UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
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: June 30
Date of reporting period: December 31, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
Mutual Funds
Nuveen Income Funds
For investors seeking attractive monthly income and portfolio diversification potential.
Semi-Annual Report
December 31, 2012
Share Class / Ticker Symbol | ||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class I | |||||
Nuveen Core Plus Bond Fund | FAFIX | FFIBX | FFAIX | FFISX | FFIIX | |||||
Nuveen High Income Bond Fund | FJSIX | FJSBX | FCSIX | FANSX | FJSYX | |||||
Nuveen Inflation Protected Securities Fund | FAIPX | — | FCIPX | FRIPX | FYIPX | |||||
Nuveen Intermediate Government Bond Fund | FIGAX | — | FYGCX | FYGRX | FYGYX | |||||
Nuveen Intermediate Term Bond Fund | FAIIX | — | NTIBX | — | FINIX | |||||
Nuveen Short Term Bond Fund | FALTX | — | FBSCX | NSSRX | FLTIX | |||||
Nuveen Strategic Income Fund | FCDDX | FCBBX | FCBCX | FABSX | FCBYX |
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Letter to Shareholders
Dear Shareholders,
Despite the global economy’s ability to muddle through the many economic headwinds of 2012, investors continue to have good reasons to remain cautious. The European Central Bank’s decisions to extend intermediate term financing to major European banks and to support sovereign debt markets have begun to show signs of a stabilized euro area financial market. The larger member states of the European Union (EU) are working diligently to strengthen the framework for a tighter financial and banking union and meaningful progress has been made by agreeing to centralize large bank regulation under the European Central Bank. However, economic conditions in the southern tier members are not improving and the pressures on their political leadership remain intense. The jury is out on whether the respective populations will support the continuing austerity measures that are needed to meet the EU fiscal targets.
In the U.S., the Fed remains committed to low interest rates into 2015 through its third program of Quantitative Easing (QE3). Inflation remains low but a growing number of economists are expressing concern about the economic distortions resulting from negative real interest rates. The highly partisan atmosphere in Congress led to a disappointingly modest solution for dealing with the end-of-year tax and spending issues. Early indications for the new Congressional term have not given much encouragement that the atmosphere for dealing with the sequestration legislation and the debt ceiling issues, let alone a more encompassing “grand bargain,” will be any better than the last Congress. Over the longer term, there are some encouraging trends for the U.S. economy: house prices are beginning to recover, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.
During 2012 U.S. investors have benefited from strong returns in the domestic equity markets and solid returns in most fixed income markets. However, many of the macroeconomic risks of 2012 remain unresolved, including negotiating through the many U.S. fiscal issues, managing the risks of another year of abnormally low U.S. interest rates, sustaining the progress being made in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive economic conditions. At the same time they are always on the alert for risks in markets subject to excessive optimism or for opportunities in markets experiencing undue pessimism. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
February 22, 2013
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Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. In this report, the various portfolio management teams for the Funds examine key investment strategies and the Funds’ performance during the six months ending December 31, 2012. These management teams include:
Nuveen Core Plus Bond Fund
Chris Neuharth, CFA, has managed the Fund since 2006. Timothy Palmer, CFA, Wan-Chong Kung, CFA, and Jeffrey Ebert have been part of the management team for the Fund since 2003, 2001, and 2005, respectively.
Nuveen High Income Bond Fund
John Fruit, CFA, has managed the Fund since 2006. Jeffrey Schmitz, CFA, has been part of the management team for the Fund since 2008.
Nuveen Inflation Protected Securities Fund
Wan-Chong Kung, CFA, has managed the Fund since its inception in 2004 and Chad Kemper joined the Fund as a co-portfolio manager in 2010.
Nuveen Intermediate Government Bond Fund
Wan-Chong Kung, CFA, has managed the Fund since 2002. Chris Neuharth, CFA, and Jason O’Brien, CFA, have been on the Fund’s management team since 2009.
Nuveen Intermediate Term Bond Fund
Wan-Chong Kung, CFA, has managed the Fund since 2002 and Jeffrey Ebert since 2000. Chris Neuharth, CFA, joined the Fund as a co-portfolio manager in 2012.
Nuveen Short Term Bond Fund
Chris Neuharth, CFA, has been a co-portfolio manager of the Fund since 2004. Peter Agrimson, CFA, joined the Fund as a co-portfolio manager in 2011.
Nuveen Strategic Income Fund
Timothy Palmer, CFA, has been the lead manager of the Fund since 2005. Jeffrey Ebert has been on the management team since 2000. Marie Newcome, CFA, joined the Fund as a co-portfolio manager in 2011.
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How did the Funds perform during the six-month period ended December 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the six-month, one-year, five-year, ten-year and/or since inception periods ending December 31, 2012. Each Fund’s Class A Share total returns are compared with the performance of the appropriate Barclays Index and Lipper classification average.
What strategies were used to manage the Funds during the six-month reporting period? How did these strategies influence performance?
All of the Funds continued to employ the same fundamental investment strategies and tactics used previously, although implementation of those strategies depended on the individual characteristics of the portfolios, as well as market conditions. The Funds’ management teams used a highly collaborative, research-driven approach that we believe offers the best opportunity to achieve consistent, superior long-term performance on a risk-adjusted basis across the full range of market environments. Going into the reporting period, the Funds were generally positioned for an environment of continued moderate economic growth and improving financial conditions, a posture we remained committed to during the period. Nonetheless, during the period we made smaller-scaled shifts on an ongoing basis that were geared toward improving each Fund’s profile in response to changing conditions and valuations. These strategic moves are discussed in more detail within each Fund’s section of this report. However, in the case of the Nuveen Intermediate Term Bond Fund, its benchmark was changed from the Barclays Intermediate Government/Credit Bond Index to the Barclays Aggregate Bond Index effective May 14, 2012. As a result, that Fund’s management team made several more significant changes to its composition which are discussed within the Fund’s in this report.
All of the Funds also continued to invest in various derivative instruments during this reporting period, which are described later in this report.
Nuveen Core Plus Bond Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Aggregate Bond Index and the Lipper Intermediate Investment Grade Debt Funds Classification Average for the six-month period. The Fund benefited from our positioning for an improving global growth outlook throughout the reporting period as both U.S. and global economic data came in somewhat better than anticipated. By the end of the year, the global economy appeared to be on firm footing for moderate growth, while the triple threat of the U.S. fiscal stalemate, European stress and Chinese growth fears all gave signs of stabilization. Investor flows continued to indicate robust demand for fixed income securities during the six-month period as the pressure to find yield provided a strong technical underpinning to the market. This backdrop was supportive of risk assets broadly and the spread sectors of the fixed income market specifically.
As a result, the Fund’s sector allocations were the primary drivers of its outperformance during the six-month reporting period. We continued to position the Fund with significant underweights to the Treasury and agency segments of the market. At the same time, we
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strategically overweighted investment-grade corporates, high-yield corporates, commercial mortgage-backed securities (CMBS) and asset-backed securities. In particular, the Fund’s corporate exposure aided performance the most over the reporting period. The Fund benefited not only from the additional yield available in these sectors, but also from the gains associated with the narrowing risk premiums for credit. According to Barclays Indexes, the investment-grade corporate and high yield sectors both produced an excess return over Treasuries. The corporate market continued to be supported by investors’ quest for yield, strong fundamentals, a gradually improving economy and the Federal Reserve’s (Fed) very accommodative monetary policy.
Security selection within the corporate market was also beneficial to performance. In particular, the Fund’s weighting in bank/financial credits was at least two-and-a-half times higher than the index weight throughout the period. We have been strong proponents of the value of financial credits based on their solid investment fundamentals. The market increasingly moved toward this view with financial spreads tightening versus industrials during the period, continuing their strong relative performance. Additionally, the Fund was positioned with a bias toward BBB-rated corporates, which benefited results as this lower quality segment of the investment-grade market outperformed higher-rated bonds.
The Fund was also rewarded for positions in emerging market (EM) credit, which was the best-performing sector over the six-month period. Despite a record level of issuance in EM corporate bonds, the market experienced insufficient supply as more investors were drawn to the sector in search of higher yields. This supply/demand imbalance, along with an improving fundamental global environment, caused yields in EM corporates to decline and led to strong outperformance for the sector.
In the securitized area of the portfolio, the Fund’s overweight position in CMBS contributed positively to returns. With an excess return over Treasuries, the CMBS sector was the top performer within the securitized area of the market. The sector benefited from investor demand for high-quality, lower-risk bonds with incremental spread over government securities.
Our duration strategy, which indicates the Fund’s sensitivity to interest rate changes, was tactical in nature and added marginally to performance during the six-month period. In the first three months of the period, we focused on trading market dislocations around a generally neutral duration stance. We also positioned the Fund with an overweight to longer dated securities as part of our bias toward a flattening yield curve. In the period’s second half, our bias was toward a short duration versus the market benchmark. The Fund experienced no meaningful performance detractors during the six-month reporting period.
Our main strategic emphasis on non-government sectors remained in place throughout the period, based on our macro view of slow global growth, strong private sector fundamentals, accommodative central bank policy and European leaders coming together to support their financial system. However, we did take advantage of market opportunities to increase the Fund’s weighting in high-yield corporates. We also used select new corporate issues and secondary trading to modestly increase and reposition the Fund’s holdings in the investment-grade credit sector. We funded these moves by
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marginally reducing the Fund’s exposure to CMBS and mortgage-backed securities. In addition, we harvested some gains in investment-grade credit, reducing positions in financials and higher-quality industrials in light of stronger market valuations.
Nuveen High Income Bond Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays High Yield 2% Issuer Capped Index and the Lipper High Yield Funds Classification Average for the six-month period. The general backdrop during the reporting period was supportive of risk assets broadly and fixed income spread sectors specifically. The high yield market in particular continued to be bolstered by investors’ quest for yield, strong fundamentals, a gradually improving economy and low default rates. In addition, the Fed’s various statements suggesting that economic conditions were likely to warrant a zero federal funds rate into 2014 and possibly beyond further strengthened the case for a high-yield asset class that was already trading at wide spreads relative to a low default rate. While the pressure to find yield led to continued strong demand for high yield bonds from both institutional and retail investors, bond issuance also ramped up to record levels to meet these large inflows to the sector.
With this backdrop, lower quality bonds generally outpaced higher quality ones, although the six-month returns reflected only marginal outperformance. Therefore, the Fund’s outperformance relative to the index during the period was partially due to its overweight in the lower quality B and CCC tiers of the market, and concurrent underweight to BB-rated securities. These overweights were predicated on our baseline view of slow-to-steady GDP growth accompanied by sound corporate fundamentals and a benign default risk outlook. We continued to believe the extra yield these lower quality bonds provided over BB-rated credits was adequate compensation for accepting the higher risks.
In addition, the Fund benefited from its overweights in some of the period’s better performing sectors, most notably homebuilders, chemicals, European financials and foreign high yield. Chemical industry margins have been improving due to cheaper natural gas input costs, while merger and acquisition activity has been increasing. Within homebuilding, builders have improved liquidity with new or increased credit facilities, while reduced supply, increased affordability and rent increases have set the stage for a recovery on the demand side. In Europe, Greece was still being viewed as a unique and contained problem, thanks to the actions of the European Central Bank (ECB) and the European Monetary Union (EMU) to solve the liquidity problems of banks and peripheral sovereigns. This helped high-yield positions in the European corporate and banking sectors, while indirectly assisting in risk appetites across emerging markets as well.
Meanwhile, a portfolio underweight to communications was a modest detractor to results as the sector showed strong performance over the period. Also, results were mixed from our ongoing overweight to metals and mining. In the first few months of the reporting period, the sector continued to be unfavorably impacted by deteriorating global growth, especially in China and Europe, which caused weakness in certain commodity and base metals credits such as coal, steel and iron ore. However, while the metals and mining sub-index was the worst performing sector for the full year, it was one of the best performing
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areas during the final three months of the period as signs of stabilization emerged in China. Valuations certainly played into this as it became one of the higher yielding parts of the market.
The Fund’s exposure to emerging market (EM) bonds was again a positive contributor to performance during the six-month period. Investor perceptions of reduced global macro tail risks set the stage for increasing demand for higher yielding instruments in EM credit and sovereigns. The total return performance of EM debt has been very strong over the past decade, which we believe confirms the historical case for investing in this asset class. Also, the inclusion of EM assets in a global portfolio has provided the additional benefit of a lower correlation to the core high-yield market. We saw this positive divergence during the period. Furthermore, the asset class continues to grow in popularity, as the market capitalization of the JP Morgan EM fixed income indices has nearly doubled since 2008. Despite weaker fundamentals for high yield names at the margin, the EM corporate default rate remained relatively low in 2012. During the six-month period, the Fund’s performance benefited from its EM positions in Argentine sovereign debt and Chinese property credits, as well as various Russian and Indonesian corporate credits.
With defaults generally very well behaved across the entire high yield market, the Fund experienced no serious credit impairments during the six-month period. We also continue to believe that high yield loan and bond defaults will trend below average over the next couple of years, given the healthy financial metrics of corporate issuers and the recent ability to extend debt maturities. It is our view that near-term default risk is not a significant concern in the United States; however, it is a relatively bigger issue in Europe, although spreads there seem to already compensate for the worst-case scenario. While Moody’s estimated a 3.0% global default rate for the next twelve months as of December 31, 2012, even that number could prove to be conservatively high as long as issuers are tapping capital markets at such a torrid pace.
During the course of the period, we added to the Fund’s overweight in the homebuilding sector as the housing market showed improvement on a number of fronts. We also added to our energy bets in the exploration and production segments, as we think this sector now offers relative value given its underperformance during 2012 and our continued preference for the real asset nature of the companies’ reserves. We continued to carry an overweight to the oil services sector for many of the same reasons as it should benefit from overall strong energy prices as well as robust drilling activity.
Additionally, we added to various Fund holdings within the European banking sector, predominately hybrid preferred securities. The actions taken by the ECB and EMU to help solve the liquidity problems of European banks and peripheral sovereigns greatly reduced the systemic risk in Europe and set the stage for a strong rally in the banking sector. We slightly increased the Fund’s allocation to preferred stocks as we saw increased issuance in the real estate sector. We also added to our position in closed-end funds that invest in bank loan securities.
Nuveen Inflation Protected Securities Fund
The Fund’s Class A Shares at net asset value (NAV) underperformed both the Barclays U.S. TIPS Index and the Lipper Inflation-Protected Bond Funds Classification Average for
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the six-month period. Early in the period, rising food commodity prices such as corn and soy and an upward reversal in gasoline prices drove renewed investor concerns about inflation. The announcement of the Fed’s QE3 program, along with other very accommodative actions coming out of its September meeting, compounded the heightened inflationary fears. In the first three months of the period, these events caused yields on Treasury inflation-protected securities (TIPS) to fall for both 5-year and 30-year maturities, leading to a steeper TIPS yield curve. Meanwhile, the Treasury yield curve also steepened between 5 and 30 years, as yields at the shorter end fell slightly and yields on longer maturity Treasuries rose. In the second half of the period, weaker-than-expected Consumer Price Index (CPI) prints, both actual and forecasted, led to more subdued investor interest in TIPS. However, the Fed’s continuing policy accommodation drove yields on TIPS even lower; in fact, longer maturities hit all-time intra-day yield lows. Meanwhile, breakeven spreads (the difference between the yields of nominal Treasuries and TIPS) moved modestly wider, with fiscal cliff uncertainty likely capping any further improvement in spreads.
This market backdrop led TIPS to outperform nominal Treasury securities and the broad fixed income market over the six-month period. However, returns were much stronger away from the Treasury market as the so-called spread sectors outpaced both nominal Treasuries and TIPS by significant margins. These spread sectors included investment-grade corporates, high yield corporates, emerging markets and commercial mortgage-backed securities (CMBS). High yield credit and emerging markets experienced the strongest performance over Treasuries during the six-month period. Investment-grade credit had an excess return over Treasuries, with financials significantly outperforming industrials. The corporate market continued to be supported by investors’ quest for yield, strong fundamentals, a gradually improving economy and the Fed’s very accommodative monetary policy. Meanwhile, perceptions of reduced global macro risks set the stage for heavy investor demand for higher yielding instruments in emerging market credit and sovereigns.
The Fund’s underweight in TIPS versus the Barclays U.S. TIPS Index was a drag on its six-month results as breakeven spreads widened and TIPS outperformed nominal Treasuries. Our tactical duration moves, which alter the Fund’s sensitivity to changing interest rates, were also a negative contributor toward performance for the period. For the most part, we positioned the Fund with a shorter duration than the benchmark, which hurt results because TIPS yields fell across the curve. Partially offsetting these negatives were our Fund’s small allocations to the high-yield and CMBS sectors as those two segments generated significant excess returns. Our relative positioning for a steeper TIPS and nominal Treasury yield curve also aided results.
Although we kept our primary investment themes in place during the period, we made smaller-scaled shifts to help improve the Fund’s profile in response to changing growth and inflation forecasts. We maintained the Fund’s underweight to TIPS versus the benchmark index. Later in the reporting period, we significantly reduced the Fund’s nominal Treasury exposure due to the poor value these securities represented. This move also helped us to shorten the Fund’s duration, which decreased its sensitivity to interest rates. We used the proceeds to help us double the Fund’s small allocations in both the
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high-yield and the CMBS sectors. We also reduced the Fund’s allocation to TIPS, while lowering duration in the TIPS portion of the portfolio, because of our view that yields in the segment are too low.
Nuveen Intermediate Government Bond Fund
The Fund’s Class A Shares at net asset value (NAV) slightly outperformed the Barclays Intermediate Government Bond Index, while slightly underperforming the Lipper Intermediate U.S. Government Funds Classification Average for the six-month period. During the third quarter of 2012, uncertain global economic and financial conditions elicited two high impact policy responses that defined the tone for the second half of the year. The responses boosted investor confidence and spurred a significant rally in risk assets. In early September, the European Central Bank (ECB) announced a conditional bond buying program designed to ensure financing for sovereigns. Later that month, the Fed unveiled open-ended quantitative easing and began buying mortgage-backed securities (MBS) in order to keep mortgage rates low. The combination of both announcements directly tightened spreads on the affected asset classes and indirectly caused a “risk-on” mentality to take hold across the markets. The ECB announcement caused spreads on sovereigns to gap tighter, which allowed investors to take their most negative risk scenarios off the table. This led to a grab for high quality assets at attractive spread levels given the new risk/reward profile in the market. As spreads tightened on higher quality assets and investors became more comfortable with lower loss expectations, they moved down the capital stack in search of yield. The result was a significant rally in spread assets across the board with higher beta assets like commercial mortgage-backed securities (CMBS) outperforming lower beta assets over the second half of the year.
The Fund’s sector weightings were responsible for the majority of its outperformance versus the benchmark. The Fund’s underweight to U.S. Treasuries was the main positive contributor as all of the spread sectors outperformed for the six-month period ended December 31, 2012. At the same time, the Fund benefited from overweights in the CMBS, agency and MBS sectors, which registered higher returns than intermediate maturity Treasuries during that time frame. According to Barclays Indexes, the CMBS sector produced an excess return over intermediate Treasuries, while agencies and MBS also had excess returns.
While our primary investment themes remained intact during the period, we made smaller scaled shifts on an ongoing basis that were geared toward improving the Fund’s profile in response to changing fundamental conditions and changes in relative valuations. We added to the Fund’s exposure in MBS, CMBS and taxable municipal paper during the second half of 2012. To fund these purchases, we marginally reduced the Fund’s Treasury weight. All of these moves were positive contributors to performance, given that spread sectors outperformed Treasuries.
In order to adjust the Fund’s sensitivity to interest rates, we continued to make tactical duration and yield curve moves throughout the period. However, our overall strategic bias was to remain defensive, which means having a shorter duration than the benchmark. These tactical trades, as well as our strategic defensive positioning, also helped Fund performance during the six-month reporting period.
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Nuveen Intermediate Term Bond Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Aggregate Bond Index and the Barclays Intermediate Gov’t/Credit Bond Index and performed in line with the Lipper Intermediate Investment Grade Debt Funds Classification Average for the six-month period. Much of U.S. and global economic data came in somewhat better than anticipated in the second half of 2012, despite the uncertainty surrounding the fiscal cliff and developments in Europe and China. By the end of the year, the global economy appeared to be on firmer footing for moderate growth, while the triple threat of the U.S. fiscal stalemate, European stress and Chinese growth fears all gave signs of stabilization. Investor flows continued to indicate robust demand for fixed income securities during the six-month period as the pressure to find yield provided a strong technical underpinning to the market.
This backdrop was supportive of risk assets broadly and the spread sectors of the fixed income market specifically. While Treasury securities posted a virtually flat return over the six-month period due to a modest rise in interest rates, returns in the spread sectors were much stronger. For example, investment-grade corporate bonds had an excess return over Treasuries. Not only was the corporate market supported by investors’ quest for yield, but also strong fundamentals, a gradually improving economy and the Fed’s very accommodative monetary policy. In particular, investment-grade financials significantly outperformed industrials due to diminished systemic fears and ongoing positive credit fundamentals for banks. In the securitized area, the commercial mortgage-backed securities (CMBS) sector was by far the top-performing segment versus Treasuries, benefiting from investor demand for high quality and lower risk bonds with incremental spread over government securities. On the short end of the yield curve, asset-backed securities (ABS) performed well as solid fundamentals and robust demand for shorter duration assets provided a solid backdrop for the sector, despite relatively unattractive valuations. However, agency mortgage-backed securities (MBS), while outperforming Treasuries, turned in relatively lackluster results overall for the period as investors rotated into other products after the Fed buying program that was announced in the third quarter pushed valuations to very expensive levels.
We continued to position the Fund with significant underweights to Treasuries with corresponding overweights to non-government spread sectors, with specific focus on investment-grade corporates and CMBS. This positioning was the primary driver of the Fund’s outperformance of the benchmark during the semi-annual reporting period. The Fund benefited from both the additional yield available in the non-government sectors as well as the gains associated with narrowing risk premiums for these securities. Our security selection also significantly aided results, particularly the Fund’s overweight position to bank/financial credits within the investment-grade sector. For some time, we have been strong proponents of the value of financial credits based on their solid investment fundamentals. As noted, the market increasingly moved toward this view as the six-month period progressed with financial spreads tightening versus industrials. Finally, the Fund was positioned with a bias toward BBB-rated corporates, which benefited results as this lower quality segment of the investment-grade market outperformed higher rated bonds.
Our duration strategy, which indicates the Fund’s sensitivity to interest rate changes, was tactical in nature and added marginally to performance during the six-month period. In
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the first three months of the period, we focused on trading market dislocations around a generally neutral duration stance. We also positioned the Fund with an overweight to longer dated securities as part of our bias toward a flattening yield curve. In the period’s second half, our bias was toward a short duration versus the market benchmark. The Fund experienced no meaningful performance detractors during the six-month reporting period.
The Fund’s investment themes remained largely intact based on our macro view of stabilizing global growth, strong private sector fundamentals, accommodative central bank policies and unity among European leaders regarding their financial system. We believed the combination of economic and monetary factors would continue to bode well for corporate credit and other non-government sectors of the fixed income market. Therefore, we maintained the Fund’s underweight in government sectors, while making slight shifts in its corporate exposure as valuation targets were achieved in specific issuers. After strong performance for the agency MBS sector in the initial months of the reporting period, we reduced the Fund’s overall exposure to a neutral weight as slightly higher prepayments resulted in unattractive valuations for certain coupons. As offsets, we boosted the Fund’s CMBS overweight modestly. Portfolio activity was largely bottom up in nature as we focused on security specific opportunities in both the corporate and structured sectors.
We changed the composition of the Fund in mid-May 2012 in response to changes to its management philosophy and benchmark. The Fund is now managed to the Barclays Aggregate Bond Index, as opposed to the Barclays Intermediate Government/Credit Bond Index, and portfolio positioning has been modified to reflect this change. The rationale for the change was to recognize that the Fund provides shareholders with investment exposure similar to the broad fixed income market, as represented by the Fund’s new benchmark. The new benchmark, by encompassing the broad fixed income market, is less concentrated than the old benchmark, and provides a more accurate representation of the portfolio by including securitized products, an asset class that represents 35% of the strategy’s investments. The most significant effects of this change were a reduction in the Fund’s exposure to investment-grade credit, an increase in allocation to the U.S. MBS sector and a modest lengthening in the portfolio’s duration. As such, the change in the management philosophy reflects a moderate increase in the Fund’s risk profile.
Nuveen Short Term Bond Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed the Barclays 1-3 Year Government/Credit Bond Index and the Lipper Short Investment Grade Debt Funds Classification Average for the six-month period. At the short end of the yield curve, interest rates were little changed and broad short duration fixed income returns were meager during the reporting period. Within this space, short government securities were the laggards due to the lack of income for this market segment because of low Treasury yields, coupled with no price gains. Away from the Treasury market, fixed income returns were stronger. Short duration investment-grade credit had an excess return of about 165 basis points over Treasuries, with financials significantly outperforming industrials due to
Nuveen Investments | 13 |
diminished systemic fears and ongoing positive credit fundamentals for banks. Within securitized sectors, short commercial mortgage-backed securities (CMBS) posted strong results with an excess return of 270 basis points, benefiting from investor demand for high-quality, low-beta bonds with incremental spread. Traditional consumer asset-backed securities (ABS) also performed decently as solid fundamentals and robust demand provided a favorable backdrop for the sector, despite relatively unattractive valuations. In the high-yield space, short and intermediate maturity corporates significantly outperformed Treasuries. The high yield segment continued to be supported by investors’ quest for yield, strong fundamentals, a gradually improving economy and low default rates. Meanwhile, the legacy non-agency MBS and subprime securities held by the portfolio posted extremely strong returns in the 5% to 15% range, as fundamental improvements in the U.S. housing market provided a strong boost to investor risk appetite for these securities.
Our sector strategy was the primary driver of outperformance during the period. The Fund was primarily focused on opportunities in the corporate and securitized sectors with a significant underweight to the Treasury and agency segments of the market. Our diversified positioning in these short duration non-government sectors proved beneficial, including overweights to investment-grade credit, non-agency MBS/subprime securities, crossover high-yield corporates and CMBS. The Fund’s largest weighting was in investment-grade credit where we maintained a downward bias in terms of credit quality and an emphasis on financials. We have been strong proponents of the value of financial credits based on their solid investment fundamentals. The market increasingly moved toward this view with financial spreads tightening versus industrials during the period, continuing the strong relative performance from earlier in the year. At the same time, the Fund had substantial exposure in the securitized sectors, with broad diversification across government agency MBS, consumer ABS, CMBS and non-agency/subprime MBS. In particular, we continued to be constructive on both the residential and commercial mortgage sectors as we believe the combination of improving fundamentals and strong technicals for these sectors will continue to push spreads tighter. Our security selection within each of these securitized sectors added value during the reporting period as well.
With the extremely low level of rates at the short end of the yield curve, our interest rate strategy was geared toward being positioned modestly short of the benchmark and toward the lower end of the permitted one- to three-year duration range. Since short rates exhibited very little volatility during the period, our strategy added only marginally to investment performance. The Fund experienced no meaningful detractors to its performance during the six-month period.
Based on our macro view of slow global growth, strong private sector fundamentals, accommodative central bank policy and European leaders coming together to support their financial system, our investment themes remained largely intact during the period. We continued our emphasis on financials, while looking for additional opportunities in non-traditional ABS and non-agency MBS products. These sectors should be supported by improvements in the broad real estate markets. As new issues came to market and bottom-up opportunities arose, we did modestly increase the Fund’s weights to high yield, CMBS, ABS and taxable municipal paper during the second half of 2012.
14 | Nuveen Investments |
Nuveen Strategic Income Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Aggregate Bond Index and the Lipper Multi-Sector Income Funds Classification Average for the six-month period. Much of U.S. and global economic data came in somewhat better than anticipated in the second half of 2012, despite the uncertainty surrounding the fiscal cliff and developments in Europe and China. By the end of the year, the global economy appeared to be on firmer footing for moderate growth, while the triple threat of the U.S. fiscal stalemate, European stress and Chinese growth fears all gave signs of stabilization. Investor flows continued to indicate robust demand for fixed income securities during the six-month period as the pressure to find yield provided a strong technical underpinning to the market. This backdrop was supportive of risk assets broadly and the spread sectors of the fixed income market specifically.
The Fund’s performance benefited from our strategic positioning during the period, particularly significant overweights to both investment-grade and high yield corporates. These positions were the primary drivers of outperformance during the period, with the Fund benefiting from the additional yield available in these sectors as well as the gains associated with narrowing risk premiums for credit. Investment-grade corporate bonds and high yield both produced an excess return over Treasuries. The corporate market continued to be supported by investors’ quest for yield, strong fundamentals, a gradually improving economy and the Fed’s very accommodative monetary policy. The high yield market was also bolstered by the ongoing low level of defaults. The Fund’s overweight in bank/financial credits within its investment-grade portfolio also added significantly to results. We have been strong proponents of the value of financial credits based on their strong investment fundamentals. The market increasingly moved toward this view with financial spreads tightening versus industrials during the period, continuing their strong relative performance.
The Fund was also rewarded for positions in emerging market (EM) credit, which was the best-performing sector over the six-month period. This performance was achieved in the face of a record level of issuance in EM corporate bonds, as improving economic growth, rising investor confidence in EM, and the ongoing search for yield drove strong investor interest and fund flows into the sector.
Additionally, our foreign currency exposure aided performance as we emphasized growth-sensitive, higher yielding currencies over the U.S. dollar. The U.S. dollar declined against most currencies globally over the six-month period. The yen also declined as the Japanese election set the stage for aggressive fiscal and monetary policies aimed at reflation. However, the euro saw a recovery from depressed levels as investors reassessed its survival and the U.S. QE3 program pressured the dollar.
The Fund’s small overweight position in commercial mortgage-backed securities (CMBS) contributed positively to returns as the sector was the top performer within the securitized segment. The sector benefited from investor demand for high quality, lower risk bonds with incremental spread over government securities. The Fund remained significantly underweight to mortgage-backed securities (MBS). While MBS slightly outperformed Treasuries, they turned in relatively lackluster results overall as investors rotated into other products after the Fed’s buying program pushed valuations to very expensive levels.
Nuveen Investments | 15 |
Our duration strategy, which indicates the Fund’s sensitivity to interest rate changes, was biased to be defensive, but tactically responded to developing conditions in monetary policy and valuation. Our various moves and positioning on the yield curve added marginally to investment results during the six months. The Fund experienced no meaningful performance detractors during the reporting period.
While our main strategic emphasis on non-government sectors remained in place, we took advantage of market conditions during the period to add research-driven ideas in the high-yield sector, significantly increasing the Fund’s weighting to the sector. We also harvested some gains in investment-grade credit, reducing positions in financials and higher quality industrials in light of stronger market valuations. Additionally, we added foreign currency exposure and rotated the Fund’s non-U.S. market and currency exposure to reflect valuation opportunities and shifting global fundamental conditions. Meanwhile, we reduced the Fund’s positions in CMBS and used the proceeds to fund these other investment opportunities.
The Funds’ Investments in Derivatives
During the reporting period, each of the Funds held investments in derivatives. All of the Funds invested in interest rate futures contracts. The Funds used long and short U.S. Treasury note and bond futures to manage portfolio duration and yield curve exposure. For example, to increase the duration of the Fund’s portfolio, a long Treasury bond or Treasury note futures position would be acquired. The overall effect these contracts had on performance during the period was slightly positive.
The Strategic Income Fund invested in credit default swap contracts to add diversified exposure to a broad segment of the credit markets, or to express a view on credit as part of an overall portfolio sector management strategy. For example, to increase the Fund’s credit exposure to the High Yield Bond segment of the market, a long CDX High Yield Index swap would be acquired. The overall effect these contracts had on performance during the period was slightly positive and the Strategic Income Fund still held these contracts at the end of the six-month period. The Core Plus Bond Fund, and Strategic Income Fund invested in interest rate swap contracts to hedge against rising interest rates, while the Inflation Protected Securities Fund, Intermediate Term Bond Fund and Short Term Bond Fund invested in these contracts to hedge against changes in rate spreads by taking a short interest rate swap position. The Core Plus Bond Fund and Strategic Income Fund still held these contracts at the end of the period and the overall effect these contracts had on performance during the period was slightly positive.
The Inflation Protected Securities Fund and Strategic Income Fund utilized forward foreign currency exchange contracts to manage foreign currency exposure. For example, to reduce unwanted currency exposure from the Fund’s portfolio, a short foreign currency forward would be acquired. The overall effect these contracts had on performance during the period was slightly positive.
The Core Plus Bond Fund and the Strategic Income Fund purchased options on Treasury notes/bond futures as part of an overall portfolio interest rate strategy. For example, call options may be purchased to hedge the portfolio against adverse interest rate movements while limiting downside exposure to a portfolio. The Funds no longer held these contracts as of the close of the six-month period.
16 | Nuveen Investments |
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Below investment grade or high yield debt securities such as those held by the Core Plus Bond Fund, the High Income Bond Fund, the Inflation Protected Securities Fund, the Short Term Bond Fund and the Strategic Income Fund are subject to liquidity risk and heightened credit risk.
Foreign investments such as those held by the Core Plus Bond Fund, the High Income Bond Fund, the Inflation Protected Securities Fund, the Intermediate Term Bond Fund, the Short Term Bond Fund, and the Strategic Income Fund involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
For the Inflation Protected Securities Fund, the guarantee provided by the U.S. government to Treasury inflation protected securities (TIPS) relates only to the prompt payment of principal and interest and does not remove the market risks of investing in the Fund’s shares. The Fund’s investment in inflation protected securities has tax consequences that may result in income distributions to shareholders.
Dividend Information
All shares classes of the Core Plus Bond Fund remained stable during the reporting period while all share classes of the High Income Bond Fund, Inflation Protected Securities Fund experienced one monthly dividend reduction. All share classes of the Intermediate Government Bond Fund, Intermediate Term Bond Fund and the Short Term Bond Fund experienced two monthly dividend reductions. The Strategic Income Fund experienced two monthly dividend increases during the reporting period.
Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of December 31, 2012, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Strategic Income Fund had a positive UNII balance while the remaining six Funds had a negative UNII balance for financial reporting purposes.
Nuveen Investments | 17 |
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following seven pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
18 | Nuveen Investments |
Nuveen Core Plus Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 4.82% | 8.49% | 6.22% | 5.00% | ||||||||||||
Class A Shares at maximum Offering Price | 0.33% | 3.87% | 5.31% | 4.55% | ||||||||||||
Barclays Aggregate Bond Index* | 1.80% | 4.21% | 5.95% | 5.18% | ||||||||||||
Lipper Intermediate Investment Grade Debt Funds Classification Average* | 3.20% | 6.81% | 5.89% | 4.96% | ||||||||||||
Class B Shares w/o CDSC | 4.37% | 7.74% | 5.44% | 4.22% | ||||||||||||
Class B Shares w/CDSC | -0.63% | 2.74% | 5.28% | 4.22% | ||||||||||||
Class C Shares | 4.47% | 7.76% | 5.43% | 4.23% | ||||||||||||
Class R3 Shares | 4.70% | 8.33% | 6.00% | 4.81% | ||||||||||||
Class I Shares | 4.87% | 8.79% | 6.48% | 5.26% |
Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 0.82% | 0.77% | ||||||
Class B Shares | 1.56% | 1.52% | ||||||
Class C Shares | 1.57% | 1.52% | ||||||
Class R3 Shares | 1.06% | 1.02% | ||||||
Class I Shares | 0.56% | 0.52% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.77%, 1.52%, 1.52%, 1.02% and 0.52% for Class A, Class B, Class C, Class R3 and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s board of directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Nuveen Investments | 19 |
Fund Performance and Expense Ratios (continued)
Nuveen High Income Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative |
| Average Annual |
| |||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 9.40% | 17.89% | 8.84% | 9.22% | ||||||||||||
Class A Shares at maximum Offering Price | 4.22% | 12.25% | 7.78% | 8.69% | ||||||||||||
Barclays High Yield 2% Issuer Capped Index* | 7.97% | 15.78% | 10.45% | 10.60% | ||||||||||||
Lipper High Yield Funds Classification Average* | 7.51% | 14.66% | 8.01% | 8.89% | ||||||||||||
Class B Shares w/o CDSC | 9.17% | 17.25% | 8.10% | 8.44% | ||||||||||||
Class B Shares w/CDSC | 4.17% | 12.25% | 7.95% | 8.44% | ||||||||||||
Class C Shares | 9.14% | 17.18% | 8.13% | 8.45% | ||||||||||||
Class R3 Shares | 9.41% | 17.55% | 8.61% | 8.98% | ||||||||||||
Class I Shares | 9.65% | 18.31% | 9.16% | 9.51% |
Class A Shares have a maximum 4.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 0.98% | |||
Class B Shares | 1.73% | |||
Class C Shares | 1.72% | |||
Class R3 Shares | 1.23% | |||
Class I Shares | 0.74% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
20 | Nuveen Investments |
Nuveen Inflation Protected Securities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative |
| Average Annual |
| |||||||||||||
6-Month | 1-Year | 5-Year | Since Inception* | |||||||||||||
Class A Shares at NAV | 2.38% | 6.40% | 6.82% | 5.83% | ||||||||||||
Class A Shares at maximum Offering Price | -1.95% | 1.88% | 5.90% | 5.27% | ||||||||||||
Barclays U.S. TIPs Index** | 2.82% | 6.98% | 7.04% | 6.41% | ||||||||||||
Lipper Inflation-Protected Bond Funds Classification Average** | 2.86% | 6.52% | 6.01% | 5.82% | ||||||||||||
Class C Shares | 2.18% | 5.82% | 6.05% | 5.04% | ||||||||||||
Class R3 Shares | 2.34% | 6.16% | 6.41% | 5.50% | ||||||||||||
Class I Shares | 2.67% | 6.84% | 7.09% | 6.09% |
Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 0.82% | |||
Class C Shares | 1.57% | |||
Class R3 Shares | 1.08% | |||
Class I Shares | 0.57% |
* | Since inception returns are from 10/01/04. |
** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Nuveen Investments | 21 |
Fund Performance and Expense Ratios (continued)
Nuveen Intermediate Government Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.76% | 2.07% | 4.20% | 3.65% | ||||||||||||
Class A Shares at maximum Offering Price | -2.27% | -1.01% | 3.57% | 3.33% | ||||||||||||
Barclays Intermediate Government Bond Index** | 0.65% | 1.73% | 4.51% | 4.10% | ||||||||||||
Lipper Intermediate U.S. Government Funds Classification Average** | 0.84% | 2.47% | 4.84% | 4.01% | ||||||||||||
Class I Shares | 0.75% | 2.25% | 4.36% | 3.80% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception* | ||||||||||
Class C Shares | 0.36% | 1.24% | 2.85% | |||||||||
Class R3 Shares | 0.63% | 1.78% | 3.31% |
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 0.93% | 0.85% | ||||||
Class C Shares | 1.68% | 1.60% | ||||||
Class R3 Shares | 1.18% | 1.10% | ||||||
Class I Shares | 0.68% | 0.60% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.85%, 1.60%, 1.10% and 0.60% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since inception returns for Class C and Class R3 Shares are from 10/28/09. |
22 | Nuveen Investments |
Nuveen Intermediate Term Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 3.01% | 6.51% | 5.59% | 4.56% | ||||||||||||
Class A Shares at maximum Offering Price | -0.08% | 3.35% | 4.95% | 4.24% | ||||||||||||
Barclays Aggregate Bond Index* | 1.80% | 4.21% | 5.95% | 5.18% | ||||||||||||
Barclay Intermediate Govt’ / Credit Bond Index* | 1.76% | 3.89% | 5.18% | 4.62% | ||||||||||||
Lipper Intermediate Investment Grade Debt Funds Classification Average* | 3.20% | 6.81% | 5.89% | 4.96% | ||||||||||||
Class I Shares | 3.23% | 6.82% | 5.77% | 4.73% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class C Shares | 2.72% | 5.68% | 4.36% |
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 0.79% | 0.78% | ||||||
Class C Shares | 1.54% | 1.53% | ||||||
Class I Shares | 0.54% | 0.53% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.78%, 1.53% and 0.53% for Class A, Class C and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s board of directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since inception return for Class C Shares is from 1/18/11. |
Nuveen Investments | 23 |
Fund Performance and Expense Ratios (continued)
Nuveen Short Term Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 2.21% | 4.73% | 3.23% | 2.98% | ||||||||||||
Class A Shares at maximum Offering Price | -0.10% | 2.34% | 2.76% | 2.75% | ||||||||||||
Barclays 1-3 Year Government/Credit Bond Index* | 0.67% | 1.26% | 2.88% | 3.13% | ||||||||||||
Lipper Short Investment Grade Debt Funds Classification Average* | 1.72% | 3.57% | 2.84% | 2.98% | ||||||||||||
Class I Shares | 2.33% | 4.96% | 3.40% | 3.15% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception*** | ||||||||||
Class C Shares | 1.81% | 3.91% | 2.03% | |||||||||
Class R3 Shares | 2.06% | 4.52% | 3.93% |
Class A Shares have a maximum 2.25% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 0.75% | 0.72% | ||||||
Class C Shares | 1.50% | 1.47% | ||||||
Class R3 Shares | 0.97% | 0.97% | ||||||
Class I Shares | 0.50% | 0.47% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.72%, 1.47%, 0.97% and 0.47% for Class A, Class C, Class R3 and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s board of directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since inception return for Class C Shares is from 10/28/09. Since inception return for Class R3 Shares is from 9/23/11. |
24 | Nuveen Investments |
Nuveen Strategic Income Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of December 31, 2012
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 8.23% | 13.68% | 8.30% | 6.79% | ||||||||||||
Class A Shares at maximum Offering Price | 3.64% | 8.82% | 7.36% | 6.33% | ||||||||||||
Barclays Aggregate Bond Index* | 1.80% | 4.21% | 5.95% | 5.18% | ||||||||||||
Lipper Multi-Sector Income Funds Classification Average* | 5.99% | 11.21% | 7.02% | 7.39% | ||||||||||||
Class B Shares w/o CDSC | 7.78% | 12.89% | 7.42% | 5.98% | ||||||||||||
Class B Shares w/CDSC | 2.78% | 7.89% | 7.27% | 5.98% | ||||||||||||
Class C Shares | 7.88% | 12.90% | 7.46% | 5.99% | ||||||||||||
Class R3 Shares | 7.97% | 13.33% | 7.91% | 6.54% | ||||||||||||
Class I Shares | 8.36% | 14.04% | 8.52% | 7.05% |
Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 0.91% | 0.85% | ||||||
Class B Shares | 1.66% | 1.60% | ||||||
Class C Shares | 1.66% | 1.60% | ||||||
Class R3 Shares | 1.17% | 1.10% | ||||||
Class I Shares | 0.67% | 0.60% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.84%, 1.59%, 1.59%, 1.09% and 0.59% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Nuveen Investments | 25 |
Yields as of December 31, 2012
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
Nuveen Core Plus Bond Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 3.37% | 2.93% | ||||||
Class B Shares | 2.79% | 2.31% | ||||||
Class C Shares | 2.83% | 2.31% | ||||||
Class R3 Shares | 3.35% | 2.80% | ||||||
Class I Shares | 3.82% | 3.31% |
Nuveen High Income Bond Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 7.17% | 6.14% | ||||||
Class B Shares | 6.83% | 5.70% | ||||||
Class C Shares | 6.81% | 5.69% | ||||||
Class R3 Shares | 7.31% | 6.20% | ||||||
Class I Shares | 7.77% | 6.71% |
Nuveen Inflation Protected Securities Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 0.96% | -4.53% | ||||||
Class C Shares | 0.25% | -5.45% | ||||||
Class R3 Shares | 0.75% | -5.05% | ||||||
Class I Shares | 1.25% | -4.48% |
Nuveen Intermediate Government Bond Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 1.81% | 1.30% | ||||||
Class C Shares | 1.07% | 0.60% | ||||||
Class R3 Shares | 1.60% | 1.09% | ||||||
Class I Shares | 2.07% | 1.59% |
Nuveen Intermediate Term Bond Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 2.09% | 1.33% | ||||||
Class C Shares | 1.37% | 0.61% | ||||||
Class I Shares | 2.39% | 1.62% |
(1) | The SEC Yield for Class A Shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
26 | Nuveen Investments |
Nuveen Short Term Bond Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 1.98% | 1.39% | ||||||
Class C Shares | 1.25% | 0.68% | ||||||
