,444 | | | | 38,910 | |
Shares sold | | | 646,434 | | | | — | | | | 6,686,221 | | | | 4,986,934 | |
Other assets | | | 76,957 | | | | 35,225 | | | | 93,269 | | | | 292,483 | |
Total assets | | | 548,316,102 | | | | 28,828,610 | | | | 1,973,452,320 | | | | 3,450,824,475 | |
Liabilities | | | | | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | | | | | |
Dividends | | | — | | | | 228,276 | | | | 773,590 | | | | 4,467,943 | |
Investments purchased | | | 14,023,868 | | | | 564,050 | | | | 16,746,512 | | | | 33,107,242 | |
Shares redeemed | | | 1,197,763 | | | | — | | | | 3,372,413 | | | | 16,405,590 | |
Accrued expenses: | | | | | | | | | | | | | | | | |
Custodian fees | | | 104,658 | | | | 97,985 | | | | 206,880 | | | | 60,281 | |
Directors/Trustees fees | | | 32,241 | | | | 158 | | | | 61,317 | | | | 268,417 | |
Management fees | | | 339,138 | | | | — | | | | 1,205,705 | | | | 2,367,198 | |
12b-1 distribution and service fees | | | 32,417 | | | | 34 | | | | 202,670 | | | | 104,114 | |
Other | | | 219,741 | | | | 31,441 | | | | 610,649 | | | | 1,694,973 | |
Total liabilities | | | 15,949,826 | | | | 921,944 | | | | 23,179,736 | | | | 58,475,758 | |
Net assets | | $ | 532,366,276 | | | $ | 27,906,666 | | | $ | 1,950,272,584 | | | $ | 3,392,348,717 | |
Class A Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 55,697,434 | | | $ | 34,655 | | | $ | 194,080,602 | | | $ | 262,752,430 | |
Shares outstanding | | | 4,824,298 | | | | 1,555 | | | | 8,110,402 | | | | 12,485,201 | |
Net asset value (“NAV”) per share | | $ | 11.55 | | | $ | 22.28 | | | $ | 23.93 | | | $ | 21.05 | |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | | $ | 12.25 | | | $ | 23.64 | | | $ | 25.39 | | | $ | 22.33 | |
Class C Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 25,721,990 | | | $ | 33,002 | | | $ | 201,199,167 | | | $ | 46,078,010 | |
Shares outstanding | | | 2,253,338 | | | | 1,482 | | | | 8,403,965 | | | | 2,257,735 | |
NAV and offering price per share | | $ | 11.42 | | | $ | 22.27 | | | $ | 23.94 | | | $ | 20.41 | |
Class R3 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 302,313 | | | $ | — | | | $ | — | | | $ | 22,601,360 | |
Shares outstanding | | | 25,785 | | | | — | | | | — | | | | 1,056,156 | |
NAV and offering price per share | | $ | 11.72 | | | $ | — | | | $ | — | | | $ | 21.40 | |
Class R6 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 11,381,213 | | | $ | 27,779,233 | | | $ | 66,695,070 | | | $ | 449,993,513 | |
Shares outstanding | | | 985,628 | | | | 1,246,250 | | | | 2,773,272 | | | | 20,788,218 | |
NAV and offering price per share | | $ | 11.55 | | | $ | 22.29 | | | $ | 24.05 | | | $ | 21.65 | |
Class I Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 439,263,326 | | | $ | 59,776 | | | $ | 1,488,297,745 | | | $ | 2,610,923,404 | |
Shares outstanding | | | 38,152,649 | | | | 2,683 | | | | 62,199,562 | | | | 122,015,468 | |
NAV and offering price per share | | $ | 11.51 | | | $ | 22.28 | | | $ | 23.93 | | | $ | 21.40 | |
Fund level net assets consist of: | | | | | | | | | | | | | | | | |
Capitalpaid-in | | $ | 412,271,922 | | | $ | 25,042,202 | | | $ | 1,927,809,052 | | | $ | 2,580,029,429 | |
Total distributable earnings | | | 120,094,354 | | | | 2,864,464 | | | | 22,463,532 | | | | 812,319,288 | |
Fund level net assets | | $ | 532,366,276 | | | $ | 27,906,666 | | | $ | 1,950,272,584 | | | $ | 3,392,348,717 | |
Authorized shares – per class | | | 2 billion | | | | Unlimited | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.01 | | | $ | 0.0001 | | | $ | 0.0001 | |
See accompanying notes to financial statements.
63
Statement of Operations
Six Months Ended June 30, 2019
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real
Asset Income | | | Real Estate
Securities | |
| | | | |
Investment Income | | | | | | | | | | | | | | | | |
| | | | |
Dividends | | $ | 10,213,423 | | | $ | 443,253 | | | $ | 34,012,158 | | | $ | 49,149,168 | |
| | | | |
Interest | | | 80,669 | | | | 4,035 | | | | 18,787,969 | | | | 689,100 | |
| | | | |
Foreign tax withheld on dividend income | | | (890,278 | ) | | | (27,931 | ) | | | (1,816,825 | ) | | | 4,103 | |
| | | | |
Securities lending income | | | — | | | | — | | | | — | | | | 2,352 | |
| | | | |
Total investment income | | | 9,403,814 | | | | 419,357 | | | | 50,983,302 | | | | 49,844,723 | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
| | | | |
Management fees | | | 2,193,796 | | | | 121,192 | | | | 6,643,641 | | | | 13,901,044 | |
| | | | |
12b-1 service fees – Class A Shares | | | 69,616 | | | | 35 | | | | 236,379 | | | | 341,994 | |
| | | | |
12b-1 distribution and service fees – Class C Shares | | | 124,407 | | | | 142 | | | | 973,619 | | | | 229,639 | |
| | | | |
12b-1 distribution and service fees – Class R3 Shares | | | 683 | | | | — | | | | — | | | | 56,678 | |
| | | | |
Shareholder servicing agent fees | | | 262,845 | | | | 473 | | | | 879,510 | | | | 2,668,627 | |
| | | | |
Custodian fees | | | 141,781 | | | | 159,139 | | | | 282,719 | | | | 166,612 | |
| | | | |
Directors/Trustees fees | | | 7,111 | | | | 387 | | | | 26,640 | | | | 49,589 | |
| | | | |
Professional fees | | | 52,756 | | | | 26,295 | | | | 64,279 | | | | 78,775 | |
| | | | |
Shareholder reporting expenses | | | 19,269 | | | | 7,874 | | | | 312,160 | | | | 288,003 | |
| | | | |
Federal and state registration fees | | | 48,854 | | | | 31,740 | | | | 51,769 | | | | 60,288 | |
| | | | |
Other | | | 9,768 | | | | 4,852 | | | | 25,940 | | | | 63,494 | |
| | | | |
Total expenses before fee waiver/expense reimbursement | | | 2,930,886 | | | | 352,129 | | | | 9,496,656 | | | | 17,904,743 | |
| | | | |
Fee waiver/expense reimbursement | | | (388,433 | ) | | | (219,676 | ) | | | — | | | | — | |
| | | | |
Net expenses | | | 2,542,453 | | | | 132,453 | | | | 9,496,656 | | | | 17,904,743 | |
| | | | |
Net investment income (loss) | | | 6,861,361 | | | | 286,904 | | | | 41,486,646 | | | | 31,939,980 | |
| | | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
| | | | |
Net realized gain (loss) from investments and foreign currency | | | 18,011,466 | | | | 1,370,702 | | | | 4,049,556 | | | | 131,466,742 | |
| | | | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 69,854,272 | | | | 2,742,585 | | | | 200,362,086 | | | | 381,630,314 | |
| | | | |
Net realized and unrealized gain (loss) | | | 87,865,738 | | | | 4,113,287 | | | | 204,411,642 | | | | 513,097,056 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 94,727,099 | | | $ | 4,400,191 | | | $ | 245,898,288 | | | $ | 545,037,036 | |
See accompanying notes to financial statements.
64
Statement of Changes in Net Assets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Global Infrastructure | | | | | | Global Real Estate Securities | |
| | | Six Months Ended
6/30/19 | | | Year Ended
12/31/18 | | | | | | Six Months Ended
6/30/19 | | | For the period
March 20, 2018
(commencement of
operations) through
December 31, 2018 | |
| | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (loss) | | $ | 6,861,361 | | | $ | 10,951,354 | | | | | | | $ | 286,904 | | | $ | 460,590 | |
| | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments and foreign currency | | | 18,011,466 | | | | 5,967,204 | | | | | | | | 1,370,702 | | | | (32,490 | ) |
| | | | | |
Futures contracts | | | — | | | | — | | | | | | | | — | | | | — | |
| | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | |
| | | | | |
Investments and foreign currency | | | 69,854,272 | | | | (61,292,713 | ) | | | | | | | 2,742,585 | | | | (656,752 | ) |
| | | | | |
Futures contracts | | | — | | | | — | | | | | | | | — | | | | — | |
| | | | | |
Net increase (decrease) in net assets from operations | | | 94,727,099 | | | | (44,374,155 | ) | | | | | | | 4,400,191 | | | | (228,652 | ) |
| | | | | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A Shares | | | — | | | | (3,755,306 | ) | | | | | | | (389 | ) | | | (882 | ) |
| | | | | |
Class C Shares | | | — | | | | (1,273,099 | ) | | | | | | | (267 | ) | | | (738 | ) |
| | | | | |
Class R3 Shares | | | — | | | | (13,284 | ) | | | | | | | — | | | | — | |
| | | | | |
Class R6 Shares | | | — | | | | (726,034 | ) | | | | | | | (376,118 | ) | | | (926,961 | ) |
| | | | | |
Class I Shares | | | — | | | | (21,971,240 | ) | | | | | | | (796 | ) | | | (1,003 | ) |
| | | | | |
Class T Shares(1) | | | — | | | | (273 | ) | | | | | | | — | | | | — | |
| | | | | |
Return of Capital | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A Shares | | | — | | | | (160,320 | ) | | | | | | | — | | | | — | |
| | | | | |
Class C Shares | | | — | | | | (58,872 | ) | | | | | | | — | | | | — | |
| | | | | |
Class R3 Shares | | | — | | | | (610 | ) | | | | | | | — | | | | — | |
| | | | | |
Class R6 Shares | | | — | | | | (26,614 | ) | | | | | | | — | | | | — | |
| | | | | |
Class I Shares | | | — | | | | (879,812 | ) | | | | | | | — | | | | — | |
| | | | | |
Class T Shares(1) | | | — | | | | (50 | ) | | | | | | | — | | | | — | |
| | | | | |
Decrease in net assets from distributions to shareholders | | | — | | | | (28,865,514 | ) | | | | | | | (377,570 | ) | | | (929,584 | ) |
| | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Proceeds from sale of shares | | | 84,454,053 | | | | 132,913,905 | | | | | | | | 39,715 | | | | 25,003,000 | |
| | | | | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | — | | | | 21,919,163 | | | | | | | | 502 | | | | 73 | |
| | | | | |
| | | 84,454,053 | | | | 154,833,068 | | | | | | | | 40,217 | | | | 25,003,073 | |
| | | | | |
Cost of shares redeemed | | | (84,768,118 | ) | | | (253,244,145 | ) | | | | | | | — | | | | (1,009 | ) |
| | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | (314,065 | ) | | | (98,411,077 | ) | | | | | | | 40,217 | | | | 25,002,064 | |
| | | | | |
Net increase (decrease) in net assets | | | 94,413,034 | | | | (171,650,746 | ) | | | | | | | 4,062,838 | | | | 23,843,828 | |
| | | | | |
Net assets at the beginning of period | | | 437,953,242 | | | | 609,603,988 | | | | | | | | 23,843,828 | | | | — | |
| | | | | |
Net assets at the end of period | | $ | 532,366,276 | | | $ | 437,953,242 | | | | | | | $ | 27,906,666 | | | $ | 23,843,828 | |
| (1) | Class T shares were not available for public offering. |
See accompanying notes to financial statements.
