UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
Nushares ETF Trust
(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
Nuveen Investments
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: July 31
Date of reporting period: July 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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.
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img6ba52a2e1.gif)
Fund Name | Listing Exchange | Ticker Symbol | |||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | NYSE Arca | NUAG | |||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | NYSE Arca | NUSA | |||
Nuveen ESG U.S. Aggregate Bond ETF | NYSE Arca | NUBD |
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img6ba52a2e1.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img45df10be2.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img55301d673.jpg)
Average Annual | ||
1-Year | Since Inception | |
NUAG at NAV | 8.03% | 2.63% |
NUAG at Market Price | 7.77% | 2.56% |
ICE BofAML Enhanced Yield U.S. Broad Bond Index | 9.02% | 3.22% |
ICE BofAML U.S. Broad Market Index | 8.27% | 2.58% |
Average Annual | ||
1-Year | Since Inception | |
NUAG at NAV | 7.82% | 2.53% |
NUAG at Market Price | 7.66% | 2.48% |
Expense Ratio | 0.20% |
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img55a48c814.gif)
Average Annual | ||
1-Year | Since Inception | |
NUSA at NAV | 5.37% | 2.59% |
NUSA at Market Price | 5.31% | 2.62% |
ICE BofAML Enhanced Yield 1-5 Year U.S. Broad Bond Index | 5.90% | 2.93% |
ICE BofAML 1-5 Year U.S. Broad Market Index | 5.38% | 2.48% |
Average Annual | ||
1-Year | Since Inception | |
NUSA at NAV | 5.48% | 2.69% |
NUSA at Market Price | 5.44% | 2.71% |
Expense Ratio | 0.20% |
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058imgcbf2bce75.gif)
Average Annual | ||
1-Year | Since Inception | |
NUBD at NAV | 7.89% | 3.44% |
NUBD at Market Price | 7.84% | 3.49% |
Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index | 8.04% | 3.62% |
Bloomberg Barclays U.S. Aggregate Bond Index | 8.08% | 3.63% |
Average Annual | ||
1-Year | Since Inception | |
NUBD at NAV | 7.61% | 3.49% |
NUBD at Market Price | 7.54% | 3.55% |
Expense Ratio | 0.20% |
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058imgf124cb386.gif)
Dividend Rate | 3.42% |
SEC 30-Day Yield | 2.62% |
Dividend Rate | 2.87% |
SEC 30-Day Yield | 2.19% |
Dividend Rate | 2.68% |
SEC 30-Day Yield | 1.93% |
Fund Allocation (% of net assets) | |
Securitized | 33.8% |
Corporate Debt | 32.5% |
U.S. Treasury | 22.9% |
Government Related - Long-Term | 9.5% |
Government Related - Short-Term | 0.6% |
Other Assets Less Liabilities | 0.7% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 45.9% |
Financials | 28.7% |
Utility | 25.4% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 4.0% |
AA | 5.7% |
A | 12.2% |
BBB | 23.4% |
U.S. Treasury/Agency | 54.7% |
Total | 100% |
Fund Allocation (% of net assets) | |
Corporate Debt | 51.5% |
U.S. Treasury | 24.9% |
Securitized | 22.3% |
Government Related - Short-Term | 0.7% |
Other Assets Less Liabilities | 0.6% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 20.6% |
Financials | 56.8% |
Utility | 22.6% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 15.0% |
AA | 8.5% |
A | 19.2% |
BBB | 24.2% |
U.S. Treasury/Agency | 33.1% |
Total | 100% |
Fund Allocation (% of net assets) | |
U.S. Treasury | 39.3% |
Securitized | 29.1% |
Corporate Debt | 24.0% |
Government Related - Long-Term | 6.0% |
Government Related - Short-Term | 4.7% |
Other Assets Less Liabilities | (3.1)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 59.6% |
Financials | 32.2% |
Utility | 8.2% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 3.9% |
AA | 3.5% |
A | 11.3% |
BBB | 9.0% |
U.S. Treasury/Agency | 72.3% |
Total | 100% |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,061.10 |
Expenses Incurred During Period | $1.02 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.80 |
Expenses Incurred During the Period | $1.00 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,031.10 |
Expenses Incurred During Period | $1.01 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.80 |
Expenses Incurred During the Period | $1.00 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,051.60 |
Expenses Incurred During Period | $1.02 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.80 |
Expenses Incurred During the Period | $1.00 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 98.7% | ||||||
SECURITIZED – 33.8% | ||||||
$300 | Americredit Automobile Receivables Trust 2019-1 B | 3.130% | 2/18/25 | AA+ | $303,869 | |
290 | Capital One Multi-Asset Execution Trust | 2.840% | 12/15/24 | AAA | 294,977 | |
100 | CarMax Auto Owner Trust | 3.270% | 3/15/24 | AAA | 102,906 | |
200 | Citibank Credit Card Issuance Trust | 3.210% | 12/07/24 | Aaa | 206,826 | |
250 | COMM 2015-LC19 Mortgage Trust | 3.527% | 2/10/48 | AAA | 260,020 | |
500 | Csail 2015-C2 Commercial Mortgage Trust | 3.849% | 6/15/57 | Aa2 | 526,874 | |
1,272 | Fannie Mae Pool AL9125 | 4.000% | 10/01/43 | N/R | 1,348,261 | |
680 | Fannie Mae Pool AS6302 | 3.500% | 12/01/45 | N/R | 701,410 | |
802 | Fannie Mae Pool AX4887 | 4.000% | 12/01/44 | N/R | 845,184 | |
68 | Fannie Mae Pool MA1489 | 3.000% | 7/01/43 | Aaa | 69,007 | |
873 | Fannie Mae Pool MA2929 | 3.500% | 3/01/47 | Aaa | 900,222 | |
1,107 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 1,141,317 | |
334 | Fannie Mae Pool MA3211 | 4.000% | 12/01/47 | Aaa | 347,964 | |
594 | Fannie Mae Pool MA3239 | 4.000% | 1/01/48 | Aaa | 619,017 | |
894 | Fannie Mae Pool MA3276 | 3.500% | 2/01/48 | Aaa | 921,534 | |
213 | Fannie Mae Pool MA3277 | 4.000% | 2/01/48 | N/R | 222,156 | |
453 | Fannie Mae Pool MA3305 | 3.500% | 3/01/48 | N/R | 466,841 | |
151 | Fannie Mae Pool MA3306 | 4.000% | 3/01/48 | N/R | 157,287 | |
476 | Fannie Mae Pool MA3332 | 3.500% | 4/01/48 | Aaa | 490,835 | |
810 | Fannie Mae Pool MA3383 | 3.500% | 6/01/48 | Aaa | 833,689 | |
441 | Fannie Mae Pool MA3467 | 4.000% | 9/01/48 | Aaa | 456,548 | |
491 | Fannie Mae Pool MA3663 | 3.500% | 5/01/49 | Aaa | 502,924 | |
2,000 | Fannie Mae Pool MA3744 | 3.000% | 8/01/49 | N/R | 2,017,722 | |
4,500 | Fannie Mae Pool MA3774, (WI/DD) | 3.000% | 8/01/49 | N/R | 4,539,874 | |
470 | Ford Credit Auto Owner Trust 2016-REV2, 144A | 2.030% | 12/15/27 | AAA | 467,694 | |
857 | Freddie Mac Gold Pool G08797 | 4.000% | 1/01/48 | N/R | 893,324 | |
399 | Freddie Mac Gold Pool G08800 | 3.500% | 2/01/48 | N/R | 411,484 | |
59 | Ginnie Mae II Pool MA2149 | 4.000% | 8/20/44 | N/R | 62,103 | |
706 | Ginnie Mae II Pool MA3310 | 3.500% | 12/20/45 | Aaa | 734,766 | |
203 | Ginnie Mae II Pool MA3311 | 4.000% | 12/20/45 | Aaa | 214,151 | |
255 | Ginnie Mae II Pool MA3874 | 3.500% | 8/20/46 | Aaa | 264,915 | |
163 | Ginnie Mae II Pool MA3937 | 3.500% | 9/20/46 | Aaa | 169,015 | |
434 | Ginnie Mae II Pool MA4900 | 3.500% | 12/20/47 | Aaa | 448,484 | |
350 | Ginnie Mae II Pool MA4962 | 3.500% | 1/20/48 | Aaa | 362,465 | |
496 | Ginnie Mae II Pool MA5875 | 3.500% | 4/20/49 | Aaa | 512,877 | |
100 | Honda Auto Receivables 2018-4 Owner Trust | 3.300% | 7/15/25 | AAA | 102,749 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$500 | SoFi Professional Loan Program 2017-E LLC, 144A | 2.720% | 11/26/40 | AAA | $501,091 | |
100 | Toyota Auto Receivables 2018-D Owner Trust | 3.300% | 2/15/24 | AAA | 103,049 | |
200 | Verizon Owner Trust 2019-A | 2.930% | 9/20/23 | AAA | 203,150 | |
250 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 4.020% | 8/15/50 | Aaa | 261,807 | |
$23,341 | Total Securitized (cost $23,786,149) | 23,990,388 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 32.5% | ||||||
Financials – 9.3% | ||||||
$124 | Air Lease Corp | 3.875% | 7/03/23 | BBB | $128,629 | |
50 | Aircastle Ltd | 5.000% | 4/01/23 | BBB- | 52,777 | |
100 | American Express Co | 3.125% | 5/20/26 | A | 102,559 | |
300 | American International Group Inc | 4.200% | 4/01/28 | BBB+ | 321,843 | |
200 | Anthem Inc | 3.500% | 8/15/24 | A | 206,983 | |
169 | Aon Corp | 3.750% | 5/02/29 | A- | 177,444 | |
139 | Ares Capital Corp | 4.250% | 3/01/25 | BBB | 142,210 | |
76 | AXIS Specialty Finance PLC | 4.000% | 12/06/27 | A- | 78,651 | |
77 | Bank of Montreal | 3.803% | 12/15/32 | A+ | 78,420 | |
91 | Bank of New York Mellon Corp/The | 3.850% | 4/28/28 | AA- | 99,307 | |
40 | Barclays Bank PLC | 3.750% | 5/15/24 | A+ | 41,344 | |
200 | Barclays PLC | 3.932% | 5/07/25 | A | 202,058 | |
23 | BB&T Corp | 3.700% | 6/05/25 | A+ | 24,379 | |
31 | Brixmor Operating Partnership LP | 4.125% | 5/15/29 | BBB- | 32,644 | |
208 | Capital One Financial Corp | 3.800% | 1/31/28 | A- | 215,529 | |