Class R3 Shares | 1.73% | 1.17% | ||||||
Class I Shares | 2.27% | 1.66% |
Nuveen Strategic Income Fund
Dividend Yield | SEC 30-Day Yield | |||||||
Class A Shares(1) | 4.20% | 3.96% | ||||||
Class B Shares | 3.68% | 3.39% | ||||||
Class C Shares | 3.68% | 3.39% | ||||||
Class R3 Shares | 4.17% | 3.89% | ||||||
Class I Shares | 4.65% | 4.39% |
(1) | The SEC Yield for Class A Shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
Nuveen Investments | 27 |
Holding Summaries as of December 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
Nuveen Core Plus Bond Fund
Portfolio Credit Quality1
Nuveen High Income Bond Fund
Portfolio Credit Quality4
Portfolio Allocation2 | ||||
Corporate Bonds | 41.3% | |||
Asset-Backed and Mortgage-Backed Securities | 41.2% | |||
U.S. Government and Agency Obligations | 7.5% | |||
Short-Term Investments | 3.8% | |||
Capital Preferred Securities | 2.9% | |||
$25 Par (or similar) Preferred Securities | 2.3% | |||
Municipal Bonds | 0.9% | |||
Sovereign Debt | 0.1% |
Portfolio Allocation2 | ||||
Corporate Bonds | 83.6% | |||
$25 Par (or similar) Preferred Securities | 6.6% | |||
Short-Term Investments | 3.2% | |||
Capital Preferred Securities | 1.9% | |||
Common Stocks | 1.8% | |||
Investment Companies | 1.4% | |||
Sovereign Debt | 0.5% | |||
Convertible Bonds | 0.4% | |||
Exchange-Traded Funds | 0.2% | |||
Convertible Preferred Securities | 0.2% | |||
U.S. Government and Agency | 0.2% | |||
Asset-Backed and Mortgage-Backed | —% | 5 | ||
Warrants | —% | 5 |
Corporate Debt: Industries3 | ||||
Diversified Financial Services | 12.4% | |||
Metals & Mining | 11.2% | |||
Oil, Gas & Consumable Fuels | 10.1% | |||
Capital Markets | 9.5% | |||
Media | 8.1% | |||
Insurance | 7.1% | |||
Commercial Banks | 6.4% | |||
Energy Equipment & Services | 4.1% | |||
Diversified Telecommunication Service | 4.0% | |||
Electric Utilities | 2.9% | |||
Chemicals | 2.6% | |||
Consumer Finance | 2.6% | |||
Other | 19.0% |
Corporate Debt: Industries3 | ||||
Oil, Gas & Consumable Fuels | 17.2% | |||
Metals & Mining | 7.8% | |||
Media | 6.5% | |||
Diversified Telecommunication Services | 4.2% | |||
Chemicals | 3.9% | |||
Health Care Providers & Services | 3.5% | |||
Commercial Services & Supplies | 3.1% | |||
Hotels, Restaurants & Leisure | 3.1% | |||
Paper & Forest Products | 3.0% | |||
Household Durables | 2.9% | |||
Real Estate Management & Development | 2.7% | |||
Energy Equipment & Services | 2.6% | |||
Food Products | 2.6% | |||
Building Products | 2.4% | |||
Containers & Packaging | 2.1% | |||
IT Services | 1.9% | |||
Wireless Telecommunication Services | 1.9% | |||
Machinery | 1.8% | |||
Food & Staples Retailing | 1.7% | |||
Capital Markets | 1.5% | |||
Airlines | 1.5% | |||
Electric Utilities | 1.4% | |||
Auto Components | 1.4% | |||
Other | 19.3% |
1 | As a percentage of total investments (excluding money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
2 | As a percentage of total investments (excluding investments in derivatives and investments purchased with collateral from securities lending) . Holdings are subject to change. |
3 | As a percentage of total corporate debt holdings. Corporate debt holdings include corporate bonds (high-yield and investment grade rated), convertible bonds, and any other debt instruments issued by a corporation (or that references a corporation) held by the Fund. Holdings are subject to change. |
4 | As a percentage of total investments (excluding common stocks, exchange-traded funds, investment companies, warrants, money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
5 | Rounds to less than 0.1%. |
28 | Nuveen Investments |
Nuveen Inflation Protected Securities Fund
Portfolio Credit Quality1
Nuveen Intermediate Government Bond
Portfolio Credit Quality4
Nuveen Intermediate Term Bond Fund
Portfolio Credit Quality4
Portfolio Allocation2 | ||||
U.S. Government and Agency Obligations | 89.4% | |||
Asset-Backed and Mortgage-Backed Securities | 4.0% | |||
Corporate Bonds | 4.0% | |||
Short-Term Investments | 1.4% | |||
Municipal Bonds | 0.7% | |||
Sovereign Debt | 0.3% | |||
Investment Companies | 0.1% | |||
$25 Par (or similar) Preferred Securities | 0.1% |
Portfolio Allocation2 | ||||
Asset-Backed and Mortgage-Backed Securities | 58.3% | |||
U.S. Government and Agency Obligations | 38.5% | |||
Municipal Bonds | 2.0% | |||
Short-Term Investments | 0.6% | |||
Corporate Bonds | 0.6% |
Portfolio Allocation2 | ||||
Asset-Backed and Mortgage-Backed Securities | 43.5% | |||
Corporate Bonds | 32.8% | |||
U.S. Government and Agency Obligations | 13.1% | |||
Short-Term Investments | 8.1% | |||
Municipal Bonds | 1.1% | |||
Capital Preferred Securities | 1.1% | |||
Sovereign Debt | 0.3% |
Corporate Debt: Industries3 | ||||
Health Care Providers & Services | 24.9% | |||
Oil, Gas & Consumable Fuels | 18.2% | |||
Metals & Mining | 8.6% | |||
Chemicals | 5.3% | |||
Electric Utilities | 4.1% | |||
Containers & Packaging | 3.9% | |||
Commercial Services & Supplies | 3.4% | |||
Commercial Banks | 3.1% | |||
Media | 3.0% | |||
Building Products | 3.0% | |||
Automobiles | 2.1% | |||
Gas Utilities | 1.8% | |||
Other | 18.6% |
Corporate Debt: Industries3 | ||||
Health Care Providers & Services | 100.0% |
Corporate Debt: Industries3 | ||||
Diversified Financial Services | 13.2% | |||
Media | 10.9% | |||
Metals & Mining | 10.5% | |||
Oil, Gas & Consumable Fuels | 9.5% | |||
Commercial Banks | 8.8% | |||
Insurance | 7.4% | |||
Capital Markets | 6.2% | |||
Energy Equipment & Services | 3.8% | |||
Health Care Providers & Services | 3.6% | |||
Electric Utilities | 3.3% | |||
Diversified Telecommunication Services | 3.1% | |||
Other | 19.7% |
1 | As a percentage of total investments (excluding investment companies, money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
2 | As a percentage of total investments (excluding investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
3 | As a percentage of total corporate debt holdings. Corporate debt holdings include corporate bonds (high-yield and investment grade rated), convertible bonds, and any other debt instruments issued by a corporation (or that references a corporation) held by the Fund. Holdings are subject to change. |
4 | As a percentage of total investments (excluding money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
Nuveen Investments | 29 |
Holding Summaries (continued) as of December 31, 2012
Nuveen Short Term Bond Fund
Portfolio Credit Quality1
Nuveen Strategic Income Fund
Portfolio Credit Quality4
Portfolio Allocation2 | ||||
Corporate Bonds | 47.8% | |||
Asset-Backed and Mortgage-Backed Securities | 42.3% | |||
Municipal Bonds | 3.9% | |||
U.S. Government and Agency Obligations | 2.8% | |||
Short-Term Investments | 1.5% | |||
Sovereign Debt | 1.5% | |||
Structured Notes | 0.2% |
Portfolio Allocation2 | ||||
Corporate Bonds | 70.0% | |||
Asset-Backed and Mortgage-Backed Securities | 16.2% | |||
$25 Par (or similar) Preferred Securities | 4.3% | |||
Capital Preferred Securities | 3.6% | |||
Short-Term Investments | 2.9% | |||
Sovereign Debt | 1.5% | |||
Municipal Bond | 0.7% | |||
Convertible Bonds | 0.5% | |||
Investment Companies | 0.2% | |||
Structured Notes | 0.1% | |||
Common Stocks | —% | 5 |
Corporate Debt: Industries3 | ||||
Commercial Banks | 14.3% | |||
Diversified Financial Services | 13.0% | |||
Oil, Gas & Consumable Fuels | 8.1% | |||
Capital Markets | 7.2% | |||
Metals & Mining | 4.7% | |||
Insurance | 4.2% | |||
Real Estate Investment Trust | 4.1% | |||
Media | 3.9% | |||
Health Care Providers & Services | 3.9% | |||
Diversified Telecommunication Services | 2.7% | |||
Energy Equipment & Services | 2.5% | |||
Beverages | 2.5% | |||
Consumer Finance | 2.5% | |||
Chemicals | 2.3% | |||
Hotels, Restaurants & Leisure | 2.2% | |||
Airlines | 2.1% | |||
Other | 19.8% |
Corporate Debt: Industries3 | ||||
Oil, Gas & Consumable Fuels | 11.8% | |||
Metals & Mining | 8.5% | |||
Diversified Financial Services | 8.3% | |||
Capital Markets | 6.2% | |||
Media | 5.7% | |||
Commercial Banks | 3.9% | |||
Insurance | 3.7% | |||
Chemicals | 3.3% | |||
Electric Utilities | 3.1% | |||
Energy Equipment & Services | 3.1% | |||
Commercial Services & Supplies | 2.6% | |||
Diversified Telecommunication Services | 2.4% | |||
Paper & Forest Products | 2.2% | |||
Consumer Finance | 2.0% | |||
Health Care Providers & Services | 2.0% | |||
Airlines | 1.9% | |||
Real Estate Management & Development | 1.9% | |||
Tobacco | 1.9% | |||
Real Estate Investment Trust | 1.8% | |||
Food Products | 1.4% | |||
Building Products | 1.4% | |||
Wireless Telecommunication Services | 1.2% | |||
Other | 19.7% |
1 | As a percentage of total investments (excluding money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
2 | As a percentage of total investments (excluding investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
3 | As a percentage of total corporate debt holdings. Corporate debt holdings include corporate bonds (high-yield and investment grade rated), convertible bonds, and any other debt instruments issued by a corporation (or that references a corporation) held by the Fund. Holdings are subject to change. |
4 | As a percentage of total investments (excluding common stock, investment companies, money market funds, investments in derivatives and investments purchased with collateral from securities lending). Holdings are subject to change. |
5 | Rounds to less than 0.1%. |
30 | Nuveen Investments |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Core Plus Bond Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,048.20 | $ | 1,043.70 | $ | 1,044.70 | $ | 1,047.00 | $ | 1,048.70 | $ | 1,021.32 | $ | 1,017.54 | $ | 1,017.54 | $ | 1,020.06 | $ | 1,022.58 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 3.98 | $ | 7.83 | $ | 7.83 | $ | 5.26 | $ | 2.69 | $ | 3.92 | $ | 7.73 | $ | 7.73 | $ | 5.19 | $ | 2.65 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .77%, 1.52%, 1.52%, 1.02% and ..52% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen High Income Bond Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,094.00 | $ | 1,091.70 | $ | 1,091.40 | $ | 1,094.10 | $ | 1,096.50 | $ | 1,020.42 | $ | 1,016.59 | $ | 1,016.64 | $ | 1,019.16 | $ | 1,021.68 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 5.01 | $ | 9.02 | $ | 8.96 | $ | 6.33 | $ | 3.70 | $ | 4.84 | $ | 8.69 | $ | 8.64 | $ | 6.11 | $ | 3.57 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .95%, 1.71%, 1.70%, 1.20% and ..70% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Investments | 31 |
Expense Examples (continued)
Nuveen Inflation Protected Securities Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,023.80 | $ | 1,021.80 | $ | 1,023.40 | $ | 1,026.70 | $ | 1,021.22 | $ | 1,017.39 | $ | 1,019.96 | $ | 1,022.43 | ||||||||||||||||||
Expenses Incurred During Period | $ | 4.03 | $ | 7.90 | $ | 5.31 | $ | 2.81 | $ | 4.02 | $ | 7.88 | $ | 5.30 | $ | 2.80 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .79%, 1.55%, 1.04% and .55% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Intermediate Government Bond Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,007.60 | $ | 1,003.60 | $ | 1,006.30 | $ | 1,007.50 | $ | 1,020.92 | $ | 1,017.14 | $ | 1,019.66 | $ | 1,022.18 | ||||||||||||||||||
Expenses Incurred During Period | $ | 4.30 | $ | 8.08 | $ | 5.56 | $ | 3.04 | $ | 4.33 | $ | 8.13 | $ | 5.60 | $ | 3.06 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .85%, 1.60%, 1.10% and .60% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Intermediate Term Bond Fund
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (12/31/12) | $ | 1,030.10 | $ | 1,027.20 | $ | 1,032.30 | $ | 1,021.27 | $ | 1,017.49 | $ | 1,022.53 | ||||||||||||||
Expenses Incurred During Period | $ | 3.99 | $ | 7.82 | $ | 2.71 | $ | 3.97 | $ | 7.78 | $ | 2.70 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .78%, 1.53% and .53% for classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Short Term Bond Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,022.10 | $ | 1,018.10 | $ | 1,020.60 | $ | 1,023.30 | $ | 1,021.63 | $ | 1,017.85 | $ | 1,020.37 | $ | 1,022.89 | ||||||||||||||||||
Expenses Incurred During Period | $ | 3.62 | $ | 7.43 | $ | 4.89 | $ | 2.35 | $ | 3.62 | $ | 7.43 | $ | 4.89 | $ | 2.35 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .71%, 1.46%, .96% and .46% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Strategic Income Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (7/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (12/31/12) | $ | 1,082.30 | $ | 1,077.80 | $ | 1,078.80 | $ | 1,079.70 | $ | 1,083.60 | $ | 1,020.97 | $ | 1,017.19 | $ | 1,017.19 | $ | 1,019.71 | $ | 1,022.23 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 4.41 | $ | 8.33 | $ | 8.34 | $ | 5.71 | $ | 3.10 | $ | 4.28 | $ | 8.08 | $ | 8.08 | $ | 5.55 | $ | 3.01 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .84%, 1.59%, 1.59%, 1.09% and ..59% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
32 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund
December 31, 2012
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 2.4% | ||||||||||||||||||||
Commercial Banks – 0.9% | ||||||||||||||||||||
159,208 | PNC Financial Services | 6.125% | BBB | $ | 4,411,653 | |||||||||||||||
95,750 | Regions Financial Corporation | 6.375% | BB | 2,365,983 | ||||||||||||||||
Total Commercial Banks | 6,777,636 | |||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
83,000 | Discover Financial Services, (3) | 6.500% | BB | 2,095,750 | ||||||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||||||||
1,930,000 | Citigroup Inc., (9) | 5.950% | BB | 1,954,125 | ||||||||||||||||
Insurance – 0.8% | ||||||||||||||||||||
104,794 | Endurance Specialty Holdings Limited | 7.500% | BBB– | 2,793,808 | ||||||||||||||||
120,000 | Hartford Financial Services Group Inc. | 7.875% | BB+ | 3,445,200 | ||||||||||||||||
Total Insurance | 6,239,008 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||||||||||||
218,000 | Federal National Mortgage Association, (3) | 4.536% | Ca | 364,060 | ||||||||||||||||
Total $25 Par (or similar) Preferred Securities (cost $21,171,900) | 17,430,579 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 41.7% | ||||||||||||||||||||
Aerospace & Defense – 0.4% | ||||||||||||||||||||
$ | 2,780 | Exelis, Inc. | 5.550% | 10/01/21 | BBB+ | $ | 3,033,820 | |||||||||||||
Airlines – 0.5% | ||||||||||||||||||||
1,899 | Northwest Airlines Trust Pass-Through Certificates 2007-1 | 7.027% | 11/01/19 | BBB | 2,109,905 | |||||||||||||||
1,310 | US Airways Pass Through Trust 1999-1B | 9.010% | 7/20/20 | BB+ | 1,388,542 | |||||||||||||||
3,209 | Total Airlines | 3,498,447 | ||||||||||||||||||
Automobiles – 0.4% | ||||||||||||||||||||
2,500 | Chrysler GP/CG Company, (3) | 8.000% | 6/15/19 | B | 2,725,000 | |||||||||||||||
Beverages – 0.4% | ||||||||||||||||||||
2,275 | Pernod-Ricard SA, 144A | 5.750% | 4/07/21 | BBB– | 2,721,189 | |||||||||||||||
Capital Markets – 4.0% | ||||||||||||||||||||
4,640 | Goldman Sachs Group, Inc. | 6.000% | 6/15/20 | A | 5,513,304 | |||||||||||||||
2,495 | Goldman Sachs Group, Inc. | 5.250% | 7/27/21 | A | 2,844,240 | |||||||||||||||
3,685 | Goldman Sachs Group, Inc. | 6.750% | 10/01/37 | A– | 4,176,310 | |||||||||||||||
8,250 | Morgan Stanley | 6.625% | 4/01/18 | A | 9,723,244 | |||||||||||||||
4,105 | Morgan Stanley | 5.500% | 7/28/21 | A | 4,660,710 | |||||||||||||||
2,395 | Morgan Stanley, (3) | 4.875% | 11/01/22 | BBB+ | 2,479,769 | |||||||||||||||
25,570 | Total Capital Markets | 29,397,577 | ||||||||||||||||||
Chemicals – 1.1% | ||||||||||||||||||||
2,375 | Braskem Finance Limited, 144A | 5.750% | 4/15/21 | BBB– | 2,499,688 | |||||||||||||||
3,830 | Incitec Pivot Finance, 144A | 6.000% | 12/10/19 | BBB | 4,390,674 | |||||||||||||||
1,000 | Ineos Finance PLC, 144A, (3) | 7.500% | 5/01/20 | B+ | 1,047,500 | |||||||||||||||
7,205 | Total Chemicals | 7,937,862 | ||||||||||||||||||
Commercial Banks – 2.6% | ||||||||||||||||||||
3,350 | Australia and New Zealand Banking Group Limited, 144A | 2.400% | 11/23/16 | Aaa | 3,523,530 | |||||||||||||||
2,900 | Bancolombia SA | 5.950% | 6/03/21 | Baa2 | 3,349,500 | |||||||||||||||
984 | FNBC 1993-A Pass-Through Trust Certificates | 8.080% | 1/05/18 | Aa1 | 1,082,446 | |||||||||||||||
1,890 | HSBC Holdings PLC | 6.800% | 6/01/38 | A+ | 2,417,055 | |||||||||||||||
1,660 | ING Bank NV, 144A | 3.750% | 3/07/17 | A+ | 1,764,198 |
Nuveen Investments | 33 |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Commercial Banks (continued) | ||||||||||||||||||||
$ | 3,050 | Rabobank Nederland | 3.875% | 2/08/22 | Aa2 | $ | 3,282,178 | |||||||||||||
1,950 | Royal Bank of Scotland | 6.125% | 12/15/22 | BBB– | 2,058,190 | |||||||||||||||
1,825 | Sovereign Bank | 8.750% | 5/30/18 | Baa2 | 2,148,899 | |||||||||||||||
17,609 | Total Commercial Banks | 19,625,996 | ||||||||||||||||||
Commercial Services & Supplies – 0.5% | ||||||||||||||||||||
1,990 | R.R. Donnelley & Son Company, (3) | 7.625% | 6/15/20 | BB | 1,910,400 | |||||||||||||||
2,000 | International Lease Finance Corporation | 5.875% | 4/01/19 | BBB– | 2,107,998 | |||||||||||||||
3,990 | Total Commercial Services & Supplies | 4,018,398 | ||||||||||||||||||
Computers & Peripherals – 0.7% | ||||||||||||||||||||
1,935 | Hewlett Packard Company, (3) | 4.650% | 12/09/21 | A– | 1,942,527 | |||||||||||||||
1,375 | NCR Corporation, 144A | 5.000% | 7/15/22 | BB | 1,397,344 | |||||||||||||||
1,820 | Seagate HDD Cayman, (3) | 7.000% | 11/01/21 | BB+ | 1,951,950 | |||||||||||||||
5,130 | Total Computers & Peripherals | 5,291,821 | ||||||||||||||||||
Consumer Finance – 1.1% | ||||||||||||||||||||
2,790 | Capital One Bank | 8.800% | 7/15/19 | Baa1 | 3,777,931 | |||||||||||||||
1,790 | Discover Financial Services | 5.200% | 4/27/22 | BBB | 2,038,300 | |||||||||||||||
2,000 | Ford Motor Credit Company, (3) | 4.250% | 9/20/22 | Baa3 | 2,114,770 | |||||||||||||||
6,580 | Total Consumer Finance | 7,931,001 | ||||||||||||||||||
Diversified Financial Services – 5.2% | ||||||||||||||||||||
2,250 | Bank of America Corporation | 6.500% | 8/01/16 | A | 2,598,208 | |||||||||||||||
3,725 | Bank of America Corporation | 5.750% | 12/01/17 | A | 4,341,841 | |||||||||||||||
2,845 | Bank of America Corporation | 5.875% | 1/05/21 | A | 3,406,264 | |||||||||||||||
5,000 | Citigroup Inc. | 4.500% | 1/14/22 | A | 5,578,520 | |||||||||||||||
2,915 | General Electric Capital Corporation | 6.875% | 1/10/39 | AA+ | 3,962,357 | |||||||||||||||
4,330 | JPMorgan Chase & Company | 4.400% | 7/22/20 | A+ | 4,887,895 | |||||||||||||||
2,750 | JPMorgan Chase & Company, (3) | 4.250% | 10/15/20 | A+ | 3,058,349 | |||||||||||||||
700 | JPMorgan Chase & Company | 4.350% | 8/15/21 | A+ | 782,766 | |||||||||||||||
5,845 | JPMorgan Chase & Company | 4.500% | 1/24/22 | A+ | 6,612,080 | |||||||||||||||
2,180 | JPMorgan Chase & Company | 6.400% | 5/15/38 | A+ | 2,922,244 | |||||||||||||||
32,540 | Total Diversified Financial Services | 38,150,524 | ||||||||||||||||||
Diversified Telecommunication Services – 1.7% | ||||||||||||||||||||
2,970 | AT&T, Inc. | 5.550% | 8/15/41 | A2 | 3,564,368 | |||||||||||||||
2,000 | Frontier Communications Corporation, (3) | 8.500% | 4/15/20 | BB+ | 2,300,000 | |||||||||||||||
3,190 | Qwest Corporation | 6.750% | 12/01/21 | BBB– | 3,738,575 | |||||||||||||||
2,010 | Verizon Communications | 6.900% | 4/15/38 | A | 2,860,620 | |||||||||||||||
10,170 | Total Diversified Telecommunication Services | 12,463,563 | ||||||||||||||||||
Electric Utilities – 1.2% | ||||||||||||||||||||
2,370 | Comision Federal de Electricidad of the United States of Mexcio, 144A | 4.875% | 5/26/21 | Baa1 | 2,684,025 | |||||||||||||||
3,690 | FirstEnergy Solutions Corporation, (3) | 6.050% | 8/15/21 | BBB | 4,223,271 | |||||||||||||||
1,685 | MidAmerican Energy Holdings Company | 6.125% | 4/01/36 | BBB+ | 2,127,045 | |||||||||||||||
7,745 | Total Electric Utilities | 9,034,341 | ||||||||||||||||||
Electronic Equipment & Instruments – 0.3% | ||||||||||||||||||||
2,000 | Ingram Micro Inc. | 5.250% | 9/01/17 | BBB– | 2,171,988 |
34 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Energy Equipment & Services – 1.7% | ||||||||||||||||||||
$ | 2,180 | Diamond Offshore Drilling Inc. | 5.700% | 10/15/39 | A– | $ | 2,796,646 | |||||||||||||
3,870 | Ensco PLC | 4.700% | 3/15/21 | BBB+ | 4,355,132 | |||||||||||||||
2,935 | Nabors Industries Inc. | 5.000% | 9/15/20 | BBB | 3,189,285 | |||||||||||||||
1,880 | Weatherford International Limited | 7.000% | 3/15/38 | Baa2 | 2,170,046 | |||||||||||||||
10,865 | Total Energy Equipment & Services | 12,511,109 | ||||||||||||||||||
Gas Utilities – 0.4% | ||||||||||||||||||||
2,375 | AmeriGas Finance LLC | 7.000% | 5/20/22 | Ba2 | 2,642,188 | |||||||||||||||
Health Care Providers & Services – 0.4% | ||||||||||||||||||||
2,185 | UnitedHealth Group Incorporated | 6.875% | 2/15/38 | A | 3,000,328 | |||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||||||||
1,000 | Abengoa Finance SAU, 144A, (3) | 8.875% | 11/01/17 | B+ | 940,000 | |||||||||||||||
Insurance – 2.9% | ||||||||||||||||||||
3,975 | AFLAC Insurance | 6.450% | 8/15/40 | A– | 5,027,063 | |||||||||||||||
2,950 | Hartford Financial Services Group Inc. | 6.000% | 1/15/19 | BBB | 3,435,771 | |||||||||||||||
3,015 | Liberty Mutual Group Inc., 144A | 5.000% | 6/01/21 | Baa2 | 3,240,480 | |||||||||||||||
1,760 | Liberty Mutual Group Inc., 144A | 4.950% | 5/01/22 | Baa2 | 1,918,201 | |||||||||||||||
1,000 | Lincoln National Corporation | 8.750% | 7/01/19 | A– | 1,337,296 | |||||||||||||||
1,640 | Pacific LifeCorp. | 6.000% | 2/10/20 | BBB+ | 1,830,681 | |||||||||||||||
4,000 | Prudential Holdings LLC, 144A | 7.245% | 12/18/23 | AA– | 5,024,144 | |||||||||||||||
18,340 | Total Insurance | 21,813,636 | ||||||||||||||||||
Media – 3.4% | ||||||||||||||||||||
2,215 | DIRECTV Holdings LLC | 5.200% | 3/15/20 | BBB | 2,513,613 | |||||||||||||||
3,350 | DIRECTV Holdings LLC | 3.800% | 3/15/22 | BBB | 3,456,044 | |||||||||||||||
3,060 | NBC Universal Media LLC | 6.400% | 4/30/40 | BBB+ | 3,926,332 | |||||||||||||||
1,925 | NBC Universal Media LLC, (3) | 4.450% | 1/15/43 | BBB+ | 1,949,326 | |||||||||||||||
3,590 | News America Holdings Inc. | 6.650% | 11/15/37 | BBB+ | 4,638,973 | |||||||||||||||
2,410 | Time Warner Cable Inc. | 5.875% | 11/15/40 | BBB | 2,808,122 | |||||||||||||||
2,987 | Viacom Inc. | 4.375% | 3/15/43 | BBB+ | 2,938,330 | |||||||||||||||
2,725 | Vivendi SA, 144A | 4.750% | 4/12/22 | BBB | 2,831,084 | |||||||||||||||
22,262 | Total Media | 25,061,824 | ||||||||||||||||||
Metals & Mining – 4.7% | ||||||||||||||||||||
6,035 | Alcoa Inc., (3) | 5.400% | 4/15/21 | BBB– | 6,281,300 | |||||||||||||||
4,530 | Anglogold Holdings PLC | 6.500% | 4/15/40 | Baa2 | 4,662,376 | |||||||||||||||
5,925 | ArcelorMittal, (3) | 6.500% | 2/25/22 | BB+ | 6,218,376 | |||||||||||||||
1,535 | Freeport McMoRan Copper & Gold, Inc., (3) | 3.550% | 3/01/22 | BBB | 1,522,376 | |||||||||||||||
3,700 | Newmont Mining Corporation, (3) | 3.500% | 3/15/22 | BBB+ | 3,816,047 | |||||||||||||||
2,770 | Rio Tinto Finance USA PLC | 2.875% | 8/21/22 | A– | 2,788,315 | |||||||||||||||
1,440 | Teck Resources Limited | 6.250% | 7/15/41 | BBB | 1,693,822 | |||||||||||||||
3,895 | Vale Overseas Limited | 6.875% | 11/10/39 | A– | 4,883,570 | |||||||||||||||
2,340 | Xstrata Finance Canada Limited, 144A | 6.900% | 11/15/37 | BBB+ | 2,790,214 | |||||||||||||||
32,170 | Total Metals & Mining | 34,656,396 | ||||||||||||||||||
Multiline Retail – 0.2% | ||||||||||||||||||||
1,425 | J.C. Penney Corporation Inc., (3) | 5.650% | 6/01/20 | BB– | 1,236,188 |
Nuveen Investments | 35 |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels – 4.2% | ||||||||||||||||||||
$ | 3,230 | Anadarko Petroleum Corporation, (3) | 6.200% | 3/15/40 | BBB– | $ | 3,984,157 | |||||||||||||
2,000 | Canadian Oil Sands Trust | 7.750% | 5/15/19 | BBB | 2,548,618 | |||||||||||||||
1,500 | Chesapeake Energy Corporation, (3) | 6.125% | 2/15/21 | BB– | 1,556,250 | |||||||||||||||
1,800 | Everest Acquisition LLC Finance | 6.875% | 5/01/19 | Ba3 | 1,953,000 | |||||||||||||||
4,785 | Lukoil International Finance, 144A | 6.125% | 11/09/20 | Baa2 | 5,532,656 | |||||||||||||||
1,500 | Noble Energy Inc. | 4.150% | 12/15/21 | BBB | 1,655,910 | |||||||||||||||
2,495 | Petrobras International Finance Company | 6.875% | 1/20/40 | A3 | 3,169,561 | |||||||||||||||
2,255 | Petro-Canada | 6.800% | 5/15/38 | BBB+ | 3,075,342 | |||||||||||||||
3,000 | Petroleos Mexicanos | 5.500% | 1/21/21 | Baa1 | 3,505,500 | |||||||||||||||
1,900 | Reliance Holdings USA Inc., 144A | 5.400% | 2/14/22 | BBB | 2,125,106 | |||||||||||||||
1,955 | Southwestern Energy Company | 4.100% | 3/15/22 | BBB– | 2,102,911 | |||||||||||||||
26,420 | Total Oil, Gas & Consumable Fuels | 31,209,011 | ||||||||||||||||||
Paper & Forest Products – 0.7% | ||||||||||||||||||||
1,820 | Georgia-Pacific Corporation, 144A | 5.400% | 11/01/20 | A | 2,165,134 | |||||||||||||||
2,265 | International Paper Company | 8.700% | 6/15/38 | BBB | 3,366,338 | |||||||||||||||
4,085 | Total Paper & Forest Products | 5,531,472 | ||||||||||||||||||
Pharmaceuticals – 0.2% | ||||||||||||||||||||
1,375 | AbbVie Inc., 144A | 2.900% | 11/06/22 | A+ | 1,400,273 | |||||||||||||||
Real Estate Investment Trust – 0.5% | ||||||||||||||||||||
2,995 | Prologis Inc., (3) | 6.875% | 3/15/20 | Baa2 | 3,625,573 | |||||||||||||||
Road & Rail – 0.1% | ||||||||||||||||||||
650 | Hertz Corporation, 144A, (3) | 6.250% | 10/15/22 | B | 692,250 | |||||||||||||||
Semiconductors & Equipment – 0.2% | ||||||||||||||||||||
1,300 | Intel Corporation, (3) | 4.800% | 10/01/41 | A+ | 1,430,789 | |||||||||||||||
Thrifts & Mortgage Finance – 0.4% | ||||||||||||||||||||
2,730 | WEA Finance LLC, 144A | 4.625% | 5/10/21 | A2 | 3,056,814 | |||||||||||||||
Tobacco – 0.6% | ||||||||||||||||||||
3,350 | Lorillard Tobacco | 8.125% | 6/23/19 | Baa2 | 4,274,694 | |||||||||||||||
Transportation Infrastructure – 0.5% | ||||||||||||||||||||
3,800 | Asciano Finance Limited, 144A | 5.000% | 4/07/18 | Baa2 | 4,106,420 | |||||||||||||||
Wireless Telecommunication Services – 0.4% | ||||||||||||||||||||
2,780 | American Tower Company | 5.050% | 9/01/20 | Baa3 | 3,117,633 | |||||||||||||||
$ | 269,410 | Total Corporate Bonds (cost $272,495,506) | 308,308,125 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CAPITAL PREFERRED SECURITIES – 2.8% | ||||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||
$ | 2,415 | Goldman Sachs Capital II | 4.000% | 6/01/43 | BB+ | $ | 1,886,308 | |||||||||||||
Commercial Banks – 0.8% | ||||||||||||||||||||
3,500 | Wachovia Capital Trust III | 5.570% | N/A (4) | BBB+ | 3,482,500 | |||||||||||||||
2,760 | Wells Fargo Capital Trust X, (3) | 5.950% | 12/15/36 | BBB+ | 2,815,200 | |||||||||||||||
6,260 | Total Commercial Banks | 6,297,700 |
36 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Diversified Financial Services – 0.6% | ||||||||||||||||||||
$ | 4,000 | General Electric Capital Corporation | 7.125% | N/A (4) | AA– | 4,521,160 | ||||||||||||||
Insurance – 1.1% | ||||||||||||||||||||
2,970 | Catlin Insurance Company Limited | 7.249% | N/A (4) | BBB+ | 2,962,575 | |||||||||||||||
2,205 | Lincoln National Corporation | 6.050% | 4/20/67 | BBB | 2,196,731 | |||||||||||||||
2,755 | ZFS Finance USA Trust V | 6.500% | 5/09/37 | A | 2,937,519 | |||||||||||||||
7,930 | Total Insurance | 8,096,825 | ||||||||||||||||||
$ | 20,605 | Total Capital Preferred Securities (cost $19,153,915) | 20,801,993 | |||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (5) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 0.9% | ||||||||||||||||||||
Illinois – 0.9% | ||||||||||||||||||||
$ | 5,765 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A | $ | 6,624,619 | ||||||||||||||
$ | 5,765 | Total Municipal Bonds (cost $5,765,000) | 6,624,619 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 7.5% | ||||||||||||||||||||
$ | 6,500 | Freddie Mac Notes | 0.000% | 2/27/13 | Aaa | $ | 6,499,597 | |||||||||||||
11,000 | Freddie Mac Notes | 0.000% | 5/23/13 | Aaa | 10,996,128 | |||||||||||||||
4,455 | U.S. Treasury Bonds | 4.250% | 11/15/40 | Aaa | 5,688,478 | |||||||||||||||
425 | U.S. Treasury Bonds | 4.750% | 2/15/41 | Aaa | 585,902 | |||||||||||||||
7,150 | U.S. Treasury Notes | 2.375% | 2/28/15 | Aaa | 7,471,750 | |||||||||||||||
8,985 | U.S. Treasury Notes | 1.250% | 8/31/15 | Aaa | 9,203,309 | |||||||||||||||
1,385 | U.S. Treasury Notes | 3.625% | 2/15/20 | Aaa | 1,618,287 | |||||||||||||||
5,845 | U.S. Treasury Notes | 2.625% | 8/15/20 | Aaa | 6,418,541 | |||||||||||||||
2,065 | U.S. Treasury Notes | 3.875% | 8/15/40 | Aaa | 2,481,872 | |||||||||||||||
2,020 | U.S. Treasury Notes | 2.000% | 11/15/21 | Aaa | 2,096,540 | |||||||||||||||
2,635 | U.S. Treasury Notes | 1.750% | 5/15/21 | Aaa | 2,657,850 | |||||||||||||||
$ | 52,465 | Total U.S. Government and Agency Obligations (cost $52,083,757) |
| 55,718,254 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 41.6% |
| |||||||||||||||||||
$ | 4,271 | 321 Henderson Receivables LLC, Series 2010-3A | 3.820% | 12/15/48 | Aaa | $ | 4,505,044 | |||||||||||||
4,045 | American Home Mortgage Advance Trust, Revovling Pool Receivables, Series SART-3 | 3.720% | 3/13/44 | AAA | 4,105,675 | |||||||||||||||
2,090 | American Home Mortgage Advance Trust, Series 2011-SART-1 | 5.920% | 5/10/43 | BBB | 2,092,613 | |||||||||||||||
3,075 | AmeriCold LLC Trust, Series 2010 | 6.811% | 1/14/29 | A+ | 3,737,982 | |||||||||||||||
3 | Amresco Residential Securities Corporation, Mortgage Loan Pass-Through Certificates, Serioes 1997-3 | 6.960% | 3/25/27 | A1 | 2,696 | |||||||||||||||
5,480 | Arkle Master Issuer PLC, Mortgage Asset Backed Instrument, Series 2010-1A | 1.461% | 5/17/60 | AAA | 5,487,343 | |||||||||||||||
368 | Bank of America Auto Trust, Series 2010-2 | 1.310% | 7/15/14 | AAA | 368,616 | |||||||||||||||
1,136 | Bank of America Funding Trust, Mortgage Pass-Through Certificates, Series 2007-4 | 5.500% | 6/25/37 | CC | 420,649 |
Nuveen Investments | 37 |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 1,250 | Bayview Financial Mortgage Pass-Through Trust, Mortgage | 5.500% | 12/28/35 | AA– | $ | 1,188,518 | |||||||||||||
998 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4, (3) | 5.205% | 12/11/49 | AAA | 1,012,552 | |||||||||||||||
3,087 | Commercial Mortgage Pass-Through Certificates, Series2006-CN2A | 5.449% | 2/05/19 | AAA | 3,099,870 | |||||||||||||||
210 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-J1 | 6.000% | 2/25/34 | AAA | 214,624 | |||||||||||||||
1,686 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000% | 8/25/36 | Caa2 | 1,374,006 | |||||||||||||||
1,353 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.892% | 2/25/34 | A | 1,343,892 | |||||||||||||||
539 | Countrywide Home Loans, Asset-Backed Certificates, | 2.460% | 9/25/23 | A+ | 478,998 | |||||||||||||||
3,336 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-8 | 6.201% | 4/25/33 | A+ | 3,138,425 | |||||||||||||||
2,550 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642% | 8/12/44 | Aaa | 2,774,410 | |||||||||||||||
3,435 | Discover Card Master Trust I 2007-A | 5.650% | 3/16/20 | AAA | 4,156,738 | |||||||||||||||
8,415 | Fannie Mae Mortgage Pool AB1959 | 4.000% | 12/01/40 | Aaa | 9,135,104 | |||||||||||||||
6,013 | Fannie Mae Mortgage Pool AC1877 | 4.500% | 9/01/39 | Aaa | 6,497,457 | |||||||||||||||
8,382 | Fannie Mae Mortgage Pool AD4375 | 5.000% | 5/01/40 | Aaa | 9,121,751 | |||||||||||||||
10,017 | Fannie Mae Mortgage Pool AE7265 | 4.000% | 1/01/41 | Aaa | 10,748,649 | |||||||||||||||
6,047 | Fannie Mae Mortgage Pool AE7723 | 4.000% | 11/01/40 | Aaa | 6,488,308 | |||||||||||||||
9,258 | Fannie Mae Mortgage Pool AH3804 | 4.000% | 2/01/41 | Aaa | 9,934,670 | |||||||||||||||
2,768 | Fannie Mae Mortgage Pool AL0160 | 4.500% | 5/01/41 | Aaa | 2,999,645 | |||||||||||||||
1,863 | Fannie Mae Mortgage Pool MA1028 | 4.000% | 4/01/42 | Aaa | 2,021,616 | |||||||||||||||
157 | Fannie Mae Mortgage Pool 250551 | 7.000% | 5/01/26 | Aaa | 186,241 | |||||||||||||||
670 | Fannie Mae Mortgage Pool 252255 | 6.500% | 2/01/29 | Aaa | 786,481 | |||||||||||||||
1,351 | Fannie Mae Mortgage Pool 254169 | 6.500% | 12/01/31 | Aaa | 1,475,949 | |||||||||||||||
1,050 | Fannie Mae Mortgage Pool 254379 | 7.000% | 7/01/32 | Aaa | 1,221,385 | |||||||||||||||
1,183 | Fannie Mae Mortgage Pool 254447 | 6.000% | 9/01/32 | Aaa | 1,321,924 | |||||||||||||||
1,041 | Fannie Mae Mortgage Pool 254513 | 6.000% | 10/01/22 | Aaa | 1,136,677 | |||||||||||||||
2,598 | Fannie Mae Mortgage Pool 255575 | 5.500% | 1/01/25 | Aaa | 2,845,656 | |||||||||||||||
657 | Fannie Mae Mortgage Pool 256845 | 6.500% | 8/01/37 | Aaa | 737,709 | |||||||||||||||
2,039 | Fannie Mae Mortgage Pool 256852 | 6.000% | 8/01/27 | Aaa | 2,231,379 | |||||||||||||||
1,271 | Fannie Mae Mortgage Pool 256890 | 6.000% | 9/01/37 | Aaa | 1,375,348 | |||||||||||||||
1,353 | Fannie Mae Mortgage Pool 257307 | 6.000% | 8/01/38 | Aaa | 1,478,453 | |||||||||||||||
82 | Fannie Mae Mortgage Pool 340798 | 7.000% | 4/01/26 | Aaa | 97,724 | |||||||||||||||
109 | Fannie Mae Mortgage Pool 440780 | 5.500% | 2/01/14 | Aaa | 116,833 | |||||||||||||||
34 | Fannie Mae Mortgage Pool 535206 | 7.000% | 2/01/15 | Aaa | 34,614 | |||||||||||||||
151 | Fannie Mae Mortgage Pool 545359 | 2.386% | 3/01/31 | Aaa | 162,015 | |||||||||||||||
408 | Fannie Mae Mortgage Pool 545813 | 7.000% | 7/01/32 | Aaa | 487,761 | |||||||||||||||
255 | Fannie Mae Mortgage Pool 545815 | 7.000% | 7/01/32 | Aaa | 295,732 | |||||||||||||||
1,727 | Fannie Mae Mortgage Pool 555798 | 6.500% | 5/01/33 | Aaa | 1,976,334 | |||||||||||||||
1,501 | Fannie Mae Mortgage Pool 555800 | 5.500% | 10/01/33 | Aaa | 1,649,877 | |||||||||||||||
2,427 | Fannie Mae Mortgage Pool 555843 | 2.208% | 8/01/30 | Aaa | 2,583,671 | |||||||||||||||
135 | Fannie Mae Mortgage Pool 591038 | 7.000% | 8/01/16 | Aaa | 145,048 | |||||||||||||||
626 | Fannie Mae Mortgage Pool 673010 | 5.500% | 12/01/17 | Aaa | 674,497 |
38 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 2,458 | Fannie Mae Mortgage Pool 688330 | 6.000% | 3/01/33 | Aaa | $ | 2,757,592 | |||||||||||||
2,153 | Fannie Mae Mortgage Pool 694605 | 5.500% | 4/01/33 | Aaa | 2,365,762 | |||||||||||||||
4,156 | Fannie Mae Mortgage Pool 709446 | 5.500% | 7/01/33 | Aaa | 4,723,723 | |||||||||||||||
987 | Fannie Mae Mortgage Pool 725248 | 5.000% | 3/01/34 | Aaa | 1,075,605 | |||||||||||||||
686 | Fannie Mae Mortgage Pool 725553 | 2.164% | 9/01/33 | Aaa | 730,092 | |||||||||||||||
2,983 | Fannie Mae Mortgage Pool 735054 | 5.173% | 11/01/34 | Aaa | 3,206,630 | |||||||||||||||
3,194 | Fannie Mae Mortgage Pool 735273 | 6.500% | 6/01/34 | Aaa | 3,616,461 | |||||||||||||||
2,126 | Fannie Mae Mortgage Pool 745101 | 6.000% | 4/01/32 | Aaa | 2,302,143 | |||||||||||||||
138 | Fannie Mae Mortgage Pool 772130 | 6.000% | 11/01/33 | Aaa | 153,747 | |||||||||||||||
277 | Fannie Mae Mortgage Pool 772256 | 6.000% | 11/01/33 | Aaa | 309,525 | |||||||||||||||
437 | Fannie Mae Mortgage Pool 781776 | 6.000% | 10/01/34 | Aaa | 485,811 | |||||||||||||||
1,206 | Fannie Mae Mortgage Pool 885536 | 6.000% | 8/01/36 | Aaa | 1,349,345 | |||||||||||||||
6,391 | Fannie Mae Mortgage Pool 889618 | 5.500% | 5/01/38 | Aaa | 6,945,475 | |||||||||||||||
224 | Fannie Mae Mortgage Pool 889706 | 6.000% | 6/01/38 | Aaa | 245,422 | |||||||||||||||
2,256 | Fannie Mae Mortgage Pool 900555 | 6.000% | 9/01/36 | Aaa | 2,530,716 | |||||||||||||||
1,426 | Fannie Mae Mortgage Pool 932260 | 5.000% | 12/01/39 | Aaa | 1,572,778 | |||||||||||||||
4,601 | Fannie Mae Mortgage Pool 932323 | 4.500% | 12/01/39 | Aaa | 4,971,572 | |||||||||||||||
1,076 | Fannie Mae Mortgage Pool 944340 | 6.000% | 6/01/37 | Aaa | 1,177,797 | |||||||||||||||
7,580 | Fannie Mae Mortgage Pool 973241 | 5.000% | 3/01/38 | Aaa | 8,210,532 | |||||||||||||||
1 | Fannie Mae Mortgage Pool 983077 | 5.000% | 5/01/38 | Aaa | 826 | |||||||||||||||
1 | Fannie Mae Mortgage Pool 985344 | 5.500% | 7/01/38 | Aaa | 628 | |||||||||||||||
1,819 | Fannie Mae Mortgage Pool 993138 | 6.000% | 10/01/38 | Aaa | 1,992,952 | |||||||||||||||
14 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1988-24 G | 7.000% | 10/25/18 | Aaa | 16,209 | |||||||||||||||
15 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-44 H | 9.000% | 7/25/19 | Aaa | 16,864 | |||||||||||||||
3 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-90 E | 8.700% | 12/25/19 | Aaa | 3,246 | |||||||||||||||
16 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-102 J | 6.500% | 8/25/20 | Aaa | 17,697 | |||||||||||||||
134 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-105 J | 6.500% | 9/25/20 | Aaa | 146,423 | |||||||||||||||
10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-30 E | 6.500% | 3/25/20 | Aaa | 10,939 | |||||||||||||||
14 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-61 H | 7.000% | 6/25/20 | Aaa | 15,277 | |||||||||||||||
12 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-72 B | 9.000% | 7/25/20 | Aaa | 13,901 | |||||||||||||||
90 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-134 Z | 7.000% | 10/25/21 | Aaa | 100,205 | |||||||||||||||
48 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-56 M | 6.750% | 6/25/21 | Aaa | 51,959 | |||||||||||||||
13 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-120 C | 6.500% | 7/25/22 | Aaa | 14,881 | |||||||||||||||
400 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1996-35 Z | 7.000% | 7/25/26 | Aaa | 463,116 | |||||||||||||||
64 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-30 AE | 3.900% | 10/25/17 | Aaa | 63,515 |
Nuveen Investments | 39 |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 1,192 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2005-62 JE | 5.000% | 6/25/35 | Aaa | $ | 1,358,457 | |||||||||||||
1,297 | Fannie Mae REMIC Pass-Through Certificates | 5.750% | 12/25/42 | B1 | 356,578 | |||||||||||||||
4,920 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 5,245,373 | |||||||||||||||
13 | Federal Home Loan Mortgage Corporation, REMIC 1022 J | 6.000% | 12/15/20 | Aaa | 14,204 | |||||||||||||||
37 | Federal Home Loan Mortgage Corporation, REMIC 162 F | 7.000% | 5/15/21 | Aaa | 41,784 | |||||||||||||||
23 | Federal Home Loan Mortgage Corporation, REMIC 118 Z | 8.250% | 7/15/21 | Aaa | 26,743 | |||||||||||||||
84 | Federal Home Loan Mortgage Corporation, REMIC 188 H | 7.000% | 9/15/21 | Aaa | 93,279 | |||||||||||||||
24 | Federal Home Loan Mortgage Corporation, REMIC 1790 A | 7.000% | 4/15/22 | Aaa | 25,971 | |||||||||||||||
1,501 | Federal Home Loan Mortgage Corporation, REMIC 2704 JF | 0.759% | 5/15/23 | Aaa | 1,511,660 | |||||||||||||||
274 | Federal Home Loan Mortgage Corporation, REMIC 2755 FN | 0.659% | 4/15/32 | Aaa | 273,719 | |||||||||||||||
3,438 | Federal Home Loan Mortgage Corporation, REMIC 2901 UB | 5.000% | 3/15/33 | Aaa | 3,523,933 | |||||||||||||||
2,122 | Federal Home Loan Mortgage Corporation, REMIC 3591 FP | 0.809% | 6/15/39 | Aaa | 2,138,032 | |||||||||||||||
8 | Federal Home Loan Mortgage Corporation, REMIC 6 C | 9.050% | 6/15/19 | Aaa | 8,570 | |||||||||||||||
3,877 | Fosse Master Issuer PLC, Residential Mortgage Pool, Series 2011-1A | 1.725% | 10/19/54 | AAA | 3,930,808 | |||||||||||||||
2,837 | Freddie Mac Gold Pool 1G2163 | 2.903% | 9/01/37 | Aaa | 3,035,795 | |||||||||||||||
431 | Freddie Mac Gold Pool 846984 | 1.923% | 6/01/31 | Aaa | 452,148 | |||||||||||||||
791 | Freddie Mac Gold Pool 847180 | 2.415% | 3/01/30 | Aaa | 847,523 | |||||||||||||||
571 | Freddie Mac Gold Pool 847190 | 2.296% | 4/01/29 | Aaa | 609,834 | |||||||||||||||
1,003 | Freddie Mac Gold Pool 847240 | 2.273% | 7/01/30 | Aaa | 1,074,127 | |||||||||||||||
887 | Freddie Mac Mortgage Pool, Various A15521 | 6.000% | 11/01/33 | Aaa | 986,317 | |||||||||||||||
1,147 | Freddie Mac Mortgage Pool, Various A17212 | 6.500% | 7/01/31 | Aaa | 1,347,708 | |||||||||||||||
640 | Freddie Mac Mortgage Pool, Various C00676 | 6.500% | 11/01/28 | Aaa | 752,508 | |||||||||||||||
527 | Freddie Mac Mortgage Pool, Various C00689 | 6.500% | 12/01/28 | Aaa | 619,454 | |||||||||||||||
295 | Freddie Mac Mortgage Pool, Various C00742 | 6.500% | 4/01/29 | Aaa | 345,557 | |||||||||||||||
335 | Freddie Mac Mortgage Pool, Various G00876 | 6.500% | 1/01/28 | Aaa | 389,533 | |||||||||||||||
652 | Freddie Mac Mortgage Pool, Various H09059 | 7.000% | 8/01/37 | Aaa | 737,597 | |||||||||||||||
519 | Freddie Mac Mortgage Pool, Various P10023 | 4.500% | 3/01/18 | Aaa | 538,177 | |||||||||||||||
1,356 | Freddie Mac Mortgage Pool, Various P10032 | 4.500% | 5/01/18 | Aaa | 1,407,790 | |||||||||||||||
96 | Freddie Mac Non Gold Participation Certificates 846757 | 2.319% | 5/01/25 | Aaa | 101,059 | |||||||||||||||
576 | Goldman Sachs Mortgage Securities Corporation, Mortgage | 6.719% | 3/25/43 | Ba3 | 379,713 | |||||||||||||||
717 | Goldman Sachs Mortgage Securities Corporation, Mortgage | 7.500% | 3/25/35 | B1 | 717,232 | |||||||||||||||
784 | Goldman Sachs Mortgage Securities Corporation, Mortgage | 7.500% | 9/25/35 | Ba3 | 813,133 | |||||||||||||||
1 | Government National Mortgage Association Pool | 1.750% | 8/20/23 | Aaa | 861 | |||||||||||||||
197 | Government National Mortgage Association Pool | 7.500% | 11/15/30 | Aaa | 239,931 | |||||||||||||||
7,951 | Government National Mortgage Association Pool | 4.500% | 2/20/41 | Aaa | 8,771,564 | |||||||||||||||
5,750 | Government National Mortgage Association TBA Pool, (MDR), (WI/DD) | 4.500% | TBA | Aaa | 6,295,352 | |||||||||||||||
1,015 | IndyMac INDX Mortgage Loan Trust, Pass Through Certificates, Series 2005-AR1 | 2.680% | 3/25/35 | BBB+ | 949,145 | |||||||||||||||
2,478 | JPMorgan Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2007-S1 | 0.490% | 6/25/37 | CCC | 1,940,844 | |||||||||||||||
7,403 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.853% | 6/15/43 | Aaa | 7,865,994 |
40 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 5,570 | JPMorgan Chase Commerical Mortgage Trust, Commerical Mortage Pass-Through Certificates, Series 2011-C4 | 4.106% | 7/17/46 | AAA | $ | 6,276,599 | |||||||||||||
136 | LB-UBS Commercial Mortgage Trust, Commercial Mortgage | 5.103% | 11/18/30 | AAA | 136,185 | |||||||||||||||
6,000 | LB-UBS Commerical Mortgage Trust, Commercial Mortgage | 4.367% | 3/15/36 | AAA | 6,213,396 | |||||||||||||||
1,332 | Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6 | 5.582% | 4/25/38 | BB | 1,394,054 | |||||||||||||||
1,673 | Mid-State Capital Corporation Trust Notes, Series 2005-1 | 5.745% | 1/15/40 | AAA | 1,768,820 | |||||||||||||||
883 | Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-1 | 7.000% | 1/25/34 | BBB+ | 922,447 | |||||||||||||||
3,830 | Mortgage Equity Conversion Asset Trust 2010-1A | 4.000% | 7/25/60 | AA | 3,676,935 | |||||||||||||||
4,185 | National Credit Union Adminstration Guaranteed Structured Collateral Notes | 2.900% | 10/29/20 | Aaa | 4,461,068 | |||||||||||||||
5,590 | OBP Depositor LLC Trust, Commercial Mortgage Pass Through Certificates, Series 2010-OBP | 4.646% | 7/15/45 | AAA | 6,559,966 | |||||||||||||||
171 | RBSSP Resecuritization Trust 2009-8 | 0.350% | 3/26/37 | Aaa | 170,526 | |||||||||||||||
3,417 | RBSSP Resecuritization Trust 2010-10 | 0.340% | 9/26/36 | N/R | 2,998,941 | |||||||||||||||
5,440 | RBSSP Resecuritization Trust 2010-4 | 0.320% | 3/26/36 | A | 5,139,256 | |||||||||||||||
2,999 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.370% | 10/28/36 | N/R | 2,705,735 | |||||||||||||||
1,643 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125% | 2/25/41 | AAA | 1,668,763 | |||||||||||||||
3,680 | Springleaf Mortgage Loan Trust 2011-1 | 4.050% | 1/25/58 | AAA | 3,788,344 | |||||||||||||||
311 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage | 2.758% | 8/25/34 | Ba3 | 307,599 | |||||||||||||||
2,702 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2006-P10B | 5.681% | 8/10/16 | Aaa | 2,956,128 | |||||||||||||||
5,656 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2010-P10A | 4.108% | 3/10/20 | Aaa | 5,975,750 | |||||||||||||||
6,772 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750% | 2/15/35 | Aaa | 7,356,691 | |||||||||||||||
2,313 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.289% | 6/15/20 | Aaa | 2,275,693 | |||||||||||||||
4,094 | Wachovia Mortgage Loan Trust LLC, Mortgage PasS-Through Certificates, Series 2005-B | 2.968% | 10/20/35 | CCC | 3,347,850 | |||||||||||||||
1,196 | Wells Fargo Mortagge Backed Securities Trust, Mortgage Pass-Through Certificate Series 2007-2 | 5.750% | 3/25/37 | Caa1 | 1,114,920 | |||||||||||||||
5,000 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 4.375% | 3/17/44 | Aaa | 5,749,404 | |||||||||||||||
$ | 291,871 | Total Asset-Backed and Mortgage-Backed Securities (cost $290,528,985) |
| 307,863,602 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.1% | ||||||||||||||||||||
Poland – 0.1% | ||||||||||||||||||||
$ | 1,000 | Republic of Poland | 3.000% | 3/17/23 | A2 | $ | 997,500 | |||||||||||||
Total Sovereign Debt (cost $984,480) | 997,500 |
Nuveen Investments | 41 |
Portfolio of Investments (Unaudited)
Nuveen Core Plus Bond Fund (continued)
December 31, 2012
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 5.8% |
| |||||||||||||||||||
Money Market Funds – 5.8% | ||||||||||||||||||||
42,657,376 | Mount Vernon Securities Lending Trust Prime Portfolio, 0.267% (6), (7) | $ | 42,657,376 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $42,657,376) |
| 42,657,376 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 3.9% | ||||||||||||||||||||
Money Market Funds – 3.4% | ||||||||||||||||||||
25,145,086 | First American Treasury Obligations Fund, Class Z | 0.000% (6) | N/A | N/A | $ | 25,145,086 | ||||||||||||||
U.S. Government and Agency Obligations – 0.5% | ||||||||||||||||||||
$ | 1,315 | U.S. Treasury Bills | 0.038% | 2/07/13 | Aaa | 1,314,961 | ||||||||||||||
2,270 | U.S. Treasury Bills | 0.033% | 3/07/13 | Aaa | 2,269,868 | |||||||||||||||
$ | 3,585 | Total U.S. Government and Agency Obligations | 3,584,829 | |||||||||||||||||
Total Short-Term Investments (cost $28,729,286) | 28,729,915 | |||||||||||||||||||
Total Investments (cost $733,570,205) – 106.7% | 789,131,963 | |||||||||||||||||||
Other Assets Less Liabilities – (6.7)% (8) | (49,444,313) | |||||||||||||||||||
Net Assets – 100% | $ | 739,687,650 |
Investments in Derivatives as of December 31, 2012
Interest Rate Swaps outstanding:
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Unrealized Appreciation (Depreciation) (8) | |||||||||||||||||||||
Deutsche Bank AG | $ | 23,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.741 | % | Semi-Annually | 11/08/22 | $ | 63,903 |
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Long | 191 | 3/13 | 42,109,531 | $ | 18,367 | ||||||||||||||
U.S. Treasury 5-Year Note | Long | 178 | 3/13 | 22,145,703 | (14,259 | ) | ||||||||||||||
U.S. Treasury 10-Year Note | Short | (660 | ) | 3/13 | (87,635,625 | ) | 262,874 | |||||||||||||
U.S. Treasury Long Bond | Short | (21 | ) | 3/13 | (3,097,500 | ) | 47,201 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (49 | ) | 3/13 | (7,967,094 | ) | 169,250 | |||||||||||||
$ | 483,433 |
* | Total Notional Value of Long and Short positions were $64,255,234 and $(98,700,219), respectively. |
42 | Nuveen Investments |
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) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $41,227,315. |
(4) | Perpetual security. Maturity date is not applicable. |
(5) | 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. |
(6) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(7) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
(8) | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of certain derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
(9) | For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Security classified as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
N/A | Not applicable. |
N/R | Not rated. |
MDR | Denotes investment is subject to dollar roll transactions. |
TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
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. |
USD-LIBOR-BBA | United States Dollar–London Inter-Bank Offered Rate British Bankers’ Association. |
See accompanying notes to financial statements.
Nuveen Investments | 43 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund
December 31, 2012
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 1.8% | ||||||||||||||
Airlines – 0.0% | ||||||||||||||
35,000 | Delta Air Lines, Inc., (2) | $ | 415,450 | |||||||||||
Building Products – 0.2% | ||||||||||||||
526 | Dayton Superior Class A, (2), (3) | 30,195 | ||||||||||||
585 | Dayton Superior, Class 1, (2), (3) | 33,550 | ||||||||||||
19,871 | Nortek Inc. | 1,316,453 | ||||||||||||
Total Building Products | 1,380,198 | |||||||||||||
Capital Markets – 0.1% | ||||||||||||||
64,000 | Och-Ziff Capital Management Group, Class A Shares, (4) | 608,000 | ||||||||||||
Commercial Banks – 0.0% | ||||||||||||||
3,900 | Toronto-Dominion Bank, (4) | 328,887 | ||||||||||||
Diversified Telecommunication Services – 0.1% | ||||||||||||||
61,048 | FairPoint Communications Inc., (2), (4) | 484,729 | ||||||||||||
Food Products – 0.1% | ||||||||||||||
23,500 | Archer-Daniels-Midland Company | 643,665 | ||||||||||||
Insurance – 0.1% | ||||||||||||||
23,500 | Protective Life Corporation | 671,630 | ||||||||||||
Machinery – 0.1% | ||||||||||||||
17,000 | Xylem Inc. | 460,700 | ||||||||||||
Metals & Mining – 0.1% | ||||||||||||||
18,200 | Freeport-McMoRan Copper & Gold, Inc. | 622,440 | ||||||||||||
Multiline Retail – 0.0% | ||||||||||||||
6,500 | Target Corporation | 384,605 | ||||||||||||
Oil, Gas & Consumable Fuels – 0.4% | ||||||||||||||
13,900 | ConocoPhillips | 806,061 | ||||||||||||
21,000 | Pembina Pipeline Corporation | 601,440 | ||||||||||||
75,000 | Pengrowth Energy Corporation | 372,750 | ||||||||||||
19,900 | Phillips 66 | 1,056,690 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 2,836,941 | |||||||||||||
Real Estate Investment Trust – 0.6% | ||||||||||||||
11,000 | Camden Property Trust, (4) | 750,310 | ||||||||||||
54,000 | Kite Realty Group Trust, (4) | 1,385,100 | ||||||||||||
18,400 | Mid-America Apartment Communities, (4) | 1,191,400 | ||||||||||||
40,000 | Summit Hotel Properties Inc. | 1,058,800 | ||||||||||||
Total Real Estate Investment Trust | 4,385,610 | |||||||||||||
Total Common Stocks (cost $11,720,161) | 13,222,855 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
EXCHANGE-TRADED FUNDS – 0.2% | ||||||||||||||
22,500 | Market Vectors International High Yield Bond Fund ETF, (4) | $ | 610,587 | |||||||||||
4,900 | SPDR DB International Government Inflation Protected Bond ETF | 311,346 | ||||||||||||
12,500 | Vanguard MSCI European ETF | 610,500 | ||||||||||||
Total Exchange-Traded Funds (cost $1,411,599) | 1,532,433 |
44 | Nuveen Investments |
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 0.2% | ||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||
30,000 | NextEra Energy Inc. | 5.889% | BBB | $ | 1,501,800 | |||||||||||||
Total Convertible Preferred Securities (cost $1,455,000) | 1,501,800 | |||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||
$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 6.5% | ||||||||||||||||||
Automobiles – 0.1% | ||||||||||||||||||
11,000 | General Motors Corporation | 4.750% | BB– | $ | 485,430 | |||||||||||||
Capital Markets – 1.1% | ||||||||||||||||||
2,500,000 | Dresdner Funding Trust I, 144A | 8.151% | Ba2 | 2,451,250 | ||||||||||||||
90,000 | Goldman Sachs Group Inc. | 5.950% | BB+ | 2,248,200 | ||||||||||||||
82,330 | Morgan Stanley, Series 2006A | 4.000% | BB+ | 1,608,728 | ||||||||||||||
139,434 | UBS Preferred Funding Trust IV | 0.910% | BBB– | 2,073,384 | ||||||||||||||
Total Capital Markets | 8,381,562 | |||||||||||||||||
Commercial Banks – 0.6% | ||||||||||||||||||
3,285,000 | RBS Capital Trust, (4), (6) | 5.512% | BB | 2,578,725 | ||||||||||||||
65,000 | Regions Financial Corporation | 6.375% | BB | 1,606,150 | ||||||||||||||
25,000 | Royal Bank of Scotland Public Limited Company, Series 2006Q | 6.750% | BB | 575,000 | ||||||||||||||
Total Commercial Banks | 4,759,875 | |||||||||||||||||
Consumer Finance – 0.8% | ||||||||||||||||||
50,000 | Ally Financial Inc. | 8.500% | CCC+ | 1,313,500 | ||||||||||||||
3,750 | Ally Financial Inc., (6) | 7.000% | B3 | 3,683,086 | ||||||||||||||
50,000 | Discover Financial Services | 6.500% | BB | 1,262,500 | ||||||||||||||
Total Consumer Finance | 6,259,086 | |||||||||||||||||
Diversified Financial Services – 0.9% | ||||||||||||||||||
3,965 | Bank of America Corporation | 7.250% | BB+ | 4,500,275 | ||||||||||||||
28,713 | Bank of America Corporation | 4.000% | BB+ | 617,330 | ||||||||||||||
96,079 | RBS Capital Trust, (4) | 6.080% | B3 | 1,990,757 | ||||||||||||||
Total Diversified Financial Services | 7,108,362 | |||||||||||||||||
Household Durables – 0.3% | ||||||||||||||||||
25,349 | Hovnanian Enterprises Incorporated | 7.625% | Ca | 344,746 | ||||||||||||||
73,660 | M-I Homes | 9.750% | CCC | 1,686,814 | ||||||||||||||
Total Household Durables | 2,031,560 | |||||||||||||||||
Insurance – 0.8% | ||||||||||||||||||
30,000 | Aegon N.V. | 8.000% | Baa1 | 839,400 | ||||||||||||||
50,000 | Aspen Insurance Holdings Limited | 7.401% | BBB– | 1,312,500 | ||||||||||||||
51,131 | Endurance Specialty Holdings Limited | 7.500% | BBB– | 1,363,152 | ||||||||||||||
75,000 | Hartford Financial Services Group Inc. | 7.875% | BB+ | 2,153,250 | ||||||||||||||
Total Insurance | 5,668,302 | |||||||||||||||||
Marine – 0.1% | ||||||||||||||||||
29,338 | Seaspan Corporation | 9.500% | N/R | 808,262 | ||||||||||||||
Real Estate Investment Trust – 1.8% | ||||||||||||||||||
51,900 | Ashford Hospitality Trust Inc. | 8.450% | N/R | 1,305,285 | ||||||||||||||
40,000 | CommomWealth REIT | 7.250% | Ba1 | 1,008,800 | ||||||||||||||
75,000 | Coresite Realty Corporation | 7.250% | N/R | 1,890,750 | ||||||||||||||
50,000 | Corporate Office Properties Trust | 7.375% | N/R | 1,257,000 |
Nuveen Investments | 45 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||||||||
65,000 | Dupont Fabros Technology, (4) | 7.875% | Ba2 | $ | 1,727,700 | |||||||||||||||
22,024 | First Potomac Realty Trust | 7.750% | N/R | 565,356 | ||||||||||||||||
30,000 | Hersha Hospitality Trust | 8.000% | N/R | 754,500 | ||||||||||||||||
50,000 | LaSalle Hotel Properties | 7.500% | N/R | 1,287,500 | ||||||||||||||||
50,000 | Pebblebrook Hotel Trust | 7.875% | N/R | 1,295,500 | ||||||||||||||||
40,000 | Retail Properties of America | 7.000% | N/R | 986,000 | ||||||||||||||||
50,000 | SL Green Realty Corporation | 6.500% | Ba2 | 1,255,000 | ||||||||||||||||
Total Real Estate Investment Trust | 13,333,391 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||
35,522 | Federal Home Loan Mortgage Corporation | 6.550% | Ca | 58,256 | ||||||||||||||||
Total $25 Par (or similar) Preferred Securities (cost $44,602,050) | 48,894,086 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CORPORATE BONDS – 82.4% | ||||||||||||||||||||
Aerospace & Defense – 0.1% | ||||||||||||||||||||
$ | 1,000 | DynCorp International Inc. | 10.375% | 7/01/17 | B2 | $ | 915,000 | |||||||||||||
Airlines – 1.2% | ||||||||||||||||||||
1,500 | Air Canada, 144A, (4) | 12.000% | 2/01/16 | B– | 1,548,750 | |||||||||||||||
3,250 | Delta Air Lines Pass-Through Certificates, Series 2012-1B | 6.875% | 5/07/19 | BB | 3,384,063 | |||||||||||||||
1,871 | US Airways Pass Through Trust 1999-1B | 9.010% | 7/20/20 | BB+ | 1,983,631 | |||||||||||||||
2,000 | US Airways Pass Through Trust 2012-1B | 8.000% | 10/01/19 | BB– | 2,135,000 | |||||||||||||||
8,621 | Total Airlines | 9,051,444 | ||||||||||||||||||
Auto Components – 1.2% | ||||||||||||||||||||
2,250 | American & Axle Manufacturing Inc., (4) | 7.750% | 11/15/19 | B | 2,441,250 | |||||||||||||||
