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, 2013
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.
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| Mutual Funds |
| Nuveen Income Funds |
| For investors seeking attractive monthly income and portfolio diversification potential. |
| Semi-Annual Report December 31, 2013 |
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Nuveen Core Bond Fund | FAIIX | — | NTIBX | — | FINIX | |||||||||||
Nuveen Core Plus Bond Fund | FAFIX | FFAIX | FFISX | FFIIX | ||||||||||||
Nuveen Global Total Return Bond Fund | NGTAX | — | NGTCX | NGTRX | NGTIX | |||||||||||
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 Short Term Bond Fund | FALTX | — | FBSCX | NSSRX | FLTIX | |||||||||||
Nuveen Strategic Income Fund | FCDDX | FCBBX | FCBCX | FABSX | FCBYX | |||||||||||
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Must be preceded by or accompanied by a prospectus.
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Chairman’s Letter to Shareholders
Dear Shareholders,
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going forward.
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
February 21, 2014
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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 discuss key investment strategies and the Funds’ performance for the six-month reporting period ended December 31, 2013. These management teams include:
Nuveen Core 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.
Subsequent to the close of this reporting period, the Board of the Nuveen Core Bond Fund approved changes to the Fund’s principal investment strategies. Effective January 10, 2014, the Fund’s investment policies were amended to allow for the investment of up to 20% of net assets in municipal securities.
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.
Subsequent to the close of this reporting period, the Board of the Nuveen Core Plus Bond Fund approved changes to the Fund’s principal investment strategies. Effective January 10, 2014, the Fund’s investment policies were amended to allow for the investment of up to 20% of net assets in municipal securities.
Nuveen Global Total Return Bond Fund
Timothy Palmer, CFA, and Steven Lee, CFA, have managed the Fund since its inception in 2011.
Nuveen High Income Bond Fund
John T. Fruit, CFA, has managed the Fund since 2006. Jeffrey T. Schmitz, CFA, has been part of the management team for the Fund since 2008.
Subsequent to the close of this reporting period, the Board of the Nuveen High Income Bond Fund approved changes to the Fund’s principal investment strategies. Effective January 10, 2014, the Fund’s investment policies were amended to allow for the investment of up to 20% of net assets in fixed and floating rate loans, including senior loans and secured and unsecured junior loans.
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 (S&P), Moody’s Investors (Moody’s) Service, Inc. or Fitch, Inc. (Fitch). 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.
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Portfolio Managers’ Comments (continued)
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 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.
Subsequent to the close of this reporting period, the Board of the Nuveen Strategic Income Fund approved changes to the Fund’s principal investment strategies. Effective January 10, 2014, the Fund’s investment policies were amended to allow for the investment of up to 20% of the Fund’s of net assets in municipal securities. In addition, the Fund may invest up to 20% of its net assets in fixed and floating rate loans, including senior loans and secured and unsecured junior loans.
How did the Funds perform during the six-month reporting period ended December 31, 2013?
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 ended December 31, 2013. Each Fund’s Class A Share total returns at net asset value (NAV) 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 ended December 31, 2013? 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.
Nuveen Core Bond Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed the Barclays Aggregate Bond Index and the Lipper Core Bond Classification Average for the six-month reporting period. Following the pattern that has persisted
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throughout the reporting period, spread sectors outpaced Treasury and agency securities. Investment-grade credit spreads contracted and ended 2013 at levels not seen since before the financial crisis. Buoyed by strong credit fundamentals, financials outperformed with their spreads moving inside of industrials for the first time since 2007. All segments of the securitized market posted returns in excess of Treasuries, including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS). Stronger economic data resulted in a better bid for these risk assets and credit fundamentals continued to improve, owing to a recovery in the commercial and residential real estate markets. In the agency MBS sector, origination was light, while Federal Reserve (Fed) buying again provided technical support. The broad municipal bond market had a flat return for the reporting period, but outperformed Treasuries, as interest income was generally sufficient to offset price declines. Conditions in the municipal bond market improved as some of the headwinds that have buffeted it over the past year showed signs of abating and ratios to Treasuries tightened by about 10% during the six-month reporting period.
The Fund experienced strong results during the reporting period, benefiting from nearly all of its strategic investment themes. Our sector strategy was the most significant positive contributor to the Fund’s relative outperformance versus its benchmark. With the strong showing of investment-grade corporates, CMBS, ABS and municipals during the reporting period, our focus on underweighting government securities and broadly overweighting various spread sectors was successful. More specifically, the Fund was positioned with a 5-10% overweight to investment-grade credit, an approximately 6% weight to CMBS and an approximately 4% weight to high-quality, long-duration tax-exempt municipals, all of which contributed favorably to performance. In the case of the tax-exempt municipal bonds, we added a position in extremely high quality, long dated tax-exempt paper to the Fund early in the reporting period when yield ratios on 30-year paper had reached 120% of Treasuries due to large mutual fund redemptions. We viewed this as a significant opportunity to capitalize on the cheap valuations of tax-exempt paper, which proved successful as ratios did subsequently normalize as the reporting period progressed.
Security selection was also a positive factor as our long held conviction surrounding the fundamental credit improvement for the financial sector, and corresponding overweight to financials in the Fund, paid off. The yield spread between financials and Treasuries continued to tighten more so than it did for industrials and, as noted above, is now tighter than industrials for the first time since before the financial crisis began. This spread narrowing is due to lower overall risk in the global financial system, coupled with higher capital levels and improving asset quality at the banks. Also, Fund results were aided by our downward bias in credit quality within our investment-grade holdings. We continued to emphasize the lowest investment-grade segment, BBB-rated corporates, which outperformed higher rated investment-grade securities during the six-month reporting period.
Additionally, our strategy to manage the Fund’s duration, or interest rate sensitivity, between one-quarter and one-half of a year shorter than the benchmark benefited returns given the rise in rates late in the reporting period. However, the Fund’s yield curve exposure was a slight detractor as our desire to be overweight to investment-grade credit and CMBS led us to have slightly more exposure to 5-10 year maturities along the yield curve, where interest rates rose (and prices fell) more than shorter or longer maturities.
We maintained the Fund’s high level portfolio themes including an overweight to spread sectors and a short duration during the reporting period as the economy strengthened, which provided fundamental support for the corporate, CMBS and ABS sectors and was also a catalyst for higher rates. Our allocations to most sectors within the Fund were generally unchanged during the period. However, we did profitably close out the Fund’s tactical weighting to long duration tax-exempt securities toward the end of the reporting period, when municipal/Treasury ratios collapsed back to early 2013 levels after widening in mid-summer amid mutual fund outflows. With little change to the Fund’s sector
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Portfolio Managers’ Comments (continued)
allocations, we continued to rely on our fundamental research capabilities in both the corporate and structured sectors to identify attractive bottom-up opportunities across the ratings spectrum.
Because we are focused on income generation and interest rate risk management going forward, the Fund remains overweight to corporate bonds, although less so than in previous reporting periods. Meanwhile, our focus within the securitized sectors is relatively conservative. The Fund is slightly underweight in agency MBS pass-through securities, as we expect this sector to gradually re-price to wider spreads as the Fed continues to pare its monthly purchases as 2014 progresses. The Fund’s ABS exposure is roughly evenly split between low beta, short duration consumer ABS and more opportunistic mortgage-related paper, which we believe will continue to generate strong returns as housing continues to recover. The Fund had a slight overweight to CMBS, with a focus on bonds at the top of their capital structures in the short/intermediate portion of the yield curve. Our interest rate bias is to remain strategically defensive, with the Fund’s duration managed about one-quarter to one-half of a year shorter than the benchmark at current rate levels.
In addition, we continued to invest in various derivative instruments in the Fund during the reporting period. We used Treasury note and bond futures to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. These derivative positions aided performance during the period as their use allowed us to reduce overall interest rate risk in the portfolio. We also used interest rate swaps as part of our portfolio construction strategy to manage the Fund’s duration and overall portfolio yield curve exposure. The interest rate swap positions also contributed to performance during the reporting period.
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 Core Plus Classification Average for the six-month reporting period. Following the pattern that has persisted all year, spread sectors outperformed during the reporting period. High yield was the top-performing sector, benefiting from strong fundamentals and continued dovish Fed guidance regarding its monetary policies. Investment-grade credit spreads contracted during the reporting period and ended 2013 at levels not seen since before the financial crisis. Buoyed by strong credit fundamentals, financials outperformed with their spreads moving inside of industrials for the first time since 2007. This spread narrowing is due to lower overall risk in the global financial system, coupled with higher capital levels and improving asset quality at the banks. All segments of the securitized market posted returns in excess of Treasuries, including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS). Stronger economic data resulted in a better bid for these risk assets and credit fundamentals continued to improve, owing to a recovery in the commercial and residential real estate markets. In the agency MBS sector, origination was light, while Fed buying again provided technical support. The broad municipal bond market had a flat return for the reporting period, but outperformed Treasuries, as interest income was generally sufficient to offset price declines. Conditions in the municipal bond market improved as some of the headwinds that have buffeted it over the past year showed signs of abating and ratios to Treasuries tightened by 10% during the six-month reporting period.
The Fund experienced strong results during the reporting period, benefiting from nearly all of its strategic investment themes. The improvement in credit spreads and the strong performance of high-yield credit were two key drivers of our Fund’s outperformance for the reporting period, given our ongoing substantial weights to corporates and other non-government sectors. The Fund had corresponding underweights to the Treasury and agency segments. Our positioning in high-yield corporates was the largest positive contributor to performance, including our overweight to the sector as well as issue selection and tactical repositioning during the reporting period.
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Credit selection within investment-grade corporates was the next largest contributor, notably the Fund’s focus on the financial, energy and metals/mining sectors. A substantial overweight to investment-grade credit also aided performance. Additionally, the Fund benefited from our downward bias in credit quality within the investment-grade sector, emphasizing BBB-rated corporates, which outperformed higher rated investment-grade securities.
The Fund’s defensive interest rate positioning, with a duration that was significantly less than the index during the reporting period, was beneficial to performance as interest rates rose. However, our yield curve exposure was a slight detractor. Our desire to overweight credit and CMBS in the Fund led us to have slightly more exposure to 5-10 year maturities along the yield curve, where interest rates rose (and prices fell) more than shorter or longer maturities.
Within the securitized areas of the market, the Fund’s small exposures to CMBS and ABS had only a marginally positive impact on performance over the reporting period. The Fund’s underweight to MBS detracted from performance relative to the index; however, the positions we owned instead in the credit sectors performed better than mortgages.
Our constructive view of the economy continued to unfold during the reporting period and U.S. fiscal uncertainties moderated, supporting our themes. As a result, our positioning in favor of credit sectors with a corresponding underweight to mortgage and government securities and a defensive interest rate posture remained our key themes. We also retained our industry focus on financials as well as cyclically-sensitive industries within corporates. Portfolio activity was centered on bottom-up credit and issue selection, as well as timely deployment of cash as market opportunities arose. Within high yield, this rotation also involved a small move from BB-rated to B-rated issues, in light of our credit outlook. We also actively repositioned currency exposure, both the levels and selections, given significant valuation swings in the market and ongoing fundamental developments. This activity resulted in lower net foreign currency exposure in the Fund by year-end.
During the reporting period, we also continued to invest in derivative instruments. We used Treasury note and bond futures as part of an overall construction strategy to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. The effect of these activities benefited performance during the reporting period. We also used interest rate swaps to manage portfolio duration and yield curve exposure, and these positions also contributed to performance.
We used foreign exchange forwards to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a negligible impact on performance during the reporting period.
We used credit default swaps 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, we acquired long CDX High Yield Index swaps. We also used CDX IG to hedge credit risk. These swap positions added to performance during the reporting period.
Nuveen Global Total Return Bond Fund
The Fund’s Class A Shares at NAV underperformed the Barclays Global Aggregate Unhedged Bond Index and the Lipper Global Income Funds Classification Average for the six-month reporting period. The underperformance was largely due to the negative impact of currency positioning, particularly in the first half of the reporting period. Currencies were very volatile in the summer and early fall as the U.S. dollar declined versus the euro and British pound, while emerging market currencies were hit amid fears of growth and rising rates. The largest detractor in terms of currencies
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Portfolio Managers’ Comments (continued)
was the Fund’s overweight to growth-oriented currencies, which suffered from capital outflows and concerns about current account imbalances. The most notable detractors were the Fund’s exposures to the Indian rupee, Turkish lira, Brazilian real and Australian dollar. Our currency positioning also emphasized an underweight to the euro, given fundamental economic growth headwinds faced by the region, and to the Japanese yen, in light of policy divergence from the U.S. and other domestic developments in Japan. The Fund’s significant underweight to the Japanese yen was a large positive contributor to performance during the reporting period. We maintained this underweight due to fundamental reasons surrounding Japanese policy developments. As the Bank of Japan continued its efforts to lift inflation and improve economic conditions, its quantitative easing program put downward pressure on the Japanese yen throughout the six months. We also maintained this position to help protect the Fund’s other foreign positions from a generalized rise in the dollar. Similarly, we held an underweight to the euro for portfolio and currency-specific reasons. However, the euro positioning was a drag on results throughout the reporting period as the euro appreciated amid U.S. uncertainty in the first half of the period and stronger-than-expected European economic performance and capital inflows into the euro zone in the second half.
Interest rate positioning had mixed results, but in aggregate was a detractor in terms of the Fund’s six-month reporting period returns. Our overall defensive interest rate positioning globally added value as the Fund’s duration, or interest rate sensitivity, was significantly shorter than the benchmark and mid-period adjustments proved beneficial to returns. However, country selection within interest rate market positioning had a net negative impact during the reporting period. For example, our underweight duration in the euro zone and Japan in favor of higher yielding markets such as Mexico and South Africa was disadvantageous as rates rose less in Europe and Japan. Overweights to interest rates in smaller G-10 countries (major world economies) were partial positive offsets to the other exposures.
The improvement in credit spreads and stabilization in markets helped drive positive contribution from the Fund’s corporate bond exposure during the six-month reporting period. Our positioning in high yield corporates was by far the largest positive contributor to the Fund’s performance, both through our overweight in the sector, as well as from issue selection and tactical repositioning within high yield during the reporting period. High yield was the top-performing fixed income sector as it benefited from continued dovish Fed policy guidance and the debt ceiling bill approved by Congress in October, which both represented catalysts for risk assets. High yield investors also became more comfortable with rising Treasury yields as macro fundamentals improved. Even as Treasury rates drifted higher in November and December, the high yield asset class again managed to outperform its fixed income peers. The spread between high yield and Treasuries tightened by 111 basis points during the six-month reporting period to end the year at 428 basis points, despite what turned out to be another brisk period for high yield bond issuance.
The Fund also saw strong positive performance contribution from investment-grade credit. In addition to benefiting from a significant overweight to the sector, the Fund’s focus on the financial, energy and metals/mining sectors was helpful, including European bank preferreds. Emerging market credit, both investment grade and high yield, also added to performance.
Our constructive view of the global economy and financial stabilization continued to unfold during the reporting period, as global economic data improved, U.S. fiscal uncertainties moderated, Chinese policy visibility improved and global monetary conditions remained accommodative. As a result, our key sector and interest rate themes in the Fund remained intact, favoring credit sectors over governments and a defensive interest rate posture. We also retained the Fund’s industry focus on financials as well as cyclically-sensitive industries within corporates. Portfolio activity was centered on bottom-up credit and issue selection. We increased the Fund’s investment-grade and emerging market credit exposures during the period in response to specific opportunities. We reduced the Fund’s high-yield exposure as the
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period came to a close on the heels of the segment’s strong performance in 2013. In addition, we actively repositioned currency exposures based on fundamental developments and valuation shifts, including additions to the Brazilian real, Malaysian ringgit and British pound, and reductions in the Australian dollar, Turkish lira and U.S. dollar.
We purchased call options on select currencies during the period in an attempt to benefit from changes in the spot values of these currencies, and we used foreign currency exchange contracts to gain exposure to selected foreign currencies, as well as in some cases to hedge the currency risk present in a foreign bond. The overall effect of the option activities was modestly negative, while the overall effect of the foreign currency exchange contracts was negative during the reporting period. These derivative exposures are integrated with the overall portfolio construction and such a portion of losses and gains may be naturally related to and/or may offset impacts elsewhere in the portfolio.
We sold U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure and purchased selected foreign bond futures to actively manage exposure to those markets. The effect of these activities in the period was slightly positive. We also used credit default swaps as a way to take on credit risk and earn a commensurate credit spread. These derivative exposures are integrated with the overall portfolio construction and such a portion of losses and gains may be naturally related to and/or may offset impacts elsewhere in the portfolio.
We used interest rate swaps as part of an overall portfolio interest rate strategy. For example, we used swaps in which the Fund pays a fixed rate of interest in exchange for a floating rate in anticipation of rising interest rates. The effect of these contracts on the Fund’s performance was positive during the reporting period.
We used credit default swaps to take on credit risk and earn a commensurate credit spread. The Fund no longer held these swap contracts at period end. These swap positions slightly added to performance during the reporting period.
Nuveen High Income Bond Fund
The Fund’s Class A Shares at net asset value (NAV) performed in line with the Barclays High Yield 2% Issuer Capped Index and outperformed the Lipper High Current Yield Funds Classification Average for the six-month reporting period. Following the pattern that persisted all year, spread sectors outperformed during the reporting period, particularly the high yield segment. In the overall positive period for high yield, the asset class benefited from friendlier Fed policy expectations as well as the debt ceiling bill approved by Congress in October, which both represented catalysts for risk assets. In the wake of the Fed’s taper delay announcement, investors rotated back into riskier assets as positive fund flows returned to the high-yield asset class after the sell-off seen earlier in the year in May and June. Although fund flows remained positive through year end, the high yield asset class still had net outflows for the full year of $3.4 billion, only the sixth time since 1984 that this market segment has posted withdrawals. High-yield investors also became more comfortable with rising Treasury yields as macro fundamentals improved. The spread between high yield and Treasuries tightened by 111 basis points during the six-month reporting period to end the year at 428 basis points, despite what turned out to be another brisk period for high yield bond issuance.
The Fund’s performance relative to the index was aided by favorable security selection and modest overweights to the lower quality B and CCC-rated tiers of the market and a concurrent underweight to BB-rated securities. Given the benign credit environment seen over the course of the past two years, few investors have been overly concerned with credit risk as most have wanted to avoid interest rate risk. As a result, the lower-quality tiers of high yield continued to outpace higher-rated securities during the six-month reporting period. For example, CCC-rated securities outperformed BB-rated bonds by a margin of 311 basis points, as measured by Barclay’s indexes.
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Portfolio Managers’ Comments (continued)
The Fund’s global exposure also helped results as above-market returns were seen in European high yield debt, although returns from emerging market debt lagged. In general, emerging markets have had a rough stretch owing to weak currencies and capital outflows, however, performance among the Fund’s emerging market corporates only slightly underperformed domestic high yield. The Fund’s performance benefited more specifically from the European high yield sector, which advanced by 14.68% during the six-month reporting period, as measured by Barclays Pan-European High Yield Index.
Also, duration (interest rate sensitivity) represented arguably the greatest perceived risk to credit portfolios during much of 2013. Therefore, the Fund’s modest underweight to portfolio duration also benefited results during this six-month reporting period.