81 | Charles Schwab Corp/The | 3.250% | 5/22/29 | A | 84,081 | |
103 | Citigroup Inc | 4.125% | 7/25/28 | A- | 108,914 | |
227 | Citigroup Inc | 4.750% | 5/18/46 | A- | 257,725 | |
71 | CNA Financial Corp | 3.900% | 5/01/29 | BBB+ | 74,567 | |
147 | Discover Bank | 4.650% | 9/13/28 | BBB+ | 161,943 | |
148 | Fifth Third Bancorp | 3.950% | 3/14/28 | A- | 160,139 | |
147 | GATX Corp | 4.550% | 11/07/28 | BBB | 160,259 | |
20 | Goldman Sachs Group Inc/The | 3.750% | 2/25/26 | A | 20,931 | |
26 | Goldman Sachs Group Inc/The | 3.500% | 11/16/26 | A | 26,718 | |
85 | Goldman Sachs Group Inc/The | 4.223% | 5/01/29 | A | 91,551 | |
126 | Goldman Sachs Group Inc/The | 4.411% | 4/23/39 | A | 137,622 | |
89 | Hartford Financial Services Group Inc/The | 4.400% | 3/15/48 | BBB+ | 98,716 | |
18 | Healthcare Realty Trust Inc | 3.625% | 1/15/28 | BBB | 18,372 | |
31 | Hospitality Properties Trust | 4.375% | 2/15/30 | Baa2 | 29,670 | |
89 | Humana Inc | 3.850% | 10/01/24 | BBB+ | 92,997 | |
41 | Huntington Bancshares Inc/OH | 4.000% | 5/15/25 | A- | 43,609 | |
225 | International Lease Finance Corp | 8.625% | 1/15/22 | BBB- | 255,619 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$85 | Jefferies Financial Group Inc | 5.500% | 10/18/23 | BBB | $91,942 | |
4 | JPMorgan Chase & Co | 3.702% | 5/06/30 | AA- | 4,236 | |
70 | JPMorgan Chase & Co | 3.964% | 11/15/48 | AA- | 74,983 | |
40 | KeyBank NA/Cleveland OH | 3.400% | 5/20/26 | BBB+ | 41,239 | |
112 | Lazard Group LLC | 4.500% | 9/19/28 | A- | 119,835 | |
34 | Lincoln National Corp | 4.200% | 3/15/22 | A- | 35,387 | |
53 | Manulife Financial Corp | 4.061% | 2/24/32 | A- | 54,209 | |
76 | Markel Corp | 5.000% | 5/20/49 | BBB+ | 84,946 | |
151 | MetLife Inc | 3.000% | 3/01/25 | A- | 154,163 | |
13 | Morgan Stanley | 4.350% | 9/08/26 | A- | 13,940 | |
174 | Morgan Stanley | 4.457% | 4/22/39 | A | 194,601 | |
26 | Physicians Realty LP | 3.950% | 1/15/28 | BBB- | 26,399 | |
100 | PNC Financial Services Group Inc/The | 3.900% | 4/29/24 | A | 105,560 | |
48 | Principal Financial Group Inc | 3.700% | 5/15/29 | A- | 50,642 | |
95 | Prudential Financial Inc | 5.375% | 5/15/45 | BBB+ | 100,611 | |
124 | Raymond James Financial Inc | 3.625% | 9/15/26 | BBB+ | 128,770 | |
8 | Realty Income Corp | 3.650% | 1/15/28 | A- | 8,435 | |
96 | Regions Financial Corp | 3.800% | 8/14/23 | BBB+ | 100,554 | |
18 | Reinsurance Group of America Inc | 4.700% | 9/15/23 | A | 19,367 | |
246 | Royal Bank of Scotland Group PLC | 4.269% | 3/22/25 | A | 251,930 | |
33 | Sabra Health Care LP / Sabra Capital Corp | 4.800% | 6/01/24 | BBB- | 34,020 | |
100 | Santander Holdings USA Inc | 3.700% | 3/28/22 | BBB+ | 102,157 | |
63 | State Street Corp | 2.653% | 5/15/23 | AA- | 63,469 | |
99 | SunTrust Bank/Atlanta GA | 3.300% | 5/15/26 | BBB+ | 101,596 | |
142 | Synchrony Financial | 3.950% | 12/01/27 | BBB- | 143,972 | |
124 | Toronto-Dominion Bank/The | 3.625% | 9/15/31 | A2 | 125,927 | |
29 | UnitedHealth Group Inc | 3.850% | 6/15/28 | A+ | 31,462 | |
127 | US Bancorp | 3.100% | 4/27/26 | A1 | 129,881 | |
49 | Ventas Realty LP | 4.400% | 1/15/29 | BBB+ | 53,560 | |
30 | VEREIT Operating Partnership LP | 4.875% | 6/01/26 | BBB- | 32,856 | |
121 | Wells Fargo & Co | 4.750% | 12/07/46 | A | 139,124 | |
55 | Welltower Inc | 4.250% | 4/15/28 | BBB+ | 59,380 | |
106 | Westpac Banking Corp | 4.322% | 11/23/31 | A+ | 109,944 | |
104 | Willis North America Inc | 4.500% | 9/15/28 | BBB | 112,816 | |
6,257 | Total Financials | 6,630,123 | ||||
Industrial – 14.9% | ||||||
264 | AbbVie Inc | 3.600% | 5/14/25 | A- | 272,294 | |
100 | Allergan Funding SCS | 3.850% | 6/15/24 | BBB | 104,174 | |
80 | American Tower Corp | 3.800% | 8/15/29 | BBB | 82,782 | |
108 | Amgen Inc | 4.563% | 6/15/48 | A | 117,983 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$69 | Anadarko Petroleum Corp | 6.600% | 3/15/46 | BBB | $88,419 | |
375 | Anheuser-Busch InBev Worldwide Inc | 4.000% | 4/13/28 | A- | 406,918 | |
80 | Apache Corp | 4.750% | 4/15/43 | BBB | 74,269 | |
88 | AT&T Inc | 5.375% | 10/15/41 | A- | 99,011 | |
95 | AT&T Inc | 4.900% | 6/15/42 | A- | 102,100 | |
115 | AT&T Inc | 4.300% | 12/15/42 | A- | 115,291 | |
136 | AT&T Inc | 4.350% | 6/15/45 | A- | 136,790 | |
78 | AutoNation Inc | 4.500% | 10/01/25 | BBB- | 81,482 | |
52 | Baxalta Inc | 4.000% | 6/23/25 | BBB+ | 55,114 | |
31 | Baxter International Inc | 3.500% | 8/15/46 | A- | 29,091 | |
56 | Becton Dickinson and Co | 4.685% | 12/15/44 | BBB | 61,793 | |
69 | Bell Canada Inc | 4.464% | 4/01/48 | BBB+ | 76,210 | |
73 | Booking Holdings Inc | 3.550% | 3/15/28 | A- | 76,935 | |
55 | BorgWarner Inc | 4.375% | 3/15/45 | BBB+ | 55,628 | |
100 | Broadcom Inc, 144A | 4.750% | 4/15/29 | BBB- | 101,862 | |
52 | Buckeye Partners LP | 4.150% | 7/01/23 | BBB- | 51,087 | |
150 | Canadian Natural Resources Ltd | 3.900% | 2/01/25 | BBB+ | 157,049 | |
40 | Cardinal Health Inc | 4.500% | 11/15/44 | BBB+ | 37,081 | |
156 | CBS Corp | 2.900% | 1/15/27 | BBB | 152,069 | |
737 | Celgene Corp | 3.625% | 5/15/24 | BBB+ | 767,856 | |
100 | Cenovus Energy Inc | 4.250% | 4/15/27 | BBB | 103,001 | |
143 | Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375% | 5/01/47 | BBB- | 150,530 | |
92 | Cimarex Energy Co | 4.375% | 6/01/24 | BBB- | 96,957 | |
50 | Columbia Pipeline Group Inc | 5.800% | 6/01/45 | Baa1 | 59,040 | |
69 | Comcast Corp | 4.600% | 10/15/38 | A- | 79,951 | |
132 | Constellation Brands Inc | 3.600% | 2/15/28 | BBB | 137,668 | |
150 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 167,023 | |
253 | CVS Health Corp | 4.875% | 7/20/35 | BBB | 275,515 | |
36 | Dell International LLC / EMC Corp, 144A | 8.350% | 7/15/46 | BBB- | 45,900 | |
100 | Discovery Communications LLC | 4.900% | 3/11/26 | BBB- | 109,663 | |
72 | Dow Chemical Co/The, 144A | 4.800% | 5/15/49 | BBB+ | 76,469 | |
81 | Eaton Corp | 4.150% | 11/02/42 | A- | 87,432 | |
16 | Ecolab Inc | 3.250% | 12/01/27 | A- | 16,669 | |
33 | Electronic Arts Inc | 4.800% | 3/01/26 | BBB+ | 36,904 | |
93 | Embraer Netherlands Finance BV | 5.050% | 6/15/25 | BBB | 100,790 | |
75 | Energy Transfer Operating LP | 5.950% | 10/01/43 | BBB- | 83,444 | |
83 | Energy Transfer Operating LP | 6.125% | 12/15/45 | BBB- | 95,256 | |
222 | Enterprise Products Operating LLC | 5.750% | 3/01/35 | BBB+ | 256,198 | |
101 | EQM Midstream Partners LP | 4.000% | 8/01/24 | BBB- | 99,203 | |
150 | Express Scripts Holding Co | 4.500% | 2/25/26 | A- | 162,235 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$50 | FedEx Corp | 3.100% | 8/05/29 | Baa2 | $49,480 | |
60 | FedEx Corp | 3.900% | 2/01/35 | BBB | 61,253 | |
111 | Ford Motor Co | 4.750% | 1/15/43 | BBB | 96,501 | |
65 | Fortive Corp | 4.300% | 6/15/46 | Baa1 | 66,270 | |
130 | General Motors Co | 6.600% | 4/01/36 | BBB | 148,032 | |
126 | Grupo Televisa SAB | 5.000% | 5/13/45 | BBB+ | 127,421 | |
84 | HCA Inc | 4.125% | 6/15/29 | BBB- | 86,047 | |
75 | Helmerich & Payne Inc | 4.650% | 3/15/25 | BBB+ | 80,779 | |
158 | Hess Corp | 4.300% | 4/01/27 | BBB- | 162,366 | |
67 | Hewlett Packard Enterprise Co | 6.200% | 10/15/35 | BBB+ | 76,867 | |
86 | International Paper Co | 4.400% | 8/15/47 | BBB | 85,904 | |
10 | Interpublic Group of Cos Inc/The | 3.750% | 2/15/23 | BBB+ | 10,461 | |
80 | JM Smucker Co/The | 4.250% | 3/15/35 | BBB | 83,149 | |
73 | Johnson Controls International plc | 4.625% | 7/02/44 | BBB+ | 75,449 | |
200 | Kinder Morgan Inc/DE | 4.300% | 3/01/28 | BBB | 213,775 | |
160 | Kraft Heinz Foods Co | 5.000% | 7/15/35 | BBB- | 169,899 | |
81 | Magellan Midstream Partners LP | 4.200% | 3/15/45 | BBB+ | 79,386 | |
76 | Marriott International Inc/MD | 4.500% | 10/01/34 | BBB | 83,709 | |
53 | McDonald's Corp | 4.700% | 12/09/35 | BBB+ | 61,095 | |
80 | McDonald's Corp | 4.875% | 7/15/40 | BBB+ | 91,553 | |
82 | Mondelez International Inc | 4.125% | 5/07/28 | Baa1 | 88,777 | |
79 | Mosaic Co/The | 4.050% | 11/15/27 | BBB- | 81,707 | |
39 | MPLX LP | 4.500% | 7/15/23 | BBB | 41,344 | |
77 | Mylan NV | 3.150% | 6/15/21 | BBB- | 77,653 | |
62 | Newell Brands Inc | 5.375% | 4/01/36 | BBB- | 61,967 | |
70 | Newmont Goldcorp Corp | 3.500% | 3/15/22 | BBB | 71,395 | |
95 | Noble Energy Inc | 3.900% | 11/15/24 | BBB | 98,941 | |
72 | Nordstrom Inc | 6.950% | 3/15/28 | BBB+ | 84,642 | |
61 | Nutrien Ltd | 6.125% | 1/15/41 | BBB | 74,621 | |
170 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 183,284 | |
75 | Oracle Corp | 3.800% | 11/15/37 | A+ | 80,138 | |
74 | Orange SA | 5.375% | 1/13/42 | BBB+ | 90,218 | |
110 | Phillips 66 | 4.650% | 11/15/34 | A3 | 122,496 | |
80 | Pioneer Natural Resources Co | 4.450% | 1/15/26 | BBB | 86,709 | |
35 | Rayonier Inc | 3.750% | 4/01/22 | BBB- | 35,494 | |