1,750 | American & Axle Manufacturing Inc., (4) | 6.625% | 10/15/22 | B | 1,776,250 | |||||||||||||||
1,750 | Continental Rubber Corporation of America | 4.500% | 9/15/19 | Ba2 | 1,790,940 | |||||||||||||||
3,030 | Pittsburgh Glass Works LLC, 144A | 8.500% | 4/15/16 | B+ | 2,787,600 | |||||||||||||||
8,780 | Total Auto Components | 8,796,040 | ||||||||||||||||||
Automobiles – 0.3% | ||||||||||||||||||||
2,000 | Chrysler GP/CG Company, (4) | 8.250% | 6/15/21 | B | 2,200,000 | |||||||||||||||
Biotechnology – 0.3% | ||||||||||||||||||||
2,105 | STHI Holding Corporation, 144A | 8.000% | 3/15/18 | B | 2,278,663 | |||||||||||||||
Building Products – 2.0% | ||||||||||||||||||||
3,097 | Corporativo Javer S.A. de C.V, 144A, (4) | 9.875% | 4/06/21 | B1 | 3,313,790 | |||||||||||||||
2,400 | Isabelle Acquisition Subsidiary Inc. | 10.000% | 11/15/18 | B– | 2,604,000 | |||||||||||||||
500 | Nortek Inc., 144A | 8.500% | 4/15/21 | B | 553,750 | |||||||||||||||
2,450 | Nortek Inc. | 8.500% | 4/15/21 | B | 2,719,500 | |||||||||||||||
2,225 | Roofing Supply Group LLC Finance, 144A, (4) | 10.000% | 6/01/20 | B3 | 2,492,000 | |||||||||||||||
2,600 | USG Corporation | 9.750% | 1/15/18 | B– | 2,944,500 | |||||||||||||||
13,272 | Total Building Products | 14,627,540 | ||||||||||||||||||
Capital Markets – 1.2% | ||||||||||||||||||||
2,250 | Ace Cash Express Inc., 144A, (4) | 11.000% | 2/01/19 | B | 2,120,625 | |||||||||||||||
2,300 | E Trade Financial Corporation | 6.750% | 6/01/16 | B2 | 2,420,750 | |||||||||||||||
2,000 | Morgan Stanley Dean Witter & Company | 4.875% | 11/01/22 | BBB+ | 2,070,788 |
46 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Capital Markets (continued) | ||||||||||||||||||||
$ | 2,500 | Technology Investment Capital Corporation, 144A | 7.500% | 11/01/17 | N/R | $ | 2,446,875 | |||||||||||||
9,050 | Total Capital Markets | 9,059,038 | ||||||||||||||||||
Chemicals – 3.2% | ||||||||||||||||||||
3,500 | Basell Finance Company BV, 144A | 8.100% | 3/15/27 | BB+ | 4,672,500 | |||||||||||||||
1,500 | Celanese US Holdings LLC, (4) | 5.875% | 6/15/21 | BB | 1,680,000 | |||||||||||||||
1,000 | Hexion US Finance Corporation | 8.875% | 2/01/18 | B3 | 1,027,500 | |||||||||||||||
2,300 | Hexion US Finance Corporation, (4) | 6.625% | 4/15/20 | Ba3 | 2,340,250 | |||||||||||||||
1,350 | Ineos Group Holdings PLC, 144A, (4) | 8.500% | 2/15/16 | B+ | 1,343,250 | |||||||||||||||
1,750 | Momentive Performance Materials, 144A | 10.000% | 10/15/20 | B2 | 1,723,750 | |||||||||||||||
2,750 | Nufarm Australia Limited, 144A, (4) | 6.375% | 10/15/19 | BB– | 2,873,750 | |||||||||||||||
3,445 | Omonva Solutions Inc. | 7.875% | 11/01/18 | B2 | 3,552,656 | |||||||||||||||
2,250 | Taminco Acquisition Corporation | 9.125% | 12/15/17 | B– | 2,221,875 | |||||||||||||||
2,450 | Taminco Global Chemical Corporation, 144A | 9.750% | 3/31/20 | B– | 2,682,750 | |||||||||||||||
22,295 | Total Chemicals | 24,118,281 | ||||||||||||||||||
Commercial Banks – 0.9% | ||||||||||||||||||||
2,000 | Promsvyazbank Finance, 144A | 6.200% | 4/25/14 | Ba2 | 2,016,160 | |||||||||||||||
2,000 | Russian Standard Bank ZAO Finance SA, (4) | 10.750% | 4/10/18 | B1 | 2,090,000 | |||||||||||||||
1,500 | Sberbank of Russia Loan | 5.717% | 6/16/21 | A3 | 1,680,000 | |||||||||||||||
1,000 | Speedy Cash Inc, 144A, (4) | 10.750% | 5/15/18 | B | 1,065,000 | |||||||||||||||
6,500 | Total Commercial Banks | 6,851,160 | ||||||||||||||||||
Commercial Services & Supplies – 2.6% | ||||||||||||||||||||
1,750 | 313 Group Incorporated, 144A | 6.375% | 12/01/19 | B1 | 1,734,688 | |||||||||||||||
1,500 | Casella Waste Systems Inc., 144A | 7.750% | 2/15/19 | Caa1 | 1,425,000 | |||||||||||||||
1,125 | Casella Waste Systems Inc. | 7.750% | 2/15/19 | B– | 1,068,750 | |||||||||||||||
3,121 | Ceridian Corporation, 144A, (4) | 8.875% | 7/15/19 | B1 | 3,386,285 | |||||||||||||||
1,000 | R.R. Donnelley & Son Company, (4) | 7.625% | 6/15/20 | BB | 960,000 | |||||||||||||||
1,715 | EnergySolutions Inc. | 10.750% | 8/15/18 | B | 1,620,675 | |||||||||||||||
2,750 | GDR Holding II Corporation, 144A | 10.750% | 6/01/19 | B | 2,756,875 | |||||||||||||||
1,850 | Heckmann Corporation, (4) | 9.875% | 4/15/18 | B | 1,896,250 | |||||||||||||||
2,500 | International Lease Finance Corporation | 5.875% | 4/01/19 | BBB– | 2,634,998 | |||||||||||||||
2,000 | Square Two Financial Corporation, (4) | 11.625% | 4/01/17 | B | 1,895,000 | |||||||||||||||
19,311 | Total Commercial Services & Supplies | 19,378,521 | ||||||||||||||||||
Communications Equipment – 0.7% | ||||||||||||||||||||
1,000 | Avaya Inc., 144A, (4) | 9.000% | 4/01/19 | B1 | 1,017,500 | |||||||||||||||
2,230 | Goodman Networks Inc., 144A | 12.125% | 7/01/18 | B | 2,441,850 | |||||||||||||||
2,000 | Nokia Corporation, (4) | 6.625% | 5/15/39 | BB– | 1,795,000 | |||||||||||||||
5,230 | Total Communications Equipment | 5,254,350 | ||||||||||||||||||
Construction & Engineering – 0.2% | ||||||||||||||||||||
1,500 | Wyle Services Corporation, 144A | 10.500% | 4/01/18 | B– | 1,635,000 | |||||||||||||||
Construction Materials – 0.7% | ||||||||||||||||||||
1,000 | Cemex Finance LLC, 144A, (4) | 9.500% | 12/14/16 | B+ | 1,087,500 | |||||||||||||||
2,000 | Cemex SAB de CV, 144A | 9.000% | 1/11/18 | B+ | 2,165,000 | |||||||||||||||
1,550 | China Shanshui Cement Group Limited, 144A | 10.500% | 4/27/17 | BB– | 1,774,750 | |||||||||||||||
4,550 | Total Construction Materials | 5,027,250 |
Nuveen Investments | 47 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Consumer Finance – 1.0% | ||||||||||||||||||||
$ | 2,500 | Home Credit & Finance Bank LLC Eurasia Capital | 9.375% | 4/24/20 | B1 | $ | 2,625,000 | |||||||||||||
2,000 | Nationstar Mortgage LLC Capital Corporation, 144A | 9.625% | 5/01/19 | B+ | 2,250,000 | |||||||||||||||
2,850 | Springleaf Finance Corporation | 6.900% | 12/15/17 | Caa1 | 2,550,750 | |||||||||||||||
7,350 | Total Consumer Finance | 7,425,750 | ||||||||||||||||||
Containers & Packaging – 1.7% | ||||||||||||||||||||
2,000 | Ardagh Packaging Finance PLC, 144A, (4) | 9.125% | 10/15/20 | B3 | 2,180,000 | |||||||||||||||
1,650 | Ardagh Packaging Finance PLC, 144A | 7.375% | 10/15/17 | Ba3 | 1,792,313 | |||||||||||||||
2,000 | Berry Plastics Corporation | 5.205% | 2/15/15 | B+ | 2,003,000 | |||||||||||||||
2,000 | Longview Fibre Paper & Packaging, 144A, (4) | 8.000% | 6/01/16 | B+ | 2,100,000 | |||||||||||||||
2,550 | Reynolds Group | 8.500% | 5/15/18 | CCC+ | 2,613,750 | |||||||||||||||
2,300 | Reynolds Group, (4) | 5.750% | 10/15/20 | B+ | 2,374,750 | |||||||||||||||
12,500 | Total Containers & Packaging | 13,063,813 | ||||||||||||||||||
Distributors – 0.3% | ||||||||||||||||||||
2,000 | HD Supply Inc., 144A | 11.500% | 7/15/20 | CCC+ | 2,252,500 | |||||||||||||||
Diversified Financial Services – 1.2% | ||||||||||||||||||||
2,000 | CNG Holdings Inc., 144A | 9.375% | 5/15/20 | B | 2,030,000 | |||||||||||||||
1,825 | Community Choice Financial Inc. | 10.750% | 5/01/19 | B– | 1,756,563 | |||||||||||||||
1,867 | SinOceanic II ASA, 144A | 10.000% | 2/17/15 | N/R | 1,867,470 | |||||||||||||||
2,800 | UPCB Finance III Limited, 144A | 6.625% | 7/01/20 | BB– | 2,999,500 | |||||||||||||||
8,492 | Total Diversified Financial Services | 8,653,533 | ||||||||||||||||||
Diversified Telecommunication Services – 3.3% | ||||||||||||||||||||
2,000 | CyrusOne LP Finance, 144A | 6.375% | 11/15/22 | B+ | 2,085,000 | |||||||||||||||
1,850 | Eileme AB | 14.250% | 8/15/20 | B– | 1,993,375 | |||||||||||||||
1,043 | FairPoint Communications Inc., (4) | 13.125% | 4/02/18 | N/R | 9,909 | |||||||||||||||
255 | Frontier Communications Corporation | 8.500% | 4/15/20 | BB+ | 293,250 | |||||||||||||||
3,500 | Frontier Communications Corporation | 7.125% | 1/15/23 | BB+ | 3,710,000 | |||||||||||||||
4,075 | Integra Telecom, 144A, (4) | 10.750% | 4/15/16 | B– | 4,258,375 | |||||||||||||||
2,750 | IntelSat Bermuda Limited | 11.250% | 2/04/17 | CCC+ | 2,908,125 | |||||||||||||||
3,500 | Level 3 Communications Inc. | 11.875% | 2/01/19 | B– | 4,033,750 | |||||||||||||||
1,300 | Telemar Norte Leste SA, 144A | 5.500% | 10/23/20 | BBB | 1,352,000 | |||||||||||||||
3,300 | Windstream Corporation | 7.875% | 11/01/17 | BB+ | 3,712,500 | |||||||||||||||
23,573 | Total Diversified Telecommunication Services | 24,356,284 | ||||||||||||||||||
Electric Utilities – 1.2% | ||||||||||||||||||||
2,000 | Edison Mission Energy, (4), (7) | 7.000% | 5/15/17 | C | 1,060,000 | |||||||||||||||
2,000 | EDP Finance BV, 144A | 6.000% | 2/02/18 | BBB– | 2,096,976 | |||||||||||||||
5,900 | Energy Future Holdings, (4) | 10.875% | 11/01/17 | CCC+ | 5,487,000 | |||||||||||||||
250 | Energy Future Intermediate Holding Company LLC | 6.875% | 8/15/17 | B | 266,250 | |||||||||||||||
10,150 | Total Electric Utilities | 8,910,226 | ||||||||||||||||||
Energy Equipment & Services – 2.2% | ||||||||||||||||||||
2,070 | Alta Mesa Holdings Finance | 9.625% | 10/15/18 | B | 2,132,100 | |||||||||||||||
1,625 | Forbes Energy Services | 9.000% | 6/15/19 | B | 1,446,250 | |||||||||||||||
1,250 | Gulfmark Offshore Inc., 144A | 6.375% | 3/15/22 | BB– | 1,287,500 | |||||||||||||||
760 | NGPL PipeCo LLC | 7.119% | 12/15/17 | Ba3 | 828,400 | |||||||||||||||
1,525 | Offshore Group Investment Limited, 144A | 7.500% | 11/01/19 | B– | 1,540,250 | |||||||||||||||
3,300 | Pacific Drilling SA | 8.250% | 2/23/15 | N/R | 3,390,750 |
48 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||||||||
$ | 1,550 | Parker Drilling Company | 9.125% | 4/01/18 | B+ | $ | 1,654,625 | |||||||||||||
2,500 | Seadrill Limited, 144A | 5.625% | 9/15/17 | N/R | 2,481,250 | |||||||||||||||
1,400 | TrollDrilling & Services Limited | 13.750% | 8/19/16 | N/R | 1,455,734 | |||||||||||||||
15,980 | Total Energy Equipment & Services | 16,216,859 | ||||||||||||||||||
Food & Staples Retailing – 1.4% | ||||||||||||||||||||
2,000 | Albertson’s, Inc. | 8.000% | 5/01/31 | B– | 1,125,000 | |||||||||||||||
1,750 | Harmony Foods Corporation, 144A | 10.000% | 5/01/16 | B– | 1,885,625 | |||||||||||||||
100 | Pantry Inc., 144A | 8.375% | 8/01/20 | B+ | 104,500 | |||||||||||||||
2,850 | Rite Aid Corporation, (4) | 9.250% | 3/15/20 | CCC+ | 3,035,250 | |||||||||||||||
2,125 | Supervalu Inc., (4) | 8.000% | 5/01/16 | B– | 2,024,063 | |||||||||||||||
2,150 | Tops Markets, 144A | 8.875% | 12/15/17 | B+ | 2,230,625 | |||||||||||||||
10,975 | Total Food & Staples Retailing | 10,405,063 | ||||||||||||||||||
Food Products – 2.1% | ||||||||||||||||||||
1,550 | Fage Dairy Industry SA, 144A | 9.875% | 2/01/20 | B | 1,646,875 | |||||||||||||||
2,800 | JBS USA LLC | 7.250% | 6/01/21 | BB | 2,807,000 | |||||||||||||||
3,000 | Land O Lakes Capital Trust I | 7.450% | 3/15/28 | BB | 2,925,000 | |||||||||||||||
1,400 | Marfrig Overseas Limited, (4) | 9.500% | 5/04/20 | B+ | 1,207,500 | |||||||||||||||
1,075 | MHP SA, 144A | 10.250% | 4/29/15 | B | 1,131,438 | |||||||||||||||
1,000 | Michael Foods Inc., 144A | 8.500% | 7/15/18 | CCC+ | 1,020,000 | |||||||||||||||
1,750 | Mriya Agro Holding PLC, 144A, (4) | 10.950% | 3/30/16 | B | 1,776,250 | |||||||||||||||
3,250 | Viterra Inc. | 5.950% | 8/01/20 | Baa2 | 3,518,401 | |||||||||||||||
15,825 | Total Food Products | 16,032,464 | ||||||||||||||||||
Gas Utilities – 0.4% | ||||||||||||||||||||
1,000 | AmeriGas Finance LLC | 7.000% | 5/20/22 | Ba2 | 1,112,500 | |||||||||||||||
1,874 | Suburban Propane Partners LP | 7.500% | 10/01/18 | BB– | 2,019,235 | |||||||||||||||
2,874 | Total Gas Utilities | 3,131,735 | ||||||||||||||||||
Health Care Equipment & Supplies – 0.6% | ||||||||||||||||||||
3,000 | Biomet Inc., 144A | 6.500% | 8/01/20 | B– | 3,187,500 | |||||||||||||||
1,375 | Chiron Merger Sub Inc., 144A | 12.500% | 11/01/19 | CCC+ | 1,307,969 | |||||||||||||||
4,375 | Total Health Care Equipment & Supplies | 4,495,469 | ||||||||||||||||||
Health Care Providers & Services – 2.9% | ||||||||||||||||||||
2,000 | Acadia Healthcare | 12.875% | 11/01/18 | B– | 2,420,000 | |||||||||||||||
2,040 | Amsurg Corporation, 144A, (4) | 5.625% | 11/30/20 | Ba3 | 2,121,600 | |||||||||||||||
2,400 | Community Health Systems, Inc. | 8.000% | 11/15/19 | B | 2,598,000 | |||||||||||||||
1,650 | HCA Holdings Inc. | 6.250% | 2/15/21 | B– | 1,691,250 | |||||||||||||||
3,219 | HCA Holdings Inc., (4) | 7.750% | 5/15/21 | B– | 3,492,615 | |||||||||||||||
2,000 | HealthSouth Corporation, (4) | 5.750% | 11/01/24 | BB– | 2,035,000 | |||||||||||||||
2,800 | Kindred Healthcare Inc., Term Loan, (4) | 8.250% | 6/01/19 | B– | 2,723,000 | |||||||||||||||
2,500 | National Mentor Holdings, 144A | 12.500% | 2/15/18 | CCC+ | 2,556,250 | |||||||||||||||
— | (8) | Symbion Inc. | 11.000% | 8/23/15 | CCC+ | 506 | ||||||||||||||
2,000 | Tenet Healthcare Corporation, 144A | 6.750% | 2/01/20 | B– | 2,060,000 | |||||||||||||||
20,609 | Total Health Care Providers & Services | 21,698,221 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 2.6% | ||||||||||||||||||||
1,673 | CKE Holdings, (4) | 10.500% | 3/14/16 | Caa1 | 1,773,905 |
Nuveen Investments | 49 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||||||||
$ | 2,589 | El Pollo Loco Inc., 144A | 12.500% | 1/01/18 | Caa2 | $ | 2,770,468 | |||||||||||||
1,000 | Fontainebleau Las Vegas | 10.250% | 6/15/15 | N/R | 625 | |||||||||||||||
2,175 | Graton Economic Development Authority, 144A | 9.625% | 9/01/19 | B | 2,329,969 | |||||||||||||||
30 | Greektown LLC, (3) | 10.750% | 12/01/13 | N/R | — | |||||||||||||||
2,000 | Harrah’s Operating Company, Inc. | 11.250% | 6/01/17 | B | 2,142,500 | |||||||||||||||
1,000 | Icon Health and Fitness Inc., 144A | 11.875% | 10/15/16 | B | 935,000 | |||||||||||||||
1,850 | MGM Resorts International Inc., 144A, (4) | 8.625% | 2/01/19 | B+ | 2,062,750 | |||||||||||||||
1,250 | MGM Resorts International Inc. | 6.625% | 12/15/21 | B+ | 1,250,000 | |||||||||||||||
2,000 | Mohegan Tribal Gaming Authority, 144A, (4) | 11.000% | 9/15/18 | CCC | 1,575,000 | |||||||||||||||
1,500 | Rare Restaurant Group LLC, 144A | 12.000% | 6/01/17 | B– | 1,560,000 | |||||||||||||||
1,000 | Rivers Pittsburgh Borrowers LP, Finance Corporation, 144A | 9.500% | 6/15/19 | B | 1,085,000 | |||||||||||||||
1,750 | Shearer’s Foods LLC, 144A | 9.000% | 11/01/19 | B | 1,837,500 | |||||||||||||||
19,817 | Total Hotels, Restaurants & Leisure | 19,322,717 | ||||||||||||||||||
Household Durables – 2.4% | ||||||||||||||||||||
1,250 | Beazer Homes USA, Inc. | 6.875% | 7/15/15 | CCC+ | 1,253,125 | |||||||||||||||
3,925 | Beazer Homes USA, Inc., (4) | 9.125% | 6/15/18 | CCC+ | 4,091,813 | |||||||||||||||
3,000 | Brookfield Residential Properties Inc., 144A | 6.500% | 12/15/20 | BB– | 3,075,000 | |||||||||||||||
1,250 | K. Hovnanian Enterprises Inc., 144A, (4) | 9.125% | 11/15/20 | Caa2 | 1,325,000 | |||||||||||||||
2,000 | K. Hovnanian Enterprises Inc. | 5.000% | 11/01/21 | B3 | 1,700,000 | |||||||||||||||
500 | Ryland Group Inc. | 5.375% | 10/01/22 | BB– | 511,875 | |||||||||||||||
300 | Spectrum Brands Inc., 144A | 6.375% | 11/15/20 | BB– | 315,000 | |||||||||||||||
2,715 | Taylor Morrison Monarch Communities | 7.750% | 4/15/20 | BB– | 2,877,900 | |||||||||||||||
2,550 | William Lyon Homes Incorporated | 8.500% | 11/15/20 | B– | 2,652,000 | |||||||||||||||
17,490 | Total Household Durables | 17,801,713 | ||||||||||||||||||
Household Products – 0.4% | ||||||||||||||||||||
3,000 | Dispensing Dynamics International, 144A | 12.500% | 1/01/18 | B– | 2,940,000 | |||||||||||||||
Independent Power Producers & Energy Traders – 1.2% | ||||||||||||||||||||
2,800 | Foresight Energy Limited Liability Corporation, 144A | 9.625% | 8/15/17 | B | 2,996,000 | |||||||||||||||
1,350 | GenOn Energy, (4) | 9.875% | 10/15/20 | B+ | 1,559,250 | |||||||||||||||
1,300 | Mirant Americas Generation LLC, (4) | 8.500% | 10/01/21 | BB– | 1,482,000 | |||||||||||||||
2,500 | NRG Energy Inc., 144A, (4) | 6.625% | 3/15/23 | BB | 2,675,000 | |||||||||||||||
7,950 | Total Independent Power Producers & Energy Traders | 8,712,250 | ||||||||||||||||||
Industrial Conglomerates – 0.5% | ||||||||||||||||||||
1,250 | Abengoa Finance SAU, 144A, (4) | 8.875% | 11/01/17 | B+ | 1,175,000 | |||||||||||||||
5,000 | Grieg Seafood ASA | 8.860% | 12/21/15 | N/R | 899,645 | |||||||||||||||
1,500 | J.B. Poindexter & Company, 144A | 9.000% | 4/01/22 | B+ | 1,550,625 | |||||||||||||||
7,750 | Total Industrial Conglomerates | 3,625,270 | ||||||||||||||||||
Insurance – 0.3% | ||||||||||||||||||||
2,000 | Compass Investors Incorporated, 144A | 7.750% | 1/15/21 | CCC | 1,970,000 | |||||||||||||||
IT Services – 1.6% | ||||||||||||||||||||
3,510 | First Data Corporation, (4) | 6.750% | 11/01/20 | BB– | 3,545,100 | |||||||||||||||
1,500 | First Data Corporation | 12.625% | 1/15/21 | B– | 1,578,750 | |||||||||||||||
5,475 | First Data Corporation, (4) | 8.750% | 1/15/22 | B– | 5,598,188 | |||||||||||||||
1,100 | Zayo Escrow Corporation | 10.125% | 7/01/20 | CCC+ | 1,251,250 | |||||||||||||||
11,585 | Total IT Services | 11,973,288 |
50 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Machinery – 1.5% | ||||||||||||||||||||
$ | 2,500 | Chloe Marine Corporation Limited | 12.000% | 12/28/16 | N/R | $ | 2,737,500 | |||||||||||||
3,000 | Commercial Vehicle Group | 7.875% | 4/15/19 | B | 2,970,000 | |||||||||||||||
2,300 | Manitowoc Company Inc., (4) | 8.500% | 11/01/20 | B+ | 2,581,750 | |||||||||||||||
1,750 | Navistar International Corporation, (4) | 8.250% | 11/01/21 | B3 | 1,688,750 | |||||||||||||||
1,350 | Terex Corporation | 6.500% | 4/01/20 | B+ | 1,431,000 | |||||||||||||||
10,900 | Total Machinery | 11,409,000 | ||||||||||||||||||
Marine – 0.8% | ||||||||||||||||||||
1,000 | Marquette Transportation Company Inc., (4) | 10.875% | 1/15/17 | B– | 1,040,000 | |||||||||||||||
1,850 | Navios Maritime Acquisition Corporation, (4) | 8.625% | 11/01/17 | B | 1,734,375 | |||||||||||||||
3,000 | OSX Leasing BV, 144A | 9.250% | 3/20/15 | N/R | 3,093,750 | |||||||||||||||
5,850 | Total Marine | 5,868,125 | ||||||||||||||||||
Media – 5.4% | ||||||||||||||||||||
2,000 | American Media Inc., 144A, (4) | 13.500% | 6/15/18 | CCC | 1,760,000 | |||||||||||||||
1,000 | Baker & Taylor Inc., 144A | 15.000% | 4/01/17 | B3 | 690,000 | |||||||||||||||
3,500 | Belo Corporation | 7.750% | 6/01/27 | BB | 3,609,375 | |||||||||||||||
1,000 | Cengage Learning Acquisition Inc., 144A, (4) | 11.500% | 4/15/20 | CCC+ | 862,500 | |||||||||||||||
2,750 | Charter Communications, CCO Holdings LLC, (4) | 5.125% | 2/15/23 | BB– | 2,743,125 | |||||||||||||||
1,500 | Clear Channel Communications, Inc., 144A, (4) | 9.000% | 12/15/19 | CCC+ | 1,372,500 | |||||||||||||||
2,000 | Clear Channel Communications, Inc. | 5.500% | 9/15/14 | CCC– | 1,865,000 | |||||||||||||||
2,500 | Clear Channel Worldwide | 7.625% | 3/15/20 | B | 2,518,750 | |||||||||||||||
2,500 | CSC Holdings Inc. | 7.875% | 2/15/18 | BB+ | 2,893,750 | |||||||||||||||
1,800 | Dish DBS Corporation | 5.875% | 7/15/22 | Ba2 | 1,935,000 | |||||||||||||||
1,465 | LIN Television Corporation | 8.375% | 4/15/18 | B– | 1,604,175 | |||||||||||||||
2,000 | McClatchy Company, 144A, (4) | 9.000% | 12/15/22 | B1 | 2,042,500 | |||||||||||||||
2,000 | Mood Media Corporation, 144A, (4) | 9.250% | 10/15/20 | B– | 2,107,500 | |||||||||||||||
4,650 | Nara Cable Funding Limited, 144A | 8.875% | 12/01/18 | BB– | 4,731,375 | |||||||||||||||
2,800 | R.R. Donnelley & Son Company, (4) | 8.250% | 3/15/19 | BB | 2,828,000 | |||||||||||||||
2,500 | UnityMedia Hessen GmBH | 7.500% | 3/15/19 | BB– | 2,750,000 | |||||||||||||||
2,000 | WideOpenWest Finance Capital Corporation, 144A | 13.375% | 10/15/19 | CCC+ | 2,115,000 | |||||||||||||||
1,785 | WMG Acquisition Group, 144A | 6.000% | 1/15/21 | Ba2 | 1,883,175 | |||||||||||||||
39,750 | Total Media | 40,311,725 | ||||||||||||||||||
Metals & Mining – 6.3% | ||||||||||||||||||||
1,000 | Aleris International Inc., (3) | 10.000% | 12/15/16 | N/R | 10 | |||||||||||||||
2,000 | APERAM, 144A | 7.375% | 4/01/16 | B+ | 1,865,000 | |||||||||||||||
3,000 | ArcelorMittal, (4) | 5.000% | 2/25/17 | BB+ | 3,028,185 | |||||||||||||||
1,000 | ArcelorMittal, (4) | 7.000% | 3/01/41 | BB+ | 927,500 | |||||||||||||||
1,450 | Bumi Investment PTE Limited, 144A, (4) | 10.750% | 10/06/17 | B+ | 1,283,250 | |||||||||||||||
2,800 | Cliffs Natural Resources Inc., (4) | 4.800% | 10/01/20 | BBB– | 2,782,643 | |||||||||||||||
1,000 | Evraz Group S.A, 144A | 7.400% | 4/24/17 | BB– | 1,055,000 | |||||||||||||||
2,000 | First Quantum Minerals Limited, 144A | 7.250% | 10/15/19 | BB | 2,020,000 | |||||||||||||||
3,250 | FMG Resources, 144A | 7.000% | 11/01/15 | BB+ | 3,412,500 | |||||||||||||||
3,100 | Fosun International Limited, 144A, (4) | 7.500% | 5/12/16 | BB+ | 3,227,875 | |||||||||||||||
2,500 | Glencore Finance Europe | 7.500% | 1/06/61 | BBB | 2,740,700 | |||||||||||||||
3,750 | IAMGOLD Corporation, 144A | 6.750% | 10/01/20 | BB– | 3,656,250 | |||||||||||||||
2,845 | Inmet Mining Corporation, 144A | 8.750% | 6/01/20 | B+ | 3,108,163 |
Nuveen Investments | 51 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Metals & Mining (continued) | ||||||||||||||||||||
$ | 1,500 | Metalloinvest Finance Limited, 144A | 6.500% | 7/21/16 | Ba3 | $ | 1,576,875 | |||||||||||||
1,000 | Mirabela Nickel Limited, 144A, (4) | 8.750% | 4/15/18 | CCC+ | 860,000 | |||||||||||||||
1,000 | Northland Resources AB | 13.000% | 3/06/17 | B– | 1,020,000 | |||||||||||||||
1,785 | Taseko Mines Limited | 7.750% | 4/15/19 | B | 1,718,063 | |||||||||||||||
2,000 | Tempel Steel Company, 144A | 12.000% | 8/15/16 | B | 1,805,000 | |||||||||||||||
2,000 | Thompson Creek Metals Company, (4) | 9.750% | 12/01/17 | B1 | 2,120,000 | |||||||||||||||
1,575 | Thompson Creek Metals Company | 7.375% | 6/01/18 | Caa2 | 1,291,500 | |||||||||||||||
2,000 | Tizir Limited | 9.000% | 9/28/17 | N/R | 1,995,000 | |||||||||||||||
3,750 | United States Steel Corporation, (4) | 7.500% | 3/15/22 | BB | 3,946,875 | |||||||||||||||
2,000 | WPE International Cooperatief U.A., 144A | 10.375% | 9/30/20 | B+ | 1,720,000 | |||||||||||||||
48,305 | Total Metals & Mining | 47,160,389 | ||||||||||||||||||
Multiline Retail – 1.0% | ||||||||||||||||||||
2,500 | Bon-Ton Department Stores Inc., 144A, (4) | 10.625% | 7/15/17 | B– | 2,431,250 | |||||||||||||||
1,000 | Burlington Coat Factory | 10.000% | 2/15/19 | Caa1 | 1,080,000 | |||||||||||||||
1,500 | J.C. Penney Co. Inc. | 7.650% | 8/15/16 | BB– | 1,447,500 | |||||||||||||||
2,000 | Macys Retail Holdings Inc. | 7.875% | 8/15/36 | BBB | 2,200,000 | |||||||||||||||
7,000 | Total Multiline Retail | 7,158,750 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 14.2% | ||||||||||||||||||||
1,575 | Alpha Natural Resources Inc., (4) | 6.000% | 6/01/19 | B+ | 1,449,000 | |||||||||||||||
1,600 | Arch Coal Inc., 144A | 9.875% | 6/15/19 | B | 1,664,000 | |||||||||||||||
2,500 | Armstrong Energy Inc., 144A | 11.750% | 12/15/19 | B– | 2,393,750 | |||||||||||||||
250 | Atlas Pipeline Escrow, 144A | 6.625% | 10/01/20 | B+ | 258,750 | |||||||||||||||
1,900 | Atlas Pipeline LP Finance, 144A, (4) | 6.625% | 10/01/20 | B+ | 1,966,500 | |||||||||||||||
3,090 | Bill Barrett Corporation | 7.000% | 10/15/22 | BB– | 3,182,700 | |||||||||||||||
2,500 | Breitburn Energy Partners LP, 144A | 7.875% | 4/15/22 | B | 2,593,750 | |||||||||||||||
3,150 | Calumet Specialty Products | 9.375% | 5/01/19 | B | 3,417,750 | |||||||||||||||
3,000 | Carrizo Oil and Gas Inc., (4) | 7.500% | 9/15/20 | B– | 3,082,500 | |||||||||||||||
1,000 | Chaparral Energy Inc., (4) | 7.625% | 11/15/22 | B– | 1,050,000 | |||||||||||||||
1,000 | Chaparral Energy Inc. | 7.625% | 11/15/22 | B3 | 1,040,000 | |||||||||||||||
2,300 | Chesapeake Energy Corporation, (4) | 9.500% | 2/15/15 | BB– | 2,599,000 | |||||||||||||||
2,000 | Chesapeake Energy Corporation, (4) | 6.875% | 11/15/20 | BB– | 2,167,500 | |||||||||||||||
1,750 | Concho Resources Inc. | 5.500% | 10/01/22 | BB+ | 1,846,250 | |||||||||||||||
1,750 | Crosstex Energy Finance | 8.875% | 2/15/18 | B+ | 1,890,000 | |||||||||||||||
1,975 | Deep Drilling 7 and 8 PT | 14.250% | 3/05/15 | N/R | 2,063,934 | |||||||||||||||
2,500 | Everest Acquisition LLC Finance, 144A | 7.750% | 9/01/22 | B | 2,650,000 | |||||||||||||||
2,000 | Floatel International Limited | 8.000% | 10/11/17 | N/R | 2,020,000 | |||||||||||||||
2,500 | Forest Oil Corporation, 144A, (4) | 7.500% | 9/15/20 | B2 | 2,625,000 | |||||||||||||||
1,400 | Goden Close Marit Corporation | 11.000% | 12/09/15 | N/R | 1,505,000 | |||||||||||||||
3,400 | Halcon Resources Limited Liability Corporation, 144A | 9.750% | 7/15/20 | B3 | 3,671,999 | |||||||||||||||
2,515 | Holly Energy Partners LP, 144A, (4) | 6.500% | 3/01/20 | BB– | 2,691,050 | |||||||||||||||
2,425 | Kodiak Oil and Gas Corporation | 8.125% | 12/01/19 | B– | 2,673,563 | |||||||||||||||
3,500 | Linn Energy LLC Finance Corporation, 144A | 6.250% | 11/01/19 | B | 3,517,500 | |||||||||||||||
1,880 | Martin Mid-Stream Partners LP Finance | 8.875% | 4/01/18 | B | 2,002,200 | |||||||||||||||
2,000 | MEG Energy Corporation, 144A | 6.375% | 1/30/23 | BB | 2,085,000 |
52 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
$ | 2,800 | Niska Gas Storage US LLC | 8.875% | 3/15/18 | B+ | $ | 2,877,000 | |||||||||||||
3,000 | Northern Oil and Gas Inc., (4) | 8.000% | 6/01/20 | B– | 3,060,000 | |||||||||||||||
2,400 | Northern Tier Energy LLC, 144A | 7.125% | 11/15/20 | BB– | 2,484,000 | |||||||||||||||
2,300 | Ocean Rig UDW Inc. | 9.500% | 4/27/16 | CCC+ | 2,346,000 | |||||||||||||||
1,500 | Paramount Resources Limited, 144A | 7.625% | 12/04/19 | B | 1,507,992 | |||||||||||||||
2,425 | PBF Holding Company LLC, 144A, (4) | 8.250% | 2/15/20 | BB+ | 2,612,938 | |||||||||||||||
3,325 | PetroBakken Energy Limited, 144A | 8.625% | 2/01/20 | CCC+ | 3,374,875 | |||||||||||||||
2,300 | Polarcus Alima | 12.500% | 10/29/15 | N/R | 2,443,750 | |||||||||||||||
2,000 | Quicksilver Resources Incorporated | 11.750% | 1/01/16 | B3 | 1,975,000 | |||||||||||||||
3,127 | Sabine Pass LNG LP | 7.500% | 11/30/16 | BB+ | 3,447,518 | |||||||||||||||
3,400 | Samson Investment Company, 144A, (4) | 9.750% | 2/15/20 | B– | 3,595,500 | |||||||||||||||
2,000 | Sandridge Energy Inc. | 8.125% | 10/15/22 | B | 2,190,000 | |||||||||||||||
2,000 | Saratoga Resources Inc. | 12.500% | 7/01/16 | N/R | 2,020,000 | |||||||||||||||
3,000 | Shelf Drill Holdings Limited, 144A, (4) | 8.625% | 11/01/18 | B1 | 3,075,000 | |||||||||||||||
2,775 | SM Energy Company | 6.625% | 2/15/19 | BB | 2,927,625 | |||||||||||||||
3,000 | United Refining Inc., 144A, (4) | 10.500% | 2/28/18 | B | 3,255,000 | |||||||||||||||
2,025 | Vanguard Natural Resources Finance, (4) | 7.875% | 4/01/20 | B | 2,116,125 | |||||||||||||||
500 | W&T Offshore, Inc., 144A | 8.500% | 6/15/19 | B3 | 537,500 | |||||||||||||||
2,000 | Williams Partners LP | 3.350% | 8/15/22 | BBB | 2,033,584 | |||||||||||||||
101,337 | Total Oil, Gas & Consumable Fuels | 105,986,103 | ||||||||||||||||||
Paper & Forest Products – 2.5% | ||||||||||||||||||||
2,551 | Abiti-Bowater Inc. | 10.250% | 10/15/18 | BB | 2,920,895 | |||||||||||||||
1,600 | Ainsworth Lumber Limited, 144A | 7.500% | 12/15/17 | B | 1,676,000 | |||||||||||||||
250 | Consolidated Container Company LLC, 144A | 10.125% | 7/15/20 | CCC+ | 267,500 | |||||||||||||||
2,000 | Millar Western Forest Products Ltd, (4) | 8.500% | 4/01/21 | B– | 1,810,000 | |||||||||||||||
3,300 | Sappi Paper Holding GMBH, 144A | 8.375% | 6/15/19 | BB | 3,605,250 | |||||||||||||||
2,075 | Stora Enso Oyj | 7.250% | 4/15/36 | BB | 1,929,750 | |||||||||||||||
3,030 | Tembec Industries, Inc., (4) | 11.250% | 12/15/18 | B– | 3,211,800 | |||||||||||||||
2,000 | Verso Paper Holdings LLC, (4) | 11.750% | 1/15/19 | B+ | 2,100,000 | |||||||||||||||
1,500 | Verso Paper Holdings LLC, (4) | 11.750% | 1/15/19 | B– | 1,065,000 | |||||||||||||||
18,306 | Total Paper & Forest Products | 18,586,195 | ||||||||||||||||||
Personal Products – 0.3% | ||||||||||||||||||||
2,500 | Albea Beauty Holdings SA, 144A | 8.375% | 11/01/19 | B+ | 2,637,500 | |||||||||||||||
Pharmaceuticals – 0.6% | ||||||||||||||||||||
2,500 | Sky Growth Holdings Corporation, dba Par Pharmaceuticals, 144A | 7.375% | 10/15/20 | B– | 2,487,500 | |||||||||||||||
2,000 | VP Escrow Corporation, 144A | 6.375% | 10/15/20 | BB– | 2,145,000 | |||||||||||||||
4,500 | Total Pharmaceuticals | 4,632,500 | ||||||||||||||||||
Real Estate Investment Trust – 1.1% | ||||||||||||||||||||
3,000 | FelCor Lodging LP | 6.750% | 6/01/19 | B2 | 3,187,500 | |||||||||||||||
2,000 | First Industrial Realty Trust | 5.950% | 5/15/17 | BB | 2,140,174 | |||||||||||||||
2,500 | Omega Healthcare Investors Inc. | 6.750% | 10/15/22 | BBB– | 2,718,750 | |||||||||||||||
7,500 | Total Real Estate Investment Trust | 8,046,424 | ||||||||||||||||||
Real Estate Management & Development – 2.2% | ||||||||||||||||||||
2,600 | Country Garden Holding Company, 144A | 11.125% | 2/23/18 | BB– | 3,003,000 | |||||||||||||||
2,000 | Crescent Resources LLC, 144A | 10.250% | 8/15/17 | B | 2,110,000 |
Nuveen Investments | 53 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Real Estate Management & Development (continued) | ||||||||||||||||||||
$ | 2,000 | Kaisa Group Holdings Limited | 12.875% | 9/18/17 | B+ | $ | 2,247,976 | |||||||||||||
1,250 | Kennedy-Wilson Holdings Incorporated, 144A | 8.750% | 4/01/19 | BB– | 1,331,250 | |||||||||||||||
1,750 | Mattamy Group Corporation, 144A | 6.500% | 11/15/20 | BB | 1,754,375 | |||||||||||||||
4,500 | Realogy Corporation | 12.000% | 4/15/17 | CCC+ | 4,871,250 | |||||||||||||||
1,250 | Shimao Property Holdings Limited | 11.000% | 3/08/18 | BB | 1,443,048 | |||||||||||||||
15,350 | Total Real Estate Management & Development | 16,760,899 | ||||||||||||||||||
Road & Rail – 0.1% | ||||||||||||||||||||
1,104 | Inversiones Alsacia SA, 144A | 8.000% | 8/18/18 | Ba2 | 1,112,384 | |||||||||||||||
Semiconductors & Equipment – 0.4% | ||||||||||||||||||||
2,500 | Freescale Semiconductor Inc., (4) | 10.750% | 8/01/20 | CCC+ | 2,681,250 | |||||||||||||||
Specialty Retail – 0.4% | ||||||||||||||||||||
1,500 | Petco Holdings Incorporated, 144A, (4) | 8.500% | 10/15/17 | CCC+ | 1,541,250 | |||||||||||||||
1,250 | Toys “R” Us, Inc., (4) | 10.375% | 8/15/17 | B | 1,303,125 | |||||||||||||||
2,750 | Total Specialty Retail | 2,844,375 | ||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.3% | ||||||||||||||||||||
2,170 | Jones Group, (4) | 6.875% | 3/15/19 | Ba3 | 2,256,800 | |||||||||||||||
100 | Wolverine World Wide Inc., 144A | 6.125% | 10/15/20 | B+ | 105,000 | |||||||||||||||
2,270 | Total Textiles, Apparel & Luxury Goods | 2,361,800 | ||||||||||||||||||
Tobacco – 0.2% | ||||||||||||||||||||
1,500 | North Atlantic Trading Company, 144A | 11.500% | 7/15/16 | B2 | 1,558,125 | |||||||||||||||
Trading Companies & Distributors – 1.2% | ||||||||||||||||||||
2,000 | Ashtead Capital Inc., 144A | 6.500% | 7/15/22 | B+ | 2,170,000 | |||||||||||||||
2,050 | H&E Equipment Limited, 144A | 7.000% | 9/01/22 | B+ | 2,183,250 | |||||||||||||||
2,000 | Minerva Overseas II Limited, (4) | 10.875% | 11/15/19 | B+ | 2,280,000 | |||||||||||||||
1,850 | United Rentals North America Inc., (4) | 8.375% | 9/15/20 | B | 2,048,875 | |||||||||||||||
7,900 | Total Trading Companies & Distributors | 8,682,125 | ||||||||||||||||||
Transportation Infrastructure – 0.4% | ||||||||||||||||||||
2,800 | Navigator Holdings Limited | 9.000% | 12/18/17 | N/R | 2,795,052 | |||||||||||||||
Wireless Telecommunication Services – 1.6% | ||||||||||||||||||||
1,500 | Bakrie Telecom TPE Limited | 11.500% | 5/07/15 | B– | 697,500 | |||||||||||||||
500 | Clearwire Corporation, 144A, (4) | 14.750% | 12/01/16 | B3 | 686,250 | |||||||||||||||
1,500 | Digicel Group, Limited, 144A, (4) | 8.250% | 9/30/20 | B– | 1,650,000 | |||||||||||||||
1,220 | NII Capital Corporation, (4) | 8.875% | 12/15/19 | B2 | 969,900 | |||||||||||||||
2,000 | Sprint Nextel Corporation | 7.000% | 3/01/20 | BB | 2,324,999 | |||||||||||||||
1,800 | Sprint Nextel Corporation | 7.000% | 8/15/20 | B+ | 1,966,498 | |||||||||||||||
625 | Wind Acquisition Finance SA, 144A | 7.250% | 2/15/18 | BB | 632,811 | |||||||||||||||
2,650 | Wind Acquisition Finance SA | 11.750% | 7/15/17 | B+ | 2,775,873 | |||||||||||||||
11,795 | Total Wireless Telecommunication Services | 11,703,831 | ||||||||||||||||||
$ | 602,426 | Total Corporate Bonds (cost $598,259,860) | 614,475,994 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.4% | ||||||||||||||||||||
Computers & Peripherals – 0.1% | ||||||||||||||||||||
$ | 1,238 | Hutchinson Technology Inc. | 8.500% | 1/15/26 | N/R | $ | 727,325 |
54 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Diversified Telecommunication Services – 0.2% | ||||||||||||||||||||
$ | 2,000 | Alaska Communications Systems Group Inc. | 6.250% | 5/01/18 | B+ | $ | 1,340,000 | |||||||||||||
Metals & Mining – 0.1% | ||||||||||||||||||||
1,500 | Great Western Mineral Group | 8.000% | 4/06/17 | N/R | 1,090,500 | |||||||||||||||
$ | 4,738 | Total Convertible Bonds (cost $4,115,145) | 3,157,825 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CAPITAL PREFERRED SECURITIES – 1.9% | ||||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||
$ | 3,315 | Goldman Sachs Capital II | 4.000% | 6/01/43 | BB+ | $ | 2,589,280 | |||||||||||||
Commercial Banks – 0.6% | ||||||||||||||||||||
2,000 | BBVA International Preferred Uniperson, (4) | 5.919% | 4/18/17 | BB– | 1,620,000 | |||||||||||||||
2,000 | Credit Agricole, S.A, 144A, (4) | 6.637% | 5/31/17 | BBB– | 1,739,482 | |||||||||||||||
1,000 | Societe Generale, 144A, (4) | 5.922% | 4/05/57 | BBB– | 920,010 | |||||||||||||||
5,000 | Total Commercial Banks | 4,279,492 | ||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||
2,000 | AFGC Capital Trust I, 144A | 6.000% | 1/15/67 | Caa3 | 1,225,000 | |||||||||||||||
Insurance – 0.8% | ||||||||||||||||||||
3,000 | Glen Meadows Pass Through Trust | 6.505% | 2/12/67 | BB+ | 2,752,500 | |||||||||||||||
3,500 | XL Capital Ltd, (4) | 6.500% | 10/15/57 | BBB– | 3,272,500 | |||||||||||||||
6,500 | Total Insurance | 6,025,000 | ||||||||||||||||||
$ | 16,815 | Total Capital Preferred Securities (cost $12,188,812) | 14,118,772 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | ||||||||||||||||||||
$ | 155 | U.S. Treasury Notes | 3.375% | 6/30/13 | Aaa | $ | 157,482 | |||||||||||||
1,000 | U.S. Treasury Notes | 1.500% | 12/31/13 | Aaa | 1,013,009 | |||||||||||||||
$ | 1,155 | Total U.S. Government and Agency Obligations (cost $1,156,105) |
| 1,170,491 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 0.0% |
| |||||||||||||||||||
$ | 3 | Green Tree Financial Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-1 | 6.04% | 11/01/29 | A | $ | 3,273 | |||||||||||||
$ | 3 | Total Asset-Backed and Mortgage-Backed Securities (cost $3,105) | 3,273 | |||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 1.4% | ||||||||||||||||||||
169,000 | Blackrock Credit Allocation Income Trust IV | $ | 2,320,370 | |||||||||||||||||
102,000 | First Trust Strategic High Income Fund II | 1,693,200 | ||||||||||||||||||
41,500 | Gabelli Global Gold Natural Resources and Income Trust | 531,200 | ||||||||||||||||||
154,000 | Invesco Dynamic Credit Opportunities Fund | 1,921,920 | ||||||||||||||||||
20,000 | Invesco Senior Income Trust, (4) | 103,600 | ||||||||||||||||||
107,500 | Pimco Income Strategy Fund, (4) | 1,369,550 | ||||||||||||||||||
187,000 | Pioneer Floating Rate Trust | 2,481,490 | ||||||||||||||||||
Total Investment Companies (cost $9,960,756) | 10,421,330 |
Nuveen Investments | 55 |
Portfolio of Investments (Unaudited)
Nuveen High Income Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.5% | ||||||||||||||||||||
Argentina – 0.3% | ||||||||||||||||||||
$ | 1,965 | Province of Buenos Aires, 144A | 10.875% | 1/26/21 | B– | $ | 1,454,100 | |||||||||||||
1,000 | Republic of Argentina | 7.000% | 10/03/15 | B– | 910,000 | |||||||||||||||
2,965 | Total Argentina | 2,364,100 | ||||||||||||||||||
Ukraine – 0.2% | ||||||||||||||||||||
1,500 | Naftogaz Ukraine | 9.500% | 9/30/14 | B | 1,539,375 | |||||||||||||||
$ | 4,465 | Total Sovereign Debt (cost $3,863,066) | 3,903,475 | |||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||
6,706 | FairPoint Communications Inc. | $ | 704 | |||||||||||||||||
Total Warrants (cost $0) | 704 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.4% |
| |||||||||||||||||||
Money Market Funds – 20.4% | ||||||||||||||||||||
151,965,838 | Mount Vernon Securities Lending Trust Prime Portfolio, 0.267% (9), (10) | $ | 151,965,838 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $151,965,838) |
| 151,965,838 | ||||||||||||||||||
Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 3.2% | ||||||||||||||||||||
Money Market Funds – 3.2% | ||||||||||||||||||||
23,573,550 | First American Treasury Obligations Fund, Class Z | 0.000%��(9) | $ | 23,573,550 | ||||||||||||||||
Total Short-Term Investments (cost $23,573,550) | 23,573,550 | |||||||||||||||||||
Total Investments (cost $864,275,047) – 119.1% | 887,942,426 | |||||||||||||||||||
Other Assets Less Liabilities – (19.1)% | (142,287,329) | |||||||||||||||||||
Net Assets – 100% | $ | 745,655,097 |
Investments in Derivatives as of December 31, 2012
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 10-Year Note | Short | (38 | ) | 3/13 | $ | (5,045,688 | ) | $ | 21,011 |
56 | Nuveen Investments |
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) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
(4) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $148,224,076. |
(5) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(6) | For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Securities classified as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
(7) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
(8) | Principal Amount (000) rounds to less than $1,000. |
(9) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(10) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
N/R | Not rated. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
See accompanying notes to financial statements.
Nuveen Investments | 57 |
Portfolio of Investments (Unaudited)
Nuveen Inflation Protected Securities Fund
December 31, 2012
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 0.1% | ||||||||||||||||||||
Capital Markets – 0.0% | ||||||||||||||||||||
15,000 | UBS Preferred Funding Trust IV | 0.910% | BBB– | $ | 223,050 | |||||||||||||||
Diversified Financial Services – 0.1% | ||||||||||||||||||||
200 | Bank of America Corporation | 7.250% | BB+ | 227,000 | ||||||||||||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||
16,000 | Federal National Mortgage Association, (3) | 4.536% | Ca | 26,720 | ||||||||||||||||
Total $25 Par (or similar) Preferred Securities (cost $815,550) | 476,770 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 4.0% | ||||||||||||||||||||
Auto Components – 0.0% | ||||||||||||||||||||
$ | 175 | Dana Holding Corporation, (3) | 6.500% | 2/15/19 | BB | $ | 186,813 | |||||||||||||
Automobiles – 0.1% | ||||||||||||||||||||
300 | Chrysler GP/CG Company | 8.000% | 6/15/19 | B | 327,000 | |||||||||||||||
Building Products – 0.1% | ||||||||||||||||||||
250 | Owens Corning Incorporated | 4.200% | 12/15/22 | BBB– | 254,246 | |||||||||||||||
200 | USG Corporation, 144A | 8.375% | 10/15/18 | BB– | 222,000 | |||||||||||||||
450 | Total Building Products | 476,246 | ||||||||||||||||||
Chemicals – 0.2% | ||||||||||||||||||||
250 | Hexion US Finance | 6.625% | 4/15/20 | Ba3 | 254,375 | |||||||||||||||
223 | Huntsman International LLC | 5.500% | 6/30/16 | BB– | 223,279 | |||||||||||||||
200 | Omonva Solutions Inc. | 7.875% | 11/01/18 | B2 | 206,250 | |||||||||||||||
150 | Sinochem Overseas Capital Limited | 4.500% | 11/12/20 | Baa1 | 161,333 | |||||||||||||||
823 | Total Chemicals | 845,237 | ||||||||||||||||||
Commercial Banks – 0.1% | ||||||||||||||||||||
200 | Banco do Nordeste do Brasil, 144A | 3.625% | 11/09/15 | BBB | 207,000 | |||||||||||||||
250 | Regions Financial Corporation | 7.750% | 11/10/14 | BBB– | 277,200 | |||||||||||||||
450 | Total Commercial Banks | 484,200 | ||||||||||||||||||
Commercial Services & Supplies – 0.1% | ||||||||||||||||||||
250 | Clean Harbors Inc. | 5.250% | 8/01/20 | BB+ | 260,625 | |||||||||||||||
250 | Covanta Energy Corporation, Synthetic Letter of Credit | 6.375% | 10/01/22 | BB | 271,492 | |||||||||||||||
500 | Total Commercial Services & Supplies | 532,117 | ||||||||||||||||||
Computers & Peripherals – 0.1% | ||||||||||||||||||||
250 | Hewlett Packard Company | 3.750% | 12/01/20 | A– | 242,225 | |||||||||||||||
Containers & Packaging – 0.1% | ||||||||||||||||||||
250 | Ardagh Packaging Finance PLC, 144A | 7.375% | 10/15/17 | Ba3 | 271,875 | |||||||||||||||
325 | Reynolds Group | 7.125% | 4/15/19 | B+ | 349,375 | |||||||||||||||
575 | Total Containers & Packaging | 621,250 | ||||||||||||||||||
Diversified Financial Services – 0.1% | ||||||||||||||||||||
250 | UPCB Finance III Limited, 144A | 6.625% | 7/01/20 | BB– | 267,813 | |||||||||||||||
Diversified Telecommunication Services – 0.1% | ||||||||||||||||||||
250 | CyrusOne LP Finance, 144A | 6.375% | 11/15/22 | B+ | 260,625 | |||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||
570 | Comision Federal de Electricidad of the United States of Mexico, 144A | 4.875% | 5/26/21 | Baa1 | 645,525 |
58 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Energy Equipment & Services – 0.0% | ||||||||||||||||||||
$ | 200 | Parker Drilling Company | 9.125% | 4/01/18 | B+ | $ | 213,500 | |||||||||||||
Food Products – 0.1% | ||||||||||||||||||||
250 | Viterra Inc. | 5.950% | 8/01/20 | Baa2 | 270,646 | |||||||||||||||
Gas Utilities – 0.1% | ||||||||||||||||||||
250 | AmeriGas Finance LLC | 7.000% | 5/20/22 | Ba2 | 278,125 | |||||||||||||||
Health Care Providers & Services – 1.0% | ||||||||||||||||||||
1,700 | Catholic Health Initiatives | 1.600% | 11/01/17 | AA– | 1,718,190 | |||||||||||||||
250 | HCA Holdings Inc. | 6.250% | 2/15/21 | B– | 256,250 | |||||||||||||||
250 | HealthSouth Corporation | 5.750% | 11/01/24 | BB– | 254,375 | |||||||||||||||
1,715 | Mayo Clinic Rochester | 3.774% | 11/15/43 | AA | 1,713,165 | |||||||||||||||
3,915 | Total Health Care Providers & Services | 3,941,980 | ||||||||||||||||||
Household Durables – 0.1% | ||||||||||||||||||||
250 | Brookfield Residential Properties Inc., 144A | 6.500% | 12/15/20 | BB– | 256,250 | |||||||||||||||
Independent Power Producers & Energy Traders – 0.0% | ||||||||||||||||||||
68 | Calpine Corporation, 144A | 7.875% | 7/31/20 | BB | 76,330 | |||||||||||||||
Media – 0.1% | ||||||||||||||||||||
200 | LIN Television Corporation | 8.375% | 4/15/18 | B– | 219,000 | |||||||||||||||
250 | WMG Acquisition Group, 144A | 6.000% | 1/15/21 | Ba2 | 263,750 | |||||||||||||||
450 | Total Media | 482,750 | ||||||||||||||||||
Metals & Mining – 0.3% | ||||||||||||||||||||
250 | ArcelorMittal, (3) | 6.500% | 2/25/22 | BB+ | 262,379 | |||||||||||||||
250 | Cliffs Natural Resources Inc. | 4.800% | 10/01/20 | BBB– | 248,450 | |||||||||||||||
200 | Fosun International Limited, 144A | 7.500% | 5/12/16 | BB+ | 208,250 | |||||||||||||||
200 | IAMGOLD Corporation, 144A | 6.750% | 10/01/20 | BB– | 195,000 | |||||||||||||||
200 | Taseko Mines Limited | 7.750% | 4/15/19 | B | 192,500 | |||||||||||||||
250 | United States Steel Corporation, (3) | 7.500% | 3/15/22 | BB | 263,125 | |||||||||||||||
1,350 | Total Metals & Mining | 1,369,704 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.7% | ||||||||||||||||||||
275 | Calumet Specialty Products | 9.375% | 5/01/19 | B | 298,375 | |||||||||||||||
250 | Everest Acquisition LLC Finance, 144A | 7.750% | 9/01/22 | B | 265,000 | |||||||||||||||
250 | Holly Energy Partners LP, 144A, (3) | 6.500% | 3/01/20 | BB– | 267,500 | |||||||||||||||
250 | Linn Energy LLC Finance Corporation, 144A | 6.250% | 11/01/19 | B | 251,250 | |||||||||||||||
250 | MEG Energy Corporation, 144A | 6.375% | 1/30/23 | BB | 260,625 | |||||||||||||||
250 | Northern Tier Energy LLC, 144A | 7.125% | 11/15/20 | BB– | 258,750 | |||||||||||||||
250 | PBF Holding Company LLC, 144A, (3) | 8.250% | 2/15/20 | BB+ | 269,375 | |||||||||||||||
500 | Regency Energy Partners Finance | 6.500% | 7/15/21 | BB | 547,500 | |||||||||||||||
250 | Sabine Pass LNG LP | 7.500% | 11/30/16 | BB+ | 275,625 | |||||||||||||||
175 | SM Energy Company | 6.625% | 2/15/19 | BB | 184,625 | |||||||||||||||
2,700 | Total Oil, Gas & Consumable Fuels | 2,878,625 | ||||||||||||||||||
Paper & Forest Products – 0.1% | ||||||||||||||||||||
225 | Ainsworth Lumber Limited, 144A | 7.500% | 12/15/17 | B | 235,688 | |||||||||||||||
Pharmaceuticals – 0.1% | ||||||||||||||||||||
250 | Valeant Pharmaceuticals International, 144A | 6.375% | 10/15/20 | BB– | 268,125 |
Nuveen Investments | 59 |
Portfolio of Investments (Unaudited)
Nuveen Inflation Protected Securities Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Real Estate Management & Development – 0.1% |
| |||||||||||||||||||
$ | 200 | Country Garden Holding Company, 144A | 11.125% | 2/23/18 | BB– | $ | 231,000 | |||||||||||||
Road & Rail – 0.0% | ||||||||||||||||||||
175 | Hertz Corporation, (3) | 7.375% | 1/15/21 | B | 192,500 | |||||||||||||||
Wireless Telecommunication Services – 0.1% |
| |||||||||||||||||||
250 | Wind Acquisition Finance SA, 144A | 7.250% | 2/15/18 | BB | 253,123 | |||||||||||||||
$ | 15,126 | Total Corporate Bonds (cost $15,582,443) | 15,837,397 | |||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (4) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 0.7% | ||||||||||||||||||||
Illinois – 0.4% | ||||||||||||||||||||
$ | 1,130 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A | $ | 1,298,494 | ||||||||||||||
Maryland – 0.3% | ||||||||||||||||||||
1,250 | Baltimore County, Maryland, General Obligation Bonds, Taxable, Series 2012, 0.951%, 8/01/17 | No Opt. Call | AAA | 1,253,413 | ||||||||||||||||
$ | 2,380 | Total Municipal Bonds (cost $2,380,000) | 2,551,907 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 88.6% |
| |||||||||||||||||||
$ | 1,100 | Fannie Mae STRIPS (P/O) | 0.000% | 2/01/19 | AA– | $ | 973,008 | |||||||||||||
1,245 | Federal National Mortgage Association | 4.625% | 5/01/13 | Aa2 | 1,263,426 | |||||||||||||||
2,210 | Federal National Mortgage Association | 0.000% | 10/09/19 | AA– | 1,936,086 | |||||||||||||||
1,280 | Freddie Mac Reference Notes | 2.375% | 1/13/22 | Aaa | 1,337,184 | |||||||||||||||
1,080 | Private Export Funding | 1.450% | 8/15/19 | Aaa | 1,088,947 | |||||||||||||||
1,900 | Private Export Funding | 2.050% | 11/15/22 | Aaa | 1,896,246 | |||||||||||||||
1,055 | Tennessee Valley Authority, Series A | 3.875% | 2/15/21 | Aaa | 1,224,277 | |||||||||||||||
9,533 | U.S. Treasury Bonds | 3.875% | 4/15/29 | Aaa | 15,801,005 | |||||||||||||||
9,094 | U.S. Treasury Inflation Indexed Obligations | 0.625% | 4/15/13 | Aaa | 9,083,013 | |||||||||||||||
8,525 | U.S. Treasury Inflation Indexed Obligations | 2.000% | 1/15/14 | Aaa | 8,797,782 | |||||||||||||||
5,509 | U.S. Treasury Inflation Indexed Obligations | 1.250% | 4/15/14 | Aaa | 5,679,201 | |||||||||||||||
4,786 | U.S. Treasury Inflation Indexed Obligations | 2.000% | 7/15/14 | Aaa | 5,050,311 | |||||||||||||||
6,378 | U.S. Treasury Inflation Indexed Obligations | 1.625% | 1/15/15 | Aaa | 6,776,318 | |||||||||||||||
7,973 | U.S. Treasury Inflation Indexed Obligations | 0.500% | 4/15/15 | Aaa | 8,319,752 | |||||||||||||||
4,287 | U.S. Treasury Inflation Indexed Obligations | 1.875% | 7/15/15 | Aaa | 4,674,023 | |||||||||||||||
5,466 | U.S. Treasury Inflation Indexed Obligations | 2.000% | 1/15/16 | Aaa | 6,060,436 | |||||||||||||||
21,530 | U.S. Treasury Inflation Indexed Obligations | 0.125% | 4/15/16 | Aaa | 22,670,779 | |||||||||||||||
3,923 | U.S. Treasury Inflation Indexed Obligations | 2.500% | 7/15/16 | Aaa | 4,508,420 | |||||||||||||||
3,888 | U.S. Treasury Inflation Indexed Obligations | 2.375% | 1/15/17 | Aaa | 4,519,431 | |||||||||||||||
23,913 | U.S. Treasury Inflation Indexed Obligations | 0.125% | 4/15/17 | Aaa | 25,607,370 | |||||||||||||||
1,652 | U.S. Treasury Inflation Indexed Obligations | 2.625% | 7/15/17 | Aaa | 1,979,336 | |||||||||||||||
3,947 | U.S. Treasury Inflation Indexed Obligations | 1.625% | 1/15/18 | Aaa | 4,578,028 | |||||||||||||||
3,001 | U.S. Treasury Inflation Indexed Obligations | 2.125% | 1/15/19 | Aaa | 3,643,102 | |||||||||||||||
8,365 | U.S. Treasury Inflation Indexed Obligations | 1.375% | 1/15/20 | Aaa | 9,915,767 | |||||||||||||||
9,742 | U.S. Treasury Inflation Indexed Obligations | 1.250% | 7/15/20 | Aaa | 11,556,825 |
60 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued) |
| |||||||||||||||||||
$ | 13,313 | U.S. Treasury Inflation Indexed Obligations | 1.125% | 1/15/21 | Aaa | $ | 15,636,730 | |||||||||||||
18,089 | U.S. Treasury Inflation Indexed Obligations | 0.625% | 7/15/21 | Aaa | 20,561,985 | |||||||||||||||
19,689 | U.S. Treasury Inflation Indexed Obligations | 0.125% | 1/15/22 | Aaa | 21,381,058 | |||||||||||||||
17,558 | U.S. Treasury Inflation Indexed Obligations | 0.125% | 7/15/22 | Aaa | 19,059,828 | |||||||||||||||
11,560 | U.S. Treasury Inflation Indexed Obligations | 2.375% | 1/15/25 | Aaa | 15,594,176 | |||||||||||||||
6,672 | U.S. Treasury Inflation Indexed Obligations | 2.000% | 1/15/26 | Aaa | 8,750,040 | |||||||||||||||
5,219 | U.S. Treasury Inflation Indexed Obligations | 2.375% | 1/15/27 | Aaa | 7,195,740 | |||||||||||||||
6,929 | U.S. Treasury Inflation Indexed Obligations | 1.750% | 1/15/28 | Aaa | 8,968,752 | |||||||||||||||
8,402 | U.S. Treasury Inflation Indexed Obligations | 3.625% | 4/15/28 | Aaa | 13,318,968 | |||||||||||||||
4,757 | U.S. Treasury Inflation Indexed Obligations | 2.500% | 1/15/29 | Aaa | 6,784,273 | |||||||||||||||
6,052 | U.S. Treasury Inflation Indexed Obligations | 2.125% | 2/15/40 | Aaa | 8,880,504 | |||||||||||||||
6,554 | U.S. Treasury Inflation Indexed Obligations | 2.125% | 2/15/41 | Aaa | 9,678,318 | |||||||||||||||
9,106 | U.S. Treasury Inflation Indexed Obligations | 0.750% | 2/15/42 | Aaa | 9,972,994 | |||||||||||||||
2,129 | U.S. Treasury Notes | 1.375% | 7/15/18 | Aaa | 2,478,648 | |||||||||||||||
3,125 | U.S. Treasury Notes | 1.875% | 7/15/19 | Aaa | 3,804,066 | |||||||||||||||
1,720 | U.S. Treasury Notes, (3) | 1.000% | 9/30/16 | Aaa | 1,752,787 | |||||||||||||||
6,195 | U.S. Treasury Notes | 0.500% | 7/31/17 | Aaa | 6,157,731 | |||||||||||||||
1,715 | U.S. Treasury Notes, (3) | 2.000% | 2/15/22 | Aaa | 1,773,551 | |||||||||||||||
$ | 300,166 | Total U.S. Government and Agency Obligations (cost $319,602,925) |
| 350,690,222 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 4.0% |
| |||||||||||||||||||
$ | 2,000 | Commercial Mortgage Pass Through Certificates Series 2012-CR4 | 1.801% | 10/17/45 | AAA | $ | 2,057,538 | |||||||||||||
1,420 | Commercial Mortgage Pass Through Certificates Series CR5 A4 | 2.771% | 12/12/45 | AAA | 1,449,631 | |||||||||||||||
730 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642% | 8/12/44 | Aaa | 794,243 | |||||||||||||||
2,000 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10, (3) | 5.791% | 8/10/45 | A1 | 2,305,812 | |||||||||||||||
966 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.853% | 6/15/43 | Aaa | 1,026,656 | |||||||||||||||
1,593 | Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 A1 | 2.178% | 7/16/49 | Aaa | 1,636,731 | |||||||||||||||
700 | OBP Depositor LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010-OBP | 4.646% | 7/15/45 | AAA | 821,463 | |||||||||||||||
316 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125% | 2/25/41 | AAA | 321,059 | |||||||||||||||
2,000 | UBS Barclays Commercial Mortgage Trust 2012-C4 | 2.850% | 12/12/45 | AAA | 2,056,598 | |||||||||||||||
1,920 | Wells Fargo – Royal Bank of Scotland Commercial Mortgage Trust, Series 2012-C10 A3 | 2.875% | 12/15/45 | Aaa | 1,982,333 | |||||||||||||||
1,260 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 4.375% | 3/17/44 | Aaa | 1,448,850 | |||||||||||||||
$ | 14,905 | Total Asset-Backed and Mortgage-Backed Securities (cost $15,409,261) |
| 15,900,914 |
Nuveen Investments | 61 |
Portfolio of Investments (Unaudited)
Nuveen Inflation Protected Securities Fund (continued)
December 31, 2012
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 0.1% | ||||||||||||||||||||
10,500 | Blackrock Credit Allocation Income Trust IV | $ | 144,165 | |||||||||||||||||
11,000 | Pimco Income Strategy Fund, (3) | 140,140 | ||||||||||||||||||
5,000 | Pioneer Floating Rate Trust | 66,350 | ||||||||||||||||||
Total Investment Companies (cost $309,725) |
| 350,655 | ||||||||||||||||||
Principal Amount (000) (5) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.3% | ||||||||||||||||||||
Canada – 0.2% | ||||||||||||||||||||
750 CAD | Canadian Government Bond | 3.500% | 6/01/20 | AAA | $ | 851,895 | ||||||||||||||
Poland – 0.1% | ||||||||||||||||||||
250 | Republic of Poland | 6.375% | 7/15/19 | A2 | 311,680 | |||||||||||||||
Total Sovereign Debt (cost $1,010,164) | 1,163,575 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 1.4% |
| |||||||||||||||||||
Money Market Funds – 1.4% | ||||||||||||||||||||
5,683,511 | Mount Vernon Securities Lending Trust Prime Portfolio, 0.267% (6), (7) | $ | 5,683,511 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $5,683,511) |
| 5,683,511 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 1.4% | ||||||||||||||||||||
Money Market Funds – 1.3% | ||||||||||||||||||||
5,014,690 | First American Treasury Obligations Fund, Class Z | 0.000% | (6) | N/A | N/A | $ | 5,014,690 | |||||||||||||
U.S. Government and Agency Obligations – 0.1% | ||||||||||||||||||||
$ | 320 | U.S. Treasury Bills | 0.038% | 2/07/13 | Aaa | 319,990 | ||||||||||||||
Total Short-Term Investments (cost $5,334,636) | 5,334,680 | |||||||||||||||||||
Total Investments (cost $366,128,215) – 100.6% | 397,989,631 | |||||||||||||||||||
Other Assets Less Liabilities – (0.6)% (8) | (2,258,392) | |||||||||||||||||||
Net Assets – 100% | $ | 395,731,239 |
Investments in Derivatives as of December 31, 2012
Forward Foreign Currency Exchange Contracts outstanding:
Counterparty | Currency Contracts to Deliver | Amount (Local Currency) | In Exchange For Currency | Amount (Local Currency) | Settlement Date | Unrealized Appreciation (Depreciation) (U.S. Dollars) (8) | ||||||||||||||||
Citigroup | U.S. Dollar | 4,179,996 | Canadian Dollar | 4,150,000 | 1/31/13 | $ | (10,712 | ) |
62 | Nuveen Investments |
Investments in Derivatives as of December 31, 2012 (continued)
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Short | (43 | ) | 3/13 | $ | (9,480,156 | ) | $ | (598 | ) | ||||||||||
U.S. Treasury 5-Year Note | Short | (74 | ) | 3/13 | (9,206,641 | ) | 16,539 | |||||||||||||
U.S. Treasury 10-Year Note | Long | 51 | 3/13 | 6,771,844 | 4,555 | |||||||||||||||
U.S. Treasury Long Bond | Short | (4 | ) | 3/13 | (590,000 | ) | (2,197 | ) | ||||||||||||
U.S. Treasury Ultra Bond | Short | (14 | ) | 3/13 | (2,276,313 | ) | 38,415 | |||||||||||||
$ | 56,714 |
* | Total Notional Value of Long and Short positions were $6,771,844 and $(21,553,110), respectively. |
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) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $5,554,108. |
(4) | 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. |
(5) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
(6) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(7) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
(8) | Other Assets Less Liabilities, includes the Unrealized Appreciation (Depreciation) of certain derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
N/A | Not applicable. |
P/O | Principal only security. |
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 transactions with qualified institutional buyers. |
CAD | Canadian Dollar |
See accompanying notes to financial statements.