Offsetting these areas of strength, the Fund’s sector and industry exposures overall were a drag on results during the reporting period. In particular, our exposure to the preferred securities asset class was a detractor to performance. Preferred securities got caught up in negative fund flows and the fear of higher rates, which led to redemptions and poor price action across most areas of the asset class. The preferred asset class significantly underperformed high yield bonds by nearly 1000 basis points over the six-month reporting period. In terms of high yield sectors, we continued to carry an overweight to the more cyclical basic industry sector based on our outlook for improved optimism about the economic and financial outlook. However, the Fund was negatively affected by a modest overweight to the mining sector, which was dragged down earlier in the period by poor commodity pricing, cost overruns and concerns about the impact of slowing Chinese economic growth. While the investments the Fund holds in the mining sector generally have strong balance sheets, a couple of noteworthy exceptions were the source of its worst performance from an individual security standpoint. On the plus side, the Fund’s exposure to the energy sector was a positive contributor due to overweights to both energy producers and oil services, which posted strong relative performance.
The U.S. default rate continued to decline throughout the reporting period, as both default volume and the high yield default rate reached six-year lows. This year’s volume of $18.6 billion of defaulted bonds and institutional loans is the lowest since $4.5 billion defaulted in 2007. With defaults very well behaved across the entire high yield market, the Fund generally experienced little in the way of credit impairments during the six-month reporting period. The exceptions, as mentioned previously, were contained to a couple of mining credits that encountered higher production costs, weaker commodity pricing and, therefore, more stretched balance sheets.
As noted, we maintained the Fund’s modest overweight to the B-rated and CCC-rated sectors of the market; however, the valuations appear stretched on a historical basis in the aftermath of 2013’s yield compression in those lower quality securities and the modest increase in BB-rated bond yields. That being said, nominally wide spreads relative to low default risk again allowed higher yielding bonds to outperform during the reporting period. We have maintained the Fund’s overweight to these lower rated securities despite their significant outperformance during 2013. Toward the end of the reporting period, we added to the Fund’s emerging market corporate bond exposure as this group suffered disproportionately from the more hawkish tone set forward by the Fed in early summer. Certain emerging market corporates have the added benefit of carrying significant discounts to par, thus exhibiting less call risk and greater upside should rates stabilize. We also continued to add exposure to certain closed-end funds trading at wide discounts to net asset value. We were focused on closed-end funds that invest in floating-rate bank loans, corporate financial debt and companies that own or hold loans to middle-market companies. We believe all of these areas should continue to benefit from a gradually improving economic outlook and a positively shaped yield curve.
We also used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposures. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond
| 12 | Nuveen Investments |
or Treasury note futures positions. The effect of these activities benefited performance during the reporting period. We also used interest rate swaps as part of our portfolio construction strategy to manage the Fund’s duration and overall portfolio yield curve exposure. The interest rate swap detracted from performance during the reporting period.
In addition, we used foreign currency exchange contracts to manage the Fund’s foreign currency exposures. For example, the Fund may reduce unwanted currency exposures from the Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a negative impact on performance during the reporting period.
We used credit default swaps 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, we acquired long CDX High Yield Index swaps. These swap positions detracted from performance during the reporting period.
Nuveen Inflation Protected Securities Fund
The Fund’s Class A Shares at net asset value (NAV) outperformed the Barclays U.S. TIPS Index and performed in line with the Lipper Inflation-Protected Bond Funds Classification Average for the six-month reporting period. Lower gas and energy prices helped keep inflation very subdued throughout the reporting period as the Consumer Price Index (CPI) increased at 1.5% year-over-year as of December 2013. Improving economic numbers, particularly lower unemployment, were cited by the Fed in mid-December as the impetus to begin tapering its asset purchases by $10 billion per month in January 2014. The Treasury inflation-protected securities (TIPS) market continued to struggle throughout the reporting period amidst the pressure of steady outflows as inflation worries waned and investors’ sensitivity to interest rate (duration) risk increased. This resulted in higher yields (and lower prices) across the asset class as the yield on 5-year TIPS, for example, rose from -0.41% at the beginning of the reporting period to touch 0% in early September after first falling below a 0% yield in 2008. Because the yield on a TIPS bond is equal to the corresponding Treasury bond yield minus the expected rate of inflation, it falls into negative territory if the inflation rate is higher than the current Treasury yield. The 5-year TIPS yield ended December at -0.35%, while the yield on the 10-year TIPS increased from 0.48% at the beginning of the period to 0.77% by the end. Meanwhile, the breakeven spread (the difference between the yields of 10-year nominal Treasuries and 10-year TIPS) stayed locked in a very narrow range, which was likely indicative of investors’ low conviction on inflation.
This market backdrop led TIPS to underperform nominal Treasury securities and all other fixed income spread sectors over the six-month reporting period. Returns were once again much stronger away from the Treasury market as spread sectors outpaced, particularly TIPS as well as nominal Treasuries, by significant margins. High yield was by far the top-performing spread sector during the six-month reporting period, followed by emerging market (EM) debt, investment-grade corporates and commercial mortgage-backed securities (CMBS). High-yield assets benefited from friendlier Fed policy expectations as well as the debt ceiling bill approved by Congress in October, which both represented catalysts for risk assets. High-yield investors became more comfortable with rising Treasury yields as macro fundamentals improved. Investment-grade credit spreads contracted during the period and ended 2013 at levels not seen since before the financial crisis. EM debt continued to recover after the year’s earlier sell-off as stability in global economic data and reduced market volatility led investors to selectively add back risk to their portfolios. CMBS benefited as stronger economic data resulted in a better bid for these risk assets and credit fundamentals continued to improve, owing to a recovery in the commercial and residential real estate markets.
The Fund’s outperformance of its benchmark primarily resulted from its out-of-index allocations to high-yield credit and CMBS, as both segments delivered significantly positive excess returns over TIPS and nominal Treasuries. Much of this
| Nuveen Investments | 13 |
Portfolio Managers’ Comments (continued)
was driven by high yield, which had particularly strong returns as noted earlier. Although quite small, the Fund’s position in EM debt also benefited results over the period. At the same time, our underweight to the TIPS sector versus the Barclays U.S. TIPS Index was helpful as the segment underperformed nominal Treasuries during the reporting period.
Our duration moves, which alter the Fund’s sensitivity to changing interest rates, had a modestly positive impact overall for the reporting period. The Fund benefited from our bias toward a shorter duration in the Fund’s TIPS portfolio throughout the reporting period, as interest rates generally rose. Performance was also aided by our shift partway through the reporting period to a shorter overall duration in the portfolio’s nominal Treasury holdings as well. In addition, results were enhanced by our positioning for a steeper yield curve in both the Fund’s TIPS and nominal Treasury holdings. The Fund had little in the way of foreign currency exposure during the reporting period, and therefore it had minimal impact on performance. The Fund experienced no meaningful detractors during the reporting period.
In the middle of the reporting period, we increased the Fund’s underweight to 5-year TIPS in light of a downturn in seasonal inflation figures compounded by weaker gasoline prices. This lowered the Fund’s overall allocation to the TIPS sector to approximately 81% by period end. However, with the significant underperformance of the TIPS sector in 2013, we now believe reasonable value has been restored in the market. We are looking to increase the Fund’s TIPS exposure, especially in short to intermediate maturities, while still remaining underweight versus the index.
We expect rates to be pressured higher as they move closer to fair value levels. Although we don’t expect a shock higher in yields, interest rate volatility could rise in response to economic developments. This outlook argues for maintaining our defensive duration posture in the Fund, minimal exposure to nominal Treasuries and out-of-index exposure to high yield. We continue to opportunistically add to the Fund’s exposure in high-yield corporates; however, some segments of this market have become fully valued in our opinion, and thus security selection will be important to investment success.
We also used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. The overall effect on performance during the period was positive. We also used interest rate swaps to manage portfolio duration and yield curve exposure and these positions also contributed to performance during the period.
Nuveen Intermediate Government Bond Fund
The Fund’s Class A Shares at NAV outperformed both the Barclays Intermediate Government Bond Index and the Lipper Intermediate U.S. Government Funds Classification Average for the six-month reporting period. Rates rose during the reporting period as a result of stronger economic growth, renewed expectations of Fed tapering and persistent outflows from longer-term investment-grade fixed income funds. As rates rose, the U.S. Treasury yield curve steepened as yields increased for intermediate and longer maturities along the curve, while yields on shorter maturities were virtually unchanged. For example, the yield on the 5-year Treasury rose from 1.39% at the beginning of the period to 1.75% by the end. Following the pattern that persisted throughout 2013, spread sectors outpaced Treasury and agency securities during the six-month reporting period. All segments of the securitized market posted returns in excess of Treasuries, including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS). Stronger economic data resulted in a better bid for these risk assets and credit fundamentals continued to improve, owing to a recovery in the commercial and residential real estate markets. In the agency MBS sector, origination was light, while Fed buying again provided technical support.
| 14 | Nuveen Investments |
The Fund experienced strong relative results during the reporting period, benefiting from several of its strategic investment themes. Our sector strategy was the most significant positive contributor to the Fund’s relative performance versus its benchmark and Lipper peers. With the strong showing of spread sectors during the reporting period, the Fund’s substantial underweight to U.S. Treasuries and overweights in several securitized spread sectors – including CMBS, MBS and ABS – was a significant driver of outperformance. These securitized asset classes produced returns in excess of intermediate maturity Treasuries over the six-month reporting period, as measured by Barclays Indexes. The Fund’s MBS exposure proved most beneficial due to our overweight position as well as security selection within the sector. We had positioned much of the Fund’s MBS exposure in shorter maturity mortgage paper before the reporting period began and these securities were less sensitive to the rising rate environment.
In addition, results were enhanced by our more defensive duration stance throughout the six-month reporting period, which lowers the Fund’s sensitivity to rising interest rates. The Fund’s duration was generally shorter than the benchmark’s duration during this time frame, which was beneficial as rates rose. However, our yield curve positioning had little impact on the Fund’s performance during the reporting period. The Fund was positioned with an overweight to five- to ten-year maturities and a corresponding underweight to the short and long end of the yield curve.
We maintained the Fund’s focus on non-government sectors during the reporting period. The Fund’s largest two sector weights were in MBS followed closely by agencies. Our sector weights were relatively stable throughout the period; however, we were more active from a security selection perspective. We traded out of some of the Fund’s non-agency MBS bonds that had recovered nicely with the appreciation in the housing market. We also added to new issue non-agency structured products at attractive levels during the six months ending December 31, 2013. Both of these trades were additive to the Fund’s performance.
In addition, we also used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s portfolio duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. The overall effect on performance during the period was positive.
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 reporting period. Rates rose during the reporting period as a result of stronger economic growth, renewed expectations of Fed tapering and persistent outflows from longer-term investment-grade fixed income funds. As rates rose, the U.S. Treasury yield curve steepened as yields increased for intermediate and longer maturities along the curve, while yields on shorter maturities were virtually unchanged. Credit-related sectors, both high grade and high yield, posted the strongest returns of all major market sectors relative to Treasuries during the reporting period. Legacy non-agency mortgage-related paper also performed well as the ongoing strength in the housing sector resulted in continued improvement in credit fundamentals for this paper, which resulted in strong investor demand and higher prices.
With our macro outlook calling for continued moderate domestic growth, we remained fairly constructive on the fundamental outlook for most U.S. credit and non-government securitized sectors during the reporting period. Likewise, we were committed to managing the Fund’s duration toward the short end of its 1-3 year range. We continued to position the Fund with an emphasis on a diversified core portfolio of short duration investment-grade corporate and securitized debt, which included government agency mortgage-backed securities (MBS), consumer asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). We also maintained smaller allocations to non-agency/sub-prime
| Nuveen Investments | 15 |
Portfolio Managers’ Comments (continued)
mortgage-backed securities (MBS) and higher quality, high-yield (BB-rated) corporates. At the same time, the Fund held a significant underweight to the Treasury and agency segments of the market.
The Fund experienced strong results over the reporting period, benefiting from nearly all of its strategic investment themes, especially our ongoing focus on segments of the fixed income market that generate attractive levels of income. The primary driver of outperformance was the Fund’s diversified overweights to corporate bonds and structured product. The Fund’s weighting to short duration, noninvestment-grade securities, both corporate and securitized, was a strong driver of performance. Within the investment-grade credit space, our positioning also added value as the Fund was overweight to financials, an industry sector that outperformed the broad credit market amid ongoing improvement in credit fundamentals. In addition, our exposure to short duration residential mortgage product within the structured space, both agency and non-agency, performed well as these market sectors were supported by strong housing fundamentals and investor demand for high-quality short duration paper.
As rates remained extremely low at the short end of the yield curve, our duration (interest rate) strategy was geared toward positioning the Fund shorter than the benchmark and toward the lower end of the permitted one- to three-year duration range. This defensive duration posture, which lessened the Fund’s sensitivity to interest rate changes, proved modestly beneficial especially later in the reporting period as it helped to buffer the negative impact of higher rates. The Fund had no meaningful detractors to performance during the six-month reporting period.
As a result of our macro outlook for continued moderate domestic growth, our high-level portfolio themes remained intact during the reporting period. While the Fund’s sector allocations were mostly unchanged, we continued to rely on our fundamental research capabilities in both the corporate and structured sectors to identify attractive opportunities across the ratings spectrum. We reduced the Fund’s duration midway through the reporting period to about 75% of the benchmark’s duration after the short end of the Treasury yield curve rallied following a Fed meeting.
During the reporting period, we also used Treasury note futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. The overall effect on the Fund’s performance during the period was marginally positive. We also used interest rate swaps to manage Fund duration and yield curve exposure; these positions also contributed to performance during the reporting period.
In addition, we used credit default swaps 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, we acquired long CDX High Yield Index swaps. These swap positions contributed to performance during the reporting period.
We used foreign currency exchange contracts to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a slightly negative impact on performance during the reporting period.
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 reporting period. Fixed income risk assets handily outperformed Treasuries during the reporting period, with high-yield corporates, emerging market (EM) bonds and
| 16 | Nuveen Investments |
financial corporates leading the charge. High yield was the top-performing sector, benefiting from strong fundamentals and continued dovish Fed guidance regarding its monetary policy. EM debt continued to recover, but still had a negative return overall for 2013. Stability in global economic data and reduced market volatility aided EM performance as investors selectively added back risk. Credit spreads performed strongly and ended 2013 at levels not seen since before the financial crisis. Buoyed by strong credit fundamentals, financials outperformed with their spreads moving inside of industrials for the first time since 2007. Thus, for the first time in years, bank and financial company credit risk is priced by the market to be less than that of industrial companies. All segments of the securitized market posted returns in excess of Treasuries, including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS). Stronger economic data resulted in a better bid for these risk assets and credit fundamentals continued to improve, owing to a recovery in the commercial and residential real estate markets.
Outside of the United States, global yields moved moderately higher, responding to improved economic data and the prospect for a moderate reduction in stimulus from the Fed. U.K. data continued to point toward durable recovery, prompting higher yields. The European Central Bank cut rates in the second half of the six-month reporting period, but resisted additional liquidity measures as growth remained firm despite tight credit and below-target inflation. Japanese authorities held out the prospect of additional aggressive actions, particularly hoping to reduce drag from new consumption taxes. Developed markets generally outperformed the U.S. owing to individual policy directions, with yields rising less than Treasuries and yield curves generally steeper, depending on the market. The dollar performed much better than EM currencies and saw mixed performance versus major currencies, driven largely by individual country fundamental factors.
The Fund experienced strong results during the reporting period versus its benchmark, benefiting from many of its strategic investment themes. The improvement in credit spreads and the strong performance of high yield credit were two key drivers of our Fund’s outperformance, given its ongoing substantial weights to credit and other non-government sectors. The Fund’s positioning in high yield corporates was the most significant contributor to performance as both our overweight and issue selection added favorably to results. Credit selection within investment-grade corporates was the next largest contributor, notably the Fund’s positioning in the financial, energy and metals/mining sectors.
The Fund’s defensive interest rate positioning, with a duration that was significantly less than the index, helped results as interest rates rose. Positions in U.S. dollar-denominated EM sovereign bonds also added to performance as these markets stabilized late in the reporting period. However, the Fund’s currency exposure detracted from performance as the U.S. dollar appreciated versus growth sensitive currencies, such as the Norwegian krone and Australian dollar, while EM currencies, including the Turkish lira and South African rand, came under pressure due to concerns about declining global capital inflows.
Our constructive view of the economy continued to unfold during the reporting period and U.S. fiscal uncertainties moderated. Therefore, we maintained the Fund’s key overweights to investment-grade and high yield credit and corresponding large underweights to mortgages and government bonds. We also retained the Fund’s industry focus on financials as well as cyclically-sensitive industries within corporates. Portfolio activity was centered on bottom-up credit and issue selection, as well as timely deployment of cash as market opportunities arose. We reduced the Fund’s exposure to investment-grade credit slightly, emphasizing a reduction in A-rated credit in favor of increasing BBB-rated, given the tightening of single-A spreads and attractive BBB issues. Within high yield, we took advantage of the outperformance of B and CCC-rated issues relative to BB-rated issues to take gains on lower-rated credits and reposition into BB-rated holdings. The market sold BB-rated issues disproportionately, given their liquidity and perceptions of higher interest rate risk. Also, toward the end of the reporting period, we actively repositioned the Fund’s currency
| Nuveen Investments | 17 |
Portfolio Managers’ Comments (continued)
exposure, both the levels and selections, given significant valuation swings in the market and ongoing fundamental developments. This activity resulted in marginally lower net foreign currency exposure in the Fund by year-end. In addition, we also remained defensive with the Fund’s duration positioning to protect against higher rates.
During the reporting period, we also continued to invest in various derivative instruments. We used foreign currency exchange contracts to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a slightly negative impact on performance during the reporting period. We also used options on foreign currency as part of an overall portfolio currency strategy. For example, we purchased call options to hedge the Fund from foreign currency movements, while limiting downside exposure to the portfolio. These activities had a negligible impact on performance during the reporting period.
We used interest rate futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we acquired short Treasury bond or Treasury note futures positions. The overall effect on performance during the reporting period was marginally positive. We also used interest rate swaps to manage portfolio duration and yield curve exposure and these positions also benefited performance during the reporting period.
In addition, we used credit default swaps 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, we acquired long CDX High Yield Index swaps. These positions contributed to performance during the reporting period.
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Risk Considerations and Dividend Information
Risk Considerations
Nuveen Core Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, 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. 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.
Nuveen Core Plus Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, 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.
Nuveen Global Total Return Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call 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. The Fund gains additional exposure to currency rates, and therefore to the risk of currency fluctuation, through investment in foreign currency contracts. The risks of foreign investments are magnified in emerging markets. Asset-backed and mortgage-backed securities are also subject to prepayment risk, liquidity risk, default risk and adverse economic developments. The Fund’s potential use of derivative instruments involves a high degree of financial risk and additional transaction costs.
Nuveen High Income Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, income risk, and other investment company 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.
Nuveen Inflation Protected Securities Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, income risk, and index methodology
| Nuveen Investments | 19 |
Risk Considerations and Dividend Information (continued)
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. 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 shares. 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. The fund’s investment in inflation protected securities has tax consequences that may result in income distributions to shareholders.