65
Statement of Changes in Net Assets(Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Real Asset Income | | | | | | Real Estate Securities | |
| | | Six Months Ended
6/30/19 | | | Year Ended
12/31/18 | | | | | | Six Months Ended
6/30/19 | | | Year Ended
12/31/18 | |
| | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (loss) | | $ | 41,486,646 | | | $ | 98,725,400 | | | | | | | $ | 31,939,980 | | | $ | 66,724,738 | |
| | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments and foreign currency | | | 4,049,556 | | | | (37,840,856 | ) | | | | | | | 131,466,742 | | | | 67,415,493 | |
| | | | | |
Futures contracts | | | — | | | | 2,813,514 | | | | | | | | — | | | | — | |
| | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | |
| | | | | |
Investments and foreign currency | | | 200,362,086 | | | | (187,951,172 | ) | | | | | | | 381,630,314 | | | | (320,335,746 | ) |
| | | | | |
Futures contracts | | | — | | | | (133,634 | ) | | | | | | | — | | | | — | |
| | | | | |
Net increase (decrease) in net assets from operations | | | 245,898,288 | | | | (124,386,748 | ) | | | | | | | 545,037,036 | | | | (186,195,515 | ) |
| | | | | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A Shares | | | (4,911,240 | ) | | | (9,712,967 | ) | | | | | | | (3,361,979 | ) | | | (17,730,670 | ) |
| | | | | |
Class C Shares | | | (4,344,380 | ) | | | (8,470,366 | ) | | | | | | | (404,157 | ) | | | (2,449,091 | ) |
| | | | | |
Class R3 Shares | | | — | | | | — | | | | | | | | (253,843 | ) | | | (1,414,187 | ) |
| | | | | |
Class R6 Shares | | | (1,311,720 | ) | | | (1,478,458 | ) | | | | | | | (6,118,011 | ) | | | (20,227,182 | ) |
| | | | | |
Class I Shares | | | (38,283,127 | ) | | | (74,646,020 | ) | | | | | | | (35,827,735 | ) | | | (149,246,103 | ) |
| | | | | |
Class T Shares(1) | | | — | | | | (1,055 | ) | | | | | | | — | | | | (765 | ) |
| | | | | |
Return of Capital | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A Shares | | | — | | | | (1,105,163 | ) | | | | | | | — | | | | — | |
| | | | | |
Class C Shares | | | — | | | | (1,153,747 | ) | | | | | | | — | | | | — | |
| | | | | |
Class R3 Shares | | | — | | | | — | | | | | | | | — | | | | — | |
| | | | | |
Class R6 Shares | | | — | | | | (158,482 | ) | | | | | | | — | | | | — | |
| | | | | |
Class I Shares | | | — | | | | (8,043,786 | ) | | | | | | | — | | | | — | |
| | | | | |
Class T Shares(1) | | | — | | | | (127 | ) | | | | | | | — | | | | — | |
| | | | | |
Decrease in net assets from distributions to shareholders | | | (48,850,467 | ) | | | (104,770,171 | ) | | | | | | | (45,965,725 | ) | | | (191,067,998 | ) |
| | | | | |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Proceeds from sale of shares | | | 324,718,286 | | | | 579,661,431 | | | | | | | | 402,017,378 | | | | 869,814,162 | |
| | | | | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 44,314,503 | | | | 95,025,457 | | | | | | | | 37,068,848 | | | | 154,000,537 | |
| | | | | |
| | | 369,032,789 | | | | 674,686,888 | | | | | | | | 439,086,226 | | | | 1,023,814,699 | |
| | | | | |
Cost of shares redeemed | | | (320,435,862 | ) | | | (844,651,713 | ) | | | | | | | (524,169,154 | ) | | | (1,454,944,075 | ) |
| | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 48,596,927 | | | | (169,964,825 | ) | | | | | | | (85,082,928 | ) | | | (431,129,376 | ) |
| | | | | |
Net increase (decrease) in net assets | | | 245,644,748 | | | | (399,121,744 | ) | | | | | | | 413,988,383 | | | | (808,392,889 | ) |
| | | | | |
Net assets at the beginning of period | | | 1,704,627,836 | | | | 2,103,749,580 | | | | | | | | 2,978,360,334 | | | | 3,786,753,223 | |
| | | | | |
Net assets at the end of period | | $ | 1,950,272,584 | | | $ | 1,704,627,836 | | | | | | | $ | 3,392,348,717 | | | $ | 2,978,360,334 | |
| (1) | Class T shares were not available for public offering. |
See accompanying notes to financial statements.
66
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67
Financial Highlights
(Unaudited)
Global Infrastructure
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | | |
Class (Commencement Date) Year Ended December 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Return
of
Capital | | | Total | | | Ending
NAV | |
| | | | | | | | | |
Class A (12/07) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | $ | 9.48 | | | $ | 0.14 | | | $ | 1.93 | | | $ | 2.07 | | | | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 11.55 | |
| | | | | | | | | | |
2018 | | | 10.93 | | | | 0.20 | | | | (1.05 | ) | | | (0.85 | ) | | | | | | | (0.22 | ) | | | (0.36 | ) | | | (0.02 | ) | | | (0.60 | ) | | | 9.48 | |
| | | | | | | | | | |
2017 | | | 9.69 | | | | 0.22 | | | | 1.66 | | | | 1.88 | | | | | | | | (0.23 | ) | | | (0.41 | ) | | | — | | | | (0.64 | ) | | | 10.93 | |
| | | | | | | | | | |
2016 | | | 9.75 | | | | 0.25 | | | | 0.49 | | | | 0.74 | | | | | | | | (0.30 | ) | | | (0.50 | ) | | | — | | | | (0.80 | ) | | | 9.69 | |
| | | | | | | | | | |
2015 | | | 10.79 | | | | 0.19 | | | | (0.93 | ) | | | (0.74 | ) | | | | | | | (0.20 | ) | | | (0.10 | ) | | | — | | | | (0.30 | ) | | | 9.75 | |
| | | | | | | | | | |
2014 | | | 10.35 | | | | 0.20 | | | | 1.24 | | | | 1.44 | | | | | | | | (0.16 | ) | | | (0.84 | ) | | | — | | | | (1.00 | ) | | | 10.79 | |
| | | | | | | | | |
Class C (11/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 9.41 | | | | 0.10 | | | | 1.91 | | | | 2.01 | | | | | | | | — | | | | — | | | | — | | | | — | | | | 11.42 | |
| | | | | | | | | | |
2018 | | | 10.85 | | | | 0.12 | | | | (1.04 | ) | | | (0.92 | ) | | | | | | | (0.14 | ) | | | (0.36 | ) | | | (0.02 | ) | | | (0.52 | ) | | | 9.41 | |
| | | | | | | | | | |
2017 | | | 9.62 | | | | 0.14 | | | | 1.65 | | | | 1.79 | | | | | | | | (0.15 | ) | | | (0.41 | ) | | | — | | | | (0.56 | ) | | | 10.85 | |
| | | | | | | | | | |
2016 | | | 9.69 | | | | 0.16 | | | | 0.49 | | | | 0.65 | | | | | | | | (0.22 | ) | | | (0.50 | ) | | | — | | | | (0.72 | ) | | | 9.62 | |
| | | | | | | | | | |
2015 | | | 10.71 | | | | 0.11 | | | | (0.91 | ) | | | (0.80 | ) | | | | | | | (0.12 | ) | | | (0.10 | ) | | | — | | | | (0.22 | ) | | | 9.69 | |
| | | | | | | | | | |
2014 | | | 10.27 | | | | 0.11 | | | | 1.23 | | | | 1.34 | | | | | �� | | | (0.06 | ) | | | (0.84 | ) | | | — | | | | (0.90 | ) | | | 10.71 | |
| | | | | | | | | |
Class R3 (11/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 9.64 | | | | 0.13 | | | | 1.95 | | | | 2.08 | | | | | | | | — | | | | — | | | | — | | | | — | | | | 11.72 | |
| | | | | | | | | | |
2018 | | | 11.11 | | | | 0.18 | | | | (1.07 | ) | | | (0.89 | ) | | | | | | | (0.20 | ) | | | (0.36 | ) | | | (0.02 | ) | | | (0.58 | ) | | | 9.64 | |
| | | | | | | | | | |
2017 | | | 9.85 | | | | 0.20 | | | | 1.68 | | | | 1.88 | | | | | | | | (0.21 | ) | | | (0.41 | ) | | | — | | | | (0.62 | ) | | | 11.11 | |
| | | | | | | | | | |
2016 | | | 9.90 | | | | 0.22 | | | | 0.51 | | | | 0.73 | | | | | | | | (0.28 | ) | | | (0.50 | ) | | | — | | | | (0.78 | ) | | | 9.85 | |
| | | | | | | | | | |
2015 | | | 10.95 | | | | 0.17 | | | | (0.95 | ) | | | (0.78 | ) | | | | | | | (0.17 | ) | | | (0.10 | ) | | | — | | | | (0.27 | ) | | | 9.90 | |
| | | | | | | | | | |
2014 | | | 10.48 | | | | 0.18 | | | | 1.25 | | | | 1.43 | | | | | | | | (0.12 | ) | | | (0.84 | ) | | | — | | | | (0.96 | ) | | | 10.95 | |
| | | | | | | | | | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 9.47 | | | | 0.15 | | | | 1.93 | | | | 2.08 | | | | | | | | — | | | | — | | | | — | | | | — | | | | 11.55 | |
| | | | | | | | | | |
2018 | | | 10.91 | | | | 0.22 | | | | (1.03 | ) | | | (0.81 | ) | | | | | | | (0.25 | ) | | | (0.36 | ) | | | (0.02 | ) | | | (0.63 | ) | | | 9.47 | |
| | | | | | | | | | |
2017 | | | 9.65 | | | | 0.27 | | | | 1.66 | | | | 1.93 | | | | | | | | (0.26 | ) | | | (0.41 | ) | | | — | | | | (0.67 | ) | | | 10.91 | |
| | | | | | | | | | |
2016(e) | | | 11.06 | | | | 0.11 | | | | (0.67 | ) | | | (0.56 | ) | | | | | | | (0.35 | ) | | | (0.50 | ) | | | — | | | | (0.85 | ) | | | 9.65 | |
| | | | | | | | | |
Class I (12/07) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 9.44 | | | | 0.15 | | | | 1.92 | | | | 2.07 | | | | | | | | — | | | | — | | | | — | | | | — | | | | 11.51 | |