60 | Republic Services Inc | 3.950% | 5/15/28 | BBB+ | 65,213 | |
144 | Reynolds American Inc | 5.700% | 8/15/35 | BBB+ | 161,687 | |
83 | Rogers Communications Inc | 5.000% | 3/15/44 | BBB+ | 96,431 | |
40 | RPM International Inc | 4.250% | 1/15/48 | BBB | 37,731 | |
79 | Seagate HDD Cayman | 4.875% | 6/01/27 | Baa3 | 79,312 | |
123 | Spectra Energy Partners LP | 4.500% | 3/15/45 | BBB+ | 129,314 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$77 | Total System Services Inc | 4.450% | 6/01/28 | BBB- | $82,947 | |
142 | Union Pacific Corp | 4.300% | 3/01/49 | A- | 156,119 | |
103 | Valero Energy Corp | 3.650% | 3/15/25 | BBB | 106,785 | |
337 | Verizon Communications Inc | 4.750% | 11/01/41 | A- | 386,874 | |
108 | Vodafone Group PLC | 4.875% | 6/19/49 | BBB+ | 115,929 | |
103 | Walgreens Boots Alliance Inc | 4.500% | 11/18/34 | Baa2 | 106,358 | |
40 | Walt Disney Co/The, 144A | 6.150% | 2/15/41 | A | 56,059 | |
106 | Western Midstream Operating LP | 4.650% | 7/01/26 | BBB- | 108,780 | |
100 | Williams Cos Inc/The | 3.750% | 6/15/27 | BBB | 102,971 | |
36 | WPP Finance 2010 | 3.750% | 9/19/24 | BBB+ | 37,250 | |
30 | Zimmer Biomet Holdings Inc | 5.750% | 11/30/39 | BBB | 34,310 | |
9,927 | Total Industrial | 10,595,988 | ||||
Utility – 8.3% | ||||||
50 | AEP Texas Inc | 4.150% | 5/01/49 | A- | 55,463 | |
113 | Appalachian Power Co | 4.400% | 5/15/44 | A- | 125,034 | |
97 | Black Hills Corp | 3.150% | 1/15/27 | BBB+ | 96,843 | |
101 | CenterPoint Energy Resources Corp | 4.000% | 4/01/28 | BBB+ | 107,535 | |
200 | Cleco Corporate Holdings LLC | 3.743% | 5/01/26 | BBB- | 203,413 | |
140 | CMS Energy Corp | 4.700% | 3/31/43 | Baa1 | 156,916 | |
162 | Dominion Energy Inc | 5.250% | 8/01/33 | BBB+ | 193,490 | |
257 | Dominion Energy Inc | 4.700% | 12/01/44 | BBB+ | 292,186 | |
98 | Dominion Energy South Carolina Inc | 4.350% | 2/01/42 | A | 108,640 | |
146 | DTE Electric Co | 3.750% | 8/15/47 | Aa3 | 155,933 | |
280 | Duke Energy Corp | 3.750% | 9/01/46 | BBB+ | 278,527 | |
242 | Duke Energy Progress LLC | 3.600% | 9/15/47 | Aa3 | 246,733 | |
100 | Edison International | 5.750% | 6/15/27 | BBB- | 111,500 | |
146 | Emera US Finance LP | 4.750% | 6/15/46 | BBB | 163,856 | |
134 | Enel Chile SA | 4.875% | 6/12/28 | BBB+ | 146,730 | |
64 | Entergy Corp | 2.950% | 9/01/26 | BBB | 64,334 | |
110 | Exelon Corp | 4.950% | 6/15/35 | BBB+ | 123,964 | |
381 | Exelon Corp | 4.450% | 4/15/46 | BBB+ | 418,375 | |
67 | Indiana Michigan Power Co | 3.750% | 7/01/47 | A- | 69,556 | |
146 | Interstate Power & Light Co | 4.700% | 10/15/43 | A- | 162,693 | |
35 | ITC Holdings Corp | 5.300% | 7/01/43 | A- | 42,452 | |
61 | John Sevier Combined Cycle Generation LLC | 4.626% | 1/15/42 | Aaa | 71,199 | |
16 | Kansas City Power & Light Co | 5.300% | 10/01/41 | A | 19,404 | |
37 | Kansas City Power & Light Co | 4.200% | 6/15/47 | A | 41,369 | |
44 | Kansas City Power & Light Co | 4.125% | 4/01/49 | A | 49,158 | |
104 | National Grid USA | 5.803% | 4/01/35 | A- | 122,734 | |
100 | National Rural Utilities Cooperative Finance Corp | 3.700% | 3/15/29 | A1 | 108,881 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$98 | NextEra Energy Capital Holdings Inc | 3.500% | 4/01/29 | A- | $102,553 | |
102 | NiSource Inc | 5.250% | 2/15/43 | BBB+ | 120,169 | |
129 | NiSource Inc | 4.800% | 2/15/44 | BBB+ | 147,441 | |
170 | NiSource Inc | 3.950% | 3/30/48 | BBB+ | 173,733 | |
176 | PPL Capital Funding Inc | 4.700% | 6/01/43 | BBB+ | 188,731 | |
119 | Puget Energy Inc | 3.650% | 5/15/25 | BBB | 121,890 | |
100 | Sempra Energy | 4.050% | 12/01/23 | BBB+ | 104,952 | |
115 | Southern California Edison Co | 3.400% | 6/01/23 | A- | 117,698 | |
150 | Southern California Gas Co | 3.950% | 2/15/50 | Aa2 | 161,080 | |
181 | Southern Co Gas Capital Corp | 4.400% | 6/01/43 | A- | 191,936 | |
73 | Southern Co/The | 4.250% | 7/01/36 | BBB+ | 77,089 | |
245 | Southern Co/The | 4.400% | 7/01/46 | BBB+ | 261,308 | |
97 | Spire Inc | 4.700% | 8/15/44 | BBB+ | 107,107 | |
239 | Xcel Energy Inc | 4.800% | 9/15/41 | BBB+ | 265,716 | |
5,425 | Total Utility | 5,878,321 | ||||
$21,609 | Total Corporate Debt (cost $21,717,022) | 23,104,432 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 22.9% | ||||||
$1,327 | United States Treasury Note/Bond | 2.625% | 7/31/20 | Aaa | $1,334,309 | |
7,012 | United States Treasury Note/Bond | 2.625% | 7/15/21 | Aaa | 7,106,497 | |
4,433 | United States Treasury Note/Bond | 2.000% | 12/31/21 | Aaa | 4,446,507 | |
1,000 | United States Treasury Note/Bond | 1.750% | 6/15/22 | Aaa | 997,695 | |
569 | United States Treasury Note/Bond | 3.125% | 11/15/28 | Aaa | 622,344 | |
1,700 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 1,753,125 | |
$16,041 | Total U.S. Treasury (cost $16,066,851) | 16,260,477 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 9.5% | ||||||
Government Agency – 1.8% | ||||||
$256 | Federal Home Loan Mortgage Corp | 6.250% | 7/15/32 | Aaa | $365,493 | |
247 | Federal National Mortgage Association | 6.625% | 11/15/30 | Aaa | 351,894 | |
269 | Petroleos Mexicanos | 5.350% | 2/12/28 | BBB+ | 247,211 | |
269 | Tennessee Valley Authority | 3.500% | 12/15/42 | Aaa | 289,597 | |
1,041 | Total Government Agency | 1,254,195 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Municipal Bonds – 4.7% (3) | ||||||
$100 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1 (No Optional Call) | 6.918% | 4/01/40 | AA- | $144,379 | |
88 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (Optional Call: 3/20 at 100.00) | 7.950% | 3/01/36 | AA- | 90,871 | |
225 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (No Optional Call) | 7.625% | 3/01/40 | AA- | 359,487 | |
140 | Chicago O'Hare International Airport (No Optional Call) | 4.572% | 1/01/54 | A | 166,933 | |
100 | Commonwealth Financing Authority (No Optional Call) | 3.864% | 6/01/38 | A1 | 105,933 | |
200 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Taxable Series 2018B (Optional Call: 8/28 at 100.00) | 4.946% | 8/01/48 | AA | 217,158 | |
60 | Health & Educational Facilities Authority of the State of Missouri (No Optional Call) | 3.086% | 9/15/51 | AA+ | 56,973 | |
260 | Illinois State, General Obligation Bonds, Pension Funding Series 2003 (No Optional Call) | 5.100% | 6/01/33 | BBB | 268,702 | |
100 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Build America Taxable Bonds, Series 2009KRY (No Optional Call) | 5.750% | 7/01/34 | Aa3 | 128,139 | |
670 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America Taxable Bonds, Series 2009A-1 (No Optional Call) | 5.871% | 11/15/39 | AA- | 871,295 | |
30 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America Bonds Issuer Subsidy Program, Series 2009B (Optional Call: 10/19 at 100.00) | 6.875% | 12/15/39 | A- | 30,297 | |
100 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2010B (No Optional Call) | 6.561% | 12/15/40 | A- | 136,370 | |
105 | Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Taxable Series 2016B (No Optional Call) | 3.798% | 12/01/46 | Aa1 | 113,529 | |
60 | Phoenix, Arizona, Various Purpose General Obligation Bonds, Build America Taxable Bonds, Series 2009A (No Optional Call) | 5.269% | 7/01/34 | AA+ | 72,405 | |
125 | Sales Tax Securitization Corp (No Optional Call) | 3.820% | 1/01/48 | AAA | 126,490 | |
86 | Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2010A (No Optional Call) | 4.631% | 4/01/33 | AAA | 101,302 | |
300 | University of California (No Optional Call) | 3.349% | 7/01/29 | AA | 322,173 | |
10 | University of Texas System/The (No Optional Call) | 3.852% | 8/15/46 | AAA | 11,144 | |
2,759 | Total Municipal Bonds | 3,323,580 | ||||
Sovereign Debt – 3.0% | ||||||
224 | Chile Government International Bond | 3.500% | 1/25/50 | A | 227,698 | |
309 | Colombia Government International Bond | 6.125% | 1/18/41 | Baa2 | 385,094 | |
497 | Mexico Government International Bond | 4.350% | 1/15/47 | A3 | 483,338 | |
60 | Panama Government International Bond | 4.300% | 4/29/53 | BBB+ | 66,150 | |
12 | Peruvian Government International Bond | 4.125% | 8/25/27 | A3 | 13,350 | |
600 | Philippine Government International Bond | 3.750% | 1/14/29 | BBB+ | 656,957 | |
66 | Republic of Italy Government International Bond | 5.375% | 6/15/33 | BBB | 73,507 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Sovereign Debt (continued) | ||||||
$210 | Uruguay Government International Bond | 5.100% | 6/18/50 | BBB | $240,975 | |
1,978 | Total Sovereign Debt | 2,147,069 | ||||
$5,778 | Total Government Related (cost $6,398,125) | 6,724,844 | ||||
Total Long-Term Investments (cost $67,968,147) | 70,080,141 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 0.6% | ||||||
GOVERNMENT RELATED – 0.6% | ||||||