Nuveen Intermediate Government Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, 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. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Nuveen Short Term Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives 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.
Nuveen Strategic Income Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, 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. These risks are magnified in emerging markets. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Dividend Information
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 NAV. 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 NAV. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of December 31, 2013, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Nuveen Global Total Return Bond Fund and the Nuveen Strategic Income Fund had a positive UNII balance while the remaining six Funds had a negative UNII balance for financial reporting purposes.
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Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following eight 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, Note 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.
| Nuveen Investments | 21 |
Fund Performance and Expense Ratios (continued)
Nuveen Core 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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 1.32% | (2.01)% | 6.87% | 3.95% | ||||||||||||
Class A Shares at maximum Offering Price | (1.69)% | (4.98)% | 6.23% | 3.63% | ||||||||||||
Barclays Aggregate Bond Index* | 0.43% | (2.02)% | 4.44% | 4.55% | ||||||||||||
Lipper Core Bond Classification Average* | 0.76% | (1.87)% | 6.04% | 4.11% | ||||||||||||
Class I Shares | 1.44% | (1.89)% | 7.05% | 4.12% | ||||||||||||
| Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since | ||||||||||
Class C Shares | 0.92% | (2.91)% | 1.84% | |||||||||
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
| Share Class | ||||||||||||
Class A | Class C | Class I | ||||||||||
Gross Expense Ratios | 0.80% | 1.55% | 0.55% | |||||||||
Net Expense Ratios | 0.79% | 1.54% | 0.54% | |||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2014 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. |
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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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 2.60% | 0.24% | 8.74% | 4.62% | ||||||||||||
Class A Shares at maximum Offering Price | (1.77)% | (4.02)% | 7.79% | 4.17% | ||||||||||||
Barclays Aggregate Bond Index* | 0.43% | (2.02)% | 4.44% | 4.55% | ||||||||||||
Lipper Core Bond Plus Classification Average* | 1.39% | (0.99)% | 7.05% | 4.81% | ||||||||||||
Class C Shares | 2.21% | (0.60)% | 7.91% | 3.83% | ||||||||||||
Class R3 Shares | 2.48% | (0.05)% | 8.48% | 4.40% | ||||||||||||
Class I Shares | 2.84% | 0.54% | 9.03% | 4.88% | ||||||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 0.81% | 1.56% | 1.06% | 0.56% | ||||||||||||
Net Expense Ratios | 0.77% | 1.52% | 1.02% | 0.52% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2014 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%, 1.02% and 0.52% 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. |
| Nuveen Investments | 23 |
Fund Performance and Expense Ratios (continued)
Nuveen Global Total Return 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, 2013
| Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since | ||||||||||
Class A Shares at NAV | 0.03% | (6.28)% | 4.74% | |||||||||
Class A Shares at maximum Offering Price | (4.71)% | (10.71)% | 2.31% | |||||||||
Barclays Global Aggregate Unhedged Bond Index** | 2.34% | (2.60)% | 1.00% | |||||||||
Lipper Global Income Funds Classification Average** | 1.76% | (2.05)% | 3.19% | |||||||||
Class C Shares | (0.33)% | (6.91)% | 4.15% | |||||||||
Class R3 Shares | (0.07)% | (6.48)% | 4.61% | |||||||||
Class I Shares | 0.16% | (6.01)% | 5.13% | |||||||||
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 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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 2.16% | 2.99% | 2.31% | 1.81% | ||||||||||||
Net Expense Ratios | 0.97% | 1.72% | 1.22% | 0.72% | ||||||||||||
The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through October 31, 2014, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 0.75% of the average daily net assets of any class of Fund shares. The expense limitation expiring October 31, 2014, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
| * | Since inception returns are from 12/02/11. |
| ** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
| 24 | Nuveen Investments |
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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 6.01% | 8.52% | 18.52% | 7.77% | ||||||||||||
Class A Shares at maximum Offering Price | 0.96% | 3.40% | 17.38% | 7.25% | ||||||||||||
Barclays High Yield 2% Issuer Capped Index* | 5.94% | 7.44% | 18.96% | 8.61% | ||||||||||||
Lipper High Current Yield Funds Classification Average* | 5.46% | 6.82% | 16.16% | 7.21% | ||||||||||||
Class B Shares w/o CDSC | 5.50% | 7.60% | 17.67% | 6.98% | ||||||||||||
Class B Shares w/CDSC | 0.50% | 2.65% | 17.56% | 6.98% | ||||||||||||
Class C Shares | 5.52% | 7.64% | 17.74% | 7.00% | ||||||||||||
Class R3 Shares | 5.85% | 8.16% | 18.21% | 7.49% | ||||||||||||
Class I Shares | 6.13% | 8.78% | 18.86% | 8.05% | ||||||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||||||
Class A | Class B | Class C | Class R3 | Class I | ||||||||||||||||
Expense Ratios | 0.97% | 1.73% | 1.73% | 1.22% | 0.73% | |||||||||||||||
| * | 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 |
Fund Performance and Expense Ratios (continued)
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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since | |||||||||||||
Class A Shares at NAV | (1.01)% | (8.21)% | 5.68% | 4.21% | ||||||||||||
Class A Shares at maximum Offering Price | (5.20)% | (12.10)% | 4.77% | 3.73% | ||||||||||||
Barclays U.S. TIPs Index** | (1.31)% | (8.61)% | 5.63% | 4.68% | ||||||||||||
Lipper Inflation-Protected Bond Funds Classification Average** | (0.90)% | (7.55)% | 4.93% | 4.14% | ||||||||||||
Class C Shares | (1.32)% | (8.63)% | 4.99% | 3.47% | ||||||||||||
Class R3 Shares | (1.06)% | (8.17)% | 5.34% | 3.92% | ||||||||||||
Class I Shares | (0.78)% | (7.67)% | 6.03% | 4.51% | ||||||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Expense Ratios | 0.81% | 1.56% | 1.06% | 0.56% | ||||||||||||
| * | 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. |
| 26 | Nuveen Investments |
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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.22% | (1.28)% | 2.10% | 3.36% | ||||||||||||
Class A Shares at maximum Offering Price | (2.77)% | (4.25)% | 1.47% | 3.05% | ||||||||||||
Barclays Intermediate Government Bond Index* | (0.02)% | (1.25)% | 2.20% | 3.74% | ||||||||||||
Lipper Intermediate U.S. Government Funds Classification Average* | (0.33)% | (2.87)% | 2.51% | 3.45% | ||||||||||||
Class I Shares | 0.33% | (0.95)% | 2.30% | 3.54% | ||||||||||||
| Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since | ||||||||||
Class C Shares | (0.07)% | (1.95)% | 1.68% | |||||||||
Class R3 Shares | 0.19% | (1.43)% | 2.15% | |||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 1.01% | 1.76% | 1.26% | 0.76% | ||||||||||||
Net Expense Ratios | 0.85% | 1.60% | 1.10% | 0.60% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2014, 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. |
| Nuveen Investments | 27 |
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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 1.54% | 1.63% | 4.50% | 2.96% | ||||||||||||
Class A Shares at maximum Offering Price | (0.75)% | (0.64)% | 4.03% | 2.73% | ||||||||||||
Barclays 1-3 Year Government/Credit Bond Index* | 0.57% | 0.64% | 2.02% | 2.91% | ||||||||||||
Lipper Short Investment Grade Debt Funds Classification Average* | 0.93% | 0.55% | 3.61% | 2.73% | ||||||||||||
Class I Shares | 1.66% | 1.97% | 4.70% | 3.14% | ||||||||||||
| Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since | ||||||||||
Class C Shares | 1.14% | 0.94% | 1.77% | |||||||||
Class R3 Shares | 1.39% | 1.42% | 2.82% | |||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 0.73% | 1.48% | 0.98% | 0.48% | ||||||||||||
Net Expense Ratios | 0.71% | 1.46% | 0.96% | 0.46% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2014 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. |
| 28 | 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, 2013
| Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 3.73% | 1.84% | 12.23% | 5.99% | ||||||||||||
Class A Shares at maximum Offering Price | (0.68)% | (2.49)% | 11.27% | 5.54% | ||||||||||||
Barclays Aggregate Bond Index* | 0.43% | (2.02)% | 4.44% | 4.55% | ||||||||||||
Lipper Multi-Sector Income Funds Classification Average* | 2.98% | 1.70% | 10.77% | 5.78% | ||||||||||||
Class B Shares w/o CDSC | 3.44% | 1.06% | 11.37% | 5.18% | ||||||||||||
Class B Shares w/CDSC | (1.56)% | (3.80)% | 11.24% | 5.18% | ||||||||||||
Class C Shares | 3.35% | 1.06% | 11.38% | 5.19% | ||||||||||||
Class R3 Shares | 3.70% | 1.71% | 11.89% | 5.73% | ||||||||||||
Class I Shares | 3.97% | 2.11% | 12.50% | 6.25% | ||||||||||||
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 only available for purchase by eligible 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
| Share Class | ||||||||||||||||||||
Class A | Class B | Class C | Class R3 | Class I | ||||||||||||||||
Gross Expense Ratios | 0.91% | 1.66% | 1.66% | 1.16% | 0.66% | |||||||||||||||
Net Expense Ratios | 0.85% | 1.60% | 1.60% | 1.10% | 0.60% | |||||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2014, 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 | 29 |
Yields as of December 31, 2013
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 Bond Fund
| Share Class | ||||||||||||
Class A1 | Class C | Class I | ||||||||||
Dividend Yield | 2.09% | 1.38% | 2.40% | |||||||||
SEC 30-Day Yield | 2.33% | 1.65% | 2.65% | |||||||||
Nuveen Core Plus Bond Fund
| Share Class | ||||||||||||||||
Class A1 | Class C | Class R3 | Class I | |||||||||||||
Dividend Yield | 3.70% | 3.08% | 3.63% | 4.13% | ||||||||||||
SEC 30-Day Yield | 3.95% | 3.37% | 3.88% | 4.38% | ||||||||||||
Nuveen Global Total Return Bond Fund
| Share Class | ||||||||||||||||
Class A1 | Class C | Class R3 | Class I | |||||||||||||
Dividend Yield | 3.48% | 2.83% | 3.37% | 3.91% | ||||||||||||
SEC 30-Day Yield | 3.98% | 3.41% | 3.91% | 4.42% | ||||||||||||
Nuveen High Income Bond Fund
| Share Class | ||||||||||||||||||||
Class A1 | Class B | Class C | Class R3 | Class I | ||||||||||||||||
Dividend Yield | 6.53% | 6.09% | 6.14% | 6.66% | 7.11% | |||||||||||||||
SEC 30-Day Yield | 6.24% | 5.80% | 5.80% | 6.30% | 6.82% | |||||||||||||||
Nuveen Inflation Protected Securities Fund
| Share Class | ||||||||||||||||
Class A1 | Class C | Class R3 | Class I | |||||||||||||
Dividend Yield | 1.07% | 0.34% | 0.84% | 1.39% | ||||||||||||
SEC 30-Day Yield | -0.31% | -1.06% | -0.56% | -0.07% | ||||||||||||
| 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. |
| 30 | Nuveen Investments |
Nuveen Intermediate Government Bond Fund
| Share Class | ||||||||||||||||
Class A1 | Class C | Class R3 | Class I | |||||||||||||
Dividend Yield | 1.40% | 0.68% | 1.17% | 1.71% | ||||||||||||
SEC 30-Day Yield | 1.39% | 0.70% | 1.18% | 1.68% | ||||||||||||
Nuveen Short Term Bond Fund
| Share Class | ||||||||||||||||
Class A1 | Class C | Class R3 | Class I | |||||||||||||
Dividend Yield | 1.81% | 1.07% | 1.55% | 2.09% | ||||||||||||
SEC 30-Day Yield | 1.41% | 0.70% | 1.19% | 1.69% | ||||||||||||
Nuveen Strategic Income Fund
| Share Class | ||||||||||||||||||||
Class A1 | Class B | Class C | Class R3 | Class I | ||||||||||||||||
Dividend Yield | 4.58% | 4.05% | 4.06% | 4.55% | 5.05% | |||||||||||||||
SEC 30-Day Yield | 4.59% | 4.04% | 4.04% | 4.54% | 5.04% | |||||||||||||||
| 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 | 31 |
Holding Summaries December 31, 2013
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, 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.
Nuveen Core Bond Fund
Fund Allocation1,2
Asset-Backed and Mortgage-Backed Securities | 45.4% | |||
Corporate Bonds | 43.2% | |||
U.S. Government and Agency Obligations | 6.8% | |||
Municipal Bonds | 1.7% | |||
$1,000 Par (or similar) Institutional Structures | 1.5% | |||
Short-Term Investments | 0.6% | |||
Sovereign Debt | 0.4% | |||
Other3 | 0.4% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | 47.8% | |||
AA | 4.2% | |||
A | 22.0% | |||
BBB | 22.2% | |||
BB or Lower | 1.1% | |||
N/R | 2.7% |
Corporate Debt: Industries1,5
Diversified Financial Services | 14.2% | |||
Oil, Gas & Consumable Fuels | 12.2% | |||
Metals & Mining | 9.6% | |||
Commercial Banks | 9.0% | |||
Media | 8.6% | |||
Capital Markets | 6.2% | |||
Insurance | 5.3% | |||
Diversified Telecommunication Services | 4.0% | |||
Wireless Telecommunication Services | 3.8% | |||
Health Care Providers & Services | 3.8% | |||
Energy Equipment & Services | 2.3% | |||
Transportation Infrastructure | 2.0% | |||
Other | 19.0% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 5 | 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. |
| 32 | Nuveen Investments |
Nuveen Core Plus Bond Fund
Fund Allocation1,2
Corporate Bonds | 56.7% | |||
Asset-Backed and Mortgage-Backed Securities | 29.1% | |||
$1,000 Par (or similar) Institutional Structures | 4.5% | |||
$25 Par (or similar) Retail Structures | 3.5% | |||
Short-Term Investments | 2.1% | |||
Sovereign Debt | 1.4% | |||
Municipal Bonds | 1.0% | |||
Other3 | 1.7% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | 23.7% | |||
AA | 3.6% | |||
A | 19.8% | |||
BBB | 35.7% | |||
BB or Lower | 15.6% | |||
N/R | 1.6% |
Corporate Debt: Industries1,5
Oil, Gas & Consumable Fuels | 12.7% | |||
Media | 10.1% | |||
Metals & Mining | 10.1% | |||
Diversified Financial Services | 7.7% | |||
Capital Markets | 6.9% | |||
Insurance | 5.7% | |||
Commercial Banks | 4.8% | |||
Diversified Telecommunication Services | 4.8% | |||
Energy Equipment & Services | 3.7% | |||
Electric Utilities | 2.5% | |||
Paper & Forest Products | 2.2% | |||
Tobacco | 2.1% | |||
Consumer Finance | 2.1% | |||
Real Estate Investment Trust | 2.1% | |||
Wireless Telecommunication Services | 2.0% | |||
Chemicals | 1.9% | |||
Other | 18.6% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 5 | 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. |
| Nuveen Investments | 33 |
Holding Summaries December 31, 2013 (continued)
Nuveen Global Total Return Bond Fund
Fund Allocation1,2
Corporate Bonds | 49.0% | |||
Sovereign Debt | 36.1% | |||
Asset-Backed and Mortgage-Backed Securities | 6.7% | |||
$1,000 Par (or similar) Institutional Structures | 4.0% | |||
Short-Term Investments | 3.0% | |||
$25 Par (or similar) Retail Structures | 1.5% | |||
Convertible Preferred Securities | 0.4% | |||
Convertible Bonds | 0.1% | |||
Other3 | (0.8)% |
Country Allocation1,2
United States6 | 40.2% | |||
Mexico | 10.6% | |||
United Kingdom | 8.5% | |||
Turkey | 7.1% | |||
South Africa | 4.0% | |||
Canada | 2.9% | |||
Russia | 2.7% | |||
