Nuveen Core Impact Bond Managed Accounts
Statement of Operations July 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 75.0% | ||||||||
CORPORATE BONDS – 57.0% | ||||||||
Banks – 28.5% | ||||||||
$250 | African Development Bank | 3.000% | 12/06/21 | AAA | $259,248 | |||
250 | Asian Development Bank | 0.019% | 8/10/22 | AAA | 258,194 | |||
250 | Bank of America Corp | 3.499% | 5/17/22 | A+ | 255,850 | |||
250 | Bank of America Corp | 2.456% | 10/22/25 | A+ | 265,256 | |||
250 | European Bank for Reconstruction & Development | 1.875% | 7/15/21 | AAA | 253,853 | |||
250 | European Investment Bank | 0.025% | 10/15/24 | AAA | 272,794 | |||
250 | International Bank for Reconstruction & Development | 2.125% | 3/03/25 | Aaa | 270,061 | |||
250 | International Bank for Reconstruction & Development | 3.125% | 11/20/25 | AAA | 284,938 | |||
250 | Kreditanstalt fuer Wiederaufbau | 2.000% | 9/29/22 | AAA | 259,711 | |||
250 | Kreditanstalt fuer Wiederaufbau | 1.750% | 9/14/29 | AAA | 274,003 | |||
260 | NongHyup Bank, 144A | 1.250% | 7/20/25 | A+ | 261,095 | |||
2,760 | Total Banks | 2,915,003 | ||||||
Beverages – 2.9% | ||||||||
250 | PepsiCo Inc | 2.875% | 10/15/49 | A+ | 289,607 | |||
Chemicals – 2.7% | ||||||||
250 | LG Chem Ltd, 144A | 3.625% | 4/15/29 | BBB+ | 278,726 | |||
Electric Utilities – 15.3% | ||||||||
500 | Avangrid Inc | 3.800% | 6/01/29 | Baa1 | 595,795 | |||
250 | Electricite de France S.A., 144A | 0.036% | 10/13/25 | A3 | 282,460 | |||
250 | Niagara Mohawk Power Corp, 144A | 1.960% | 6/27/30 | A- | 261,772 | |||
100 | Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A | 4.500% | 8/15/28 | BB- | 106,000 | |||
250 | Southwestern Public Service Co | 3.750% | 6/15/49 | A | 317,350 | |||
1,350 | Total Electric Utilities | 1,563,377 | ||||||
Equity Real Estate Investment Trust – 2.3% | ||||||||
225 | Regency Centers LP | 3.750% | 6/15/24 | BBB+ | 237,260 | |||
Semiconductors & Semiconductor Equipment – 2.7% | ||||||||
250 | NXP BV / NXP Funding LLC / NXP USA Inc, 144A | 3.400% | 5/01/30 | BBB | 276,058 | |||
Technology Hardware, Storage & Peripherals – 2.6% | ||||||||
250 | Apple Inc | 0.029% | 2/23/23 | AA+ | 265,018 | |||
$5,335 | Total Corporate Bonds (cost $5,803,140) | 5,825,049 |
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Nuveen Core Impact Bond Managed Accounts (continued)
Statement of Operations July 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SOVEREIGN DEBT – 10.2% | ||||||
Indonesia – 2.4% | ||||||
$225 | Perusahaan Penerbit SBSN Indonesia III, 144A | 3.900% | 8/20/24 | BBB | $243,896 | |
Netherlands – 5.3% | ||||||
250 | Nederlandse Waterschapsbank NV, 144A | 3.125% | 12/05/22 | AAA | 266,340 | |
250 | Nederlandse Waterschapsbank NV, 144A | 0.024% | 3/24/26 | AAA | 274,712 | |
500 | Total Netherlands | 541,052 | ||||
Sweden – 2.5% | ||||||
250 | Kommuninvest I Sverige AB, 144A | 1.875% | 6/01/21 | AAA | 253,273 | |
$975 | Total Sovereign Debt (cost $1,037,971) | 1,038,221 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 2.7% | ||||||
$250 | United States Department of Housing and Urban Development | 2.738% | 8/01/25 | N/R | $277,635 | |
$250 | Total U.S. Government and Agency Obligations (cost $277,044) | 277,635 |
Principal Amount (000) | Description (1) | Optional Call Provisions (3) | Ratings (2) | Value | ||
MUNICIPAL BONDS – 2.7% | ||||||
Michigan – 2.7% | ||||||
$250 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Taxable Refunding Senior Lien Series 2020A, 3.056%, 7/01/39 | No Opt. Call | AA- | $277,375 | ||
$250 | Total Municipal Bonds (cost $274,580) | 277,375 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
ASSET-BACKED SECURITIES – 2.4% | ||||||||
$250 | Tesla Auto Lease Trust 2020-A, 144A | 0.780% | 12/20/23 | N/R | $249,908 | |||
$250 | Total Asset-Backed Securities (cost $249,940) | 249,908 | ||||||
Total Long-Term Investments (cost $7,642,675) | 7,668,188 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
SHORT-TERM INVESTMENTS – 29.8% | ||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 29.8% | ||||||||
$3,054 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 8/03/20 | N/R | $3,053,993 | |||
$3,054 | Total Short-Term Investments (cost $3,053,993) | 3,053,993 | ||||||
Total Investments (cost $10,696,668) – 104.8% | 10,722,181 | |||||||
Other Assets Less Liabilities – (4.8)% | (495,711) | |||||||
Net Assets – 100% | $10,226,470 |
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Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Corporate Bonds | $ — | $5,825,049 | $ — | $5,825,049 |
Sovereign Debt | — | 1,038,221 | — | 1,038,221 |
U.S. Government and Agency Obligations | — | 277,635 | — | 277,635 |
Municipal Bonds | — | 277,375 | — | 277,375 |
Asset-Backed Securities | — | 249,908 | — | 249,908 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 3,053,993 | — | 3,053,993 |
Total | $ — | $10,722,181 | $ — | $10,722,181 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
(3) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
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. |
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