Nuveen Investments | 63 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Government Bond Fund
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 0.6% | ||||||||||||||||||||
Health Care Providers & Services – 0.6% | ||||||||||||||||||||
$ | 400 | Catholic Health Initiatives | 1.600% | 11/01/17 | AA– | $ | 404,280 | |||||||||||||
Total Corporate Bonds (cost $399,884) | 404,280 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (3) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 2.0% | ||||||||||||||||||||
Maryland – 0.8% | ||||||||||||||||||||
$ | 570 | Baltimore County, Maryland, General Obligation Bonds, Taxable, Series 2012, 0.554%, 8/01/15 | No Opt. Call | AAA | $ | 571,055 | ||||||||||||||
Ohio – 1.2% | ||||||||||||||||||||
845 | Ohio State, General Obligation Bonds, Higher Education, Build America Bond Series 2010E, 3.328%, 8/01/17 – AGM Insured | No Opt. Call | AA+ | 930,792 | ||||||||||||||||
$ | 1,415 | Total Municipal Bonds (cost $1,497,937) | 1,501,847 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 39.0% | ||||||||||||||||||||
$ | 1,580 | Fannie Mae Notes | 0.700% | 2/22/16 | Aaa | $ | 1,581,081 | |||||||||||||
765 | Fannie Mae Notes | 1.100% | 8/28/17 | Aaa | 768,172 | |||||||||||||||
1,000 | Fannie Mae Notes | 1.250% | 9/27/18 | Aaa | 1,002,388 | |||||||||||||||
225 | Fannie Mae STRIPS (P/O) | 0.000% | 2/01/19 | AA– | 199,024 | |||||||||||||||
500 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 1.375% | 6/25/13 | Aaa | 503,151 | |||||||||||||||
1,400 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 2.625% | 4/17/14 | Aaa | 1,431,647 | |||||||||||||||
700 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 3.000% | 9/22/14 | Aaa | 733,277 | |||||||||||||||
845 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 1.500% | 11/16/15 | Aaa | 872,132 | |||||||||||||||
550 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 1.230% | 5/02/17 | Aaa | 551,799 | |||||||||||||||
770 | Federal Home Loan Bank Bonds | 0.250% | 1/16/15 | Aaa | 769,464 | |||||||||||||||
1,080 | Federal Home Loan Bank Bonds | 4.125% | 3/13/20 | Aaa | 1,282,469 | |||||||||||||||
775 | Federal Home Loan Bank Bonds | 1.875% | 12/09/22 | Aaa | 767,926 | |||||||||||||||
365 | Federal Home Loan Mortgage Corporation, Notes | 3.750% | 3/27/19 | Aaa | 421,910 | |||||||||||||||
580 | Federal National Mortgage Association | 4.625% | 5/01/13 | Aa2 | 588,584 | |||||||||||||||
1,700 | Federal National Mortgage Association | 1.875% | 10/15/15 | Aaa | 1,765,130 | |||||||||||||||
435 | Federal National Mortgage Association | 0.000% | 10/09/19 | AA– | 381,085 | |||||||||||||||
1,065 | Freddie Mac Notes | 0.850% | 2/24/16 | Aaa | 1,070,845 | |||||||||||||||
770 | Freddie Mac Notes | 0.750% | 10/05/16 | Aaa | 771,023 | |||||||||||||||
1,315 | Freddie Mac Reference Notes | 0.450% | 2/21/14 | Aaa | 1,315,635 | |||||||||||||||
985 | Freddie Mac Reference Notes | 0.750% | 1/12/18 | Aaa | 978,329 | |||||||||||||||
270 | Freddie Mac Reference Notes | 5.000% | 12/14/18 | Aa2 | 308,254 | |||||||||||||||
1,015 | Freddie Mac Reference Notes | 1.250% | 8/01/19 | Aaa | 1,016,405 | |||||||||||||||
560 | Freddie Mac Reference Notes | 1.250% | 10/02/19 | Aaa | 558,361 | |||||||||||||||
1,080 | Freddie Mac Reference Notes | 2.375% | 1/13/22 | Aaa | 1,128,249 | |||||||||||||||
505 | Private Export Funding | 4.550% | 5/15/15 | Aaa | 555,076 | |||||||||||||||
345 | Private Export Funding | 2.125% | 7/15/16 | Aaa | 364,246 | |||||||||||||||
335 | Private Export Funding | 1.450% | 8/15/19 | Aaa | 337,775 | |||||||||||||||
390 | Private Export Funding | 2.050% | 11/15/22 | Aaa | 389,229 |
64 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued) | ||||||||||||||||||||
$ | 2,725 | Tennessee Valley Authority | 6.000% | 3/15/13 | Aaa | $ | 2,756,869 | |||||||||||||
530 | Tennessee Valley Authority, Series A | 3.875% | 2/15/21 | Aaa | 615,040 | |||||||||||||||
430 | U.S. Treasury Bonds, (4) | 8.500% | 2/15/20 | Aaa | 647,284 | |||||||||||||||
325 | U.S. Treasury Bonds | 8.750% | 8/15/20 | Aaa | 503,140 | |||||||||||||||
1,655 | U.S. Treasury Notes, (4) | 2.000% | 2/15/22 | Aaa | 1,711,502 | |||||||||||||||
$ | 27,570 | Total U.S. Government and Agency Obligations (cost $27,835,069) |
| 28,646,501 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 59.1% | ||||||||||||||||||||
$ | 797 | 321 Henderson Receivables LLC., Series 2010-1A | 5.560% | 7/15/59 | Aaa | $ | 908,715 | |||||||||||||
729 | 321 Henderson Receivables LLC., Series 2010-3A | 3.820% | 12/15/48 | Aaa | 768,942 | |||||||||||||||
718 | Centerpoint Energy Transition Bond Company LLC | 0.901% | 4/15/18 | AAA | 723,324 | |||||||||||||||
583 | Commercial Mortgage Pass Through Certificates 2012-CR2 A1 | 0.824% | 8/17/45 | Aaa | 585,268 | |||||||||||||||
280 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642% | 8/12/44 | Aaa | 304,641 | |||||||||||||||
1,000 | Discover Card Master Trust I 2011-A3 A | 0.419% | 3/15/17 | AAA | 1,002,987 | |||||||||||||||
634 | Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A | 2.300% | 8/01/21 | AAA | 666,543 | |||||||||||||||
868 | Fannie Mae Mortgage Pool AB1959 | 4.000% | 12/01/40 | Aaa | 941,763 | |||||||||||||||
1,182 | Fannie Mae Mortgage Pool AD0486 | 2.349% | 4/01/34 | Aaa | 1,255,333 | |||||||||||||||
280 | Fannie Mae Mortgage Pool AD0706 | 2.305% | 3/01/38 | Aaa | 297,766 | |||||||||||||||
755 | Fannie Mae Mortgage Pool AE4876 | 3.500% | 10/01/40 | Aaa | 806,049 | |||||||||||||||
750 | Fannie Mae Mortgage Pool AJ5303 | 4.000% | 11/01/41 | Aaa | 805,498 | |||||||||||||||
1,185 | Fannie Mae Mortgage Pool MA0583 | 4.000% | 11/01/40 | Aaa | 1,271,614 | |||||||||||||||
3 | Fannie Mae Mortgage Pool 251901 | 6.500% | 8/01/13 | Aaa | 2,871 | |||||||||||||||
8 | Fannie Mae Mortgage Pool 252799 | 7.000% | 10/01/14 | Aaa | 8,542 | |||||||||||||||
270 | Fannie Mae Mortgage Pool 254169 | 6.500% | 12/01/31 | Aaa | 295,190 | |||||||||||||||
176 | Fannie Mae Mortgage Pool 254179 | 6.000% | 1/01/22 | Aaa | 192,651 | |||||||||||||||
174 | Fannie Mae Mortgage Pool 254344 | 6.500% | 6/01/22 | Aaa | 193,572 | |||||||||||||||
194 | Fannie Mae Mortgage Pool 254373 | 6.500% | 7/01/17 | Aaa | 210,853 | |||||||||||||||
194 | Fannie Mae Mortgage Pool 254414 | 7.000% | 7/01/17 | Aaa | 210,192 | |||||||||||||||
313 | Fannie Mae Mortgage Pool 254720 | 4.500% | 5/01/18 | Aaa | 337,031 | |||||||||||||||
2 | Fannie Mae Mortgage Pool 425550 | 6.000% | 4/01/13 | Aaa | 1,558 | |||||||||||||||
1,818 | Fannie Mae Mortgage Pool 464158 | 3.120% | 1/01/15 | Aaa | 1,888,893 | |||||||||||||||
883 | Fannie Mae Mortgage Pool 467749 | 3.240% | 4/01/16 | Aaa | 942,380 | |||||||||||||||
7 | Fannie Mae Mortgage Pool 556195 | 6.000% | 11/01/13 | Aaa | 6,687 | |||||||||||||||
98 | Fannie Mae Mortgage Pool 580516 | 5.500% | 4/01/16 | Aaa | 105,191 | |||||||||||||||
199 | Fannie Mae Mortgage Pool 596680 | 7.000% | 9/01/31 | Aaa | 220,100 | |||||||||||||||
568 | Fannie Mae Mortgage Pool 596712 | 6.500% | 6/01/32 | Aaa | 621,098 | |||||||||||||||
106 | Fannie Mae Mortgage Pool 656269 | 6.000% | 8/01/32 | Aaa | 115,118 | |||||||||||||||
88 | Fannie Mae Mortgage Pool 673010 | 5.500% | 12/01/17 | Aaa | 94,430 | |||||||||||||||
166 | Fannie Mae Mortgage Pool 695765 | 5.500% | 4/01/18 | Aaa | 178,575 | |||||||||||||||
397 | Fannie Mae Mortgage Pool 725793 | 5.500% | 9/01/19 | Aaa | 429,843 | |||||||||||||||
664 | Fannie Mae Mortgage Pool 745101 | 6.000% | 4/01/32 | Aaa | 718,635 |
Nuveen Investments | 65 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Government Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 501 | Fannie Mae Mortgage Pool 819652 | 2.898% | 3/01/35 | Aaa | $ | 530,641 | |||||||||||||
170 | Fannie Mae Mortgage Pool 848390 | 1.988% | 12/01/35 | Aaa | 177,586 | |||||||||||||||
284 | Fannie Mae Mortgage Pool 886034 | 2.770% | 7/01/36 | Aaa | 302,611 | |||||||||||||||
333 | Fannie Mae Mortgage Pool 887017 | 6.500% | 8/01/36 | Aaa | 360,867 | |||||||||||||||
376 | Fannie Mae Mortgage Pool 913187 | 2.440% | 4/01/37 | Aaa | 398,671 | |||||||||||||||
706 | Fannie Mae Mortgage Pool 914224 | 2.843% | 3/01/37 | Aaa | 752,410 | |||||||||||||||
529 | Fannie Mae Mortgage Pool 928519 | 7.000% | 6/01/37 | Aaa | 629,262 | |||||||||||||||
233 | Fannie Mae Mortgage Pool 995949 | 2.510% | 9/01/36 | Aaa | 246,235 | |||||||||||||||
447 | Fannie Mae REMIC Pass-Through Certificates 2002-W1 2A | 6.928% | 2/25/42 | Aaa | 521,559 | |||||||||||||||
701 | Fannie Mae REMIC Pass-Through Certificates 2009-M1 A1 | 3.400% | 7/25/19 | Aaa | 753,729 | |||||||||||||||
1,250 | Fannie Mae REMIC Pass-Through Certificates 2010-M4 A1 | 2.520% | 6/25/20 | Aaa | 1,310,820 | |||||||||||||||
1,180 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 1,258,037 | |||||||||||||||
869 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 3.250% | 4/25/38 | Aaa | 918,837 | |||||||||||||||
263 | FDIC Trust 2001-C1 | 1.840% | 4/25/31 | Aaa | 266,046 | |||||||||||||||
393 | FDIC Trust 2012-C1 | 0.841% | 5/25/35 | Aaa | 392,759 | |||||||||||||||
293 | Federal Home Loan Mortgage Corporation, REMIC 2629 BO | 3.250% | 3/15/18 | Aaa | 300,638 | |||||||||||||||
19 | Federal Home Loan Mortgage Corporation, REMIC 2843 BH | 4.000% | 1/15/18 | Aaa | 18,902 | |||||||||||||||
922 | Freddie Mac Gold Pool C09000 | 3.500% | 6/01/42 | Aaa | 983,199 | |||||||||||||||
547 | Freddie Mac Gold Pool 1H1396 | 2.375% | 5/01/37 | Aaa | 578,552 | |||||||||||||||
735 | Freddie Mac Gold Pool 780836 | 2.356% | 9/01/33 | Aaa | 782,562 | |||||||||||||||
503 | Freddie Mac Gold Pool 848193 | 2.782% | 3/01/36 | Aaa | 537,194 | |||||||||||||||
24 | Freddie Mac Mortgage Pool, Various C35768 | 7.500% | 1/01/30 | Aaa | 26,220 | |||||||||||||||
11 | Freddie Mac Mortgage Pool, Various E00746 | 7.000% | 9/01/14 | Aaa | 11,625 | |||||||||||||||
5 | Freddie Mac Mortgage Pool, Various E72802 | 6.000% | 10/01/13 | Aaa | 5,146 | |||||||||||||||
107 | Freddie Mac Mortgage Pool, Various G00876 | 6.500% | 1/01/28 | Aaa | 123,920 | |||||||||||||||
219 | Freddie Mac Mortgage Pool, Various G01244 | 6.500% | 3/01/31 | Aaa | 257,060 | |||||||||||||||
630 | Freddie Mac Multifamily Structured Pass-Through Certificates Series KF01 | 0.565% | 4/25/19 | Aaa | 632,228 | |||||||||||||||
980 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010 A1 | 3.320% | 7/25/20 | Aaa | 1,064,822 | |||||||||||||||
1,078 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K701 | 2.776% | 6/26/17 | Aaa | 1,128,395 | |||||||||||||||
933 | Freddie Mac Structured Pass-Through Certificates, Series K008 | 2.746% | 12/25/19 | Aaa | 995,608 | |||||||||||||||
460 | Freddie Mac Structures Pass-Through Certificates, Series K-501 | 1.655% | 11/25/16 | Aaa | 474,067 | |||||||||||||||
678 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2003-1 | 6.719% | 3/25/43 | Ba3 | 446,721 | |||||||||||||||
1,166 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-4F | 5.765% | 5/25/35 | CC | 619,807 | |||||||||||||||
84 | Government National Mortgage Association Pool 3120 | 6.500% | 8/20/31 | Aaa | 97,409 | |||||||||||||||
40 | Government National Mortgage Association Pool 347332 | 7.500% | 12/15/22 | Aaa | 41,894 | |||||||||||||||
6 | Government National Mortgage Association Pool 455304 | 7.000% | 9/15/27 | Aaa | 7,174 | |||||||||||||||
789 | Government National Mortgage Association Pool 4946 | 4.500% | 2/20/41 | Aaa | 870,133 | |||||||||||||||
109 | Government National Mortgage Association Pool 570134 | 7.500% | 12/15/31 | Aaa | 126,710 | |||||||||||||||
860 | Government National Mortgage Association Pool 633605 | 6.000% | 9/15/34 | Aaa | 974,668 | |||||||||||||||
232 | Government National Mortgage Association Pool 780825 | 6.500% | 7/15/28 | Aaa | 274,303 | |||||||||||||||
24 | GRMT Mortgage Loan Trust 2001-1A | 8.272% | 7/20/31 | A | 23,229 |
66 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 854 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1 | 2.749% | 11/15/43 | AAA | $ | 893,389 | |||||||||||||
581 | Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 A1 | 2.178% | 7/16/49 | Aaa | 597,021 | |||||||||||||||
872 | National Credit Union Administration Guaranteed Structured Collateral Notes | 1.600% | 10/29/20 | Aaa | 885,712 | |||||||||||||||
743 | Origen Manufactured Housing Contract Trust Collateralized Notes Series 2005B | 5.990% | 1/15/37 | A+ | 788,481 | |||||||||||||||
167 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, | 4.125% | 2/25/41 | AAA | 169,863 | |||||||||||||||
166 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates Series 2005-P10A | 4.638% | 2/10/15 | Aaa | 175,319 | |||||||||||||||
137 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2005-10B | 4.940% | 8/10/15 | Aaa | 144,519 | |||||||||||||||
662 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2008-10A | 5.902% | 2/01/18 | Aaa | 734,186 | |||||||||||||||
808 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2010-P10A | 4.108% | 3/10/20 | Aaa | 853,680 | |||||||||||||||
697 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750% | 2/15/35 | Aaa | 757,022 | |||||||||||||||
$ | 41,465 | Total Asset-Backed and Mortgage-Backed Securities (cost $41,898,216) |
| 43,333,301 | ||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.9% |
| |||||||||||||||||||
Money Market Funds – 2.9% | ||||||||||||||||||||
2,111,694 | Mount Vernon Securities Lending Trust Prime Portfolio, 0.267% (5), (6) | $ | 2,111,694 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $2,111,694) |
| 2,111,694 | ||||||||||||||||||
Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 0.6% | ||||||||||||||||||||
Money Market Funds – 0.6% | ||||||||||||||||||||
447,211 | First American Treasury Obligations Fund, Class Z | 0.000% | (5) | $ | 447,211 | |||||||||||||||
Total Short-Term Investments (cost $447,211) | 447,211 | |||||||||||||||||||
Total Investments (cost $74,190,011) – 104.2% | 76,444,834 | |||||||||||||||||||
Other Assets Less Liabilities – (4.2)% | (3,069,852) | |||||||||||||||||||
Net Assets – 100% | $ | 73,374,982 |
Investments in Derivatives as of December 31, 2012
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Long | 9 | 3/13 | $ | 1,984,219 | $ | 615 | |||||||||||||
U.S. Treasury 5-Year Note | Long | 22 | 3/13 | 2,737,109 | (2,788 | ) | ||||||||||||||
U.S. Treasury 10-Year Note | Long | 40 | 3/13 | 5,311,250 | (25,727 | ) | ||||||||||||||
U.S. Treasury Long Bond | Short | (15 | ) | 3/13 | (2,212,500 | ) | 30,476 | |||||||||||||
$ | 2,576 |
* | Total Notional Value of Long and Short positions were $10,032,578 and $(2,212,500), respectively. |
Nuveen Investments | 67 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Government Bond Fund (continued)
December 31, 2012
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) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
(4) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $2,062,376. |
(5) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(6) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
MDR | Denotes investment is subject to dollar roll transactions. |
P/O | Principal only security. |
TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
68 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Term Bond Fund
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 34.4% | ||||||||||||||||||||
Beverages – 0.3% | ||||||||||||||||||||
$ | 1,725 | Anheuser Busch InBev | 2.500% | 7/15/22 | A | $ | 1,735,799 | |||||||||||||
Capital Markets – 2.1% | ||||||||||||||||||||
3,125 | Goldman Sachs Group, Inc. | 6.000% | 6/15/20 | A | 3,713,163 | |||||||||||||||
1,605 | Goldman Sachs Group, Inc. | 5.250% | 7/27/21 | A | 1,829,661 | |||||||||||||||
1,090 | Goldman Sachs Group, Inc. | 6.750% | 10/01/37 | A– | 1,235,326 | |||||||||||||||
2,250 | Morgan Stanley | 6.625% | 4/01/18 | A | 2,651,794 | |||||||||||||||
2,755 | Morgan Stanley, (3) | 4.875% | 11/01/22 | BBB+ | 2,852,510 | |||||||||||||||
10,825 | Total Capital Markets | 12,282,454 | ||||||||||||||||||
Commercial Banks – 3.0% | ||||||||||||||||||||
2,000 | Australia and New Zealand Banking Group Limited, 144A | 2.400% | 11/23/16 | Aaa | 2,103,600 | |||||||||||||||
1,245 | Banco Bradesco S.A. Grand Cayman, 144A, (3) | 4.125% | 5/16/16 | Baa1 | 1,312,853 | |||||||||||||||
1,910 | Bancolombia SA | 5.950% | 6/03/21 | Baa2 | 2,206,050 | |||||||||||||||
1,500 | Bank of Nova Scotia, (3) | 1.375% | 12/18/17 | Aa1 | 1,502,078 | |||||||||||||||
925 | BBVA Bancomer SA Texas, 144A | 4.500% | 3/10/16 | A2 | 982,813 | |||||||||||||||
1,160 | ING Bank NV, 144A | 3.750% | 3/07/17 | A+ | 1,232,813 | |||||||||||||||
1,515 | Rabobank Nederland | 3.875% | 2/08/22 | Aa2 | 1,630,328 | |||||||||||||||
1,000 | Royal Bank of Scotland Group PLC | 6.400% | 10/21/19 | A | 1,181,640 | |||||||||||||||
1,460 | Sovereign Bank | 8.750% | 5/30/18 | Baa2 | 1,719,119 | |||||||||||||||
3,595 | Stadshypotek AB, 144A | 1.875% | 10/02/19 | Aaa | 3,593,562 | |||||||||||||||
16,310 | Total Commercial Banks | 17,464,856 | ||||||||||||||||||
Commercial Services & Supplies – 0.2% | ||||||||||||||||||||
1,195 | R.R. Donnelley & Son Company, (3) | 7.625% | 6/15/20 | BB | 1,147,200 | |||||||||||||||
Communications Equipment – 0.5% | ||||||||||||||||||||
2,640 | Motorola, Inc. | 6.000% | 11/15/17 | BBB | 3,099,716 | |||||||||||||||
Construction & Engineering – 0.4% | ||||||||||||||||||||
2,000 | ABB Finance USA Inc., (3) | 4.375% | 5/08/42 | A | 2,170,982 | |||||||||||||||
Diversified Financial Services – 4.6% | ||||||||||||||||||||
2,500 | Bank of America Corporation | 5.750% | 12/01/17 | A | 2,913,988 | |||||||||||||||
3,270 | Bank of America Corporation | 5.875% | 1/05/21 | A | 3,915,109 | |||||||||||||||
2,090 | Citigroup Inc. | 6.125% | 11/21/17 | A | 2,487,428 | |||||||||||||||
2,000 | Citigroup Inc. | 4.500% | 1/14/22 | A | 2,231,408 | |||||||||||||||
2,720 | General Electric Capital Corporation, (3) | 5.625% | 5/01/18 | AA+ | 3,230,092 | |||||||||||||||
1,530 | General Electric Capital Corporation, (3) | 5.300% | 2/11/21 | AA | 1,775,996 | |||||||||||||||
1,110 | General Electric Capital Corporation | 6.875% | 1/10/39 | AA+ | 1,508,822 | |||||||||||||||
5,425 | JPMorgan Chase & Company | 4.250% | 10/15/20 | A+ | 6,033,289 | |||||||||||||||
1,900 | JPMorgan Chase & Company | 4.500% | 1/24/22 | A+ | 2,149,350 | |||||||||||||||
22,545 | Total Diversified Financial Services | 26,245,482 | ||||||||||||||||||
Diversified Telecommunication Services – 1.1% | ||||||||||||||||||||
2,250 | AT&T, Inc. | 5.550% | 8/15/41 | A2 | 2,700,279 | |||||||||||||||
2,438 | Verizon Communications | 8.750% | 11/01/18 | A | 3,385,090 | |||||||||||||||
4,688 | Total Diversified Telecommunication Services | 6,085,369 | ||||||||||||||||||
Electric Utilities – 1.2% | ||||||||||||||||||||
1,615 | Exelon Generation Co. LLC, 144A | 4.250% | 6/15/22 | Baa1 | 1,679,250 |
Nuveen Investments | 69 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Electric Utilities (continued) | ||||||||||||||||||||
$ | 2,220 | FirstEnergy Solutions Corporation, (3) | 6.050% | 8/15/21 | BBB | $ | 2,540,830 | |||||||||||||
2,100 | Ohio Power Company | 6.000% | 6/01/16 | A– | 2,419,429 | |||||||||||||||
5,935 | Total Electric Utilities | 6,639,509 | ||||||||||||||||||
Electronic Equipment & Instruments – 0.2% | ||||||||||||||||||||
1,205 | Ingram Micro Inc. | 5.250% | 9/01/17 | BBB– | 1,308,623 | |||||||||||||||
Energy Equipment & Services – 1.3% | ||||||||||||||||||||
2,000 | Diamond Offshore Drilling Inc. | 5.700% | 10/15/39 | A– | 2,565,730 | |||||||||||||||
2,765 | Ensco PLC, (3) | 4.700% | 3/15/21 | BBB+ | 3,111,612 | |||||||||||||||
1,735 | Nabors Industries Inc., (3) | 5.000% | 9/15/20 | BBB | 1,885,319 | |||||||||||||||
6,500 | Total Energy Equipment & Services | 7,562,661 | ||||||||||||||||||
Food Products – 0.3% | ||||||||||||||||||||
1,225 | Kraft Foods Inc. | 6.500% | 8/11/17 | Baa2 | 1,496,193 | |||||||||||||||
Health Care Providers & Services – 1.2% | ||||||||||||||||||||
2,965 | Mayo Clinic Rochester | 3.774% | 11/15/43 | AA | 2,961,827 | |||||||||||||||
2,250 | UnitedHealth Group Incorporated | 3.875% | 10/15/20 | A | 2,493,380 | |||||||||||||||
1,600 | Wellpoint Inc. | 4.650% | 1/15/43 | A– | 1,667,386 | |||||||||||||||
6,815 | Total Health Care Providers & Services | 7,122,593 | ||||||||||||||||||
Independent Power Producers & Energy Traders – 0.3% | ||||||||||||||||||||
1,560 | Constellation Energy Group | 5.150% | 12/01/20 | BBB+ | 1,783,267 | |||||||||||||||
Insurance – 2.5% | ||||||||||||||||||||
1,000 | AFLAC Insurance | 6.450% | 8/15/40 | A– | 1,264,670 | |||||||||||||||
1,500 | American International Group, Inc. | 8.250% | 8/15/18 | A– | 1,970,829 | |||||||||||||||
2,000 | Berkshire Hathaway Inc., (3) | 2.200% | 8/15/16 | AA+ | 2,086,774 | |||||||||||||||
2,305 | Hartford Financial Services Group Inc. | 6.000% | 1/15/19 | BBB | 2,684,560 | |||||||||||||||
1,370 | Lincoln National Corporation | 4.200% | 3/15/22 | A– | 1,469,794 | |||||||||||||||
4,038 | Prudential Covered Trust, 144A | 2.997% | 9/30/15 | A | 4,186,936 | |||||||||||||||
1,000 | Swiss Re Treasury US Corporation, 144A | 4.250% | 12/06/42 | AA– | 990,933 | |||||||||||||||
13,213 | Total Insurance | 14,654,496 | ||||||||||||||||||
Media – 3.7% | ||||||||||||||||||||
1,845 | British Sky Broadcasting Group PLC | 6.100% | 2/15/18 | BBB+ | 2,204,572 | |||||||||||||||
2,125 | CBS Corporation, (3) | 4.850% | 7/01/42 | BBB | 2,211,679 | |||||||||||||||
1,850 | DIRECTV Holdings LLC, (3) | 3.550% | 3/15/15 | BBB | 1,946,119 | |||||||||||||||
1,640 | DIRECTV Holdings LLC, (3) | 5.200% | 3/15/20 | BBB | 1,861,095 | |||||||||||||||
1,460 | Discovery Communications Inc., (3) | 5.050% | �� | 6/01/20 | BBB | 1,689,445 | ||||||||||||||
1,460 | NBC Universal Media LLC | 6.400% | 4/30/40 | BBB+ | 1,873,348 | |||||||||||||||
1,560 | NBC Universal Media LLC, (3) | 4.450% | 1/15/43 | BBB+ | 1,579,714 | |||||||||||||||
2,420 | News America Holdings Inc. | 6.650% | 11/15/37 | BBB+ | 3,127,107 | |||||||||||||||
2,500 | Time Warner Cable Inc. | 5.875% | 11/15/40 | BBB | 2,912,990 | |||||||||||||||
2,075 | Vivendi SA, 144A, (3) | 4.750% | 4/12/22 | BBB | 2,155,780 | |||||||||||||||
18,935 | Total Media | 21,561,849 | ||||||||||||||||||
Metals & Mining – 3.6% | ||||||||||||||||||||
2,965 | Alcoa Inc., (3) | 5.400% | 4/15/21 | BBB– | 3,086,008 | |||||||||||||||
1,805 | Anglogold Holdings PLC | 6.500% | 4/15/40 | Baa2 | 1,857,746 | |||||||||||||||
2,000 | ArcelorMittal, (3) | 6.500% | 2/25/22 | BB+ | 2,099,030 |
70 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Metals & Mining (continued) | ||||||||||||||||||||
$ | 3,000 | BHP Billiton Finance Limited | 3.250% | 11/21/21 | A+ | $ | 3,228,759 | |||||||||||||
1,230 | Freeport McMoRan Copper & Gold, Inc., (3) | 3.550% | 3/01/22 | BBB | 1,219,884 | |||||||||||||||
2,625 | Newmont Mining Corporation, (3) | 3.500% | 3/15/22 | BBB+ | 2,707,331 | |||||||||||||||
3,000 | Rio Tinto Finance USA PLC | 2.875% | 8/21/22 | A– | 3,019,836 | |||||||||||||||
1,250 | Teck Resources Limited | 6.250% | 7/15/41 | BBB | 1,470,331 | |||||||||||||||
1,940 | Vale Overseas Limited | 4.625% | 9/15/20 | A– | 2,096,172 | |||||||||||||||
19,815 | Total Metals & Mining | 20,785,097 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||||||||||||||||
1,385 | Anadarko Petroleum Corporation | 6.375% | 9/15/17 | BBB– | 1,654,376 | |||||||||||||||
2,825 | Apache Corporation | 4.250% | 1/15/44 | A– | 2,886,235 | |||||||||||||||
1,820 | Cenovus Energy Inc. | 4.450% | 9/15/42 | BBB+ | 1,892,234 | |||||||||||||||
2,500 | EOG Resources Inc., (3) | 4.100% | 2/01/21 | A– | 2,850,538 | |||||||||||||||
1,685 | Marathon Petroleum Corporation | 6.500% | 3/01/41 | BBB | 2,134,989 | |||||||||||||||
2,385 | Petrobras International Finance Company, (3) | 5.375% | 1/27/21 | A3 | 2,685,081 | |||||||||||||||
1,690 | Rowan Companies Inc. | 5.400% | 12/01/42 | BBB– | 1,711,468 | |||||||||||||||
1,455 | Southwestern Energy Company | 4.100% | 3/15/22 | BBB– | 1,565,082 | |||||||||||||||
1,275 | SunCor Energy Inc., (3) | 6.100% | 6/01/18 | BBB+ | 1,555,268 | |||||||||||||||
17,020 | Total Oil, Gas & Consumable Fuels | 18,935,271 | ||||||||||||||||||
Paper & Forest Products – 0.4% | ||||||||||||||||||||
2,000 | Celulosa Arauco Y Constitucion | 5.625% | 4/20/15 | BBB | 2,161,876 | |||||||||||||||
Pharmaceuticals – 0.9% | ||||||||||||||||||||
1,100 | AbbVie Inc., 144A | 2.900% | 11/06/22 | A+ | 1,120,218 | |||||||||||||||
1,830 | Merck & Company Inc. | 2.250% | 1/15/16 | AA | 1,912,114 | |||||||||||||||
2,000 | Watson Pharmaceuticals Inc. | 3.250% | 10/01/22 | BBB | 2,041,696 | |||||||||||||||
4,930 | Total Pharmaceuticals | 5,074,028 | ||||||||||||||||||
Road & Rail – 0.6% | ||||||||||||||||||||
1,785 | Burlington Northern Santa Fe Corporation | 4.375% | 9/01/42 | A3 | 1,876,101 | |||||||||||||||
1,500 | Union Pacific Corporation | 5.750% | 11/15/17 | A– | 1,798,401 | |||||||||||||||
3,285 | Total Road & Rail | 3,674,502 | ||||||||||||||||||
Semiconductors & Equipment – 0.6% | ||||||||||||||||||||
1,855 | Applied Materials Inc. | 4.300% | 6/15/21 | A– | 2,071,050 | |||||||||||||||
1,250 | Intel Corporation, (3) | 4.800% | 10/01/41 | A+ | 1,375,759 | |||||||||||||||
3,105 | Total Semiconductors & Equipment | 3,446,809 | ||||||||||||||||||
Thrifts & Mortgage Finance – 0.4% | ||||||||||||||||||||
1,780 | WEA Finance LLC, 144A | 4.625% | 5/10/21 | A2 | 1,993,086 | |||||||||||||||
Tobacco – 0.6% | ||||||||||||||||||||
1,815 | Lorillard Tobacco | 8.125% | 6/23/19 | Baa2 | 2,315,991 | |||||||||||||||
1,215 | Reynolds American Inc. | 3.250% | 11/01/22 | Baa2 | 1,220,460 | |||||||||||||||
3,030 | Total Tobacco | 3,536,451 | ||||||||||||||||||
Transportation Infrastructure – 0.6% | ||||||||||||||||||||
2,450 | Asciano Finance Limited, 144A | 5.000% | 4/07/18 | Baa2 | 2,647,560 | |||||||||||||||
1,000 | Sydney Airport Finance Company Party Limited, 144A | 3.900% | 3/22/23 | BBB | 1,021,491 | |||||||||||||||
3,450 | Total Transportation Infrastructure | 3,669,051 |
Nuveen Investments | 71 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Wireless Telecommunication Services – 0.5% | ||||||||||||||||||||
$ | 2,405 | American Tower Company | 5.050% | 9/01/20 | Baa3 | $ | 2,697,089 | |||||||||||||
$ | 178,136 | Total Corporate Bonds (cost $183,354,325) | 198,334,309 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CAPITAL PREFERRED SECURITIES – 1.1% | ||||||||||||||||||||
Capital Markets – 0.1% | ||||||||||||||||||||
$ | 1,165 | Goldman Sachs Capital II | 4.000% | 6/01/43 | BB+ | $ | 909,958 | |||||||||||||
Commercial Banks – 0.4% | ||||||||||||||||||||
2,220 | Wachovia Capital Trust III | 5.570% | N/A (4) | BBB+ | 2,208,900 | |||||||||||||||
Insurance – 0.6% | ||||||||||||||||||||
1,650 | Catlin Insurance Company Limited | 7.249% | N/A (4) | BBB+ | 1,645,875 | |||||||||||||||
1,530 | ZFS Finance USA Trust V, (3) | 6.500% | 5/09/37 | A | 1,631,363 | |||||||||||||||
3,180 | Total Insurance | 3,277,238 | ||||||||||||||||||
$ | 6,565 | Total Capital Preferred Securities (cost $5,976,343) | 6,396,096 | |||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (5) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 1.2% | ||||||||||||||||||||
Illinois – 0.7% | ||||||||||||||||||||
$ | 3,735 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A | $ | 4,291,926 | ||||||||||||||
Nevada – 0.5% | ||||||||||||||||||||
2,500 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Taxable Series 2011B, 3.176%, 6/01/17 | No Opt. Call | AA+ | 2,640,050 | ||||||||||||||||
$ | 6,235 | Total Municipal Bonds (cost $6,235,000) | 6,931,976 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 13.7% | ||||||||||||||||||||
$ | 10,000 | Fannie Mae Notes | 0.750% | 12/19/14 | Aaa | $ | 10,088,720 | |||||||||||||
6,000 | Fannie Mae Notes | 1.090% | 4/04/16 | Aaa | 6,013,908 | |||||||||||||||
6,000 | Fannie Mae Notes | 0.950% | 5/17/16 | Aaa | 6,014,736 | |||||||||||||||
3,160 | Fannie Mae Notes | 1.250% | 9/28/16 | Aaa | 3,241,986 | |||||||||||||||
3,580 | Federal National Mortgage Association | 1.000% | 9/23/13 | Aaa | 3,600,735 | |||||||||||||||
4,595 | Federal National Mortgage Association | 2.375% | 7/28/15 | Aaa | 4,830,985 | |||||||||||||||
6,655 | Freddie Mac Reference Notes | 2.000% | 8/25/16 | Aaa | 7,003,962 | |||||||||||||||
2,055 | Freddie Mac Reference Notes | 5.000% | 12/14/18 | Aa2 | 2,346,154 | |||||||||||||||
60 | Freddie Mac Reference Notes, (3) | 1.750% | 5/30/19 | Aaa | 62,068 | |||||||||||||||
1,275 | U.S. Treasury Bonds | 4.750% | 2/15/41 | Aaa | 1,757,707 | |||||||||||||||
2,050 | U.S. Treasury Bonds | 3.125% | 2/15/42 | Aaa | 2,143,531 | |||||||||||||||
100 | U.S. Treasury Notes | 4.250% | 11/15/13 | Aaa | 103,523 | |||||||||||||||
475 | U.S. Treasury Notes | 4.250% | 11/15/14 | Aaa | 510,273 | |||||||||||||||
1,375 | U.S. Treasury Notes | 2.375% | 2/28/15 | Aaa | 1,436,875 | |||||||||||||||
2,160 | U.S. Treasury Notes | 1.250% | 8/31/15 | Aaa | 2,212,482 | |||||||||||||||
45 | U.S. Treasury Notes | 4.500% | 2/15/16 | Aaa | 50,720 |
72 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued) | ||||||||||||||||||||
$ | 1,085 | U.S. Treasury Notes | 1.375% | 1/15/13 | Aaa | $ | 1,085,467 | |||||||||||||
16,685 | U.S. Treasury Notes | 0.250% | 2/28/14 | Aaa | 16,694,127 | |||||||||||||||
2,515 | U.S. Treasury Notes | 3.125% | 5/15/21 | Aaa | 2,851,970 | |||||||||||||||
2,715 | U.S. Treasury Notes | 2.000% | 11/15/21 | Aaa | 2,817,874 | |||||||||||||||
3,000 | U.S. Treasury Notes, (3) | 2.000% | 2/15/22 | Aaa | 3,102,423 | |||||||||||||||
1,000 | U.S. Treasury Notes | 1.750% | 5/15/22 | Aaa | 1,008,672 | |||||||||||||||
$ | 76,585 | Total U.S. Government and Agency Obligations (cost $77,404,949) | 78,978,898 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 45.7% | ||||||||||||||||||||
$ | 1,862 | 321 Henderson Receivables LLC., Series 2010-3A | 3.820% | 12/15/48 | Aaa | $ | 1,963,626 | |||||||||||||
2,670 | Ally Auto Receivables Trust 2011-3 | 0.970% | 8/17/15 | Aaa | 2,678,968 | |||||||||||||||
2,955 | American Home Mortgage Advance Trust, Revovling Pool Receivables, Series SART-3 | 3.720% | 3/13/44 | AAA | 2,999,325 | |||||||||||||||
4,041 | American Home Mortgage Advance Trust, Series 2011-SART-1 | 3.370% | 5/10/43 | AAA | 4,041,000 | |||||||||||||||
4,415 | AmeriCold LLC Trust, Series 2010 | 2.500% | 1/17/29 | AAA | 4,499,706 | |||||||||||||||
2 | Amresco Residential Securities Corporation, Mortgage Loan Pass-Through Certificates, Series 1997-3 | 6.960% | 3/25/27 | A1 | 1,840 | |||||||||||||||
3,570 | Arkle Master Issuer PLC, Mortgage Asset Backed Instrument, Series 2010-1A | 1.461% | 5/17/60 | AAA | 3,574,784 | |||||||||||||||
4,340 | Cabela’s Master Credit Card Trust, Series 2010-2A | 2.290% | 9/15/18 | AAA | 4,522,106 | |||||||||||||||
497 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4, (3) | 5.205% | 12/11/49 | AAA | 504,122 | |||||||||||||||
4,895 | Citigroup Commercial Mortgage Trust Series 2012-GC8 | 3.024% | 9/12/45 | Aaa | 5,132,819 | |||||||||||||||
2,165 | Commercial Mortgage Pass-Through Certificates Series CR5 A4 | 2.771% | 12/12/45 | AAA | 2,210,177 | |||||||||||||||
1,776 | Commercial Mortgage Pass-Through Certificates, Series2006-CN2A | 5.449% | 2/05/19 | AAA | 1,782,884 | |||||||||||||||
3 | ContiMortgage Home Equity Loan Trust, Series 1997-2 | 7.090% | 4/15/28 | A2 | 2,631 | |||||||||||||||
4,862 | Fannie Mae Mortgage Pool AB2085 | 4.000% | 1/01/41 | Aaa | 5,216,697 | |||||||||||||||
5,904 | Fannie Mae Mortgage Pool AB3194 | 4.500% | 6/01/41 | Aaa | 6,409,364 | |||||||||||||||
2,091 | Fannie Mae Mortgage Pool AD0706 | 2.305% | 3/01/38 | Aaa | 2,223,095 | |||||||||||||||
4,830 | Fannie Mae Mortgage Pool AD1593 | 4.500% | 2/01/40 | Aaa | 5,234,138 | |||||||||||||||
2,386 | Fannie Mae Mortgage Pool AE0058 | 2.357% | 7/01/36 | Aaa | 2,537,894 | |||||||||||||||
7,899 | Fannie Mae Mortgage Pool AE0981 | 3.500% | 3/01/41 | Aaa | 8,428,418 | |||||||||||||||
1,769 | Fannie Mae Mortgage Pool AH3804 | 4.000% | 2/01/41 | Aaa | 1,898,295 | |||||||||||||||
5,203 | Fannie Mae Mortgage Pool AH5575 | 4.000% | 2/01/41 | Aaa | 5,583,451 | |||||||||||||||
2,381 | Fannie Mae Mortgage Pool AH5583 | 4.500% | 2/01/41 | Aaa | 2,584,543 | |||||||||||||||
5,338 | Fannie Mae Mortgage Pool AH8954 | 4.000% | 4/01/41 | Aaa | 5,729,941 | |||||||||||||||
3,979 | Fannie Mae Mortgage Pool AJ4052 | 4.000% | 10/01/41 | Aaa | 4,271,196 | |||||||||||||||
7,737 | Fannie Mae Mortgage Pool AJ5303 | 4.000% | 11/01/41 | Aaa | 8,304,962 | |||||||||||||||
6,628 | Fannie Mae Mortgage Pool AJ7547 | 4.000% | 1/01/42 | Aaa | 7,114,218 | |||||||||||||||
2,772 | Fannie Mae Mortgage Pool AL0160 | 4.500% | 5/01/41 | Aaa | 3,004,310 | |||||||||||||||
8,461 | Fannie Mae Mortgage Pool AO9636 | 2.500% | 7/01/27 | Aaa | 8,853,851 | |||||||||||||||
5,825 | Fannie Mae Mortgage Pool MA1028 | 4.000% | 4/01/42 | Aaa | 6,321,666 | |||||||||||||||
700 | Fannie Mae Mortgage Pool 725111 | 2.350% | 9/01/33 | Aaa | 749,645 | |||||||||||||||
2,328 | Fannie Mae Mortgage Pool 725205 | 5.000% | 3/01/34 | Aaa | 2,531,380 |
Nuveen Investments | 73 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 3,329 | Fannie Mae Mortgage Pool 819652 | 2.898% | 3/01/35 | Aaa | $ | 3,527,082 | |||||||||||||
452 | Fannie Mae Mortgage Pool 848390 | 1.988% | 12/01/35 | Aaa | 473,563 | |||||||||||||||
2,976 | Fannie Mae Mortgage Pool 879906 | 2.954% | 10/01/33 | Aaa | 3,191,899 | |||||||||||||||
1,009 | Fannie Mae Mortgage Pool 886034 | 2.770% | 7/01/36 | Aaa | 1,076,394 | |||||||||||||||
4,045 | Fannie Mae Mortgage Pool 960605 | 5.000% | 8/01/37 | Aaa | 4,397,293 | |||||||||||||||
888 | Fannie Mae Mortgage Pool 995949 | 2.510% | 9/01/36 | Aaa | 939,831 | |||||||||||||||
8 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-89 K | 6.500% | 7/25/20 | Aaa | 8,879 | |||||||||||||||
38 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-30 AE | 3.900% | 10/25/17 | Aaa | 38,152 | |||||||||||||||
1,823 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-52 NF | 0.610% | 6/25/23 | Aaa | 1,829,900 | |||||||||||||||
6,040 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 4.500% | TBA | Aaa | 6,524,380 | |||||||||||||||
3,690 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 4.000% | TBA | Aaa | 3,955,219 | |||||||||||||||
215 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 229,219 | |||||||||||||||
6,665 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 3.000% | TBA | Aaa | 6,983,670 | |||||||||||||||
9 | Federal Home Loan Mortgage Corporation, REMIC 1167 E | 7.500% | 11/15/21 | Aaa | 9,892 | |||||||||||||||
21 | Federal Home Loan Mortgage Corporation, REMIC 1286 A | 6.000% | 5/15/22 | Aaa | 22,777 | |||||||||||||||
2,431 | Federal Home Loan Mortgage Corporation, REMIC 2750 HE | 5.000% | 2/15/19 | Aaa | 2,590,573 | |||||||||||||||
360 | Federal Home Loan Mortgage Corporation, REMIC 2755 FO | 0.659% | 4/15/32 | Aaa | 360,399 | |||||||||||||||
1,121 | Federal Home Loan Mortgage Corporation, REMIC 2863 HF | 0.709% | 2/15/19 | Aaa | 1,126,383 | |||||||||||||||
554 | Federal Home Loan Mortgage Corporation, REMIC 3555 DA | 4.000% | 12/15/14 | Aaa | 556,202 | |||||||||||||||
392 | Federal Home Loan Mortgage Corporation, REMIC 3555 EA | 4.000% | 12/15/14 | Aaa | 393,977 | |||||||||||||||
2,547 | Fosse Master Issuer PLC, Residential Mortgage Pool, Series 2011-1A | 1.725% | 10/19/54 | AAA | 2,582,582 | |||||||||||||||
5,651 | Freddie Mac Gold Pool C09000 | 3.500% | 6/01/42 | Aaa | 6,026,372 | |||||||||||||||
4,515 | Freddie Mac Gold Pool G05852 | 5.500% | 3/01/39 | Aaa | 4,874,478 | |||||||||||||||
496 | Freddie Mac Gold Pool 786281 | 2.521% | 1/01/28 | Aaa | 530,307 | |||||||||||||||
451 | Freddie Mac Gold Pool 847161 | 2.343% | 5/01/31 | Aaa | 481,768 | |||||||||||||||
534 | Freddie Mac Gold Pool 847190 | 2.296% | 4/01/29 | Aaa | 570,740 | |||||||||||||||
1,725 | Freddie Mac Gold Pool 847209 | 2.269% | 10/01/30 | Aaa | 1,838,363 | |||||||||||||||
1,326 | Freddie Mac Gold Pool 847210 | 2.328% | 9/01/33 | Aaa | 1,418,237 | |||||||||||||||
2,473 | Freddie Mac Gold Pool 848282 | 2.410% | 6/01/38 | Aaa | 2,630,414 | |||||||||||||||
1,675 | Freddie Mac TBA Gold Pool, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 1,781,127 | |||||||||||||||
9,990 | Freddie Mac TBA Gold Pool, (MDR), (WI/DD) | 3.000% | TBA | Aaa | 10,444,233 | |||||||||||||||
1,462 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG6 | 5.506% | 4/10/38 | AAA | 1,508,583 | |||||||||||||||
5,840 | Government National Mortgage Association Pool AA5391 | 3.500% | 6/15/42 | Aaa | 6,351,439 | |||||||||||||||
3,750 | GraceChurch Card PLC. Series 2012-1A. | 0.909% | 2/15/17 | AAA | 3,784,320 | |||||||||||||||
21 | Green Tree Financial Corporation, Manufactured Housing Contract Pass Through Certificates, Series 1996-9 | 7.200% | 9/15/28 | AAA | 20,966 | |||||||||||||||
2,500 | Hertz Vehicle Financing LLC Series 2009 | 4.260% | 3/25/14 | Aaa | 2,513,908 | |||||||||||||||
3,551 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1 | 2.749% | 11/15/43 | AAA | 3,715,584 | |||||||||||||||
2,228 | Mercedes Benz Auto Receivables Trust 2011-1 | 0.850% | 3/16/15 | Aaa | 2,233,629 | |||||||||||||||
2,462 | Mortgage Equity Conversion Asset Trust 2010-1A | 4.000% | 7/25/60 | AA | 2,363,744 | |||||||||||||||
3,200 | OBP Depositor LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010-OBP | 4.646% | 7/15/45 | AAA | 3,755,258 |
74 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 94 | RBSSP Resecuritization Trust 2009-8 | 0.350% | 3/26/37 | Aaa | $ | 93,379 | |||||||||||||
2,024 | RBSSP Resecuritization Trust 2010-10 | 0.340% | 9/26/36 | N/R | 1,776,039 | |||||||||||||||
3,174 | RBSSP Resecuritization Trust 2010-4 | 0.320% | 3/26/36 | A | 2,997,899 | |||||||||||||||
1,093 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125% | 2/25/41 | AAA | 1,110,642 | |||||||||||||||
3,676 | SMART Trust, Asset Backed Securities, Series 2011-1USA | 1.059% | 10/14/14 | Aaa | 3,683,897 | |||||||||||||||
215 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11 | 2.758% | 8/25/34 | Ba3 | 212,553 | |||||||||||||||
1,037 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2006-10A | 5.408% | 2/10/16 | Aaa | 1,102,172 | |||||||||||||||
5,036 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2010-P10B | 3.215% | 9/10/20 | Aaa | 5,218,273 | |||||||||||||||
4,205 | UBS Barclays Commercial Mortgage Trust 2012-C4 | 2.850% | 12/12/45 | AAA | 4,323,997 | |||||||||||||||
4,467 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750% | 2/15/35 | Aaa | 4,852,698 | |||||||||||||||
6,000 | Vornado DP LLC Commercial Mortgage Credit Tenant Lease Series 2010-VNO | 4.004% | 9/13/28 | AAA | 6,777,894 | |||||||||||||||
1,494 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.289% | 6/15/20 | Aaa | 1,470,182 | |||||||||||||||
3,758 | Walter Investment Management Company Capital Trust, Series 2012-AA | 4.549% | 10/16/50 | BBB | 3,756,592 | |||||||||||||||
2,900 | Wells Fargo-Royal Bank of Scotland Commercial Mortgage Trust, Series 2012-C10 A3 | 2.875% | 12/15/45 | Aaa | 2,994,149 | |||||||||||||||
347 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2003-J | 4.424% | 10/25/33 | AA+ | 350,175 | |||||||||||||||
3,220 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 4.375% | 3/17/44 | Aaa | 3,702,616 | |||||||||||||||
$ | 249,487 | Total Asset-Backed and Mortgage-Backed Securities (cost $256,305,790) |
| 262,995,945 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.3% | ||||||||||||||||||||
Mexico – 0.3% | ||||||||||||||||||||
$ | 1,400 | United Mexican States | 5.625% | 1/15/17 | Baa1 | $ | 1,624,000 | |||||||||||||
$ | 1,400 | Total Sovereign Debt (cost $1,387,694) | 1,624,000 | |||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 7.8% |
| |||||||||||||||||||
Money Market Funds – 7.8% | ||||||||||||||||||||
44,961,790 | Mount Vernon Securities Lending Trust Prime Portfolio, 0.267% (6), (7) | $ | 44,961,790 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $44,961,790) |
| 44,961,790 | ||||||||||||||||||
Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 8.5% | ||||||||||||||||||||
Money Market Funds – 8.2% | ||||||||||||||||||||
47,406,049 | First American Treasury Obligations Fund, Class Z | 0.000% | (6) | $ | 47,406,049 |
Nuveen Investments | 75 |
Portfolio of Investments (Unaudited)
Nuveen Intermediate Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS (continued) | ||||||||||||||||||||
U.S. Government and Agency Obligations – 0.3% | ||||||||||||||||||||
$ | 845 | U.S. Treasury Bills | 0.038% | 2/07/13 | Aaa | $ | 844,974 | |||||||||||||
950 | U.S. Treasury Bills | 0.033% | 3/07/13 | Aaa | 949,945 | |||||||||||||||
$ | 1,795 | Total U.S. Government and Agency Obligations | 1,794,919 | |||||||||||||||||
Total Short-Term Investments (cost $49,200,641) | 49,200,968 | |||||||||||||||||||
Total Investments (cost $624,826,532) – 112.7% | 649,423,982 | |||||||||||||||||||
Other Assets Less Liabilities – (12.7)% | (73,044,929) | |||||||||||||||||||
Net Assets – 100% | $ | 576,379,053 |
Investments in Derivatives as of December 31, 2012
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Short | (25 | ) | 3/13 | $ | (5,511,719 | ) | $ | 169 | |||||||||||
U.S. Treasury 5-Year Note | Long | 8 | 3/13 | 995,313 | 2,231 | |||||||||||||||
U.S. Treasury 10-Year Note | Short | (185 | ) | 3/13 | (24,564,531 | ) | 105,065 | |||||||||||||
U.S. Treasury Long Bond | Long | 91 | 3/13 | 13,422,500 | (215,829 | ) | ||||||||||||||
U.S. Treasury Ultra Bond | Short | (10 | ) | 3/13 | (1,625,938 | ) | 25,961 | |||||||||||||
$ | (82,403 | ) |
* | Total Notional Value of Long and Short positions were $14,417,813 and $(31,702,188), respectively. |
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) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $43,634,819. |
(4) | Perpetual security. Maturity date is not applicable. |
(5) | 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. |
(6) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(7) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
N/A | Not applicable. |
N/R | Not rated. |
MDR | Denotes investment is subject to dollar roll transactions. |
TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
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. |
See accompanying notes to financial statements.