France | 2.0% | |||
Australia | 2.0% | |||
Italy | 2.0% | |||
Other | 18.0% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | 7.8% | |||
AA | 8.3% | |||
A | 27.6% | |||
BBB | 32.5% | |||
BB or Lower | 22.9% | |||
N/R | 0.9% |
Corporate Debt: Industries1,5
Oil, Gas & Consumable Fuels | 18.4% | |||
Metals & Mining | 8.7% | |||
Diversified Financial Services | 8.4% | |||
Capital Markets | 5.7% | |||
Wireless Telecommunication Services | 5.2% | |||
Media | 5.0% | |||
Diversified Telecommunication Services | 4.2% | |||
Commercial Banks | 3.6% | |||
Automobiles | 3.5% | |||
Electric Utilities | 3.2% | |||
Paper & Forest Products | 2.4% | |||
Food & Staples Retailing | 2.2% | |||
Diversified Consumer Services | 2.2% | |||
Health Care Providers & Services | 2.1% | |||
Construction & Engineering | 2.1% | |||
Auto Components | 2.1% | |||
Energy Equipment & Services | 1.9% | |||
Other | 19.1% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities. |
| 4 | As a percentage of total investments (excluding short-term investments and investments in derivatives). |
| 5 | 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. |
| 6 | Includes short-term investments and other assets less liabilities. |
| 34 | Nuveen Investments |
Nuveen High Income Bond Fund
Fund Allocation1,2
Corporate Bonds | 78.4% | |||
$1,000 Par (or similar) Institutional Structures | 5.5% | |||
$25 Par (or similar) Retail Structures | 5.1% | |||
Short-Term Investments | 3.4% | |||
Common Stocks | 1.6% | |||
Investment Companies | 1.5% | |||
Variable Rate Senior Loan Interests | 1.0% | |||
Convertible Bonds | 0.9% | |||
Sovereign Debt | 0.5% | |||
Convertible Preferred Securities | 0.3% | |||
Exchange-Traded Funds | 0.2% | |||
Asset-Backed Securities | —% | 3 | ||
Warrants | —% | 3 | ||
Other4 | 1.6% |
Country Allocation2
United States8 | 70.7% | |||
Canada | 4.6% | |||
United Kingdom | 2.7% | |||
France | 2.4% | |||
Luxembourg | 1.9% | |||
Russia | 1.7% | |||
Norway | 1.6% | |||
Other | 14.4% |
Portfolio Credit Quality1,5
AA | —% | 7 | ||
BBB | 7.4% | |||
BB or Lower | 84.1% | |||
N/R | 8.5% |
Corporate Debt: Industries1,6
Oil, Gas & Consumable Fuels | 19.0% | |||
Metals & Mining | 7.5% | |||
Media | 5.6% | |||
Hotels, Restaurants & Leisure | 3.5% | |||
Auto Components | 3.4% | |||
Commercial Services & Supplies | 2.9% | |||
Wireless Telecommunication Services | 2.8% | |||
Commercial Banks | 2.8% | |||
Real Estate Management & Development | 2.6% | |||
Health Care Providers & Services | 2.5% | |||
Paper & Forest Products | 2.5% | |||
Food Products | 2.5% | |||
Diversified Telecommunication Services | 2.3% | |||
Electric Utilities | 2.2% | |||
Machinery | 2.1% | |||
Building Products | 2.1% | |||
Marine | 2.0% | |||
Chemicals | 1.9% | |||
Diversified Consumer Services | 1.9% | |||
Containers & Packaging | 1.9% | |||
Energy Equipment & Services | 1.8% | |||
Diversified Financial Services | 1.6% | |||
Communications Equipment | 1.5% | |||
Food & Staples Retailing | 1.3% | |||
Other | 19.8% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Rounds to less than 0.1%. |
| 4 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 5 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 6 | 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. |
| 7 | Rounds to less than 0.1% |
| 8 | Includes short-term investments and other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| Nuveen Investments | 35 |
Holding Summaries December 31, 2013 (continued)
Nuveen Inflation Protected Securities Fund
Fund Allocation1,2
U.S. Government and Agency Obligations | 82.2% | |||
Corporate Bonds | 8.0% | |||
Asset-Backed and Mortgage-Backed Securities | 6.7% | |||
Municipal Bonds | 1.2% | |||
Sovereign Debt | 0.7% | |||
Investment Companies | 0.4% | |||
Short-Term Investments | 0.4% | |||
Convertible Preferred Securities | 0.1% | |||
$25 Par (or similar) Retail Structures | 0.1% | |||
$1,000 Par (or similar) Institutional Structures | 0.1% | |||
Other3 | 0.1% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | 86.7% | |||
AA | 3.0% | |||
A | 2.9% | |||
BBB | 2.3% | |||
BB or Lower | 5.1% |
Corporate Debt: Industries1,5
Wireless Telecommunication Services | 17.6% | |||
Oil, Gas & Consumable Fuels | 15.5% | |||
Health Care Providers & Services | 14.4% | |||
Metals & Mining | 7.8% | |||
Media | 4.4% | |||
Commercial Services & Supplies | 4.1% | |||
Chemicals | 3.3% | |||
Electric Utilities | 3.2% | |||
Independent Power Producers & Energy Traders | 3.1% | |||
Commercial Banks | 2.8% | |||
Automobiles | 2.5% | |||
Containers & Packaging | 2.2% | |||
Other | 19.1% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 5 | 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. |
| 36 | Nuveen Investments |
Nuveen Intermediate Government Bond Fund
Fund Allocation1,2
Asset-Backed and Mortgage-Backed Securities | 45.7% | |||
U.S. Government and Agency Obligations | 43.1% | |||
Short-Term Investments | 4.6% | |||
Municipal Bonds | 3.5% | |||
Corporate Bonds | 0.5% | |||
Other3 | 2.6% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | �� | 94.0% | ||
AA | 4.3% | |||
A | 1.7% |
Corporate Debt: Industries1,5
Health Care Providers & Services | 100.0% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 5 | 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. |
| Nuveen Investments | 37 |
Holding Summaries December 31, 2013 (continued)
Nuveen Short Term Bond Fund
Fund Allocation1,2
Corporate Bonds | 45.6% | |||
Asset-Backed and Mortgage- Backed Securities | 45.3% | |||
Short-Term Investments | 3.5% | |||
Municipal Bonds | 3.2% | |||
U.S. Government and Agency Obligations | 1.2% | |||
Sovereign Debt | 0.4% | |||
Convertible Bonds | 0.2% | |||
Other3 | 0.6% |
Portfolio Credit Quality1,4
AAA/U.S. Guaranteed | 35.3% | |||
AA | 6.9% | |||
A | 23.5% | |||
BBB | 22.0% | |||
BB or Lower | 9.7% | |||
N/R | 2.6% |
Corporate Debt: Industries1,5
Diversified Financial Services | 11.6% | |||
Commercial Banks | 11.4% | |||
Oil, Gas & Consumable Fuels | 9.6% | |||
Capital Markets | 5.4% | |||
Insurance | 4.7% | |||
Metals & Mining | 4.6% | |||
Health Care Providers & Services | 4.0% | |||
Media | 3.9% | |||
Real Estate Investment Trust | 3.5% | |||
Chemicals | 3.1% | |||
Wireless Telecommunication Services | 3.0% | |||
Automobiles | 2.7% | |||
Beverages | 2.6% | |||
Pharmaceuticals | 2.3% | |||
Consumer Finance | 2.0% | |||
Food Products | 2.0% | |||
Diversified Telecommunication Services | 1.8% | |||
Energy Equipment & Services | 1.8% | |||
Other | 20.0% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 5 | 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. |
| 38 | Nuveen Investments |
Nuveen Strategic Income Fund
Fund Allocation1,2
Corporate Bonds | 66.1% | |||
Asset-Backed and Mortgage- Backed Securities | 9.8% | |||
Sovereign Debt | 8.2% | |||
$1,000 Par (or similar) Institutional Structures | 6.3% | |||
$25 Par (or similar) Retail Structures | 4.0% | |||
Short-Term Investments | 2.2% | |||
Municipal Bonds | 0.7% | |||
Investment Companies | 0.4% | |||
Variable Rate Senior Loan Interests | 0.3% | |||
Convertible Bonds | 0.2% | |||
Common Stocks | —% | 3 | ||
Other4 | 1.8% |
Country Allocation1,2
United States7 | 68.2% | |||
Mexico | 4.0% | |||
United Kingdom | 3.5% | |||
Canada | 3.5% | |||
Russia | 2.5% | |||
Turkey | 2.1% | |||
Australia | 2.1% | |||
Brazil | 2.0% | |||
Other | 12.1% |
Portfolio Credit Quality1,5
AAA/U.S. Guaranteed | 5.2% | |||
AA | 2.6% | |||
A | 18.2% | |||
BBB | 34.9% | |||
BB or Lower | 37.6% | |||
N/R | 1.5% |
Corporate Debt: Industries1,6
Oil, Gas & Consumable Fuels | 15.4% | |||
Diversified Financial Services | 8.5% | |||
Metals & Mining | 8.2% | |||
Media | 6.5% | |||
Commercial Banks | 5.2% | |||
Capital Markets | 4.1% | |||
Chemicals | 3.7% | |||
Diversified Telecommunication Services | 3.6% | |||
Commercial Services & Supplies | 3.3% | |||
Wireless Telecommunication Services | 3.0% | |||
Insurance | 2.8% | |||
Electric Utilities | 2.6% | |||
Paper & Forest Products | 2.6% | |||
Auto Components | 2.3% | |||
Energy Equipment & Services | 2.2% | |||
Tobacco | 1.7% | |||
Real Estate Management & Development | 1.7% | |||
Independent Power Producers & Energy Traders | 1.6% | |||
Real Estate Investment Trust | 1.6% | |||
Other | 19.4% |
| 1 | Holdings are subject to change. |
| 2 | As a percentage of net assets. |
| 3 | Rounds to less than 0.1%. |
| 4 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 5 | As a percentage of total investments (excluding investments purchased with collateral from securities lending, short-term investments and investments in derivatives). |
| 6 | 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. |
| 7 | Includes short-term investments and other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| Nuveen Investments | 39 |
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 end of 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 Bond Fund
| Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (7/01/13) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value (12/31/13) | $ | 1,013.20 | $ | 1,009.20 | $ | 1,014.40 | $ | 1,021.27 | $ | 1,017.49 | $ | 1,022.53 | ||||||||||||
Expenses Incurred During Period | $ | 3.96 | $ | 7.75 | $ | 2.69 | $ | 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 Core Plus Bond Fund
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,026.00 | $ | 1,022.10 | $ | 1,024.80 | $ | 1,028.40 | $ | 1,021.32 | $ | 1,017.49 | $ | 1,020.01 | $ | 1,022.58 | ||||||||||||||||
Expenses Incurred During Period | $ | 3.93 | $ | 7.80 | $ | 5.26 | $ | 2.66 | $ | 3.92 | $ | 7.78 | $ | 5.24 | $ | 2.65 | ||||||||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .77%, 1.53%, 1.03% and .52% 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).
| 40 | Nuveen Investments |
Nuveen Global Total Return Bond Fund
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,000.30 | $ | 996.70 | $ | 999.30 | $ | 1,001.60 | $ | 1,020.32 | $ | 1,016.53 | $ | 1,019.06 | $ | 1,021.63 | ||||||||||||||||
Expenses Incurred During Period | $ | 4.90 | $ | 8.66 | $ | 6.15 | $ | 3.58 | $ | 4.94 | $ | 8.74 | $ | 6.21 | $ | 3.62 | ||||||||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .97%, 1.72%, 1.22% and .71% 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 High Income Bond Fund
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,060.10 | $ | 1,055.00 | $ | 1,055.20 | $ | 1,058.50 | $ | 1,061.30 | $ | 1,020.52 | $ | 1,016.74 | $ | 1,016.74 | $ | 1,019.26 | $ | 1,021.78 | ||||||||||||||||||||
Expenses Incurred During Period | $ | 4.83 | $ | 8.70 | $ | 8.70 | $ | 6.12 | $ | 3.53 | $ | 4.74 | $ | 8.54 | $ | 8.54 | $ | 6.01 | $ | 3.47 | ||||||||||||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .93%, 1.68%, 1.68%, 1.18% and ..68% 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 Inflation Protected Securities Fund
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 989.90 | $ | 986.80 | $ | 989.40 | $ | 992.20 | $ | 1,021.02 | $ | 1,017.24 | $ | 1,019.76 | $ | 1,022.28 | ||||||||||||||||
Expenses Incurred During Period | $ | 4.16 | $ | 7.91 | $ | 5.42 | $ | 2.91 | $ | 4.23 | $ | 8.03 | $ | 5.50 | $ | 2.96 | ||||||||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .83%, 1.58%, 1.08% and .58% 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
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,002.20 | $ | 999.30 | $ | 1,001.90 | $ | 1,003.30 | $ | 1,020.92 | $ | 1,017.14 | $ | 1,019.66 | $ | 1,022.18 | ||||||||||||||||
Expenses Incurred During Period | $ | 4.29 | $ | 8.06 | $ | 5.55 | $ | 3.03 | $ | 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 Investments | 41 |
Expense Examples (continued)
Nuveen Short Term Bond Fund
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,015.40 | $ | 1,011.40 | $ | 1,013.90 | $ | 1,016.60 | $ | 1,021.63 | $ | 1,017.85 | $ | 1,020.37 | $ | 1,022.89 | ||||||||||||||||
Expenses Incurred During Period | $ | 3.61 | $ | 7.40 | $ | 4.87 | $ | 2.34 | $ | 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
| Actual Performance | Hypothetical 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 (7/01/13) | $ | 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 (12/31/13) | $ | 1,037.30 | $ | 1,034.40 | $ | 1,033.50 | $ | 1,037.00 | $ | 1,039.70 | $ | 1,020.97 | $ | 1,017.19 | $ | 1,017.19 | $ | 1,019.71 | $ | 1,022.23 | ||||||||||||||||||||
Expenses Incurred During Period | $ | 4.31 | $ | 8.15 | $ | 8.15 | $ | 5.60 | $ | 3.03 | $ | 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).
| 42 | Nuveen Investments |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Bond Fund
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 99.0% | ||||||||||||||||||||
CORPORATE BONDS – 43.2% | ||||||||||||||||||||
Beverages – 0.4% | ||||||||||||||||||||
| $ | 1,725 | Anheuser Busch InBev | 2.500 | % | 7/15/22 | A | $ | 1,595,570 | ||||||||||||
Capital Markets – 2.7% | ||||||||||||||||||||
| 3,125 | Goldman Sachs Group, Inc. | 6.000 | % | 6/15/20 | A | 3,583,053 | ||||||||||||||
| 1,605 | Goldman Sachs Group, Inc. | 5.250 | % | 7/27/21 | A | 1,757,221 | ||||||||||||||
| 1,090 | Goldman Sachs Group, Inc. | 6.750 | % | 10/01/37 | A– | 1,212,674 | ||||||||||||||
| 2,250 | Morgan Stanley | 6.625 | % | 4/01/18 | A | 2,632,711 | ||||||||||||||
| 1,165 | Morgan Stanley | 4.875 | % | 11/01/22 | BBB+ | 1,192,565 | ||||||||||||||
| 335 | Morgan Stanley, (3) | 3.750 | % | 2/25/23 | A | 325,977 | ||||||||||||||
| 9,570 | Total Capital Markets | 10,704,201 | ||||||||||||||||||
Commercial Banks – 3.9% | ||||||||||||||||||||
| 1,275 | Abbey National Treasury Services PLC of London | 3.050 | % | 8/23/18 | A | 1,310,101 | ||||||||||||||
| 2,000 | Australia and New Zealand Banking Group Limited, 144A | 2.400 | % | 11/23/16 | Aaa | 2,070,800 | ||||||||||||||
| 1,245 | Banco Bradesco S.A. Grand Cayman, 144A, (3) | 4.125 | % | 5/16/16 | Baa1 | 1,299,469 | ||||||||||||||
| 1,910 | Bancolombia SA, (3) | 5.950 | % | 6/03/21 | Baa2 | 1,986,400 | ||||||||||||||
| 925 | BBVA Bancomer SA Texas, 144A, (3) | 4.500 | % | 3/10/16 | A2 | 980,500 | ||||||||||||||
| 1,515 | Rabobank Nederland | 3.875 | % | 2/08/22 | Aa2 | 1,523,258 | ||||||||||||||
| 1,000 | Royal Bank of Scotland Group PLC | 6.400 | % | 10/21/19 | A | 1,152,325 | ||||||||||||||
| 1,460 | Sovereign Bank | 8.750 | % | 5/30/18 | Baa2 | 1,754,254 | ||||||||||||||
| 3,595 | Stadshypotek AB, 144A, (3) | 1.875 | % | 10/02/19 | Aaa | 3,464,861 | ||||||||||||||
| 14,925 | Total Commercial Banks | 15,541,968 | ||||||||||||||||||
Commercial Services & Supplies – 0.3% | ||||||||||||||||||||
| 1,195 | R.R. Donnelley & Sons Company, (3) | 7.625 | % | 6/15/20 | BB | 1,299,563 | ||||||||||||||
Communications Equipment – 0.5% | ||||||||||||||||||||
| 1,640 | Motorola, Inc. | 6.000 | % | 11/15/17 | BBB | 1,865,426 | ||||||||||||||
Construction & Engineering – 0.7% | ||||||||||||||||||||
| 3,000 | ABB Finance USA Inc. | 2.875 | % | 5/08/22 | A | 2,834,793 | ||||||||||||||
Diversified Financial Services – 6.1% | ||||||||||||||||||||
| 2,500 | Bank of America Corporation | 5.750 | % | 12/01/17 | A | 2,845,282 | ||||||||||||||
| 3,270 | Bank of America Corporation | 5.875 | % | 1/05/21 | A | 3,758,492 | ||||||||||||||
| 2,090 | Citigroup Inc. | 6.125 | % | 11/21/17 | A | 2,409,162 | ||||||||||||||
| 2,000 | Citigroup Inc. | 4.500 | % | 1/14/22 | A | 2,119,424 | ||||||||||||||