$460 | Federal Home Loan Banks, Discount Notes | 0.000% | 8/01/19 | N/R | $460,000 | |
Total Short-Term Investments (cost $460,000) | 460,000 | |||||
Total Investments (cost $68,428,147) – 99.3% | 70,540,141 | |||||
Other Assets Less Liabilities – 0.7% | 479,245 | |||||
Net Assets – 100% | $71,019,386 |
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) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 98.7% | ||||||
CORPORATE DEBT – 51.5% | ||||||
Financials – 29.3% | ||||||
$200 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.875% | 1/16/24 | BBB- | $214,808 | |
107 | Aircastle Ltd | 4.400% | 9/25/23 | BBB- | 111,191 | |
86 | American Express Co | 3.400% | 2/22/24 | A | 89,143 | |
154 | American Express Credit Corp | 2.250% | 5/05/21 | A2 | 153,946 | |
221 | American International Group Inc | 3.375% | 8/15/20 | BBB+ | 223,017 | |
121 | Bank of America Corp | 5.000% | 5/13/21 | A+ | 126,392 | |
320 | Bank of America Corp | 3.458% | 3/15/25 | A+ | 330,722 | |
86 | Bank of Montreal | 3.100% | 4/13/21 | Aa2 | 87,306 | |
86 | Bank of Montreal | 3.300% | 2/05/24 | AA- | 88,805 | |
79 | Bank of New York Mellon Corp/The | 2.600% | 2/07/22 | AA- | 79,665 | |
212 | Bank of New York Mellon Corp/The | 3.450% | 8/11/23 | AA- | 220,231 | |
86 | Bank of Nova Scotia/The | 3.400% | 2/11/24 | AA- | 89,126 | |
200 | Barclays PLC | 3.932% | 5/07/25 | A | 202,058 | |
115 | BB&T Corp | 2.050% | 5/10/21 | A+ | 114,406 | |
48 | BlackRock Inc | 4.250% | 5/24/21 | AA- | 49,808 | |
46 | BNP Paribas SA | 5.000% | 1/15/21 | Aa3 | 47,785 | |
86 | Canadian Imperial Bank of Commerce | 3.100% | 4/02/24 | AA- | 87,603 | |
271 | Capital One Financial Corp | 4.750% | 7/15/21 | A- | 282,583 | |
131 | Citigroup Inc | 2.700% | 3/30/21 | A | 131,646 | |
204 | Citigroup Inc | 4.044% | 6/01/24 | A | 214,354 | |
204 | Citizens Financial Group Inc | 2.375% | 7/28/21 | BBB+ | 203,174 | |
108 | Cooperatieve Rabobank UA | 4.500% | 1/11/21 | Aa3 | 111,255 | |
100 | Discover Bank | 3.350% | 2/06/23 | BBB+ | 102,496 | |
125 | Fifth Third Bancorp | 2.600% | 6/15/22 | A- | 125,775 | |
46 | First Horizon National Corp | 3.500% | 12/15/20 | BBB | 46,448 | |
275 | Goldman Sachs Group Inc/The | 3.625% | 2/20/24 | A | 285,443 | |
200 | HSBC Holdings PLC | 5.100% | 4/05/21 | AA- | 208,727 | |
96 | Humana Inc | 2.900% | 12/15/22 | BBB+ | 96,967 | |
112 | Huntington Bancshares Inc/OH | 3.150% | 3/14/21 | A- | 113,183 | |
62 | Intercontinental Exchange Inc | 2.750% | 12/01/20 | A | 62,284 | |
314 | JPMorgan Chase & Co | 4.500% | 1/24/22 | AA- | 329,562 | |
86 | JPMorgan Chase & Co | 3.797% | 7/23/24 | AA- | 90,026 | |
80 | Lloyds Bank PLC | 6.375% | 1/21/21 | Aa3 | 84,469 | |
128 | Marsh & McLennan Cos Inc | 3.875% | 3/15/24 | A- | 135,549 | |
212 | Mitsubishi UFJ Financial Group Inc | 3.761% | 7/26/23 | A1 | 221,591 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$300 | Morgan Stanley | 2.625% | 11/17/21 | A | $301,655 | |
55 | Northern Trust Corp | 3.375% | 8/23/21 | AA- | 56,187 | |
196 | PNC Financial Services Group Inc/The | 3.300% | 3/08/22 | A+ | 200,806 | |
75 | Prudential Financial Inc | 5.625% | 6/15/43 | BBB+ | 80,243 | |
75 | Prudential Financial Inc | 5.200% | 3/15/44 | BBB+ | 78,267 | |
122 | Regions Financial Corp | 3.200% | 2/08/21 | BBB+ | 123,234 | |
200 | Royal Bank of Scotland Group PLC | 4.269% | 3/22/25 | A | 204,821 | |
86 | Sabra Health Care LP / Sabra Capital Corp | 4.800% | 6/01/24 | BBB- | 88,657 | |
100 | Santander Holdings USA Inc | 3.500% | 6/07/24 | BBB+ | 101,354 | |
59 | SL Green Realty Corp | 4.500% | 12/01/22 | BBB | 61,748 | |
46 | Stifel Financial Corp | 3.500% | 12/01/20 | BBB | 46,450 | |
212 | Sumitomo Mitsui Financial Group Inc | 3.748% | 7/19/23 | A1 | 221,648 | |
94 | SunTrust Banks Inc | 2.900% | 3/03/21 | A- | 94,609 | |
40 | SVB Financial Group | 5.375% | 9/15/20 | A3 | 41,202 | |
100 | Synchrony Financial | 2.850% | 7/25/22 | BBB- | 100,047 | |
86 | Synchrony Financial | 4.375% | 3/19/24 | BBB- | 90,559 | |
100 | Toronto-Dominion Bank/The | 2.650% | 6/12/24 | Aa3 | 100,789 | |
86 | Trinity Acquisition PLC | 4.625% | 8/15/23 | BBB | 91,505 | |
115 | US Bancorp | 2.625% | 1/24/22 | AA- | 115,905 | |
256 | Wells Fargo & Co | 3.500% | 3/08/22 | A+ | 262,952 | |
86 | Wells Fargo & Co | 3.750% | 1/24/24 | A+ | 90,109 | |
128 | Welltower Inc | 3.950% | 9/01/23 | BBB+ | 134,438 | |
161 | Westpac Banking Corp | 2.000% | 8/19/21 | AA- | 159,956 | |
7,785 | Total Financials | 8,008,685 | ||||
Industrial – 10.6% | ||||||
86 | AbbVie Inc | 3.750% | 11/14/23 | A- | 89,585 | |
41 | Agilent Technologies Inc | 5.000% | 7/15/20 | BBB+ | 41,949 | |
211 | AT&T Inc | 3.800% | 3/15/22 | A- | 218,249 | |
126 | Becton Dickinson and Co | 3.125% | 11/08/21 | BBB | 127,538 | |
86 | Broadcom Inc, 144A | 3.625% | 10/15/24 | BBB- | 86,206 | |
59 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 59,145 | |
110 | CBS Corp | 2.900% | 6/01/23 | BBB | 110,668 | |
128 | Celgene Corp | 2.750% | 2/15/23 | BBB+ | 129,082 | |
86 | Charter Communications Operating LLC / Charter Communications Operating Capital | 4.500% | 2/01/24 | BBB- | 91,255 | |
110 | Constellation Brands Inc | 2.650% | 11/07/22 | BBB | 110,410 | |
46 | CSX Corp | 4.250% | 6/01/21 | BBB+ | 47,289 | |
78 | CVS Health Corp | 4.125% | 5/15/21 | BBB | 79,796 | |
89 | eBay Inc | 2.875% | 8/01/21 | BBB+ | 89,606 | |
100 | Energy Transfer Operating LP | 4.250% | 3/15/23 | BBB- | 104,281 | |
100 | Ford Motor Credit Co LLC | 5.584% | 3/18/24 | BBB | 106,964 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$126 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | $125,496 | |
374 | General Motors Financial Co Inc | 4.375% | 9/25/21 | BBB | 385,736 | |
86 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 87,528 | |
100 | Keurig Dr Pepper Inc | 4.057% | 5/25/23 | BBB | 105,005 | |
55 | Laboratory Corp of America Holdings | 4.625% | 11/15/20 | BBB | 56,177 | |
66 | Magellan Midstream Partners LP | 4.250% | 2/01/21 | BBB+ | 67,616 | |
55 | McDonald's Corp | 2.625% | 1/15/22 | BBB+ | 55,477 | |
110 | Mosaic Co/The | 3.250% | 11/15/22 | BBB- | 111,783 | |
55 | Norfolk Southern Corp | 3.250% | 12/01/21 | BBB+ | 55,944 | |
46 | Quest Diagnostics Inc | 4.700% | 4/01/21 | BBB+ | 47,592 | |
46 | Roper Technologies Inc | 2.800% | 12/15/21 | BBB+ | 46,255 | |
36 | Southern Natural Gas Co LLC / Southern Natural Issuing Corp | 4.400% | 6/15/21 | BBB+ | 37,012 | |
86 | Total System Services Inc | 4.000% | 6/01/23 | BBB- | 89,794 | |
86 | Union Pacific Corp | 3.150% | 3/01/24 | A- | 88,539 | |
46 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 48,279 | |
2,829 | Total Industrial | 2,900,256 | ||||
Utility – 11.6% | ||||||
62 | Ameren Corp | 2.700% | 11/15/20 | Baa1 | 62,087 | |
85 | Appalachian Power Co | 4.600% | 3/30/21 | A- | 87,589 | |
62 | CenterPoint Energy Resources Corp | 4.500% | 1/15/21 | BBB+ | 63,419 | |
99 | CenterPoint Energy Resources Corp | 3.550% | 4/01/23 | BBB+ | 102,107 | |
69 | Consolidated Edison Inc | 2.000% | 5/15/21 | BBB+ | 68,607 | |
59 | Dominion Energy Inc | 4.104% | 4/01/21 | BBB | 60,304 | |
200 | DTE Energy Co | 3.500% | 6/01/24 | Baa1 | 207,100 | |
288 | Duke Energy Carolinas LLC | 3.050% | 3/15/23 | Aa2 | 296,179 | |
115 | Duke Energy Corp | 3.550% | 9/15/21 | BBB+ | 117,575 | |
78 | Entergy Corp | 5.125% | 9/15/20 | BBB | 79,752 | |
96 | Eversource Energy | 2.500% | 3/15/21 | BBB+ | 96,018 | |
100 | Eversource Energy | 2.750% | 3/15/22 | BBB+ | 100,935 | |
298 | Exelon Corp | 3.497% | 6/01/22 | BBB | 305,097 | |
110 | ITC Holdings Corp | 2.700% | 11/15/22 | A- | 110,317 | |
127 | LG&E & KU Energy LLC | 3.750% | 11/15/20 | BBB+ | 128,623 | |
62 | National Rural Utilities Cooperative Finance Corp | 3.050% | 2/15/22 | A1 | 63,248 | |
55 | NextEra Energy Capital Holdings Inc | 4.500% | 6/01/21 | A- | 56,790 | |
96 | NextEra Energy Capital Holdings Inc | 2.800% | 1/15/23 | A- | 96,900 | |
85 | PacifiCorp | 2.950% | 2/01/22 | A+ | 86,247 | |
136 | PSEG Power LLC | 3.850% | 6/01/23 | BBB+ | 141,713 | |
48 | Sempra Energy | 2.850% | 11/15/20 | BBB+ | 48,198 | |
215 | Sempra Energy | 2.900% | 2/01/23 | BBB+ | 216,818 | |
112 | Southern California Edison Co | 1.845% | 2/01/22 | A- | 110,131 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$86 | Southern California Edison Co | 3.400% | 6/01/23 | A- | $88,018 | |
161 | Southern Co/The | 2.350% | 7/01/21 | BBB+ | 160,528 | |
111 | Virginia Electric & Power Co | 2.950% | 1/15/22 | A2 | 112,475 | |
115 | Xcel Energy Inc | 2.400% | 3/15/21 | BBB+ | 114,789 | |
3,130 | Total Utility | 3,181,564 | ||||
$13,744 | Total Corporate Debt (cost $13,858,556) | 14,090,505 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 24.9% | ||||||