76 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 47.8% | ||||||||||||||||||||
Airlines – 1.0% | ||||||||||||||||||||
$ | 2,540 | Delta Air Lines Pass-Through Certificates Series 2012-1A, (3) | 4.750% | 5/07/20 | A– | $ | 2,717,800 | |||||||||||||
2,332 | Delta Airlines, (3) | 5.300% | 4/15/19 | A– | 2,570,844 | |||||||||||||||
2,000 | JetBlue Airways Pass-Through Trust, Series 2004-1 | 0.728% | 3/15/14 | BB+ | 1,915,000 | |||||||||||||||
1,442 | US Airways Pass-Through Trust, Pass Through Certificates, Series 2001 | 7.076% | 3/20/21 | BBB– | 1,500,180 | |||||||||||||||
8,314 | Total Airlines | 8,703,824 | ||||||||||||||||||
Auto Components – 0.3% | ||||||||||||||||||||
1,500 | Pittsburgh Glass Works LLC, 144A | 8.500% | 4/15/16 | B+ | 1,380,000 | |||||||||||||||
1,000 | TRW Automotive Inc., 144A | 8.875% | 12/01/17 | BBB– | 1,100,000 | |||||||||||||||
2,500 | Total Auto Components | 2,480,000 | ||||||||||||||||||
Automobiles – 0.9% | ||||||||||||||||||||
400 | Chrysler GP/CG Company, (3) | 8.000% | 6/15/19 | B | 436,000 | |||||||||||||||
2,840 | Daimler Finance NA LLC, 144A | 2.300% | 1/09/15 | A– | 2,908,299 | |||||||||||||||
1,000 | General Motors Corporation, 144A, (3) | 4.750% | 8/15/17 | BB | 1,051,490 | |||||||||||||||
3,360 | Volkswagen International Finance NV, 144A | 1.625% | 3/22/15 | A– | 3,405,830 | |||||||||||||||
7,600 | Total Automobiles | 7,801,619 | ||||||||||||||||||
Beverages – 1.2% | ||||||||||||||||||||
2,235 | Anheuser-Busch Companies Inc. | 5.050% | 10/15/16 | A | 2,557,117 | |||||||||||||||
1,500 | Constellation Brands Inc. | 8.375% | 12/15/14 | BB+ | 1,676,250 | |||||||||||||||
2,560 | Dr. Pepper Snapple Group Inc. | 2.900% | 1/15/16 | Baa1 | 2,697,408 | |||||||||||||||
2,000 | Heineken NV, 144A | 1.400% | 10/01/17 | BBB+ | 1,993,962 | |||||||||||||||
1,445 | SABMiller Holdings Inc., 144A | 1.850% | 1/15/15 | BBB+ | 1,473,448 | |||||||||||||||
9,740 | Total Beverages | 10,398,185 | ||||||||||||||||||
Biotechnology – 0.3% | ||||||||||||||||||||
2,000 | Genentech Inc. | 4.750% | 7/15/15 | AA | 2,205,642 | |||||||||||||||
Building Products – 0.3% | ||||||||||||||||||||
750 | Hanson Limited | 6.125% | 8/15/16 | BB+ | 823,125 | |||||||||||||||
2,000 | Masco Corporation | 6.125% | 10/03/16 | BBB– | 2,209,084 | |||||||||||||||
2,750 | Total Building Products | 3,032,209 | ||||||||||||||||||
Capital Markets – 3.4% | ||||||||||||||||||||
1,225 | Credit Suisse New York | 5.500% | 5/01/14 | A+ | 1,303,391 | |||||||||||||||
2,000 | E Trade Financial Corporation | 6.750% | 6/01/16 | B2 | 2,105,000 | |||||||||||||||
4,640 | Goldman Sachs Group, Inc. | 1.312% | 2/07/14 | A | 4,653,558 | |||||||||||||||
9,300 | Goldman Sachs Group, Inc., (3) | 3.625% | 2/07/16 | A | 9,844,264 | |||||||||||||||
4,000 | Morgan Stanley | 1.916% | 1/24/14 | A | 4,025,796 | |||||||||||||||
2,645 | Morgan Stanley | 4.100% | 1/26/15 | A | 2,756,675 | |||||||||||||||
3,875 | UBS AG Stamford | 1.313% | 1/28/14 | A | 3,898,750 | |||||||||||||||
1,000 | UBS AG Stamford | 3.875% | 1/15/15 | A | 1,056,662 | |||||||||||||||
28,685 | Total Capital Markets | 29,644,096 | ||||||||||||||||||
Chemicals – 1.1% | ||||||||||||||||||||
2,000 | Dow Chemical Company, (3) | 2.500% | 2/15/16 | BBB | 2,077,668 | |||||||||||||||
3,199 | Huntsman International LLC | 5.500% | 6/30/16 | BB– | 3,202,999 | |||||||||||||||
2,000 | Ineos Finance PLC, 144A | 9.000% | 5/15/15 | B+ | 2,125,000 | |||||||||||||||
1,875 | Potash Corporation of Saskatchewan | 3.750% | 9/30/15 | A– | 2,016,673 | |||||||||||||||
9,074 | Total Chemicals | 9,422,340 |
Nuveen Investments | 77 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Commercial Banks – 6.8% | ||||||||||||||||||||
$ | 5,000 | Australia and New Zealand Banking Group Limited, 144A | 2.400% | 11/23/16 | Aaa | $ | 5,259,000 | |||||||||||||
800 | Banco do Nordeste do Brasil, 144A | 3.625% | 11/09/15 | BBB | 828,000 | |||||||||||||||
6,180 | Bank of Montreal, 144A, (3) | 1.300% | 10/31/14 | AAA | 6,278,262 | |||||||||||||||
3,305 | Bank of Nova Scotia | 1.375% | 12/18/17 | Aa1 | 3,309,577 | |||||||||||||||
3,615 | Barclays Bank PLC | 5.000% | 9/22/16 | A+ | 4,052,007 | |||||||||||||||
2,315 | BB&T Corporation | 3.200% | 3/15/16 | A+ | 2,463,961 | |||||||||||||||
1,300 | BBVA Bancomer SA Texas, 144A | 4.500% | 3/10/16 | A2 | 1,381,250 | |||||||||||||||
2,000 | CIT Group Inc., 144A, (3) | 4.750% | 2/15/15 | BB– | 2,080,000 | |||||||||||||||
2,000 | Credit Agricole SA, 144A, (3) | 3.000% | 10/01/17 | A+ | 2,048,120 | |||||||||||||||
3,735 | Deutsche Bank London | 3.250% | 1/11/16 | A+ | 3,952,377 | |||||||||||||||
1,550 | Fifth Third Bancorp. | 3.625% | 1/25/16 | A– | 1,656,059 | |||||||||||||||
1,500 | ING Bank NV, 144A | 3.750% | 3/07/17 | A+ | 1,594,155 | |||||||||||||||
2,760 | National Australia Bank, 144A | 3.000% | 7/27/16 | Aa2 | 2,922,012 | |||||||||||||||
2,000 | Nordea Bank AB, 144A, (3) | 2.125% | 1/14/14 | AA– | 2,019,134 | |||||||||||||||
1,000 | Rabobank Nederland Utrec, (3) | 3.375% | 1/19/17 | Aa2 | 1,074,286 | |||||||||||||||
1,400 | Rabobank Nederland | 3.200% | 3/11/15 | Aa2 | 1,467,732 | |||||||||||||||
2,500 | Regions Financial Corporation | 7.750% | 11/10/14 | BBB– | 2,772,000 | |||||||||||||||
2,000 | Royal Bank of Scotland Group PLC | 2.550% | 9/18/15 | A | 2,046,820 | |||||||||||||||
2,000 | Santander SA | 2.485% | 1/18/13 | BBB+ | 2,000,012 | |||||||||||||||
3,750 | Societe Generale, 144A, (3) | 2.500% | 1/15/14 | A+ | 3,788,025 | |||||||||||||||
2,000 | Wells Fargo & Company | 1.500% | 7/01/15 | AA– | 2,034,458 | |||||||||||||||
3,755 | Wells Fargo & Company | 3.676% | 6/15/16 | AA– | 4,059,546 | |||||||||||||||
56,465 | Total Commercial Banks | 59,086,793 | ||||||||||||||||||
Commercial Services & Supplies – 0.7% | ||||||||||||||||||||
4,000 | International Lease Finance Corporation | 4.875% | 4/01/15 | BBB– | 4,140,320 | |||||||||||||||
1,815 | Waste Management Inc. | 2.600% | 9/01/16 | BBB | 1,901,338 | |||||||||||||||
5,815 | Total Commercial Services & Supplies | 6,041,658 | ||||||||||||||||||
Computers & Peripherals – 0.7% | ||||||||||||||||||||
3,510 | Hewlett Packard Company | 3.000% | 9/15/16 | A– | 3,532,453 | |||||||||||||||
2,000 | Seagate HDD Cayman | 7.750% | 12/15/18 | BB+ | 2,197,500 | |||||||||||||||
5,510 | Total Computers & Peripherals | 5,729,953 | ||||||||||||||||||
Construction & Engineering – 0.4% | ||||||||||||||||||||
1,000 | ABB Finance USA Inc. | 1.625% | 5/08/17 | A | 1,013,009 | |||||||||||||||
2,665 | Caterpillar Financial Services Corporation | 1.100% | 5/29/15 | A | 2,687,128 | |||||||||||||||
3,665 | Total Construction & Engineering | 3,700,137 | ||||||||||||||||||
Consumer Finance – 1.2% | ||||||||||||||||||||
1,000 | Ally Financial Inc. | 4.625% | 6/26/15 | BB– | 1,042,476 | |||||||||||||||
505 | Ally Financial Inc. | 5.500% | 2/15/17 | BB– | 540,230 | |||||||||||||||
1,635 | American Express Credit Corporation | 1.750% | 6/12/15 | A+ | 1,669,243 | |||||||||||||||
2,405 | American Express Credit Corporation | 2.800% | 9/19/16 | A+ | 2,544,598 | |||||||||||||||
2,000 | American Honda Finance Limited, 144A | 1.450% | 2/27/15 | A+ | 2,031,904 | |||||||||||||||
2,050 | Capital One Financial Corporation | 6.150% | 9/01/16 | BBB+ | 2,345,241 | |||||||||||||||
9,595 | Total Consumer Finance | 10,173,692 | ||||||||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||||||||
2,000 | Berry Plastics Corporation | 8.250% | 11/15/15 | B+ | 2,090,000 |
78 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Diversified Financial Services – 6.2% | ||||||||||||||||||||
$ | 3,000 | Bank of America Corporation | 1.733% | 1/30/14 | A | $ | 3,025,053 | |||||||||||||
10,010 | Bank of America Corporation | 4.500% | 4/01/15 | A | 10,669,919 | |||||||||||||||
12,390 | Citigroup Inc. | 4.587% | 12/15/15 | A | 13,526,783 | |||||||||||||||
2,000 | Ford Motor Credit Company | 2.750% | 5/15/15 | Baa3 | 2,041,140 | |||||||||||||||
5,130 | General Electric Capital Corporation | 3.750% | 11/14/14 | AA+ | 5,409,364 | |||||||||||||||
4,500 | General Electric Capital Corporation | 2.300% | 4/27/17 | AA+ | 4,665,965 | |||||||||||||||
1,675 | ING Bank NV, 144A | 4.000% | 3/15/16 | A+ | 1,782,569 | |||||||||||||||
4,500 | JPMorgan Chase & Company | 5.150% | 10/01/15 | A | 4,946,162 | |||||||||||||||
4,500 | JPMorgan Chase & Company | 3.150% | 7/05/16 | A+ | 4,767,525 | |||||||||||||||
2,970 | National Rural Utilities Cooperative Finance Corporation | 1.900% | 11/01/15 | A+ | 3,063,603 | |||||||||||||||
50,675 | Total Diversified Financial Services | 53,898,083 | ||||||||||||||||||
Diversified Telecommunication Services – 1.3% | ||||||||||||||||||||
2,250 | AT&T, Inc. | 2.500% | 8/15/15 | A2 | 2,345,801 | |||||||||||||||
2,500 | British Telecommunications PLC | 2.000% | 6/22/15 | BBB | 2,570,045 | |||||||||||||||
1,500 | Citizens Communications Company, (3) | 6.625% | 3/15/15 | BB+ | 1,627,500 | |||||||||||||||
2,000 | Qwest Corporation | 7.500% | 10/01/14 | BBB– | 2,188,980 | |||||||||||||||
2,500 | Verizon Wireless Capital LLC | 5.550% | 2/01/14 | A2 | 2,624,360 | |||||||||||||||
10,750 | Total Diversified Telecommunication Services | 11,356,686 | ||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||
1,640 | Commonwealth Edison Company, First Mortgage | 1.625% | 1/15/14 | A– | 1,657,664 | |||||||||||||||
200 | Exelon Generation Co. LLC | 5.350% | 1/15/14 | Baa1 | 209,201 | |||||||||||||||
1,840 | Total Electric Utilities | 1,866,865 | ||||||||||||||||||
Electronic Equipment & Instruments – 0.2% | ||||||||||||||||||||
1,410 | Tyco Electronics Group. SA | 1.600% | 2/03/15 | BBB+ | 1,430,879 | |||||||||||||||
Energy Equipment & Services – 1.2% | ||||||||||||||||||||
1,000 | Cameron International Corporation | 1.600% | 4/30/15 | BBB+ | 1,010,266 | |||||||||||||||
3,000 | Ensco PLC, (3) | 3.250% | 3/15/16 | BBB+ | 3,181,188 | |||||||||||||||
1,825 | Noble Holding International Limited | 3.450% | 8/01/15 | A– | 1,923,139 | |||||||||||||||
2,000 | Pacific Drilling SA | 8.250% | 2/23/15 | N/R | 2,055,000 | |||||||||||||||
2,100 | Transocean Inc., (3) | 4.950% | 11/15/15 | BBB– | 2,299,343 | |||||||||||||||
9,925 | Total Energy Equipment & Services | 10,468,936 | ||||||||||||||||||
Food & Staples Retailing – 0.1% | ||||||||||||||||||||
1,000 | Supervalu Inc., (3) | 8.000% | 5/01/16 | B– | 952,500 | |||||||||||||||
Food Products – 0.6% | ||||||||||||||||||||
2,000 | Kellogg Company | 1.125% | 5/15/15 | BBB+ | 2,019,394 | |||||||||||||||
3,000 | Sara Lee Corporation | 2.750% | 9/15/15 | BBB | 3,090,693 | |||||||||||||||
5,000 | Total Food Products | 5,110,087 | ||||||||||||||||||
Gas Utilities – 0.2% | ||||||||||||||||||||
50 | Ferrellgas LP | 6.500% | 5/01/21 | B2 | 49,500 | |||||||||||||||
1,266 | Suburban Propane Partners LP | 7.500% | 10/01/18 | BB– | 1,364,115 | |||||||||||||||
1,316 | Total Gas Utilities | 1,413,615 | ||||||||||||||||||
Health Care Equipment & Supplies – 0.3% | ||||||||||||||||||||
2,000 | Boston Scientific Corporation | 6.250% | 11/15/15 | BBB– | 2,253,450 | |||||||||||||||
Health Care Providers & Services – 1.8% | ||||||||||||||||||||
2,560 | Covidien International Finance SA | 1.350% | 5/29/15 | A | 2,594,642 | |||||||||||||||
3,500 | Express Scripts Holding Company, 144A | 3.500% | 11/15/16 | BBB+ | 3,742,078 |
Nuveen Investments | 79 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||||||||
$ | 2,000 | HCA Inc., (3) | 6.375% | 1/15/15 | B+ | $ | 2,162,500 | |||||||||||||
1,000 | HCA Inc. | 8.500% | 4/15/19 | BB+ | 1,115,000 | |||||||||||||||
2,630 | Saint Jude Medical Inc. | 2.200% | 9/15/13 | A | 2,662,267 | |||||||||||||||
1,945 | UnitedHealth Group Incorporated | 0.850% | 10/15/15 | A | 1,951,362 | |||||||||||||||
1,750 | Wellpoint Inc. | 1.875% | 1/15/18 | A– | 1,771,733 | |||||||||||||||
15,385 | Total Health Care Providers & Services | 15,999,582 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 1.0% | ||||||||||||||||||||
2,000 | CityCenter Holdings Finance | 7.625% | 1/15/16 | B1 | 2,140,000 | |||||||||||||||
2,000 | Harrah’s Operating Company, Inc., (3) | 11.250% | 6/01/17 | B | 2,142,500 | |||||||||||||||
2,600 | Wynn Las Vegas LLC Corporation | 7.875% | 11/01/17 | BBB– | 2,821,000 | |||||||||||||||
1,750 | Wynn Las Vegas LLC Corporation, (3) | 7.750% | 8/15/20 | BBB– | 1,995,000 | |||||||||||||||
8,350 | Total Hotels, Restaurants & Leisure | 9,098,500 | ||||||||||||||||||
Independent Power Producers & Energy Traders – 0.5% | ||||||||||||||||||||
2,000 | AES Corporation, (3) | 9.750% | 4/15/16 | BB | 2,390,000 | |||||||||||||||
2,000 | RRI Energy Inc. | 7.625% | 6/15/14 | B+ | 2,135,000 | |||||||||||||||
4,000 | Total Independent Power Producers & Energy Traders | 4,525,000 | ||||||||||||||||||
Industrial Conglomerates – 0.2% | ||||||||||||||||||||
1,350 | Calpine Corporation | 7.250% | 10/15/17 | BB | 1,437,750 | |||||||||||||||
Insurance – 2.0% | ||||||||||||||||||||
3,380 | AFLAC Insurance | 2.650% | 2/15/17 | A– | 3,553,127 | |||||||||||||||
1,450 | American International Group, Inc. | 3.650% | 1/15/14 | A– | 1,488,780 | |||||||||||||||
4,030 | American International Group, Inc., (3) | 4.250% | 9/15/14 | A– | 4,245,198 | |||||||||||||||
2,000 | Hartford Financial Services Group Inc. | 4.000% | 3/30/15 | BBB | 2,113,372 | |||||||||||||||
2,000 | Lincoln National Corporation | 4.300% | 6/15/15 | A– | 2,151,470 | |||||||||||||||
3,800 | Prudential Covered Trust, 144A | 2.997% | 9/30/15 | A | 3,940,646 | |||||||||||||||
16,660 | Total Insurance | 17,492,593 | ||||||||||||||||||
IT Services – 0.3% | ||||||||||||||||||||
2,500 | Computer Sciences Corporation, (3) | 2.500% | 9/15/15 | BBB | 2,549,140 | |||||||||||||||
Life Sciences Tools & Services – 0.4% | ||||||||||||||||||||
1,250 | Thermo Fischer Scientific Inc. | 3.200% | 5/01/15 | A– | 1,315,744 | |||||||||||||||
1,745 | Thermo Fischer Scientific Inc. | 2.250% | 8/15/16 | A– | 1,806,757 | |||||||||||||||
2,995 | Total Life Sciences Tools & Services | 3,122,501 | ||||||||||||||||||
Media – 1.9% | ||||||||||||||||||||
1,570 | DIRECTV Holdings LLC | 3.550% | 3/15/15 | BBB | 1,651,571 | |||||||||||||||
2,000 | DIRECTV Holdings LLC | 3.125% | 2/15/16 | BBB | 2,094,462 | |||||||||||||||
1,620 | LIN Television Corporation | 8.375% | 4/15/18 | B– | 1,773,900 | |||||||||||||||
4,000 | NBC Universal Media LLC | 3.650% | 4/30/15 | BBB+ | 4,255,260 | |||||||||||||||
1,000 | News America Holdings Inc. | 5.300% | 12/15/14 | BBB+ | 1,086,872 | |||||||||||||||
250 | Sirius XM Radio Inc., 144A, (3) | 8.750% | 4/01/15 | BB | 283,125 | |||||||||||||||
1,000 | TCM Sub LLC | 3.550% | 1/15/15 | A– | 1,044,982 | |||||||||||||||
1,025 | Time Warner Cable Inc. | 8.250% | 2/14/14 | BBB | 1,110,330 | |||||||||||||||
2,140 | Vivendi SA | 2.400% | 4/10/15 | BBB | 2,182,744 | |||||||||||||||
500 | XM Satellite Radio Inc., 144A | 7.625% | 11/01/18 | BB | 557,500 | |||||||||||||||
15,105 | Total Media | 16,040,746 |
80 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Metals & Mining – 2.3% | ||||||||||||||||||||
$ | 2,000 | APERAM, 144A | 7.375% | 4/01/16 | B+ | $ | 1,865,000 | |||||||||||||
3,680 | ArcelorMittal, (3) | 3.750% | 3/01/16 | BB+ | 3,694,304 | |||||||||||||||
760 | BHP Billiton Finance Limited | 1.000% | 2/24/15 | A+ | 765,631 | |||||||||||||||
500 | Cliffs Natural Resources Inc., (3) | 3.950% | 1/15/18 | BBB– | 503,242 | |||||||||||||||
2,400 | Corporacion Nacional del Cobre, 144A | 5.500% | 10/15/13 | A1 | 2,473,447 | |||||||||||||||
1,500 | Evraz Group S.A, 144A | 8.250% | 11/10/15 | BB– | 1,651,875 | |||||||||||||||
2,155 | Freeport McMoRan Copper & Gold, Inc. | 1.400% | 2/13/15 | BBB | 2,150,483 | |||||||||||||||
1,735 | Rio Tinto Finance USA PLC, (3) | 1.625% | 8/21/17 | A– | 1,756,663 | |||||||||||||||
2,000 | United States Steel Corporation, (3) | 6.050% | 6/01/17 | BB | 2,095,000 | |||||||||||||||
2,500 | Xstrata Finance Canada Limited, 144A | 3.600% | 1/15/17 | BBB+ | 2,632,780 | |||||||||||||||
19,230 | Total Metals & Mining | 19,588,425 | ||||||||||||||||||
Multi-Utilities – 0.2% | ||||||||||||||||||||
1,500 | Duke Energy Corporation | 3.950% | 9/15/14 | BBB+ | 1,579,583 | |||||||||||||||
Oil, Gas & Consumable Fuels – 3.9% | ||||||||||||||||||||
1,000 | Anadarko Petroleum Corporation | 6.375% | 9/15/17 | BBB– | 1,194,495 | |||||||||||||||
1,500 | Atlas Pipeline LP Finance | 8.750% | 6/15/18 | B+ | 1,597,500 | |||||||||||||||
2,550 | BP Capital Markets PLC | 1.008% | 3/11/14 | A | 2,564,367 | |||||||||||||||
2,000 | El Paso Pipeline Partners Operating Company LLC | 4.100% | 11/15/15 | BBB– | 2,145,286 | |||||||||||||||
3,000 | Enterprise Products Operating LP | 5.600% | 10/15/14 | BBB | 3,247,668 | |||||||||||||||
1,500 | Kinder Morgan Finance Company ULC | 5.700% | 1/05/16 | BB | 1,639,697 | |||||||||||||||
3,000 | Marathon Petroleum Corporation | 3.500% | 3/01/16 | BBB | 3,193,527 | |||||||||||||||
3,275 | MidAmerican Energy Company | 4.650% | 10/01/14 | A2 | 3,495,853 | |||||||||||||||
1,410 | Petrobras International Finance Company | 2.875% | 2/06/15 | A3 | 1,446,794 | |||||||||||||||
2,500 | Petrohawk Energy Corporation | 7.250% | 8/15/18 | A | 2,822,368 | |||||||||||||||
4,345 | Phillips 66 | 2.950% | 5/01/17 | Baa1 | 4,604,992 | |||||||||||||||
2,000 | Regency Energy Partners Finance | 6.500% | 7/15/21 | BB | 2,190,000 | |||||||||||||||
2,000 | Sabine Pass LNG LP | 7.500% | 11/30/16 | BB+ | 2,205,000 | |||||||||||||||
1,180 | Shell International Finance BV | 3.250% | 9/22/15 | Aa1 | 1,260,383 | |||||||||||||||
31,260 | Total Oil, Gas & Consumable Fuels | 33,607,930 | ||||||||||||||||||
Pharmaceuticals – 0.9% | ||||||||||||||||||||
2,000 | AbbVie Inc., 144A | 1.200% | 11/06/15 | A+ | 2,013,362 | |||||||||||||||
3,600 | Merck & Company Inc. | 2.250% | 1/15/16 | AA | 3,761,536 | |||||||||||||||
2,000 | Watson Pharmaceuticals Inc. | 1.875% | 10/01/17 | BBB | 2,026,298 | |||||||||||||||
7,600 | Total Pharmaceuticals | 7,801,196 | ||||||||||||||||||
Real Estate Investment Trust – 2.0% | ||||||||||||||||||||
2,000 | DuPont Fabros Technology LP | 8.500% | 12/15/17 | Ba1 | 2,185,000 | |||||||||||||||
1,500 | FelCor Lodging LP | 6.750% | 6/01/19 | B2 | 1,593,750 | |||||||||||||||
2,000 | First Industrial Realty Trust | 5.950% | 5/15/17 | BB | 2,140,174 | |||||||||||||||
2,385 | HCP Inc. | 2.700% | 2/01/14 | BBB+ | 2,427,804 | |||||||||||||||
3,395 | Health Care REIT Inc. | 3.625% | 3/15/16 | Baa2 | 3,585,025 | |||||||||||||||
750 | Omega Healthcare Investors Inc. | 6.750% | 10/15/22 | BBB– | 815,625 | |||||||||||||||
2,000 | Simon Property Group, L.P. | 4.200% | 2/01/15 | A– | 2,121,006 | |||||||||||||||
2,000 | Ventas Realty LP | 3.125% | 11/30/15 | BBB+ | 2,108,466 | |||||||||||||||
16,030 | Total Real Estate Investment Trust | 16,976,850 |
Nuveen Investments | 81 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Semiconductors & Equipment – 0.1% | ||||||||||||||||||||
$ | 1,000 | National Semiconductor Corporation | 3.950% | 4/15/15 | A+ | $ | 1,077,012 | |||||||||||||
Specialty Retail – 0.3% | ||||||||||||||||||||
2,440 | Home Depot, Inc. | 5.400% | 3/01/16 | A– | 2,787,494 | |||||||||||||||
Tobacco – 0.4% | ||||||||||||||||||||
2,000 | BAT International Finance PLC, 144A | 2.125% | 6/07/17 | A– | 2,049,320 | |||||||||||||||
1,370 | Reynolds American Inc. | 1.050% | 10/30/15 | Baa2 | 1,369,577 | |||||||||||||||
3,370 | Total Tobacco | 3,418,897 | ||||||||||||||||||
Trading Companies & Distributors – 0.1% | ||||||||||||||||||||
1,000 | GATX Corporation | 4.750% | 5/15/15 | BBB | 1,068,486 | |||||||||||||||
Transportation Infrastructure – 0.2% | ||||||||||||||||||||
2,000 | Penske Truck Leasing, 144A | 3.125% | 5/11/15 | BBB+ | 2,040,679 | |||||||||||||||
Wireless Telecommunication Services – 0.5% | ||||||||||||||||||||
2,000 | America Movil S.A. de C.V. | 2.375% | 9/08/16 | A2 | 2,078,765 | |||||||||||||||
2,000 | Crown Castle Towers LLC | 4.523% | 1/15/15 | A2 | 2,108,609 | |||||||||||||||
4,000 | Total Wireless Telecommunication Services | 4,187,374 | ||||||||||||||||||
$ | 393,404 | Total Corporate Bonds (cost $402,126,767) | 413,660,987 | |||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (4) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 3.9% | ||||||||||||||||||||
Arizona – 0.6% | ||||||||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Taxable Series 2011: | ||||||||||||||||||||
$ | 2,800 | 2.302%, 7/01/14 | No Opt. Call | AA | $ | 2,833,348 | ||||||||||||||
2,000 | 2.828%, 7/01/15 | No Opt. Call | AA | 2,048,560 | ||||||||||||||||
4,800 | Total Arizona | 4,881,908 | ||||||||||||||||||
California – 0.6% | ||||||||||||||||||||
1,015 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010, 5.750%, 3/01/17 | No Opt. Call | A1 | 1,165,839 | ||||||||||||||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Taxable Second Series 2011E: | ||||||||||||||||||||
1,000 | 1.507%, 5/01/13 | No Opt. Call | A+ | 1,003,530 | ||||||||||||||||
2,640 | 2.021%, 5/01/14 | No Opt. Call | A+ | 2,677,646 | ||||||||||||||||
4,655 | Total California | 4,847,015 | ||||||||||||||||||
Guam – 0.3% | ||||||||||||||||||||
Government of Guam, Business Privilege Tax Bonds, Taxable Series 2012B-2: | ||||||||||||||||||||
1,155 | 2.933%, 1/01/17 | No Opt. Call | A | 1,158,684 | ||||||||||||||||
1,190 | 3.301%, 1/01/18 | No Opt. Call | A | 1,191,690 | ||||||||||||||||
2,345 | Total Guam | 2,350,374 | ||||||||||||||||||
Massachusetts – 0.4% | ||||||||||||||||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project Series 3011B: | ||||||||||||||||||||
3,260 | 1.910%, 7/01/14 | No Opt. Call | A | 3,285,363 | ||||||||||||||||
400 | 3.230%, 7/01/15 | No Opt. Call | A | 416,016 | ||||||||||||||||
3,660 | Total Massachusetts | 3,701,379 | ||||||||||||||||||
Michigan – 0.1% | ||||||||||||||||||||
1,260 | Wayne County, Michigan, General Obligation Bonds, Taxable Notes Series 2011, 5.000%, 9/15/13 | No Opt. Call | BBB+ | 1,264,045 |
82 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (4) | Ratings (2) | Value | ||||||||||||||||
Minnesota – 0.5% | ||||||||||||||||||||
$ | 4,000 | Tobacco Securitization Authority, Minnesota, Tobacco Settlement Revenue Bonds, Taxable Series 2011A, 2.643%, 3/01/14 | No Opt. Call | A | $ | 4,085,320 | ||||||||||||||
Nevada – 0.3% | ||||||||||||||||||||
2,500 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Taxable Series 2011B, 3.176%, 6/01/17 | No Opt. Call | AA+ | 2,640,050 | ||||||||||||||||
Ohio – 0.2% | ||||||||||||||||||||
1,470 | Ohio State, General Obligation Bonds, Higher Education, Build America Bond Series 2010E, 3.328%, 8/01/17 – AGM Insured | No Opt. Call | AA+ | 1,619,249 | ||||||||||||||||
Pennsylvania – 0.2% | ||||||||||||||||||||
1,500 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Taxable Series 2012B, 4.120%, 5/01/16 | No Opt. Call | Baa2 | 1,501,035 | ||||||||||||||||
Texas – 0.7% | ||||||||||||||||||||
1,500 | Dallas Fort Worth International Airport Facility Improvement Corporation, Texas, Learjet Inc. Project, Revenue Bonds, Series 2001-A1, 6.150%, 1/01/16 (Alternative Minimum Tax) | 1/13 at 100.00 | Ba2 | 1,502,685 | ||||||||||||||||
5,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Taxable Series 2011E, 1.770%, 11/01/14 | No Opt. Call | A+ | �� | 5,060,350 | |||||||||||||||
6,500 | Total Texas | 6,563,035 | ||||||||||||||||||
$ | 32,690 | Total Municipal Bonds (cost $32,922,009) | 33,453,410 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 2.8% |
| |||||||||||||||||||
$ | 5,000 | Fannie Mae Notes | 2.375% | 4/11/16 | Aaa | $ | 5,314,060 | |||||||||||||
15,000 | Federal Home Loan Bank Bonds | 1.375% | 5/28/14 | Aaa | 15,256,485 | |||||||||||||||
1,800 | U.S. Treasury Notes | 1.375% | 5/15/13 | Aaa | 1,808,366 | |||||||||||||||
380 | U.S. Treasury Notes | 1.875% | 2/28/14 | Aaa | 387,318 | |||||||||||||||
1,310 | U.S. Treasury Notes | 1.500% | 6/30/16 | Aaa | 1,357,897 | |||||||||||||||
55 | U.S. Treasury Securities, STRIPS (P/O) | 0.000% | 5/15/14 | Aaa | 54,818 | |||||||||||||||
$ | 23,545 | Total U.S. Government and Agency Obligations (cost $24,070,332) |
| 24,178,944 | ||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 42.3% |
| |||||||||||||||||||
$ | 2,580 | Ally Auto Receivables Trust, Asset Backed Notes, Series 2010-1 | 2.300% | 12/15/14 | AAA | $ | 2,605,888 | |||||||||||||
2,500 | American Express Credit Card Trust 2012-2 A | 0.680% | 3/15/18 | AAA | 2,507,990 | |||||||||||||||
2,400 | American Home Mortgage Advance Trust SART-1 Series 2012 | 2.230% | 5/10/43 | AAA | 2,401,680 | |||||||||||||||
3,575 | American Home Mortgage Advance Trust, Revolving Pool Receivables, Series SART-3 | 3.720% | 3/13/44 | AAA | 3,628,625 | |||||||||||||||
1,955 | American Home Mortgage Advance Trust, Series 2011-SART-1 | 5.920% | 5/10/43 | BBB | 1,957,444 | |||||||||||||||
2,000 | American Home Mortgage Advance Trust, Series 2011-SART-1 | 5.920% | 5/10/43 | BBB | 2,002,500 | |||||||||||||||
4,770 | AmeriCold LLC Trust, Series 2010 | 2.500% | 1/17/29 | AAA | 4,861,517 | |||||||||||||||
1,050 | AmeriCredit Automobile Receivables Trust, Series 2010-4 | 1.990% | 10/08/15 | Aaa | 1,059,658 | |||||||||||||||
491 | Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R9 | 0.440% | 11/25/35 | AA+ | 484,414 | |||||||||||||||
5,200 | Arkle Master Issuer PLC, Mortgage Asset Backed Instrument, Series 2010-1A | 1.461% | 5/17/60 | AAA | 5,206,968 |
Nuveen Investments | 83 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 850 | Bank of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-4 | 4.933% | 7/10/45 | AAA | $ | 931,363 | |||||||||||||
3,475 | Bayview Opportunity Master Fund Trust IIB, Series 2012-4NPL | 3.475% | 7/28/32 | N/R | 3,520,885 | |||||||||||||||
4,970 | Cabela’s Master Credit Card Trust, Series 2010-1A | 1.659% | 1/15/18 | AAA | 5,094,886 | |||||||||||||||
4,290 | Cabela’s Master Credit Card Trust, Series 2010-2A | 2.290% | 9/15/18 | AAA | 4,470,008 | |||||||||||||||
575 | CarMax Auto Owner Trust 2010-3 | 2.000% | 5/16/16 | Aaa | 588,224 | |||||||||||||||
798 | CarNow Auto Receivables Trust 2012-1A | 2.090% | 1/15/15 | AA | 798,079 | |||||||||||||||
4,069 | CenterPoint Energy Restoration Bond Company LLC, Senior Secured System Restoration Bonds, Series 2009-1 | 1.833% | 2/15/16 | AAA | 4,132,860 | |||||||||||||||
3,310 | Centerpoint Energy Transition Bond Company LLC | 0.901% | 4/15/18 | AAA | 3,336,334 | |||||||||||||||
8,000 | Chase Issuance Trust 2012-A3 A3 | 0.790% | 6/15/17 | AAA | 8,051,384 | |||||||||||||||
347 | Chrysler Financial Auto Securtization Trust, Series 2010A | 1.650% | 11/08/13 | AAA | 347,471 | |||||||||||||||
4,625 | Citibank Credit Card Issuance Trust 2008-A5 | 4.850% | 4/22/15 | AAA | 4,690,610 | |||||||||||||||
4,000 | Citibank Credit Card Issuance Trust 2009-A4 | 4.900% | 6/23/16 | AAA | 4,263,004 | |||||||||||||||
902 | Citicorp Mortgage Securities Inc., REMIC Pass-Through Certificates, Series 2006-1 5A1 | 5.500% | 2/25/26 | Caa1 | 923,293 | |||||||||||||||
6,500 | Citigroup Commercial Mortgage Trust Series 2012-GC8 | 1.813% | 9/12/45 | Aaa | 6,698,491 | |||||||||||||||
3,663 | Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2010-10 | 4.778% | 12/27/32 | BBB | 3,641,043 | |||||||||||||||
2,548 | Countrywide ABS Asset-Backed Certificate Trust 2007-9 | 0.340% | 6/25/47 | B– | 2,501,458 | |||||||||||||||
950 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000% | 8/25/36 | Caa2 | 774,088 | |||||||||||||||
456 | Countrywide Asset-Backed Certificates Trust, Series 2005-16 2AF2 | 5.209% | 2/25/30 | Caa3 | 425,776 | |||||||||||||||
1,654 | Countrywide Asset-Backed Certificates Trust, Series 2006-25 | 0.330% | 6/25/47 | AAA | 1,633,402 | |||||||||||||||
2,900 | Countrywide Hoen Loans, Asset Backed Certificates Series 2007-7 | 0.370% | 10/25/47 | AAA | 2,804,942 | |||||||||||||||
272 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.892% | 2/25/34 | A | 270,466 | |||||||||||||||
791 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23 | 5.750% | 9/25/33 | AA+ | 818,414 | |||||||||||||||
881 | CS First Boston Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2004-C1 | 4.750% | 1/15/37 | AAA | 908,606 | |||||||||||||||
2,405 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642% | 8/12/44 | Aaa | 2,616,650 | |||||||||||||||
700 | Developers Diversified Realty Corporation, Commercial Mortgage Pass-Through Certificates Series 2009-DDR1 | 5.730% | 10/17/22 | AAA | 746,158 | |||||||||||||||
1,084 | DT Auto Owner Trust, Series 2011-3A | 1.400% | 8/15/14 | AAA | 1,084,681 | |||||||||||||||
2,969 | Energy Texas Restoration Funding LLC | 2.120% | 2/01/16 | AAA | 3,020,189 | |||||||||||||||
1,821 | Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A | 2.300% | 8/01/21 | AAA | 1,913,625 | |||||||||||||||
83 | Equivantage Acceptance Corporation, Home Equity Loan Asset-Backed Certificates, Series 1996-4 | 7.250% | 1/25/28 | BBB+ | 82,808 | |||||||||||||||
2,167 | Fannie Mae Mortgage STRIPS 366 25 (I/O) | 5.000% | 9/01/24 | Aaa | 195,847 | |||||||||||||||
1,137 | Fannie Mae Mortgage Pool AD0107 | 4.000% | 5/01/20 | Aaa | 1,221,811 | |||||||||||||||
1,881 | Fannie Mae Mortgage Pool AD0486 | 2.349% | 4/01/34 | Aaa | 1,998,652 | |||||||||||||||
1,393 | Fannie Mae Mortgage Pool AD0550 | 2.718% | 8/01/37 | Aaa | 1,483,478 | |||||||||||||||
1,490 | Fannie Mae Mortgage Pool AD0706 | 2.305% | 3/01/38 | Aaa | 1,584,546 | |||||||||||||||
2,341 | Fannie Mae Mortgage Pool AE0058 | 2.357% | 7/01/36 | Aaa | 2,489,986 | |||||||||||||||
11,853 | Fannie Mae Mortgage Pool AO9636 | 2.500% | 7/01/27 | Aaa | 12,404,166 | |||||||||||||||
2,268 | Fannie Mae Mortgage Pool MA0648 | 3.500% | 2/01/26 | Aaa | 2,407,061 |
84 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 3,287 | Fannie Mae Mortgage Pool MA0771 | 3.500% | 6/01/21 | Aaa | $ | 3,487,585 | |||||||||||||
3 | Fannie Mae Mortgage Pool 254682 | 5.000% | 3/01/13 | Aaa | 3,370 | |||||||||||||||
172 | Fannie Mae Mortgage Pool 255039 | 4.000% | 12/01/13 | Aaa | 183,451 | |||||||||||||||
298 | Fannie Mae Mortgage Pool 433988 | 2.214% | 11/01/25 | Aaa | 308,389 | |||||||||||||||
912 | Fannie Mae Mortgage Pool 535363 | 5.092% | 12/01/31 | Aaa | 982,835 | |||||||||||||||
105 | Fannie Mae Mortgage Pool 545717 | 2.183% | 5/01/32 | Aaa | 109,738 | |||||||||||||||
18 | Fannie Mae Mortgage Pool 545791 | 2.364% | 3/01/32 | Aaa | 19,500 | |||||||||||||||
159 | Fannie Mae Mortgage Pool 555369 | 2.311% | 8/01/36 | Aaa | 168,385 | |||||||||||||||
164 | Fannie Mae Mortgage Pool 625338 | 2.223% | 6/01/31 | Aaa | 173,822 | |||||||||||||||
127 | Fannie Mae Mortgage Pool 634948 | 2.415% | 5/01/32 | Aaa | 128,356 | |||||||||||||||
25 | Fannie Mae Mortgage Pool 661645 | 2.596% | 10/01/32 | Aaa | 26,664 | |||||||||||||||
175 | Fannie Mae Mortgage Pool 671884 | 2.629% | 12/01/32 | Aaa | 176,403 | |||||||||||||||
1,805 | Fannie Mae Mortgage Pool 725721 | 2.774% | 6/01/34 | Aaa | 1,922,520 | |||||||||||||||
1,063 | Fannie Mae Mortgage Pool 745922 | 2.842% | 7/01/35 | Aaa | 1,132,031 | |||||||||||||||
136 | Fannie Mae Mortgage Pool 775389 | 2.445% | 4/01/34 | Aaa | 137,568 | |||||||||||||||
1,380 | Fannie Mae Mortgage Pool 795242 | 2.290% | 7/01/34 | Aaa | 1,461,804 | |||||||||||||||
1,106 | Fannie Mae Mortgage Pool 797182 | 2.322% | 11/01/34 | Aaa | 1,162,920 | |||||||||||||||
2,251 | Fannie Mae Mortgage Pool 819652 | 2.898% | 3/01/35 | Aaa | 2,384,980 | |||||||||||||||
109 | Fannie Mae Mortgage Pool 838948 | 2.100% | 8/01/35 | Aaa | 115,670 | |||||||||||||||
940 | Fannie Mae Mortgage Pool 838958 | 2.549% | 8/01/35 | Aaa | 997,304 | |||||||||||||||
1,281 | Fannie Mae Mortgage Pool 841068 | 2.492% | 11/01/34 | Aaa | 1,378,676 | |||||||||||||||
452 | Fannie Mae Mortgage Pool 848390 | 1.988% | 12/01/35 | Aaa | 473,563 | |||||||||||||||
583 | Fannie Mae Mortgage Pool 886034 | 2.770% | 7/01/36 | Aaa | 621,728 | |||||||||||||||
582 | Fannie Mae Mortgage Pool 995949 | 2.510% | 9/01/36 | Aaa | 615,588 | |||||||||||||||
1,693 | Fannie Mae Multifamily REMIC Trust 2010-M6, Guaranteed Pass-Through Certificates 2010-M6 A1 | 2.210% | 9/25/20 | Aaa | 1,765,856 | |||||||||||||||
37 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-150 MA | 5.500% | 9/25/22 | Aaa | 40,631 | |||||||||||||||
1,129 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-122 AJ | 4.500% | 2/25/28 | Aaa | 1,138,385 | |||||||||||||||
316 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-68 QP | 3.000% | 7/25/22 | Aaa | 317,365 | |||||||||||||||
817 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2004-90 GA | 4.350% | 3/25/34 | Aaa | 838,086 | |||||||||||||||
1,638 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2004-90 GF | 0.510% | 11/25/34 | Aaa | 1,642,614 | |||||||||||||||
1,270 | Fannie Mae REMIC Pass-Through Certificates 2010-M1 A1 | 3.305% | 9/25/19 | Aaa | 1,340,757 | |||||||||||||||
1,898 | Fannie Mae REMIC Pass-Through Certificates 2011-6 BA | 2.750% | 6/25/20 | Aaa | 1,971,835 | |||||||||||||||
7,500 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 2.500% | TBA | Aaa | 7,842,188 | |||||||||||||||
3,413 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 3.250% | 4/25/38 | Aaa | 3,610,183 | |||||||||||||||
2,426 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 0.759% | 2/25/48 | Aaa | 2,431,118 | |||||||||||||||
2,390 | FDIC Trust 2001-C1 | 1.840% | 4/25/31 | Aaa | 2,421,291 | |||||||||||||||
3,926 | FDIC Trust 2012-C1 | 0.841% | 5/25/35 | Aaa | 3,927,592 | |||||||||||||||
308 | Federal Home Loan Mortgage Corporation, REMIC 3555 DA | 4.000% | 12/15/14 | Aaa | 309,120 | |||||||||||||||
125 | Federal Home Loan Mortgage Corporation, REMIC 3555 EA | 4.000% | 12/15/14 | Aaa | 125,502 | |||||||||||||||
76 | Federal Home Loan Mortgage Corporation, REMIC 2843 BH | 4.000% | 1/15/18 | Aaa | 75,607 |
Nuveen Investments | 85 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 1,120 | Federal Home Loan Mortgage Corporation, REMIC 2629 BO | 3.250% | 3/15/18 | Aaa | $ | 1,149,942 | |||||||||||||
13 | Federal Home Loan Mortgage Corporation, REMIC 1022 J | 6.000% | 12/15/20 | Aaa | 14,013 | |||||||||||||||
710 | Ford Credit Auto Owner Trust 10A | 2.930% | 11/15/15 | AAA | 733,688 | |||||||||||||||
1,480 | Ford Credit Floorplan Master Owner Trust Series 2010-3 | 4.200% | 2/15/17 | AAA | 1,589,015 | |||||||||||||||
3,612 | Fosse Master Issuer PLC, Residential Mortgage Pool, Series 2011-1A | 1.725% | 10/19/54 | AAA | 3,662,074 | |||||||||||||||
473 | Freddie Mac Gold Pool 780456 | 2.347% | 5/01/33 | Aaa | 499,078 | |||||||||||||||
1,060 | Freddie Mac Gold Pool 780911 | 2.412% | 10/01/33 | Aaa | 1,130,636 | |||||||||||||||
1,153 | Freddie Mac Gold Pool 781296 | 2.355% | 3/01/34 | Aaa | 1,219,685 | |||||||||||||||
243 | Freddie Mac Gold Pool 786591 | 2.452% | 12/01/26 | Aaa | 261,008 | |||||||||||||||
222 | Freddie Mac Gold Pool 786853 | 2.260% | 10/01/29 | Aaa | 236,216 | |||||||||||||||
224 | Freddie Mac Gold Pool 846946 | 2.325% | 1/01/29 | Aaa | 237,266 | |||||||||||||||
111 | Freddie Mac Gold Pool 847014 | 1.917% | 5/01/30 | Aaa | 113,598 | |||||||||||||||
125 | Freddie Mac Gold Pool 847063 | 2.468% | 10/01/32 | Aaa | 133,179 | |||||||||||||||
1,012 | Freddie Mac Gold Pool 847241 | 2.298% | 10/01/30 | Aaa | 1,078,655 | |||||||||||||||
1,795 | Freddie Mac Gold Pool 847331 | 2.235% | 8/01/32 | Aaa | 1,903,523 | |||||||||||||||
114 | Freddie Mac Gold Pool 847367 | 2.199% | 6/01/31 | Aaa | 120,156 | |||||||||||||||
707 | Freddie Mac Gold Pool 847652 | 2.304% | 9/01/32 | Aaa | 751,351 | |||||||||||||||
2,024 | Freddie Mac Gold Pool 848193 | 2.782% | 3/01/36 | Aaa | 2,159,930 | |||||||||||||||
2,248 | Freddie Mac Gold Pool 848282 | 2.410% | 6/01/38 | Aaa | 2,391,933 | |||||||||||||||
232 | Freddie Mac Gold Pool 972055 | 3.855% | 4/01/30 | Aaa | 247,118 | |||||||||||||||
1,220 | Freddie Mac Mortgage Pool, Various G11618 | 4.500% | 5/01/18 | Aaa | 1,300,579 | |||||||||||||||
313 | Freddie Mac Mortgage Pool, Various M30035 | 4.500% | 4/01/22 | Aaa | 329,426 | |||||||||||||||
1,611 | Freddie Mac Multi-Class Certificates 3780 FE | 0.609% | 12/15/20 | Aaa | 1,620,753 | |||||||||||||||
723 | Freddie Mac Non Gold Participation Certificates 1L1462 | 2.291% | 8/01/36 | Aaa | 762,943 | |||||||||||||||
1,840 | General Electric Capital Credit Card Master Note Trust Series 2010-3 | 2.210% | 6/15/16 | Aaa | 1,855,167 | |||||||||||||||
6,998 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2001-ALF | 2.716% | 2/12/21 | AAA | 7,110,511 | |||||||||||||||
5,000 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2011-GC3 | 3.645% | 3/11/44 | Aaa | 5,386,885 | |||||||||||||||
7,000 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10, (3) | 5.791% | 8/10/45 | A1 | 8,070,342 | |||||||||||||||
5,404 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.679% | 8/12/43 | Aaa | 5,845,984 | |||||||||||||||
2,130 | Goldman Sachs Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2011-GC5 | 2.999% | 8/10/44 | Aaa | 2,275,666 | |||||||||||||||
1,848 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR1 | 3.176% | 1/25/35 | CC | 418,759 | |||||||||||||||
824 | Government National Mortgage Association, Guaranteed REMIC Pass Through Securities and MX Securities Trust | 4.500% | 5/16/38 | Aaa | 858,523 | |||||||||||||||
125 | Government National Mortgage Association Pool 8006 | 1.750% | 7/20/22 | Aaa | 130,018 | |||||||||||||||
21 | Government National Mortgage Association Pool 80106 | 1.750% | 8/20/27 | Aaa | 22,090 | |||||||||||||||
33 | Government National Mortgage Association Pool 80154 | 1.625% | 1/20/28 | Aaa | 34,572 | |||||||||||||||
89 | Government National Mortgage Association Pool 80283 | 1.750% | 5/20/29 | Aaa | 93,409 | |||||||||||||||
172 | Government National Mortgage Association Pool 80469 | 1.625% | 11/20/30 | Aaa | 176,961 | |||||||||||||||
50 | Government National Mortgage Association Pool 80507 | 1.750% | 4/20/31 | Aaa | 52,168 | |||||||||||||||
193 | Government National Mortgage Association Pool 80535 | 1.750% | 8/20/31 | Aaa | 201,048 | |||||||||||||||
42 | Government National Mortgage Association Pool 80580 | 1.625% | 2/20/32 | Aaa | 43,152 |
86 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 75 | Government National Mortgage Association Pool 8699 | 1.750% | 9/20/25 | Aaa | $ | 77,511 | |||||||||||||
91 | Government National Mortgage Association Pool 8824 | 2.000% | 8/20/21 | Aaa | 94,721 | |||||||||||||||
59 | Government National Mortgage Association Pool 8847 | 1.750% | 4/20/26 | Aaa | 62,113 | |||||||||||||||
4,250 | GraceChurch Card PLC. Series 2012-1A. | 0.909% | 2/15/17 | AAA | 4,288,896 | |||||||||||||||
4,500 | GraceChurch Mortgage Financing PLC, Series 2011-1A | 1.862% | 11/20/56 | AAA | 4,589,060 | |||||||||||||||
166 | Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2005-GG5 | 5.117% | 4/10/37 | AAA | 166,005 | |||||||||||||||
1,932 | Hertz Vehicle Financing LLC Series 2009 | 4.260% | 3/25/14 | Aaa | 1,942,245 | |||||||||||||||
3,750 | Holmes Master Issuer PLC, Residential Mortgage Pool, Series 2012-1A, 144A | 1.990% | 10/15/54 | AAA | 3,839,344 | |||||||||||||||
1,000 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2012-T2 | 1.340% | 10/15/43 | AAA | 1,002,500 | |||||||||||||||
500 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2012-T2 | 4.940% | 10/15/45 | BBB | 506,500 | |||||||||||||||
571 | Hyundai Auto Receivables Trust 2012-B | 0.293% | 7/15/13 | A-1+ | 570,762 | |||||||||||||||
968 | IMC Home Mortgage Company, Home Equity Loan Pass-Through Certificates, Series 1998-3 | 7.220% | 8/20/29 | AA– | 895,267 | |||||||||||||||
357 | IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1 | 2.680% | 3/25/35 | BBB+ | 333,619 | |||||||||||||||
4,078 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.853% | 6/15/43 | Aaa | 4,333,091 | |||||||||||||||
3,494 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1 | 2.749% | 11/15/43 | AAA | 3,656,024 | |||||||||||||||
5,940 | JPMorgan Chase Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C4 | 1.525% | 7/17/46 | AAA | 6,015,139 | |||||||||||||||
2,758 | Merrill Lynch Mortgage Investors Inc., C-BASS Mortgage Loan Asset Backed Certificates Series 2004-CB8 | 4.658% | 12/25/31 | AAA | 2,839,406 | |||||||||||||||
1,269 | Merrill Lynch Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C1 A2 | 5.683% | 5/12/39 | AAA | 1,275,866 | |||||||||||||||
975 | Morgan Stanley ABS Capital I Inc., Mortgage Pass-Through Certificates, Series 2007-NC2 | 0.320% | 2/25/37 | B3 | 851,296 | |||||||||||||||
1,248 | Morgan Stanley Capital I Inc Trust, Mortgage Pass-Through Certificates, Series 2006-NC2 | 0.390% | 2/25/36 | B– | 1,179,097 | |||||||||||||||
3,373 | Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C1 | 2.602% | 9/15/47 | AAA | 3,473,666 | |||||||||||||||
249 | Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates, Series 2004-13 | 8.000% | 1/25/35 | B– | 257,195 | |||||||||||||||
1,685 | Mortgage Asset Securitization Transaction Inc., Adjustable Rate Mortgage Pass-Through Certificates, Series 2003-5 | 2.326% | 11/25/33 | AAA | 1,575,142 | |||||||||||||||
2,371 | Mortgage Equity Conversion Asset Trust 2010-1A | 4.000% | 7/25/60 | AA | 2,276,198 | |||||||||||||||
5,000 | Motel 6 Trust 2012-MTL6 | 1.948% | 10/07/25 | AAA | 5,037,360 | |||||||||||||||
2,000 | Motor Plc 12A A1C | 1.286% | 2/25/20 | Aaa | 2,005,666 | |||||||||||||||
1,312 | National Credit Union Administration, Guaranteed Notes Series 2011-R1 | 0.663% | 1/08/20 | Aaa | 1,312,744 | |||||||||||||||
1,042 | National Credit Union Administration Guaranteed Structured Collateral Notes | 2.900% | 10/29/20 | Aaa | 1,110,737 | |||||||||||||||
1,481 | National Credit Union Administration, Guaranteed Notes, Series 2010-R1 | 1.840% | 10/07/20 | Aaa | 1,505,416 | |||||||||||||||
1,871 | Newcastle Investment Trust, Manufactured Housing Contracts and Loans, Series 2010-MH1 | 4.500% | 7/10/35 | AAA | 1,909,570 | |||||||||||||||
2,840 | Newcastle Investment Trust, Manufactured Housing Loans, Series 2011-MH1 | 2.450% | 12/10/33 | AAA | 2,908,282 | |||||||||||||||
4,100 | Nissan Auto Lease Trust, Series 2011-B | 0.920% | 2/16/15 | Aaa | 4,116,519 |
Nuveen Investments | 87 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
$ | 5,140 | Park Place Securities Inc., Asset Backed Pass-Through Certificates Series 2005- WCH1 | 0.730% | 2/25/35 | AA | $ | 5,038,965 | |||||||||||||
264 | PSE&G Transition Funding LLC Bonds, Series 2001-1 | 6.610% | 6/15/15 | AAA | 269,024 | |||||||||||||||
503 | RBSSP Resecuritization Trust 2009-10 | 0.310% | 3/26/37 | N/R | 502,397 | |||||||||||||||
49 | RBSSP Resecuritization Trust 2009-8 | 0.350% | 3/26/37 | Aaa | 48,575 | |||||||||||||||
1,970 | RBSSP Resecuritization Trust 2010-10 | 0.340% | 9/26/36 | N/R | 1,728,723 | |||||||||||||||
4,973 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.370% | 10/28/36 | N/R | 4,487,010 | |||||||||||||||
11 | Rialto Real Estate, Multipurpose Mortgage Loan Backed Pool, Series 2012 LT1A | 4.750% | 2/15/25 | Baa3 | 10,523 | |||||||||||||||
4,750 | Santander Drive Auto Receivables Trust, Series 2011-1 | 1.280% | 1/15/15 | Aaa | 4,764,459 | |||||||||||||||
488 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-1 | 2.700% | 2/20/47 | CCC | 418,699 | |||||||||||||||
2,500 | SMA Issuer LLC 2012-LV1 | 3.500% | 8/20/25 | Baa3 | 2,514,585 | |||||||||||||||
5,548 | SMART Trust, Asset Backed Securities, Series 2011-1USA | 1.059% | 10/14/14 | Aaa | 5,559,929 | |||||||||||||||
3,680 | Springleaf Mortgage Loan Trust 2011-1 | 4.050% | 1/25/58 | AAA | 3,788,344 | |||||||||||||||
2,884 | Springleaf Mortgage Loan Trust, Series 2012-3 A | 1.570% | 12/25/59 | AAA | 2,899,916 | |||||||||||||||
5,423 | Stanwich Mortgage Loan Trust, Series 2012-NPL5 | 2.981% | 10/16/42 | N/R | 5,431,497 | |||||||||||||||
169 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11 | 2.758% | 8/25/34 | Ba3 | 167,629 | |||||||||||||||
906 | Thornburg Mortgage Securities Trust, Mortgage Loan Pass-Through Certificates, Series 2007-4 | 6.107% | 9/25/37 | BBB+ | 927,029 | |||||||||||||||
757 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates Series 2005-P10A | 4.638% | 2/10/15 | Aaa | 800,554 | |||||||||||||||
1,696 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2005-10B | 4.940% | 8/10/15 | Aaa | 1,787,513 | |||||||||||||||
505 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2006-10A | 5.408% | 2/10/16 | Aaa | 536,192 | |||||||||||||||
287 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2007-10A | 5.459% | 2/10/17 | Aaa | 315,521 | |||||||||||||||
4,669 | UBS-Barclays Commercial Mortgage Trust 2012-C2 | 1.006% | 5/11/63 | Aaa | 4,708,645 | |||||||||||||||
4,402 | Vornado DP LLC Commercial Mortgage Credit Tenant Lease Series 2010-VNO | 2.970% | 9/14/28 | AAA | 4,677,859 | |||||||||||||||
2,112 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.289% | 6/15/20 | Aaa | 2,078,022 | |||||||||||||||
4,697 | Walter Investment Management Company Capital Trust, Series 2012-AA | 4.549% | 10/16/50 | BBB | 4,695,740 | |||||||||||||||
732 | Washington Mutual Mortgage Securities Corporation. Mortgage Pass-Through Certificates, Series 2005-AR14 | 2.531% | 12/25/35 | BBB | 730,232 | |||||||||||||||
878 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-through Certificate Series 2007-2 | 5.750% | 3/25/37 | Caa1 | 818,791 | |||||||||||||||
164 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2006-3 | 5.500% | 3/25/36 | B2 | 165,587 | |||||||||||||||
1,378 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2006-AR14 | 2.636% | 10/25/36 | Caa2 | 1,161,724 | |||||||||||||||
36 | Wells Fargo Mortgage Backed Securities, 2005-AR16 Class 3A2 | 2.663% | 10/25/35 | BBB– | 35,961 | |||||||||||||||
5,359 | Wells Fargo-RBS Commercial Mortgage Trust Series 2012-C9 | 0.673% | 11/17/45 | Aaa | 5,358,496 | |||||||||||||||
3,432 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 1.988% | 3/17/44 | Aaa | 3,506,479 | |||||||||||||||
3,334 | WF-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C2 | 2.501% | 2/18/44 | Aaa | 3,417,631 | |||||||||||||||
950 | World Omni Auto Receivables Trust, Series 2010-A | 2.210% | 5/15/15 | AAA | 958,929 | |||||||||||||||
$ | 361,299 | Total Asset-Backed and Mortgage-Backed Securities (cost $360,580,610) |
| 366,101,566 |
88 | Nuveen Investments |
Principal Amount (000) (5) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 1.5% | ||||||||||||||||||||
Canada – 1.0% | ||||||||||||||||||||
8,000 CAD | Province of Ontario | 3.250% | 9/08/14 | Aa2 | $ | 8,303,046 | ||||||||||||||
Mexico – 0.5% | ||||||||||||||||||||
510 MXN | United Mexican States | 9.500% | 12/18/14 | A– | 4,294,423 | |||||||||||||||
Total Sovereign Debt (cost $13,034,217) | 12,597,469 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
STRUCTURED NOTES – 0.2% | ||||||||||||||||||||
$ | 1,750 | FDIC Structured Sales Guaranteed Notes, Series 2010-L1A | 0.000% | 10/25/13 | Aaa | $ | 1,746,693 | |||||||||||||
$ | 1,750 | Total Structured Notes (cost $1,719,335) | 1,746,693 | |||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 5.2% |
| |||||||||||||||||||
Money Market Funds – 5.2% | ||||||||||||||||||||
44,787,611 | Mount Vernon Securities Lending Prime Portfolio, 0.267% (6), (7) | $ | 44,787,611 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $44,787,611) |
| 44,787,611 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 1.6% | ||||||||||||||||||||
Money Market Funds – 1.4% | ||||||||||||||||||||
11,794,970 | First American Treasury Obligations Fund, Class Z | 0.000% | (6) | N/A | N/A | $ | 11,794,970 | |||||||||||||
U.S. Government and Agency Obligations – 0.2% |
| |||||||||||||||||||
475 | U.S. Treasury Bills | 0.038% | 2/07/13 | Aaa | 474,986 | |||||||||||||||
1,185 | U.S. Treasury Bills | 0.033% | 3/07/13 | Aaa | 1,184,931 | |||||||||||||||
$ | 1,660 | Total U.S. Government and Agency Obligations |
| 1,659,917 | ||||||||||||||||
Total Short-Term Investments (cost $13,454,552) |
| 13,454,887 | ||||||||||||||||||
Total Investments (cost $892,695,433) – 105.3% |
| 909,981,567 | ||||||||||||||||||
Other Assets Less Liabilities – (5.3)% | (45,480,896) | |||||||||||||||||||
Net Assets – 100% | $ | 864,500,671 |
Investments in Derivatives as of December 31, 2012
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Short | (88 | ) | 3/13 | $ | (19,401,250 | ) | $ | (6,985 | ) | ||||||||||
U.S. Treasury 5-Year Note | Short | (379 | ) | 3/13 | (47,152,930 | ) | 44,367 | |||||||||||||
U.S. Treasury 10-Year Note | Short | (162 | ) | 3/13 | (21,510,563 | ) | 54,259 | |||||||||||||
$ | (88,064,743 | ) | $ | 91,641 |
Nuveen Investments | 89 |
Portfolio of Investments (Unaudited)
Nuveen Short Term Bond Fund (continued)
December 31, 2012
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) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $43,750,685. |
(4) | 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. |
(5) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
(6) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(7) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
I/O | Interest only security. |
MDR | Denotes investment is subject to dollar roll transactions. |
N/A | Not applicable. |
N/R | Not rated. |
P/O | Principal only security. |
TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
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. |
CAD | Canadian Dollar |
MXN | Mexican Peso |
See accompanying notes to financial statements.