| | | | | | | | | | |
2018 | | | 10.89 | | | | 0.22 | | | | (1.04 | ) | | | (0.82 | ) | | | | | | | (0.25 | ) | | | (0.36 | ) | | | (0.02 | ) | | | (0.63 | ) | | | 9.44 | |
| | | | | | | | | | |
2017 | | | 9.66 | | | | 0.26 | | | | 1.64 | | | | 1.90 | | | | | | | | (0.26 | ) | | | (0.41 | ) | | | — | | | | (0.67 | ) | | | 10.89 | |
| | | | | | | | | | |
2016 | | | 9.73 | | | | 0.27 | | | | 0.50 | | | | 0.77 | | | | | | | | (0.34 | ) | | | (0.50 | ) | | | — | | | | (0.84 | ) | | | 9.66 | |
| | | | | | | | | | |
2015 | | | 10.77 | | | | 0.22 | | | | (0.94 | ) | | | (0.72 | ) | | | | | | | (0.22 | ) | | | (0.10 | ) | | | — | | | | (0.32 | ) | | | 9.73 | |
| | | | | | | | | | |
2014 | | | 10.35 | | | | 0.21 | | | | 1.26 | | | | 1.47 | | | | | | | | (0.21 | ) | | | (0.84 | ) | | | — | | | | (1.05 | ) | | | 10.77 | |
68
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 21.73 | % | | $ | 55,697 | | | | | | | | 1.38 | %* | | | 2.39 | %* | | | | | | | 1.22 | %* | | | 2.56 | %* | | | 68 | % |
| | | | | | | | |
| | (7.88 | ) | | | 55,856 | | | | | | | | 1.35 | | | | 1.74 | | | | | | | | 1.22 | | | | 1.87 | | | | 174 | |
| | | | | | | | |
| | 19.38 | | | | 87,876 | | | | | | | | 1.42 | | | | 1.85 | | | | | | | | 1.22 | | | | 2.05 | | | | 161 | |
| | | | | | | | |
| | 7.61 | | | | 70,173 | | | | | | | | 1.45 | | | | 2.20 | | | | | | | | 1.22 | | | | 2.42 | | | | 149 | |
| | | | | | | | |
| | (6.89 | ) | | | 287,424 | | | | | | | | 1.45 | | | | 1.59 | | | | | | | | 1.22 | | | | 1.82 | | | | 133 | |
| | | | | | | | |
| | 14.11 | | | | 268,672 | | | | | | | | 1.43 | | | | 1.57 | | | | | | | | 1.22 | | | | 1.77 | | | | 162 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 21.25 | | | | 25,722 | | | | | | | | 2.13 | * | | | 1.69 | * | | | | | | | 1.97 | * | | | 1.85 | * | | | 68 | |
| | | | | | | | |
| | (8.60 | ) | | | 24,556 | | | | | | | | 2.11 | | | | 1.00 | | | | | | | | 1.97 | | | | 1.13 | | | | 174 | |
| | | | | | | | |
| | 18.55 | | | | 29,227 | | | | | | | | 2.17 | | | | 1.11 | | | | | | | | 1.97 | | | | 1.31 | | | | 161 | |
| | | | | | | | |
| | 6.71 | | | | 22,868 | | | | | | | | 2.21 | | | | 1.30 | | | | | | | | 1.97 | | | | 1.53 | | | | 149 | |
| | | | | | | | |
| | (7.50 | ) | | | 22,307 | | | | | | | | 2.20 | | | | 0.83 | | | | | | | | 1.97 | | | | 1.05 | | | | 133 | |
| | | | | | | | |
| | 13.28 | | | | 24,820 | | | | | | | | 2.18 | | | | 0.74 | | | | | | | | 1.97 | | | | 0.95 | | | | 162 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 21.58 | | | | 302 | | | | | | | | 1.63 | * | | | 2.25 | * | | | | | | | 1.47 | * | | | 2.41 | * | | | 68 | |
| | | | | | | | |
| | (8.14 | ) | | | 239 | | | | | | | | 1.60 | | | | 1.54 | | | | | | | | 1.47 | | | | 1.68 | | | | 174 | |
| | | | | | | | |
| | 19.03 | | | | 337 | | | | | | | | 1.67 | | | | 1.63 | | | | | | | | 1.47 | | | | 1.83 | | | | 161 | |
| | | | | | | | |
| | 7.37 | | | | 730 | | | | | | | | 1.71 | | | | 1.81 | | | | | | | | 1.47 | | | | 2.04 | | | | 149 | |
| | | | | | | | |
| | (7.10 | ) | | | 607 | | | | | | | | 1.70 | | | | 1.39 | | | | | | | | 1.47 | | | | 1.62 | | | | 133 | |
| | | | | | | | |
| | 13.86 | | | | 399 | | | | | | | | 1.68 | | | | 1.33 | | | | | | | | 1.47 | | | | 1.54 | | | | 162 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 21.96 | | | | 11,381 | | | | | | | | 1.03 | * | | | 2.77 | * | | | | | | | 0.87 | * | | | 2.93 | * | | | 68 | |
| | | | | | | | |
| | (7.56 | ) | | | 11,520 | | | | | | | | 1.02 | | | | 1.93 | | | | | | | | 0.89 | | | | 2.06 | | | | 174 | |
| | | | | | | | |
| | 19.95 | | | | 19,575 | | | | | | | | 1.02 | | | | 2.24 | | | | | | | | 0.80 | | | | 2.46 | | | | 161 | |
| | | | | | | | |
| | (5.08 | ) | | | 7,627 | | | | | | | | 1.09 | * | | | 1.78 | * | | | | | | | 0.86 | * | | | 2.02 | * | | | 149 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 21.93 | | | | 439,263 | | | | | | | | 1.13 | * | | | 2.77 | * | | | | | | | 0.97 | * | | | 2.93 | * | | | 68 | |
| | | | | | | | |
| | (7.67 | ) | | | 345,782 | | | | | | | | 1.10 | | | | 1.98 | | | | | | | | 0.97 | | | | 2.11 | | | | 174 | |
| | | | | | | | |
| | 19.61 | | | | 472,564 | | | | | | | | 1.17 | | | | 2.14 | | | | | | | | 0.97 | | | | 2.34 | | | | 161 | |
| | | | | | | | |
| | 7.91 | | | | 314,001 | | | | | | | | 1.20 | | | | 2.30 | | | | | | | | 0.97 | | | | 2.54 | | | | 149 | |
| | | | | | | | |
| | (6.67 | ) | | | 320,406 | | | | | | | | 1.20 | | | | 1.83 | | | | | | | | 0.97 | | | | 2.05 | | | | 133 | |
| | | | | | | | |
| | 14.46 | | | | 374,631 | | | | | | | | 1.18 | | | | 1.68 | | | | | | | | 0.97 | | | | 1.88 | | | | 162 | |
| (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 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period June 30, 2016 (commencement of operations) through December 31, 2016. | |
| (f) | For the six months ended June 30, 2019. | |
See accompanying notes to financial statements.
69
Financial Highlights(Unaudited) (continued)
Global Real Estate Securities
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended December 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
| | | | | | | | | |
Class A (03/18) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(f) | | $ | 19.07 | | | $ | 0.20 | | | $ | 3.28 | | | $ | 3.48 | | | | | | | $ | (0.27 | ) | | $ | — | | | $ | (0.27 | ) | | $ | 22.28 | |
| | | | | | | | | |
2018(e) | | | 20.00 | | | | 0.32 | | | | (0.54 | ) | | | (0.22 | ) | | | | | | | (0.53 | ) | | | (0.18 | ) | | | (0.71 | ) | | | 19.07 | |
| | | | | | | | | |
Class C (03/18) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(f) | | | 19.06 | | | | 0.12 | | | | 3.28 | | | | 3.40 | | | | | | | | (0.19 | ) | | | — | | | | (0.19 | ) | | | 22.27 | |
| | | | | | | | | |
2018(e) | | | 20.00 | | | | 0.20 | | | | (0.55 | ) | | | (0.35 | ) | | | | | | | (0.41 | ) | | | (0.18 | ) | | | (0.59 | ) | | | 19.06 | |
| | | | | | | | | |
Class R6 (03/18) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(f) | | | 19.07 | | | | 0.23 | | | | 3.29 | | | | 3.52 | | | | | | | | (0.30 | ) | | | — | | | | (0.30 | ) | | | 22.29 | |
| | | | | | | | | |
2018(e) | | | 20.00 | | | | 0.37 | | | | (0.55 | ) | | | (0.18 | ) | | | | | | | (0.57 | ) | | | (0.18 | ) | | | (0.75 | ) | | | 19.07 | |
| | | | | | | | | |
Class I (03/18) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(f) | | | 19.07 | | | | 0.25 | | | | 3.26 | | | | 3.51 | | | | | | | | (0.30 | ) | | | — | | | | (0.30 | ) | | | 22.28 | |
| | | | | | | | | |
2018(e) | | | 20.00 | | | | 0.36 | | | | (0.54 | ) | | | (0.18 | ) | | | | | | | (0.57 | ) | | | (0.18 | ) | | | (0.75 | ) | | | 19.07 | |
70
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 18.27 | % | | $ | 35 | | | | | | | | 2.96 | %* | | | 0.24 | %* | | | | | | | 1.29 | %* | | | 1.91 | %* | | | 111 | % |
| | | | | | | | |
| | (1.21 | ) | | | 24 | | | | | | | | 2.65 | * | | | 0.67 | * | | | | | | | 1.30 | * | | | 2.02 | * | | | 161 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 17.78 | | | | 33 | | | | | | | | 3.71 | * | | | (0.49 | )* | | | | | | | 2.04 | * | | | 1.17 | * | | | 111 | |
| | | | | | | | |
| | (1.77 | ) | | | 24 | | | | | | | | 3.41 | * | | | (0.09 | )* | | | | | | | 2.05 | * | | | 1.27 | * | | | 161 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 18.42 | | | | 27,779 | | | | | | | | 2.64 | * | | | 0.51 | * | | | | | | | 0.99 | * | | | 2.15 | * | | | 111 | |
| | | | | | | | |
| | (0.97 | ) | | | 23,770 | | | | | | | | 2.38 | * | | | 0.94 | * | | | | | | | 1.02 | * | | | 2.30 | * | | | 161 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 18.41 | | | | 60 | | | | | | | | 2.72 | * | | | 0.69 | * | | | | | | | 1.05 | * | | | 2.35 | * | | | 111 | |
| | | | | | | | |
| | (1.03) | | | | 26 | | | | | | | | 2.42 | * | | | 0.86 | * | | | | | | | 1.05 | * | | | 2.24 | * | | | 161 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, 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 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period March 20, 2018 (commencement of operations) though December 31, 2018. | |
| (f) | For the six months ended June 30, 2019. | |
See accompanying notes to financial statements.
