JMF
Nuveen Energy MLP Total Return Fund
Portfolio of Investments February 29, 2020
(Unaudited)
Shares/Units | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 146.2% (100.0% of Total Investments) | ||||||||
MASTER LIMITED PARTNERSHIPS & MLP AFFILIATES – 137.1% (93.7% of Total Investments) | ||||||||
Oil, Gas & Consumable Fuels – 137.1% (93.7% of Total Investments) | ||||||||
753,619 | Crestwood Equity Partners LP | $15,705,420 | ||||||
802,077 | DCP Midstream LP | 12,504,380 | ||||||
590,788 | Delek Logistics Partners LP | 12,696,034 | ||||||
2,001,365 | Enable Midstream Partners LP | 12,408,463 | ||||||
3,408,693 | Energy Transfer LP | 37,768,318 | ||||||
1,078,489 | Enterprise Products Partners LP | 25,171,933 | ||||||
1,415,027 | Genesis Energy LP | 14,051,218 | ||||||
522,947 | Holly Energy Partners LP | 10,845,921 | ||||||
642,250 | KNOT Offshore Partners LP, (2) | 10,500,788 | ||||||
1,775,156 | MPLX LP | 36,017,915 | ||||||
2,498,135 | NGL Energy Partners LP | 20,384,782 | ||||||
444,005 | Noble Midstream Partners LP | 6,815,477 | ||||||
891,725 | NuStar Energy LP | 20,242,157 | ||||||
547,100 | PBF Logistics LP | 10,378,487 | ||||||
507,010 | Phillips 66 Partners LP | 27,566,134 | ||||||
1,475,948 | Plains All American Pipeline LP | 20,176,209 | ||||||
132,855 | Sunoco LP | 3,591,071 | ||||||
980,540 | USD Partners LP | 8,864,082 | ||||||
826,906 | Western Midstream Partners LP | 10,799,392 | ||||||
Total Oil, Gas & Consumable Fuels | 316,488,181 | |||||||
Total Master Limited Partnerships & MLP Affiliates (cost $389,465,955) | 316,488,181 |
Shares | Description (1) | Value | ||||||
COMMON STOCKS – 9.1% (6.3% of Total Investments) | ||||||||
Oil, Gas & Consumable Fuels – 9.1% (6.3% of Total Investments) | ||||||||
171,383 | ONEOK Inc, (2) | $11,434,674 | ||||||
299,640 | Targa Resources Corp., (2) | 9,708,336 | ||||||
Total Oil, Gas & Consumable Fuels | 21,143,010 | |||||||
Total Common Stocks (cost $16,940,720) | 21,143,010 | |||||||
Total Long-Term Investments (cost $406,406,675) | 337,631,191 | |||||||
Borrowings – (51.4)% (3), (4) | (118,600,000) | |||||||
Deferred Tax Liability, net – (0.1)% | (260,105) | |||||||
Other Assets Less Liabilities – 5.3% (5) | 12,112,938 | |||||||
Net Assets Applicable to Common Shares – 100% | $230,884,024 |
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JMF | Nuveen Energy MLP Total Return Fund(continued) |
Portfolio of Investments February 29, 2020 | |
(Unaudited) |
Investments in Derivatives
Interest Rate Swaps - OTC Uncleared | ||||||||||
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date (6) | Optional Termination Date | Maturity Date | Value | Unrealized Appreciation (Depreciation) |
JPMorgan Chase Bank, N.A. | $94,500,000 | Receive | 1-Month LIBOR | 1.969% | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $(7,486,210) | $(7,486,210) |
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: | ||||
Master Limited Partnerships & MLP Affiliates | $316,488,181 | $ — | $ — | $316,488,181 |
Common Stocks | 21,143,010 | — | — | 21,143,010 |
Investments in Derivatives: | ||||
Interest Rate Swaps* | — | (7,486,210) | — | (7,486,210) |
Total | $337,631,191 | $(7,486,210) | $ — | $330,144,981 |
* | Represents net unrealized appreciation (depreciation). |
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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 applicable to common shares unless otherwise noted. | |
(2) | All, or a portion of, distributions designated as ordinary income which is recognized as "Dividends" on the Statement of Operations. | |
(3) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. | |
(4) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $262,818,495 have been pledged as collateral for borrowings. | |
(5) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. | |
(6) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. | |
LIBOR | London Inter-Bank Offered Rate |
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