90 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund
December 31, 2012
Shares | Description (1) | Value | ||||||||||||||||||
COMMON STOCKS – 0.0% | ||||||||||||||||||||
Building Products – 0.0% | ||||||||||||||||||||
50 | Dayton Superior Class A, (2), (15) | $ | 2,839 | |||||||||||||||||
55 | Dayton Superior Class 1, (2), (15) | 3,154 | ||||||||||||||||||
Total Common Stocks (cost $20,079) | 5,993 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (3) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 4.3% | ||||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||
1,000,000 | Dresdner Funding Trust I, 144A, (5) | 8.151% | Ba2 | $ | 980,500 | |||||||||||||||
47,500 | Goldman Sachs Group Inc., (4), (5) | 1.063% | BB+ | 982,775 | ||||||||||||||||
Total Capital Markets | 1,963,275 | |||||||||||||||||||
Commercial Banks – 1.3% | ||||||||||||||||||||
1,330,000 | Barclays Bank PLC, (5) | 4.750% | BBB | 1,338,602 | ||||||||||||||||
118,392 | PNC Financial Services | 6.125% | BBB | 3,280,642 | ||||||||||||||||
1,500,000 | RBS Capital Trust, (4), (5) | 5.512% | BB | 1,177,500 | ||||||||||||||||
75,250 | Regions Financial Corporation | 6.375% | BB | 1,859,428 | ||||||||||||||||
14,000 | Royal Bank of Scotland Group PLC, Series L | 5.750% | BB | 309,680 | ||||||||||||||||
Total Commercial Banks | 7,965,852 | |||||||||||||||||||
Consumer Finance – 0.4% | ||||||||||||||||||||
750 | Ally Financial Inc., (5) | 7.000% | B3 | 736,617 | ||||||||||||||||
83,000 | Discover Financial Services, (5) | 6.500% | BB | 2,095,750 | ||||||||||||||||
Total Consumer Finance | 2,832,367 | |||||||||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||||||||
28,000 | Citigroup Capital Trust XI | 6.000% | BB | 695,800 | ||||||||||||||||
1,500,000 | Citigroup Inc., (5) | 5.950% | BB | 1,518,750 | ||||||||||||||||
Total Diversified Financial Services | 2,214,550 | |||||||||||||||||||
Insurance – 1.8% | ||||||||||||||||||||
84,500 | Aspen Insurance Holdings Limited | 7.401% | BBB– | 2,218,125 | ||||||||||||||||
73,140 | Endurance Specialty Holdings Limited | 7.500% | BBB– | 1,949,912 | ||||||||||||||||
100,000 | Hartford Financial Services Group Inc. | 7.875% | BB+ | 2,871,000 | ||||||||||||||||
1,705,000 | Liberty Mutual Group, 144A, (5) | 7.000% | Baa3 | 1,694,344 | ||||||||||||||||
100,000 | Reinsurance Group of America Inc. | 6.200% | BBB | 2,711,000 | ||||||||||||||||
Total Insurance | 11,444,381 | |||||||||||||||||||
IT Services – 0.1% | ||||||||||||||||||||
575,000 | Zayo Escrow Corporation, (5) | 8.125% | B1 | 639,688 | ||||||||||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||||||||||||
217,000 | Federal National Mortgage Association | 4.536% | Ca | 362,390 | ||||||||||||||||
Total $25 Par (or similar) Preferred Securities (cost $30,474,629) | 27,422,503 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 70.0% | ||||||||||||||||||||
Aerospace & Defense – 0.5% | ||||||||||||||||||||
$ | 2,140 | Exelis, Inc. | 5.550% | 10/01/21 | BBB+ | $ | 2,335,386 | |||||||||||||
950 | Huntington Ingalls Industries Inc. | 7.125% | 3/15/21 | BB | 1,033,125 | |||||||||||||||
3,090 | Total Aerospace & Defense | 3,368,511 |
Nuveen Investments | 91 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Airlines – 1.4% | ||||||||||||||||||||
$ | 955 | Air Canada, 144A, (4) | 9.250% | 8/01/15 | B+ | $ | 997,975 | |||||||||||||
1,110 | American West Airlines Pass-Through Certificates, Series 2001-1 | 8.057% | 1/02/22 | BBB | 1,189,955 | |||||||||||||||
1,760 | Delta Air Lines Pass-Through Certificates Series 2012-1A | 4.750% | 5/07/20 | A– | 1,883,200 | |||||||||||||||
975 | Delta Air Lines Pass-Through Certificates, Series 2012-1B | 6.875% | 5/07/19 | BB | 1,015,219 | |||||||||||||||
995 | Northwest Airlines Trust Pass-Through Certificates 2007-1 | 7.027% | 11/01/19 | BBB | 1,106,115 | |||||||||||||||
2,274 | United Airlines Pass-Through Trust, Series 2007 | 6.636% | 1/02/24 | Baa3 | 2,444,825 | |||||||||||||||
8,069 | Total Airlines | 8,637,289 | ||||||||||||||||||
Auto Components – 0.6% | ||||||||||||||||||||
1,105 | American & Axle Manufacturing Inc., (4) | 6.625% | 10/15/22 | B | 1,121,575 | |||||||||||||||
1,210 | Dana Holding Corporation | 6.500% | 2/15/19 | BB | 1,291,675 | |||||||||||||||
1,250 | Pittsburgh Glass Works LLC, 144A | 8.500% | 4/15/16 | B+ | 1,150,000 | |||||||||||||||
3,565 | Total Auto Components | 3,563,250 | ||||||||||||||||||
Automobiles – 0.3% | ||||||||||||||||||||
1,775 | Chrysler GP/CG Company | 8.000% | 6/15/19 | B | 1,934,750 | |||||||||||||||
Beverages – 0.8% | ||||||||||||||||||||
1,560 | Pernod-Ricard SA, 144A | 5.750% | 4/07/21 | BBB– | 1,865,958 | |||||||||||||||
3,280 | SABMiller Holdings Inc., 144A | 3.750% | 1/15/22 | BBB+ | 3,541,846 | |||||||||||||||
4,840 | Total Beverages | 5,407,804 | ||||||||||||||||||
Biotechnology – 0.6% | ||||||||||||||||||||
1,845 | Sinopec Group Overseas Development 2012, 144A | 3.900% | 5/17/22 | Aa3 | 1,992,895 | |||||||||||||||
1,795 | STHI Holding Corporation, 144A | 8.000% | 3/15/18 | B | 1,943,088 | |||||||||||||||
3,640 | Total Biotechnology | 3,935,983 | ||||||||||||||||||
Building Products – 1.0% | ||||||||||||||||||||
2,000 | Nortek Inc. | 8.500% | 4/15/21 | B | 2,220,000 | |||||||||||||||
1,490 | Owens Corning Incorporated | 4.200% | 12/15/22 | BBB– | 1,515,308 | |||||||||||||||
1,250 | Roofing Supply Group LLC Finance, 144A, (4) | 10.000% | 6/01/20 | B3 | 1,400,000 | |||||||||||||||
1,000 | USG Corporation | 9.750% | 1/15/18 | B– | 1,132,500 | |||||||||||||||
5,740 | Total Building Products | 6,267,808 | ||||||||||||||||||
Capital Markets – 4.4% | ||||||||||||||||||||
8,030 | Goldman Sachs Group, Inc. | 6.000% | 6/15/20 | A | 9,541,342 | |||||||||||||||
1,890 | Goldman Sachs Group, Inc. | 5.250% | 7/27/21 | A | 2,154,555 | |||||||||||||||
8,950 | Morgan Stanley, (4) | 4.875% | 11/01/22 | BBB+ | 9,266,776 | |||||||||||||||
4,625 | Morgan Stanley | 6.625% | 4/01/18 | A | 5,450,909 | |||||||||||||||
1,410 | UBS AG Stamford | 4.875% | 8/04/20 | A | 1,638,378 | |||||||||||||||
24,905 | Total Capital Markets | 28,051,960 | ||||||||||||||||||
Chemicals – 2.3% | ||||||||||||||||||||
1,625 | Braskem Finance Limited, 144A, (4) | 5.750% | 4/15/21 | BBB– | 1,710,313 | |||||||||||||||
3,355 | Eastman Chemical Company, (4) | 3.600% | 8/15/22 | BBB | 3,513,769 | |||||||||||||||
1,000 | Hexion US Finance Corporation | 8.875% | 2/01/18 | B3 | 1,027,500 | |||||||||||||||
1,915 | Incitec Pivot Finance, 144A | 6.000% | 12/10/19 | BBB | 2,195,337 | |||||||||||||||
1,285 | Ineos Finance PLC, 144A | 7.500% | 5/01/20 | B+ | 1,346,038 | |||||||||||||||
1,000 | Mexichem SAB de CV, 144A | 4.875% | 9/19/22 | BBB– | 1,077,500 | |||||||||||||||
1,175 | Omonva Solutions Inc. | 7.875% | 11/01/18 | B2 | 1,211,719 | |||||||||||||||
225 | Rhodia SA, 144A | 6.875% | 9/15/20 | BBB+ | 253,603 | |||||||||||||||
750 | Sinochem Overseas Capital Limited | 4.500% | 11/12/20 | Baa1 | 806,663 |
92 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Chemicals (continued) | ||||||||||||||||||||
$ | 925 | Taminco Global Chemical Corporation, 144A | 9.750% | 3/31/20 | B– | $ | 1,012,875 | |||||||||||||
665 | Tronox Finance LLC, 144A | 6.375% | 8/15/20 | BB– | 671,650 | |||||||||||||||
13,920 | Total Chemicals | 14,826,967 | ||||||||||||||||||
Commercial Banks – 2.8% | ||||||||||||||||||||
1,330 | Banco Bradesco S.A. Grand Cayman, 144A | 4.125% | 5/16/16 | Baa1 | 1,402,485 | |||||||||||||||
2,000 | Bancolombia SA | 5.950% | 6/03/21 | Baa2 | 2,310,000 | |||||||||||||||
1,000 | BBVA Bancomer SA Texas, 144A | 4.500% | 3/10/16 | A2 | 1,062,500 | |||||||||||||||
2,360 | HSBC Holdings PLC | 6.800% | 6/01/38 | A+ | 3,018,121 | |||||||||||||||
1,230 | ING Bank NV, 144A | 3.750% | 3/07/17 | A+ | 1,307,207 | |||||||||||||||
1,465 | Rabobank Nederland | 3.875% | 2/08/22 | Aa2 | 1,576,522 | |||||||||||||||
1,630 | Royal Bank of Scotland | 6.125% | 12/15/22 | BBB– | 1,720,436 | |||||||||||||||
2,120 | Russian Agricultural Bank, 144A | 7.750% | 5/29/18 | Baa1 | 2,525,450 | |||||||||||||||
1,425 | Sovereign Bank | 8.750% | 5/30/18 | Baa2 | 1,677,908 | |||||||||||||||
1,000 | VTB Bank Capital SA, 144A | 6.000% | 4/12/17 | BBB+ | 1,081,000 | |||||||||||||||
15,560 | Total Commercial Banks | 17,681,629 | ||||||||||||||||||
Commercial Services & Supplies – 1.8% | ||||||||||||||||||||
1,355 | 313 Group Incorporated, 144A | 6.375% | 12/01/19 | B1 | 1,343,144 | |||||||||||||||
1,000 | Casella Waste Systems Inc. | 7.750% | 2/15/19 | B– | 950,000 | |||||||||||||||
1,340 | Ceridian Corporation, 144A, (4) | 8.875% | 7/15/19 | B1 | 1,453,900 | |||||||||||||||
1,450 | Clean Harbors Inc., (4) | 5.250% | 8/01/20 | BB+ | 1,511,625 | |||||||||||||||
1,000 | Covanta Energy Corporation, Synthetic Letter of Credit | 6.375% | 10/01/22 | BB | 1,085,969 | |||||||||||||||
1,000 | R.R. Donnelley & Son Company, (4) | 7.625% | 6/15/20 | BB | 960,000 | |||||||||||||||
750 | GDR Holding II Corporation, 144A | 10.750% | 6/01/19 | B | 751,875 | |||||||||||||||
3,450 | International Lease Finance Corporation | 5.875% | 4/01/19 | BBB– | 3,636,297 | |||||||||||||||
11,345 | Total Commercial Services & Supplies | 11,692,810 | ||||||||||||||||||
Communications Equipment – 0.6% | ||||||||||||||||||||
1,150 | Goodman Networks Inc., 144A | 12.125% | 7/01/18 | B | 1,259,250 | |||||||||||||||
1,300 | IntelSat Jackson Holdings | 7.250% | 4/01/19 | B | 1,397,500 | |||||||||||||||
950 | Nokia Corporation, (4) | 5.375% | 5/15/19 | BB– | 904,875 | |||||||||||||||
3,400 | Total Communications Equipment | 3,561,625 | ||||||||||||||||||
Computers & Peripherals – 0.6% | ||||||||||||||||||||
645 | Hewlett Packard Company, (4) | 4.650% | 12/09/21 | A– | 647,509 | |||||||||||||||
1,125 | NCR Corporation, 144A | 5.000% | 7/15/22 | BB | 1,143,281 | |||||||||||||||
1,620 | Seagate HDD Cayman, (4) | 7.000% | 11/01/21 | BB+ | 1,737,450 | |||||||||||||||
3,390 | Total Computers & Peripherals | 3,528,240 | ||||||||||||||||||
Construction & Engineering – 0.2% | ||||||||||||||||||||
1,100 | Odebrecht Finance Limited, 144A | 5.125% | 6/26/22 | BBB– | 1,193,500 | |||||||||||||||
Construction Materials – 0.3% | ||||||||||||||||||||
450 | Cemex SAB de CV, 144A, (4) | 9.000% | 1/11/18 | B+ | 487,125 | |||||||||||||||
1,150 | China Shanshui Cement Group Limited, 144A, (4) | 10.500% | 4/27/17 | BB– | 1,316,750 | |||||||||||||||
1,600 | Total Construction Materials | 1,803,875 | ||||||||||||||||||
Consumer Finance – 1.4% | ||||||||||||||||||||
1,615 | Capital One Bank | 8.800% | 7/15/19 | Baa1 | 2,186,867 | |||||||||||||||
1,715 | Discover Financial Services | 5.200% | 4/27/22 | BBB | 1,952,896 | |||||||||||||||
1,215 | Ford Motor Credit Company | 6.625% | 8/15/17 | Baa3 | 1,419,686 |
Nuveen Investments | 93 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Consumer Finance (continued) | ||||||||||||||||||||
$ | 1,845 | Ford Motor Credit Company, (4) | 4.250% | 9/20/22 | Baa3 | $ | 1,950,875 | |||||||||||||
1,500 | Nationstar Mortgage LLC Capital Corporation, 144A, (4) | 9.625% | 5/01/19 | B+ | 1,680,000 | |||||||||||||||
7,890 | Total Consumer Finance | 9,190,324 | ||||||||||||||||||
Containers & Packaging – 0.8% | ||||||||||||||||||||
605 | Ardagh Packaging Finance PLC, 144A | 7.375% | 10/15/17 | Ba3 | 657,938 | |||||||||||||||
1,000 | Ardagh Packaging Finance PLC, 144A | 7.375% | 10/15/17 | Ba3 | 1,086,250 | |||||||||||||||
1,350 | Reynolds Group | 7.125% | 4/15/19 | B+ | 1,451,250 | |||||||||||||||
2,000 | Rock-Tenn Company, 144A | 3.500% | 3/01/20 | BBB– | 2,052,788 | |||||||||||||||
4,955 | Total Containers & Packaging | 5,248,226 | ||||||||||||||||||
Diversified Financial Services – 5.9% | ||||||||||||||||||||
2,115 | Bank of America Corporation | 5.750% | 12/01/17 | A | 2,465,233 | |||||||||||||||
7,400 | Bank of America Corporation | 5.875% | 1/05/21 | A | 8,859,879 | |||||||||||||||
2,765 | Citigroup Inc. | 6.125% | 8/25/36 | BBB+ | 3,013,510 | |||||||||||||||
300 | Citigroup Inc. | 6.875% | 3/05/38 | A | 394,937 | |||||||||||||||
805 | CNH Capital LLC | 6.250% | 11/01/16 | BB | 887,513 | |||||||||||||||
2,885 | Countrywide Financial Corporation, Convertible Bond, 144A | 6.250% | 5/15/16 | BBB+ | 3,166,885 | |||||||||||||||
1,000 | General Electric Capital Corporation, (4) | 5.300% | 2/11/21 | AA | 1,160,782 | |||||||||||||||
2,545 | General Electric Capital Corporation | 6.875% | 1/10/39 | AA+ | 3,459,416 | |||||||||||||||
1,280 | JPMorgan Chase & Company | 4.350% | 8/15/21 | A+ | 1,431,343 | |||||||||||||||
8,515 | JPMorgan Chase & Company | 4.500% | 1/24/22 | A+ | 9,632,483 | |||||||||||||||
2,280 | JPMorgan Chase & Company | 6.400% | 5/15/38 | A+ | 3,056,292 | |||||||||||||||
31,890 | Total Diversified Financial Services | 37,528,273 | ||||||||||||||||||
Diversified Telecommunication Services – 1.7% | ||||||||||||||||||||
2,050 | AT&T, Inc. | 5.550% | 8/15/41 | A2 | 2,460,254 | |||||||||||||||
2,780 | Brasil Telecom SA, 144A, (4) | 5.750% | 2/10/22 | BBB | 2,898,150 | |||||||||||||||
1,130 | CyrusOne LP Finance, 144A | 6.375% | 11/15/22 | B+ | 1,178,025 | |||||||||||||||
1,355 | Frontier Communications Corporation, (4) | 8.500% | 4/15/20 | BB+ | 1,558,250 | |||||||||||||||
2,360 | Qwest Corporation | 6.750% | 12/01/21 | BBB– | 2,765,842 | |||||||||||||||
9,675 | Total Diversified Telecommunication Services | 10,860,521 | ||||||||||||||||||
Electric Utilities – 2.2% | ||||||||||||||||||||
2,030 | APT Pipelines Limited, 144A, (4) | 3.875% | 10/11/22 | BBB | 2,021,569 | |||||||||||||||
1,485 | Comision Federal de Electricidad of the United States of Mexcio, 144A | 4.875% | 5/26/21 | Baa1 | 1,681,763 | |||||||||||||||
1,150 | Energy Future Intermediate Holding Company LLC, (4) | 10.000% | 12/01/20 | B | 1,296,625 | |||||||||||||||
3,145 | Exelon Generation Co. LLC, 144A | 4.250% | 6/15/22 | Baa1 | 3,270,118 | |||||||||||||||
2,230 | FirstEnergy Solutions Corporation | 6.050% | 8/15/21 | BBB | 2,552,275 | |||||||||||||||
2,630 | MidAmerican Energy Holdings Company | 6.125% | 4/01/36 | BBB+ | 3,319,957 | |||||||||||||||
12,670 | Total Electric Utilities | 14,142,307 | ||||||||||||||||||
Electronic Equipment & Instruments – 0.3% | ||||||||||||||||||||
845 | Avnet Inc. | 5.875% | 6/15/20 | BBB– | 920,845 | |||||||||||||||
1,090 | Ingram Micro Inc. | 5.250% | 9/01/17 | BBB– | 1,183,733 | |||||||||||||||
1,935 | Total Electronic Equipment & Instruments | 2,104,578 | ||||||||||||||||||
Energy Equipment & Services – 2.2% | ||||||||||||||||||||
1,985 | Diamond Offshore Drilling Inc. | 5.700% | 10/15/39 | A– | 2,546,487 | |||||||||||||||
325 | Ensco PLC | 4.700% | 3/15/21 | BBB+ | 365,741 | |||||||||||||||
1,590 | Nabors Industries Inc., (4) | 5.000% | 9/15/20 | BBB | 1,727,756 |
94 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||||||||
$ | 750 | NGPL PipeCo LLC | 7.119% | 12/15/17 | Ba3 | $ | 817,500 | |||||||||||||
1,195 | Offshore Group Investment Limited, 144A | 7.500% | 11/01/19 | B– | 1,206,950 | |||||||||||||||
1,380 | Precision Drilling Corporation, (4) | 6.500% | 12/15/21 | Ba1 | 1,469,700 | |||||||||||||||
1,100 | Seadrill Limited, 144A | 5.625% | 9/15/17 | N/R | 1,091,750 | |||||||||||||||
1,000 | Transocean Inc. | 6.375% | 12/15/21 | BBB– | 1,215,308 | |||||||||||||||
1,800 | Transocean Inc. | 3.800% | 10/15/22 | BBB– | 1,844,878 | |||||||||||||||
1,385 | Weatherford International Limited | 7.000% | 3/15/38 | Baa2 | 1,598,678 | |||||||||||||||
12,510 | Total Energy Equipment & Services | 13,884,748 | ||||||||||||||||||
Food & Staples Retailing – 0.1% | ||||||||||||||||||||
750 | Supervalu Inc., (4) | 8.000% | 5/01/16 | B– | 714,375 | |||||||||||||||
Food Products – 1.0% | ||||||||||||||||||||
1,300 | BRF Brasil Foods SA, 144A, (4) | 5.875% | 6/06/22 | BBB– | 1,433,250 | |||||||||||||||
1,105 | JBS USA LLC | 7.250% | 6/01/21 | BB | 1,107,763 | |||||||||||||||
700 | MHP SA, 144A | 10.250% | 4/29/15 | B | 736,750 | |||||||||||||||
1,250 | Mriya Agro Holding PLC, 144A | 10.950% | 3/30/16 | B | 1,268,750 | |||||||||||||||
1,790 | Tyson Foods | 4.500% | 6/15/22 | BBB | 1,937,704 | |||||||||||||||
6,145 | Total Food Products | 6,484,217 | ||||||||||||||||||
Gas Utilities – 0.4% | ||||||||||||||||||||
1,032 | AmeriGas Finance LLC, (4) | 6.750% | 5/20/20 | Ba2 | 1,132,620 | |||||||||||||||
25 | Ferrellgas LP | 6.500% | 5/01/21 | B2 | 24,750 | |||||||||||||||
1,050 | Suburban Propane Partners LP | 7.500% | 10/01/18 | BB– | 1,131,375 | |||||||||||||||
2,107 | Total Gas Utilities | 2,288,745 | ||||||||||||||||||
Health Care Equipment & Supplies – 0.2% | ||||||||||||||||||||
1,005 | Biomet Inc., 144A | 6.500% | 8/01/20 | B– | 1,067,813 | |||||||||||||||
Health Care Providers & Services – 1.4% | ||||||||||||||||||||
1,440 | Amsurg Corporation, 144A | 5.625% | 11/30/20 | Ba3 | 1,497,600 | |||||||||||||||
1,390 | Community Health Systems, Inc. | 8.000% | 11/15/19 | B | 1,504,675 | |||||||||||||||
1,225 | HCA Holdings Inc., (4) | 7.750% | 5/15/21 | B– | 1,329,125 | |||||||||||||||
1,600 | Kindred Healthcare Inc., Term Loan, (4) | 8.250% | 6/01/19 | B– | 1,556,000 | |||||||||||||||
1,000 | Tenet Healthcare Corporation, 144A | 6.750% | 2/01/20 | B– | 1,030,000 | |||||||||||||||
1,575 | UnitedHealth Group Incorporated | 6.875% | 2/15/38 | A | 2,162,708 | |||||||||||||||
8,230 | Total Health Care Providers & Services | 9,080,108 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 0.7% | ||||||||||||||||||||
1,000 | Graton Economic Development Authority, 144A | 9.625% | 9/01/19 | B | 1,071,250 | |||||||||||||||
775 | Shearer’s Foods LLC, 144A | 9.000% | 11/01/19 | B | 813,750 | |||||||||||||||
2,300 | Wyndham Worldwide Corporation | 5.750% | 2/01/18 | BBB– | 2,570,972 | |||||||||||||||
4,075 | Total Hotels, Restaurants & Leisure | 4,455,972 | ||||||||||||||||||
Household Durables – 0.6% | ||||||||||||||||||||
1,250 | Beazer Homes USA, Inc. | 6.875% | 7/15/15 | CCC+ | 1,253,125 | |||||||||||||||
500 | Beazer Homes USA, Inc., (4) | 9.125% | 6/15/18 | CCC+ | 521,250 | |||||||||||||||
1,000 | K. Hovnanian Enterprises Inc., 144A, (4) | 9.125% | 11/15/20 | Caa2 | 1,060,000 | |||||||||||||||
155 | MDC Holdings Inc. | 5.625% | 2/01/20 | Baa3 | 169,289 | |||||||||||||||
1,000 | Taylor Morrison Monarch Communities | 7.750% | 4/15/20 | BB– | 1,060,000 | |||||||||||||||
3,905 | Total Household Durables | 4,063,664 |
Nuveen Investments | 95 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Independent Power Producers & Energy Traders – 0.8% | ||||||||||||||||||||
$ | 2,010 | Constellation Energy Group | 5.150% | 12/01/20 | BBB+ | $ | 2,297,671 | |||||||||||||
1,464 | GenOn Energy | 9.500% | 10/15/18 | B | 1,727,520 | |||||||||||||||
1,200 | NRG Energy Inc. | 7.875% | 5/15/21 | BB | 1,332,000 | |||||||||||||||
4,674 | Total Independent Power Producers & Energy Traders | 5,357,191 | ||||||||||||||||||
Insurance – 2.6% | ||||||||||||||||||||
2,475 | AFLAC Insurance | 6.450% | 8/15/40 | A– | 3,130,058 | |||||||||||||||
2,510 | Allied World Assurance Holdings Limited | 7.500% | 8/01/16 | A– | 2,965,613 | |||||||||||||||
2,645 | Hartford Financial Services Group Inc. | 6.000% | 1/15/19 | BBB | 3,080,547 | |||||||||||||||
1,370 | Liberty Mutual Group Inc., 144A | 4.950% | 5/01/22 | Baa2 | 1,493,145 | |||||||||||||||
1,055 | Lincoln National Corporation | 8.750% | 7/01/19 | A– | 1,410,847 | |||||||||||||||
1,498 | Lincoln National Corporation | 4.200% | 3/15/22 | A– | 1,607,117 | |||||||||||||||
840 | Pacific LifeCorp. | 6.000% | 2/10/20 | BBB+ | 937,666 | |||||||||||||||
1,830 | UnumProvident Corporation, (4) | 5.625% | 9/15/20 | BBB | 2,090,921 | |||||||||||||||
14,223 | Total Insurance | 16,715,914 | ||||||||||||||||||
IT Services – 0.6% | ||||||||||||||||||||
2,395 | Computer Sciences Corporation, (4) | 4.450% | 9/15/22 | BBB | 2,501,211 | |||||||||||||||
1,400 | First Data Corporation, (4) | 6.750% | 11/01/20 | BB– | 1,414,000 | |||||||||||||||
150 | First Data Corporation, (4) | 8.750% | 1/15/22 | B– | 153,375 | |||||||||||||||
3,945 | Total IT Services | 4,068,586 | ||||||||||||||||||
Machinery – 0.3% | ||||||||||||||||||||
1,640 | Terex Corporation, (4) | 6.000% | 5/15/21 | B+ | 1,726,100 | |||||||||||||||
Marine – 0.4% | ||||||||||||||||||||
1,500 | OSX Leasing BV, 144A | 9.250% | 3/20/15 | N/R | 1,546,875 | |||||||||||||||
1,360 | Navios Maritime Acquisition Corporation, (4) | 8.625% | 11/01/17 | B | 1,275,000 | |||||||||||||||
2,860 | Total Marines | 2,821,875 | ||||||||||||||||||
Media – 4.0% | ||||||||||||||||||||
1,790 | Comcast Corporation | 6.400% | 5/15/38 | BBB+ | 2,287,117 | |||||||||||||||
1,935 | DIRECTV Holdings LLC | 5.200% | 3/15/20 | BBB | 2,195,865 | |||||||||||||||
750 | LIN Television Corporation | 8.375% | 4/15/18 | B– | 821,250 | |||||||||||||||
1,250 | Nara Cable Funding Limited, 144A | 8.875% | 12/01/18 | BB– | 1,271,875 | |||||||||||||||
2,515 | NBC Universal Media LLC | 4.375% | 4/01/21 | BBB+ | 2,825,205 | |||||||||||||||
1,425 | NBC Universal Media LLC | 2.875% | 1/15/23 | BBB+ | 1,431,063 | |||||||||||||||
2,750 | News America Holdings Inc. | 6.650% | 11/15/37 | BBB+ | 3,553,531 | |||||||||||||||
1,515 | Time Warner Cable Inc. | 5.875% | 11/15/40 | BBB | 1,765,272 | |||||||||||||||
1,500 | Time Warner Inc. | 4.750% | 3/29/21 | BBB | 1,723,817 | |||||||||||||||
1,750 | Time Warner Inc. | 6.100% | 7/15/40 | BBB | 2,118,757 | |||||||||||||||
2,306 | Viacom Inc. | 4.375% | 3/15/43 | BBB+ | 2,268,426 | |||||||||||||||
2,085 | Vivendi SA, 144A | 4.750% | 4/12/22 | BBB | 2,166,169 | |||||||||||||||
1,150 | WMG Acquisition Group, 144A | 6.000% | 1/15/21 | Ba2 | 1,213,250 | |||||||||||||||
22,721 | Total Media | 25,641,597 | ||||||||||||||||||
Metals & Mining – 6.0% | ||||||||||||||||||||
4,180 | Alcoa Inc., (4) | 5.400% | 4/15/21 | BBB– | 4,350,594 | |||||||||||||||
2,690 | Anglogold Holdings PLC | 6.500% | 4/15/40 | Baa2 | 2,768,607 | |||||||||||||||
4,305 | ArcelorMittal, (4) | 6.500% | 2/25/22 | BB+ | 4,518,162 | |||||||||||||||
750 | Bumi Investment PTE Limited, 144A | 10.750% | 10/06/17 | B+ | 663,750 |
96 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Metals & Mining (continued) | ||||||||||||||||||||
$ | 4,380 | Cliffs Natural Resources Inc., (4) | 4.800% | 10/01/20 | BBB– | $ | 4,352,848 | |||||||||||||
1,100 | FMG Resources, 144A | 6.000% | 4/01/17 | BB+ | 1,122,000 | |||||||||||||||
1,500 | Fosun International Limited, 144A, (4) | 7.500% | 5/12/16 | BB+ | 1,561,875 | |||||||||||||||
1,165 | Freeport McMoRan Copper & Gold, Inc., (4) | 3.550% | 3/01/22 | BBB | 1,155,419 | |||||||||||||||
1,225 | IAMGOLD Corproation, 144A | 6.750% | 10/01/20 | BB– | 1,194,375 | |||||||||||||||
1,350 | Inmet Mining Corporation, 144A | 8.750% | 6/01/20 | B+ | 1,474,875 | |||||||||||||||
2,610 | Newmont Mining Corporation | 3.500% | 3/15/22 | BBB+ | 2,691,860 | |||||||||||||||
1,460 | Taseko Mines Limited | 7.750% | 4/15/19 | B | 1,405,250 | |||||||||||||||
1,775 | Teck Resources Limited | 6.125% | 10/01/35 | BBB | 2,017,055 | |||||||||||||||
1,140 | Teck Resources Limited | 6.250% | 7/15/41 | BBB | 1,340,942 | |||||||||||||||
1,000 | Thompson Creek Metals Company, (4) | 9.750% | 12/01/17 | B1 | 1,060,000 | |||||||||||||||
500 | Thompson Creek Metals Company | 7.375% | 6/01/18 | Caa2 | 410,000 | |||||||||||||||
2,410 | Vale Overseas Limited | 6.875% | 11/10/39 | A– | 3,021,670 | |||||||||||||||
1,465 | WPE International Cooperatief U.A, 144A, (4) | 10.375% | 9/30/20 | B+ | 1,259,900 | |||||||||||||||
1,765 | Xstrata Finance Canada Limited, 144A | 6.900% | 11/15/37 | BBB+ | 2,104,584 | |||||||||||||||
36,770 | Total Metals & Mining | 38,473,766 | ||||||||||||||||||
Multiline Retail – 0.6% | ||||||||||||||||||||
1,000 | J.C. Penney Corporation Inc. | 7.650% | 8/15/16 | BB– | 965,000 | |||||||||||||||
995 | J.C. Penney Corporation Inc., (4) | 5.650% | 6/01/20 | BB– | 863,163 | |||||||||||||||
1,840 | Macys Retail Holdings Inc., (4) | 3.875% | 1/15/22 | BBB | 1,961,199 | |||||||||||||||
3,835 | Total Multiline Retail | 3,789,362 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 8.3% | ||||||||||||||||||||
1,250 | Alpha Natural Resources Inc., (4) | 6.000% | 6/01/19 | B+ | 1,150,000 | |||||||||||||||
240 | Amerada Hess Corporation | 7.125% | 3/15/33 | BBB | 320,141 | |||||||||||||||
1,870 | Anadarko Petroleum Corporation, (4) | 6.200% | 3/15/40 | BBB– | 2,306,617 | |||||||||||||||
1,570 | Athabasca Oil Corporation, 144A | 7.500% | 11/19/17 | B | 1,583,542 | |||||||||||||||
1,395 | Bill Barrett Corporation, (4) | 7.000% | 10/15/22 | BB– | 1,436,850 | |||||||||||||||
100 | Calumet Specialty Products | 9.375% | 5/01/19 | B | 108,500 | |||||||||||||||
1,225 | Calumet Specialty Products | 9.375% | 5/01/19 | B | 1,329,125 | |||||||||||||||
1,700 | Canadian Oil Sands Trust | 7.750% | 5/15/19 | BBB | 2,166,325 | |||||||||||||||
1,360 | Chesapeake Energy Corporation, (4) | 9.500% | 2/15/15 | BB– | 1,536,800 | |||||||||||||||
630 | Crosstex Energy Finance, (4) | 8.875% | 2/15/18 | B+ | 680,400 | |||||||||||||||
500 | Deep Drilling 7 & 8 PT | 14.250% | 3/05/15 | N/R | �� | 522,515 | ||||||||||||||
1,140 | Drill Rigs Holdings Inc., 144A | 6.500% | 10/01/17 | B | 1,134,300 | |||||||||||||||
195 | Enbridge Energy Partners LP | 5.200% | 3/15/20 | BBB | 219,947 | |||||||||||||||
1,400 | Everest Acquisition LLC Finance, 144A | 7.750% | 9/01/22 | B | 1,484,000 | |||||||||||||||
1,100 | Halcon Resources Limited Liability Corporation, 144A | 9.750% | 7/15/20 | B3 | 1,188,000 | |||||||||||||||
600 | Kinder Morgan Energy Partners LP | 6.950% | 1/15/38 | BBB | 789,519 | |||||||||||||||
1,000 | Kodiak Oil and Gas Corporation | 8.125% | 12/01/19 | B– | 1,102,500 | |||||||||||||||
1,380 | Linn Energy LLC Finance Corporation, 144A | 6.250% | 11/01/19 | B | 1,386,900 | |||||||||||||||
2,625 | Lukoil International Finance, 144A | 6.125% | 11/09/20 | Baa2 | 3,035,156 | |||||||||||||||
1,006 | Martin Mid-Stream Partners LP Finance | 8.875% | 4/01/18 | B | 1,071,390 | |||||||||||||||
1,325 | MEG Energy Corportation, 144A | 6.375% | 1/30/23 | BB | 1,381,313 | |||||||||||||||
1,425 | Niska Gas Storage US LLC, (4) | 8.875% | 3/15/18 | B+ | 1,464,188 | |||||||||||||||
1,120 | Noble Energy Inc. | 4.150% | 12/15/21 | BBB | 1,236,413 |
Nuveen Investments | 97 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
$ | 1,225 | Northern Tier Energy LLC, 144A | 7.125% | 11/15/20 | BB– | $ | 1,267,875 | |||||||||||||
1,200 | Ocean Rig UDW Inc. | 9.500% | 4/27/16 | CCC+ | 1,224,000 | |||||||||||||||
845 | OGX Petroleo e Gas Participacoes SA, 144A, (4) | 8.500% | 6/01/18 | B1 | 760,500 | |||||||||||||||
1,130 | Paramount Resources Limited, 144A | 7.625% | 12/04/19 | B | 1,136,021 | |||||||||||||||
1,250 | PBF Holding Company LLC, 144A, (4) | 8.250% | 2/15/20 | BB+ | 1,346,875 | |||||||||||||||
1,000 | PetroBakken Energy Limited, 144A, (4) | 8.625% | 2/01/20 | CCC+ | 1,015,000 | |||||||||||||||
1,770 | Petrobras International Finance Company | 6.875% | 1/20/40 | A3 | 2,248,546 | |||||||||||||||
1,275 | Petro-Canada | 6.800% | 5/15/38 | BBB+ | 1,738,830 | |||||||||||||||
1,400 | Plains Exploration & Production Company | 6.125% | 6/15/19 | B1 | 1,526,000 | |||||||||||||||
1,600 | Reliance Holdings USA Inc., 144A | 5.400% | 2/14/22 | BBB | 1,789,563 | |||||||||||||||
500 | Rosneft Oil Corporation, 144A | 4.199% | 3/06/22 | Baa1 | 508,750 | |||||||||||||||
1,275 | Sabine Pass LNG LP | 7.500% | 11/30/16 | BB+ | 1,405,688 | |||||||||||||||
1,125 | Sandridge Energy Inc., (4) | 8.125% | 10/15/22 | B | 1,231,875 | |||||||||||||||
1,250 | SM Energy Company | 6.625% | 2/15/19 | BB | 1,318,750 | |||||||||||||||
1,445 | Southwestern Energy Company | 4.100% | 3/15/22 | BBB– | 1,554,326 | |||||||||||||||
1,320 | United Refining Inc., 144A, (4) | 10.500% | 2/28/18 | B | 1,432,200 | |||||||||||||||
2,475 | Valero Energy Corporation, (4) | 6.125% | 2/01/20 | BBB | 3,009,563 | |||||||||||||||
48,241 | Total Oil, Gas & Consumable Fuels | 53,148,803 | ||||||||||||||||||
Paper & Forest Products – 1.6% | ||||||||||||||||||||
855 | Abiti-Bowater Inc. | 10.250% | 10/15/18 | BB | 978,975 | |||||||||||||||
1,100 | Ainsworth Lumber Limited, 144A | 7.500% | 12/15/17 | B | 1,152,250 | |||||||||||||||
2,615 | Domtar Corporation | 4.400% | 4/01/22 | BBB– | 2,644,801 | |||||||||||||||
1,860 | International Paper Company | 8.700% | 6/15/38 | BBB | 2,764,410 | |||||||||||||||
1,200 | Sappi Papier Holding GMBH, 144A | 8.375% | 6/15/19 | BB | 1,311,000 | |||||||||||||||
1,150 | Tembec Industries, Inc., (4) | 11.250% | 12/15/18 | B– | 1,219,000 | |||||||||||||||
8 | Westvaco Corporation | 8.200% | 1/15/30 | BBB | 10,555 | |||||||||||||||
8,788 | Total Paper & Forest Products | 10,080,991 | ||||||||||||||||||
Personal Products – 0.2% | ||||||||||||||||||||
1,000 | Albea Beauty Holdings SA, 144A | 8.375% | 11/01/19 | B+ | 1,055,000 | |||||||||||||||
Pharmaceuticals – 0.5% | ||||||||||||||||||||
1,150 | AbbVie Inc., 144A | 2.900% | 11/06/22 | A+ | 1,171,137 | |||||||||||||||
1,200 | Sky Growth Holdings Corporation, dba Par Pharmaceuticals, 144A | 7.375% | 10/15/20 | B– | 1,194,000 | |||||||||||||||
1,080 | Valeant Pharmaceuticals International, 144A | 6.375% | 10/15/20 | BB– | 1,158,300 | |||||||||||||||
3,430 | Total Pharmaceuticals | 3,523,437 | ||||||||||||||||||
Real Estate Investment Trust – 1.3% | ||||||||||||||||||||
1,820 | HCP Inc. | 3.750% | 2/01/19 | BBB+ | 1,920,721 | |||||||||||||||
1,420 | Plum Creek Timberlands LP | 4.700% | 3/15/21 | BBB | 1,578,340 | |||||||||||||||
2,125 | Prologis Inc. | 6.875% | 3/15/20 | Baa2 | 2,572,402 | |||||||||||||||
1,825 | Simon Property Group, L.P. | 5.650% | 2/01/20 | A– | 2,190,027 | |||||||||||||||
7,190 | Total Real Estate Investment Trust | 8,261,490 | ||||||||||||||||||
Real Estate Management & Development – 1.3% | ||||||||||||||||||||
1,000 | Agile Property Holdings Limited | 8.875% | 4/28/17 | BB | 1,075,000 | |||||||||||||||
1,500 | Country Garden Holding Company, 144A | 11.125% | 2/23/18 | BB– | 1,732,500 | |||||||||||||||
1,000 | Crescent Resources LLC, 144A | 10.250% | 8/15/17 | B | 1,055,000 | |||||||||||||||
1,000 | Kennedy-Wilson Holdings Incorporated, 144A | 8.750% | 4/01/19 | BB– | 1,065,000 |
98 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Real Estate Management & Development (continued) | ||||||||||||||||||||
$ | 1,075 | Mattamy Group Corporation, 144A | 6.500% | 11/15/20 | BB | $ | 1,077,688 | |||||||||||||
1,500 | Realogy Corporation, 144A | 7.625% | 1/15/20 | B+ | 1,698,750 | |||||||||||||||
750 | Shimao Property Holdings Limited | 11.000% | 3/08/18 | BB | 865,829 | |||||||||||||||
7,825 | Total Real Estate Management & Development | 8,569,767 | ||||||||||||||||||
Road & Rail – 0.3% | ||||||||||||||||||||
700 | Hertz Corporation, 144A, (4) | 6.250% | 10/15/22 | B | 745,500 | |||||||||||||||
1,000 | Hertz Corporation | 7.375% | 1/15/21 | B | 1,100,000 | |||||||||||||||
1,700 | Total Road & Rail | 1,845,500 | ||||||||||||||||||
Semiconductors & Equipment – 0.3% | ||||||||||||||||||||
1,080 | Freescale Semiconductor Inc., (4) | 9.250% | 4/15/18 | B1 | 1,179,900 | |||||||||||||||
840 | Intel Corporation, (4) | 4.800% | 10/01/41 | A+ | 924,510 | |||||||||||||||
1,920 | Total Semiconductors & Equipment | 2,104,410 | ||||||||||||||||||
Specialty Retail – 0.4% | ||||||||||||||||||||
2,220 | O’Reilly Automotive Inc. | 4.875% | 1/14/21 | BBB | 2,458,912 | |||||||||||||||
Textiles, Apparel & Luxury Goods – 0.2% | ||||||||||||||||||||
1,220 | Jones Group, (4) | 6.875% | 3/15/19 | Ba3 | 1,268,800 | |||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
1,855 | WEA Finance LLC, 144A | 4.625% | 5/10/21 | A2 | 2,077,066 | |||||||||||||||
Tobacco – 1.3% | ||||||||||||||||||||
3,125 | Altria Group Inc. | 9.950% | 11/10/38 | Baa1 | 5,148,247 | |||||||||||||||
1,590 | Lorillard Tobacco | 8.125% | 6/23/19 | Baa2 | 2,028,885 | |||||||||||||||
1,265 | Reynolds American Inc. | 3.250% | 11/01/22 | Baa2 | 1,270,685 | |||||||||||||||
5,980 | Total Tobacco | 8,447,817 | ||||||||||||||||||
Transportation Infrastructure – 0.7% | ||||||||||||||||||||
4,025 | Asciano Finance Limited, 144A | 5.000% | 4/07/18 | Baa2 | 4,349,563 | |||||||||||||||
Wireless Telecommunication Services – 0.9% | ||||||||||||||||||||
2,070 | American Tower Company | 5.050% | 9/01/20 | Baa3 | 2,321,403 | |||||||||||||||
500 | Clearwire Corporation, 144A, (4) | 14.750% | 12/01/16 | B3 | 686,249 | |||||||||||||||
1,450 | Digicel Limited, 144A, (4) | 7.000% | 2/15/20 | B1 | 1,551,499 | |||||||||||||||
1,000 | Wind Acquisition Finance SA, 144A | 7.250% | 2/15/18 | BB | 1,012,499 | |||||||||||||||
5,020 | Total Wireless Telecommunication Services | 5,571,650 | ||||||||||||||||||
$ | 404,763 | Total Corporate Bonds (cost $408,891,305) | 447,927,469 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.5% | ||||||||||||||||||||
Health Care Equipment & Supplies – 0.5% | ||||||||||||||||||||
$ | 3,050 | Boston Properties Limited Partnership | 4.125% | 5/15/21 | A– | $ | 3,314,844 | |||||||||||||
$ | 3,050 | Total Convertible Bonds (cost $3,055,134) | 3,314,844 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CAPITAL PREFERRED SECURITIES – 3.6% | ||||||||||||||||||||
Capital Markets – 0.2% | ||||||||||||||||||||
$ | 1,495 | Goldman Sachs Capital II | 4.000% | 6/01/43 | BB+ | $ | 1,167,715 |
Nuveen Investments | 99 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
Commercial Banks – 1.5% | ||||||||||||||||||||
$ | 1,000 | BBVA International Preferred Uniperson, (4) | 5.919% | N/A (6) | BB– | $ | 810,000 | |||||||||||||
1,000 | Credit Agricole, S.A, 144A, (4) | 6.637% | N/A (6) | BBB– | 869,741 | |||||||||||||||
1,170 | Rabobank Nederland, 144A | 11.000% | N/A (6) | A– | 1,582,425 | |||||||||||||||
1,000 | Societe Generale, 144A, (4) | 5.922% | N/A (6) | BBB– | 920,010 | |||||||||||||||
5,585 | Wachovia Capital Trust III | 5.570% | N/A (6) | BBB+ | 5,557,075 | |||||||||||||||
9,755 | Total Commercial Banks | 9,739,251 | ||||||||||||||||||
Consumer Finance – 0.0% | ||||||||||||||||||||
235 | Capital One Capital III Corporation | 7.686% | 8/01/36 | Baa3 | 235,000 | |||||||||||||||
Diversified Financial Services – 0.9% | ||||||||||||||||||||
5,000 | General Electric Capital Corporation | 7.125% | N/A (6) | AA– | 5,651,450 | |||||||||||||||
Insurance – 1.0% | ||||||||||||||||||||
2,050 | Catlin Insurance Company Limited | 7.249% | N/A (6) | BBB+ | 2,044,875 | |||||||||||||||
1,620 | Lincoln National Corporation | 6.050% | 4/20/67 | BBB | 1,613,925 | |||||||||||||||
750 | XL Capital Ltd, (4) | 6.500% | 10/15/57 | BBB– | 701,250 | |||||||||||||||
1,860 | ZFS Finance USA Trust V | 6.500% | 5/09/37 | A | 1,983,225 | |||||||||||||||
6,280 | Total Insurance | 6,343,275 | ||||||||||||||||||
$ | 22,765 | Total Capital Preferred Securities (cost $21,341,323) | 23,136,691 | |||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (7) | Ratings (3) | Value | ||||||||||||||||
MUNICIPAL BONDS – 0.7% | ||||||||||||||||||||
Illinois – 0.7% | ||||||||||||||||||||
$ | 3,840 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A | $ | 4,412,582 | ||||||||||||||
$ | 3,840 | Total Municipal Bonds (cost $3,840,000) | 4,412,582 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 16.1% | ||||||||||||||||||||
$ | 1,676 | 321 Henderson Receivables LLC., Series 2010-3A | 3.820% | 12/15/48 | Aaa | $ | 1,768,132 | |||||||||||||
2,925 | American Home Mortgage Advance Trust, Revovling Pool Receivables, Series SART-3 | 3.720% | 3/13/44 | AAA | 2,968,875 | |||||||||||||||
1,425 | American Home Mortgage Advance Trust, Series 2011-SART-1 | 5.920% | 5/10/43 | BBB | 1,426,781 | |||||||||||||||
2,270 | AmeriCold LLC Trust, Series 2010 | 6.811% | 1/14/29 | A+ | 2,759,421 | |||||||||||||||
3,591 | Master RePerforming Loan Trust 2005-1 | 7.500% | 8/25/34 | Ba3 | 3,737,394 | |||||||||||||||
3,569 | Banc of America Alternative Loan Trust, Pass-Through Certificates, Series 2006-6 | 6.000% | 7/25/46 | Caa2 | 2,949,830 | |||||||||||||||
61 | Bank of America Alternative Loan Trust, Series 2005-5 2 CB1 | 6.000% | 6/25/35 | Caa1 | 51,597 | |||||||||||||||
350 | Bank of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-4 | 4.933% | 7/10/45 | AAA | 383,502 | |||||||||||||||
289 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4, (4) | 5.205% | 12/11/49 | AAA | 292,994 | |||||||||||||||
1,319 | Commercial Mortgage Pass-Through Certificates, Series2006-CN2A | 5.449% | 2/05/19 | AAA | 1,324,323 | |||||||||||||||
1,858 | Countrywide ABS Asset-Backed Certificate Trust 2007-9 | 0.340% | 6/25/47 | B– | 1,824,345 | |||||||||||||||
569 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-24CB | 5.000% | 11/25/19 | B3 | 571,976 | |||||||||||||||
886 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000% | 8/25/36 | Caa2 | 722,482 |
100 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 771 | Countrywide Asset-Backed Certificates Trust, Series 2006-25 | 0.330% | 6/25/47 | AAA | $ | 760,866 | |||||||||||||
1,915 | Countrywide Hoen Loans, Asset Backed Certificates Series 2007-7 | 0.370% | 10/25/47 | AAA | 1,851,683 | |||||||||||||||
746 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.892% | 2/25/34 | A | 741,077 | |||||||||||||||
2,221 | Countrywide Home Loans Mortgage, Series 2005-27 | 5.500% | 1/25/23 | Caa1 | 2,104,215 | |||||||||||||||
297 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23 | 5.750% | 9/25/33 | AA+ | 307,724 | |||||||||||||||
474 | CS First Boston Mortgage Securities Corporation, Commercial Mortgage Pass- Through Certificates, Series 2004-C1 | 4.750% | 1/15/37 | AAA | 488,498 | |||||||||||||||
1,272 | Fannie Mae Mortgage STRIPS 366 25 (I/O) | 5.000% | 9/01/24 | Aaa | 115,009 | |||||||||||||||
869 | Fannie Mae Mortgage Pool AA0005 | 5.500% | 11/01/38 | Aaa | 944,464 | |||||||||||||||
1,363 | Fannie Mae Mortgage Pool AA0889 | 5.500% | 12/01/38 | Aaa | 1,480,674 | |||||||||||||||
4,550 | Fannie Mae Mortgage Pool AB1959 | 4.000% | 12/01/40 | Aaa | 4,939,548 | |||||||||||||||
4,233 | Fannie Mae Mortgage Pool AC1877 | 4.500% | 9/01/39 | Aaa | 4,574,291 | |||||||||||||||
4,676 | Fannie Mae Mortgage Pool AH1420 | 4.000% | 1/01/41 | Aaa | 5,017,551 | |||||||||||||||
1,062 | Fannie Mae Mortgage Pool AL1187 | 5.500% | 7/01/24 | Aaa | 1,140,230 | |||||||||||||||
5,728 | Fannie Mae Mortgage Pool MA0583 | 4.000% | 11/01/40 | Aaa | 6,146,625 | |||||||||||||||
726 | Fannie Mae Mortgage Pool 255628 | 5.500% | 2/01/25 | Aaa | 795,638 | |||||||||||||||
2,698 | Fannie Mae Mortgage Pool 255956 | 5.500% | 10/01/25 | Aaa | 2,955,078 | |||||||||||||||
586 | Fannie Mae Mortgage Pool 256890 | 6.000% | 9/01/37 | Aaa | 634,033 | |||||||||||||||
347 | Fannie Mae Mortgage Pool 725205 | 5.000% | 3/01/34 | Aaa | 377,607 | |||||||||||||||
143 | Fannie Mae Mortgage Pool 725553 | 2.164% | 9/01/33 | Aaa | 152,582 | |||||||||||||||
516 | Fannie Mae Mortgage Pool 725773 | 5.500% | 9/01/34 | Aaa | 564,558 | |||||||||||||||
195 | Fannie Mae Mortgage Pool 735060 | 6.000% | 11/01/34 | Aaa | 217,218 | |||||||||||||||
96 | Fannie Mae Mortgage Pool 735606 | 2.144% | 5/01/35 | Aaa | 100,434 | |||||||||||||||
202 | Fannie Mae Mortgage Pool 745101 | 6.000% | 4/01/32 | Aaa | 218,869 | |||||||||||||||
534 | Fannie Mae Mortgage Pool 745324 | 6.000% | 3/01/34 | Aaa | 596,569 | |||||||||||||||
481 | Fannie Mae Mortgage Pool 745548 | 2.314% | 1/01/35 | Aaa | 513,417 | |||||||||||||||
145 | Fannie Mae Mortgage Pool 824163 | 5.500% | 4/01/35 | Aaa | 158,983 | |||||||||||||||
433 | Fannie Mae Mortgage Pool 831377 | 6.500% | 4/01/36 | Aaa | 489,860 | |||||||||||||||
109 | Fannie Mae Mortgage Pool 838948 | 2.100% | 8/01/35 | Aaa | 115,670 | |||||||||||||||
379 | Fannie Mae Mortgage Pool 843435 | 5.500% | 6/01/33 | Aaa | 416,644 | |||||||||||||||
193 | Fannie Mae Mortgage Pool 852909 | 6.500% | 4/01/36 | Aaa | 217,741 | |||||||||||||||
1 | Fannie Mae Mortgage Pool 889618 | 5.500% | 5/01/38 | Aaa | 694 | |||||||||||||||
523 | Fannie Mae Mortgage Pool 893318 | 6.500% | 8/01/36 | Aaa | 589,464 | |||||||||||||||
75 | Fannie Mae Mortgage Pool 905597 | 5.986% | 12/01/36 | Aaa | 81,152 | |||||||||||||||
1,099 | Fannie Mae Mortgage Pool 932323 | 4.500% | 12/01/39 | Aaa | 1,187,219 | |||||||||||||||
459 | Fannie Mae Mortgage Pool 944340 | 6.000% | 6/01/37 | Aaa | 502,718 | |||||||||||||||
207 | Fannie Mae Mortgage Pool 946228 | 6.071% | 9/01/37 | Aaa | 225,356 | |||||||||||||||
— | (8) | Fannie Mae Mortgage Pool 985344 | 5.500% | 7/01/38 | Aaa | 492 | ||||||||||||||
5,995 | Fannie Mae TBA Mortgage Pool, (MDR), (WI/DD) | 3.000% | TBA | Aaa | 6,281,636 | |||||||||||||||
1,992 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 0.759% | 2/25/48 | Aaa | 1,995,844 | |||||||||||||||
23 | Federal Home Loan Mortgage Corporation, Mortgage Pool 1B3220 | 2.699% | 1/01/37 | Aaa | 24,636 | |||||||||||||||
40 | Federal Home Loan Mortgage Corporation, Series 2376 | 5.500% | 11/15/16 | Aaa | 41,932 | |||||||||||||||
2,650 | Fosse Master Issuer PLC, Residential Mortgage Pool, Series 2011-1A | 1.725% | 10/19/54 | AAA | 2,687,343 | |||||||||||||||
1,008 | Freddie Mac Gold Pool 1K1238 | 2.375% | 7/01/36 | Aaa | 1,074,451 |
Nuveen Investments | 101 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
$ | 546 | Freddie Mac Gold Pool 1L0117 | 2.670% | 10/01/29 | Aaa | $ | 562,406 | |||||||||||||
425 | Freddie Mac Gold Pool 847240 | 2.273% | 7/01/30 | Aaa | 455,380 | |||||||||||||||
280 | Freddie Mac Gold Pool 847411 | 2.160% | 5/01/33 | Aaa | 298,112 | |||||||||||||||
2,234 | Freddie Mac Gold Pool 848289 | 2.366% | 5/01/38 | Aaa | 2,376,171 | |||||||||||||||
776 | Freddie Mac Mortgage Pool, Various A17212 | 6.500% | 7/01/31 | Aaa | 911,865 | |||||||||||||||
357 | Freddie Mac Mortgage Pool, Various H09059 | 7.000% | 8/01/37 | Aaa | 404,388 | |||||||||||||||
48 | Freddie Mac Non Gold Participation Certificates | 6.245% | 12/01/36 | Aaa | 52,092 | |||||||||||||||
1,257 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG6 | 5.506% | 4/10/38 | AAA | 1,296,713 | |||||||||||||||
2,046 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2003-1 | 6.719% | 3/25/43 | Ba3 | 1,348,285 | |||||||||||||||
1,944 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-4F | 5.765% | 5/25/35 | CC | 1,033,011 | |||||||||||||||
1,890 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR1 | 3.176% | 1/25/35 | CC | 428,276 | |||||||||||||||
344 | Government National Mortgage Assocation, Guaranteed REMIC Pass-Through Securities and MX Securities Trust | 4.500% | 5/16/38 | Aaa | 358,559 | |||||||||||||||
29 | Green Tree Financial Corporation, Manufactured Housing Contract Pass-Through Certificates Series 1996-8 | 8.050% | 11/15/26 | AAA | 29,201 | |||||||||||||||
145 | Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2005-GG5 | 5.117% | 4/10/37 | AAA | 145,374 | |||||||||||||||
73 | GRMT Mortgage Loan Trust 2001-1A | 8.272% | 7/20/31 | A | 69,688 | |||||||||||||||
1,927 | Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2000-3 | 8.000% | 10/25/30 | CCC | 1,802,732 | |||||||||||||||
410 | IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1 | 2.680% | 3/25/35 | BBB+ | 383,662 | |||||||||||||||
1,478 | JPMorgan Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2007-S1 | 0.490% | 6/25/37 | CCC | 1,157,263 | |||||||||||||||
61 | LB-UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-C7 | 5.103% | 11/18/30 | AAA | 60,960 | |||||||||||||||
1,406 | Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6 | 5.582% | 4/25/38 | BB | 1,471,392 | |||||||||||||||
230 | Merrill Lynch Mortgage Investors Inc, Commercial Mortgage Pass-Through Certificates, Series 2006 | 5.204% | 12/12/49 | A1 | 254,284 | |||||||||||||||
508 | National Credit Union Adminstration Guaranteed Structured Collateral Notes | 2.900% | 10/29/20 | Aaa | 541,511 | |||||||||||||||
2,880 | OBP Depositor LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010-OBP | 4.646% | 7/15/45 | AAA | 3,379,732 | |||||||||||||||
2,645 | RBSSP Resecuritization Trust 2010-4 | 0.320% | 3/26/36 | A | 2,498,942 | |||||||||||||||
1,000 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.370% | 10/28/36 | N/R | 901,912 | |||||||||||||||
203 | Residential Accredit Loans Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 2005-QS12 | 5.500% | 8/25/35 | Caa2 | 177,316 | |||||||||||||||
1,126 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125% | 2/25/41 | AAA | 1,144,241 | |||||||||||||||
3,974 | Stanwich Mortgage Loan Trust, Series 2012-NPL5 | 2.981% | 10/16/42 | N/R | 3,980,552 | |||||||||||||||
666 | Wachovia Mortgage Loan Trust LLC, Mortgage Pass-Through Certificates, Series 2005-B | 2.968% | 10/20/35 | CCC | 544,935 | |||||||||||||||
591 | Washington Mutual Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2004-RA3 | 6.499% | 8/25/38 | AAA | 634,901 | |||||||||||||||
36 | Wells Fargo Mortgage Backed Securties, 2005-AR16 Class 3A2 | 2.663% | 10/25/35 | BBB– | 36,255 | |||||||||||||||
$ | 104,355 | Total Asset-Backed and Mortgage-Backed Securities (cost $101,848,130) |
| 103,352,056 |
102 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 0.2% | ||||||||||||||||||||
36,000 | Blackrock Credit Allocation Income Trust IV | $ | 494,280 | |||||||||||||||||
40,000 | CBRE Clarion Global Real Estate Income Fund, (4) | 354,400 | ||||||||||||||||||
23,000 | NexPoint Credit Strategies Fund, (4) | 152,720 | ||||||||||||||||||
16,000 | Pioneer Diversified High Income Trust | 321,280 | ||||||||||||||||||
Total Investment Companies (cost $1,173,107) |
| 1,322,680 | ||||||||||||||||||
Principal Amount (000) (9) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
SOVEREIGN DEBT – 1.5% | ||||||||||||||||||||
Argentina – 0.5% | ||||||||||||||||||||
$ | 1,200 | Province of Buenos Aires, 144A | 10.875% | 1/26/21 | B– | $ | 888,000 | |||||||||||||
1,300 | Provincia de Cordoba | 12.375% | 8/17/17 | B– | 1,072,500 | |||||||||||||||
1,400 | Republic of Argentina | 8.750% | 6/02/17 | B | 1,239,000 | |||||||||||||||
3,900 | Total Argentina | 3,199,500 | ||||||||||||||||||
Indonesia – 0.4% | ||||||||||||||||||||
1,830 | Republic of Indonesia, 144A | 5.875% | 3/13/20 | Baa3 | 2,200,575 | |||||||||||||||
South Africa – 0.4% | ||||||||||||||||||||
18,500 | ZAR | Republic of South Africa | 10.500% | 12/21/26 | A | 2,795,205 | ||||||||||||||
Ukraine – 0.2% | ||||||||||||||||||||
1,250 | Republic of Ukraine, 144A, (4) | 7.750% | 9/23/20 | B | 1,284,375 | |||||||||||||||
Total Sovereign Debt (cost $9,668,175) | 9,479,655 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
STRUCTURED NOTES – 0.1% | ||||||||||||||||||||
$ | 650 | FDIC Structured Sales Guaranteed Notes, Series 2010-L1A | 0.000% | 10/25/13 | Aaa | $ | 648,772 | |||||||||||||
$ | 650 | Total Structured Notes (cost $638,610) | 648,772 | |||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.3% |
| |||||||||||||||||||
Money Market Funds – 11.3% | ||||||||||||||||||||
71,980,668 | Mount Vernon Securities Lending Prime Portfolio, 0.267% (10), (11) | $ | 71,980,668 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $71,980,668) |
| 71,980,668 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 2.9% |
| |||||||||||||||||||
Money Market Funds – 2.6% | ||||||||||||||||||||
16,824,924 | First American Treasury Obligations Fund, Class Z | 0.000% (10) | N/A | N/A | $ | 16,824,924 | ||||||||||||||
U.S. Government and Agency Obligations – 0.3% |
| |||||||||||||||||||
$ | 1,160 | U.S. Treasury Bills | 0.038% | 2/07/13 | Aaa | 1,159,965 | ||||||||||||||
380 | U.S. Treasury Bills | 0.033% | 3/07/13 | Aaa | 379,978 | |||||||||||||||
$ | 1,540 | Total U.S. Government and Agency Obligations | 1,539,943 | |||||||||||||||||
Total Short-Term Investments (cost $18,364,621) |
| 18,364,867 | ||||||||||||||||||
Total Investments (cost $671,295,781) – 111.2% |
| 711,368,780 | ||||||||||||||||||
Other Assets Less Liabilities – (11.2)% (12) |
| (71,685,128) | ||||||||||||||||||
Net Assets – 100% |
| $ | 639,683,652 |
Nuveen Investments | 103 |
Portfolio of Investments (Unaudited)
Nuveen Strategic Income Fund (continued)
December 31, 2012
Investments in Derivatives as of December 31, 2012
Forward Foreign Currency Exchange Contracts outstanding:
Counterparty | Currency Contracts to Deliver | Amount (Local Currency) | In Exchange For Currency | Amount (Local Currency) | Settlement Date | Unrealized Appreciation Depreciation) (U.S. Dollars) (12) | ||||||||||||||||
Citigroup | Euro | 960,000 | U.S. Dollar | 1,256,394 | 3/19/13 | $ | (11,644 | ) | ||||||||||||||
Citigroup | Swedish Krona | 41,000,000 | U.S. Dollar | 6,129,925 | 1/18/13 | (171,910 | ) | |||||||||||||||
Citigroup | U.S. Dollar | 8,992,755 | Australian Dollar | 8,700,000 | 1/16/13 | 30,489 | ||||||||||||||||
Citigroup | U.S. Dollar | 6,031,541 | Swedish Krona | 41,000,000 | 1/18/13 | 270,294 | ||||||||||||||||
Citigroup | U.S. Dollar | 18,482,631 | Canadian Dollar | 18,350,000 | 1/31/13 | (47,365 | ) | |||||||||||||||
Citigroup | U.S. Dollar | 6,104,014 | Turkish Lira | 11,000,000 | 2/04/13 | 31,603 | ||||||||||||||||
Citigroup | U.S. Dollar | 7,037,979 | Norwegian Krone | 40,000,000 | 2/11/13 | 147,768 | ||||||||||||||||
Credit Suisse | U.S. Dollar | 6,177,797 | Chilean Peso | 3,000,000,000 | 1/29/13 | 61,950 | ||||||||||||||||
Credit Suisse | U.S. Dollar | 12,894,601 | Norwegian Krone | 73,500,000 | 2/04/13 | 312,448 | ||||||||||||||||
JPMorgan | U.S. Dollar | 10,675,182 | Mexican Peso | 140,400,000 | 1/31/13 | 154,036 | ||||||||||||||||
JPMorgan | U.S. Dollar | 6,161,616 | South Korean Won | 6,710,000,000 | 2/04/13 | 91,539 | ||||||||||||||||
JPMorgan | U.S. Dollar | 2,942,769 | Indian Rupee | 163,000,000 | 2/11/13 | 7,123 | ||||||||||||||||
JPMorgan | U.S. Dollar | 6,141,790 | Indian Rupee | 337,000,000 | 2/11/13 | (42,932 | ) | |||||||||||||||
JPMorgan | U.S. Dollar | 7,048,948 | New Zealand Dollar | 8,500,000 | 2/15/13 | (45,434 | ) | |||||||||||||||
$ | 787,965 |
Credit Default Swaps outstanding:
Counterparty | Reference Entity | Buy/Sell Protection (13) | Current Credit Spread (14) | Notional Amount (U.S. Dollars) | Received Fixed Rate (Annualized) | Termination Date | Value | Unrealized Appreciation (Depreciation) (12) | ||||||||||||||||||||||
JPMorgan | Markit CDX NA HY19 Index | Sell | 4.93 | % | $ | 15,400,000 | 5.000 | % | 12/20/17 | $ | 72,683 | $ | (21,926 | ) |
Interest Rate Swaps outstanding:
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed (Annualized) | Fixed Rate Payment Frequency | Termination Date | Unrealized Appreciation (Depreciation) (12) | |||||||||||||||||||||
Deutsche | $ | 33,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.741 | % | Semi-Annually | 11/08/22 | $ | 91,687 | ||||||||||||||||||
JPMorgan | 21,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.113 | Semi-Annually | 2/21/22 | (1,003,133 | ) | ||||||||||||||||||||
$ | (911,446 | ) |
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Short | (43 | ) | 3/13 | $ | (9,480,156 | ) | $ | (3,413 | ) | ||||||||||
U.S. Treasury 10-Year Note | Short | (529 | ) | 3/13 | (70,241,281 | ) | 281,260 | |||||||||||||
U.S. Treasury Long Bond | Short | (1 | ) | 3/13 | (147,500 | ) | 2,700 | |||||||||||||
$ | (79,868,937 | ) | $ | 280,547 |
104 | Nuveen Investments |
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) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant accounting Policies, Investment Valuation for more information. |
(3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $70,020,297. |
(5) | For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Securities classified as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
(6) | Perpetual security. Maturity date is not applicable. |
(7) | 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. |
(8) | Principal Amount (000) rounds to less than $1,000. |
(9) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
(10) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(11) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
(12) | Other Assets Less Liabilities, includes the Unrealized Appreciation (Depreciation) of certain derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
(13) | The Fund entered into the credit default swaps to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short. |
(14) | The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection. |
(15) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
I/O | Interest only security. |
MDR | Denotes investment is subject to dollar roll transactions. |
N/A | Not applicable. |
N/R | Not rated. |
TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ADR | American Depositary Receipt. |
ZAR | South African Rand |
USD-LIBOR-BBA | United States Dollar–London Inter-Bank Offered Rate British Bankers’ Association. |
See accompanying notes to financial statements.
Nuveen Investments | 105 |
Statement of Assets & Liabilities
December 31, 2012 (Unaudited)
Core Plus | High Income Bond | Inflation Protected Securities | ||||||||||
Assets | ||||||||||||
Long-term investments, at value (cost $662,183,543, $688,735,659 and $355,110,068, respectively) | $ | 717,744,672 | $ | 712,403,038 | $ | 386,971,440 | ||||||
Investments purchased with collateral from securities lending (at cost, which approximates value) | 42,657,376 | 151,965,838 | 5,683,511 | |||||||||
Short-term investments (cost $28,729,286, $23,573,550 and $5,334,636, respectively) | 28,729,915 | 23,573,550 | 5,334,680 | |||||||||
Cash denominated in foreign currencies (cost $—, $— and $13,192, respectively) | — | — | 13,195 | |||||||||
Cash | — | 10,534 | — | |||||||||
Credit default swap premiums paid | — | — | — | |||||||||
Unrealized appreciation on: | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | |||||||||
Interest rate swaps | 63,903 | — | — | |||||||||
Receivables: | ||||||||||||
Deposits with brokers for open futures contracts | 911,000 | 50,000 | 116,000 | |||||||||
Dividends | 59,063 | 419,503 | 9,628 | |||||||||
Due from broker | 183,700 | 56,092 | 1,447 | |||||||||
Interest | 5,432,853 | 12,786,063 | 1,749,250 | |||||||||
Investments sold | 146,529 | — | 1,870,612 | |||||||||
Reclaims | — | — | — | |||||||||
Shares sold | 539,418 | 2,213,603 | 674,623 | |||||||||
Variation margin on futures contracts | 198,013 | 6,531 | 23,535 | |||||||||
Other assets | 13,134 | 8,988 | 4,324 | |||||||||
Total assets | 796,679,576 | 903,493,740 | 402,452,245 | |||||||||
Liabilities | ||||||||||||
Cash overdraft | 4,395 | — | — | |||||||||
Unrealized depreciation on: | ||||||||||||
Credit default swaps | — | — | — | |||||||||
Forward foreign currency exchange contracts | — | — | 10,712 | |||||||||
Interest rate swaps | — | — | — | |||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 42,657,376 | 151,965,838 | 5,683,511 | |||||||||
Dividends | 1,517,127 | 2,975,058 | 331,631 | |||||||||
Investments purchased | 11,527,450 | 266,200 | — | |||||||||
Shares redeemed | 816,639 | 1,948,967 | 431,246 | |||||||||
Variation margin on futures contracts | 2,686 | — | 9,922 | |||||||||
Accrued expenses: | ||||||||||||
Management fees | 258,541 | 397,689 | 151,210 | |||||||||
Directors fees | 15,763 | 11,648 | 5,764 | |||||||||
12b-1 distribution and service fees | 23,074 | 86,864 | 15,922 | |||||||||
Other | 168,875 | 186,379 | 81,088 | |||||||||
Total liabilities | 56,991,926 | 157,838,643 | 6,721,006 | |||||||||
Net assets | $ | 739,687,650 | $ | 745,655,097 | $ | 395,731,239 |
See accompanying notes to financial statements.
106 | Nuveen Investments |
Core Plus | High Income Bond | Inflation Protected Securities | ||||||||||
Class A Shares | ||||||||||||
Net assets | $ | 85,379,201 | $ | 160,288,036 | $ | 27,736,965 | ||||||
Shares outstanding | 7,150,598 | 17,626,544 | 2,314,322 | |||||||||
Net asset value per share | $ | 11.94 | $ | 9.09 | $ | 11.98 | ||||||
Offering price per share (net asset value per share plus maximum sales charge of 4.25%, 4.75% and 4.25%, respectively, of offering price) | $ | 12.47 | $ | 9.54 | $ | 12.51 | ||||||
Class B Shares | ||||||||||||
Net assets | $ | 846,756 | $ | 1,729,812 | N/A | |||||||
Shares outstanding | 71,598 | 191,160 | N/A | |||||||||
Net asset value and offering price per share | $ | 11.83 | $ | 9.05 | N/A | |||||||
Class C Shares | ||||||||||||
Net assets | $ | 4,844,649 | $ | 64,661,329 | $ | 11,823,378 | ||||||
Shares outstanding | 407,565 | 7,123,919 | 992,025 | |||||||||
Net asset value and offering price per share | $ | 11.89 | $ | 9.08 | $ | 11.92 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 380,226 | $ | 787,549 | $ | 318,045 | ||||||
Shares outstanding | 31,696 | 84,892 | 26,657 | |||||||||
Net asset value and offering price per share | $ | 12.00 | $ | 9.28 | $ | 11.93 | ||||||
Class I Shares | ||||||||||||
Net assets | $ | 648,236,818 | $ | 518,188,371 | $ | 355,852,851 | ||||||
Shares outstanding | 54,329,408 | 56,855,131 | 29,630,607 | |||||||||
Net asset value and offering price per share | $ | 11.93 | $ | 9.11 | $ | 12.01 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 689,752,094 | $ | 732,540,278 | $ | 363,520,944 | ||||||
Undistributed (Over-distribution of) net investment income | (884,456 | ) | (2,095,523 | ) | (643,709 | ) | ||||||
Accumulated net realized gain (loss) | (5,289,082 | ) | (8,477,995 | ) | 946,593 | |||||||
Net unrealized appreciation (depreciation) | 56,109,094 | 23,688,337 | 31,907,411 | |||||||||
Net assets | $ | 739,687,650 | $ | 745,655,097 | $ | 395,731,239 | ||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | |||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | – Inflation Protected Securities does not offer Class B Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 107 |
Statement of Assets & Liabilities (Unaudited) (continued)
December 31, 2012
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $71,631,106, $530,664,101, $834,453,270 and $580,950,492, respectively) | $ | 73,885,929 | $ | 555,261,224 | $ | 851,739,069 | $ | 621,023,245 | ||||||||
Investments purchased with collateral from securities lending (at cost, which approximates value) | 2,111,694 | 44,961,790 | 44,787,611 | 71,980,668 | ||||||||||||
Short-term investments (cost $447,211, $49,200,641, $13,454,552 and $18,364,621, respectively) | 447,211 | 49,200,968 | 13,454,887 | 18,364,867 | ||||||||||||
Cash denominated in foreign currencies (cost $—, $—, $454 and $206,183, respectively) | — | — | 336 | 205,836 | ||||||||||||
Cash | — | — | — | — | ||||||||||||
Credit default swap premiums paid | — | — | — | 94,609 | ||||||||||||
Unrealized appreciation on: | ||||||||||||||||
Forward foreign currency exchange contracts | — | — | — | 1,107,250 | ||||||||||||
Interest rate swaps | — | — | — | 91,687 | ||||||||||||
Receivables: | ||||||||||||||||
Deposits with brokers for open futures contracts | 54,000 | 152,000 | 413,000 | 680,000 | ||||||||||||
Dividends | — | — | — | 93,691 | ||||||||||||
Due from broker | 6,545 | 7,726 | 13,487 | 28,737 | ||||||||||||
Interest | 338,432 | 3,240,301 | 5,020,481 | 7,339,222 | ||||||||||||
Investments sold | 42,287 | 65,536 | 95,705 | 40,530 | ||||||||||||
Reclaims | — | — | — | 91,256 | ||||||||||||
Shares sold | 53,433 | 244,909 | 4,370,798 | 875,381 | ||||||||||||
Variation margin on futures contracts | 12,360 | 54,097 | 27,844 | 92,859 | ||||||||||||
Other assets | 1,282 | 9,733 | 64,064 | 10,450 | ||||||||||||
Total assets | 76,953,173 | 653,198,284 | 919,987,282 | 722,120,288 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | 2,538 | 3,776 | 123,041 | ||||||||||||
Unrealized depreciation on: | ||||||||||||||||
Credit default swaps | — | — | — | 21,926 | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | 319,285 | ||||||||||||
Interest rate swaps | — | — | — | 1,003,133 | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | 2,111,694 | 44,961,790 | 44,787,611 | 71,980,668 | ||||||||||||
Dividends | 82,174 | 733,798 | 1,078,068 | 1,642,859 | ||||||||||||
Investments purchased | 1,256,792 | 29,895,343 | 7,823,438 | 6,287,256 | ||||||||||||
Shares redeemed | 75,893 | 784,711 | 1,282,227 | 601,833 | ||||||||||||
Variation margin on futures contracts | 6,896 | 94,857 | 5,922 | 4,476 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 19,611 | 214,897 | 261,903 | 255,442 | ||||||||||||
Directors fees | 486 | 11,774 | 16,133 | 12,435 | ||||||||||||
12b-1 distribution and service fees | 3,899 | 5,927 | 61,409 | 44,765 | ||||||||||||
Other | 20,746 | 113,596 | 166,124 | 139,517 | ||||||||||||
Total liabilities | 3,578,191 | 76,819,231 | 55,486,611 | 82,436,636 | ||||||||||||
Net assets | $ | 73,374,982 | $ | 576,379,053 | $ | 864,500,671 | $ | 639,683,652 |
See accompanying notes to financial statements.
108 | Nuveen Investments |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 11,572,657 | $ | 21,869,810 | $ | 131,004,161 | $ | 63,720,651 | ||||||||
Shares outstanding | 1,286,272 | 2,066,553 | 13,022,997 | 5,550,760 | ||||||||||||
Net asset value per share | $ | 9.00 | $ | 10.58 | $ | 10.06 | $ | 11.48 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 3.00%, 3.00%, 2.25% and 4.25%, respectively, of offering price) | $ | 9.28 | $ | 10.91 | $ | 10.29 | $ | 11.99 | ||||||||
Class B Shares | ||||||||||||||||
Net assets | N/A | N/A | N/A | $ | 1,931,728 | |||||||||||
Shares outstanding | N/A | N/A | N/A | 169,087 | ||||||||||||
Net asset value and offering price per share | N/A | N/A | N/A | $ | 11.42 | |||||||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 1,550,809 | $ | 1,611,614 | $ | 43,938,430 | $ | 34,433,021 | ||||||||
Shares outstanding | 172,166 | 152,940 | 4,357,850 | 3,018,114 | ||||||||||||
Net asset value and offering price per share | $ | 9.01 | $ | 10.54 | $ | 10.08 | $ | 11.41 | ||||||||
Class R3 Shares | ||||||||||||||||
Net assets | $ | 254,219 | N/A | $ | 484,102 | $ | 2,522,509 | |||||||||
Shares outstanding | 28,291 | N/A | 48,082 | 218,884 | ||||||||||||
Net asset value and offering price per share | $ | 8.99 | N/A | $ | 10.07 | $ | 11.52 | |||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 59,997,297 | $ | 552,897,629 | $ | 689,073,978 | $ | 537,075,743 | ||||||||
Shares outstanding | 6,664,151 | 52,426,948 | 68,489,704 | 46,789,936 | ||||||||||||
Net asset value and offering price per share | $ | 9.00 | $ | 10.55 | $ | 10.06 | $ | 11.48 | ||||||||
Net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 78,348,403 | $ | 548,428,768 | $ | 876,914,371 | $ | 641,406,413 | ||||||||
Undistributed (Over-distribution of) net investment income | (133,008 | ) | (3,710,434 | ) | (890,741 | ) | 7,994,515 | |||||||||
Accumulated net realized gain (loss) | (7,097,812 | ) | 7,145,672 | (28,900,182 | ) | (49,927,040 | ) | |||||||||
Net unrealized appreciation (depreciation) | 2,257,399 | 24,515,047 | 17,377,223 | 40,209,764 | ||||||||||||
Net assets | $ | 73,374,982 | $ | 576,379,053 | $ | 864,500,671 | $ | 639,683,652 | ||||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | – Intermediate Government Bond and Short Term Bond do not offer Class B Shares. Intermediate Term Bond does not offer Class B Shares or Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 109 |
Statement of Operations (Unaudited)
Six Months Ended December 31, 2012
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $—, $14,313 and $—, respectively) | $ | 16,065,458 | $ | 27,646,453 | $ | 2,511,669 | ||||||
Securities lending income, net | 71,822 | 345,503 | 24,846 | |||||||||
Total investment income | 16,137,280 | 27,991,956 | 2,536,515 | |||||||||
Expenses | ||||||||||||
Management fees | 1,783,602 | 1,958,914 | 800,829 | |||||||||
12b-1 service fees – Class A | 107,660 | 164,316 | 30,849 | |||||||||
12b-1 distribution and service fees – Class B | 4,904 | 9,192 | N/A | |||||||||
12b-1 distribution and service fees – Class C | 23,620 | 278,259 | 55,224 | |||||||||
12b-1 distribution and service fees – Class R3 | 870 | 1,808 | 528 | |||||||||
Shareholder servicing agent fees and expenses | 181,487 | 203,147 | 106,762 | |||||||||
Custodian fees and expenses | 98,428 | 87,613 | 45,272 | |||||||||
Directors fees and expenses | 11,093 | 9,594 | 5,358 | |||||||||
Professional fees | 30,055 | 26,443 | 24,632 | |||||||||
Shareholder reporting expenses | 41,537 | 44,590 | 17,064 | |||||||||
Federal and state registration fees | 33,888 | 90,326 | 35,757 | |||||||||
Reorganization expense | — | — | — | |||||||||
Other expenses | 11,859 | 9,386 | 5,181 | |||||||||
Total expenses before fee waiver/expense reimbursement | 2,329,003 | 2,883,588 | 1,127,456 | |||||||||
Fee waiver/expense reimbursement | (158,277 | ) | — | — | ||||||||
Net expenses | 2,170,726 | 2,883,588 | 1,127,456 | |||||||||
Net investment income (loss) | 13,966,554 | 25,108,368 | 1,409,059 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments and foreign currency | 7,733,829 | 7,986,052 | 3,878,152 | |||||||||
Forward foreign currency exchange contracts | — | — | 11,963 | |||||||||
Futures contracts | (1,503,982 | ) | (73,193 | ) | 277,993 | |||||||
Options purchased | (201,554 | ) | — | — | ||||||||
Options written | — | — | — | |||||||||
Swaps | (2,595,121 | ) | — | (391,994 | ) | |||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments and foreign currency | 16,708,587 | 28,845,112 | 3,875,845 | |||||||||
Forward foreign currency exchange contracts | — | — | 100,125 | |||||||||
Futures contracts | 1,044,579 | 8,879 | 63,041 | |||||||||
Swaps | 2,487,408 | — | 348,311 | |||||||||
Net realized and unrealized gain (loss) | 23,673,746 | 36,766,850 | 8,163,436 | |||||||||
Net increase (decrease) in net assets from operations | $ | 37,640,300 | $ | 61,875,218 | $ | 9,572,495 |
N/A – | Inflation Protected Securities does not offer Class B Shares. |
See accompanying notes to financial statements.