| Nuveen Investments | 43 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Diversified Financial Services (continued) | ||||||||||||||||||||
| $ | 2,720 | General Electric Capital Corporation, (3) | 5.625 | % | 5/01/18 | AA+ | $ | 3,123,561 | ||||||||||||
| 1,530 | General Electric Capital Corporation, (3) | 5.300 | % | 2/11/21 | AA | 1,711,489 | ||||||||||||||
| 1,110 | General Electric Capital Corporation, (3) | 6.875 | % | 1/10/39 | AA+ | 1,427,012 | ||||||||||||||
| 1,900 | JPMorgan Chase & Company | 4.500 | % | 1/24/22 | A+ | 2,009,689 | ||||||||||||||
| 3,065 | JPMorgan Chase & Company, (3) | 3.200 | % | 1/25/23 | A+ | 2,905,700 | ||||||||||||||
| 1,240 | JPMorgan Chase & Company | 3.375 | % | 5/01/23 | A | 1,155,680 | ||||||||||||||
| 1,000 | JPMorgan Chase & Company | 6.400 | % | 5/15/38 | A+ | 1,193,505 | ||||||||||||||
| 22,425 | Total Diversified Financial Services | 24,658,996 | ||||||||||||||||||
Diversified Telecommunication Services – 1.7% | ||||||||||||||||||||
| 2,250 | AT&T, Inc., (3) | 5.550 | % | 8/15/41 | A | 2,283,435 | ||||||||||||||
| 2,438 | Verizon Communications | 8.750 | % | 11/01/18 | A– | 3,119,601 | ||||||||||||||
| 1,425 | Verizon Communications | 5.150 | % | 9/15/23 | A– | 1,530,011 | ||||||||||||||
| 6,113 | Total Diversified Telecommunication Services | 6,933,047 | ||||||||||||||||||
Electric Utilities – 0.7% | ||||||||||||||||||||
| 1,615 | Exelon Generation Co. LLC, (3) | 4.250 | % | 6/15/22 | BBB+ | 1,547,813 | ||||||||||||||
| 1,350 | Origin Energy Finance Limited, 144A | 3.500 | % | 10/09/18 | BBB | 1,356,666 | ||||||||||||||
| 2,965 | Total Electric Utilities | 2,904,479 | ||||||||||||||||||
Energy Equipment & Services – 1.0% | ||||||||||||||||||||
| 1,000 | Diamond Offshore Drilling Inc. | 5.700 | % | 10/15/39 | A | 1,086,222 | ||||||||||||||
| 2,765 | Ensco PLC | 4.700 | % | 3/15/21 | BBB+ | 2,924,654 | ||||||||||||||
| 3,765 | Total Energy Equipment & Services | 4,010,876 | ||||||||||||||||||
Health Care Providers & Services – 1.6% | ||||||||||||||||||||
| 2,965 | Mayo Clinic Rochester | 3.774 | % | 11/15/43 | AA | 2,363,233 | ||||||||||||||
| 2,500 | UnitedHealth Group Incorporated | 2.875 | % | 3/15/22 | A | 2,378,075 | ||||||||||||||
| 2,000 | Wellpoint Inc. | 3.125 | % | 5/15/22 | A– | 1,875,758 | ||||||||||||||
| 7,465 | Total Health Care Providers & Services | 6,617,066 | ||||||||||||||||||
Household Products – 0.5% | ||||||||||||||||||||
| 2,000 | Macy’s Retail Holdings Inc. | 4.375 | % | 9/01/23 | BBB+ | 2,007,532 | ||||||||||||||
Independent Power Producers & Energy Traders – 0.4% | ||||||||||||||||||||
| 1,560 | Constellation Energy Group | 5.150 | % | 12/01/20 | BBB+ | 1,659,996 | ||||||||||||||
Insurance – 2.3% | ||||||||||||||||||||
| 1,000 | AFLAC Insurance | 6.450 | % | 8/15/40 | A– | 1,176,601 | ||||||||||||||
| 1,500 | American International Group, Inc. | 8.250 | % | 8/15/18 | A– | 1,876,320 | ||||||||||||||
| 1,170 | Genworth Holdings Inc. | 4.800 | % | 2/15/24 | BBB– | 1,155,678 | ||||||||||||||
| 2,305 | Hartford Financial Services Group Inc., (3) | 6.000 | % | 1/15/19 | BBB | 2,643,641 | ||||||||||||||
| 1,370 | Lincoln National Corporation, (3) | 4.200 | % | 3/15/22 | A– | 1,396,057 | ||||||||||||||
| 1,000 | Swiss Re Treasury US Corporation, 144A | 4.250 | % | 12/06/42 | AA– | 859,341 | ||||||||||||||
| 8,345 | Total Insurance | 9,107,638 | ||||||||||||||||||
| 44 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
IT Services – 0.4% | ||||||||||||||||||||
| $ | 1,750 | Computer Sciences Corporation | 4.450 | % | 9/15/22 | BBB | $ | 1,687,945 | ||||||||||||
Leisure Equipment & Products – 0.7% | ||||||||||||||||||||
| 2,855 | Hyatt Hotels Corporation | 3.375 | % | 7/15/23 | BBB | 2,617,395 | ||||||||||||||
Media – 3.7% | ||||||||||||||||||||
| 1,845 | British Sky Broadcasting Group PLC | 6.100 | % | 2/15/18 | BBB+ | 2,100,437 | ||||||||||||||
| 2,125 | CBS Corporation | 4.850 | % | 7/01/42 | BBB | 1,914,733 | ||||||||||||||
| 1,640 | DIRECTV Holdings LLC | 3.800 | % | 3/15/22 | BBB | 1,575,443 | ||||||||||||||
| 1,460 | Discovery Communications Inc., (3) | 5.050 | % | 6/01/20 | BBB | 1,593,659 | ||||||||||||||
| 1,460 | NBC Universal Media LLC | 6.400 | % | 4/30/40 | A– | 1,678,458 | ||||||||||||||
| 2,420 | News America Holdings Inc., (3) | 6.650 | % | 11/15/37 | BBB+ | 2,824,774 | ||||||||||||||
| 1,000 | News America Inc., 144A | 4.000 | % | 10/01/23 | BBB+ | 988,360 | ||||||||||||||
| 2,500 | Time Warner Cable Inc. | 5.875 | % | 11/15/40 | BBB | 2,162,615 | ||||||||||||||
| 14,450 | Total Media | 14,838,479 | ||||||||||||||||||
Metals & Mining – 4.1% | ||||||||||||||||||||
| 2,090 | Alcoa Inc., (3) | 5.400 | % | 4/15/21 | BBB– | 2,134,488 | ||||||||||||||
| 1,805 | Anglogold Holdings PLC | 6.500 | % | 4/15/40 | Baa3 | 1,407,900 | ||||||||||||||
| 2,000 | ArcelorMittal, (3) | 6.750 | % | 2/25/22 | BB+ | 2,175,000 | ||||||||||||||
| 1,230 | Freeport McMoRan Copper & Gold, Inc., (3) | 3.550 | % | 3/01/22 | BBB | �� | 1,168,992 | |||||||||||||
| 2,625 | Newmont Mining Corporation, (3) | 3.500 | % | 3/15/22 | Baa1 | 2,234,361 | ||||||||||||||
| 1,490 | Nucor Corporation | 4.000 | % | 8/01/23 | A | 1,454,508 | ||||||||||||||
| 3,000 | Rio Tinto Finance USA PLC, (3) | 2.875 | % | 8/21/22 | A– | 2,796,087 | ||||||||||||||
| 1,250 | Teck Resources Limited | 6.250 | % | 7/15/41 | BBB | 1,244,288 | ||||||||||||||
| 1,940 | Vale Overseas Limited | 4.625 | % | 9/15/20 | A– | 1,986,950 | ||||||||||||||
| 17,430 | Total Metals & Mining | 16,602,574 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 5.3% | ||||||||||||||||||||
| 2,825 | Apache Corporation | 4.250 | % | 1/15/44 | A– | 2,539,867 | ||||||||||||||
| 1,820 | Cenovus Energy Inc., (3) | 4.450 | % | 9/15/42 | BBB+ | 1,638,819 | ||||||||||||||
| 935 | Chevron Corporation | 2.427 | % | 6/24/20 | Aa1 | 909,811 | ||||||||||||||
| 2,500 | EOG Resources Inc. | 4.100 | % | 2/01/21 | A– | 2,611,487 | ||||||||||||||
| 1,685 | Marathon Petroleum Corporation | 6.500 | % | 3/01/41 | BBB | 1,920,413 | ||||||||||||||
| 1,500 | Nabors Industries Inc. | 4.625 | % | 9/15/21 | BBB | 1,501,758 | ||||||||||||||
| 2,385 | Petrobras International Finance Company | 5.375 | % | 1/27/21 | Baa1 | 2,366,845 | ||||||||||||||
| 2,000 | Rowan Companies Inc. | 4.875 | % | 6/01/22 | BBB– | 2,029,504 | ||||||||||||||
| 1,455 | Southwestern Energy Company | 4.100 | % | 3/15/22 | BBB– | 1,442,355 | ||||||||||||||
| 2,575 | Spectra Energy Partners LP, (3) | 4.750 | % | 3/15/24 | BBB | 2,624,963 | ||||||||||||||
| 1,275 | SunCor Energy Inc. | 6.100 | % | 6/01/18 | BBB+ | 1,473,846 | ||||||||||||||
| 20,955 | Total Oil, Gas & Consumable Fuels | 21,059,668 | ||||||||||||||||||
Paper & Forest Products – 0.5% | ||||||||||||||||||||
| 2,000 | Celulosa Arauco Y Constitucion | 5.625 | % | 4/20/15 | BBB | 2,104,646 | ||||||||||||||
| Nuveen Investments | 45 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Pharmaceuticals – 0.8% | ||||||||||||||||||||
| $ | 1,100 | AbbVie Inc. | 2.900 | % | 11/06/22 | A | $ | 1,028,122 | ||||||||||||
| 2,385 | Perrigo Company Limited, 144A | 4.000 | % | 11/15/23 | BBB | 2,339,912 | ||||||||||||||
| 3,485 | Total Pharmaceuticals | 3,368,034 | ||||||||||||||||||
Road & Rail – 0.4% | ||||||||||||||||||||
| 1,785 | Burlington Northern Santa Fe Corporation | 4.375 | % | 9/01/42 | A3 | 1,594,787 | ||||||||||||||
Semiconductors & Equipment – 0.6% | ||||||||||||||||||||
| 1,040 | Applied Materials Inc. | 4.300 | % | 6/15/21 | A– | 1,076,468 | ||||||||||||||
| 1,250 | Intel Corporation, (3) | 4.800 | % | 10/01/41 | A+ | 1,219,044 | ||||||||||||||
| 2,290 | Total Semiconductors & Equipment | 2,295,512 | ||||||||||||||||||
Thrifts & Mortgage Finance – 0.5% | ||||||||||||||||||||
| 1,780 | WEA Finance LLC, 144A | 4.625 | % | 5/10/21 | A2 | 1,878,528 | ||||||||||||||
Tobacco – 0.8% | ||||||||||||||||||||
| 1,895 | Lorillard Tobacco, (3) | 6.875 | % | 5/01/20 | Baa2 | 2,186,968 | ||||||||||||||
| 1,215 | Reynolds American Inc. | 3.250 | % | 11/01/22 | Baa2 | 1,119,885 | ||||||||||||||
| 3,110 | Total Tobacco | 3,306,853 | ||||||||||||||||||
Transportation Infrastructure – 0.9% | ||||||||||||||||||||
| 2,450 | Asciano Finance Limited, 144A | 5.000 | % | 4/07/18 | Baa2 | 2,597,554 | ||||||||||||||
| 1,000 | Sydney Airport Finance Company Party Limited, 144A | 3.900 | % | 3/22/23 | BBB | 948,134 | ||||||||||||||
| 3,450 | Total Transportation Infrastructure | 3,545,688 | ||||||||||||||||||
Wireless Telecommunication Services – 1.7% | ||||||||||||||||||||
| 2,405 | American Tower Company | 5.050 | % | 9/01/20 | BBB | 2,543,225 | ||||||||||||||
| 2,020 | SBA Tower Trust, 144A | 3.598 | % | 4/15/43 | BBB | 1,974,504 | ||||||||||||||
| 2,200 | Vodafone Group PLC | 1.500 | % | 2/19/18 | A– | 2,144,971 | ||||||||||||||
| 6,625 | Total Wireless Telecommunication Services | 6,662,700 | ||||||||||||||||||
| $ | 168,658 | Total Corporate Bonds (cost $173,703,266) | 173,303,960 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 1.5% | ||||||||||||||||||||
Capital Markets – 0.2% | ||||||||||||||||||||
| $ | 1,165 | Goldman Sachs Capital II | 4.000 | % | N/A (4) | BB+ | $ | 818,995 | ||||||||||||
Commercial Banks – 0.5% | ||||||||||||||||||||
| 2,220 | Wachovia Capital Trust III | 5.570 | % | N/A (4) | BBB+ | 2,031,300 | ||||||||||||||
Insurance – 0.8% | ||||||||||||||||||||
| 1,650 | Catlin Insurance Company Limited | 7.249 | % | N/A (4) | BBB+ | 1,711,875 | ||||||||||||||
| 1,530 | ZFS Finance USA Trust V | 6.500 | % | 5/09/37 | A | 1,625,625 | ||||||||||||||
| 3,180 | Total Insurance | 3,337,500 | ||||||||||||||||||
| $ | 6,565 | Total $1,000 (Par or Similar) Institutional Structures (cost $5,982,995) | 6,187,795 | |||||||||||||||||
| 46 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (5) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 1.7% | ||||||||||||||||||||
Illinois – 1.0% | ||||||||||||||||||||
| $ | 3,735 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A– | $ | 4,069,768 | ||||||||||||||
Nevada – 0.7% | ||||||||||||||||||||
| 2,500 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Taxable Series 2011B, 3.176%, 6/01/17 | No Opt. Call | AA+ | 2,569,725 | ||||||||||||||||
| $ | 6,235 | Total Municipal Bonds (cost $6,235,000) | 6,639,493 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 6.8% | ||||||||||||||||||||
| $ | 3,500 | Fannie Mae Notes | 0.750 | % | 12/19/14 | Aaa | $ | 3,518,865 | ||||||||||||
| 3,160 | Fannie Mae Notes, (3) | 1.250 | % | 9/28/16 | Aaa | 3,205,118 | ||||||||||||||
| 4,595 | Federal National Mortgage Association, (3) | 2.375 | % | 7/28/15 | Aaa | 4,740,230 | ||||||||||||||
| 4,100 | Freddie Mac Reference Notes, (3) | 5.000 | % | 2/16/17 | Aaa | 4,614,624 | ||||||||||||||
| 2,055 | Freddie Mac Reference Notes | 5.000 | % | 12/14/18 | Aa2 | 2,329,860 | ||||||||||||||
| 60 | Freddie Mac Reference Notes | 1.750 | % | 5/30/19 | Aaa | 58,938 | ||||||||||||||
| 8,955 | U.S. Treasury Notes, (3) | 0.250 | % | 2/28/14 | N/R | 8,957,096 | ||||||||||||||
| $ | 26,425 | Total U.S. Government and Agency Obligations (cost $27,080,159) | 27,424,731 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 45.4% | ||||||||||||||||||||
| $ | 1,647 | 321 Henderson Receivables LLC, Series 2010-3A | 3.820 | % | 12/15/48 | Aaa | $ | 1,712,766 | ||||||||||||
| 423 | Ally Auto Receivables Trust 2011-3 | 0.970 | % | 8/17/15 | Aaa | 423,613 | ||||||||||||||
| 4,415 | AmeriCold LLC Trust, Series 2010 | 2.500 | % | 1/14/29 | AAA | 4,423,088 | ||||||||||||||
| — | (8) | Amresco Residential Securities Corporation, Mortgage Loan Pass-Through Certificates, Series 1997-3 | 6.960 | % | 3/25/27 | Baa2 | 230 | |||||||||||||
| 4,340 | Cabela’s Master Credit Card Trust, Series 2010-2A | 2.290 | % | 9/17/18 | AAA | 4,455,904 | ||||||||||||||
| 81 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4 | 5.205 | % | 12/11/49 | AAA | 80,904 | ||||||||||||||
| 2,000 | Citigroup Commercial Mortgage Trust Series 2012-GC8 | 3.024 | % | 9/10/45 | Aaa | 1,907,982 | ||||||||||||||
| 1 | ContiMortgage Home Equity Loan Trust, Series 1997-2 | 7.090 | % | 4/15/28 | AAA | 1,236 | ||||||||||||||
| 4,198 | Credit Suisse Commercial Mortgage Trust, Series 2013-6 | 3.500 | % | 8/25/43 | AAA | 4,016,450 | ||||||||||||||
| 4,902 | Credit Suisse Commercial Mortgage Trust 2013-IVR4 | 3.000 | % | 7/25/43 | AAA | 4,955,754 | ||||||||||||||
| 3,724 | Fannie Mae Mortgage Pool AB2085 | 4.000 | % | 1/01/41 | Aaa | 3,835,707 | ||||||||||||||
| 3,916 | Fannie Mae Mortgage Pool AB3194 | 4.500 | % | 6/01/41 | Aaa | 4,152,064 | ||||||||||||||
| 3,362 | Fannie Mae Mortgage Pool AB5004 | 3.500 | % | 4/01/27 | Aaa | 3,517,842 | ||||||||||||||
| 3,777 | Fannie Mae Mortgage Pool AB9659 | 3.000 | % | 6/01/43 | Aaa | 3,591,076 | ||||||||||||||
| 1,704 | Fannie Mae Mortgage Pool AD0706 | 2.300 | % | 3/01/38 | Aaa | 1,809,763 | ||||||||||||||
| 3,210 | Fannie Mae Mortgage Pool AD1593 | 4.500 | % | 2/01/40 | Aaa | 3,400,869 | ||||||||||||||
| Nuveen Investments | 47 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 1,917 | Fannie Mae Mortgage Pool AE0058 | 2.348 | % | 7/01/36 | Aaa | $ | 2,036,586 | ||||||||||||
| 3,869 | Fannie Mae Mortgage Pool AE0217 | 4.500 | % | 8/01/40 | Aaa | 4,098,483 | ||||||||||||||
| 2,706 | Fannie Mae Mortgage Pool AE0981 | 3.500 | % | 3/01/41 | Aaa | 2,691,503 | ||||||||||||||
| 1,342 | Fannie Mae Mortgage Pool AH3804 | 4.000 | % | 2/01/41 | Aaa | 1,382,209 | ||||||||||||||
| 3,816 | Fannie Mae Mortgage Pool AH5575 | 4.000 | % | 2/01/41 | Aaa | 3,930,785 | ||||||||||||||
| 1,730 | Fannie Mae Mortgage Pool AH5583 | 4.500 | % | 2/01/41 | Aaa | 1,834,292 | ||||||||||||||
| 3,951 | Fannie Mae Mortgage Pool AH8954 | 4.000 | % | 4/01/41 | Aaa | 4,069,264 | ||||||||||||||
| 5,190 | Fannie Mae Mortgage Pool AJ7547 | 4.000 | % | 1/01/42 | Aaa | 5,346,258 | ||||||||||||||
| 4,166 | Fannie Mae Mortgage Pool AJ9355 | 3.000 | % | 1/01/27 | Aaa | 4,256,448 | ||||||||||||||
| 2,007 | Fannie Mae Mortgage Pool AL0160 | 4.500 | % | 5/01/41 | Aaa | 2,133,899 | ||||||||||||||
| 3,357 | Fannie Mae Mortgage Pool AL2720 | 3.000 | % | 11/01/27 | Aaa | 3,430,208 | ||||||||||||||
| 3,940 | Fannie Mae Mortgage Pool AL3617 | 3.500 | % | 9/01/27 | Aaa | 4,123,239 | ||||||||||||||
| 2,582 | Fannie Mae Mortgage Pool AO9636 | 2.500 | % | 7/01/27 | Aaa | 2,564,279 | ||||||||||||||
| 4,835 | Fannie Mae Mortgage Pool MA1028 | 4.000 | % | 4/01/42 | Aaa | 4,980,317 | ||||||||||||||
| 3,996 | Fannie Mae Mortgage Pool MA1675 | 3.500 | % | 11/01/23 | Aaa | 4,200,407 | ||||||||||||||
| 582 | Fannie Mae Mortgage Pool 725111 | 2.320 | % | 9/01/33 | Aaa | 622,040 | ||||||||||||||
| 1,486 | Fannie Mae Mortgage Pool 725205 | 5.000 | % | 3/01/34 | Aaa | 1,618,152 | ||||||||||||||
| 2,970 | Fannie Mae Mortgage Pool 819652 | 2.629 | % | 3/01/35 | Aaa | 3,157,238 | ||||||||||||||
| 427 | Fannie Mae Mortgage Pool 848390 | 1.914 | % | 12/01/35 | Aaa | 447,379 | ||||||||||||||
| 2,151 | Fannie Mae Mortgage Pool 879906 | 2.553 | % | 10/01/33 | Aaa | 2,289,872 | ||||||||||||||
| 784 | Fannie Mae Mortgage Pool 886034 | 2.685 | % | 7/01/36 | Aaa | 838,176 | ||||||||||||||
| 2,486 | Fannie Mae Mortgage Pool 960605 | 5.000 | % | 8/01/37 | Aaa | 2,699,980 | ||||||||||||||
| 694 | Fannie Mae Mortgage Pool 995949 | 2.457 | % | 9/01/36 | Aaa | 736,199 | ||||||||||||||