$117 | United States Treasury Note/Bond | 1.375% | 2/15/20 | Aaa | $116,484 | |
1,016 | United States Treasury Note/Bond | 2.625% | 7/15/21 | Aaa | 1,029,692 | |
1,485 | United States Treasury Note/Bond | 1.875% | 2/28/22 | Aaa | 1,485,116 | |
400 | United States Treasury Note/Bond | 2.125% | 5/15/22 | Aaa | 402,891 | |
762 | United States Treasury Note/Bond | 1.750% | 6/30/22 | Aaa | 759,946 | |
316 | United States Treasury Note/Bond | 2.000% | 10/31/22 | Aaa | 317,395 | |
191 | United States Treasury Note/Bond | 2.000% | 11/30/22 | Aaa | 191,873 | |
508 | United States Treasury Note/Bond | 2.375% | 1/31/23 | Aaa | 516,870 | |
340 | United States Treasury Note/Bond | 2.500% | 3/31/23 | Aaa | 347,756 | |
762 | United States Treasury Note/Bond | 2.750% | 4/30/23 | Aaa | 786,557 | |
170 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 177,185 | |
170 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 174,708 | |
500 | United States Treasury Note/Bond | 1.750% | 6/30/24 | Aaa | 497,715 | |
$6,737 | Total U.S. Treasury (cost $6,714,034) | 6,804,188 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 22.3% | ||||||
$500 | American Express Credit Account Master Trust | 2.990% | 12/15/23 | AAA | $507,244 | |
100 | BENCHMARK 2018-B1 Mortgage Trust | 3.571% | 1/15/51 | AAA | 103,639 | |
500 | CarMax Auto Owner Trust | 3.130% | 6/15/23 | AAA | 507,011 | |
250 | Citibank Credit Card Issuance Trust | 2.680% | 6/07/23 | AAA | 252,357 | |
250 | Discover Card Execution Note Trust | 3.110% | 1/16/24 | AAA | 254,687 | |
581 | Fannie Mae Pool BM3087 | 4.000% | 12/01/32 | N/R | 606,052 | |
274 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 283,152 | |
215 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | 224,646 | |
550 | Fannie Mae Pool MA3738, (WI/DD) | 3.000% | 8/01/34 | N/R | 561,154 | |
500 | Ford Credit Auto Owner Trust 2016-REV1, 144A | 2.310% | 8/15/27 | AAA | 499,278 | |
335 | Freddie Mac Gold Pool G18642 | 3.500% | 4/01/32 | N/R | 347,128 | |
100 | GM Financial Automobile Leasing Trust 2018-3 | 3.300% | 7/20/22 | AAA | 101,281 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$300 | GS Mortgage Securities Trust 2019-GC38 | 3.872% | 2/10/52 | AAA | $317,313 | |
563 | JPMBB Commercial Mortgage Securities Trust 2015-C28 | 2.773% | 10/15/48 | Aaa | 562,336 | |
250 | Synchrony Credit Card Master Note Trust | 2.210% | 5/15/24 | AAA | 249,619 | |
150 | Verizon Owner Trust 2019-A | 2.930% | 9/20/23 | AAA | 152,362 | |
550 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 568,901 | |
$5,968 | Total Securitized (cost $6,029,639) | 6,098,160 | ||||
Total Long-Term Investments (cost $26,602,229) | 26,992,853 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 0.7% | ||||||
GOVERNMENT RELATED – 0.7% | ||||||
$180 | Federal Home Loan Banks, Discount Notes | 0.000% | 8/01/19 | N/R | $180,000 | |
Total Short-Term Investments (cost $180,000) | 180,000 | |||||
Total Investments (cost $26,782,229) – 99.4% | 27,172,853 | |||||
Other Assets Less Liabilities – 0.6% | 176,375 | |||||
Net Assets – 100% | $27,349,228 |
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) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. Ratings are not covered by the report of independent registered public accounting firm. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 98.4% | ||||||
U.S. TREASURY – 39.3% | ||||||
$2,323 | United States Treasury Note/Bond | 1.375% | 9/15/20 | Aaa | $2,306,213 | |
1,930 | United States Treasury Note/Bond | 1.875% | 9/30/22 | Aaa | 1,931,809 | |
1,370 | United States Treasury Note/Bond | 2.750% | 7/31/23 | Aaa | 1,417,147 | |
1,386 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 1,444,580 | |
1,935 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 1,988,590 | |
300 | United States Treasury Note/Bond | 2.250% | 4/30/24 | Aaa | 305,402 | |
2,950 | United States Treasury Note/Bond | 2.000% | 5/31/24 | Aaa | 2,971,779 | |
1,204 | United States Treasury Note/Bond | 2.125% | 9/30/24 | Aaa | 1,219,144 | |
676 | United States Treasury Note/Bond | 2.125% | 11/30/24 | Aaa | 684,582 | |
1,130 | United States Treasury Note/Bond | 2.250% | 8/15/27 | Aaa | 1,153,439 | |
866 | United States Treasury Note/Bond | 2.250% | 11/15/27 | Aaa | 883,591 | |
2,454 | United States Treasury Note/Bond | 2.750% | 2/15/28 | Aaa | 2,600,857 | |
900 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 928,125 | |
1,992 | United States Treasury Note/Bond | 2.750% | 8/15/47 | Aaa | 2,077,516 | |
$21,416 | Total U.S. Treasury (cost $21,418,429) | 21,912,774 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 29.1% | ||||||
$250 | American Express Credit Account Master Trust | 1.930% | 9/15/22 | Aaa | $249,431 | |
500 | COMM 2015-LC19 Mortgage Trust | 3.183% | 2/10/48 | Aaa | 518,899 | |
975 | Fannie Mae Pool MA2941 | 3.500% | 3/01/32 | N/R | 1,007,428 | |
2,908 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 2,998,633 | |
3,161 | Fannie Mae Pool MA3143 | 3.000% | 9/01/47 | N/R | 3,205,694 | |
408 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 422,550 | |
86 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | 89,858 | |
907 | Fannie Mae Pool MA3536 | 4.000% | 12/01/48 | Aaa | 938,538 | |
1,172 | Fannie Mae Pool MA3574 | 3.500% | 1/01/49 | N/R | 1,201,506 | |
500 | Fannie Mae Pool MA3774, (WI/DD) | 3.000% | 8/01/49 | N/R | 504,431 | |
2,679 | Ginnie Mae II Pool MA3663 | 3.500% | 5/20/46 | Aaa | 2,781,884 | |
432 | Ginnie Mae II Pool MA5264 | 4.000% | 6/20/48 | Aaa | 448,689 | |
481 | Ginnie Mae II Pool MA5398 | 4.000% | 8/20/48 | Aaa | 500,133 | |
500 | Ginnie Mae II Pool MA6038, (WI/DD) | 3.000% | 7/20/49 | N/R | 511,427 | |
200 | GS Mortgage Securities Trust 2019-GC38 | 3.968% | 2/10/52 | AAA | 219,888 | |
300 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 310,310 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$300 | Wells Fargo Commercial Mortgage Trust 2019-C49 | 3.760% | 3/15/52 | Aaa | $324,562 | |
$15,759 | Total Securitized (cost $15,975,619) | 16,233,861 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 24.0% | ||||||
Financials – 7.7% | ||||||
$46 | Alexandria Real Estate Equities Inc | 3.900% | 6/15/23 | BBB+ | $48,294 | |
117 | Allstate Corp/The | 4.500% | 6/15/43 | A- | 136,863 | |
146 | American Express Co | 3.400% | 2/27/23 | A | 150,758 | |
42 | Ameriprise Financial Inc | 4.000% | 10/15/23 | A | 44,587 | |
74 | Bank of Montreal | 3.803% | 12/15/32 | A+ | 75,365 | |
72 | Bank of New York Mellon Corp/The | 3.450% | 8/11/23 | AA- | 74,795 | |
63 | Bank of New York Mellon Corp/The | 3.300% | 8/23/29 | A+ | 65,248 | |
80 | Bank of Nova Scotia/The | 2.450% | 9/19/22 | Aa2 | 80,422 | |
172 | BB&T Corp | 3.750% | 12/06/23 | A+ | 181,884 | |
42 | BlackRock Inc | 3.500% | 3/18/24 | AA- | 44,533 | |
45 | Boston Properties LP | 3.850% | 2/01/23 | A- | 46,918 | |
46 | Brixmor Operating Partnership LP | 3.875% | 8/15/22 | BBB- | 47,230 | |
46 | Brookfield Finance Inc | 4.000% | 4/01/24 | A- | 48,444 | |
72 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | Aa2 | 75,093 | |
48 | Chubb Corp/The | 6.000% | 5/11/37 | A | 65,044 | |
316 | Cooperatieve Rabobank UA | 3.875% | 2/08/22 | Aa3 | 327,293 | |
112 | Deutsche Bank AG/New York NY | 4.250% | 10/14/21 | BBB | 113,200 | |
42 | Franklin Resources Inc | 2.800% | 9/15/22 | A+ | 42,441 | |
55 | HCP Inc | 3.150% | 8/01/22 | BBB+ | 55,801 | |
52 | Host Hotels & Resorts LP | 4.750% | 3/01/23 | Baa2 | 55,004 | |
152 | KeyCorp | 5.100% | 3/24/21 | A- | 158,518 | |
36 | Liberty Property LP | 3.375% | 6/15/23 | Baa1 | 36,897 | |
70 | Marsh & McLennan Cos Inc | 4.800% | 7/15/21 | A- | 72,619 | |
72 | Mitsubishi UFJ Financial Group Inc | 3.961% | 3/02/28 | A1 | 77,712 | |
468 | Morgan Stanley | 3.772% | 1/24/29 | A | 490,590 | |
42 | Northern Trust Corp | 3.950% | 10/30/25 | A+ | 45,202 | |
48 | ORIX Corp | 2.900% | 7/18/22 | A- | 48,778 | |
165 | PNC Financial Services Group Inc/The | 3.900% | 4/29/24 | A | 174,174 | |
100 | Principal Financial Group Inc | 3.700% | 5/15/29 | A- | 105,504 | |
80 | Prologis LP | 3.875% | 9/15/28 | A- | 87,032 | |
103 | Prudential Financial Inc | 3.905% | 12/07/47 | A | 108,826 | |
69 | RBC USA Holdco Corp | 5.250% | 9/15/20 | AA- | 71,228 | |
42 | Regency Centers Corp | 3.750% | 11/15/22 | BBB+ | 43,404 | |
72 | Regions Financial Corp | 3.800% | 8/14/23 | BBB+ | 75,416 | |
38 | Santander Holdings USA Inc | 4.500% | 7/17/25 | BBB+ | 40,306 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$164 | Santander UK PLC | 4.000% | 3/13/24 | Aa3 | $172,043 | |
42 | Sompo International Holdings Ltd | 4.700% | 10/15/22 | A- | 43,709 | |
149 | State Street Corp | 3.100% | 5/15/23 | A+ | 152,550 | |