110 | Nuveen Investments |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income (net of foreign tax withheld of $—, $—, $— and $—, respectively) | $ | 990,902 | $ | 7,334,317 | $ | 11,775,219 | $ | 16,657,609 | ||||||||
Securities lending income, net | 2,239 | 53,278 | 102,784 | 117,539 | ||||||||||||
Total investment income | 993,141 | 7,387,595 | 11,878,003 | 16,775,148 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 189,217 | 1,404,829 | 1,719,236 | 1,719,630 | ||||||||||||
12b-1 service fees – Class A | 15,281 | 27,454 | 145,133 | 74,628 | ||||||||||||
12b-1 distribution and service fees – Class B | N/A | N/A | N/A | 10,368 | ||||||||||||
12b-1 distribution and service fees – Class C | 7,832 | 7,398 | 207,035 | 163,976 | ||||||||||||
12b-1 distribution and service fees – Class R3 | 577 | N/A | 1,185 | 5,231 | ||||||||||||
Shareholder servicing agent fees and expenses | 23,893 | 119,548 | 153,450 | 129,860 | ||||||||||||
Custodian fees and expenses | 24,239 | 81,486 | 120,416 | 95,469 | ||||||||||||
Directors fees and expenses | 1,094 | 8,962 | 12,738 | 8,845 | ||||||||||||
Professional fees | 18,851 | 28,470 | 30,800 | 34,949 | ||||||||||||
Shareholder reporting expenses | 10,364 | 15,635 | 42,426 | 29,881 | ||||||||||||
Federal and state registration fees | 25,769 | 23,922 | 39,941 | 46,256 | ||||||||||||
Reorganization expense | — | — | 58,185 | 32,466 | ||||||||||||
Other expenses | 3,427 | 9,137 | 10,304 | 10,335 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 320,544 | 1,726,841 | 2,540,849 | 2,361,894 | ||||||||||||
Fee waiver/expense reimbursement | (55,015 | ) | (35,937 | ) | (134,628 | ) | (225,150 | ) | ||||||||
Net expenses | 265,529 | 1,690,904 | 2,406,221 | 2,136,744 | ||||||||||||
Net investment income (loss) | 727,612 | 5,696,691 | 9,471,782 | 14,638,404 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 380,170 | 10,996,801 | 2,317,396 | 11,773,808 | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | 5,048,572 | ||||||||||||
Futures contracts | 126,906 | (708,270 | ) | (792,007 | ) | (1,014,208 | ) | |||||||||
Options purchased | — | — | — | (69,694 | ) | |||||||||||
Options written | — | — | — | (125,856 | ) | |||||||||||
Swaps | — | (1,680,438 | ) | (1,225,598 | ) | 772,963 | ||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | (586,386 | ) | 3,763,325 | 8,769,162 | 18,572,899 | |||||||||||
Forward foreign currency exchange contracts | — | — | — | (182,173 | ) | |||||||||||
Futures contracts | (9,205 | ) | (45,249 | ) | 258,646 | 591,844 | ||||||||||
Swaps | — | 1,530,864 | 1,098,152 | 591,915 | ||||||||||||
Net realized and unrealized gain (loss) | (88,515 | ) | 13,857,033 | 10,425,751 | 35,960,070 | |||||||||||
Net increase (decrease) in net assets from operations | $ | 639,097 | $ | 19,553,724 | $ | 19,897,533 | $ | 50,598,474 |
N/A | – Intermediate Government Bond and Short Term Bond do not offer Class B Shares. Intermediate Term Bond does not offer Class B Shares or Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 111 |
Statement of Changes in Net Assets (Unaudited)
Core Plus Bond | High Income Bond | |||||||||||||||
Six Months 12/31/12 | Year Ended 6/30/12 | Six Months 12/31/12 | Year Ended 6/30/12 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 13,966,554 | $ | 34,479,201 | $ | 25,108,368 | $ | 44,589,539 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 7,733,829 | 18,705,021 | 7,986,052 | (13,744,653 | ) | |||||||||||
Forward foreign currency exchange contracts | — | — | — | — | ||||||||||||
Futures contracts | (1,503,982 | ) | (7,955,883 | ) | (73,193 | ) | (67,967 | ) | ||||||||
Options purchased | (201,554 | ) | — | — | — | |||||||||||
Options written | — | — | — | — | ||||||||||||
Swaps | (2,595,121 | ) | (1,725,955 | ) | — | — | ||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 16,708,587 | 9,052,404 | 28,845,112 | (5,098,028 | ) | |||||||||||
Forward foreign currency exchange contracts | — | — | — | — | ||||||||||||
Futures contracts | 1,044,579 | (1,449,836 | ) | 8,879 | 12,132 | |||||||||||
Options written | — | �� | — | — | — | |||||||||||
Swaps | 2,487,408 | 52,980 | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 37,640,300 | 51,157,932 | 61,875,218 | 25,691,023 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (1,508,054 | ) | (3,053,035 | ) | (5,084,879 | ) | (5,735,501 | ) | ||||||||
Class B | (13,647 | ) | (41,242 | ) | (65,323 | ) | (132,288 | ) | ||||||||
Class C | (66,384 | ) | (117,724 | ) | (1,958,840 | ) | (2,477,744 | ) | ||||||||
Class R3 | (5,735 | ) | (12,214 | ) | (27,131 | ) | (33,439 | ) | ||||||||
Class I | (12,999,886 | ) | (32,189,815 | ) | (20,178,055 | ) | (36,583,834 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | (342,229 | ) | — | — | (298,280 | ) | ||||||||||
Class B | (3,438 | ) | — | — | (7,773 | ) | ||||||||||
Class C | (19,355 | ) | — | — | (148,234 | ) | ||||||||||
Class R3 | (1,416 | ) | — | — | (1,386 | ) | ||||||||||
Class I | (2,627,486 | ) | — | — | (1,460,981 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (17,587,630 | ) | (35,414,030 | ) | (27,314,228 | ) | (46,879,460 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Fund reorganization | — | — | — | 104,870,978 | ||||||||||||
Proceeds from sale of shares | 32,751,739 | 112,240,499 | 201,169,064 | 228,987,881 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,463,976 | 12,143,026 | 9,312,650 | 12,427,284 | ||||||||||||
39,215,715 | 124,383,525 | 210,481,714 | 346,286,143 | |||||||||||||
Cost of shares redeemed | (127,286,028 | ) | (349,839,594 | ) | (107,830,192 | ) | (219,810,557 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (88,070,313 | ) | (225,456,069 | ) | 102,651,522 | 126,475,586 | ||||||||||
Net increase (decrease) in net assets | (68,017,643 | ) | (209,712,167 | ) | 137,212,512 | 105,287,149 | ||||||||||
Net assets at the beginning of period | 807,705,293 | 1,017,417,460 | 608,442,585 | 503,155,436 | ||||||||||||
Net assets at the end of period | $ | 739,687,650 | $ | 807,705,293 | $ | 745,655,097 | $ | 608,442,585 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (884,456 | ) | $ | (257,304 | ) | $ | (2,095,523 | ) | $ | 110,337 |
See accompanying notes to financial statements.
112 | Nuveen Investments |
Inflation Protected Securities | Intermediate Government Bond | |||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,409,059 | $ | 6,886,379 | $ | 727,612 | $ | 2,239,298 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 3,878,152 | 8,964,913 | 380,170 | 1,568,618 | ||||||||||||
Forward foreign currency exchange contracts | 11,963 | 167,168 | — | — | ||||||||||||
Futures contracts | 277,993 | 60,629 | 126,906 | 685,111 | ||||||||||||
Options purchased | — | — | — | — | ||||||||||||
Options written | — | — | — | — | ||||||||||||
Swaps | (391,994 | ) | (127,943 | ) | — | — | ||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 3,875,845 | 18,437,020 | (586,386 | ) | 108,077 | |||||||||||
Forward foreign currency exchange contracts | 100,125 | (110,837 | ) | — | — | |||||||||||
Futures contracts | 63,041 | (82,693 | ) | (9,205 | ) | 22,105 | ||||||||||
Options written | — | — | — | — | ||||||||||||
Swaps | 348,311 | (44,170 | ) | — | — | |||||||||||
Net increase (decrease) in net assets from operations | 9,572,495 | 34,150,466 | 639,097 | 4,623,209 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (199,493 | ) | (468,815 | ) | (119,651 | ) | (291,024 | ) | ||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||
Class C | (49,700 | ) | (180,484 | ) | (9,096 | ) | (16,266 | ) | ||||||||
Class R3 | (1,437 | ) | (3,148 | ) | (1,944 | ) | (8,188 | ) | ||||||||
Class I | (3,263,357 | ) | (10,662,479 | ) | (716,157 | ) | (2,051,257 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 | — | — | — | — | ||||||||||||
Class I | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (3,513,987 | ) | (11,314,926 | ) | (846,848 | ) | (2,366,735 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Fund reorganization | — | — | — | — | ||||||||||||
Proceeds from sale of shares | 71,790,544 | 148,914,630 | 4,779,597 | 12,589,884 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 560,070 | 1,571,415 | 283,958 | 853,309 | ||||||||||||
72,350,614 | 150,486,045 | 5,063,555 | 13,443,193 | |||||||||||||
Cost of shares redeemed | (33,269,603 | ) | (98,068,926 | ) | (15,927,945 | ) | (46,188,783 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | 39,081,011 | 52,417,119 | (10,864,390 | ) | (32,745,590 | ) | ||||||||||
Net increase (decrease) in net assets | 45,139,519 | 75,252,659 | (11,072,141 | ) | (30,489,116 | ) | ||||||||||
Net assets at the beginning of period | 350,591,720 | 275,339,061 | 84,447,123 | 114,936,239 | ||||||||||||
Net assets at the end of period | $ | 395,731,239 | $ | 350,591,720 | $ | 73,374,982 | $ | 84,447,123 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (643,709 | ) | $ | 1,461,219 | $ | (133,008 | ) | $ | (13,772 | ) |
N/A | – Inflation Protected Securities and Intermediate Government Bond do not offer Class B Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 113 |
Statement of Changes in Net Assets (Unaudited) (continued)
Intermediate Term Bond | Short Term Bond | |||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | Six Months 12/31/12 | Year Ended 6/30/12 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 5,696,691 | $ | 18,776,322 | $ | 9,471,782 | $ | 20,123,049 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 10,996,801 | 19,955,520 | 2,317,396 | 4,661,657 | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | (149,386 | ) | |||||||||||
Futures contracts | (708,270 | ) | (1,294,926 | ) | (792,007 | ) | (7,223,699 | ) | ||||||||
Options purchased | — | — | — | — | ||||||||||||
Options written | — | — | — | — | ||||||||||||
Swaps | (1,680,438 | ) | (767,968 | ) | (1,225,598 | ) | (2,188,004 | ) | ||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 3,763,325 | (2,991,611 | ) | 8,769,162 | (3,980,585 | ) | ||||||||||
Forward foreign currency exchange contracts | — | — | — | 92,822 | ||||||||||||
Futures contracts | (45,249 | ) | (132,059 | ) | 258,646 | 458,809 | ||||||||||
Options written | — | — | — | — | ||||||||||||
Swaps | 1,530,864 | (72,804 | ) | 1,098,152 | (514,179 | ) | ||||||||||
Net increase (decrease) in net assets from operations | 19,553,724 | 33,472,474 | 19,897,533 | 11,280,484 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (251,984 | ) | (619,682 | ) | (1,255,401 | ) | (2,658,693 | ) | ||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||
Class C | (11,296 | ) | (22,754 | ) | (288,672 | ) | (558,375 | ) | ||||||||
Class R3 | N/A | N/A | (4,416 | ) | (6,394 | ) | ||||||||||
Class I | (7,572,166 | ) | (18,978,358 | ) | (8,717,589 | ) | (17,689,020 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | (574,722 | ) | (33,008 | ) | — | — | ||||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||
Class C | (41,163 | ) | (1,212 | ) | — | — | ||||||||||
Class R3 | N/A | N/A | — | — | ||||||||||||
Class I | (14,791,841 | ) | (1,010,912 | ) | — | — | ||||||||||
Decrease in net assets from distributions to shareholders | (23,243,172 | ) | (20,665,926 | ) | (10,266,078 | ) | (20,912,482 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Fund reorganization | — | — | — | 153,886,513 | ||||||||||||
Proceeds from sale of shares | 36,329,362 | 166,920,130 | 155,060,978 | 385,977,366 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 9,757,307 | 6,049,154 | 3,149,614 | 6,138,855 | ||||||||||||
46,086,669 | 172,969,284 | 158,210,592 | 546,002,734 | |||||||||||||
Cost of shares redeemed | (109,914,210 | ) | (222,662,884 | ) | (186,226,298 | ) | (481,483,122 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (63,827,541 | ) | (49,693,600 | ) | (28,015,706 | ) | 64,519,612 | |||||||||
Net increase (decrease) in net assets | (67,516,989 | ) | (36,887,052 | ) | (18,384,251 | ) | 54,887,614 | |||||||||
Net assets at the beginning of period | 643,896,042 | 680,783,094 | 882,884,922 | 827,997,308 | ||||||||||||
Net assets at the end of period | $ | 576,379,053 | $ | 643,896,042 | $ | 864,500,671 | $ | 882,884,922 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (3,710,434 | ) | $ | (1,571,679) | $ | (890,741 | ) | $ | (96,445) |
N/A – | Intermediate Term Bond does not offer Class B or Class R3 Shares. Short Term Bond does not offer Class B Shares and did not offer Class R3 Shares prior to September 23, 2011. |
See accompanying notes to financial statements.
114 | Nuveen Investments |
Strategic Income | ||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 14,638,404 | $ | 27,319,766 | ||||
Net realized gain (loss) from: | ||||||||
Investments and foreign currency | 11,773,808 | 12,429,444 | ||||||
Forward foreign currency exchange contracts | 5,048,572 | (102,811 | ) | |||||
Futures contracts | (1,014,208 | ) | (7,719,289 | ) | ||||
Options purchased | (69,694 | ) | (1,715,583 | ) | ||||
Options written | (125,856 | ) | (321,084 | ) | ||||
Swaps | 772,963 | (883,712 | ) | |||||
Change in net unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | 18,572,899 | 4,637,040 | ||||||
Forward foreign currency exchange contracts | (182,173 | ) | 956,394 | |||||
Futures contracts | 591,844 | (509,763 | ) | |||||
Options written | — | (113,961 | ) | |||||
Swaps | 591,915 | (491,079 | ) | |||||
Net increase (decrease) in net assets from operations | 50,598,474 | 33,485,362 | ||||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A | (1,239,743 | ) | (1,766,560 | ) | ||||
Class B | (35,578 | ) | (59,799 | ) | ||||
Class C | (564,241 | ) | (721,977 | ) | ||||
Class R3 | (40,882 | ) | (48,682 | ) | ||||
Class I | (11,910,093 | ) | (24,363,476 | ) | ||||
From accumulated net realized gains: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class R3 | — | — | ||||||
Class I | — | — | ||||||
Decrease in net assets from distributions to shareholders | (13,790,537 | ) | (26,960,494 | ) | ||||
Fund Share Transactions | ||||||||
Fund reorganization | — | 81,128,697 | ||||||
Proceeds from sale of shares | 65,699,726 | 120,219,679 | ||||||
Proceeds from shares issued to shareholders due to reinvestment | 4,386,976 | 8,306,341 | ||||||
70,086,702 | 209,654,717 | |||||||
Cost of shares redeemed | (89,757,604 | ) | (244,013,153 | ) | ||||
Net increase (decrease) in net assets from Fund share | (19,670,902 | ) | (34,358,436 | ) | ||||
Net increase (decrease) in net assets | 17,137,035 | (27,833,568 | ) | |||||
Net assets at the beginning of period | 622,546,617 | 650,380,185 | ||||||
Net assets at the end of period | $ | 639,683,652 | $ | 622,546,617 | ||||
Undistributed (Over-distribution of) net investment income at the | $ | 7,994,515 | $ | 7,146,648 |
See accompanying notes to financial statements.
Nuveen Investments | 115 |
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
CORE PLUS BOND | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains(b) | Total | Ending Net Asset Value | Total Return(c) | |||||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||||||
2013(f) | $ | 11.64 | $ | .20 | $ | .36 | $ | .56 | $ | (.21 | ) | $ | (.05 | ) | $ | (.26 | ) | $ | 11.94 | 4.82 | % | |||||||||||||||
2012 | 11.44 | .41 | .21 | .62 | (.42 | ) | — | (.42 | ) | 11.64 | 5.52 | |||||||||||||||||||||||||
2011 | 11.22 | .43 | .21 | .64 | (.42 | ) | — | (.42 | ) | 11.44 | 5.73 | |||||||||||||||||||||||||
2010 | 10.04 | .51 | 1.18 | 1.69 | (.51 | ) | — | (.51 | ) | 11.22 | 17.11 | |||||||||||||||||||||||||
2009 | 10.86 | .61 | (.81 | ) | (.20 | ) | (.62 | ) | — | (.62 | ) | 10.04 | (1.37 | ) | ||||||||||||||||||||||
2008 | 10.79 | .51 | .05 | .56 | (.49 | ) | — | (.49 | ) | 10.86 | 5.24 | |||||||||||||||||||||||||
Class B (8/94) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 11.54 | .16 | .35 | .51 | (.17 | ) | (.05 | ) | (.22 | ) | 11.83 | 4.37 | ||||||||||||||||||||||||
2012 | 11.34 | .32 | .21 | .53 | (.33 | ) | — | (.33 | ) | 11.54 | 4.74 | |||||||||||||||||||||||||
2011 | 11.12 | .34 | .21 | .55 | (.33 | ) | — | (.33 | ) | 11.34 | 4.97 | |||||||||||||||||||||||||
2010 | 9.95 | .43 | 1.17 | 1.60 | (.43 | ) | — | (.43 | ) | 11.12 | 16.31 | |||||||||||||||||||||||||
2009 | 10.77 | .54 | (.81 | ) | (.27 | ) | (.55 | ) | — | (.55 | ) | 9.95 | (2.12 | ) | ||||||||||||||||||||||
2008 | 10.70 | .42 | .06 | .48 | (.41 | ) | — | (.41 | ) | 10.77 | 4.50 | |||||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 11.59 | .16 | .36 | .52 | (.17 | ) | (.05 | ) | (.22 | ) | 11.89 | 4.47 | ||||||||||||||||||||||||
2012 | 11.40 | .32 | .21 | .53 | (.34 | ) | — | (.34 | ) | 11.59 | 4.68 | |||||||||||||||||||||||||
2011 | 11.18 | .34 | .21 | .55 | (.33 | ) | — | (.33 | ) | 11.40 | 4.97 | |||||||||||||||||||||||||
2010 | 10.00 | .42 | 1.19 | 1.61 | (.43 | ) | — | (.43 | ) | 11.18 | 16.32 | |||||||||||||||||||||||||
2009 | 10.83 | .54 | (.82 | ) | (.28 | ) | (.55 | ) | — | (.55 | ) | 10.00 | (2.21 | ) | ||||||||||||||||||||||
2008 | 10.75 | .43 | .06 | .49 | (.41 | ) | — | (.41 | ) | 10.83 | 4.57 | |||||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 11.70 | .19 | .36 | .55 | (.20 | ) | (.05 | ) | (.25 | ) | 12.00 | 4.70 | ||||||||||||||||||||||||
2012 | 11.50 | .38 | .22 | .60 | (.40 | ) | — | (.40 | ) | 11.70 | 5.27 | |||||||||||||||||||||||||
2011 | 11.27 | .40 | .22 | .62 | (.39 | ) | — | (.39 | ) | 11.50 | 5.54 | |||||||||||||||||||||||||
2010 | 10.09 | .48 | 1.19 | 1.67 | (.49 | ) | — | (.49 | ) | 11.27 | 16.74 | |||||||||||||||||||||||||
2009 | 10.89 | .59 | (.79 | ) | (.20 | ) | (.60 | ) | — | (.60 | ) | 10.09 | (1.43 | ) | ||||||||||||||||||||||
2008 | 10.81 | .49 | .05 | .54 | (.46 | ) | — | (.46 | ) | 10.89 | 5.06 | |||||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 11.64 | .22 | .35 | .57 | (.23 | ) | (.05 | ) | (.28 | ) | 11.93 | 4.87 | ||||||||||||||||||||||||
2012 | 11.44 | .44 | .21 | .65 | (.45 | ) | — | (.45 | ) | 11.64 | 5.79 | |||||||||||||||||||||||||
2011 | 11.21 | .46 | .22 | .68 | (.45 | ) | — | (.45 | ) | 11.44 | 6.09 | |||||||||||||||||||||||||
2010 | 10.03 | .54 | 1.18 | 1.72 | (.54 | ) | — | (.54 | ) | 11.21 | 17.42 | |||||||||||||||||||||||||
2009 | 10.86 | .64 | (.82 | ) | (.18 | ) | (.65 | ) | — | (.65 | ) | 10.03 | (1.22 | ) | ||||||||||||||||||||||
2008 | 10.78 | .54 | .06 | .60 | (.52 | ) | — | (.52 | ) | 10.86 | 5.60 |
116 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate(e) | |||||||||||||||||
$ | 85,379 | .81 | %* | 3.32 | %* | .77 | %* | 3.36 | %* | 17 | % | |||||||||||
83,264 | .97 | 3.51 | .93 | 3.55 | 98 | |||||||||||||||||
85,980 | .99 | 3.72 | .94 | 3.77 | 91 | |||||||||||||||||
93,374 | 1.02 | 4.58 | .95 | 4.65 | 83 | |||||||||||||||||
82,373 | 1.02 | 6.27 | .95 | 6.34 | 160 | |||||||||||||||||
94,571 | 1.01 | 4.57 | .95 | 4.63 | 131 | |||||||||||||||||
847 | 1.56 | * | 2.57 | * | 1.52 | * | 2.61 | * | 17 | |||||||||||||
1,019 | 1.72 | 2.78 | 1.68 | 2.82 | 98 | |||||||||||||||||
1,805 | 1.74 | 2.97 | 1.69 | 3.02 | 91 | |||||||||||||||||
3,607 | 1.77 | 3.90 | 1.70 | 3.97 | 83 | |||||||||||||||||
5,780 | 1.77 | 5.52 | 1.70 | 5.59 | 160 | |||||||||||||||||
7,733 | 1.76 | 3.81 | 1.70 | 3.87 | 131 | |||||||||||||||||
4,845 | 1.56 | * | 2.56 | * | 1.52 | * | 2.60 | * | 17 | |||||||||||||
4,603 | 1.72 | 2.76 | 1.67 | 2.80 | 98 | |||||||||||||||||
3,711 | 1.74 | 2.97 | 1.69 | 3.02 | 91 | |||||||||||||||||
3,796 | 1.77 | 3.84 | 1.70 | 3.91 | 83 | |||||||||||||||||
3,693 | 1.77 | 5.52 | 1.70 | 5.59 | 160 | |||||||||||||||||
4,383 | 1.76 | 3.83 | 1.70 | 3.89 | 131 | |||||||||||||||||
380 | 1.06 | * | 3.07 | * | 1.02 | * | 3.10 | * | 17 | |||||||||||||
313 | 1.22 | 3.24 | 1.18 | 3.27 | 98 | |||||||||||||||||
380 | 1.23 | 3.47 | 1.19 | 3.52 | 91 | |||||||||||||||||
379 | 1.27 | 4.35 | 1.20 | 4.42 | 83 | |||||||||||||||||
406 | 1.27 | 6.04 | 1.20 | 6.11 | 160 | |||||||||||||||||
289 | 1.26 | 4.36 | 1.20 | 4.42 | 131 | |||||||||||||||||
648,237 | .56 | * | 3.52 | * | .52 | * | 3.56 | * | 17 | |||||||||||||
718,505 | .72 | 3.76 | .68 | 3.80 | 98 | |||||||||||||||||
925,541 | .74 | 3.97 | .69 | 4.02 | 91 | |||||||||||||||||
1,179,453 | .77 | 4.86 | .70 | 4.93 | 83 | |||||||||||||||||
1,279,489 | .77 | 6.50 | .70 | 6.57 | 160 | |||||||||||||||||
1,468,599 | .76 | 4.82 | .70 | 4.88 | 131 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable. |
(f) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 117 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
HIGH INCOME BOND | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumu- lated | Total | Ending Net Asset Value | Total Return(c) | |||||||||||||||||||||||||||
Class A (8/01) |
| |||||||||||||||||||||||||||||||||||
2013(e) | $ | 8.64 | $ | .32 | $ | .48 | $ | .80 | $ | (.35 | ) | $ | — | $ | (.35 | ) | $ | 9.09 | 9.40 | % | ||||||||||||||||
2012 | 9.05 | .69 | (.38 | ) | .31 | (.69 | ) | (.03 | ) | (.72 | ) | 8.64 | 3.76 | |||||||||||||||||||||||
2011 | 8.28 | .67 | .76 | 1.43 | (.66 | ) | — | (.66 | ) | 9.05 | 17.61 | |||||||||||||||||||||||||
2010 | 7.15 | .67 | 1.12 | 1.79 | (.66 | ) | — | (.66 | ) | 8.28 | 25.47 | |||||||||||||||||||||||||
2009 | 8.65 | .73 | (1.47 | ) | (.74 | ) | (.76 | ) | — | (.76 | ) | 7.15 | (7.26 | ) | ||||||||||||||||||||||
2008 | 9.61 | .71 | (.97 | ) | (.26 | ) | (.70 | ) | — | (.70 | ) | 8.65 | (2.84 | ) | ||||||||||||||||||||||
Class B (8/01) |
| |||||||||||||||||||||||||||||||||||
2013(e) | 8.59 | .29 | .49 | .78 | (.32 | ) | — | (.32 | ) | 9.05 | 9.17 | |||||||||||||||||||||||||
2012 | 8.98 | .62 | (.36 | ) | .26 | (.62 | ) | (.03 | ) | (.65 | ) | 8.59 | 3.18 | |||||||||||||||||||||||
2011 | 8.23 | .60 | .74 | 1.34 | (.59 | ) | — | (.59 | ) | 8.98 | 16.59 | |||||||||||||||||||||||||
2010 | 7.11 | .60 | 1.12 | 1.72 | (.60 | ) | — | (.60 | ) | 8.23 | 24.56 | |||||||||||||||||||||||||
2009 | 8.61 | .68 | (1.47 | ) | (.79 | ) | (.71 | ) | — | (.71 | ) | 7.11 | (7.99 | ) | ||||||||||||||||||||||
2008 | 9.57 | .63 | (.96 | ) | (.33 | ) | (.63 | ) | — | (.63 | ) | 8.61 | (3.57 | ) | ||||||||||||||||||||||
Class C (8/01) |
| |||||||||||||||||||||||||||||||||||
2013(e) | 8.62 | .29 | .49 | .78 | (.32 | ) | — | (.32 | ) | 9.08 | 9.14 | |||||||||||||||||||||||||
2012 | 9.01 | .63 | (.37 | ) | .26 | (.62 | ) | (.03 | ) | (.65 | ) | 8.62 | 3.18 | |||||||||||||||||||||||
2011 | 8.25 | .60 | .75 | 1.35 | (.59 | ) | — | (.59 | ) | 9.01 | 16.67 | |||||||||||||||||||||||||
2010 | 7.12 | .60 | 1.13 | 1.73 | (.60 | ) | — | (.60 | ) | 8.25 | 24.67 | |||||||||||||||||||||||||
2009 | 8.62 | .68 | (1.47 | ) | (.79 | ) | (.71 | ) | — | (.71 | ) | 7.12 | (7.98 | ) | ||||||||||||||||||||||
2008 | 9.58 | .63 | (.96 | ) | (.33 | ) | (.63 | ) | — | (.63 | ) | 8.62 | (3.57 | ) | ||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||||
2013(e) | 8.81 | .31 | .51 | .82 | (.35 | ) | — | (.35 | ) | 9.28 | 9.41 | |||||||||||||||||||||||||
2012 | 9.23 | .67 | (.38 | ) | .29 | (.68 | ) | (.03 | ) | (.71 | ) | 8.81 | 3.46 | |||||||||||||||||||||||
2011 | 8.44 | .66 | .77 | 1.43 | (.64 | ) | — | (.64 | ) | 9.23 | 17.28 | |||||||||||||||||||||||||
2010 | 7.28 | .66 | 1.14 | 1.80 | (.64 | ) | — | (.64 | ) | 8.44 | 25.12 | |||||||||||||||||||||||||
2009 | 8.79 | .73 | (1.49 | ) | (.76 | ) | (.75 | ) | — | (.75 | ) | 7.28 | (7.49 | ) | ||||||||||||||||||||||
2008 | 9.75 | .69 | (.98 | ) | (.29 | ) | (.67 | ) | — | (.67 | ) | 8.79 | (3.04 | ) | ||||||||||||||||||||||
Class I (8/01) |
| |||||||||||||||||||||||||||||||||||
2013(e) | 8.65 | .33 | .49 | .82 | (.36 | ) | — | (.36 | ) | 9.11 | 9.65 | |||||||||||||||||||||||||
2012 | 9.05 | .71 | (.37 | ) | .34 | (.71 | ) | (.03 | ) | (.74 | ) | 8.65 | 4.15 | |||||||||||||||||||||||
2011 | 8.29 | .69 | .75 | 1.44 | (.68 | ) | — | (.68 | ) | 9.05 | 17.77 | |||||||||||||||||||||||||
2010 | 7.16 | .69 | 1.12 | 1.81 | (.68 | ) | — | (.68 | ) | 8.29 | 25.75 | |||||||||||||||||||||||||
2009 | 8.66 | .75 | (1.47 | ) | (.72 | ) | (.78 | ) | — | (.78 | ) | 7.16 | (7.01 | ) | ||||||||||||||||||||||
2008 | 9.62 | .73 | (.97 | ) | (.24 | ) | (.72 | ) | — | (.72 | ) | 8.66 | (2.59 | ) |
118 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | |||||||||||||||||
$ | 160,288 | .95 | %* | 7.10 | %* | .95 | %* | 7.10 | %* | 54 | % | |||||||||||
92,018 | 1.06 | 7.98 | 1.04 | 7.99 | 124 | |||||||||||||||||
30,984 | 1.22 | 7.38 | 1.10 | 7.50 | 130 | |||||||||||||||||
29,532 | 1.29 | 7.93 | 1.10 | 8.12 | 132 | |||||||||||||||||
25,696 | 1.36 | 10.53 | 1.10 | 10.79 | 108 | |||||||||||||||||
24,420 | 1.31 | 7.53 | 1.10 | 7.74 | 100 | |||||||||||||||||
1,730 | 1.71 | * | 6.42 | * | 1.71 | * | 6.42 | * | 54 | |||||||||||||
1,843 | 1.82 | 7.23 | 1.80 | 7.26 | 124 | |||||||||||||||||
1,285 | 1.98 | 6.64 | 1.85 | 6.76 | 130 | |||||||||||||||||
1,628 | 2.04 | 7.28 | 1.85 | 7.47 | 132 | |||||||||||||||||
2,157 | 2.11 | 9.66 | 1.85 | 9.92 | 108 | |||||||||||||||||
3,496 | 2.06 | 6.76 | 1.85 | 6.97 | 100 | |||||||||||||||||
64,661 | 1.70 | * | 6.38 | * | 1.70 | * | 6.38 | * | 54 | |||||||||||||
48,667 | 1.80 | 7.26 | 1.79 | 7.27 | 124 | |||||||||||||||||
9,792 | 1.97 | 6.64 | 1.85 | 6.76 | 130 | |||||||||||||||||
6,969 | 2.04 | 7.22 | 1.85 | 7.41 | 132 | |||||||||||||||||
5,038 | 2.11 | 9.72 | 1.85 | 9.98 | 108 | |||||||||||||||||
6,490 | 2.06 | 6.76 | 1.85 | 6.97 | 100 | |||||||||||||||||
788 | 1.20 | * | 6.82 | * | 1.20 | * | 6.82 | * | 54 | |||||||||||||
615 | 1.31 | 7.66 | 1.29 | 7.68 | 124 | |||||||||||||||||
309 | 1.47 | 7.12 | 1.35 | 7.25 | 130 | |||||||||||||||||
343 | 1.54 | 7.73 | 1.35 | 7.92 | 132 | |||||||||||||||||
265 | 1.61 | 10.46 | 1.35 | 10.72 | 108 | |||||||||||||||||
185 | 1.56 | 7.16 | 1.35 | 7.37 | 100 | |||||||||||||||||
518,188 | .70 | * | 7.41 | * | .70 | * | 7.41 | * | 54 | |||||||||||||
465,299 | .84 | 8.19 | .80 | 8.23 | 124 | |||||||||||||||||
460,785 | .97 | 7.63 | .85 | 7.75 | 130 | |||||||||||||||||
350,066 | 1.04 | 8.19 | .85 | 8.38 | 132 | |||||||||||||||||
182,051 | 1.11 | 10.67 | .85 | 10.93 | 108 | |||||||||||||||||
204,164 | 1.06 | 7.78 | .85 | 7.99 | 100 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 119 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
INFLATION PROTECTED SECURITIES | ||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | From Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accum- ulated Net Realized Gains(b) | Return of Capital | Total | Ending Net Asset Value | Total Return(c) | ||||||||||||||||||||||||||||||
Class A (10/04) |
| |||||||||||||||||||||||||||||||||||||||
2013(e) | $ | 11.80 | $ | .04 | $ | .24 | $ | .28 | $ | (.10 | ) | $ | — | $ | — | $ | (.10 | ) | $ | 11.98 | 2.38 | % | ||||||||||||||||||
2012 | 10.94 | .23 | 1.01 | 1.24 | (.38 | ) | — | — | (.38 | ) | 11.80 | 11.44 | ||||||||||||||||||||||||||||
2011 | 10.33 | .35 | .40 | .75 | (.14 | ) | — | — | (.14 | ) | 10.94 | 7.30 | ||||||||||||||||||||||||||||
2010 | 9.59 | .28 | .73 | 1.01 | (.27 | ) | — | — | (.27 | ) | 10.33 | 10.62 | ||||||||||||||||||||||||||||
2009 | 10.20 | .14 | (.37 | ) | (.23 | ) | (.26 | ) | — | (.12 | ) | (.38 | ) | 9.59 | (2.18 | ) | ||||||||||||||||||||||||
2008 | 9.43 | .54 | .76 | 1.30 | (.53 | ) | — | — | (.53 | ) | 10.20 | 14.01 | ||||||||||||||||||||||||||||
Class C (10/04) |
| |||||||||||||||||||||||||||||||||||||||
2013(e) | 11.72 | (.01 | ) | .27 | .26 | (.06 | ) | — | — | (.06 | ) | 11.92 | 2.18 | |||||||||||||||||||||||||||
2012 | 10.84 | .14 | 1.00 | 1.14 | (.26 | ) | — | — | (.26 | ) | 11.72 | 10.62 | ||||||||||||||||||||||||||||
2011 | 10.24 | .26 | .41 | .67 | (.07 | ) | — | — | (.07 | ) | 10.84 | 6.59 | ||||||||||||||||||||||||||||
2010 | 9.53 | .18 | .75 | .93 | (.22 | ) | — | — | (.22 | ) | 10.24 | 9.76 | ||||||||||||||||||||||||||||
2009 | 10.18 | .11 | (.43 | ) | (.32 | ) | (.21 | ) | — | (.12 | ) | (.33 | ) | 9.53 | (3.03 | ) | ||||||||||||||||||||||||
2008 | 9.41 | .48 | .75 | 1.23 | (.46 | ) | — | — | (.46 | ) | 10.18 | 13.20 | ||||||||||||||||||||||||||||
Class R3 (10/04) |
| |||||||||||||||||||||||||||||||||||||||
2013(e) | 11.74 | .02 | .26 | .28 | (.09 | ) | — | — | (.09 | ) | 11.93 | 2.34 | ||||||||||||||||||||||||||||
2012 | 10.84 | .22 | .97 | 1.19 | (.29 | ) | — | — | (.29 | ) | 11.74 | 11.10 | ||||||||||||||||||||||||||||
2011 | 10.31 | .11 | .54 | .65 | (.12 | ) | — | — | (.12 | ) | 10.84 | 6.31 | ||||||||||||||||||||||||||||
2010 | 9.58 | .26 | .72 | .98 | (.25 | ) | — | — | (.25 | ) | 10.31 | 10.32 | ||||||||||||||||||||||||||||
2009 | 10.20 | .13 | (.39 | ) | (.26 | ) | (.24 | ) | — | (.12 | ) | (.36 | ) | 9.58 | (2.43 | ) | ||||||||||||||||||||||||
2008 | 9.43 | .52 | .75 | 1.27 | (.50 | ) | — | — | (.50 | ) | 10.20 | 13.73 | ||||||||||||||||||||||||||||
Class I (10/04) |
| |||||||||||||||||||||||||||||||||||||||
2013(e) | 11.81 | .05 | .27 | .32 | (.12 | ) | — | — | (.12 | ) | 12.01 | 2.67 | ||||||||||||||||||||||||||||
2012 | 10.96 | .25 | 1.01 | 1.26 | (.41 | ) | — | — | (.41 | ) | 11.81 | 11.62 | ||||||||||||||||||||||||||||
2011 | 10.34 | .40 | .38 | .78 | (.16 | ) | — | — | (.16 | ) | 10.96 | 7.62 | ||||||||||||||||||||||||||||
2010 | 9.59 | .33 | .71 | 1.04 | (.29 | ) | — | — | (.29 | ) | 10.34 | 10.92 | ||||||||||||||||||||||||||||
2009 | 10.20 | .23 | (.45 | ) | (.22 | ) | (.27 | ) | — | (.12 | ) | (.39 | ) | 9.59 | (2.03 | ) | ||||||||||||||||||||||||
2008 | 9.43 | .56 | .76 | 1.32 | (.55 | ) | — | — | (.55 | ) | 10.20 | 14.29 |
120 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | |||||||||||||||||
$ | 27,737 | .79 | %* | .62 | %* | .79 | %* | .62 | %* | 20 | % | |||||||||||
19,330 | 1.00 | 1.81 | .84 | 1.97 | 47 | |||||||||||||||||
12,080 | 1.09 | 3.05 | .85 | 3.30 | 45 | |||||||||||||||||
7,894 | 1.15 | 2.46 | .84 | 2.77 | 72 | |||||||||||||||||
5,439 | 1.10 | 1.27 | .85 | 1.52 | 24 | |||||||||||||||||
3,294 | 1.08 | 5.17 | .85 | 5.40 | 71 | |||||||||||||||||
11,823 | 1.55 | * | (.21 | )* | 1.55 | * | (.21 | )* | 20 | |||||||||||||
9,703 | 1.75 | 1.05 | 1.59 | 1.21 | 47 | |||||||||||||||||
8,043 | 1.84 | 2.19 | 1.60 | 2.44 | 45 | |||||||||||||||||
6,673 | 1.91 | 1.47 | 1.60 | 1.78 | 72 | |||||||||||||||||
1,406 | 1.84 | .94 | 1.59 | 1.19 | 24 | |||||||||||||||||
365 | 1.83 | 4.59 | 1.60 | 4.82 | 71 | |||||||||||||||||
318 | 1.04 | * | .33 | * | 1.04 | * | .33 | * | 20 | |||||||||||||
173 | 1.25 | 1.72 | 1.09 | 1.88 | 47 | |||||||||||||||||
33 | 1.38 | .78 | 1.10 | 1.05 | 45 | |||||||||||||||||
1,332 | 1.40 | 2.33 | 1.09 | 2.64 | 72 | |||||||||||||||||
1,262 | 1.35 | 1.09 | 1.10 | 1.34 | 24 | |||||||||||||||||
1,175 | 1.33 | 4.98 | 1.10 | 5.21 | 71 | |||||||||||||||||
355,853 | .55 | * | .78 | * | .55 | * | .78 | * | 20 | |||||||||||||
321,386 | .75 | 1.99 | .59 | 2.15 | 47 | |||||||||||||||||
255,183 | .84 | 3.49 | .60 | 3.74 | 45 | |||||||||||||||||
156,983 | .90 | 2.96 | .59 | 3.27 | 72 | |||||||||||||||||
167,501 | .85 | 2.23 | .60 | 2.48 | 24 | |||||||||||||||||
278,749 | .83 | 5.41 | .60 | 5.64 | 71 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 121 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
INTERMEDIATE GOVERNMENT BOND | ||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From ulated | Return of Capital | Total | Ending Net Asset Value | Total Return(c) | ||||||||||||||||||||||||||||||
Class A (10/02) |
| |||||||||||||||||||||||||||||||||||||||
2013(f) | $ | 9.02 | $ | .07 | $ | — | * | $ | .07 | $ | (.09 | ) | $ | — | $ | — | $ | (.09 | ) | $ | 9.00 | .76 | % | |||||||||||||||||
2012 | 8.84 | .18 | .19 | .37 | (.19 | ) | — | — | (.19 | ) | 9.02 | 4.24 | ||||||||||||||||||||||||||||
2011 | 8.77 | .20 | .07 | .27 | (.20 | ) | — | — | (.20 | ) | 8.84 | 3.10 | ||||||||||||||||||||||||||||
2010 | 8.67 | .20 | .27 | .47 | (.20 | ) | (.17 | ) | — | * | (.37 | ) | 8.77 | 5.50 | ||||||||||||||||||||||||||
2009 | 8.42 | .19 | .25 | .44 | (.19 | ) | — | — | (.19 | ) | 8.67 | 5.30 | ||||||||||||||||||||||||||||
2008 | 8.00 | .28 | .43 | .71 | (.29 | ) | — | — | (.29 | ) | 8.42 | 8.90 | ||||||||||||||||||||||||||||
Class C (10/09) |
| |||||||||||||||||||||||||||||||||||||||
2013(f) | 9.03 | .04 | (.01 | ) | .03 | (.05 | ) | — | — | (.05 | ) | 9.01 | .36 | |||||||||||||||||||||||||||
2012 | 8.85 | .10 | .20 | .30 | (.12 | ) | — | — | (.12 | ) | 9.03 | 3.35 | ||||||||||||||||||||||||||||
2011 | 8.77 | .12 | .08 | .20 | (.12 | ) | — | — | (.12 | ) | 8.85 | 2.32 | ||||||||||||||||||||||||||||
2010(e) | 8.76 | .09 | .17 | .26 | (.08 | ) | (.17 | ) | — | * | (.25 | ) | 8.77 | 3.00 | ||||||||||||||||||||||||||
Class R3 (10/09) |
| |||||||||||||||||||||||||||||||||||||||
2013(f) | 9.01 | .06 | — | * | .06 | (.08 | ) | — | — | (.08 | ) | 8.99 | .63 | |||||||||||||||||||||||||||
2012 | 8.84 | .15 | .18 | .33 | (.16 | ) | — | — | (.16 | ) | 9.01 | 3.79 | ||||||||||||||||||||||||||||
2011 | 8.77 | .16 | .08 | .24 | (.17 | ) | — | — | (.17 | ) | 8.84 | 2.75 | ||||||||||||||||||||||||||||
2010(e) | 8.76 | .09 | .20 | .29 | (.11 | ) | (.17 | ) | — | * | (.28 | ) | 8.77 | 3.34 | ||||||||||||||||||||||||||
Class I (10/02) |
| |||||||||||||||||||||||||||||||||||||||
2013(f) | 9.03 | .08 | (.01 | ) | .07 | (.10 | ) | — | — | (.10 | ) | 9.00 | .75 | |||||||||||||||||||||||||||
2012 | 8.84 | .19 | .21 | .40 | (.21 | ) | — | — | (.21 | ) | 9.03 | 4.50 | ||||||||||||||||||||||||||||
2011 | 8.77 | .21 | .07 | .28 | (.21 | ) | — | — | (.21 | ) | 8.84 | 3.25 | ||||||||||||||||||||||||||||
2010 | 8.67 | .21 | .27 | .48 | (.21 | ) | (.17 | ) | — | * | (.38 | ) | 8.77 | 5.66 | ||||||||||||||||||||||||||
2009 | 8.42 | .21 | .25 | .46 | (.21 | ) | — | — | (.21 | ) | 8.67 | 5.46 | ||||||||||||||||||||||||||||
2008 | 8.00 | .30 | .42 | .72 | (.30 | ) | — | — | (.30 | ) | 8.42 | 9.07 |
122 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | |||||||||||||||||
$ | 11,573 | .99 | %** | 1.48 | %** | .85 | %** | 1.62 | %** | 25 | % | |||||||||||
12,735 | 1.11 | 1.65 | .77 | 1.99 | 72 | |||||||||||||||||
14,086 | 1.10 | 1.85 | .73 | 2.22 | 58 | |||||||||||||||||
19,003 | 1.19 | 1.89 | .75 | 2.33 | 105 | |||||||||||||||||
10,496 | 1.15 | 1.82 | .75 | 2.22 | 133 | |||||||||||||||||
6,504 | 1.33 | 2.74 | .75 | 3.32 | 118 | |||||||||||||||||
1,551 | 1.74 | ** | .73 | ** | 1.60 | ** | .87 | ** | 25 | |||||||||||||
1,438 | 1.86 | .90 | 1.60 | 1.16 | 72 | |||||||||||||||||
1,417 | 1.89 | 1.05 | 1.58 | 1.37 | 58 | |||||||||||||||||
1,940 | 1.94 | ** | 1.16 | ** | 1.60 | ** | 1.50 | ** | 105 | |||||||||||||
254 | 1.24 | ** | 1.22 | ** | 1.10 | ** | 1.36 | ** | 25 | |||||||||||||
214 | 1.36 | 1.39 | 1.10 | 1.66 | 72 | |||||||||||||||||
473 | 1.39 | 1.56 | 1.08 | 1.87 | 58 | |||||||||||||||||
652 | 1.44 | ** | 1.44 | ** | 1.10 | ** | 1.78 | ** | 105 | |||||||||||||
59,997 | .74 | ** | 1.73 | ** | .60 | ** | 1.86 | ** | 25 | |||||||||||||
70,060 | .86 | 1.90 | .60 | 2.16 | 72 | |||||||||||||||||
98,960 | .89 | 2.05 | .58 | 2.36 | 58 | |||||||||||||||||
152,088 | .94 | 2.05 | .60 | 2.39 | 105 | |||||||||||||||||
101,253 | .90 | 2.11 | .60 | 2.41 | 133 | |||||||||||||||||
63,784 | 1.08 | 3.12 | .60 | 3.60 | 118 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For the period October 28, 2009 (commencement of operations) through June 30, 2010. |
(f) | For the six months ended December 31, 2012. |
* | Rounds to less than $.01 per share. |
** | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 123 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
INTERMEDIATE TERM BOND | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains(b) | Total | Ending Net Asset Value | Total Return(c) | |||||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||||||
2013(f) | $ | 10.67 | $ | .09 | $ | .24 | $ | .33 | $ | (.13 | ) | $ | (.29 | ) | $ | (.42 | ) | $ | 10.58 | 3.01 | % | |||||||||||||||
2012 | 10.47 | .29 | .23 | .52 | (.30 | ) | (.02 | ) | (.32 | ) | 10.67 | 4.93 | ||||||||||||||||||||||||
2011 | 10.33 | .33 | .14 | .47 | (.33 | ) | — | (.33 | ) | 10.47 | 4.70 | |||||||||||||||||||||||||
2010 | 9.47 | .42 | .86 | 1.28 | (.42 | ) | — | (.42 | ) | 10.33 | 13.64 | |||||||||||||||||||||||||
2009 | 9.90 | .48 | (.40 | ) | .08 | (.51 | ) | — | (.51 | ) | 9.47 | 1.21 | ||||||||||||||||||||||||
2008 | 9.73 | .44 | .14 | .58 | (.41 | ) | — | (.41 | ) | 9.90 | 6.02 | |||||||||||||||||||||||||
Class C (1/11) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.62 | .05 | .24 | .29 | (.08 | ) | (.29 | ) | (.37 | ) | 10.54 | 2.72 | ||||||||||||||||||||||||
2012 | 10.44 | .19 | .22 | .41 | (.22 | ) | (.01 | ) | (.23 | ) | 10.62 | 3.97 | ||||||||||||||||||||||||
2011(e) | 10.37 | .12 | .06 | .18 | (.11 | ) | — | (.11 | ) | 10.44 | 1.76 | |||||||||||||||||||||||||
Class I (1/93) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.63 | .10 | .25 | .35 | (.14 | ) | (.29 | ) | (.43 | ) | 10.55 | 3.23 | ||||||||||||||||||||||||
2012 | 10.43 | .30 | .23 | .53 | (.32 | ) | (.01 | ) | (.33 | ) | 10.63 | 5.18 | ||||||||||||||||||||||||
2011 | 10.29 | .35 | .14 | .49 | (.35 | ) | — | (.35 | ) | 10.43 | 4.76 | |||||||||||||||||||||||||
2010 | 9.43 | .43 | .86 | 1.29 | (.43 | ) | — | (.43 | ) | 10.29 | 13.87 | |||||||||||||||||||||||||
2009 | 9.87 | .49 | (.40 | ) | .09 | (.53 | ) | — | (.53 | ) | 9.43 | 1.26 | ||||||||||||||||||||||||
2008 | 9.70 | .45 | .15 | .60 | (.43 | ) | — | (.43 | ) | 9.87 | 6.20 |
124 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net ment | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | |||||||||||||||||
$ | 21,870 | .79 | %* | 1.57 | %* | .78 | %* | 1.59 | %* | 44 | % | |||||||||||
21,262 | .95 | 2.61 | .85 | 2.70 | 75 | |||||||||||||||||
22,502 | .94 | 3.10 | .85 | 3.20 | 58 | |||||||||||||||||
26,341 | 1.01 | 3.96 | .85 | 4.12 | 58 | |||||||||||||||||
23,905 | 1.01 | 5.09 | .85 | 5.25 | 41 | |||||||||||||||||
28,364 | 1.01 | 4.22 | .85 | 4.38 | 102 | |||||||||||||||||
1,612 | 1.54 | * | .82 | * | 1.53 | * | .83 | * | 44 | |||||||||||||
1,568 | 1.69 | 1.79 | 1.67 | 1.81 | 75 | |||||||||||||||||
1,152 | 1.79 | * | 2.46 | * | 1.70 | * | 2.56 | * | 58 | |||||||||||||
552,898 | .54 | * | 1.82 | * | .53 | * | 1.83 | * | 44 | |||||||||||||
621,066 | .70 | 2.85 | .68 | 2.87 | 75 | |||||||||||||||||
657,129 | .74 | 3.30 | .70 | 3.35 | 58 | |||||||||||||||||
734,924 | .76 | 4.22 | .70 | 4.28 | 58 | |||||||||||||||||
724,531 | .76 | 5.33 | .70 | 5.39 | 41 | |||||||||||||||||
766,932 | .76 | 4.47 | .70 | 4.53 | 102 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For the period January 18, 2011 (commencement of operations) through June 30, 2011. |
(f) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 125 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
SHORT TERM BOND | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accum- ulated Net Realized Gains(b) | Total | Ending Net Asset Value | Total Return(c) | |||||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||||||
2013(g) | $ | 9.95 | $ | .10 | $ | .12 | $ | .22 | $ | (.11 | ) | $ | — | $ | (.11 | ) | $ | 10.06 | 2.21 | % | ||||||||||||||||
2012 | 10.06 | .24 | (.10 | ) | �� | .14 | (.25 | ) | — | (.25 | ) | 9.95 | 1.42 | |||||||||||||||||||||||
2011 | 9.98 | .24 | .06 | .30 | (.22 | ) | — | (.22 | ) | 10.06 | 3.00 | |||||||||||||||||||||||||
2010 | 9.66 | .31 | .34 | .65 | (.33 | ) | — | (.33 | ) | 9.98 | 6.77 | |||||||||||||||||||||||||
2009 | 9.89 | .46 | (.26 | ) | .20 | (.43 | ) | — | (.43 | ) | 9.66 | 2.22 | ||||||||||||||||||||||||
2008 | 9.90 | .45 | (.03 | ) | .42 | (.43 | ) | — | (.43 | ) | 9.89 | 4.30 | ||||||||||||||||||||||||
Class C (10/09) |
| |||||||||||||||||||||||||||||||||||
2013(g) | 9.97 | .06 | .12 | .18 | (.07 | ) | — | (.07 | ) | 10.08 | 1.81 | |||||||||||||||||||||||||
2012 | 10.09 | .16 | (.11 | ) | .05 | (.17 | ) | — | (.17 | ) | 9.97 | .50 | ||||||||||||||||||||||||
2011 | 10.00 | .15 | .07 | .22 | (.13 | ) | — | (.13 | ) | 10.09 | 2.22 | |||||||||||||||||||||||||
2010(e) | 9.95 | .13 | .06 | .19 | (.14 | ) | — | (.14 | ) | 10.00 | 1.90 | |||||||||||||||||||||||||
Class R3 (9/11) |
| |||||||||||||||||||||||||||||||||||
2013(g) | 9.96 | .09 | .11 | .20 | (.09 | ) | — | (.09 | ) | 10.07 | 2.06 | |||||||||||||||||||||||||
2012(f) | 9.85 | .16 | .13 | .29 | (.18 | ) | — | (.18 | ) | 9.96 | 2.92 | |||||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||||
2013(g) | 9.95 | .11 | .12 | .23 | (.12 | ) | — | (.12 | ) | 10.06 | 2.33 | |||||||||||||||||||||||||
2012 | 10.07 | .26 | (.11 | ) | .15 | (.27 | ) | — | (.27 | ) | 9.95 | 1.51 | ||||||||||||||||||||||||
2011 | 9.99 | .25 | .06 | .31 | (.23 | ) | — | (.23 | ) | 10.07 | 3.16 | |||||||||||||||||||||||||
2010 | 9.67 | .32 | .34 | .66 | (.34 | ) | — | (.34 | ) | 9.99 | 6.92 | |||||||||||||||||||||||||
2009 | 9.89 | .48 | (.25 | ) | .23 | (.45 | ) | — | (.45 | ) | 9.67 | 2.48 | ||||||||||||||||||||||||
2008 | 9.91 | .46 | (.03 | ) | .43 | (.45 | ) | — | (.45 | ) | 9.89 | 4.35 |
126 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | |||||||||||||||||
$ | 131,004 | .75 | %* | 1.94 | %* | .71 | %* | 1.98 | %* | 19 | % | |||||||||||
112,851 | .82 | 2.33 | .73 | 2.42 | 56 | |||||||||||||||||
80,927 | .87 | 2.22 | .73 | 2.37 | 58 | |||||||||||||||||
87,631 | 1.04 | 2.88 | .75 | 3.17 | 44 | |||||||||||||||||
65,704 | 1.06 | 4.55 | .74 | 4.87 | 54 | |||||||||||||||||
59,933 | 1.05 | 4.17 | .74 | 4.48 | 55 | |||||||||||||||||
43,938 | 1.50 | * | 1.20 | * | 1.46 | * | 1.23 | * | 19 | |||||||||||||
42,346 | 1.56 | 1.56 | 1.55 | 1.57 | 56 | |||||||||||||||||
5,101 | 1.66 | 1.45 | 1.58 | 1.53 | 58 | |||||||||||||||||
3,111 | 1.79 | * | 1.76 | * | 1.60 | * | 1.95 | * | 44 | |||||||||||||
484 | 1.00 | * | 1.69 | * | .96 | * | 1.72 | * | 19 | |||||||||||||
446 | 1.06 | * | 2.07 | * | 1.05 | * | 2.07 | * | 56 | |||||||||||||
689,074 | .49 | * | 2.19 | * | .46 | * | 2.22 | * | 19 | |||||||||||||
727,242 | .57 | 2.59 | .55 | 2.61 | 56 | |||||||||||||||||
741,969 | .67 | 2.43 | .58 | 2.52 | 58 | |||||||||||||||||
629,151 | .79 | 3.07 | .60 | 3.26 | 44 | |||||||||||||||||
315,024 | .81 | 4.80 | .59 | 5.02 | 54 | |||||||||||||||||
257,403 | .80 | 4.41 | .59 | 4.62 | 55 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For the period October 28, 2009 (commencement of operations) through June 30, 2010. |
(f) | For the period September 23, 2011 (commencement of operations) through June 30, 2012. |
(g) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 127 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
STRATEGIC INCOME | ||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From ulated Realized | Total | Ending Net Asset Value | Total Return(c) | |||||||||||||||||||||||||||
Class A (2/00) |
| |||||||||||||||||||||||||||||||||||
2013(f) | $ | 10.83 | $ | .25 | $ | .64 | $ | .89 | $ | (.24 | ) | $ | — | $ | (.24 | ) | $ | 11.48 | 8.23 | % | ||||||||||||||||
2012 | 10.72 | .44 | .10 | .54 | (.43 | ) | — | (.43 | ) | 10.83 | 5.14 | |||||||||||||||||||||||||
2011 | 10.27 | .43 | .45 | .88 | (.43 | ) | — | (.43 | ) | 10.72 | 8.69 | |||||||||||||||||||||||||
2010 | 9.01 | .52 | 1.28 | 1.80 | (.54 | ) | — | (.54 | ) | 10.27 | 20.21 | |||||||||||||||||||||||||
2009 | 9.90 | .64 | (.74 | ) | (.10 | ) | (.63 | ) | (.16 | ) | (.79 | ) | 9.01 | .16 | ||||||||||||||||||||||
2008 | 9.83 | .49 | .05 | .54 | (.47 | ) | — | (.47 | ) | 9.90 | 5.51 | |||||||||||||||||||||||||
Class B (2/00) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.78 | .21 | .62 | .83 | (.19 | ) | — | (.19 | ) | 11.42 | 7.78 | |||||||||||||||||||||||||
2012 | 10.67 | .36 | .09 | .45 | (.34 | ) | — | (.34 | ) | 10.78 | 4.32 | |||||||||||||||||||||||||
2011 | 10.22 | .35 | .44 | .79 | (.34 | ) | — | (.34 | ) | 10.67 | 7.84 | |||||||||||||||||||||||||
2010 | 8.97 | .45 | 1.26 | 1.71 | (.46 | ) | — | (.46 | ) | 10.22 | 19.22 | |||||||||||||||||||||||||
2009 | 9.86 | .58 | (.74 | ) | (.16 | ) | (.57 | ) | (.16 | ) | (.73 | ) | 8.97 | (.58 | ) | |||||||||||||||||||||
2008 | 9.80 | .41 | .05 | .46 | (.40 | ) | — | (.40 | ) | 9.86 | 4.65 | |||||||||||||||||||||||||
Class C (2/00) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.76 | .21 | .63 | .84 | (.19 | ) | — | (.19 | ) | 11.41 | 7.88 | |||||||||||||||||||||||||
2012 | 10.65 | .36 | .09 | .45 | (.34 | ) | — | (.34 | ) | 10.76 | 4.32 | |||||||||||||||||||||||||
2011 | 10.20 | .35 | .44 | .79 | (.34 | ) | — | (.34 | ) | 10.65 | 7.85 | |||||||||||||||||||||||||
2010 | 8.96 | .43 | 1.27 | 1.70 | (.46 | ) | — | (.46 | ) | 10.20 | 19.13 | |||||||||||||||||||||||||
2009 | 9.84 | .58 | (.73 | ) | (.15 | ) | (.57 | ) | (.16 | ) | (.73 | ) | 8.96 | (.48 | ) | |||||||||||||||||||||
2008 | 9.78 | .42 | .04 | .46 | (.40 | ) | — | (.40 | ) | 9.84 | 4.66 | |||||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.88 | .24 | .62 | .86 | (.22 | ) | — | (.22 | ) | 11.52 | 7.97 | |||||||||||||||||||||||||
2012 | 10.77 | .41 | .10 | .51 | (.40 | ) | — | (.40 | ) | 10.88 | 4.83 | |||||||||||||||||||||||||
2011 | 10.31 | .41 | .45 | .86 | (.40 | ) | — | (.40 | ) | 10.77 | 8.40 | |||||||||||||||||||||||||
2010 | 9.07 | .42 | 1.32 | 1.74 | (.50 | ) | — | (.50 | ) | 10.31 | 19.47 | |||||||||||||||||||||||||
2009 | 9.95 | .62 | (.73 | ) | (.11 | ) | (.61 | ) | (.16 | ) | (.77 | ) | 9.07 | .02 | ||||||||||||||||||||||
2008 | 9.88 | .47 | .05 | .52 | (.45 | ) | — | (.45 | ) | 9.95 | 5.22 | |||||||||||||||||||||||||
Class I (2/00) |
| |||||||||||||||||||||||||||||||||||
2013(f) | 10.83 | .26 | .64 | .90 | (.25 | ) | — | (.25 | ) | 11.48 | 8.36 | |||||||||||||||||||||||||
2012 | 10.71 | .45 | .12 | .57 | (.45 | ) | — | (.45 | ) | 10.83 | 5.35 | |||||||||||||||||||||||||
2011 | 10.26 | .46 | .44 | .90 | (.45 | ) | — | (.45 | ) | 10.71 | 8.99 | |||||||||||||||||||||||||
2010 | 9.01 | .55 | 1.25 | 1.80 | (.55 | ) | — | (.55 | ) | 10.26 | 20.31 | |||||||||||||||||||||||||
2009 | 9.89 | .66 | (.73 | ) | (.07 | ) | (.65 | ) | (.16 | ) | (.81 | ) | 9.01 | .52 | ||||||||||||||||||||||
2008 | 9.83 | .52 | .04 | .56 | (.50 | ) | — | (.50 | ) | 9.89 | 5.67 |
128 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate(e) | |||||||||||||||||
$ | 63,721 | .91 | %* | 4.33 | %* | .84 | %* | 4.40 | %* | 35 | % | |||||||||||
52,802 | .93 | 4.01 | .85 | 4.10 | 199 | |||||||||||||||||
25,045 | 1.05 | 3.93 | .88 | 4.10 | 98 | |||||||||||||||||
28,165 | 1.13 | 4.98 | .92 | 5.19 | 96 | |||||||||||||||||
13,948 | 1.13 | 7.45 | 1.00 | 7.58 | 147 | |||||||||||||||||
15,567 | 1.11 | 4.75 | .99 | 4.87 | 124 | |||||||||||||||||
1,932 | 1.66 | * | 3.58 | * | 1.59 | * | 3.65 | * | 35 | |||||||||||||
2,148 | 1.68 | 3.27 | 1.61 | 3.33 | 199 | |||||||||||||||||
1,116 | 1.80 | 3.22 | 1.73 | 3.29 | 98 | |||||||||||||||||
1,413 | 1.87 | 4.35 | 1.74 | 4.48 | 96 | |||||||||||||||||
1,719 | 1.88 | 6.71 | 1.75 | 6.84 | 147 | |||||||||||||||||
2,384 | 1.86 | 4.01 | 1.74 | 4.13 | 124 | |||||||||||||||||
34,433 | 1.66 | * | 3.59 | * | 1.59 | * | 3.66 | * | 35 | |||||||||||||
31,085 | 1.67 | 3.30 | 1.60 | 3.37 | 199 | |||||||||||||||||
8,092 | 1.80 | 3.22 | 1.73 | 3.29 | 98 | |||||||||||||||||
6,748 | 1.88 | 4.21 | 1.75 | 4.34 | 96 | |||||||||||||||||
2,778 | 1.88 | 6.64 | 1.75 | 6.77 | 147 | |||||||||||||||||
3,673 | 1.86 | 4.10 | 1.74 | 4.22 | 124 | |||||||||||||||||
2,523 | 1.16 | * | 4.10 | * | 1.09 | * | 4.17 | * | 35 | |||||||||||||
1,903 | 1.19 | 3.73 | 1.12 | 3.80 | 199 | |||||||||||||||||
1,020 | 1.29 | 3.73 | 1.23 | 3.79 | 98 | |||||||||||||||||
601 | 1.37 | 4.06 | 1.24 | 4.19 | 96 | |||||||||||||||||
681 | 1.38 | 7.26 | 1.25 | 7.39 | 147 | |||||||||||||||||
293 | 1.36 | 4.54 | 1.24 | 4.66 | 124 | |||||||||||||||||
537,076 | .66 | * | 4.59 | * | .59 | * | 4.66 | * | 35 | |||||||||||||
534,608 | .69 | 4.19 | .63 | 4.26 | 199 | |||||||||||||||||
615,107 | .80 | 4.22 | .73 | 4.29 | 98 | |||||||||||||||||
655,301 | .87 | 5.31 | .74 | 5.44 | 96 | |||||||||||||||||
633,108 | .88 | 7.64 | .75 | 7.77 | 147 | |||||||||||||||||
1,069,211 | .86 | 5.03 | .74 | 5.15 | 124 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(e) | For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable. |
(f) | For the six months ended December 31, 2012. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 129 |
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Core Plus Bond Fund (“Core Plus Bond”), Nuveen High Income Bond Fund (“High Income Bond”), Nuveen Inflation Protected Securities Fund (“Inflation Protected Securities”), Nuveen Intermediate Government Bond Fund (“Intermediate Government Bond”), Nuveen Intermediate Term Bond Fund (“Intermediate Term Bond”), Nuveen Short Term Bond Fund (“Short Term Bond”) and Nuveen Strategic Income Fund (“Strategic Income”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisers, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
Core Plus Bond’s investment objective is to provide investors with high current income consistent with limited risk to capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in bonds such as U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), including zero coupon securities, residential and commercial mortgage-backed securities, asset-backed securities and corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations. Up to 10% of the Fund’s total assets may be invested collectively in bonds rated lower than investment grade or unrated securities of comparable quality as determined by Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, (securities commonly referred to as “high yield” or “junk bonds”), non-dollar denominated debt obligations of foreign corporations and governments and debt obligations issued by governmental and corporate issuers that are located in emerging market countries. The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments that are not located in emerging market countries. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.