| 5 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-89 K | 6.500 | % | 7/25/20 | Aaa | 4,944 | ||||||||||||||
| 1,216 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2003-52 NF | 0.558 | % | 6/25/23 | Aaa | 1,220,762 | ||||||||||||||
| 3,040 | Fannie Mae TBA Mortgage Pool, (WI/DD) | 4.500 | % | TBA | Aaa | 3,221,094 | ||||||||||||||
| 7 | Federal Home Loan Mortgage Corporation, REMIC 1167 E | 7.500 | % | 11/15/21 | Aaa | 7,510 | ||||||||||||||
| 15 | Federal Home Loan Mortgage Corporation, REMIC 1286 A | 6.000 | % | 5/15/22 | Aaa | 16,544 | ||||||||||||||
| 1,547 | Federal Home Loan Mortgage Corporation, REMIC 2750 HE | 5.000 | % | 2/15/19 | Aaa | 1,637,432 | ||||||||||||||
| 623 | Federal Home Loan Mortgage Corporation, REMIC 2863 HF | 0.660 | % | 2/15/19 | Aaa | 628,091 | ||||||||||||||
| 4,865 | Fifth Third Auto Trust, Series 2013-A A3 | 0.610 | % | 9/15/17 | AAA | 4,854,589 | ||||||||||||||
| 2,715 | Freddie Mac Gold Mortgage Pool J14842 | 3.500 | % | 3/01/26 | Aaa | 2,838,925 | ||||||||||||||
| 4,590 | Freddie Mac Gold Pool C09000 | 3.500 | % | 6/01/42 | Aaa | 4,559,309 | ||||||||||||||
| 2,422 | Freddie Mac Gold Pool G05852 | 5.500 | % | 3/01/39 | Aaa | 2,639,084 | ||||||||||||||
| 3,432 | Freddie Mac Gold Pool J13711 | 3.500 | % | 12/01/25 | Aaa | 3,580,196 | ||||||||||||||
| 465 | Freddie Mac Gold Pool 786281 | 2.482 | % | 1/01/28 | Aaa | 497,700 | ||||||||||||||
| 370 | Freddie Mac Gold Pool 847161 | 2.346 | % | 5/01/31 | Aaa | 394,658 | ||||||||||||||
| 48 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 426 | Freddie Mac Gold Pool 847190 | 2.318 | % | 4/01/29 | Aaa | $ | 455,633 | ||||||||||||
| 1,466 | Freddie Mac Gold Pool 847209 | 2.265 | % | 10/01/30 | Aaa | 1,559,026 | ||||||||||||||
| 1,061 | Freddie Mac Gold Pool 847210 | 2.339 | % | 9/01/33 | Aaa | 1,135,370 | ||||||||||||||
| 1,950 | Freddie Mac Gold Pool 848282 | 2.418 | % | 1/01/38 | Aaa | 2,069,311 | ||||||||||||||
| 1,434 | Freddie Mac Mortgage Pool, Various A96544 | 3.500 | % | 1/01/41 | Aaa | 1,424,334 | ||||||||||||||
| 280 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG6 | 5.506 | % | 4/10/38 | AAA | 279,785 | ||||||||||||||
| 5,000 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10, (3) | 5.806 | % | 8/10/45 | A | 5,490,340 | ||||||||||||||
| 5,208 | Government National Mortgage Association Pool | 3.500 | % | 6/15/42 | Aaa | 5,257,937 | ||||||||||||||
| 1 | Green Tree Financial Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1996-9 | 7.200 | % | 1/15/28 | AAA | 1,399 | ||||||||||||||
| 4,600 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2012-T1 | 0.898 | % | 1/15/44 | AAA | 4,600,000 | ||||||||||||||
| 1,750 | Invitation Homes Trust 2013-SFR1 | 1.309 | % | 12/17/30 | Aaa | 1,752,286 | ||||||||||||||
| 1,828 | Master Resecuritization Trust 2009-1 | 6.000 | % | 10/25/36 | A | 1,924,094 | ||||||||||||||
| 301 | Mercedes Benz Auto Receivables Trust 2011-1 | 0.850 | % | 3/16/15 | Aaa | 301,325 | ||||||||||||||
| 1,741 | RBSSP Resecuritization Trust 2010-10 | 0.288 | % | 9/26/36 | N/R | 1,598,758 | ||||||||||||||
| 376 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125 | % | 2/25/41 | AAA | 375,950 | ||||||||||||||
| 196 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11 | 2.517 | % | 8/25/34 | N/R | 192,351 | ||||||||||||||
| 1,949 | Structured Agency Credit Risk Debt Notes, 2013-DN2 | 1.608 | % | 11/25/23 | Baa1 | 1,944,622 | ||||||||||||||
| 456 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-10A | 5.408 | % | 2/10/16 | Aaa | 479,960 | ||||||||||||||
| 4,421 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2010-P10B | 3.215 | % | 9/10/20 | Aaa | 4,491,325 | ||||||||||||||
| 4,205 | UBS Barclays Commercial Mortgage Trust 2012-C4 | 2.850 | % | 12/10/45 | AAA | 3,919,523 | ||||||||||||||
| 3,966 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750 | % | 2/15/35 | Aaa | 4,181,687 | ||||||||||||||
| 542 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.240 | % | 6/15/20 | Aaa | 536,715 | ||||||||||||||
| 2,921 | Walter Investment Management Company Capital Trust, Series 2012-AA | 4.549 | % | 10/16/50 | BBB | 2,960,874 | ||||||||||||||
| 3,220 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 4.375 | % | 3/15/44 | Aaa | 3,388,045 | ||||||||||||||
| $ | 177,294 | Total Asset-Backed and Mortgage-Backed Securities (cost $181,901,676) | 182,193,949 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.4% | ||||||||||||||||||||
Mexico – 0.4% | ||||||||||||||||||||
| $ | 1,400 | United Mexican States | 5.625 | % | 1/15/17 | BBB+ | $ | 1,564,500 | ||||||||||||
| $ | 1,400 | Total Sovereign Debt (cost $1,387,694) | 1,564,500 | |||||||||||||||||
Total Long-Term Investments (cost $396,290,790) |
| 397,314,428 | ||||||||||||||||||
| Nuveen Investments | 49 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Bond Fund (continued)
| Shares | Description (1) | Coupon | Value | |||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 18.1% | ||||||||||||||||
Money Market Funds –18.1% | ||||||||||||||||
| 72,595,790 | Mount Vernon Securities Lending Trust Prime Portfolio (7) | 0.175 | % (6) | $ | 72,595,790 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $72,595,790) |
| 72,595,790 | ||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||
SHORT-TERM INVESTMENTS – 0.6% | ||||||||||||||||
Money Market Funds – 0.6% | ||||||||||||||||
| 2,450,112 | First American Treasury Obligations Fund, Class Z | 0.000 | % (6) | $ | 2,450,112 | |||||||||||
|
| |||||||||||||||
Total Short-Term Investments (cost $2,450,112) | 2,450,112 | |||||||||||||||
Total Investments (cost $471,336,692) – 117.7% | 472,360,330 | |||||||||||||||
Other Assets Less Liabilities – (17.7)% | (71,146,518 | ) | ||||||||||||||
Net Assets – 100% | $ | 401,213,812 | ||||||||||||||
Investments in Derivatives as of December 31, 2013
Interest Rate Swaps outstanding:
Clearing House | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | $ | 5,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.739 | % | Semi-Annually | 11/21/23 | $ | 136,491 | $ | 136,056 | ||||||||||||||||||||
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | Long | 114 | 3/14 | $ | 13,601,625 | $ | (169,684 | ) | ||||||||||||
U.S. Treasury 10-Year Note | Short | (22 | ) | 3/14 | (2,707,031 | ) | 12,386 | |||||||||||||
U.S. Treasury Long Bond | Long | 8 | 3/14 | 1,026,500 | (20,985 | ) | ||||||||||||||
U.S. Treasury Ultra Bond | Short | (63 | ) | 3/14 | (8,583,750 | ) | 149,472 | |||||||||||||
| $ | 3,337,344 | $ | (28,811 | ) | ||||||||||||||||
| * | The aggregate Notional Amount at Value of long and short positions is $14,628,125 and $(11,290,781), 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 the securities out on loan as of the end of the reporting period was $70,845,089. |
| (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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| (8) | Principal Amount (000) rounds to less than $1,000. |
| 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.
| 50 | Nuveen Investments |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 96.2% | ||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 3.5% | ||||||||||||||||||||
Commercial Banks – 1.6% | ||||||||||||||||||||
| 65,000 | Morgan Stanley | 7.125 | % | BB+ | $ | 1,699,100 | ||||||||||||||
| 159,208 | PNC Financial Services | 6.125 | % | BBB | 4,020,002 | |||||||||||||||
| 95,750 | Regions Financial Corporation | 6.375 | % | BB | 2,120,863 | |||||||||||||||
| 62,000 | Wells Fargo & Company | 5.850 | % | BBB+ | 1,461,340 | |||||||||||||||
Total Commercial Banks | 9,301,305 | |||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
| 83,000 | Discover Financial Services | 6.500 | % | BB | 1,912,320 | |||||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||||||||
| 62,000 | Citigroup Inc. | 7.125 | % | BB+ | 1,608,280 | |||||||||||||||
Insurance – 1.0% | ||||||||||||||||||||
| 104,794 | Endurance Specialty Holdings Limited | 7.500 | % | BBB– | 2,652,336 | |||||||||||||||
| 120,000 | Hartford Financial Services Group Inc. | 7.875 | % | BB+ | 3,439,200 | |||||||||||||||
Total Insurance | 6,091,536 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
| 218,000 | Federal National Mortgage Association, (3), (4) | 8.250 | % | Ca | 1,907,500 | |||||||||||||||
Total $25 Par (or similar) Retail Structures (cost $24,002,860) | 20,820,941 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 56.7% | ||||||||||||||||||||
Aerospace & Defense – 0.8% | ||||||||||||||||||||
| $ | 2,000 | Bombardier Inc., 144A | 6.125 | % | 1/15/23 | BB | $ | 1,985,000 | ||||||||||||
| 2,780 | Exelis, Inc. | 5.550 | % | 10/01/21 | BBB+ | 2,796,110 | ||||||||||||||
| 4,780 | Total Aerospace & Defense | 4,781,110 | ||||||||||||||||||
Auto Components – 0.3% | ||||||||||||||||||||
| 1,710 | TRW Automotive Inc., 144A | 4.450 | % | 12/01/23 | BBB– | 1,658,700 | ||||||||||||||
Automobiles – 0.2% | ||||||||||||||||||||
| 1,340 | General Motors Financial Company Inc., 144A | 4.250 | % | 5/15/23 | BB+ | 1,274,675 | ||||||||||||||
Building Products – 0.3% | ||||||||||||||||||||
| 2,120 | Owens Corning Incorporated | 4.200 | % | 12/15/22 | BBB– | 2,024,454 | ||||||||||||||
Capital Markets – 3.9% | ||||||||||||||||||||
| 1,000 | E Trade Financial Corporation, (4) | 6.375 | % | 11/15/19 | B2 | 1,073,750 | ||||||||||||||
| 2,140 | Goldman Sachs Group, Inc. | 6.000 | % | 6/15/20 | A | 2,453,675 | ||||||||||||||
| Nuveen Investments | 51 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Capital Markets (continued) | ||||||||||||||||||||
| $ | 2,495 | Goldman Sachs Group, Inc. | 5.250 | % | 7/27/21 | A | $ | 2,731,631 | ||||||||||||
| 3,685 | Goldman Sachs Group, Inc. | 6.750 | % | 10/01/37 | A– | 4,099,728 | ||||||||||||||
| 1,025 | Lazard Group LLC | 4.250 | % | 11/14/20 | BBB | 1,022,776 | ||||||||||||||
| 6,250 | Morgan Stanley | 6.625 | % | 4/01/18 | A | 7,313,087 | ||||||||||||||
| 4,105 | Morgan Stanley | 5.500 | % | 7/28/21 | A | 4,587,165 | ||||||||||||||
| 20,700 | Total Capital Markets | 23,281,812 | ||||||||||||||||||
Chemicals – 1.1% | ||||||||||||||||||||
| 2,375 | Braskem Finance Limited, 144A, (4) | 5.750 | % | 4/15/21 | BBB– | 2,327,500 | ||||||||||||||
| 3,830 | Incitec Pivot Finance, 144A | 6.000 | % | 12/10/19 | BBB | 4,191,690 | ||||||||||||||
| 6,205 | Total Chemicals | 6,519,190 | ||||||||||||||||||
Commercial Banks – 2.7% | ||||||||||||||||||||
| 2,900 | Bancolombia SA, (4) | 5.950 | % | 6/03/21 | Baa2 | 3,016,000 | ||||||||||||||
| 1,845 | CIT Group Inc., (4) | 5.000 | % | 8/01/23 | BB– | 1,775,812 | ||||||||||||||
| 1,890 | HSBC Holdings PLC | 6.800 | % | 6/01/38 | A+ | 2,324,989 | ||||||||||||||
| 3,050 | Rabobank Nederland | 3.875 | % | 2/08/22 | Aa2 | 3,066,626 | ||||||||||||||
| 1,200 | Royal Bank of Scotland Group PLC, (4) | 6.100 | % | 6/10/23 | BBB– | 1,209,715 | ||||||||||||||
| 1,400 | Santander UK PLC, 144A | 5.000 | % | 11/07/23 | A– | 1,405,208 | ||||||||||||||
| 1,825 | Sovereign Bank | 8.750 | % | 5/30/18 | Baa2 | 2,192,818 | ||||||||||||||
| 1,220 | Wells Fargo & Company, (4) | 3.450 | % | 2/13/23 | A+ | 1,153,431 | ||||||||||||||
| 15,330 | Total Commercial Banks | 16,144,599 | ||||||||||||||||||
Commercial Services & Supplies – 0.6% | ||||||||||||||||||||
| 2,000 | Ceridian Corporation, 144A | 8.875 | % | 7/15/19 | B1 | 2,300,000 | ||||||||||||||
| 990 | R.R. Donnelley & Sons Company, (4) | 7.625 | % | 6/15/20 | BB– | 1,076,625 | ||||||||||||||
| 2,990 | Total Commercial Services & Supplies | 3,376,625 | ||||||||||||||||||
Communications Equipment – 0.7% | ||||||||||||||||||||
| 2,125 | America Movil S.A. de C.V. | 5.000 | % | 10/16/19 | A2 | 2,321,562 | ||||||||||||||
| 1,550 | Nokia Corporation | 5.375 | % | 5/15/19 | BB– | 1,608,125 | ||||||||||||||
| 3,675 | Total Communications Equipment | 3,929,687 | ||||||||||||||||||
Computers & Peripherals – 0.8% | ||||||||||||||||||||
| 1,965 | Apple Inc., 144A | 3.850 | % | 5/04/43 | AA+ | 1,641,610 | ||||||||||||||
| 1,375 | NCR Corporation | 5.000 | % | 7/15/22 | BB | 1,307,969 | ||||||||||||||
| 1,820 | Seagate HDD Cayman | 7.000 | % | 11/01/21 | BBB– | 2,008,825 | ||||||||||||||
| 5,160 | Total Computers & Peripherals | 4,958,404 | ||||||||||||||||||
Construction Materials – 0.3% | ||||||||||||||||||||
| 1,800 | Norbord Inc., 144A | 5.375 | % | 12/01/20 | Ba2 | 1,788,750 | ||||||||||||||
Consumer Finance – 1.2% | ||||||||||||||||||||
| 3,348 | Capital One Bank, (4) | 3.375 | % | 2/15/23 | Baa1 | 3,112,569 | ||||||||||||||
| 1,790 | Discover Financial Services | 5.200 | % | 4/27/22 | BBB | 1,862,683 | ||||||||||||||
| 52 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Consumer Finance (continued) | ||||||||||||||||||||
| $ | 2,000 | Ford Motor Credit Company | 4.250 | % | 9/20/22 | BBB– | $ | 2,009,192 | ||||||||||||
| 7,138 | Total Consumer Finance | 6,984,444 | ||||||||||||||||||
Containers & Packaging – 0.9% | ||||||||||||||||||||
| 1,500 | Ardagh Packaging Finance / MP HD USA, 144A | 4.875 | % | 11/15/22 | N/R | 1,485,000 | ||||||||||||||
| 985 | Ball Corporation | 4.000 | % | 11/15/23 | BB+ | 881,575 | ||||||||||||||
| 1,000 | Crown Americas Capital Corporation IV | 4.500 | % | 1/15/23 | BB | 935,000 | ||||||||||||||
| 2,000 | Rock-Tenn Company | 3.500 | % | 3/01/20 | BBB– | 1,967,166 | ||||||||||||||
| 5,485 | Total Containers & Packaging | 5,268,741 | ||||||||||||||||||
Diversified Consumer Services – 0.2% | ||||||||||||||||||||
| 900 | Office Depot de Mexico SA de CV, 144A | 6.875 | % | 9/20/20 | BB+ | 913,500 | ||||||||||||||
Diversified Financial Services – 4.3% | ||||||||||||||||||||
| 2,845 | Bank of America Corporation | 5.875 | % | 1/05/21 | A | 3,270,003 | ||||||||||||||
| 5,205 | Citigroup Inc. | 4.500 | % | 1/14/22 | A | 5,515,801 | ||||||||||||||
| 2,915 | General Electric Capital Corporation | 6.875 | % | 1/10/39 | AA+ | 3,747,512 | ||||||||||||||
| 3,190 | JPMorgan Chase & Company | 4.500 | % | 1/24/22 | A+ | 3,374,162 | ||||||||||||||
| 6,000 | JPMorgan Chase & Company, (4) | 3.200 | % | 1/25/23 | A+ | 5,688,156 | ||||||||||||||
| 1,680 | JPMorgan Chase & Company | 3.375 | % | 5/01/23 | A | 1,565,760 | ||||||||||||||
| 2,180 | JPMorgan Chase & Company | 6.400 | % | 5/15/38 | A+ | 2,601,841 | ||||||||||||||
| 24,015 | Total Diversified Financial Services | 25,763,235 | ||||||||||||||||||
Diversified Telecommunication Services – 2.7% |
| |||||||||||||||||||
| 2,970 | AT&T, Inc., (4) | 5.550 | % | 8/15/41 | A | 3,014,134 | ||||||||||||||
| 2,000 | Frontier Comminications Corporation, (4) | 8.500 | % | 4/15/20 | Ba2 | 2,240,000 | ||||||||||||||
| 3,190 | Qwest Corporation, (4) | 6.750 | % | 12/01/21 | BBB– | 3,492,935 | ||||||||||||||
| 2,000 | SBA Telecommunications Corporation | 5.750 | % | 7/15/20 | B+ | 2,080,000 | ||||||||||||||
| 1,950 | Verizon Communications | 5.150 | % | 9/15/23 | A– | 2,093,699 | ||||||||||||||
| 2,010 | Verizon Communications | 6.900 | % | 4/15/38 | A– | 2,392,033 | ||||||||||||||
| 700 | Verizon Communications | 6.550 | % | 9/15/43 | A– | 818,971 | ||||||||||||||
| 14,820 | Total Diversified Telecommunication Services | 16,131,772 | ||||||||||||||||||
Electric Utilities – 1.4% | ||||||||||||||||||||
| 2,500 | Exelon Generation Co. LLC, (4) | 4.250 | % | 6/15/22 | BBB+ | 2,395,995 | ||||||||||||||
| 1,685 | MidAmerican Energy Holdings Company | 6.125 | % | 4/01/36 | BBB+ | 1,914,268 | ||||||||||||||