71
Financial Highlights (Unaudited) (continued)
Real Asset Income
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | | |
Class (Commencement Date) Year Ended December 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Return
of
Capital | | | Total | | | Ending
NAV | |
| | | | | | | | | |
Class A (9/11) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | $ | 21.46 | | | $ | 0.50 | | | $ | 2.57 | | | $ | 3.07 | | | | | | | $ | (0.60 | ) | | $ | — | | | $ | — | | | $ | (0.60 | ) | | $ | 23.93 | |
| | | | | | | | | | |
2018 | | | 24.14 | | | | 1.12 | | | | (2.61 | ) | | | (1.49 | ) | | | | | | | (1.07 | ) | | | — | | | | (0.12 | ) | | | (1.19 | ) | | | 21.46 | |
| | | | | | | | | | |
2017 | | | 22.76 | | | | 1.11 | | | | 1.59 | | | | 2.70 | | | | | | | | (1.32 | ) | | | — | | | | — | | | | (1.32 | ) | | | 24.14 | |
| | | | | | | | | | |
2016 | | | 21.87 | | | | 1.08 | | | | 1.00 | | | | 2.08 | | | | | | | | (1.12 | ) | | | — | | | | (0.07 | ) | | | (1.19 | ) | | | 22.76 | |
| | | | | | | | | | |
2015 | | | 23.78 | | | | 1.08 | | | | (1.80 | ) | | | (0.72 | ) | | | | | | | (1.08 | ) | | | (0.01 | ) | | | (0.10 | ) | | | (1.19 | ) | | | 21.87 | |
| | | | | | | | | | |
2014 | | | 22.01 | | | | 1.15 | | | | 2.18 | | | | 3.33 | | | | | | | | (1.16 | ) | | | (0.40 | ) | | | — | | | | (1.56 | ) | | | 23.78 | |
| | | | | | | | | |
Class C (9/11) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 21.47 | | | | 0.42 | | | | 2.56 | | | | 2.98 | | | | | | | | (0.51 | ) | | | — | | | | — | | | | (0.51 | ) | | | 23.94 | |
| | | | | | | | | | |
2018 | | | 24.15 | | | | 0.95 | | | | (2.62 | ) | | | (1.67 | ) | | | | | | | (0.89 | ) | | | — | | | | (0.12 | ) | | | (1.01 | ) | | | 21.47 | |
| | | | | | | | | | |
2017 | | | 22.77 | | | | 0.94 | | | | 1.59 | | | | 2.53 | | | | | | | | (1.15 | ) | | | — | | | | — | | | | (1.15 | ) | | | 24.15 | |
| | | | | | | | | | |
2016 | | | 21.89 | | | | 0.91 | | | | 0.99 | | | | 1.90 | | | | | | | | (0.95 | ) | | | — | | | | (0.07 | ) | | | (1.02 | ) | | | 22.77 | |
| | | | | | | | | | |
2015 | | | 23.79 | | | | 0.92 | | | | (1.81 | ) | | | (0.89 | ) | | | | | | | (0.90 | ) | | | (0.01 | ) | | | (0.10 | ) | | | (1.01 | ) | | | 21.89 | |
| | | | | | | | | | |
2014 | | | 22.01 | | | | 0.98 | | | | 2.18 | | | | 3.16 | | | | | | | | (0.98 | ) | | | (0.40 | ) | | | — | | | | (1.38 | ) | | | 23.79 | |
| | | | | | | | | | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 21.56 | | | | 0.58 | | | | 2.54 | | | | 3.12 | | | | | | | | (0.63 | ) | | | — | | | | — | | | | (0.63 | ) | | | 24.05 | |
| | | | | | | | | | |
2018 | | | 24.24 | | | | 1.20 | | | | (2.63 | ) | | | (1.43 | ) | | | | | | | (1.13 | ) | | | — | | | | (0.12 | ) | | | (1.25 | ) | | | 21.56 | |
| | | | | | | | | | |
2017 | | | 22.83 | | | | 1.22 | | | | 1.58 | | | | 2.80 | | | | | | | | (1.39 | ) | | | — | | | | — | | | | (1.39 | ) | | | 24.24 | |
| | | | | | | | | | |
2016(e) | | | 23.49 | | | | 0.48 | | | | (0.57 | ) | | | (0.09 | ) | | | | | | | (0.50 | ) | | | — | | | | (0.07 | ) | | | (0.57 | ) | | | 22.83 | |
| | | | | | | | | |
Class I (9/11) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
2019(f) | | | 21.46 | | | | 0.53 | | | | 2.56 | | | | 3.09 | | | | | | | | (0.62 | ) | | | — | | | | — | | | | (0.62 | ) | | | 23.93 | |
| | | | | | | | | | |
2018 | | | 24.14 | | | | 1.18 | | | | (2.61 | ) | | | (1.43 | ) | | | | | | | (1.13 | ) | | | — | | | | (0.12 | ) | | | (1.25 | ) | | | 21.46 | |
| | | | | | | | | | |
2017 | | | 22.76 | | | | 1.18 | | | | 1.58 | | | | 2.76 | | | | | | | | (1.38 | ) | | | — | | | | — | | | | (1.38 | ) | | | 24.14 | |
| | | | | | | | | | |
2016 | | | 21.88 | | | | 1.14 | | | | 0.98 | | | | 2.12 | | | | | | | | (1.17 | ) | | | — | | | | (0.07 | ) | | | (1.24 | ) | | | 22.76 | |
| | | | | | | | | | |
2015 | | | 23.78 | | | | 1.14 | | | | (1.79 | ) | | | (0.65 | ) | | | | | | | (1.14 | ) | | | (0.01 | ) | | | (0.10 | ) | | | (1.25 | ) | | | 21.88 | |
| | | | | | | | | | |
2014 | | | 22.01 | | | | 1.27 | | | | 2.12 | | | | 3.39 | | | | | | | | (1.22 | ) | | | (0.40 | ) | | | — | | | | (1.62 | ) | | | 23.78 | |
72
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 14.39 | % | | $ | 194,081 | | | | | | | | 1.15 | %* | | | 4.36 | %* | | | | | | | 1.15 | %* | | | 4.36 | %* | | | 48 | % |
| | | | | | | | |
| | (6.38 | ) | | | 178,651 | | | | | | | | 1.14 | | | | 4.85 | | | | | | | | 1.14 | | | | 4.85 | | | | 94 | |
| | | | | | | | |
| | 12.07 | | | | 225,282 | | | | | | | | 1.15 | | | | 4.64 | | | | | | | | 1.15 | | | | 4.64 | | | | 84 | |
| | | | | | | | |
| | 9.60 | | | | 234,495 | | | | | | | | 1.18 | | | | 4.72 | | | | | | | | 1.16 | | | | 4.74 | | | | 89 | |
| | | | | | | | |
| | (3.19 | ) | | | 161,064 | | | | | | | | 1.18 | | | | 4.68 | | | | | | | | 1.16 | | | | 4.69 | | | | 82 | |
| | | | | | | | |
| | 15.40 | | | | 115,322 | | | | | | | | 1.25 | | | | 4.77 | | | | | | | | 1.17 | | | | 4.85 | | | | 86 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 13.97 | | | | 201,199 | | | | | | | | 1.90 | * | | | 3.62 | * | | | | | | | 1.90 | * | | | 3.62 | * | | | 48 | |
| | | | | | | | |
| | (7.09 | ) | | | 186,043 | | | | | | | | 1.89 | | | | 4.10 | | | | | | | | 1.89 | | | | 4.11 | | | | 94 | |
| | | | | | | | |
| | 11.25 | | | | 241,844 | | | | | | | | 1.90 | | | | 3.94 | | | | | | | | 1.90 | | | | 3.94 | | | | 84 | |
| | | | | | | | |
| | 8.74 | | | | 182,744 | | | | | | | | 1.93 | | | | 3.97 | | | | | | | | 1.91 | | | | 3.99 | | | | 89 | |
| | | | | | | | |
| | (3.88 | ) | | | 129,301 | | | | | | | | 1.92 | | | | 3.99 | | | | | | | | 1.91 | | | | 4.01 | | | | 82 | |
| | | | | | | | |
| | 14.54 | | | | 65,928 | | | | | | | | 2.00 | | | | 4.07 | | | | | | | | 1.92 | | | | 4.14 | | | | 86 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 14.58 | | | | 66,695 | | | | | | | | 0.81 | * | | | 5.00 | * | | | | | | | 0.81 | * | | | 5.00 | * | | | 48 | |
| | | | | | | | |
| | (6.08 | ) | | | 27,654 | | | | | | | | 0.81 | | | | 5.18 | | | | | | | | 0.81 | | | | 5.19 | | | | 94 | |
| | | | | | | | |
| | 12.47 | | | | 29,332 | | | | | | | | 0.81 | | | | 5.10 | | | | | | | | 0.81 | | | | 5.10 | | | | 84 | |
| | | | | | | | |
| | (0.43 | ) | | | 7,237 | | | | | | | | 0.84 | * | | | 4.08 | * | | | | | | | 0.82 | * | | | 4.11 | * | | | 89 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 14.52 | | | | 1,488,298 | | | | | | | | 0.90 | * | | | 4.63 | * | | | | | | | 0.90 | * | | | 4.63 | * | | | 48 | |
| | | | | | | | |
| | (6.13 | ) | | | 1,312,280 | | | | | | | | 0.89 | | | | 5.10 | | | | | | | | 0.89 | | | | 5.11 | | | | 94 | |
| | | | | | | | |
| | 12.35 | | | | 1,607,267 | | | | | | | | 0.90 | | | | 4.96 | | | | | | | | 0.90 | | | | 4.96 | | | | 84 | |
| | | | | | | | |
| | 9.82 | | | | 846,584 | | | | | | | | 0.93 | | | | 4.98 | | | | | | | | 0.91 | | | | 5.00 | | | | 89 | |
| | | | | | | | |
| | (2.90 | ) | | | 555,149 | | | | | | | | 0.93 | | | | 4.97 | | | | | | | | 0.91 | | | | 4.98 | | | | 82 | |
| | | | | | | | |
| | 15.69 | | | | 345,747 | | | | | | | | 0.99 | | | | 5.29 | | | | | | | | 0.92 | | | | 5.37 | | | | 86 | |
| (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 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period June 30, 2016 (commencement of operations) through December 31, 2016. | |
| (f) | For the six months ended June 30, 2019. | |
See accompanying notes to financial statements.
73
Financial Highlights(Unaudited) (continued)
Real Estate Securities
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended December 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From Net
Investment
Income | | | From Accumulated Net Realized Gains | | | Total | | | Ending
NAV | |
| | | | | | | | |
Class A (9/95) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(d) | | $ | 18.03 | | | $ | 0.16 | | | $ | 3.12 | | | $ | 3.28 | | | | | | | $ | (0.26 | ) | | $ | — | | | $ | (0.26 | ) | | $ | 21.05 | |
| | | | | | | | | |
2018 | | | 20.23 | | | | 0.31 | | | | (1.43 | ) | | | (1.12 | ) | | | | | | | (0.34 | ) | | | (0.74 | ) | | | (1.08 | ) | | | 18.03 | |
| | | | | | | | | |
2017 | | | 21.75 | | | | 0.32 | | | | 0.85 | | | | 1.17 | | | | | | | | (0.37 | ) | | | (2.32 | ) | | | (2.69 | ) | | | 20.23 | |
| | | | | | | | | |
2016 | | | 22.66 | | | | 0.31 | | | | 1.14 | | | | 1.45 | | | | | | | | (0.31 | ) | | | (2.05 | ) | | | (2.36 | ) | | | 21.75 | |
| | | | | | | | | |
2015 | | | 23.79 | | | | 0.32 | | | | 0.38 | | | | 0.70 | | | | | | | | (0.37 | ) | | | (1.46 | ) | | | (1.83 | ) | | | 22.66 | |
| | | | | | | | | |
2014 | | | 19.46 | | | | 0.32 | | | | 5.62 | | | | 5.94 | | | | | | | | (0.33 | ) | | | (1.28 | ) | | | (1.61 | ) | | | 23.79 | |
| | | | | | | | |
Class C (2/00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(d) | | | 17.49 | | | | 0.09 | | | | 3.01 | | | | 3.10 | | | | | | | | (0.18 | ) | | | — | | | | (0.18 | ) | | | 20.41 | |
| | | | | | | | | |
2018 | | | 19.63 | | | | 0.17 | | | | (1.39 | ) | | | (1.22 | ) | | | | | | | (0.18 | ) | | | (0.74 | ) | | | (0.92 | ) | | | 17.49 | |
| | | | | | | | | |
2017 | | | 21.18 | | | | 0.15 | | | | 0.82 | | | | 0.97 | | | | | | | | (0.20 | ) | | | (2.32 | ) | | | (2.52 | ) | | | 19.63 | |
| | | | | | | | | |
2016 | | | 22.11 | | | | 0.12 | | | | 1.12 | | | | 1.24 | | | | | | | | (0.12 | ) | | | (2.05 | ) | | | (2.17 | ) | | | 21.18 | |
| | | | | | | | | |
2015 | | | 23.24 | | | | 0.15 | | | | 0.36 | | | | 0.51 | | | | | | | | (0.18 | ) | | | (1.46 | ) | | | (1.64 | ) | | | 22.11 | |
| | | | | | | | | |
2014 | | | 19.03 | | | | 0.15 | | | | 5.50 | | | | 5.65 | | | | | | | | (0.16 | ) | | | (1.28 | ) | | | (1.44 | ) | | | 23.24 | |
| | | | | | | | |
Class R3 (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(d) | | | 18.34 | | | | 0.14 | | | | 3.16 | | | | 3.30 | | | | | | | | (0.24 | ) | | | — | | | | (0.24 | ) | | | 21.40 | |
| | | | | | | | | |
2018 | | | 20.56 | | | | 0.28 | | | | (1.46 | ) | | | (1.18 | ) | | | | | | | (0.30 | ) | | | (0.74 | ) | | | (1.04 | ) | | | 18.34 | |
| | | | | | | | | |
2017 | | | 22.08 | | | | 0.27 | | | | 0.85 | | | | 1.12 | | | | | | | | (0.32 | ) | | | (2.32 | ) | | | (2.64 | ) | | | 20.56 | |
| | | | | | | | | |
2016 | | | 23.00 | | | | 0.26 | | | | 1.16 | | | | 1.42 | | | | | | | | (0.29 | ) | | | (2.05 | ) | | | (2.34 | ) | | | 22.08 | |
| | | | | | | | | |
2015 | | | 24.13 | | | | 0.25 | | | | 0.40 | | | | 0.65 | | | | | | | | (0.32 | ) | | | (1.46 | ) | | | (1.78 | ) | | | 23.00 | |
| | | | | | | | | |
2014 | | | 19.72 | | | | 0.28 | | | | 5.69 | | | | 5.97 | | | | | | | | (0.28 | ) | | | (1.28 | ) | | | (1.56 | ) | | | 24.13 | |
| | | | | | | | |
Class R6 (4/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(d) | | | 18.54 | | | | 0.22 | | | | 3.19 | | | | 3.41 | | | | | | | | (0.30 | ) | | | — | | | | (0.30 | ) | | | 21.65 | |
| | | | | | | | | |
2018 | | | 20.75 | | | | 0.44 | | | | (1.51 | ) | | | (1.07 | ) | | | | | | | (0.40 | ) | | | (0.74 | ) | | | (1.14 | ) | | | 18.54 | |
| | | | | | | | | |
2017 | | | 22.23 | | | | 0.46 | | | | 0.82 | | | | 1.28 | | | | | | | | (0.44 | ) | | | (2.32 | ) | | | (2.76 | ) | | | 20.75 | |
| | | | | | | | | |
2016 | | | 23.07 | | | | 0.43 | | | | 1.16 | | | | 1.59 | | | | | | | | (0.38 | ) | | | (2.05 | ) | | | (2.43 | ) | | | 22.23 | |
| | | | | | | | | |
2015 | | | 24.17 | | | | 0.43 | | | | 0.37 | | | | 0.80 | | | | | | | | (0.44 | ) | | | (1.46 | ) | | | (1.90 | ) | | | 23.07 | |
| | | | | | | | | |
2014 | | | 19.72 | | | | 0.48 | | | | 5.65 | | | | 6.13 | | | | | | | | (0.40 | ) | | | (1.28 | ) | | | (1.68 | ) | | | 24.17 | |
| | | | | | | | |
Class I (6/95) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
2019(d) | | | 18.34 | | | | 0.20 | | | | 3.15 | | | | 3.35 | | | | | | | | (0.29 | ) | | | — | | | | (0.29 | ) | | | 21.40 | |
| | | | | | | | | |
2018 | | | 20.55 | | | | 0.39 | | | | (1.47 | ) | | | (1.08 | ) | | | | | | | (0.39 | ) | | | (0.74 | ) | | | (1.13 | ) | | | 18.34 | |
| | | | | | | | | |
2017 | | | 22.07 | | | | 0.40 | | | | 0.84 | | | | 1.24 | | | | | | | | (0.44 | ) | | | (2.32 | ) | | | (2.76 | ) | | | 20.55 | |
| | | | | | | | | |
2016 | | | 22.97 | | | | 0.38 | | | | 1.15 | | | | 1.53 | | | | | | | | (0.38 | ) | | | (2.05 | ) | | | (2.43 | ) | | | 22.07 | |
| | | | | | | | | |
2015 | | | 24.10 | | | | 0.38 | | | | 0.39 | | | | 0.77 | | | | | | | | (0.44 | ) | | | (1.46 | ) | | | (1.90 | ) | | | 22.97 | |
| | | | | | | | | |
2014 | | | 19.70 | | | | 0.40 | | | | 5.68 | | | | 6.08 | | | | | | | | (0.40 | ) | | | (1.28 | ) | | | (1.68 | ) | | | 24.10 | |
74
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets | | | | | | | |
| | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(c) | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 18.14 | % | | $ | 262,752 | | | | | | | | 1.31 | %* | | | 1.63 | %* | | | | | | | 58 | % |