80 | Sumitomo Mitsui Financial Group Inc | 3.936% | 10/16/23 | A1 | 84,402 | |
90 | Sumitomo Mitsui Financial Group Inc | 3.364% | 7/12/27 | A1 | 93,519 | |
159 | Toronto-Dominion Bank/The | 2.125% | 4/07/21 | Aa1 | 158,802 | |
80 | Welltower Inc | 4.125% | 3/15/29 | BBB+ | 85,534 | |
100 | Westpac Banking Corp | 4.322% | 11/23/31 | A+ | 103,721 | |
4,109 | Total Financials | 4,309,703 | ||||
Industrial – 14.3% | ||||||
80 | AbbVie Inc | 3.750% | 11/14/23 | A- | 83,335 | |
138 | AbbVie Inc | 4.500% | 5/14/35 | A- | 143,968 | |
50 | American Honda Finance Corp | 1.650% | 7/12/21 | A | 49,348 | |
142 | American Tower Corp | 5.000% | 2/15/24 | BBB | 155,798 | |
158 | Amgen Inc | 4.400% | 5/01/45 | A | 168,845 | |
63 | Analog Devices Inc | 2.500% | 12/05/21 | Baa1 | 63,089 | |
212 | Apple Inc | 4.500% | 2/23/36 | AA+ | 251,079 | |
130 | Apple Inc | 3.850% | 5/04/43 | AA+ | 138,893 | |
42 | Applied Materials Inc | 5.100% | 10/01/35 | A- | 51,412 | |
9 | Archer-Daniels-Midland Co | 5.765% | 3/01/41 | A | 11,859 | |
84 | AstraZeneca PLC | 6.450% | 9/15/37 | A | 114,856 | |
87 | Biogen Inc | 3.625% | 9/15/22 | A- | 89,790 | |
76 | Booking Holdings Inc | 2.750% | 3/15/23 | A- | 76,902 | |
42 | Bristol-Myers Squibb Co | 2.000% | 8/01/22 | A+ | 41,603 | |
46 | Broadridge Financial Solutions Inc | 3.950% | 9/01/20 | BBB+ | 46,685 | |
28 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 28,069 | |
91 | Cardinal Health Inc | 2.616% | 6/15/22 | BBB+ | 90,597 | |
42 | Cardinal Health Inc | 3.200% | 3/15/23 | BBB+ | 42,575 | |
64 | Caterpillar Financial Services Corp | 2.550% | 11/29/22 | A | 64,524 | |
142 | Caterpillar Inc | 3.803% | 8/15/42 | A | 152,350 | |
133 | Celgene Corp | 5.000% | 8/15/45 | BBB+ | 158,495 | |
28 | Clorox Co/The | 3.050% | 9/15/22 | A- | 28,466 | |
73 | Coca-Cola Co/The | 2.500% | 4/01/23 | A+ | 73,958 | |
72 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 80,171 | |
42 | CSX Corp | 4.250% | 11/01/66 | BBB+ | 42,630 | |
146 | Deere & Co | 3.900% | 6/09/42 | A | 162,002 | |
71 | Dell International LLC / EMC Corp, 144A | 8.100% | 7/15/36 | BBB- | 89,301 | |
82 | Discovery Communications LLC | 3.500% | 6/15/22 | BBB- | 83,672 | |
42 | Discovery Communications LLC | 5.000% | 9/20/37 | BBB- | 44,511 | |
42 | Eaton Corp | 4.000% | 11/02/32 | A- | 46,508 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$62 | Ecolab Inc | 3.250% | 12/01/27 | A- | $64,592 | |
42 | Enbridge Inc | 6.000% | 1/15/77 | BBB- | 43,470 | |
148 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | 147,407 | |
132 | Gilead Sciences Inc | 4.000% | 9/01/36 | A | 141,412 | |
100 | HCA Inc | 4.125% | 6/15/29 | BBB- | 102,437 | |
80 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 81,422 | |
147 | Home Depot Inc/The | 5.400% | 9/15/40 | A | 188,516 | |
82 | Ingersoll-Rand Global Holding Co Ltd | 4.250% | 6/15/23 | BBB | 87,065 | |
64 | International Business Machines Corp | 5.600% | 11/30/39 | A | 81,699 | |
66 | International Flavors & Fragrances Inc | 3.200% | 5/01/23 | BBB | 66,691 | |
121 | Kellogg Co | 2.650% | 12/01/23 | BBB | 122,509 | |
181 | Keurig Dr Pepper Inc | 3.130% | 12/15/23 | BBB | 183,758 | |
31 | Kimberly-Clark Corp | 6.625% | 8/01/37 | A | 44,485 | |
86 | Kraft Heinz Foods Co | 5.000% | 7/15/35 | BBB- | 91,321 | |
55 | Laboratory Corp of America Holdings | 3.200% | 2/01/22 | BBB | 55,900 | |
62 | Lam Research Corp | 2.800% | 6/15/21 | A3 | 62,450 | |
76 | Lowe's Cos Inc | 4.650% | 4/15/42 | BBB+ | 82,799 | |
28 | Mastercard Inc | 2.000% | 11/21/21 | A+ | 27,880 | |
149 | McCormick & Co Inc/MD | 2.700% | 8/15/22 | BBB | 150,106 | |
100 | Merck & Co Inc | 3.400% | 3/07/29 | AA | 106,454 | |
256 | Microsoft Corp | 3.450% | 8/08/36 | AAA | 271,296 | |
116 | Microsoft Corp | 3.700% | 8/08/46 | AAA | 125,737 | |
88 | Moody's Corp | 4.500% | 9/01/22 | BBB+ | 92,992 | |
42 | Moody's Corp | 2.625% | 1/15/23 | BBB+ | 42,152 | |
111 | Motorola Solutions Inc | 3.500% | 3/01/23 | BBB- | 113,072 | |
156 | National Oilwell Varco Inc | 2.600% | 12/01/22 | BBB+ | 155,329 | |
28 | Newell Brands Inc | 5.375% | 4/01/36 | BBB- | 27,985 | |
42 | Norfolk Southern Corp | 4.837% | 10/01/41 | BBB+ | 48,749 | |
100 | Nutrien Ltd | 4.200% | 4/01/29 | BBB | 107,928 | |
62 | NVIDIA Corp | 2.200% | 9/16/21 | A3 | 61,819 | |
121 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 130,455 | |
130 | Oracle Corp | 3.250% | 11/15/27 | A+ | 136,004 | |
110 | Oracle Corp | 3.850% | 7/15/36 | A+ | 117,670 | |
95 | Orange SA | 4.125% | 9/14/21 | BBB+ | 98,380 | |
104 | PACCAR Financial Corp | 2.300% | 8/10/22 | A+ | 104,034 | |
71 | Praxair Inc | 2.700% | 2/21/23 | A | 71,843 | |
28 | Quest Diagnostics Inc | 4.250% | 4/01/24 | BBB+ | 29,718 | |
55 | Rockwell Collins Inc | 3.700% | 12/15/23 | BBB+ | 57,503 | |
36 | Roper Technologies Inc | 3.125% | 11/15/22 | BBB+ | 36,498 | |
49 | Seagate HDD Cayman | 4.750% | 6/01/23 | Baa3 | 50,726 | |
100 | Starbucks Corp | 3.550% | 8/15/29 | BBB+ | 105,171 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$65 | Target Corp | 4.000% | 7/01/42 | A | $71,064 | |
47 | Telefonica Emisiones SA | 5.462% | 2/16/21 | BBB | 49,045 | |
100 | Toyota Motor Corp | 2.760% | 7/02/29 | AA- | 101,010 | |
197 | TWDC Enterprises 18 Corp | 2.350% | 12/01/22 | A | 197,903 | |
42 | Tyco Electronics Group SA | 3.500% | 2/03/22 | A- | 42,963 | |
115 | Union Pacific Corp | 3.600% | 9/15/37 | A- | 117,349 | |
28 | United Parcel Service Inc | 6.200% | 1/15/38 | A+ | 38,797 | |
64 | United Parcel Service Inc | 3.750% | 11/15/47 | A+ | 66,870 | |
99 | Visa Inc | 4.150% | 12/14/35 | AA- | 115,193 | |
147 | VMware Inc | 2.950% | 8/21/22 | Baa2 | 148,102 | |
76 | Vodafone Group PLC | 6.150% | 2/27/37 | BBB+ | 93,178 | |
30 | Weyerhaeuser Co | 4.625% | 9/15/23 | BBB | 32,099 | |
132 | WPP Finance 2010 | 3.625% | 9/07/22 | BBB+ | 135,416 | |
78 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 81,864 | |
82 | Zoetis Inc | 3.900% | 8/20/28 | Baa1 | 87,926 | |
7,471 | Total Industrial | 7,971,504 | ||||
Utility – 2.0% | ||||||
85 | Alabama Power Co | 6.000% | 3/01/39 | A1 | 113,811 | |
23 | Commonwealth Edison Co | 6.450% | 1/15/38 | A1 | 32,481 | |
62 | Consolidated Edison Co of New York Inc | 5.500% | 12/01/39 | A- | 79,083 | |
72 | Entergy Louisiana LLC | 4.000% | 3/15/33 | A | 79,946 | |
39 | Florida Power & Light Co | 5.950% | 2/01/38 | Aa2 | 53,039 | |
47 | Northern States Power Co/MN | 6.200% | 7/01/37 | Aa3 | 64,723 | |
38 | Potomac Electric Power Co | 6.500% | 11/15/37 | A | 52,924 | |
137 | San Diego Gas & Electric Co | 4.150% | 5/15/48 | A | 146,767 | |
77 | Southern California Edison Co | 4.500% | 9/01/40 | A- | 83,385 | |
101 | Virginia Electric & Power Co | 6.000% | 5/15/37 | A2 | 131,987 | |
263 | WEC Energy Group Inc | 2.450% | 6/15/20 | BBB+ | 262,735 | |
944 | Total Utility | 1,100,881 | ||||
$12,524 | Total Corporate Debt (cost $12,911,044) | 13,382,088 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 6.0% | ||||||
Government Agency – 4.2% | ||||||
$255 | Asian Development Bank | 1.625% | 5/05/20 | AAA | $253,877 | |
167 | European Investment Bank | 2.000% | 3/15/21 | Aaa | 167,017 | |
310 | Federal Home Loan Banks | 1.875% | 12/11/20 | Aaa | 309,440 | |
45 | Federal National Mortgage Association | 5.625% | 7/15/37 | Aaa | 63,399 | |
122 | Inter-American Development Bank | 3.875% | 10/28/41 | Aaa | 146,658 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Government Agency (continued) | ||||||
$316 | Kreditanstalt fuer Wiederaufbau | 1.500% | 6/15/21 | AAA | $313,370 | |
436 | Kreditanstalt fuer Wiederaufbau | 2.375% | 12/29/22 | AAA | 442,995 | |
636 | Kreditanstalt fuer Wiederaufbau | 2.500% | 11/20/24 | AAA | 654,376 | |
16 | Tennessee Valley Authority | 5.250% | 9/15/39 | Aaa | 21,328 | |
2,303 | Total Government Agency | 2,372,460 | ||||
Municipal Bonds – 0.8% (3) | ||||||
20 | Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3 (No Optional Call) | 6.725% | 4/01/35 | BBB | 23,485 | |
151 | Province of Quebec Canada (No Optional Call) | 2.500% | 4/20/26 | Aa2 | 153,879 | |
85 | Sales Tax Securitization Corp (No Optional Call) | 3.820% | 1/01/48 | AAA | 86,013 | |
120 | Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2009A (No Optional Call) | 5.517% | 4/01/39 | AAA | 159,696 | |
376 | Total Municipal Bonds | 423,073 | ||||
Sovereign Debt – 1.0% | ||||||
416 | Colombia Government International Bond | 2.625% | 3/15/23 | Baa2 | 414,964 | |
14 | Hungary Government International Bond | 7.625% | 3/29/41 | BBB | 22,175 | |
72 | Peruvian Government International Bond | 5.625% | 11/18/50 | A3 | 99,721 | |
502 | Total Sovereign Debt | 536,860 | ||||
$3,181 | Total Government Related (cost $3,237,193) | 3,332,393 | ||||