High Income Bond’s investment objective is to provide investors with a high level of current income. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in bonds rated lower than investment grade at the time of purchase or in unrated bonds of comparable quality (securities commonly referred to as “high-yield” securities or “junk bonds”). The Fund may invest in exchange-traded funds, closed-end funds, and other investment companies (“investment companies”). During the period July 1, 2012, through November 14, 2012, the Fund may have invested up to 25% of its total assets in dollar denominated debt obligations of foreign corporations and governments. Up to 20% of the Fund’s total assets may have been invested in dollar denominated debt obligations issued by governmental and corporate issuers that are located in emerging market countries. Effective November 15, 2012, the Fund may invest in debt obligations of foreign corporations and governments. Up to 20% of the Fund’s total assets may be invested in debt obligations issued by governmental and corporate issuers that are located in emerging market countries.
Inflation Protected Securities’ investment objective is to provide investors with total return while providing protection against inflation. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in inflation protected debt securities. These securities will be issued by the U.S. and non-U.S. governments, their agencies and instrumentalities, and domestic and foreign corporations. Up to 20% of the Fund’s assets may be invested in holdings that are not inflation protected. These holdings may include domestic and foreign corporate debt obligations, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, debt obligations of foreign governments, residential and commercial mortgage-backed securities and asset-backed securities. Up to 10% of the Fund’s net assets may be invested in securities that are rated lower than investment grade at the time of purchase or that are unrated and of comparable quality (securities commonly referred to as “high-yield” securities or “junk bonds”). The Fund may invest up to 20% of its net assets in non-dollar denominated securities, and may invest without limitation in U.S. dollar denominated securities of foreign corporations and governments.
Intermediate Government Bond’s investment objective is to provide investors with current income to the extent consistent with the preservation of capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in U.S. government bonds. The Fund may invest up to 20% of its total assets, collectively, in non-U.S. government debt obligations, including asset-backed securities, residential and commercial mortgage-backed securities, corporate debt obligations, and municipal securities. To generate additional income, the Fund may invest up to 10% of its total assets in dollar roll transactions.
Intermediate Term Bond’s investment objective is to provide investors with current income to the extent consistent with preservation of capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in bonds, such as U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), including zero coupon securities, residential and commercial mortgage-backed securities, asset-backed securities, and corporate debt obligations, including obligations issued by special-purpose entities that are
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backed by corporate debt obligations. The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.
Short Term Bond’s investment objective is to provide investors with current income while maintaining a high degree of principal stability. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in bonds, such as residential and commercial mortgage-backed securities, asset-backed securities, corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations, U.S. government securities, which are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and municipal securities. Up to 20% of the Fund’s total assets may be invested in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Sub-Adviser (securities commonly referred to as “high yield” or “junk bonds”). The Fund may invest up to 35% of its total assets in debt obligations of foreign corporations and foreign governments. However, no more than 10% of the Fund’s total assets may be invested in debt obligations of corporations and governments that are located in emerging market countries. Up to 10% of the Fund’s total assets may have non-U.S. dollar currency exposure from non-U.S. dollar denominated securities and currency derivatives.
Strategic Income’s investment objective is to provide investors with total return. Under normal market conditions, the Fund invests at least 80% of its net assets in debt securities, including U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), residential and commercial mortgage-backed securities, asset-backed securities, domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations and debt obligations of foreign governments. The Fund may invest up to 30% of its total assets in non-dollar denominated debt obligations of foreign corporations and governments, including debt obligations issued by governmental and corporate issuers that are located in emerging market countries. The Fund may invest without limitation in U.S. dollar denominated securities of foreign issuers. The Fund may invest up to 50% of its total assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Sub-Adviser (securities commonly referred to as “high yield” or “junk bonds”). The Fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of equivalent quality. Unrated securities will not exceed 25% of the Fund’s total assets. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.
The Funds may also invest in certain derivative financial instruments in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Funds’ portfolios or for speculative purposes in an effort to increase the Funds’ yield or to enhance returns. The Funds that may invest in non-dollar denominated securities may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent they do not do so through direct investments.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Valuation
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange, which may represent a transfer from a Level 1 to a Level 2 security.
Investments in the investment companies are valued at their respective net asset value on valuation date. These investment vehicles are generally classified Level 1.
Prices of fixed-income securities, forward foreign currency exchange contracts and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
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Notes to Financial Statements (Unaudited) (continued)
If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that a Fund’s net asset value (NAV) are determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the counter market are valued using an evaluated mean price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/ delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Fund’s portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of December 31, 2012, Core Plus Bond, Intermediate Government Bond, Intermediate Term Bond, Short-Term Bond and Strategic Income had outstanding when issued/delayed delivery purchase commitments of $11,527,450, $1,256,792, $29,895,343, $7,823,438 and $6,287,256, respectively. High Income Bond and Inflation Protected Securities had no such outstanding purchase commitments.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects pay down gains and losses, if any. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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Dividends and Distributions to Shareholders
The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the Funds’ transfer agent.
Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carry forwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of the Funds, with the exception of Short Term Bond, of $1 million or more are sold at net asset value without an up-front sales charge. Class A Share purchases of Short Term Bond of $250,000 or more are sold at net asset value without an up-front sales charge. Class A Share purchases may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Core Plus Bond, High Income Bond and Strategic Income will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares of these Funds are not available for new accounts or for additional investment into existing accounts. Class B Shares incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Dollar Roll Transactions
Core Plus Bond, Intermediate Government Bond, Intermediate Term Bond and Strategic Income are authorized to invest in dollar roll transactions to generate additional income. A dollar roll (“dollar rolls”) is a transaction in which a Fund purchases or sells mortgage-backed securities (“MBS”) for delivery in the future and simultaneously contracts to sell or repurchase a substantially similar (same type, coupon, and maturity) MBS on a different specified future date. Dollar rolls are identified in a Fund’s Portfolio of Investments as “MDR”, when applicable. During the roll period, the Fund foregoes principal and interest paid on the MBS. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Such compensation is amortized over the life of the dollar rolls, which is recognized as a component of “Interest income” on the Statement of Operations. Dollar rolls are valued daily.
Core Plus Bond, Intermediate Government Bond, Intermediate Term Bond and Strategic Income each entered into dollar roll transactions during the six months ended December 31, 2012.
Dollar rolls involve the risk that the market value of the MBS the Fund is obligated to repurchase under an agreement may decline below the repurchase price. These transactions also involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from completing the transaction. In the event that the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.
Foreign Currency Transactions
Each Fund with the exception of Intermediate Government Bond is authorized to engage in foreign currency exchange transactions, including forward foreign currency exchange contracts, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.
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Notes to Financial Statements (Unaudited) (continued)
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts are recognized as a component of “Change in net unrealized appreciation (deprecation) of forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively” on the Statement of Operations, when applicable.
Forward Foreign Currency Exchange Contracts
Each Fund that invests in non-dollar denominated securities is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to enter into forward foreign currency exchange contracts in an attempt to manage such risk under two circumstances: (i) when a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency to “lock in” the U.S. exchange rate of the transaction, with such period being a short-dated contract covering the period between transaction date and settlement date; or (ii) when the Adviser, believes that the currency of a particular foreign country may experience a substantial movement against the U.S. dollar or against another foreign currency. Forward foreign currency exchange contracts are valued daily at the forward rate and are recognized as a component of “Unrealized appreciation or depreciation on forward foreign currency exchange contracts” on the Statement of Assets and Liabilities. The change in value of the contracts during the fiscal period is recognized as a component of “Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts” on the Statement of Operations. When the contract is closed or offset with the same counterparty, the Fund recognizes the difference between the value of the contract at the time it was entered and the value at the time it was closed or offset as a component of “Net realized gain (loss) from forward foreign currency exchange contracts” on the Statement of Operations.
Forward foreign currency exchange contracts will generally not be entered into for terms greater than three months, but may have maturities of up to six months or more. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. Forward foreign currency exchange contracts are subject to counterparty risk if the counterparty fails to perform as specified in the contract due to financial impairment or other reason.
During the six months ended December 31, 2012, Inflation Protected Securities and Strategic Income invested in forward foreign currency exchange contracts to manage foreign currency exposure. For example, to reduce unwanted currency exposure from the Fund’s portfolio, the Fund would acquire a short foreign currency forward.
The average number of forward foreign currency exchange contracts outstanding during the six months ended December 31, 2012, was as follows:
Inflation Protected Securities | Strategic Income | |||||||
Average number of forward foreign currency exchange contracts outstanding* | 1 | 18 |
* | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on forward foreign currency exchange contract activity.
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
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Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the six months ended December 31, 2012, each of the Funds invested in interest rate futures contracts. The Funds used long and short U.S. Treasury note and bond futures to manage portfolio duration and yield curve exposure. For example, to increase the duration of the Fund’s portfolio, a long Treasury bond or Treasury note futures position would be acquired.
The average number of futures contracts outstanding during the six months ended December 31, 2012, was as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Average number of futures contracts outstanding* | 1,653 | 34 | 173 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Average number of futures contracts outstanding* | 139 | 683 | 586 | 972 |
* | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contract activity.
Options Transactions
Each Fund, with the exception of Intermediate Government Bond, is subject to interest rate risk and foreign currency risk in the normal course of pursuing its investment objectives and is authorized to purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies in an attempt to manage such risk. The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from Options and/or Swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
During the six months ended December 31, 2012, Core Plus Bond and Strategic Income purchased options on U.S. Treasury notes/bonds futures as part of an overall portfolio interest rate strategy. For example, call options may be purchased to hedge the portfolio against adverse interest rate movements while limiting downside exposure to the portfolio. During the six months ended December 31, 2012, Strategic Income also wrote call and put options to express views on volatility. For example, writing out-of-the-money calls and puts when implied volatility was high. The Funds had no other transactions in options contracts during the six months ended December 31, 2012.
The average number of purchased options contracts outstanding during the six months ended December 31, 2012, was as follows:
Core Plus | Strategic Income | |||||||
Average number of purchased options contracts outstanding* | — | ** | 135 |
Nuveen Investments | 135 |
Notes to Financial Statements (Unaudited) (continued)
The average number of written options contracts outstanding during the six months ended December 31, 2012, was as follows:
Strategic Income | ||||
Average number of options written contracts outstanding* | — | *** |
* | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
** | Rounds to less than 1. |
*** | Rounds to less than 1 and includes both puts and calls. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities and Footnote 5 – Investment Transactions for further details on options contract activity.
Swap Contracts
Each Fund, with the exception of Intermediate Government Bond, is authorized to enter into swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
Interest Rate Swaps
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and policies in an attempt to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. In connection with these contracts, securities in the Funds’ portfolios of investments may be identified as collateral in accordance with the terms of the respective swap contract. Interest rate swap contracts involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to a specified notional amount of principal). Interest rate swap contracts are valued daily. The Funds accrue daily the periodic payments expected to be paid and/or received on each interest rate swap contract and recognize the daily change in the market value of the Funds’ contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. Income received or paid by the Funds is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of an interest rate swap contract and are equal to the difference between the Funds’ basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. The amount of the payment obligation is based on the notional amount of the interest rate swap contract. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.
During the six months ended December 31, 2012, Core Plus Bond and Strategic Income invested in interest rate swap contracts to hedge against rising interest rates, while Inflation Protected Securities, Intermediate Term Bond and Short Term Bond invested in interest rate swap contracts to hedge against changes in rate spreads by taking a short interest rate swap position. The average number of interest rate swap contracts outstanding during the six months ended December 31, 2012, was as follows:
Core Plus Bond | Inflation Protected Securities | Intermediate Term Bond | Short Term Bond | Strategic Income | ||||||||||||||||
Average number of interest rate swap contracts outstanding* | 2 | 2 | 2 | 2 | 2 |
* | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Credit Default Swaps
Each Fund is subject to credit risk in the normal course of pursuing its investment objectives. A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund
136 | Nuveen Investments |
generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps,” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.
During the six months ended December 31, 2012, Strategic Income invested in credit default swap contracts to add diversified exposure to a broad segment of the credit markets, or to express a view on credit as part of an overall portfolio sector management strategy. For example, to increase the Fund’s credit exposure to the High Yield Bond segment of the market, a long CDX High Yield Index swap would be acquired.
The average number of credit default swap contracts outstanding during the six months ended December 31, 2012, was as follows:
Strategic Income | ||||
Average number of credit default swap contracts outstanding* | 1 |
* | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on swap contract activity.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
Inflation-Indexed Bonds
Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of “Interest income” on the Statement of Operations, even though investors do not receive their principal until maturity.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Nuveen Investments | 137 |
Notes to Financial Statements (Unaudited) (continued)
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 100%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the six months ended December 31, 2012, were as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||||||
Securities lending fees paid | $ | 8,903 | $ | 55,630 | $— | |||||||||||
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Securities lending fees paid | $ | 11 | $ | 5,370 | $ | 16,401 | $ | 18,968 |
Indemnifications
Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
138 | Nuveen Investments |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
Core Plus Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$25 Par (or similar) Preferred Securities | $ | 15,476,454 | $ | 1,954,125 | $ | — | $ | 17,430,579 | ||||||||
Corporate Bonds | — | 308,308,125 | — | 308,308,125 | ||||||||||||
Capital Preferred Securities | — | 20,801,993 | — | 20,801,993 | ||||||||||||
Municipal Bonds | — | 6,624,619 | — | 6,624,619 | ||||||||||||
U.S. Government and Agency Obligations | — | 55,718,254 | — | 55,718,254 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 307,863,602 | — | 307,863,602 | ||||||||||||
Sovereign Debt | — | 997,500 | — | 997,500 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 42,657,376 | — | — | 42,657,376 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 25,145,086 | — | — | 25,145,086 | ||||||||||||
U.S. Government and Agency Obligations | — | 3,584,829 | — | 3,584,829 | ||||||||||||
Derivatives: | ||||||||||||||||
Interest Rate Swaps** | — | 63,903 | — | 63,903 | ||||||||||||
Futures Contracts** | 483,433 | — | — | 483,433 | ||||||||||||
Total | $ | 83,762,349 | $ | 705,916,950 | $ | — | $ | 789,679,299 | ||||||||
High Income Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 13,159,110 | $ | — | $ | 63,745 | $ | 13,222,855 | ||||||||
Exchange-Traded Funds | 1,532,433 | — | — | 1,532,433 | ||||||||||||
Convertible Preferred Securities | 1,501,800 | — | — | 1,501,800 | ||||||||||||
$25 Par (or similar) Preferred Securities | 42,632,275 | 6,261,811 | — | 48,894,086 | ||||||||||||
Corporate Bonds | — | 614,475,984 | 10 | 614,475,994 | ||||||||||||
Convertible Bonds | — | 3,157,825 | — | 3,157,825 | ||||||||||||
Capital Preferred Securities | — | 14,118,772 | — | 14,118,772 | ||||||||||||
U.S. Government and Agency Obligations | — | 1,170,491 | — | 1,170,491 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 3,273 | — | 3,273 | ||||||||||||
Investment Companies | 10,421,330 | — | — | 10,421,330 | ||||||||||||
Sovereign Debt | — | 3,903,475 | — | 3,903,475 | ||||||||||||
Warrants | — | 704 | — | 704 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 151,965,838 | — | — | 151,965,838 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 23,573,550 | — | — | 23,573,550 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 21,011 | — | — | 21,011 | ||||||||||||
Total | $ | 244,807,347 | $ | 643,092,335 | $ | 63,755 | $ | 887,963,437 | ||||||||
Inflation Protected Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$25 Par (or similar) Preferred Securities | $ | 476,770 | $ | — | $ | — | $ | 476,770 | ||||||||
Corporate Bonds | — | 15,837,397 | — | 15,837,397 | ||||||||||||
Municipal Bonds | — | 2,551,907 | — | 2,551,907 | ||||||||||||
U.S. Government and Agency Obligations | — | 350,690,222 | — | 350,690,222 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 15,900,914 | — | 15,900,914 | ||||||||||||
Investment Companies | 350,655 | — | — | 350,655 | ||||||||||||
Sovereign Debt | — | 1,163,575 | — | 1,163,575 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 5,683,511 | — | — | 5,683,511 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 5,014,690 | — | — | 5,014,690 | ||||||||||||
U.S. Government and Agency Obligations | — | 319,990 | — | 319,990 | ||||||||||||
Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | (10,712 | ) | — | (10,712 | ) | ||||||||||
Futures Contracts** | 56,714 | — | — | 56,714 | ||||||||||||
Total | $ | 11,582,340 | $ | 386,453,293 | $ | — | $ | 398,035,633 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications, a breakdown of securities classified as Level 3 and a breakdown of $25 Par (or similar) Preferred Securities classified as Level 2. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Nuveen Investments | 139 |
Notes to Financial Statements (Unaudited) (continued)
Intermediate Government Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 404,280 | $ | — | $ | 404,280 | ||||||||
Municipal Bonds | — | 1,501,847 | — | 1,501,847 | ||||||||||||
U.S. Government and Agency Obligations | — | 28,646,501 | — | 28,646,501 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 43,333,301 | — | 43,333,301 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 2,111,694 | — | — | 2,111,694 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money-Market Funds | 447,211 | — | — | 447,211 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 2,576 | — | — | 2,576 | ||||||||||||
Total | $ | 2,561,481 | $ | 73,885,929 | $ | — | $ | 76,447,410 | ||||||||
Intermediate Term Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 198,334,309 | $ | — | $ | 198,334,309 | ||||||||
Capital Preferred Securities | — | 6,396,096 | — | 6,396,096 | ||||||||||||
Municipal Bonds | — | 6,931,976 | — | 6,931,976 | ||||||||||||
U.S. Government and Agency Obligations | — | 78,978,898 | — | 78,978,898 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 262,995,945 | — | 262,995,945 | ||||||||||||
Sovereign Debt | — | 1,624,000 | — | 1,624,000 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 44,961,790 | — | — | 44,961,790 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money-Market Funds | 47,406,049 | — | — | 47,406,049 | ||||||||||||
U.S. Government and Agency Obligations | — | 1,794,919 | — | 1,794,919 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | (82,403 | ) | — | — | (82,403 | ) | ||||||||||
Total | $ | 92,285,436 | $ | 557,056,143 | $ | — | $ | 649,341,579 | ||||||||
Short Term Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 413,660,987 | $ | — | $ | 413,660,987 | ||||||||
Municipal Bonds | — | 33,453,410 | — | 33,453,410 | ||||||||||||
U.S. Government and Agency Obligations | — | 24,178,944 | — | 24,178,944 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 366,101,566 | — | 366,101,566 | ||||||||||||
Sovereign Debt | — | 12,597,469 | — | 12,597,469 | ||||||||||||
Structured Notes | — | 1,746,693 | — | 1,746,693 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 44,787,611 | — | — | 44,787,611 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money-Market Funds | 11,794,970 | — | — | 11,794,970 | ||||||||||||
U.S. Government and Agency Obligations | — | 1,659,917 | — | 1,659,917 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 91,641 | — | — | 91,641 | ||||||||||||
Total | $ | 56,674,222 | $ | 853,398,986 | $ | — | $ | 910,073,208 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
140 | Nuveen Investments |
Strategic Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | — | $ | — | $ | 5,993 | $ | 5,993 | ||||||||
$25 Par (or similar) Preferred Securities | 16,257,977 | 11,164,526 | — | 27,422,503 | ||||||||||||
Corporate Bonds | — | 447,927,469 | — | 447,927,469 | ||||||||||||
Convertible Bonds | — | 3,314,844 | — | 3,314,844 | ||||||||||||
Capital Preferred Securities | — | 23,136,691 | — | 23,136,691 | ||||||||||||
Municipal Bonds | — | 4,412,582 | — | 4,412,582 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 103,352,056 | — | 103,352,056 | ||||||||||||
Investment Companies | 1,322,680 | — | — | 1,322,680 | ||||||||||||
Sovereign Debt | — | 9,479,655 | — | 9,479,655 | ||||||||||||
Structured Notes | — | 648,772 | — | 648,772 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 71,980,668 | — | — | 71,980,668 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 16,824,924 | — | — | 16,824,924 | ||||||||||||
U.S. Government and Agency Obligations | — | 1,539,943 | — | 1,539,943 | ||||||||||||
Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | 787,965 | — | 787,965 | ||||||||||||
Credit Default Swaps** | — | (21,926 | ) | — | (21,926 | ) | ||||||||||
Interest Rate Swaps** | — | (911,446 | ) | — | (911,446 | ) | ||||||||||
Futures Contracts** | 280,547 | — | — | 280,547 | ||||||||||||
Total | $ | 106,666,796 | $ | 604,831,131 | $ | 5,993 | $ | 711,503,920 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of Common Stocks classified as Level 3 and a breakdown of $25 Par (or similar) Preferred Securities classified as Level 2. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.
Nuveen Investments | 141 |
Notes to Financial Statements (Unaudited) (continued)
The following tables present the fair value of all derivative instruments held by the Funds as of December 31, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
Core Plus Bond | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $ | 497,692 | Payable for variation margin on futures contracts* | $ | (14,259 | ) | ||||||
Interest Rate | Swaps | Unrealized appreciation on interest rate swaps | 63,903 | — | — | |||||||||
Total | $ | 561,595 | $ | (14,259 | ) | |||||||||
High Income Bond | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $ | 21,011 | — | $ — |
Inflation Protected Securities | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
�� | Location | Value | Location | Value | ||||||||||
Foreign Currency Exchange Rate | Forward Foreign Currency Exchange Contracts | — | $ — | Unrealized depreciation on forward foreign currency exchange contracts | $(10,712) | |||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | 59,509 | Payable for variation margin on futures contracts* | (2,795) | |||||||||
Total | $59,509 | $(13,507) | ||||||||||||
Intermediate Government Bond | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $31,091 | Payable for variation margin on futures contracts* | $(28,515) | |||||||||
Intermediate Term Bond | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $133,426 | Payable for variation margin on futures contracts* | $(215,829) |
* | Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities. |
142 | Nuveen Investments |
Short Term Bond | ||||||||||||||
Location on the Statements of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $98,626 | Payable for variation margin on futures contracts* | $(6,985) |
Strategic Income | ||||||||||||||
Location on the Statements of Assets Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Foreign Currency Exchange Rate | Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 1,107,250 | Unrealized depreciation on forward foreign currency exchange contracts | $ (319,285) | ||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | 283,960 | Payable for variation margin on futures contracts* | (3,413) | |||||||||
Credit | Swaps | — | — | Unrealized depreciation on credit default swaps** | (21,926) | |||||||||
Interest Rate | Swaps | Unrealized appreciation on interest rate swaps | 91,687 | Unrealized depreciation on interest rate swaps | (1,003,133) | |||||||||
Total | $ | 1,482,897 | $(1,347,757) |
* | Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities. |
** | Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities but is not reflected in the unrealized appreciation (depreciation) presented above. |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended December 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.
Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts | Inflation Protected Securities | Strategic Income | ||||||
Risk Exposure | ||||||||
Foreign Currency Exchange Rate | $ | 11,963 | $ | 5,048,572 |
Net Realized Gain (Loss) from Futures Contracts | Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||||||||||
Risk Exposure | ||||||||||||||||||||||||||||
Interest Rate | $ | (1,503,982 | ) | $ | (73,193 | ) | $ | 277,993 | $ | 126,906 | $ | (708,270 | ) | $ | (792,007 | ) | $ | (1,014,208 | ) |
Net Realized Gain (Loss) from Options Purchased | Core Plus Bond | Strategic Income | ||||||
Risk Exposure | ||||||||
Interest Rate | (201,554 | ) | $ | (69,694 | ) |
Net Realized Gain (Loss) from Options Written | Strategic Income | |||||||
Risk Exposure | ||||||||
Interest Rate | $ | (125,856 | ) |
Nuveen Investments | 143 |
Notes to Financial Statements (Unaudited) (continued)
Net Realized Gain (Loss) from Swaps | Core Plus Bond | Inflation Protected Securities | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||||
Risk Exposure | ||||||||||||||||||||
Interest Rate | $ | (2,595,121 | ) | $ | (391,994 | ) | $ | (1,680,438 | ) | $ | (1,225,598 | ) | $ | 2,046,315 | ||||||
Credit | — | — | — | — | (1,273,352 | ) | ||||||||||||||
Total | $ | (2,595,121 | ) | $ | (391,994 | ) | $ | (1,680,438 | ) | $ | (1,225,598 | ) | $ | 772,963 |
Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts | Inflation Protected Securities | Strategic Income | ||||||
Risk Exposure | ||||||||
Foreign Currency Exchange Rate | $ | 100,125 | $ | (182,173 | ) |
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||||||||||
Risk Exposure | ||||||||||||||||||||||||||||
Interest Rate | $ | 1,044,579 | $ | 8,879 | $ | 63,041 | $ | (9,205 | ) | $ | (45,249 | ) | $ | 258,646 | $ | 591,844 |
Change in Net Unrealized Appreciation (Depreciation) of Swaps | Core Plus Bond | Inflation Protected Securities | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||||
Risk Exposure | ||||||||||||||||||||
Interest Rate | $ | 2,487,408 | $ | 348,311 | $ | 1,530,864 | $ | 1,098,152 | $ | 988,405 | ||||||||||
Credit | — | — | — | — | (396,490 | ) | ||||||||||||||
Total | $ | 2,487,408 | $ | 348,311 | $ | 1,530,864 | $ | 1,098,152 | $ | 591,915 |
4. Fund Shares
Transactions in Fund shares were as follows:
Core Plus Bond | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 313,711 | $ | 3,727,487 | 500,717 | $ | 5,733,104 | ||||||||||
Class B – exchanges | 4,224 | 50,037 | 12,619 | 144,475 | ||||||||||||
Class C | 72,702 | 862,304 | 140,378 | 1,609,370 | ||||||||||||
Class R3 | 7,054 | 84,628 | 16,239 | 188,517 | ||||||||||||
Class I | 2,355,073 | 28,027,283 | 9,137,840 | 104,565,033 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 137,103 | 1,635,647 | 220,659 | 2,545,073 | ||||||||||||
Class B | 1,348 | 15,919 | 3,444 | 39,316 | ||||||||||||
Class C | 5,540 | 65,811 | 8,389 | 96,377 | ||||||||||||
Class R3 | 594 | 7,116 | 1,029 | 11,916 | ||||||||||||
Class I | 397,586 | 4,739,483 | 820,154 | 9,450,344 | ||||||||||||
3,294,935 | 39,215,715 | 10,861,468 | 124,383,525 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (451,129 | ) | (5,374,781 | ) | (1,083,218 | ) | (12,424,968 | ) | ||||||||
Class B | (22,307 | ) | (263,757 | ) | �� | (86,925 | ) | (993,749 | ) | |||||||
Class C | (67,745 | ) | (801,035 | ) | (77,268 | ) | (886,862 | ) | ||||||||
Class R3 | (2,695 | ) | (32,383 | ) | (23,546 | ) | (273,326 | ) | ||||||||
Class I | (10,166,868 | ) | (120,814,072 | ) | (29,122,019 | ) | (335,260,689 | ) | ||||||||
(10,710,744 | ) | (127,286,028 | ) | (30,392,976 | ) | (349,839,594 | ) | |||||||||
Net increase (decrease) | (7,415,809 | ) | $ | (88,070,313 | ) | (19,531,508 | ) | $ | (225,456,069 | ) |
144 | Nuveen Investments |
High Income Bond | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares issued from the Reorganization(1): | ||||||||||||||||
Class A | — | $ | — | 4,133,109 | $ | 35,167,855 | ||||||||||
Class B | — | — | 163,999 | 1,387,561 | ||||||||||||
Class C | — | — | 4,108,173 | 34,868,833 | ||||||||||||
Class R3 | — | — | 19,055 | 165,597 | ||||||||||||
Class I | — | — | 3,904,626 | 33,281,132 | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 10,161,390 | 90,662,298 | 8,376,950 | 71,391,195 | ||||||||||||
Class B – exchanges | 3,952 | 34,901 | 5,088 | 43,660 | ||||||||||||
Class C | 1,937,831 | 17,302,376 | 999,418 | 8,595,927 | ||||||||||||
Class R3 | 69,311 | 637,670 | 135,756 | 1,217,248 | ||||||||||||
Class I | 10,358,489 | 92,531,819 | 17,159,651 | 147,739,851 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 429,892 | 3,841,412 | 523,508 | 4,489,426 | ||||||||||||
Class B | 6,336 | 56,244 | 12,326 | 104,932 | ||||||||||||
Class C | 160,305 | 1,430,038 | 207,228 | 1,772,807 | ||||||||||||
Class R3 | 1,467 | 13,378 | 1,363 | 11,950 | ||||||||||||
Class I | 444,071 | 3,971,578 | 704,977 | 6,048,169 | ||||||||||||
23,573,044 | 210,481,714 | 40,455,227 | 346,286,143 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,620,079 | ) | (32,405,874 | ) | (5,802,411 | ) | (49,818,043 | ) | ||||||||
Class B | (33,622 | ) | (299,340 | ) | (110,048 | ) | (938,652 | ) | ||||||||
Class C | (620,592 | ) | (5,519,990 | ) | (755,495 | ) | (6,448,153 | ) | ||||||||
Class R3 | (55,719 | ) | (511,928 | ) | (119,848 | ) | (1,075,705 | ) | ||||||||
Class I | (7,721,491 | ) | (69,093,060 | ) | (18,907,106 | ) | (161,530,004 | ) | ||||||||
(12,051,503 | ) | (107,830,192 | ) | (25,694,908 | ) | (219,810,557 | ) | |||||||||
Net increase (decrease) | 11,521,541 | $ | 102,651,522 | 14,760,319 | $ | 126,475,586 |
Inflation Protected Securities | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,069,185 | $ | 12,764,878 | 1,148,919 | $ | 13,357,415 | ||||||||||
Class C | 220,462 | 2,626,615 | 308,270 | 3,567,603 | ||||||||||||
Class R3 | 14,257 | 170,252 | 11,772 | 134,949 | ||||||||||||
Class I | 4,691,938 | 56,228,799 | 11,421,540 | 131,854,663 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 14,709 | 176,314 | 33,652 | 389,254 | ||||||||||||
Class C | 2,998 | 35,710 | 11,715 | 134,408 | ||||||||||||
Class R3 | 120 | 1,433 | 273 | 3,148 | ||||||||||||
Class I | 28,856 | 346,613 | 90,217 | 1,044,605 | ||||||||||||
6,042,525 | 72,350,614 | 13,026,358 | 150,486,045 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (408,367 | ) | (4,883,185 | ) | (648,265 | ) | (7,460,886 | ) | ||||||||
Class C | (59,293 | ) | (705,737 | ) | (234,350 | ) | (2,658,785 | ) | ||||||||
Class R3 | (2,432 | ) | (29,328 | ) | (359 | ) | (4,024 | ) | ||||||||
Class I | (2,305,317 | ) | (27,651,353 | ) | (7,586,477 | ) | (87,945,231 | ) | ||||||||
(2,775,409 | ) | (33,269,603 | ) | (8,469,451 | ) | (98,068,926 | ) | |||||||||
Net increase (decrease) | 3,267,116 | $ | 39,081,011 | 4,556,907 | $ | 52,417,119 |
(1) | Refer to Footnote 8 – Fund Reorganizations for further details. |
Nuveen Investments | 145 |
Notes to Financial Statements (Unaudited) (continued)
Intermediate Government Bond | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 47,281 | $ | 427,043 | 178,128 | $ | 1,591,327 | ||||||||||
Class C | 32,508 | 293,919 | 38,907 | 351,437 | ||||||||||||
Class R3 | 9,757 | 88,022 | 18,053 | 162,281 | ||||||||||||
Class I | 439,645 | 3,970,613 | 1,166,929 | 10,484,839 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 11,316 | 102,314 | 27,174 | 244,409 | ||||||||||||
Class C | 956 | 8,648 | 1,554 | 13,986 | ||||||||||||
Class R3 | 215 | 1,943 | 906 | 8,138 | ||||||||||||
Class I | 18,914 | 171,053 | 65,224 | 586,776 | ||||||||||||
560,592 | 5,063,555 | 1,496,875 | 13,443,193 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (183,446 | ) | (1,657,389 | ) | (387,337 | ) | (3,470,787 | ) | ||||||||
Class C | (20,510 | ) | (185,245 | ) | (41,502 | ) | (372,466 | ) | ||||||||
Class R3 | (5,424 | ) | (48,988 | ) | (48,768 | ) | (439,122 | ) | ||||||||
Class I | (1,554,287 | ) | (14,036,323 | ) | (4,661,587 | ) | (41,906,408 | ) | ||||||||
(1,763,667 | ) | (15,927,945 | ) | (5,139,194 | ) | (46,188,783 | ) | |||||||||
Net increase (decrease) | (1,203,075 | ) | $ | (10,864,390 | ) | (3,642,319 | ) | $ | (32,745,590 | ) |
Intermediate Term Bond | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 159,454 | $ | 1,724,390 | 247,851 | $ | 2,354,945 | ||||||||||
Class C | 24,892 | 267,612 | 124,652 | 1,314,107 | ||||||||||||
Class I | 3,197,497 | 34,337,360 | 15,553,631 | 163,251,078 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 69,032 | 735,055 | 52,085 | 550,277 | ||||||||||||
Class C | 3,168 | 33,510 | 713 | 7,546 | ||||||||||||
Class I | 847,330 | 8,988,742 | 521,026 | 5,491,331 | ||||||||||||
4,301,373 | 46,086,669 | 16,499,958 | 172,969,284 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (154,633 | ) | (1,672,306 | ) | (455,381 | ) | (4,540,092 | ) | ||||||||
Class C | (22,701 | ) | (243,654 | ) | (88,127 | ) | (933,248 | ) | ||||||||
Class I | (10,031,387 | ) | (107,998,250 | ) | (20,647,842 | ) | (217,189,544 | ) | ||||||||
(10,208,721 | ) | (109,914,210 | ) | (21,191,350 | ) | (222,662,884 | ) | |||||||||
Net increase (decrease) | (5,907,348 | ) | $ | (63,827,541 | ) | (4,691,392 | ) | $ | (49,693,600 | ) |
146 | Nuveen Investments |
Short Term Bond | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares issued from the Reorganization(1): | ||||||||||||||||
Class A | — | $ | — | 6,085,212 | $ | 59,925,259 | ||||||||||
Class C | — | — | 4,652,150 | 45,914,917 | ||||||||||||
Class R3 | — | — | 50,150 | 494,189 | ||||||||||||
Class I | — | — | 4,827,535 | 47,552,148 | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 3,259,590 | 32,792,585 | 1,287,324 | 12,810,199 | ||||||||||||
Class C | 859,452 | 8,662,430 | 576,630 | 5,703,964 | ||||||||||||
Class R3 | 3,577 | 35,871 | 14,757 | 146,434 | ||||||||||||
Class I | 11,317,479 | 113,570,092 | 36,919,806 | 367,316,769 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 104,020 | 1,044,965 | 213,454 | 2,119,111 | ||||||||||||
Class C | 22,222 | 223,656 | 42,037 | 418,429 | ||||||||||||
Class R3 | 7 | 68 | — | — | ||||||||||||
Class I | 187,239 | 1,880,925 | 362,732 | 3,601,315 | ||||||||||||
15,753,586 | 158,210,592 | 55,031,787 | 546,002,734 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,681,479 | ) | (16,900,778 | ) | (4,287,115 | ) | (42,534,725 | ) | ||||||||
Class C | (770,219 | ) | (7,750,197 | ) | (1,530,200 | ) | (15,164,498 | ) | ||||||||
Class R3 | (281 | ) | (2,820 | ) | (20,128 | ) | (198,825 | ) | ||||||||
Class I | (16,092,756 | ) | (161,572,503 | ) | (42,737,411 | ) | (423,585,074 | ) | ||||||||
(18,544,735 | ) | (186,226,298 | ) | (48,574,854 | ) | (481,483,122 | ) | |||||||||
Net increase (decrease) | (2,791,149 | ) | $ | (28,015,706 | ) | 6,456,933 | $ | 64,519,612 | ||||||||
Strategic Income | ||||||||||||||||
Six Months Ended 12/31/12 | Year Ended 6/30/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares issued from the Reorganization(1): | ||||||||||||||||
Class A | — | $ | — | 2,657,808 | $ | 28,166,954 | ||||||||||
Class B | — | — | 147,656 | 1,556,581 | ||||||||||||
Class C | — | — | 2,026,122 | 21,334,881 | ||||||||||||
Class R3 | — | — | 7,780 | 82,781 | ||||||||||||
Class I | — | — | 2,831,674 | 29,987,500 | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,829,357 | 20,473,323 | 1,254,225 | 13,398,501 | ||||||||||||
Class B – exchanges | 8,695 | 98,054 | 18,508 | 197,468 | ||||||||||||
Class C | 343,390 | 3,866,237 | 644,248 | 6,757,921 | ||||||||||||
Class R3 | 68,697 | 779,705 | 106,784 | 1,136,998 | ||||||||||||
Class I | 3,589,627 | 40,482,407 | 9,257,272 | 98,728,791 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 89,235 | 1,009,359 | 122,265 | 1,308,933 | ||||||||||||
Class B | 2,877 | 32,362 | 4,902 | 52,181 | ||||||||||||
Class C | 37,369 | 420,179 | 47,736 | 508,435 | ||||||||||||
Class R3 | 3,577 | 40,640 | 4,511 | 48,454 | ||||||||||||
Class I | 255,054 | 2,884,436 | 598,788 | 6,388,338 | ||||||||||||
6,227,878 | 70,086,702 | 19,730,279 | 209,654,717 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,243,144 | ) | (13,920,711 | ) | (1,494,989 | ) | (16,025,373 | ) | ||||||||
Class B | (41,833 | ) | (468,005 | ) | (76,386 | ) | (811,517 | ) | ||||||||
Class C | (250,400 | ) | (2,800,853 | ) | (589,951 | ) | (6,176,624 | ) | ||||||||
Class R3 | (28,295 | ) | (316,259 | ) | (38,862 | ) | (402,358 | ) | ||||||||
Class I | (6,432,569 | ) | (72,251,776 | ) | (20,718,369 | ) | (220,597,281 | ) | ||||||||
(7,996,241 | ) | (89,757,604 | ) | (22,918,557 | ) | (244,013,153 | ) | |||||||||
Net increase (decrease) | (1,768,363 | ) | $ | (19,670,902 | ) | (3,188,278 | ) | $ | (34,358,436 | ) |
(1) | Refer to Footnote 8 – Fund Reorganizations for further details. |
Nuveen Investments | 147 |
Notes to Financial Statements (Unaudited) (continued)
Class B Shares converted to Class A Shares (recognized as a component of as Class A Shares sold and Class B Shares redeemed) during the six months ended December 31, 2012 and fiscal year ended June 30, 2012, were as follows:
Fund | Six Months Ended 12/31/12 | Year Ended 6/30/12 | ||||||
Core Plus Bond | 5,924 | 99,454 | ||||||
High Income Bond | 5,073 | 83,412 | ||||||
Strategic Income | 1,895 | 52,641 |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended December 31, 2012, were as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Purchases: | ||||||||||||
Investment securities | $ | 119,875,439 | $ | 438,529,434 | $ | 28,026,783 | ||||||
U.S. Government and agency obligations | 5,725,625 | — | 93,943,583 | |||||||||
Sales and maturities: | ||||||||||||
Investment securities | 170,822,649 | 353,875,432 | 3,472,685 | |||||||||
U.S. Government and agency obligations | 1,011,055 | — | 71,777,992 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 19,870,533 | $ | 257,265,310 | $ | 196,317,989 | $ | 224,892,385 | ||||||||
U.S. Government and agency obligations | — | 8,048,971 | — | — | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 21,995,793 | 278,701,822 | 162,398,572 | 219,477,727 | ||||||||||||
U.S. Government and agency obligations | 2,403,750 | 27,355,632 | 450,000 | — |
Transactions in options written for Strategic Income during the six months ended December 31, 2012, were as follows:
Strategic Income | ||||||||
Number of Contracts | Premiums Received | |||||||
Outstanding, beginning of period | — | $ | — | |||||
Options written | 339 | 39,307 | ||||||
Options terminated in closing purchase transactions | (339 | ) | (39,307 | ) | ||||
Options expired | — | — | ||||||
Outstanding, end of period | — | $ | — |
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of December 31, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Cost of investments | $ | 733,618,137 | $ | 865,693,291 | $ | 366,342,405 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | 64,358,510 | 32,889,838 | 32,383,799 | |||||||||
Depreciation | (8,844,684 | ) | (10,640,703 | ) | (736,573 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 55,513,826 | $ | 22,249,135 | $ | 31,647,226 |
148 | Nuveen Investments |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Cost of investments | $ | 74,190,011 | $ | 624,826,531 | $ | 892,700,151 | $ | 671,305,164 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | 3,002,307 | 25,329,299 | 20,650,574 | 50,533,321 | ||||||||||||
Depreciation | (747,484 | ) | (731,848 | ) | (3,369,158 | ) | (10,469,705 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 2,254,823 | $ | 24,597,451 | $ | 17,281,416 | $ | 40,063,616 |
Permanent differences, primarily due to tax equalization, treatment of notional principal contracts, paydown adjustments, nondeductible reorganization expenses, expiration of capital loss carryforwards, distribution reclasses, Real Estate Investment Trust (REIT) adjustments and foreign currency reclassifications resulted in reclassifications among the Funds’ components of net assets as of June 30, 2012, the Funds’ last tax year end, as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | |||||||||||||
Capital paid-in | $ | (9 | ) | $ | 1,846,382 | $ | (9 | ) | $ | (831,018 | ) | |||||
Undistributed (Over-distribution of) net investment income | (674,817 | ) | (22,223 | ) | 472,865 | 113,877 | ||||||||||
Accumulated net realized gain (loss) | 674,826 | (1,824,159 | ) | (472,856 | ) | 717,141 |
Intermediate Term Bond | Short Term Bond | Strategic Income | ||||||||||
Capital paid-in | $ | (9 | ) | $ | 2,339,726 | $ | 2,034,058 | |||||
Undistributed (Over-distribution of) net investment income | (571,958 | ) | 140,314 | 2,390,312 | ||||||||
Accumulated net realized gain (loss) | 571,967 | (2,480,040 | ) | (4,424,370 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2012, the Funds’ last tax year end, were as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | |||||||||||||
Undistributed net ordinary income* | $ | 2,363,793 | $ | 4,277,910 | $ | 2,126,549 | $ | 166,383 | ||||||||
Undistributed net long-term capital gains | — | — | — | — |
Intermediate Term Bond | Short Term Bond | Strategic Income | ||||||||||
Undistributed net ordinary income* | $ | — | $ | 1,697,472 | $ | 11,092,460 | ||||||
Undistributed net long-term capital gains | 14,617,394 | — | — |
* | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2012 through June 30, 2012 and paid on July 2, 2012. Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended June 30, 2012, was designated for purposes of the dividends paid deduction as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | |||||||||||||
Distributions from net ordinary income* | $ | 36,167,948 | $ | 43,906,949 | $ | 10,896,873 | $ | 2,413,551 | ||||||||
Distributions from net long-term capital gains | — | 1,916,654 | — | — |
Intermediate Term Bond | Short Term Bond | Strategic Income | ||||||||||
Distributions from net ordinary income* | $ | 19,971,210 | $ | 20,732,280 | $ | 27,006,884 | ||||||
Distributions from net long-term capital gains | 1,045,132 | — | — |
* | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
Nuveen Investments | 149 |
Notes to Financial Statements (Unaudited) (continued)
As of June 30, 2012, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Core Plus Bond | Inflation Protected Securities | Intermediate Government Bond* | Short Term Bond | Strategic Income | ||||||||||||||||
Expiration: | ||||||||||||||||||||
June 30, 2013 | $ | — | $ | — | $ | — | $ | 54,933 | $ | — | ||||||||||
June 30, 2014 | — | — | 1,385,257 | 7,386,527 | — | |||||||||||||||
June 30, 2015 | — | — | 2,446,535 | 7,432,482 | — | |||||||||||||||
June 30, 2016 | — | — | 164,695 | 48,855 | — | |||||||||||||||
June 30, 2017 | — | — | 3,538,398 | 1,188,199 | 20,481,259 | |||||||||||||||
June 30, 2018 | 558,658 | 2,034,554 | — | 4,103,631 | 37,557,087 | |||||||||||||||
Total | $ | 558,658 | $ | 2,034,554 | $ | 7,534,885 | $ | 20,214,627 | $ | 58,038,346 |
* | A portion of Intermediate Governments Bond’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations. |
During the Funds’ last tax year ended June 30, 2012, the following Funds utilized their capital loss carryforwards as follows:
Core Plus Bond | Inflation Protected Securities | Intermediate Government Bond | Intermediate Term Bond | |||||||||||||
Utilized capital loss carryforwards | $ | 7,891,170 | $ | 8,015,525 | $ | 2,091,369 | $ | 1,696,796 |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010 will not be subject to expiration. During the Funds’ last tax year ended June 30, 2012, the following Funds generated post-enactment capital losses as follows:
High Income Bond | Short Term Bond | Strategic Income | ||||||||||
Post-enactment losses: | ||||||||||||
Short-term | $ | 7,979,498 | $ | 6,054,023 | $ | 1,170,056 | ||||||
Long-term | 372,407 | — | 235,891 |
The Funds have elected to defer losses incurred from November 1, 2011 through June 30, 2012, the Funds’ last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Funds have elected to defer losses as follows:
High Income Bond | Short Term Bond | |||||||
Post-October capital losses | $ | 6,606,723 | $ | 606,405 | ||||
Late-year ordinary losses | — | — |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Core Plus Bond Fund-Level Fee Rate | High Income Bond Fund-Level Fee Rate | Inflation Protected Securities Fund-Level Fee Rate | Intermediate Government Bond Fund-Level Fee Rate | Intermediate Term Bond Fund-Level Fee Rate | Short Term Bond Fund-Level Fee Rate | Strategic Income Fund-Level Fee Rate | |||||||||||||||||||||
For the first $125 million | .2800 | % | .4000 | % | .2500 | % | .2700 | % | .2700 | % | .2200 | % | .3600 | % | ||||||||||||||
For the next $125 million | .2675 | .3875 | .2375 | .2575 | .2575 | .2075 | .3475 | |||||||||||||||||||||
For the next $250 million | .2550 | .3750 | .2250 | .2450 | .2450 | .1950 | .3350 | |||||||||||||||||||||
For the next $500 million | .2425 | .3625 | .2125 | .2325 | .2325 | .1825 | .3225 | |||||||||||||||||||||
For the next $1 billion | .2300 | .3500 | .2000 | .2200 | .2200 | .1700 | .3100 | |||||||||||||||||||||
For net assets over $2 billion | .2050 | .3250 | .1750 | .1950 | .1950 | .1450 | .2850 |
150 | Nuveen Investments |
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2012, the complex-level fee rate for each Fund was as follows: |
Fund | Complex-Level Fee Rate | |||
Core Plus Bond | .1998 | % | ||
High Income Bond | .1870 | |||
Inflation Protected Securities | .1826 | |||
Intermediate Government Bond | .1998 | |||
Intermediate Term Bond | .1998 | |||
Short Term Bond | .1947 | |||
Strategic Income | .1980 |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocations decisions. The Adviser has entered into sub-advisory agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse so that total annual Fund operating expenses, (excluding acquired Fund fees and expenses) for each Fund do not exceed the average daily net assets of any Class of Fund shares in the amounts and for the time periods stated in the following table:
Core Plus Bond | High Income Bond | Inflation Securities | Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | ||||||||||||||||||||||
Class A | .77 | % | .99 | % | .85 | % | .85 | % | .78 | % | .72 | % | .84 | % | ||||||||||||||
Class B | 1.52 | 1.74 | — | — | — | — | 1.59 | |||||||||||||||||||||
Class C | 1.52 | 1.74 | 1.60 | 1.60 | 1.53 | 1.47 | 1.59 | |||||||||||||||||||||
Class R3 | 1.02 | 1.24 | 1.10 | 1.10 | — | .97 | 1.09 | |||||||||||||||||||||
Class I | .52 | .74 | .60 | .60 | .53 | .47 | .59 | |||||||||||||||||||||
Expiration Date | October 31, 2013 | October 31, 2013 | October 31, 2013 | October 31, 2013 | October 31, 2013 | October 31, 2013 | October 31, 2013 |
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntarily reimbursements may be terminated at any time at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Nuveen Investments | 151 |
Notes to Financial Statements (Unaudited) (continued)
During the six months ended December 31, 2012, Nuveen Securities, LLC. (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Sales charges collected | $ | 32,450 | $ | 709,167 | $ | 70,528 | ||||||
Paid to financial intermediaries | 28,528 | 643,925 | 62,274 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Sales charges collected | $ | 2,531 | $ | 6,038 | $ | 34,353 | $ | 114,363 | ||||||||
Paid to financial intermediaries | 2,061 | 4,879 | 30,754 | 104,461 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended December 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
Commission advances | $ | 6,932 | $ | 298,215 | $ | 22,335 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
Commission advances | $ | 1,518 | $ | 2,010 | $ | 30,633 | $ | 58,822 |
All 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase were retained by the Distributor to compensate for commissions advanced to financial intermediaries. During the six months ended December 31, 2012, the Distributor retained such 12b-1 fees as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
12b-1 fees retained | $ | 6,985 | $ | 77,393 | $ | 18,478 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
12b-1 fees retained | $ | 2,412 | $ | 4,719 | $ | 18,956 | $ | 39,108 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended December 31, 2012, as follows:
Core Plus Bond | High Income Bond | Inflation Protected Securities | ||||||||||
CDSC retained | $ | 1,220 | $ | 11,467 | $ | 606 |
Intermediate Government Bond | Intermediate Term Bond | Short Term Bond | Strategic Income | |||||||||||||
CDSC retained | $ | — | $ | — | $ | 5,001 | $ | 6,044 |
152 | Nuveen Investments |
8. Fund Reorganizations
During the fiscal year ended June 30, 2012, the following Nuveen open-end funds were reorganized into the following Funds included in this report as follows (each the “Reorganization” and collectively, the “Reorganizations”):
• | Nuveen High Yield Bond Fund (“High Yield Bond”) into High Income Bond; |
• | Nuveen Short Duration Bond Fund (“Short Duration Bond”) into Short Term Bond; and |
• | Nuveen Multi-Strategy Core Bond Fund (“Multi-Strategy Core Bond”) into Strategic Income. |
High Yield Bond, Short Duration Bond and Multi-Strategy Core Bond are collectively the “Acquired Funds.” High Income Bond, Short Term Bond and Strategic Income are collectively the “Acquiring Funds.”
The Reorganizations were consummated at the close of business on November 4, 2011, for Multi-Strategy Core Bond and High Yield Bond and on November 18, 2011, for Short Duration Bond.
Upon consummation of each Fund’s Reorganization, the Acquired Funds transferred all of their assets and liabilities to the Acquiring Funds in exchange for the Acquiring Funds’ shares of equal value. The Acquiring Funds’ shares were then distributed to the Acquired Funds’ shareholders and the Acquired Funds were terminated. As a result of the Reorganizations, the Acquired Funds’ shareholders become shareholders of the Acquiring Funds and the Acquired Funds’ shareholders received the Acquiring Funds’ shares with a total value equal to the total value of their Acquired Funds’ shares immediately prior to the closing of their Reorganization.
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganizations. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization were as follows:
High Yield Bond | Short Duration Bond | Multi-Strategy Core Bond | ||||||||||
Cost of investments | $ | 108,028,051 | $ | 153,827,932 | $ | 99,647,095 | ||||||
Fair value of investments | 103,263,381 | 152,771,723 | 101,725,300 | |||||||||
Unrealized appreciation (depreciation) of investments | (4,764,670 | ) | (1,098,793 | ) | 2,084,055 |
For financial statement purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
For accounting and performance reporting purposes, the Acquiring Funds are the survivors. The shares outstanding, net assets and NAV per share immediately before and after the Reorganizations are as follows:
Acquired Funds – Prior to the Reorganizations | Shares Outstanding | Net Assets | NAV per Share | |||||||||
High Yield Bond | ||||||||||||
Class A | 2,089,814 | $ | 35,167,855 | $ | 16.83 | |||||||
Class B | 82,525 | 1,387,561 | 16.81 | |||||||||
Class C | 2,076,855 | 34,868,833 | 16.79 | |||||||||
Class R3 | 9,844 | 165,597 | 16.82 | |||||||||
Class I | 1,979,661 | 33,281,132 | 16.81 | |||||||||
Short Duration Bond | ||||||||||||
Class A | 3,128,950 | $ | 59,925,259 | $ | 19.15 | |||||||
Class C | 2,393,643 | 45,914,917 | 19.18 | |||||||||
Class R3 | 25,826 | 494,189 | 19.14 | |||||||||
Class I | 2,488,562 | 47,552,148 | 19.11 | |||||||||
Multi-Strategy Core Bond | ||||||||||||
Class A | 1,404,357 | $ | 28,166,954 | $ | 20.06 | |||||||
Class B | 77,141 | 1,556,581 | 20.18 | |||||||||
Class C | 1,061,199 | 21,334,881 | 20.10 | |||||||||
Class R3 | 4,128 | 82,781 | 20.05 | |||||||||
Class I | 1,497,612 | 29,987,500 | 20.02 |
Nuveen Investments | 153 |
Notes to Financial Statements (Unaudited) (continued)
Acquiring Funds – Prior to the Reorganizations | Shares Outstanding | Net Assets | NAV per Share | |||||||||
High Income Bond | ||||||||||||
Class A | 6,020,899 | $ | 51,230,447 | $ | 8.51 | |||||||
Class B | 119,926 | 1,014,664 | 8.46 | |||||||||
Class C | 1,126,860 | 9,564,452 | 8.49 | |||||||||
Class R3 | 34,394 | 298,898 | 8.69 | |||||||||
Class I | 48,800,928 | 415,952,708 | 8.52 | |||||||||
Short Term Bond | ||||||||||||
Class A | 7,472,373 | $ | 73,585,597 | $ | 9.85 | |||||||
Class C | 503,552 | 4,969,869 | 9.87 | |||||||||
Class R3 | 2,575 | 25,370 | 9.85 | |||||||||
Class I | 64,885,839 | 639,136,264 | 9.85 | |||||||||
Strategic Income | ||||||||||||
Class A | 2,390,123 | $ | 25,330,066 | $ | 10.60 | |||||||
Class B | 92,424 | 974,333 | 10.54 | |||||||||
Class C | 763,287 | 8,037,331 | 10.53 | |||||||||
Class R3 | 109,533 | 1,165,480 | 10.64 | |||||||||
Class I | 55,458,511 | 587,303,762 | 10.59 | |||||||||
Acquiring Funds – Post the Reorganizations | ||||||||||||
High Income Bond | ||||||||||||
Class A | 10,154,009 | $ | 86,398,302 | $ | 8.51 | |||||||
Class B | 283,925 | 2,402,225 | 8.46 | |||||||||
Class C | 5,235,033 | 44,433,285 | 8.49 | |||||||||
Class R3 | 53,449 | 464,495 | 8.69 | |||||||||
Class I | 52,705,553 | 449,233,840 | 8.52 | |||||||||
Short Term Bond | ||||||||||||
Class A | 13,557,585 | $ | 133,510,856 | $ | 9.85 | |||||||
Class C | 5,155,702 | 50,884,786 | 9.87 | |||||||||
Class R3 | 52,725 | 519,559 | 9.85 | |||||||||
Class I | 69,713,374 | 686,688,412 | 9.85 | |||||||||
Strategic Income | ||||||||||||
Class A | 5,047,930 | $ | 53,497,020 | $ | 10.60 | |||||||
Class B | 240,079 | 2,530,914 | 10.54 | |||||||||
Class C | 2,789,409 | 29,372,212 | 10.53 | |||||||||
Class R3 | 117,313 | 1,248,261 | 10.64 | |||||||||
Class I | 58,290,186 | 617,291,262 | 10.59 |
The beginning of the Acquired Funds’ current fiscal period was October 1, 2011. Assuming the Reorganizations had been completed on July 1, 2011, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the Acquired Funds for the fiscal year ended June 30, 2012, were as follows:
High Yield Bond | Short Duration Bond | Multi-Strategy Core Bond | ||||||||||
Net investment income (loss) | $ | 718,537 | $ | 598,060 | $ | 299,051 | ||||||
Net realized and unrealized gains (losses) | (6,647,683 | ) | (1,337,736 | ) | 1,252,747 | |||||||
Change in net assets resulting from operations | (5,090,939 | ) | (2,444,180 | ) | 47,660 |
Because the combined investment portfolios for each Reorganization were managed as a single integrated portfolio since each Reorganization was completed, was not practicable to separate the amounts of revenue and earnings of the Acquired Funds that had been included in the Statement of Operations since the Reorganizations were consummated.
9. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”)to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
154 | Nuveen Investments |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (formerly known as Nuveen Fund Advisors, Inc.) (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for their considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of their annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of their review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s
Nuveen Investments | 155 |
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen Intermediate Term Bond Fund (the “Intermediate Term Bond Fund”) and the Nuveen Inflation Protected Securities Fund (the “Inflation Protected Securities Fund”) had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. Further, they noted that the Nuveen High Income Bond Fund (the “High Income Bond
156 | Nuveen Investments |
Fund”), the Nuveen Short Term Bond Fund (the “Short Term Bond Fund”), the Nuveen Core Plus Bond Fund (the “Core Plus Bond Fund”) and the Nuveen Strategic Income Fund (the “Strategic Income Fund”) lagged their peers somewhat in the short-term one-year period, but demonstrated more favorable performance in the longer three- and/or five-year periods. In this regard, the Independent Board Members recognized that recent modifications had been made to the objective and certain investment guidelines of the Strategic Income Fund. Finally, with respect to the Nuveen Intermediate Government Bond Fund (the “Intermediate Government Bond Fund”) the Independent Board Members noted that such Fund had lagged its peers and/or benchmarks over various periods. With respect to the Nuveen funds that have shown periods of underperformance, the Board considered the factors affecting performance and was satisfied with the process followed in seeking to address any performance issues in light of the fund’s investment strategy.
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio. The Independent Board Members noted that the High Income Bond Fund and the Intermediate Term Bond Fund each had net management fees slightly higher or higher than the peer average but net expense ratios below or in line with the peer average. In addition, the Independent Board Members noted that the Core Plus Bond Fund and the Strategic Income Fund each had higher net management fees than their peer average and a slightly higher net expense ratio compared to their peer average, although they recognized that the Strategic Income Fund was being repositioned into a more appropriate peer category. With respect to the Inflation Protected Securities Fund, the Intermediate Government Bond Fund and the Short Term Bond Fund, the Independent Board Members observed that such Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below or in line with their peer averages. Notwithstanding the foregoing, the Board recognized that the management fees and expense caps of the Inflation Protected Securities Fund, the Intermediate Government Bond Fund, the Intermediate Term Bond Fund and the Short Term Bond Fund were reduced effective May 15, 2012.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
Nuveen Investments | 157 |
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
158 | Nuveen Investments |
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Nuveen Investments | 159 |
Notes
160 | Nuveen Investments |
Notes
Nuveen Investments | 161 |
Glossary of Terms Used in this Report
Asset-Backed Securities (ABS): Securities whose value and income payments are derived from and collateralized by a specific pool of underlying assets. The pool of assets typically is a group of small and/or illiquid assets that may be difficult to sell individually. The underlying pools of asset-backed securities often include payments from credit cards, auto loans or mortgage loans.
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Barclays Aggregate Bond Index: An unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage-backed securities with maturities of at least one year and out-standing par values of $150 million or more. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Barclays High Yield 2% Issuer Capped Index: An issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Barclays Intermediate Government Bond Index: An unmanaged index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Barclays Intermediate Government/Credit Bond Index: An unmanaged index that measures the performance of U.S. dollar denominated U.S. Treasuries, government-rated and investment grade U.S. corporate fixed-rate, non-convertible securities having $250 million or more of outstanding face value and a remaining maturity of greater than or equal to 1 year and less than 10 years. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Barclays U.S. TIPs Index: An unmanaged index that includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Barclays 1-3 Year Government/Credit Bond Index: An unmanaged index that includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Commercial Mortgage-Backed Securities (CMBS): Commercial mortgage-backed securities are backed by cash flows of a mortgage or pool of mortgages on commercial real estate. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. CMBS are typically characterized by the following: i) loans on multi-family housing, non-residential property, ii) payments based on the amortization schedule of 25-30 years with a balloon payment due usually after 10 years, and iii) restrictions on prepayments.
Duration: A measure of the price sensitivity of a security or fund to changes in prevailing interest rates. The longer the duration, the more price sensitivity to interest rate movements in either direction.
Lipper High Yield Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper High Yield Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charge.
Lipper Intermediate Investment Grade Debt Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Intermediate Investment Grade Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Intermediate U.S. Government Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Intermediate U.S. Government Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Multi-Sector Income Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Sector Income Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Short Investment Grade Debt Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Short Investment Grade Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Inflation-Protected Bond Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Inflation-Protected Bond Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charge.
Mortgage-Backed Securities (MBS): Mortgage-backed securities (MBS) are bonds backed by pools of mortgages, usually with similar characteristics, and which return principal and interest in each payment. MBS are composed of residential mortgages (RMBS) or commercial mortgages (CMBS). RMBS are further divided into agency RMBS and non-agency RMBS, depending on the issuer.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
162 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
Boston Financial
Data Services
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.
Nuveen Investments | 163 |
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FINC-1212D
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-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 Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-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 Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of 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. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date: March 8, 2013
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/ Gifford R. Zimmerman | ||||
Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) |
Date: March 8, 2013
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: March 8, 2013