| | | | | | |
| | (5.78 | ) | | | 264,414 | | | | | | | | 1.26 | | | | 1.61 | | | | | | | | 131 | |
| | | | | | |
| | 5.34 | | | | 459,034 | | | | | | | | 1.29 | | | | 1.47 | | | | | | | | 131 | |
| | | | | | |
| | 6.58 | | | | 679,318 | | | | | | | | 1.30 | | | | 1.32 | | | | | | | | 139 | |
| | | | | | |
| | 3.22 | | | | 690,025 | | | | | | | | 1.30 | | | | 1.37 | | | | | | | | 104 | |
| | | | | | |
| | 30.94 | | | | 751,098 | | | | | | | | 1.30 | | | | 1.44 | | | | | | | | 89 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 17.71 | | | | 46,078 | | | | | | | | 2.06 | * | | | 0.91 | * | | | | | | | 58 | |
| | | | | | |
| | (6.46 | ) | | | 43,152 | | | | | | | | 2.02 | | | | 0.89 | | | | | | | | 131 | |
| | | | | | |
| | 4.59 | | | | 66,953 | | | | | | | | 2.04 | | | | 0.71 | | | | | | | | 131 | |
| | | | | | |
| | 5.76 | | | | 89,123 | | | | | | | | 2.05 | | | | 0.55 | | | | | | | | 139 | |
| | | | | | |
| | 2.45 | | | | 93,499 | | | | | | | | 2.05 | | | | 0.65 | | | | | | | | 104 | |
| | | | | | |
| | 29.99 | | | | 91,172 | | | | | | | | 2.05 | | | | 0.69 | | | | | | | | 89 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 17.99 | | | | 22,601 | | | | | | | | 1.56 | * | | | 1.41 | * | | | | | | | 58 | |
| | | | | | |
| | (5.98 | ) | | | 22,073 | | | | | | | | 1.52 | | | | 1.42 | | | | | | | | 131 | |
| | | | | | |
| | 5.08 | | | | 36,829 | | | | | | | | 1.54 | | | | 1.23 | | | | | | | | 131 | |
| | | | | | |
| | 6.31 | | | | 53,413 | | | | | | | | 1.55 | | | | 1.11 | | | | | | | | 139 | |
| | | | | | |
| | 2.95 | | | | 57,416 | | | | | | | | 1.55 | | | | 1.06 | | | | | | | | 104 | |
| | | | | | |
| | 30.66 | | | | 68,569 | | | | | | | | 1.55 | | | | 1.22 | | | | | | | | 89 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 18.42 | | | | 449,994 | | | | | | | | 0.88 | * | | | 2.15 | * | | | | | | | 58 | |
| | | | | | |
| | (5.39 | ) | | | 346,185 | | | | | | | | 0.88 | | | | 2.21 | | | | | | | | 131 | |
| | | | | | |
| | 5.78 | | | | 277,978 | | | | | | | | 0.87 | | | | 2.04 | | | | | | | | 131 | |
| | | | | | |
| | 7.05 | | | | 307,921 | | | | | | | | 0.87 | | | | 1.83 | | | | | | | | 139 | |
| | | | | | |
| | 3.60 | | | | 254,414 | | | | | | | | 0.87 | | | | 1.80 | | | | | | | | 104 | |
| | | | | | |
| | 31.51 | | | | 250,116 | | | | | | | | 0.89 | | | | 2.12 | | | | | | | | 89 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 18.34 | | | | 2,610,923 | | | | | | | | 1.06 | * | | | 1.93 | * | | | | | | | 58 | |
| | | | | | |
| | (5.51 | ) | | | 2,302,536 | | | | | | | | 1.02 | | | | 1.96 | | | | | | | | 131 | |
| | | | | | |
| | 5.61 | | | | 2,945,935 | | | | | | | | 1.04 | | | | 1.78 | | | | | | | | 131 | |
| | | | | | |
| | 6.79 | | | | 3,497,055 | | | | | | | | 1.05 | | | | 1.61 | | | | | | | | 139 | |
| | | | | | |
| | 3.48 | | | | 3,666,093 | | | | | | | | 1.05 | | | | 1.58 | | | | | | | | 104 | |
| | | | | | |
| | 31.28 | | | | 4,085,270 | | | | | | | | 1.05 | | | | 1.75 | | | | | | | | 89 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (d) | For the six months ended June 30, 2019. | |
See accompanying notes to financial statements.
75
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. and Nuveen Investment Trust V (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) as amended. Nuveen Investment Funds, Inc. is comprised of Nuveen Global Infrastructure Fund (“Global Infrastructure”), Nuveen Real Asset Income Fund (“Real Asset Income”) and Nuveen Real Estate Securities Fund (“Real Estate Securities”), among others, and Nuveen Investment Trust V is comprised of Nuveen Global Real Estate Securities Fund (“Global Real Estate Securities”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987 and Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27, 2006.
The end of the reporting period for the Funds is June 30, 2019, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2019 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives
Global Infrastructure’s investment objective is to seek long-term growth of capital and income. Global Real Estate Securities’ investment objective is to seek long-term capital appreciation with a secondary objective to provide current income. Real Asset Income’s investment objective is to seek a high level of current income with a secondary objective to seek capital appreciation. Real Estate Securities’ investment objective is to provide above average current income and long-term capital appreciation.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
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.
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 333,506 | | | $ | 127,205 | | | $ | 8,037,117 | | | $ | 29,177 | |
Investment 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 includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”)
76
interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders annually for Global Infrastructure and quarterly for Global Real Estate Securities and Real Estate Securities. Real Asset Income’s dividends from net investment income are declared daily and distributed to shareholders monthly, and the Fund’s shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on theex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Funds’ portfolios. Distributions received from certain securities in which the Funds invest, most notably real estate investment trust (“REIT”) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two months of the calendar year. The distribution is included in the Funds’ ordinary income until such time the Fund is notified by the issuer of the actual tax character. For the current fiscal period, dividend income, net realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities as of the last calendar year end.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but 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 R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of Global Infrastructure, Global Real Estate Securities and Real Estate Securities that are not directly attributable to a specific class of shares are prorated among the classes of each Fund based on the relative net assets of each class. Income and expenses of Real Asset Income that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets for Global Infrastructure, Global Real Estate Securities and Real Estate Securities and relative settled shares for Real Asset Income.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Compensation
Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other
77
Notes to Financial Statements(Unaudited) (continued)
parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
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, when applicable, with a specific counterparty 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 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
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. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlyingnon-U.S.-traded stock, adjusted as appropriate for theunderlying-to-ADR conversion ratio and foreign exchange rate, and fromtime-to-time may also be adjusted further to take into account material events that may take place after the close of the localnon-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.
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 Fund invests 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.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
78
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
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:
| | | | | | | | | | | | | | | | |
| Global Infrastructure | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 259,256,111 | | | $ | 238,902,469 | ** | | $ | — | | | $ | 498,158,580 | |
Real Estate Investment Trust Common Stocks | | | 19,478,570 | | | | 3,628,977 | ** | | | — | | | | 23,107,547 | |
Investment Companies | | | 1,318,054 | | | | — | | | | — | | | | 1,318,054 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 13,690,096 | | | | — | | | | 13,690,096 | |
| Total | | $ | 280,052,735 | | | $ | 250,221,542 | | | $ | — | | | $ | 536,274,277 | |
| | | | |
| Global Real Estate Securities | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Real Estate Investment Trust Common Stocks | | $ | 17,501,693 | | | $ | 3,907,845 | ** | | $ | — | | | $ | 21,409,538 | |
Common Stocks | | | 1,579,149 | | | | 4,389,354 | ** | | | — | | | | 5,968,503 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 728,537 | | | | — | | | | 728,537 | |
| Total | | $ | 19,080,842 | | | $ | 9,025,736 | | | $ | — | | | $ | 28,106,578 | |
| | | | |
| Real Asset Income | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Real Estate Investment Trust Common Stocks | | $ | 383,009,232 | | | $ | 89,372,434 | ** | | $ | 1,239,564 | *** | | $ | 473,621,230 | |
Common Stocks | | | 165,433,052 | | | | 211,477,027 | ** | | | — | | | | 376,910,079 | |
$25 Par (or similar) Retail Preferred | | | 322,930,586 | | | | 9,013,069 | ** | | | — | | | | 331,943,655 | |
Corporate Bonds | | | — | | | | 287,962,589 | | | | — | | | | 287,962,589 | |
$1,000 Par (or similar) Institutional Preferred | | | — | | | | 282,432,978 | | | | — | | | | 282,432,978 | |
Convertible Preferred Securities | | | 61,797,297 | | | | 9,230,194 | ** | | | — | | | | 71,027,491 | |
Variable Rate Senior Loan Interests | | | — | | | | 48,053,164 | | | | — | | | | 48,053,164 | |
Convertible Bonds | | | — | | | | 13,256,973 | | | | — | | | | 13,256,973 | |
Investment Companies | | | 11,730,893 | | | | — | | | | — | | | | 11,730,893 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 29,424,948 | | | | — | | | | 29,424,948 | |
| Total | | $ | 944,901,060 | | | $ | 980,223,376 | | | $ | 1,239,564 | | | $ | 1,926,364,000 | |
79
Notes to Financial Statements(Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| Real Estate Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Real Estate Investment Trust Common Stocks | | $ | 3,376,906,648 | | | $ | — | | | $ | — | | | $ | 3,376,906,648 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 2,171,580 | | | | — | | | | — | | | | 2,171,580 | |
| Total | | $ | 3,379,078,228 | | | $ | — | | | $ | — | | | $ | 3,379,078,228 | |
| * | Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
| *** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
As of the end of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
| | | | | | | | |
| Global Infrastructure | | Value | | | % of
Net Assets | |
| Country: | | | | | | | | |
Spain | | $ | 47,501,886 | | | | 8.9 | % |
Italy | | | 46,183,199 | | | | 8.7 | % |
Australia | | | 45,526,290 | | | | 8.6 | % |
France | | | 43,342,200 | | | | 8.1 | % |
Canada | | | 42,664,623 | | | | 8.0 | % |
New Zealand | | | 16,299,877 | | | | 3.1 | % |
Japan | | | 14,129,217 | | | | 2.7 | % |
Mexico | | | 9,765,000 | | | | 1.8 | % |
Singapore | | | 8,314,482 | | | | 1.6 | % |
Hong Kong | | | 8,182,129 | | | | 1.4 | % |
Other | | | 36,479,919 | | | | 6.9 | % |
| Total non-U.S. securities | | $ | 318,388,822 | | | | 59.8 | % |
| | |
| Global Real Estate Securities | | | | | | |
| Country: | | | | | | | | |
Japan | | $ | 2,351,752 | | | | 8.4 | % |
Hong Kong | | | 1,975,470 | | | | 7.1 | % |
Germany | | | 1,681,555 | | | | 6.0 | % |
Australia | | | 1,584,105 | | | | 5.7 | % |
United Kingdom | | | 1,229,288 | | | | 4.4 | % |
Canada | | | 1,030,102 | | | | 3.7 | % |
Singapore | | | 674,068 | | | | 2.4 | % |
Belgium | | | 435,974 | | | | 1.6 | % |
Sweden | | | 378,205 | | | | 1.4 | % |
Netherlands | | | 280,492 | | | | 1.0 | % |
Other | | | 1,395,053 | | | | 4.9 | % |
| Total non-U.S. securities | | $ | 13,016,064 | | | | 46.6 | % |
80
| | | | | | | | |
| Real Asset Income | | Value | | | % of
Net Assets | |
| Country: | | | | | | | | |
Canada | | $ | 234,392,180 | | | | 12.0 | % |
Italy | | | 82,693,226 | | | | 4.2 | % |
Singapore | | | 80,437,711 | | | | 4.1 | % |
Australia | | | 67,914,692 | | | | 3.6 | % |
France | | | 55,849,912 | | | | 2.9 | % |
Germany | | | 33,840,581 | | | | 1.7 | % |
New Zealand | | | 32,173,912 | | | | 1.6 | % |
United Kingdom | | | 30,213,884 | | | | 1.5 | % |
Hong Kong | | | 21,931,703 | | | | 1.1 | % |
Brazil | | | 14,645,230 | | | | 0.8 | % |
Other | | | 146,117,655 | | | | 7.6 | % |
| Total non-U.S. securities | | $ | 800,210,686 | | | | 41.1 | % |
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets less liabilities are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Securities Lending
In order to generate additional income, Real Estate Securities may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Fund also has the ability to recall the securities on loan at any time.
The Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.
Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under the Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Fund bears the risk of loss with respect to the investment of collateral.
The Fund’s custodian, U.S. Bank National Association, serves as its securities lending agent. Income earned from the securities lending program is paid to the Fund. Income from securities lending is recognized as “Securities lending income” on the Statement of Operations.
The Fund had no such securities out on loan as of the end of the reporting period.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
81
Notes to Financial Statements(Unaudited) (continued)
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
| | | | | | | | | | | | | | |
| Fund | | Counterparty | | Short-Term Investments, at Value | | | Collateral Pledged (From)
Counterparty* | | | Net
Exposure | |
| Global Infrastructure | | Fixed Income Clearing Corporation | | $ | 13,690,096 | | | $ | (13,690,096 | ) | | $ | — | |
| Global Real Estate Securities | | Fixed Income Clearing Corporation | | | 728,537 | | | | (728,537 | ) | | | — | |
| Real Asset Income | | Fixed Income Clearing Corporation | | | 29,424,948 | | | | (29,424,948 | ) | | | — | |
| * | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements. |
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.
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 apre-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 apre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least thepre-determined threshold amount.
82
4. 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
6/30/19 | | | Year Ended
12/31/18 | |
| Global Infrastructure | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 561,756 | | | $ | 6,008,633 | | | | 914,122 | | | $ | 9,675,613 | |
Class C | | | 72,526 | | | | 774,627 | | | | 437,191 | | | | 4,565,763 | |
Class R3 | | | 2,720 | | | | 29,201 | | | | 5,279 | | | | 56,286 | |
Class R6 | | | 16,961 | | | | 184,404 | | | | 734,678 | | | | 7,924,547 | |
Class I | | | 7,224,857 | | | | 77,457,188 | | | | 10,499,676 | | | | 110,691,696 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 390,426 | | | | 3,846,492 | |
Class C | | | — | | | | — | | | | 129,745 | | | | 1,269,665 | |
Class R3 | | | — | | | | — | | | | 1,233 | | | | 12,347 | |
Class R6 | | | — | | | | — | | | | 72,844 | | | | 715,551 | |
Class I | | | — | | | | — | | | | 1,641,064 | | | | 16,075,108 | |
| | | | 7,878,820 | | | | 84,454,053 | | | | 14,826,258 | | | | 154,833,068 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,629,329 | ) | | | (17,288,094 | ) | | | (3,449,622 | ) | | | (35,564,244 | ) |
Class C | | | (429,211 | ) | | | (4,458,790 | ) | | | (650,997 | ) | | | (6,747,995 | ) |
Class R3 | | | (1,757 | ) | | | (19,175 | ) | | | (12,032 | ) | | | (129,441 | ) |
Class R6 | | | (248,412 | ) | | | (2,553,122 | ) | | | (1,385,111 | ) | | | (14,148,033 | ) |
Class I | | | (5,693,043 | ) | | | (60,448,937 | ) | | | (18,899,242 | ) | | | (196,631,176 | ) |
Class T(1) | | | — | | | | — | | | | (2,264 | ) | | | (23,256 | ) |
| | | | (8,001,752 | ) | | | (84,768,118 | ) | | | (24,399,268 | ) | | | (253,244,145 | ) |
| Net increase (decrease) | | | (122,932 | ) | | $ | (314,065 | ) | | | (9,573,010 | ) | | $ | (98,411,077 | ) |
| | |
| | | Six Months Ended
6/30/19 | | | For the Period 3/20/18
(commencement of operations)
through 12/31/18 | |
| Global Real Estate Securities | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 303 | | | $ | 6,675 | | | | 1,250 | | | $ | 25,000 | |
Class C | | | 231 | | | | 5,000 | | | | 1,250 | | | | 25,000 | |
Class R6 | | | — | | | | — | | | | 1,246,250 | | | | 24,925,000 | |
Class I | | | 1,314 | | | | 28,040 | | | | 1,395 | | | | 28,000 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | |
Class A | | | 2 | | | | 50 | | | | — | | | | — | |
Class C | | | 1 | | | | 29 | | | | — | | | | — | |
Class R6 | | | — | | | | — | | | | — | | | | — | |
Class I | | | 19 | | | | 423 | | | | 4 | | | | 73 | |
| | | | 1,870 | | | | 40,217 | | | | 1,250,149 | | | | 25,003,073 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class R6 | | | — | | | | — | | | | — | | | | — | |
Class I | | | — | | | | — | | | | (49 | ) | | | (1,009 | ) |
| | | | — | | | | — | | | | (49 | ) | | | (1,009 | ) |
| Net increase (decrease) | | | 1,870 | | | $ | 40,217 | | | | 1,250,100 | | | $ | 25,002,064 | |
| (1) | Class T Shares were not available for public offering. |
83
Notes to Financial Statements(Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
6/30/19 | | | Year Ended
12/31/18 | |
| Real Asset Income | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,028,199 | | | $ | 23,765,329 | | | | 2,308,123 | | | $ | 53,398,939 | |
Class A – automatic conversion of Class C Shares | | | 32 | | | | 730 | | | | 33 | | | | 756 | |
Class C | | | 516,460 | | | | 12,005,730 | | | | 1,286,094 | | | | 29,754,671 | |
Class R6 | | | 1,664,488 | | | | 39,123,737 | | | | 455,552 | | | | 10,521,822 | |
Class I | | | 10,797,905 | | | | 249,822,760 | | | �� | 21,070,549 | | | | 485,985,243 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 203,763 | | | | 4,755,174 | | | | 458,084 | | | | 10,492,392 | |
Class C | | | 175,537 | | | | 4,098,450 | | | | 397,715 | | | | 9,115,780 | |
Class R6 | | | 55,720 | | | | 1,311,561 | | | | 71,249 | | | | 1,636,924 | |
Class I | | | 1,463,241 | | | | 34,149,318 | | | | 3,220,695 | | | | 73,780,361 | |
| | | | 15,905,345 | | | | 369,032,789 | | | | 29,268,094 | | | | 674,686,888 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,446,466 | ) | | | (33,566,972 | ) | | | (3,772,845 | ) | | | (86,148,974 | ) |
Class C | | | (952,713 | ) | | | (22,048,070 | ) | | | (3,032,882 | ) | | | (69,466,348 | ) |
Class C – automatic conversion of Class A Shares | | | (32 | ) | | | (730 | ) | | | (33 | ) | | | (756 | ) |
Class R6 | | | (229,724 | ) | | | (5,393,786 | ) | | | (454,318 | ) | | | (10,291,330 | ) |
Class I | | | (11,221,026 | ) | | | (259,426,304 | ) | | | (29,707,203 | ) | | | (678,721,285 | ) |
Class T(1) | | | — | | | | — | | | | (1,048 | ) | | | (23,020 | ) |
| | | | (13,849,961 | ) | | | (320,435,862 | ) | | | (36,968,329 | ) | | | (844,651,713 | ) |
Net increase (decrease) | | | 2,055,384 | | | $ | 48,596,927 | | | | (7,700,235 | ) | | $ | (169,964,825 | ) |
| | |
| | | Six Months Ended
6/30/19 | | | Year Ended
12/31/18 | |
| Real Estate Securities | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,125,393 | | | $ | 22,728,685 | | | | 4,023,254 | | | $ | 77,536,586 | |
Class A – automatic conversion of Class C Shares | | | 105 | | | | 2,118 | | | | 7,246 | | | | 146,917 | |
Class C | | | 50,066 | | | | 1,002,792 | | | | 170,862 | | | | 3,199,768 | |
Class R3 | | | 91,589 | | | | 1,915,069 | | | | 256,017 | | | | 4,986,275 | |
Class R6 | | | 3,968,047 | | | | 83,622,204 | | | | 8,589,549 | | | | 171,099,358 | |
Class I | | | 14,164,013 | | | | 292,746,510 | | | | 31,487,671 | | | | 612,845,258 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 151,801 | | | | 3,181,787 | | | | 888,013 | | | | 17,118,013 | |
Class C | | | 15,661 | | | | 318,399 | | | | 104,841 | | | | 1,961,282 | |
Class R3 | | | 11,559 | | | | 246,387 | | | | 69,356 | | | | 1,360,314 | |
Class R6 | | | 262,724 | | | | 5,666,280 | | | | 956,296 | | | | 18,917,387 | |
Class I | | | 1,297,391 | | | | 27,655,995 | | | | 5,855,866 | | | | 114,643,541 | |
| | | | 21,138,349 | | | | 439,086,226 | | | | 52,408,971 | | | | 1,023,814,699 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (3,454,916 | ) | | | (70,803,908 | ) | | | (12,950,508 | ) | | | (253,478,814 | ) |
Class C | | | (275,265 | ) | | | (5,426,145 | ) | | | (1,210,755 | ) | | | (22,666,215 | ) |
Class C – automatic conversion of Class A Shares | | | (108 | ) | | | (2,118 | ) | | | (7,467 | ) | | | (146,917 | ) |
Class R3 | | | (250,753 | ) | | | (5,143,964 | ) | | | (913,251 | ) | | | (17,938,934 | ) |
Class R6 | | | (2,115,581 | ) | | | (44,738,180 | ) | | | (4,271,476 | ) | | | (84,946,053 | ) |
Class I | | | (19,026,855 | ) | | | (398,054,839 | ) | | | (55,091,024 | ) | | | (1,075,744,697 | ) |
Class T(1) | | | — | | | | — | | | | (1,131 | ) | | | (22,445 | ) |
| | | | (25,123,478 | ) | | | (524,169,154 | ) | | | (74,445,612 | ) | | | (1,454,944,075 | ) |
Net increase (decrease) | | | (3,985,129 | ) | | $ | (85,082,928 | ) | | | (22,036,641 | ) | | $ | (431,129,376 | ) |
| (1) | Class T Shares were not available for public offering. |
84
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions, where applicable) during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Purchases | | $ | 334,576,391 | | | $ | 29,022,425 | | | $ | 906,828,102 | | | $ | 1,910,680,880 | |
| Sales and maturities | | | 326,107,065 | | | | 28,967,501 | | | | 857,812,991 | | | | 1,958,839,162 | |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of June 30, 2019.