Total Long-Term Investments (cost $53,542,285) | 54,861,116 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 4.7% | ||||||
GOVERNMENT RELATED – 4.7% | ||||||
$2,630 | Federal Home Loan Banks, Discount Notes | 0.000% | 8/01/19 | N/R | $2,630,000 | |
Total Short-Term Investments (cost $2,630,000) | 2,630,000 | |||||
Total Investments (cost $56,172,285) – 103.1% | 57,491,116 | |||||
Other Assets Less Liabilities – (3.1)% | (1,704,623) | |||||
Net Assets – 100% | $55,786,493 |
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) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NUAG | NUSA | NUBD | |
Assets | |||
Long-term investments, at value (cost $67,968,147, $26,602,229 and $53,542,285, respectively) | $70,080,141 | $26,992,853 | $54,861,116 |
Short-term investments, at value (cost approximates value) | 460,000 | 180,000 | 2,630,000 |
Cash | 6,343 | 2,446 | 1,695 |
Receivable for: | |||
Interest | 387,613 | 167,538 | 328,969 |
Investments sold | 4,647,178 | 1,635,864 | 994,255 |
Total assets | 75,581,275 | 28,978,701 | 58,816,035 |
Liabilities | |||
Payable for: | |||
Investments purchased | 4,548,094 | 1,624,473 | 1,017,193 |
Shares redeemed | — | — | 2,001,839 |
Accrued expenses: | |||
Management fees | 12,013 | 4,645 | 9,935 |
Professional fees | 335 | 125 | 125 |
Trustees Fees | 1,447 | 230 | 450 |
Total liabilities | 4,561,889 | 1,629,473 | 3,029,542 |
Net assets | $71,019,386 | $27,349,228 | $55,786,493 |
Shares outstanding | 2,900,000 | 1,100,000 | 2,200,000 |
Net asset value ("NAV") per share | $24.49 | $24.86 | $25.36 |
Net assets consist of: | |||
Capital paid-in | $70,047,063 | $27,256,235 | $54,627,648 |
Total distributable earnings | 972,323 | 92,993 | 1,158,845 |
Net assets | $71,019,386 | $27,349,228 | $55,786,493 |
Authorized shares | Unlimited | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 | $0.01 |
NUAG | NUSA | NUBD | |
Investment Income | $3,595,413 | $802,534 | $1,427,127 |
Expenses | |||
Management fees | 213,050 | 58,512 | 101,982 |
Professional fees | 1,768 | 637 | 990 |
Trustees fees | 3,418 | 818 | 1,470 |
Total expenses | 218,236 | 59,967 | 104,442 |
Net investment income (loss) | 3,377,177 | 742,567 | 1,322,685 |
Realized and Unrealized Gain (Loss) | |||
Investments | 1,816,047 | (12,392) | 16,430 |
In-kind redemptions | (604,601) | 56,816 | 323,021 |
Change in net unrealized appreciation (depreciation) of investments | 3,499,814 | 767,226 | 2,432,028 |
Net realized and unrealized gain (loss) | 4,711,260 | 811,650 | 2,771,479 |
Net increase (decrease) in net assets from operations | $8,088,437 | $1,554,217 | $4,094,164 |
NUAG | NUSA | NUBD | ||||||
Year Ended 7/31/19 | Year Ended(1) 7/31/18 | Year Ended 7/31/19 | Year Ended(1) 7/31/18 | Year Ended 7/31/19 | For the Period 9/29/17 (commencement of operations) through(1) 7/31/18 | |||
Operations | ||||||||
Net investment income (loss) | $3,377,177 | $2,293,622 | $742,567 | $538,406 | $1,322,685 | $773,408 | ||
Net realized gain (loss) from: | ||||||||
Investments | 1,816,047 | (2,059,937) | (12,392) | (48,359) | 16,430 | (90,419) | ||
In-kind redemptions | (604,601) | (104,709) | 56,816 | 19,956 | 323,021 | (135,983) | ||
Change in net unrealized appreciation (depreciation) of investments | 3,499,814 | (923,388) | 767,226 | (503,418) | 2,432,028 | (1,113,197) | ||
Net increase (decrease) in net assets from operations | 8,088,437 | (794,412) | 1,554,217 | 6,585 | 4,094,164 | (566,191) | ||
Distributions to Shareholders(2) | ||||||||
Dividends(3) | (3,510,400) | (2,853,740) | (855,950) | (724,520) | (1,392,050) | (796,530) | ||
Decrease in net assets from distributions to shareholders | (3,510,400) | (2,853,740) | (855,950) | (724,520) | (1,392,050) | (796,530) | ||
Fund Share Transactions | ||||||||
Proceeds from shares sold | 119,215,650 | 175,104,578 | 4,875,760 | 9,782,222 | 29,521,639 | 49,734,711 | ||
Cost of shares redeemed | (200,733,010) | (77,632,430) | (4,951,480) | (12,470,050) | (17,525,220) | (7,284,030) | ||
Net increase (decrease) in net assets from Fund share transactions | (81,517,360) | 97,472,148 | (75,720) | (2,687,828) | 11,996,419 | 42,450,681 | ||
Net increase (decrease) in net assets | (76,939,323) | 93,823,996 | 622,547 | (3,405,763) | 14,698,533 | 41,087,960 | ||
Net assets at the beginning of period | 147,958,709 | 54,134,713 | 26,726,681 | 30,132,444 | 41,087,960 | — | ||
Net assets at the end of period | $71,019,386 | $147,958,709 | $27,349,228 | $26,726,681 | $55,786,493 | $41,087,960 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 8 - New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended July 31, 2018, the Fund's distributions to shareholders were paid from net investment income. |
Investment Operations | Less Distributions | |||||||||
Year Ended July 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 | Ending Market Price | |
NUAG | ||||||||||
2019 | $23.49 | $0.75 | $1.09 | $1.84 | $(0.84) | $ — | $(0.84) | $24.49 | $24.44 | |
2018 | 24.61 | 0.67 | (0.91) | (0.24) | (0.88) | — | (0.88) | 23.49 | 23.50 | |
2017(d) | 25.00 | 0.57 | (0.40) | 0.17 | (0.56) | —** | (0.56) | 24.61 | 24.67 | |
NUSA | ||||||||||
2019 | 24.30 | 0.62 | 0.65 | 1.27 | (0.71) | — | (0.71) | 24.86 | 24.89 | |
2018 | 25.11 | 0.55 | (0.64) | (0.09) | (0.72) | — | (0.72) | 24.30 | 24.33 | |
2017(e) | 25.00 | 0.23 | 0.04 | 0.27 | (0.16) | — | (0.16) | 25.11 | 25.15 | |
NUBD | ||||||||||
2019 | 24.17 | 0.63 | 1.24 | 1.87 | (0.68) | — | (0.68) | 25.36 | 25.38 | |
2018(f) | 25.00 | 0.48 | (0.82) | (0.34) | (0.49) | — | (0.49) | 24.17 | 24.20 |
Ratios/Supplemental Data | |||||
Total Return | Ratios to Average Net Assets | ||||
Based on NAV(b) | Based on Market Price(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
8.03% | 7.77% | $71,019 | 0.20% | 3.17% | 167% |
(1.00) | (1.21) | 147,959 | 0.20 | 2.79 | 123 |
0.74 | 1.00 | 54,135 | 0.20* | 2.67* | 84 |
5.37 | 5.31 | 27,349 | 0.20 | 2.54 | 36 |
(0.37) | (0.39) | 26,727 | 0.20 | 2.22 | 37 |
1.10 | 1.26 | 30,132 | 0.20* | 2.74* | 4 |
7.89 | 7.84 | 55,786 | 0.20 | 2.59 | 27 |
(1.37) | (1.25) | 41,088 | 0.20* | 2.31* | 17 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. 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. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 4 - Fund Shares). |
(d) | For the period September 14, 2016 (commencement of operations) through July 31, 2017. |
(e) | For the period March 31, 2017 (commencement of operations) through July 31, 2017. |
(f) | For the period September 29, 2017 (commencement of operations) through July 31, 2018. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
NUAG | NUSA | NUBD | |
Outstanding when-issued/delayed delivery purchase commitments | $4,548,094 | $561,997 | $1,017,193 |
NUAG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Securitized | $ — | $23,990,388 | $ — | $23,990,388 |
Corporate Debt | — | 23,104,432 | — | 23,104,432 |
U.S. Treasury | — | 16,260,477 | — | 16,260,477 |
Government Related | — | 6,724,844 | — | 6,724,844 |
Short-Term Investments: | ||||
Government Related | — | 460,000 | — | 460,000 |
Total | $ — | $70,540,141 | $ — | $70,540,141 |
NUSA | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Corporate Debt | $ — | $14,090,505 | $ — | $14,090,505 |
U.S. Treasury | — | 6,804,188 | — | 6,804,188 |
Securitized | — | 6,098,160 | — | 6,098,160 |
Short-Term Investments: | ||||
Government Related | — | 180,000 | — | 180,000 |
Total | $ — | $27,172,853 | $ — | $27,172,853 |
NUBD | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
U.S. Treasury | $ — | $21,912,774 | $ — | $21,912,774 |
Securitized | — | 16,233,861 | — | 16,233,861 |
Corporate Debt | — | 13,382,088 | — | 13,382,088 |
Government Related | — | 3,332,393 | — | 3,332,393 |
Short-Term Investments: | ||||
Government Related | — | 2,630,000 | — | 2,630,000 |
Total | $ — | $57,491,116 | $ — | $57,491,116 |
NUAG | NUSA | NUBD | |||||||||||||||
Year Ended 7/31/19 | Year Ended 7/31/18 | Year Ended 7/31/19 | Year Ended 7/31/18 | Year Ended 7/31/19 | For the Period 9/29/17 (commencement of operations) through 7/31/18 | ||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||
Shares sold | 5,000,000 | $119,215,650 | 7,400,000 | $175,104,578 | 200,000 | $4,875,760 | 400,000 | $9,782,222 | 1,200,000 | $29,521,639 | 2,000,000 | $49,734,711 | |||||
Shares redeemed | (8,400,000) | (200,733,010) | (3,300,000) | (77,632,430) | (200,000) | (4,951,480) | (500,000) | (12,470,050) | (700,000) | (17,525,220) | (300,000) | (7,284,030) | |||||
Net increase (decrease) | (3,400,000) | $(81,517,360) | 4,100,000 | $97,472,148 | — | $(75,720) | (100,000) | $(2,687,828) | 500,000 | $11,996,419 | 1,700,000 | $42,450,681 |