| 2,000 | Origin Energy Finance Limited, 144A | 3.500 | % | 10/09/18 | BBB | 2,009,876 | ||||||||||||||
| 2,095 | PPL Capital Funding Inc. | 3.500 | % | 12/01/22 | BBB | 1,978,537 | ||||||||||||||
| 8,280 | Total Electric Utilities | 8,298,676 | ||||||||||||||||||
Energy Equipment & Services – 2.1% | ||||||||||||||||||||
| 2,180 | Diamond Offshore Drilling Inc. | 5.700 | % | 10/15/39 | A | 2,367,964 | ||||||||||||||
| 3,870 | Ensco PLC | 4.700 | % | 3/15/21 | BBB+ | 4,093,458 | ||||||||||||||
| 1,500 | Markwest Energy Partners LP, (4) | 6.750 | % | 11/01/20 | BB | 1,627,500 | ||||||||||||||
| Nuveen Investments | 53 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||||||||
| $ | 2,500 | Transocean Inc. | 3.800 | % | 10/15/22 | BBB– | $ | 2,369,565 | ||||||||||||
| 1,880 | Weatherford International Limited | 7.000 | % | 3/15/38 | Baa2 | 2,080,906 | ||||||||||||||
| 11,930 | Total Energy Equipment & Services | 12,539,393 | ||||||||||||||||||
Gas Utilities – 0.4% | ||||||||||||||||||||
| 2,375 | AmeriGas Finance LLC, (4) | 7.000 | % | 5/20/22 | Ba2 | 2,576,875 | ||||||||||||||
Health Care Providers & Services – 1.1% | ||||||||||||||||||||
| 2,000 | HCA Inc., (4) | 6.500 | % | 2/15/20 | BB+ | 2,197,500 | ||||||||||||||
| 1,500 | Tenet Healthcare Corporation, (4) | 4.375 | % | 10/01/21 | BB | 1,410,000 | ||||||||||||||
| 2,185 | UnitedHealth Group Incorporated | 6.875 | % | 2/15/38 | A | 2,721,361 | ||||||||||||||
| 5,685 | Total Health Care Providers & Services | 6,328,861 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 0.2% | ||||||||||||||||||||
| 1,075 | Wynn Las Vegas LLC Corporation, (4) | 5.375 | % | 3/15/22 | BBB– | 1,085,750 | ||||||||||||||
Independent Power Producers & Energy Traders – 0.2% | ||||||||||||||||||||
| 999 | Calpine Corporation, 144A | 7.875 | % | 7/31/20 | BB+ | 1,093,905 | ||||||||||||||
Insurance – 3.2% | ||||||||||||||||||||
| 3,975 | AFLAC Insurance | 6.450 | % | 8/15/40 | A– | 4,676,989 | ||||||||||||||
| 1,650 | Genworth Holdings Inc. | 4.800 | % | 2/15/24 | BBB– | 1,629,802 | ||||||||||||||
| 1,760 | Liberty Mutual Group Inc., 144A | 4.950 | % | 5/01/22 | Baa2 | 1,819,861 | ||||||||||||||
| 3,015 | Liberty Mutual Group Inc. | 5.000 | % | 6/01/21 | Baa2 | 3,162,096 | ||||||||||||||
| 1,000 | Lincoln National Corporation | 8.750 | % | 7/01/19 | A– | 1,287,156 | ||||||||||||||
| 1,640 | Pacific LifeCorp. | 6.000 | % | 2/10/20 | BBB+ | 1,829,535 | ||||||||||||||
| 4,000 | Prudential Holdings LLC, 144A | 7.245 | % | 12/18/23 | AA– | 4,707,876 | ||||||||||||||
| 17,040 | Total Insurance | 19,113,315 | ||||||||||||||||||
IT Services – 0.4% | ||||||||||||||||||||
| 2,750 | Computer Sciences Corporation | 4.450 | % | 9/15/22 | BBB | 2,652,485 | ||||||||||||||
Leisure Equipment & Products – 0.5% | ||||||||||||||||||||
| 2,950 | Hyatt Hotels Corporation | 3.375 | % | 7/15/23 | BBB | 2,704,489 | ||||||||||||||
Machinery – 0.2% | ||||||||||||||||||||
| 1,120 | Cummins Engine Inc. | 4.875 | % | 10/01/43 | A | 1,121,664 | ||||||||||||||
Media – 5.7% | ||||||||||||||||||||
| 2,000 | Clear Channel Worldwide | 6.500 | % | 11/15/22 | BB– | 2,042,500 | ||||||||||||||
| 5,565 | DIRECTV Holdings LLC | 3.800 | % | 3/15/22 | BBB | 5,345,939 | ||||||||||||||
| 2,000 | Dish DBS Corporation | 4.250 | % | 4/01/18 | BB– | 2,040,000 | ||||||||||||||
| 3,060 | NBC Universal Media LLC | 6.400 | % | 4/30/40 | A– | 3,517,865 | ||||||||||||||
| 1,925 | NBC Universal Media LLC, (4) | 4.450 | % | 1/15/43 | A– | 1,724,461 | ||||||||||||||
| 3,590 | News America Holdings Inc., (4) | 6.650 | % | 11/15/37 | BBB+ | 4,190,471 | ||||||||||||||
| 1,635 | SES SA, 144A, (4) | 3.600 | % | 4/04/23 | BBB | 1,523,362 | ||||||||||||||
| 54 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Media (continued) | ||||||||||||||||||||
| $ | 2,000 | Sinclair Television Group | 5.375 | % | 4/01/21 | B1 | $ | 1,970,000 | ||||||||||||
| 1,800 | Sirius XM Radio Inc., 144A | 4.250 | % | 5/15/20 | BB | 1,701,000 | ||||||||||||||
| 3,000 | Thomson Reuters Corporation | 4.300 | % | 11/23/23 | BBB+ | 3,012,900 | ||||||||||||||
| 2,410 | Time Warner Cable Inc. | 5.875 | % | 11/15/40 | BBB | 2,084,761 | ||||||||||||||
| 2,000 | UnityMedia Hessen GmBH, 144A, (4) | 7.500 | % | 3/15/19 | BB– | 2,175,000 | ||||||||||||||
| 2,987 | Viacom Inc. | 4.375 | % | 3/15/43 | BBB+ | 2,522,136 | ||||||||||||||
| 33,972 | Total Media | 33,850,395 | ||||||||||||||||||
Metals & Mining – 5.7% | ||||||||||||||||||||
| 3,035 | Alcoa Inc., (4) | 5.400 | % | 4/15/21 | BBB– | 3,099,603 | ||||||||||||||
| 1,625 | Allegheny Technologies Inc. | 5.875 | % | 8/15/23 | BBB– | 1,641,143 | ||||||||||||||
| 4,530 | Anglogold Holdings PLC | 6.500 | % | 4/15/40 | Baa3 | 3,533,400 | ||||||||||||||
| 5,925 | ArcelorMittal, (4) | 6.750 | % | 2/25/22 | BB+ | 6,443,437 | ||||||||||||||
| 2,050 | Cliffs Natural Resources Inc., (4) | 4.800 | % | 10/01/20 | BBB– | 2,037,528 | ||||||||||||||
| 1,535 | Freeport McMoRan Copper & Gold, Inc., (4) | 3.550 | % | 3/01/22 | BBB | 1,458,864 | ||||||||||||||
| 3,700 | Newmont Mining Corporation, (4) | 3.500 | % | 3/15/22 | Baa1 | 3,149,384 | ||||||||||||||
| 2,000 | Nucor Corporation | 4.000 | % | 8/01/23 | A | 1,952,360 | ||||||||||||||
| 2,770 | Rio Tinto Finance USA PLC, (4) | 2.875 | % | 8/21/22 | A– | 2,581,720 | ||||||||||||||
| 1,440 | Teck Resources Limited | 6.250 | % | 7/15/41 | BBB | 1,433,419 | ||||||||||||||
| 3,895 | Vale Overseas Limited | 6.875 | % | 11/10/39 | A– | 4,029,078 | ||||||||||||||
| 2,340 | Xstrata Finance Canada Limited, 144A | 6.900 | % | 11/15/37 | BBB | 2,470,055 | ||||||||||||||
| 34,845 | Total Metals & Mining | 33,829,991 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 7.2% | ||||||||||||||||||||
| 3,230 | Anadarko Petroleum Corporation | 6.200 | % | 3/15/40 | BBB– | 3,572,816 | ||||||||||||||
| 2,000 | Canadian Oil Sands Trust | 7.750 | % | 5/15/19 | BBB | 2,397,742 | ||||||||||||||
| 1,500 | Cenovus Energy Inc. | 3.800 | % | 9/15/23 | BBB+ | 1,462,326 | ||||||||||||||
| 2,000 | Cheniere Energy Inc., 144A, (4) | 5.625 | % | 2/01/21 | BB+ | 1,955,000 | ||||||||||||||
| 1,500 | Chesapeake Energy Corporation | 6.125 | % | 2/15/21 | BB– | 1,608,750 | ||||||||||||||
| 2,000 | Cimarex Energy Company | 5.875 | % | 5/01/22 | BB+ | 2,115,000 | ||||||||||||||
| 2,000 | Continental Resources Inc. | 5.000 | % | 9/15/22 | BBB– | 2,077,500 | ||||||||||||||
| 2,100 | Denbury Resources Incorporated, (4) | 4.625 | % | 7/15/23 | BB | 1,895,250 | ||||||||||||||
| 4,785 | Lukoil International Finance, 144A | 6.125 | % | 11/09/20 | BBB | 5,184,547 | ||||||||||||||
| 2,000 | Nabors Industries Inc. | 4.625 | % | 9/15/21 | BBB | 2,002,344 | ||||||||||||||
| 2,495 | Petrobras International Finance Company | 6.875 | % | 1/20/40 | Baa1 | 2,359,636 | ||||||||||||||
| 2,255 | Petro-Canada | 6.800 | % | 5/15/38 | BBB+ | 2,698,924 | ||||||||||||||
| 3,000 | Petroleos Mexicanos | 5.500 | % | 1/21/21 | BBB+ | 3,225,000 | ||||||||||||||
| 2,000 | Range Resources Corporation | 6.750 | % | 8/01/20 | BB | 2,165,000 | ||||||||||||||
| 1,900 | Reliance Holdings USA Inc., 144A | 5.400 | % | 2/14/22 | BBB+ | 1,921,550 | ||||||||||||||
| 1,955 | Southwestern Energy Company | 4.100 | % | 3/15/22 | BBB– | 1,938,009 | ||||||||||||||
| Nuveen Investments | 55 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| $ | 2,560 | Spectra Energy Partners LP, (4) | 4.750 | % | 3/15/24 | BBB | $ | 2,609,672 | ||||||||||||
| 1,750 | Targa Resources Inc., 144A, (4) | 4.250 | % | 11/15/23 | BB | 1,566,250 | ||||||||||||||
| 41,030 | Total Oil, Gas & Consumable Fuels | 42,755,316 | ||||||||||||||||||
Paper & Forest Products – 1.2% | ||||||||||||||||||||
| 1,785 | Domtar Corporation | 6.750 | % | 2/15/44 | BBB– | 1,820,920 | ||||||||||||||
| 2,485 | Domtar Corporation | 4.400 | % | 4/01/22 | BBB– | 2,379,301 | ||||||||||||||
| 2,265 | International Paper Company | 8.700 | % | 6/15/38 | BBB | 3,119,442 | ||||||||||||||
| 6,535 | Total Paper & Forest Products | 7,319,663 | ||||||||||||||||||
Pharmaceuticals – 0.6% | ||||||||||||||||||||
| 1,375 | AbbVie Inc. | 2.900 | % | 11/06/22 | A | 1,285,152 | ||||||||||||||
| 2,000 | Forest Laboratories Inc., 144A | 5.000 | % | 12/15/21 | BB+ | 2,007,500 | ||||||||||||||
| 3,375 | Total Pharmaceuticals | 3,292,652 | ||||||||||||||||||
Real Estate Investment Trust – 1.2% | ||||||||||||||||||||
| 1,200 | Plum Creek Timberlands LP | 4.700 | % | 3/15/21 | BBB | 1,243,993 | ||||||||||||||
| 2,995 | Prologis Inc. | 6.875 | % | 3/15/20 | BBB | 3,527,544 | ||||||||||||||
| 2,315 | Realty Income Corporation | 3.250 | % | 10/15/22 | BBB+ | 2,118,586 | ||||||||||||||
| 6,510 | Total Real Estate Investment Trust | 6,890,123 | ||||||||||||||||||
Road & Rail – 0.2% | ||||||||||||||||||||
| 1,125 | Hertz Corporation, (4) | 6.250 | % | 10/15/22 | B | 1,161,563 | ||||||||||||||
Specialty Retail – 0.6% | ||||||||||||||||||||
| 1,225 | Best Buy Co., Inc. | 5.000 | % | 8/01/18 | Baa2 | 1,283,188 | ||||||||||||||
| 2,000 | O’Reilly Automotive Inc. | 4.875 | % | 1/14/21 | BBB | 2,096,350 | ||||||||||||||
| 3,225 | Total Specialty Retail | 3,379,538 | ||||||||||||||||||
Thrifts & Mortgage Finance – 0.5% | ||||||||||||||||||||
| 2,730 | WEA Finance LLC, 144A | 4.625 | % | 5/10/21 | A2 | 2,881,114 | ||||||||||||||
Tobacco – 1.2% | ||||||||||||||||||||
| 2,200 | Altria Group Inc., (4) | 2.850 | % | 8/09/22 | Baa1 | 2,025,586 | ||||||||||||||
| 2,000 | Imperial Tobacco Finance, 144A | 3.500 | % | 2/11/23 | BBB | 1,865,262 | ||||||||||||||
| 2,705 | Lorillard Tobacco, (4) | 6.875 | % | 5/01/20 | Baa2 | 3,121,767 | ||||||||||||||
| 6,905 | Total Tobacco | 7,012,615 | ||||||||||||||||||
Transportation Infrastructure – 0.7% | ||||||||||||||||||||
| 3,800 | Asciano Finance, 144A | 5.000 | % | 4/07/18 | Baa2 | 4,028,859 | ||||||||||||||
Wireless Telecommunication Services – 1.2% |
| |||||||||||||||||||
| 2,780 | American Tower Company | 5.050 | % | 9/01/20 | BBB | 2,939,778 | ||||||||||||||
| 1,300 | Millicom International Cellular SA, 144A | 6.625 | % | 10/15/21 | BB+ | 1,344,850 | ||||||||||||||
| 2,610 | SBA Tower Trust, 144A | 3.598 | % | 4/15/18 | BBB | 2,551,215 | ||||||||||||||
| 6,690 | Total Wireless Telecommunication Services | 6,835,843 | ||||||||||||||||||
| $ | 323,114 | Total Corporate Bonds (cost $327,205,680) | 335,552,783 | |||||||||||||||||
| 56 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 4.5% |
| |||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||
| $ | 2,415 | Goldman Sachs Capital II | 4.000 | % | N/A (5) | BB+ | $ | 1,697,745 | ||||||||||||
Commercial Banks – 1.2% | ||||||||||||||||||||
| 1,620 | Fifth Third Bancorp. | 5.100 | % | N/A (5) | BBB– | 1,433,700 | ||||||||||||||
| 3,500 | Wachovia Capital Trust III | 5.570 | % | N/A (5) | BBB+ | 3,202,500 | ||||||||||||||
| 2,760 | Wells Fargo Capital Trust X | 5.950 | % | 12/15/36 | BBB+ | 2,708,940 | ||||||||||||||
| 7,880 | Total Commercial Banks | 7,345,140 | ||||||||||||||||||
Diversified Financial Services – 0.8% | ||||||||||||||||||||
| 4,000 | General Electric Capital Corporation, (4) | 7.125 | % | N/A (5) | AA– | 4,470,000 | ||||||||||||||
Electric Utilities – 0.3% | ||||||||||||||||||||
| 1,785 | Electricite de France, 144A | 5.250 | % | N/A (5) | A3 | 1,775,183 | ||||||||||||||
Insurance – 1.9% | ||||||||||||||||||||
| 1,500 | Allstate Corporation, (4) | 5.750 | % | 8/15/53 | Baa1 | 1,511,250 | ||||||||||||||
| 2,970 | Catlin Insurance Company Limited | 7.249 | % | N/A (5) | BBB+ | 3,081,375 | ||||||||||||||
| 2,205 | Lincoln National Corporation | 6.050 | % | 4/20/67 | BBB | 2,188,462 | ||||||||||||||
| 1,500 | Prudential Financial Inc. | 5.200 | % | 3/15/44 | BBB+ | 1,451,250 | ||||||||||||||
| 2,755 | ZFS Finance USA Trust V | 6.500 | % | 5/09/37 | A | 2,927,187 | ||||||||||||||
| 10,930 | Total Insurance | 11,159,524 | ||||||||||||||||||
| $ | 27,010 | Total $1,000 Par (or similar) Institutional Structures (cost $25,524,190) | 26,447,592 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (6) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 1.0% | ||||||||||||||||||||
Illinois – 1.0% | ||||||||||||||||||||
| $ | 5,765 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A– | $ | 6,281,717 | ||||||||||||||
| $ | 5,765 | Total Municipal Bonds (cost $5,765,000) | 6,281,717 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 29.1% | ||||||||||||||||||||
| $ | 3,778 | 321 Henderson Receivables LLC, Series 2010-3A | 3.820 | % | 12/15/48 | Aaa | $ | 3,929,510 | ||||||||||||
| 3,075 | AmeriCold LLC Trust, Series 2010 | 6.811 | % | 1/14/29 | A+ | 3,465,528 | ||||||||||||||
| — | (12) | Amresco Residential Securities Corporation, Mortgage Loan Pass-Through Certificates, Serioes 1997-3 | 6.960 | % | 3/25/27 | Baa2 | 338 | |||||||||||||
| 868 | Bank of America Funding Trust, Mortgage Pass-Through Certificates, Series 2007-4 | 5.500 | % | 6/25/37 | CC | 369,481 | ||||||||||||||
| 1,250 | Bayview Financial Mortgage Pass-Through Trust, Mortgage Pass-Through Certificate Series 2005-D | 5.500 | % | 12/28/35 | BB | 1,224,962 | ||||||||||||||
| 750 | CarFinance Capital Auto Trust, Automobile Receivables-Backed Notes, Series 2013-1, 144A | 3.450 | % | 3/15/19 | Baa3 | 737,273 | ||||||||||||||
| Nuveen Investments | 57 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 163 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4 | 5.205 | % | 12/11/49 | AAA | $ | 162,500 | ||||||||||||
| 171 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-J1 | 6.000 | % | 2/25/34 | AA+ | 173,589 | ||||||||||||||
| 1,432 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000 | % | 8/25/36 | Caa3 | 1,162,255 | ||||||||||||||
| 908 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.675 | % | 2/25/34 | A | 860,520 | ||||||||||||||
| 524 | Countrywide Home Loans, Asset-Backed Certificates, Series 2003-SC1 | 2.408 | % | 9/25/23 | BB+ | 509,898 | ||||||||||||||
| 5,680 | Credit Suisse Commercial Mortgage Trust, Series 2013-6 | 3.500 | % | 8/25/43 | AAA | 5,434,021 | ||||||||||||||
| 4,902 | Credit Suisse Commerical Mortgage Trust 2013-IVR4 | 3.000 | % | 7/25/43 | AAA | 4,955,754 | ||||||||||||||
| 2,962 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-8 | 6.201 | % | 4/25/33 | A+ | 2,841,097 | ||||||||||||||
| 2,550 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642 | % | 8/10/44 | Aaa | 2,678,849 | ||||||||||||||
| 6,930 | Fannie Mae Mortgage Pool AB1959 | 4.000 | % | 12/01/40 | Aaa | 7,139,177 | ||||||||||||||
| 4,564 | Fannie Mae Mortgage Pool AC1877 | 4.500 | % | 9/01/39 | Aaa | 4,836,132 | ||||||||||||||
| 5,968 | Fannie Mae Mortgage Pool AD4375 | 5.000 | % | 5/01/40 | Aaa | 6,482,432 | ||||||||||||||
| 5,667 | Fannie Mae Mortgage Pool AE7265 | 4.000 | % | 1/01/41 | Aaa | 5,837,212 | ||||||||||||||
| 2,004 | Fannie Mae Mortgage Pool AL0160 | 4.500 | % | 5/01/41 | Aaa | 2,130,585 | ||||||||||||||
| 5,545 | Fannie Mae Mortgage Pool AL3617 | 3.500 | % | 9/01/27 | Aaa | 5,802,883 | ||||||||||||||
| 1,546 | Fannie Mae Mortgage Pool MA1028 | 4.000 | % | 4/01/42 | Aaa | 1,592,664 | ||||||||||||||
| 120 | Fannie Mae Mortgage Pool 250551 | 7.000 | % | 5/01/26 | Aaa | 133,782 | ||||||||||||||
| 511 | Fannie Mae Mortgage Pool 252255 | 6.500 | % | 2/01/29 | Aaa | 576,596 | ||||||||||||||
| 1,018 | Fannie Mae Mortgage Pool 254169 | 6.500 | % | 12/01/31 | Aaa | 1,106,183 | ||||||||||||||