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Tax cost of investments | | $ | 438,297,781 | | | $ | 26,360,052 | | | $ | 1,855,907,073 | | | $ | 2,689,480,483 | |
| Gross unrealized: | | | | | | | | | | | | | | | | |
Appreciation | | | 115,906,231 | | | | 2,324,741 | | | | 124,091,768 | | | | 781,578,770 | |
Depreciation | | | (17,929,735 | ) | | | (578,215 | ) | | | (53,634,841 | ) | | | (91,981,025 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 97,976,496 | | | $ | 1,746,526 | | | $ | 70,456,927 | | | $ | 689,597,745 | |
Permanent differences, primarily due to federal taxes paid, securities litigation settlements, foreign currency transactions, distribution reallocations, nondeductible stock issuance costs, bond premium amortization adjustments, investments in passive foreign investment companies, investments in partnerships, deemed dividend due to corporate actions, Sec. 305(c) adjustments, and complex securities character adjustments, resulted in reclassifications among the Funds’ components of net assets as of December 31, 2018, the Funds’ last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2018, the Funds’ last tax year end, were as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Undistributed net ordinary income1 | | $ | — | | | $ | 131,835 | | | $ | — | | | $ | — | |
| Undistributed net long-term capital gains | | | — | | | | 2,986 | | | | — | | | | 5,560,228 | |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended December 31, 2018 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities2 | | | Real Asset
Income | | | Real Estate
Securities | |
| Distributions from net ordinary income1 | | $ | 17,050,993 | | | $ | 890,956 | | | $ | 94,308,866 | | | $ | 75,657,914 | |
| Distributions from net long-term capital gains | | | 10,688,243 | | | | 38,628 | | | | — | | | | 115,410,084 | |
| Return of capital | | | 1,126,278 | | | | — | | | | 10,461,305 | | | | — | |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
| 2 | For the period March 20, 2018 (commencement of operations) through December 31, 2018. |
85
Notes to Financial Statements(Unaudited) (continued)
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
| | | | | | | | |
| | | Global Infrastructure | | | Global
Real Estate
Securities | |
| Post-October capital losses3 | | $ | 2,712,646 | | | $ | 296,358 | |
| Late-year ordinary losses4 | | | — | | | | — | |
| 3 | Capital losses incurred from November 1, 2018 through December 31, 2018, the Funds’ last tax year end. |
| 4 | Specified losses incurred from November 1, 2018 through December 31, 2018. |
As of December 31, 2018, the Funds’ last tax year end, the following Fund 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.
| | | | |
| | | Real Asset
Income | |
| Not subject to expiration: | | | | |
Short-term | | $ | 34,013,874 | |
Long-term | | | 10,681,224 | |
| Total | | $ | 44,695,098 | |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. TheSub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| | | | | | | | |
| Average Daily Net Assets | | Global
Infrastructure
and Global
Real Estate
Securities | | | Real Estate
Securities | |
| For the first $125 million | | | 0.7500 | % | | | 0.7000 | % |
| For the next $125 million | | | 0.7375 | | | | 0.6875 | |
| For the next $250 million | | | 0.7250 | | | | 0.6750 | |
| For the next $500 million | | | 0.7125 | | | | 0.6625 | |
| For the next $1 billion | | | 0.7000 | | | | 0.6500 | |
| For the next $3 billion | | | 0.6750 | | | | 0.6250 | |
| For the next $2.5 billion | | | 0.6500 | | | | 0.6000 | |
| For the next $2.5 billion | | | 0.6375 | | | | 0.5875 | |
| For net assets over $10 billion | | | 0.6250 | | | | 0.5750 | |
| | | | |
| Average Daily Net Assets | | Real Asset
Income | |
| For the first $125 million | | | 0.6000 | % |
| For the next $125 million | | | 0.5875 | |
| For the next $250 million | | | 0.5750 | |
| For the next $500 million | | | 0.5625 | |
| For the next $1 billion | | | 0.5500 | |
| For the next $3 billion | | | 0.5250 | |
| For the next $5 billion | | | 0.5000 | |
| For net assets over $10 billion | | | 0.4875 | |
86
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and (except for Global Real Estate Securities and Real Asset Income) making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex level fee schedule for each Fund is as follows:
| | | | |
| Complex-Level Eligible Asset Breakpoint Level* | | Effective Complex-Level Fee
Rate at Breakpoint Level | |
| $55 billion | | | 0.2000 | % |
| $56 billion | | | 0.1996 | |
| $57 billion | | | 0.1989 | |
| $60 billion | | | 0.1961 | |
| $63 billion | | | 0.1931 | |
| $66 billion | | | 0.1900 | |
| $71 billion | | | 0.1851 | |
| $76 billion | | | 0.1806 | |
| $80 billion | | | 0.1773 | |
| $91 billion | | | 0.1691 | |
| $125 billion | | | 0.1599 | |
| $200 billion | | | 0.1505 | |
| $250 billion | | | 0.1469 | |
| $300 billion | | | 0.1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets includeclosed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes theclosed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of June 30, 2019, the complex-level fee for each Fund was as follows: |
| | | | |
| Fund | | Complex-Level Fee | |
Global Infrastructure | | | 0.1690 | % |
Global Real Estate Securities | | | 0.1577 | |
Real Asset Income | | | 0.1577 | |
Real Estate Securities | | | 0.1865 | |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitations that expire may be terminated or modified prior to that date only with the approval of the Board.
| | | | | | | | |
| Fund | | Temporary
Expense Cap | | | Temporary
Expense
Cap
Expiration
Date | |
Global Infrastructure | | | 1.00 | % | | | July 31, 2021 | |
Global Real Estate Securities | | | 1.09 | | | | July 31, 2021 | |
Real Asset Income | | | 0.95 | | | | July 31, 2021 | |
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:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Sales charges collected | | $ | 64,705 | | | $ | — | | | $ | 282,429 | | | $ | 31,585 | |
| Paid to financial intermediaries | | | 58,413 | | | | — | | | | 249,900 | | | | 27,652 | |
The Distributor also received12b-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.
87
Notes to Financial Statements(Unaudited) (continued)
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| Commission advances | | $ | 29,500 | | | $ | — | | | $ | 244,168 | | | $ | 15,367 | |
To compensate for commissions advanced to financial intermediaries, all12b-1 service and distribution fees collected on C Shares during the first year following a purchase were retained by the Distributor. During the current fiscal period, the Distributor retained such12b-1 fees as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| 12b-1 fees retained | | $ | 29,632 | | | $ | 189 | | | $ | 274,961 | | | $ | 23,554 | |
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
| | | | | | | | | | | | | | | | |
| | | Global
Infrastructure | | | Global
Real Estate
Securities | | | Real Asset
Income | | | Real Estate
Securities | |
| CDSC retained | | $ | 7,856 | | | $ | — | | | $ | 19,242 | | | $ | 1,138 | |
As of the end of the reporting period, TIAA owned shares of the following Fund:
| | | | |
| | | Global
Real Estate
Securities | |
| Class A Shares | | | 1,250 | |
| Class C Shares | | | 1,250 | |
| Class R6 Shares | | | 1,246,250 | |
| Class I Shares | | | 1,250 | |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 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, none of the Funds utilized this facility.
9. New Accounting Pronouncements
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-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.
10. Subsequent Events
Complex-Level Management Fee
Effective August 1, 2019 (subsequent to the close of the reporting period), “eligible assets” of the complex-level management fee will include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year.
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Additional Fund Information
| | | | | | | | | | |
| | | | | |
| | Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | | Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606 Custodians State Street Bank & Trust
Company One Lincoln Street Boston, MA 02111 U.S. Bank National Association* 1555 North RiverCenter Drive Suite 302 Milwaukee, WI 53202 | | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | | Transfer Agent and
Shareholder Services DST Asset Manager Solutions, Inc. (DST) P.O. Box 219140 Kansas City, MO 64121-9140 (800) 257-8787 | | |
| | | | | |
| | | | * For Nuveen Real Estate Securities Fund only. | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | |
| |
| | Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov. |
| | | | | |
| | | | | | | | | | |
| |
| | Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at(800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. |
| | | | | |
| | | | | | | | | | |
| |
| | FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FlNRA.org. |
89
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.
Basis Point: One one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%.
Beta: A measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market.
Bloomberg Barclays U.S. Corporate High Yield Bond Index: An index that covers the universe of fixed-rate, non-investment-grade corporate debt of issuers in non-emerging market countries. Eurobonds and debt issues from countries designated as emerging markets are excluded. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
FTSE EPRA/NAREIT (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investments Trust) Developed Index TR (Total Return) (old benchmark): An index designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
FTSE EPRA/NAREIT (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investments Trust) Developed Index NR (Net Return) (new benchmark): An index designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Lipper Global Infrastructure Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Infrastructure Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Global Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Return Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Return Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Morgan Stanley Capital International (MSCI) All Country World Index (ACWI): A free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
90
MSCI U.S. REIT Index: An unmanaged index that tracks the performance of real estate investment trusts (REITs). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Real Asset Income Blend (old benchmark): A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Benchmark returns do not include the effects of any sales charges or management fees.
| | | | |
Weighting
Percentage | | Index | | Definition |
| 28% | | S&P Global Infrastructure Index TR (Total Return) | | An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. |
| 21% | | Financial Times Stock Exchange - European Public Real Estate Association/National Association of Real Estate Investments Trust
(FTSE EPRA/NAREIT) Developed Index TR (Total Return) | | An index designed to track the performance of listed real estate companies and REITs worldwide. |
| 18% | | Wells Fargo Hybrid & Preferred Securities REIT Index TR | | An Index designed to track the performance of preferred securities issued in the U.S. market by real estate investment trusts (REITs). The index is composed exclusively of preferred shares and depositary shares. |
| 18% | | Bloomberg Barclays U.S. Corporate High Yield Bond Index TR | | An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. |
| 15% | | Bloomberg Barclays Global Capital Securities Index TR | | An index that tracks fixed-rate, investment grade capital securities denominated in USD, EUR and GBP. |
Real Asset Income Blend (new benchmark): A five index blend comprised of weightings approximating the Fund’s proposed portfolio. The Fund’s proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Benchmark returns do not include the effects of any sales charges or management fees.
| | | | |
Weighting
Percentage | | Index | | Definition |
| 28% | | S&P Global Infrastructure Index NR (Net Return) | | An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. |
| 21% | | Financial Times Stock Exchange - European Public Real Estate Association/National Association of Real Estate Investments Trust
(FTSE EPRA/NAREIT) Developed Index NR (Net Return) | | An index designed to track the performance of listed real estate companies and REITs worldwide. |
| 18% | | Wells Fargo Hybrid & Preferred Securities REIT Index TR | | An Index designed to track the performance of preferred securities issued in the U.S. market by real estate investment trusts (REITs). The index is composed exclusively of preferred shares and depositary shares. |
| 18% | | Bloomberg Barclays U.S. Corporate High Yield Bond Index TR | | An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. |
| 15% | | Bloomberg Barclays Global Capital Securities Index TR | | An index that tracks fixed-rate, investment grade capital securities denominated in USD, EUR and GBP. |
S&P 500®: An unmanaged Index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not reflect of any applicable sales charges or management fees.