NUAG | NUSA | NUBD | |
Purchases: | |||
Investment securities | $123,164,495 | $9,535,968 | $17,752,317 |
U.S. Government and agency obligations | 48,967,148 | 4,379,859 | 18,235,681 |
Sales and maturities: | |||
Investment securities | 156,603,689 | 7,054,376 | 6,766,241 |
U.S. Government and agency obligations | 58,372,101 | 3,443,400 | 6,978,089 |
NUAG | NUSA | NUBD | |
In-kind purchases | $5,915,968 | $ — | $ — |
In-kind sales | 43,447,877 | 3,510,665 | 10,368,537 |
NUAG | NUSA | NUBD | |
Tax cost of investments | $68,540,804 | $26,892,709 | $56,323,885 |
Gross unrealized: | |||
Appreciation | $2,122,555 | $365,452 | $1,224,772 |
Depreciation | (123,218) | (85,308) | (57,541) |
Net unrealized appreciation (depreciation) of investments | $1,999,337 | $280,144 | $1,167,231 |
NUAG | NUSA | NUBD | |
Undistributed net ordinary income1 | $232,791 | $87,713 | $167,112 |
Undistributed net long-term capital gains | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2019 | NUAG | NUSA | NUBD |
Distributions from net ordinary income1 | $3,510,400 | $855,950 | $1,392,050 |
Distributions from net long-term capital gains | — | — | — |
2018 | NUAG | NUSA | NUBD2 |
Distributions from net ordinary income1 | $2,853,740 | $724,520 | $796,530 |
Distributions from net long-term capital gains | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2 | For the period September 29, 2017 (commencement of operations) through July 31, 2018. |
NUAG | NUSA | NUBD | |
Not subject to expiration: | |||
Short-term | $ — | $71,352 | $88,928 |
Long-term | 1,259,805 | 203,512 | 86,570 |
Total | $1,259,805 | $274,864 | $175,498 |
NUAG | |
Nuveen owned shares | 3,983 |
Fund | NUBD |
TIAA owned shares | 250,000 |
NUAG | NUSA | NUBD | |
UNII at the end of period | $(124,097) | $(48,814) | $35,233 |
NUAG | ||
Year ended July 31, 2019 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.26% to 0.50% | 6 | 2.4% |
0.00 to 0.25% | 115 | 45.8% |
(0.01)% to (0.25)% | 121 | 48.2% |
(0.26)% to (0.50)% | 9 | 3.6% |
251 | 100% |
NUSA | ||
Year ended July 31, 2019 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.00 to 0.25% | 250 | 99.6% |
(0.01)% to (0.25)% | 1 | 0.4% |
251 | 100% |
NUBD | ||
Year ended July 31, 2019 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.26% to 0.50% | 31 | 12.3% |
0.00 to 0.25% | 203 | 80.9% |
(0.01)% to (0.25)% | 17 | 6.8% |
251 | 100% |
NUAG | NUSA | NUBD | |
% of Interest-Related Dividends | 90.3% | 89.5% | 89.8% |
• | 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, 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, enhancing compliance-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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 163 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 163 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 163 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Chairman (since 2019), and Director (since 2012), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 163 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; serves on The President's Council, Fordham University (since 2010); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018) formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 163 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 163 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 163 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 163 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 161 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Interested Trustee: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 163 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Jordan M. Farris 1980 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2019 | Managing Director (since 2017), formerly Vice President (2016-2017), Head of Product Management and Development, ETFs, Nuveen Securities, LLC; Director, Guggenheim Funds Distributors (2013-2016). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
E. Scott Wickerham 1973 TIAA 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
![](https://capedge.com/proxy/N-CSR/0001193125-19-263656/g783058img6ba52a2e1.gif)
Serving Investors for Generations
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
Fiscal Year Ended July 31, 2019 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF5 | 17,980 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF6 | 17,930 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield1-5 Year U.S. Aggregate Bond ETF7 | 17,980 | 0 | 0 | 0 | ||||||||||||
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|
|
|
| |||||||||
Total | $ | 53,890 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
5 | Nuveen Enhanced Yield U.S. Aggregate Bond ETF, formerly known as Nushares Enhanced Yield U.S. Aggregate Bond ETF, underwent a name change on 12/13/2018. |
6 | Nuveen ESG U.S. Aggregate Bond ETF, formerly known as Nushares ESG U.S. Aggregate Bond ETF, underwent a name change on 12/13/2018. |
7 | Nuveen Enhanced Yield1-5 Year U.S. Aggregate Bond ETF, formerly known as Nushares Enhanced Yield1-5 Year U.S. Aggregate Bond ETF, underwent a name change on 12/13/2018. |
Percentage Approved Pursuant toPre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Enhanced Yield1-5 Year U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended July 31, 2018 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nushares Enhanced Yield U.S. Aggregate Bond ETF | 17,980 | 0 | 0 | 0 | ||||||||||||
Nushares ESG U.S. Aggregate Bond ETF5 | 17,930 | 0 | 0 | 0 | ||||||||||||
Nushares Enhanced Yield1-5 Year U.S. Aggregate Bond ETF6 | 17,980 | 0 | 0 | 0 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 53,890 | $ | — | $ | — | $ | — |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
5 | Fund commenced operations on10/02/2017 |
6 | Fund commenced operations on04/03/2017 |
Percentage Approved Pursuant toPre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nushares Enhanced Yield U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nushares ESG U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nushares Enhanced Yield1-5 Year U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended July 31, 2019 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nushares ETF Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant toPre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended July 31, 2018 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nushares ETF Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant toPre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended July 31, 2019 | Total Non-Audit Fees Billed to Trust | TotalNon-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | TotalNon-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield1-5 Year U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
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|
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|
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| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended July 31, 2018 | Total Non-Audit Fees Billed to Trust | TotalNon-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | TotalNon-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nushares Enhanced Yield U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nushares ESG U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nushares Enhanced Yield1-5 Year U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | — | $ | — | $ | — |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit CommitteePre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) allnon-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit andnon-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be(i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
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 FORCLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required byRule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: SeeEX-99.CERT attached hereto. | |
(a)(3) | Any written solicitation to purchase securities under Rule23c-1 under the 1940 Act (17 CFR270.23c-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 Rule30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule13a-14(b) or Rule15d-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: SeeEX-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) Nushares ETF Trust
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: October 7, 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.
By (Signature and Title) | /s/ Jordan Farris | |
Jordan Farris | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: October 7, 2019
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: October 7, 2019