S&P Global Infrastructure Index TR (Total Return) (old benchmark): An index that provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Glossary of Terms Used in this Report(continued)
S&P Global Infrastructure Index NR (Net Return) (new benchmark): An index that provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
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Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held onMay 21-23, 2019 (the“May Meeting”), the Board of Trustees or Directors, as applicable (the“Board” and each Trustee or Director, a“Board Member”) of the Funds, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the“1940 Act”)) (the“Independent Board Members”), approved, for each Fund, the renewal of the management agreement (each, an“Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the“Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and thesub-advisory agreement (each, a“Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the“Sub-Adviser”) pursuant to which theSub-Adviser serves as thesub-adviser to such Fund. Following an initialtwo-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement andSub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements andSub-Advisory Agreements are collectively referred to as the“Advisory Agreements”and the Adviser and theSub-Adviser are collectively, the“Fund Advisers” and each, a“Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of theSub-Adviser and investment team; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and theSub-Adviser; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board Members held anin-person meeting onApril 17-18, 2019 (the“April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the varioussub-advisers to the Nuveen funds. The Independent Board Members asked questions and requested additional information that was provided for the May Meeting.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; compliance, regulatory and risk management matters; the trading practices of the varioussub-advisers; valuation of securities; fund expenses; payments to financial intermediaries, including12b-1 fees andsub-transfer agency fees; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the varioussub-advisers to the Nuveen funds and their investment teams, when feasible. The Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or theSub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor or information as determinative or controlling, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to
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Annual Investment Management Agreement Approval Process(Unaudited) (continued)
such services provided during the last year. The Board recognized that the Adviser provides a comprehensive set of services necessary to operate the Nuveen funds in a highly regulated industry and noted that the scope of such services has expanded over the years as a result of regulatory, market and other developments, such as the development of the liquidity management program and expanded compliance programs. Some of the functions the Adviser is responsible for include, but are not limited to: product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); investment oversight (such as analyzing fund performance,sub-advisers and investment teams and analyzing trade executions of portfolio transactions, soft dollar practices and securities lending activities); securities valuation services (such as executing the daily valuation process for portfolio securities and developing and recommending changes to valuation policies and procedures); risk management (such as overseeing operational and investment risks, including stress testing); fund administration (such as preparing fund tax returns and other tax compliance services, overseeing the Nuveen funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as oversight and liaison of transfer agent service providers which include registered shareholder customer service and transaction processing); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as developing and maintaining a compliance program to ensure compliance with applicable laws and regulations, monitoring compliance with applicable fund policies and procedures and adherence to investment restrictions, and evaluating the compliance programs of the Nuveen fundsub-advisers and certain other service providers); and legal support and oversight of outside law firms (such as with respect to filing and updating registration statements; maintaining various regulatory registrations; and providing legal interpretations regarding fund activities, applicable regulations and implementation of policies and procedures). In reviewing the scope and quality of services, the Board recognized the continued efforts and resources the Adviser and its affiliates have employed to continue to enhance their services for the benefit of the complex as well as particular Nuveen funds over recent years. Such service enhancements have included, but are not limited to:
| | • | | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
| | • | | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
| | • | | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancingcompliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
| | • | | Risk Management and Valuation Services – continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
| | • | | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
| | • | | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
| | • | | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
| | • | | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
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The Board further considered the division of responsibilities between the Adviser and theSub-Adviser and recognized that theSub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio. The Board noted that the Adviser oversees theSub-Adviser and considered an analysis of theSub-Adviser provided by the Adviser which included, among other things, theSub-Adviser’s assets under management and changes thereto, a summary of the investment team and changes thereto, the investment approach of the team and the performance of the fundssub-advised by theSub-Adviser over various periods. The Board further considered at the May Meeting or prior meetings evaluations of theSub-Adviser’s compliance program and trade execution. The Board noted that the Adviser recommended the renewal of theSub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered the investment performance of the Nuveen funds they advise. In this regard, the Board reviewed Fund performance over the quarter,one-,three- andfive-year periods ending December 31, 2018 (or for shorter periods available in the case of Nuveen Global Real Estate Securities Fund (the“Global Real Estate Securities Fund”), which was not in existence for part of the foregoing timeframe), as well as performance data for the first quarter of 2019 ending March 29, 2019. The performance data was based on Class A shares; however, the performance of other classes should be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes would be principally attributed to the variations in the expense structures of the classes. Unless otherwise indicated, the performance data referenced below reflects the periods ended December 31, 2018. The Board considered the Adviser’s analysis of each fund’s performance, with particular focus on funds that were considered performance outliers and the factors contributing to their performance. The Board also noted that it received performance data of the Nuveen funds during its quarterly meetings throughout the year and took into account the discussions that occurred at these Board meetings regarding fund performance. In this regard, in its evaluation of Nuveen fund performance at meetings throughout the year, the Board considered performance information for the funds for different time periods, both absolute and relative to appropriate benchmarks and peers, with particular attention to information indicating underperformance of the respective funds and discussed with the Adviser the reasons for such underperformance.
The Board reviewed both absolute and relative fund performance during the annual review. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the“Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high. Depending on the facts and circumstances, however, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below its benchmark or peer group for certain periods. In addition, the performance data may vary significantly depending on the end date selected, and shareholders may evaluate fund performance based on their own holding period which may differ from the performance periods reviewed by the Board leading to different results. Further, the Board considered a fund’s performance in light of the overall financial market conditions during the respective periods. As noted above, the Board reviewed, among other things, Nuveen fund performance over various periods ended December 31, 2018, and the Board was aware of the market decline in the fourth quarter of 2018 and considered performance from the first quarter of 2019 as well. The Board also noted that a shorter period of underperformance may significantly impact longer term performance.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For Nuveen Real Estate Securities Fund (the“Real Estate Securities Fund”), the Board noted that although the Fund’s performance was below its benchmark in theone-,three- andfive-year periods, the Fund ranked in the second quartile of its Performance Peer Group in theone- andthree-year periods and first quartile in thefive-year period. The Board was satisfied with the Fund’s overall performance.
For the Global Real Estate Securities Fund, the Board noted that the Fund was new with available performance information that was too limited to make a meaningful assessment of performance.
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Annual Investment Management Agreement Approval Process(Unaudited) (continued)
For Nuveen Global Infrastructure Fund (the“Global Infrastructure Fund”), the Board noted that although the Fund’s performance was below its benchmark in thethree-year period, the Fund outperformed its benchmark in theone- andfive-year periods and ranked in the second quartile of its Performance Peer Group in theone- andfive-year periods and third quartile in the three-year period. The Board was satisfied with the Fund’s overall performance.
For Nuveen Real Asset Income Fund (the“Real Asset Income Fund”), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in theone- and three-year periods and first quartile in the five-year period. The Board, however, noted the Performance Peer Group was rated low for relevancy. The Fund also outperformed the performance of its benchmark in theone-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Nuveen fund, before and after any undertaking by Nuveen to limit the fund’s total annual operating expenses to certain levels. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the“Peer Universe”) and to a more focused subset of comparable funds (the“Peer Group”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and Peer Group and recognized that differences between the applicable fund and its respective Peer Universe and/or Peer Group as well as changes to the composition of the Peer Group and/or Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an“Expense Outlier Fund”), including the Real Asset Income Fund, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including thecomplex-wide andfund-level breakpoint schedules, and the expense reimbursements and/or fee waivers provided by Nuveen for each fund, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $51.5 million and fund-level breakpoints reduced fees by $55.1 million in 2018. Further, fee caps and waivers for all applicable Nuveen funds saved an additional $15 million in fees for shareholders in 2018.
With respect to theSub-Adviser, the Board considered thesub-advisory fee paid to theSub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees theSub-Adviser charges to other clients, if any.
The Independent Board Members noted that the Global Infrastructure Fund and the Global Real Estate Securities Fund each had a net management fee and a net expense ratio that were below the respective peer averages. The Board further noted that the Global Real Estate Securities Fund did not incur a management fee after fee waivers and expense reimbursements for the last fiscal year. The Independent Board Members noted that the Real Estate Securities Fund had a net management fee and a net expense ratio that were in line with the respective peer averages. The Board noted that the Real Asset Income Fund had a net management fee that was in line with the peer average, but a net expense ratio that was slightly higher than the peer average. The Independent Board Members noted that the net expense ratio of the Real Asset Income Fund was slightly higher than the peer average due to, among other things, the smaller size of the Fund compared to peers in the Peer Group and the management fee of a peer that was subject to performance adjustments. Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. For the Adviser and/or theSub-Adviser, such other clients may include retail and institutional managed accounts;sub-advised funds outside the Nuveen family; foreign investment companies offered by Nuveen; and collective investment trusts. The Board further noted that the Adviser also advised certain exchange-traded funds (“ETFs”) sponsored by Nuveen.
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The Board recognized that each Fund had an affiliatedsub-adviser and, with respect to affiliatedsub-advisers, reviewed, among other things, the range of fees assessed for managed accounts and foreign investment companies offered by Nuveen. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts by theSub-Adviser and of thenon-Nuveen investment companiessub-advised by affiliatedsub-advisers.
In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to certain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board noted, among other things, the wide range of services in addition to investment management services provided to the Nuveen funds when the Adviser is principally responsible for all aspects of operating the funds, including the increased regulatory requirements that must be met in managing the funds, the larger account sizes of managed accounts and the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs are passively managed compared to the active management of other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that theSub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other externalsub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2018 and 2017. The Board reviewed, among other things, Nuveen’s net margins(pre-tax) (both including and excluding distribution expenses); gross and net revenue margins(pre- andpost-tax); revenues, expenses, and net income(pre-tax andafter-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the adjusted margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line that was launched in 2016. The Independent Board Members noted that Nuveen’s net margins were higher in 2018 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board considered the costs of investments in the Nuveen business, including the investment of seed capital in certain Nuveen funds and additional investments in infrastructure and technology. The Independent Board Members also noted that Nuveen’s adjusted margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers; however, the Independent Board Members recognized the inherent limitations of the comparative data of other publicly traded peers given that the calculation of profitability is rather subjective and numerous factors (such as types of funds, business mix, cost of capital, methodology to allocate expenses and other factors) can have a significant impact on the results.
The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over theten-year period from 2008 to 2018, and recognized that other reasonable allocation methodologies could be employed and lead to significantly different results. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review profitability and discuss any proposed changes to the methodology prior to the full Board’s review.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2018 and 2017 calendar years to consider the financial strength of TIAA having recognized the importance of having an adviser with significant resources.
In addition to Nuveen, the Independent Board Members also considered the profitability of theSub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed theSub-Adviser’s revenues, expenses and revenue margins(pre- andpost-tax) for its advisory activities for the calendar year ended December 31, 2018. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin(pre- andpost-tax) by asset type for theSub-Adviser for the calendar year ending December 31, 2018 and thepre- andpost-tax revenue margin from 2018 and 2017.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and theSub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
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Annual Investment Management Agreement Approval Process(Unaudited) (continued)
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members noted that although economies of scale are difficult to measure, the Adviser shares the benefits of economies of scale in various ways including breakpoints in the management fee schedule (subject to limited exceptions), fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in its business which can enhance the services provided to the funds for the fees paid. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular Nuveen fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of afund-level component and acomplex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on the Nuveen funds as the eligible assets in the complex pass certain thresholds. The Independent Board Members reviewed, among other things, the fund-level andcomplex-level fee schedules and the temporary and/or permanent expense caps applicable to certain Nuveen funds (including the amounts of fees waived or amounts reimbursed to the respective funds in 2017 and 2018), including the temporary expense caps applicable to the Global Infrastructure Fund, Global Real Estate Securities Fund and Real Asset Income Fund. The Independent Board Members noted that as a result of fund-level management fee changes implemented in June 2017, none of the Nuveenopen-end funds were above their top level fee breakpoint.
In addition, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system as well as other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members recognized that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to theopen-end funds. The Independent Board Members further noted that the Nuveenopen-end funds pay12b-1 fees and while a majority of such fees were paid to third party broker-dealers, the Board reviewed the amount retained by the Adviser’s affiliate as a result of serving as principal underwriter. In addition, the Independent Board Members also noted that theSub-Adviser engages in soft dollar transactions pursuant to which it may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds.
The Board, however, noted that the benefits for theSub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although theSub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Nuveen funds to the extent it enhances the ability of theSub-Adviser to manage such funds or is acquired through the commissions paid on portfolio transactions of other clients.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously asall-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at(800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:www.nuveen.com/mutual-funds
| | |
Nuveen Securities, LLC, member FINRA and SIPC |
333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | | MSA-FREGIF-0619D 915379-INV-B-08/20 |
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)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(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.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust V
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| By | | (Signature and Title) | | /s/ Christopher M. Rohrbacher | | |
| | | | Christopher M. Rohrbacher Vice President and Secretary | | |
Date: September 5, 2019
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.
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| By | | (Signature and Title) | | /s/ Greg A. Bottjer | | |
| | | | Greg A. Bottjer Chief Administrative Officer (principal executive officer) | | |
Date: September 5, 2019
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| By | | (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham Vice President and Controller (principal financial officer) | | |
Date: September 5, 2019