| 846 | Fannie Mae Mortgage Pool 254379 | 7.000 | % | 7/01/32 | Aaa | 965,905 | ||||||||||||||
| 724 | Fannie Mae Mortgage Pool 254513 | 6.000 | % | 10/01/22 | Aaa | 801,424 | ||||||||||||||
| 1,846 | Fannie Mae Mortgage Pool 255575 | 5.500 | % | 1/01/25 | Aaa | 2,026,997 | ||||||||||||||
| 369 | Fannie Mae Mortgage Pool 256845 | 6.500 | % | 8/01/37 | Aaa | 410,205 | ||||||||||||||
| 1,258 | Fannie Mae Mortgage Pool 256852 | 6.000 | % | 8/01/27 | Aaa | 1,402,053 | ||||||||||||||
| 612 | Fannie Mae Mortgage Pool 256890 | 6.000 | % | 9/01/37 | Aaa | 661,043 | ||||||||||||||
| 78 | Fannie Mae Mortgage Pool 340798 | 7.000 | % | 4/01/26 | Aaa | 86,046 | ||||||||||||||
| 8 | Fannie Mae Mortgage Pool 535206 | 7.000 | % | 2/01/15 | Aaa | 7,990 | ||||||||||||||
| 123 | Fannie Mae Mortgage Pool 545359 | 2.393 | % | 3/01/31 | Aaa | 131,744 | ||||||||||||||
| 272 | Fannie Mae Mortgage Pool 545813 | 7.000 | % | 7/01/32 | Aaa | 314,074 | ||||||||||||||
| 191 | Fannie Mae Mortgage Pool 545815 | 7.000 | % | 7/01/32 | Aaa | 218,413 | ||||||||||||||
| 1,222 | Fannie Mae Mortgage Pool 555798 | 6.500 | % | 5/01/33 | Aaa | 1,372,721 | ||||||||||||||
| 2,042 | Fannie Mae Mortgage Pool 555843 | 2.205 | % | 8/01/30 | Aaa | 2,168,162 | ||||||||||||||
| 88 | Fannie Mae Mortgage Pool 591038 | 7.000 | % | 8/01/16 | Aaa | 91,641 | ||||||||||||||
| 407 | Fannie Mae Mortgage Pool 673010 | 5.500 | % | 12/01/17 | Aaa | 435,060 | ||||||||||||||
| 1,784 | Fannie Mae Mortgage Pool 688330 | 6.000 | % | 3/01/33 | Aaa | 2,006,370 | ||||||||||||||
| 58 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 3,188 | Fannie Mae Mortgage Pool 709446 | 5.500 | % | 7/01/33 | Aaa | $ | 3,556,403 | ||||||||||||
| 475 | Fannie Mae Mortgage Pool 725553 | 2.173 | % | 9/01/33 | Aaa | 502,786 | ||||||||||||||
| 2,180 | Fannie Mae Mortgage Pool 735054 | 5.156 | % | 11/01/34 | Aaa | 2,328,418 | ||||||||||||||
| 2,329 | Fannie Mae Mortgage Pool 735273 | 6.500 | % | 6/01/34 | Aaa | 2,627,821 | ||||||||||||||
| 1,417 | Fannie Mae Mortgage Pool 745101 | 6.000 | % | 4/01/32 | Aaa | 1,555,724 | ||||||||||||||
| 243 | Fannie Mae Mortgage Pool 781776 | 6.000 | % | 10/01/34 | Aaa | 273,068 | ||||||||||||||
| 803 | Fannie Mae Mortgage Pool 885536 | 6.000 | % | 8/01/36 | Aaa | 902,867 | ||||||||||||||
| 1,488 | Fannie Mae Mortgage Pool 900555 | 6.000 | % | 9/01/36 | Aaa | 1,672,657 | ||||||||||||||
| 3,269 | Fannie Mae Mortgage Pool 932323 | 4.500 | % | 12/01/39 | Aaa | 3,464,015 | ||||||||||||||
| — | (12) | Fannie Mae Mortgage Pool 983077 | 5.000 | % | 5/01/38 | Aaa | 429 | |||||||||||||
| — | (12) | Fannie Mae Mortgage Pool 985344 | 5.500 | % | 7/01/38 | Aaa | 273 | |||||||||||||
| 10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1988-24 G | 7.000 | % | 10/25/18 | Aaa | 10,795 | ||||||||||||||
| 10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-44 H | 9.000 | % | 7/25/19 | Aaa | 11,025 | ||||||||||||||
| 2 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-90 E | 8.700 | % | 12/25/19 | Aaa | 2,103 | ||||||||||||||
| 13 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-102 J | 6.500 | % | 8/25/20 | Aaa | 14,560 | ||||||||||||||
| 104 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-105 J | 6.500 | % | 9/25/20 | Aaa | 113,148 | ||||||||||||||
| 7 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-30 E | 6.500 | % | 3/25/20 | Aaa | 7,901 | ||||||||||||||
| 10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-61 H | 7.000 | % | 6/25/20 | Aaa | 11,417 | ||||||||||||||
| 10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-72 B | 9.000 | % | 7/25/20 | Aaa | 11,672 | ||||||||||||||
| 69 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-134 Z | 7.000 | % | 10/25/21 | Aaa | 76,956 | ||||||||||||||
| 38 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-56 M | 6.750 | % | 6/25/21 | Aaa | 40,766 | ||||||||||||||
| 10 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-120 C | 6.500 | % | 7/25/22 | Aaa | 10,951 | ||||||||||||||
| 327 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1996-35 Z | 7.000 | % | 7/25/26 | Aaa | 370,468 | ||||||||||||||
| 916 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2005-62 JE | 5.000 | % | 6/25/35 | Aaa | 1,025,207 | ||||||||||||||
| 1,140 | Fannie Mae REMIC Pass-Through Certificates 2003-W1 B1 | 4.653 | % | 12/25/42 | B1 | 977,347 | ||||||||||||||
| 3,000 | Fannie Mae TBA Mortgage Pool, (WI/DD) | 5.000 | % | TBA | Aaa | 3,258,047 | ||||||||||||||
| 5,735 | Fannie Mae TBA Mortgage Pool, (WI/DD) | 4.000 | % | TBA | Aaa | 5,903,466 | ||||||||||||||
| 11 | Federal Home Loan Mortgage Corporation, REMIC 1022 J | 6.000 | % | 12/15/20 | Aaa | 11,806 | ||||||||||||||
| 21 | Federal Home Loan Mortgage Corporation, REMIC 1118 Z | 8.250 | % | 7/15/21 | Aaa | 23,228 | ||||||||||||||
| Nuveen Investments | 59 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 30 | Federal Home Loan Mortgage Corporation, REMIC 162 F | 7.000 | % | 5/15/21 | Aaa | $ | 32,753 | ||||||||||||
| 18 | Federal Home Loan Mortgage Corporation, REMIC 1790 A | 7.000 | % | 4/15/22 | Aaa | 19,250 | ||||||||||||||
| 68 | Federal Home Loan Mortgage Corporation, REMIC 188 H | 7.000 | % | 9/15/21 | Aaa | 75,993 | ||||||||||||||
| 815 | Federal Home Loan Mortgage Corporation, REMIC 2704 JF | 0.710 | % | 5/15/23 | Aaa | 820,158 | ||||||||||||||
| 736 | Federal Home Loan Mortgage Corporation, REMIC 2901 UB | 5.000 | % | 3/15/33 | Aaa | 742,711 | ||||||||||||||
| 1,008 | Federal Home Loan Mortgage Corporation, REMIC 3591 FP | 0.760 | % | 6/15/39 | Aaa | 1,011,621 | ||||||||||||||
| 5 | Federal Home Loan Mortgage Corporation, REMIC 6 C | 9.050 | % | 6/15/19 | Aaa | 5,796 | ||||||||||||||
| 844 | FNBC 1993-A Pass-Through Trust Certificates | 8.080 | % | 1/05/18 | Aa1 | 917,835 | ||||||||||||||
| 2,336 | Freddie Mac Gold Pool 1G2163 | 2.466 | % | 9/01/37 | Aaa | 2,484,899 | ||||||||||||||
| 398 | Freddie Mac Gold Pool 846984 | 1.926 | % | 6/01/31 | Aaa | 416,563 | ||||||||||||||
| 551 | Freddie Mac Gold Pool 847180 | 2.390 | % | 3/01/30 | Aaa | 590,439 | ||||||||||||||
| 456 | Freddie Mac Gold Pool 847190 | 2.318 | % | 4/01/29 | Aaa | 486,842 | ||||||||||||||
| 767 | Freddie Mac Gold Pool 847240 | 2.287 | % | 7/01/30 | Aaa | 809,836 | ||||||||||||||
| 582 | Freddie Mac Mortgage Pool, Various A15521 | 6.000 | % | 11/01/33 | Aaa | 643,456 | ||||||||||||||
| 819 | Freddie Mac Mortgage Pool, Various A17212 | 6.500 | % | 7/01/31 | Aaa | 932,623 | ||||||||||||||
| 488 | Freddie Mac Mortgage Pool, Various C00676 | 6.500 | % | 11/01/28 | Aaa | 550,485 | ||||||||||||||
| 229 | Freddie Mac Mortgage Pool, Various H09059 | 7.000 | % | 8/01/37 | Aaa | 249,026 | ||||||||||||||
| 299 | Freddie Mac Mortgage Pool, Various P10023 | 4.500 | % | 3/01/18 | Aaa | 306,595 | ||||||||||||||
| 870 | Freddie Mac Mortgage Pool, Various P10032 | 4.500 | % | 5/01/18 | Aaa | 891,673 | ||||||||||||||
| 77 | Freddie Mac Non Gold Participation Certificates 846757 | 2.322 | % | 5/01/25 | Aaa | 81,609 | ||||||||||||||
| 623 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP2 1A2 | 7.500 | % | 3/25/35 | B1 | 648,372 | ||||||||||||||
| 707 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP3 1A2 | 7.500 | % | 9/25/35 | Ba3 | 736,690 | ||||||||||||||
| 5,926 | Government National Mortgage Association Pool 4946 | 4.500 | % | 2/20/41 | Aaa | 6,361,158 | ||||||||||||||
| 148 | Government National Mortgage Association Pool 537699 | 7.500 | % | 11/15/30 | Aaa | 167,917 | ||||||||||||||
| 1 | Government National Mortgage Association Pool 8259 | 1.625 | % | 8/20/23 | Aaa | 721 | ||||||||||||||
| 862 | IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1 | 2.557 | % | 3/25/35 | BBB+ | 851,836 | ||||||||||||||
| 2,097 | JPMorgan Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2007-S1 | 0.438 | % | 4/25/47 | CCC | 1,772,614 | ||||||||||||||
| 5,570 | JPMorgan Chase Commerical Mortgage Trust, Commerical Mortage Pass-Through Certificates, Series 2011-C4 | 4.106 | % | 7/15/46 | AAA | 5,954,491 | ||||||||||||||
| 1,347 | LB-UBS Commerical Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C2 | 4.367 | % | 3/15/36 | AAA | 1,349,702 | ||||||||||||||
| 924 | Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6 | 5.494 | % | 7/25/47 | BB+ | 936,417 | ||||||||||||||
| 2,742 | Master Resecuritization Trust 2009-1 | 6.000 | % | 10/25/36 | A | 2,886,141 | ||||||||||||||
| 1,564 | Mid-State Capital Corporation Trust Notes, Series 2005-1 | 5.745 | % | 1/15/40 | AA | 1,671,144 | ||||||||||||||
| 836 | Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-1 | 7.000 | % | 1/25/34 | BBB+ | 869,904 | ||||||||||||||
| 4,185 | National Credit Union Adminstration Guaranteed Structured Collateral Notes | 2.900 | % | 10/29/20 | AAA | 4,322,933 | ||||||||||||||
| 60 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 1,797 | Northwest Airlines Trust Pass-Through Certificates 2007-1 | 7.027 | % | 11/01/19 | A– | $ | 1,994,662 | ||||||||||||
| 2,940 | RBSSP Resecuritization Trust 2010-10 | 0.288 | % | 9/26/36 | N/R | 2,699,591 | ||||||||||||||
| 2,594 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.335 | % | 10/26/36 | N/R | 2,460,993 | ||||||||||||||
| 565 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125 | % | 2/25/41 | AAA | 564,873 | ||||||||||||||
| 2,612 | Springleaf Mortgage Loan Trust 2011-1 | 4.050 | % | 1/25/58 | AAA | 2,714,193 | ||||||||||||||
| 284 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11 | 2.517 | % | 8/25/34 | N/R | 278,363 | ||||||||||||||
| 2,150 | Structured Agency Credit Risk Debt Notes, 2013-DN2 | 4.408 | % | 11/25/23 | N/R | 2,132,753 | ||||||||||||||
| 1,608 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-P10B | 5.681 | % | 8/10/16 | Aaa | 1,686,549 | ||||||||||||||
| 6,013 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750 | % | 2/15/35 | Aaa | 6,339,437 | ||||||||||||||
| 839 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.240 | % | 6/15/20 | Aaa | 830,781 | ||||||||||||||
| 3,580 | Wachovia Mortgage Loan Trust LLC, Mortgage Pass-Through Certificates, Series 2005-B | 2.621 | % | 10/20/35 | D | 2,922,276 | ||||||||||||||
| 914 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2007-2 | 5.750 | % | 3/25/37 | Caa2 | 845,177 | ||||||||||||||
| $ | 166,405 | Total Asset-Backed and Mortgage-Backed Securities (cost $166,321,842) | 172,078,244 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 1.4% | ||||||||||||||||||||
Indonesia – 0.2% | ||||||||||||||||||||
| $ | 1,300 | Republic of Indonesia, 144A | 4.875 | % | 5/05/21 | Baa3 | $ | 1,287,000 | ||||||||||||
Poland – 0.2% | ||||||||||||||||||||
| 1,000 | Republic of Poland, (4) | 3.000 | % | 3/17/23 | A2 | 910,500 | ||||||||||||||
Russia – 0.4% | ||||||||||||||||||||
| 2,500 | Russian Federation, 144A | 4.875 | % | 9/16/23 | Baa1 | 2,525,000 | ||||||||||||||
South Africa – 0.6% | ||||||||||||||||||||
| 3,365 | Republic of South Africa, (4) | 5.875 | % | 9/16/25 | Baa1 | 3,499,600 | ||||||||||||||
| $ | 8,165 | Total Sovereign Debt (cost $8,171,972) | 8,222,100 | |||||||||||||||||
Total Long-Term Investments (cost $556,991,544) |
| 569,403,377 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.7% |
| |||||||||||||||||||
Money Market Funds – 11.7% | ||||||||||||||||||||
| 69,397,695 | Mount Vernon Securities Lending Trust Prime Portfolio, (8) | 0.175 | % (7) | $ | 69,397,695 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $69,397,695) |
| 69,397,695 | ||||||||||||||||||
| Nuveen Investments | 61 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Core Plus Bond Fund (continued)
| Shares | Description (1) | Coupon | Value | |||||||||||||
SHORT-TERM INVESTMENTS – 2.1% | ||||||||||||||||
Money Market Funds – 2.1% | ||||||||||||||||
| 12,180,590 | First American Treasury Obligations Fund, Class Z | 0.000 | % (7) | $ | 12,180,590 | |||||||||||
|
| |||||||||||||||
Total Short-Term Investments (cost $12,180,590) | 12,180,590 | |||||||||||||||
Total Investments (cost $638,569,829) – 110.0% | 650,981,662 | |||||||||||||||
Other Assets Less Liabilities – (10.0)% (9) | (59,141,113 | ) | ||||||||||||||
Net Assets – 100% | $ | 591,840,549 | ||||||||||||||
Investments in Derivatives as of December 31, 2013
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) (9) | ||||||||||||||
| Citigroup | Japanese Yen | 591,000,000 | U.S. Dollar | 5,747,484 | 2/14/14 | $ | 134,253 | |||||||||||||
| JPMorgan | Australian Dollar | 3,500,000 | U.S. Dollar | 3,178,627 | 1/17/14 | 57,033 | ||||||||||||||
| JPMorgan | U.S. Dollar | 6,617,247 | Australian Dollar | 7,000,000 | 1/17/14 | (374,061 | ) | |||||||||||||
| JPMorgan | U.S. Dollar | 6,164,753 | Mexican Peso | 80,000,000 | 2/20/14 | (62,820 | ) | |||||||||||||
| $ | (245,595 | ) | ||||||||||||||||||
Credit Default Swaps outstanding:
| Clearing House | Referenced Entity | Buy/Sell Protection (10) | Current Credit Spread (11) | Notional Amount | Fixed Rate (Annualized) | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | Markit CDX NA HY21 Index | Sell | 3.05 | % | $ | 6,100,000 | 5.000 | % | 12/20/18 | $ | 530,190 | $ | 185,816 | |||||||||||||||||||
Interest Rate Swaps outstanding:
| Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) (9) | ||||||||||||||||||||||||
Deutsche Bank AG | $ | 23,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.741 | % | Semi-Annually | 11/08/22 | $ | 2,119,045 | $ | 2,119,045 | ||||||||||||||||||||
JPMorgan | 12,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.078 | Semi-Annually | 2/19/23 | 789,932 | 789,932 | ||||||||||||||||||||||||
JPMorgan* | 17,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.739 | Semi-Annually | 11/21/23 | 464,071 | 463,541 | ||||||||||||||||||||||||
| $ | 52,000,000 | $ | 3,373,048 | $ | 3,372,518 | |||||||||||||||||||||||||||
| * | Citigroup is the clearing house for this transaction. |
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | Short | (50 | ) | 3/14 | $ | (5,965,625 | ) | $ | 77,390 | |||||||||||
U.S. Treasury 10-Year Note | Short | (413 | ) | 3/14 | (50,818,359 | ) | 954,809 | |||||||||||||
U.S. Treasury Long Bond | Short | (44 | ) | 3/14 | (5,645,750 | ) | 96,926 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (44 | ) | 3/14 | (5,995,000 | ) | 87,613 | |||||||||||||
| $ | (68,424,734 | ) | $ | 1,216,738 | ||||||||||||||||
| 62 | 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) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (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 $67,535,540. |
| (5) | Perpetual security. Maturity date is not applicable. |
| (6) | 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. |
| (7) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (8) | 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, Note 3—Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| (9) | 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. |
| (10) | 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. |
| (11) | 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. |
| (12) | Principal Amount (000) rounds to less than $1,000. |
| 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 | 63 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 97.8% | ||||||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 0.4% |
| |||||||||||||||||||
Diversified Financial Services – 0.4% | ||||||||||||||||||||
| 75 | Bank of America Corporation | 7.250 | % | BB+ | $ | 79,575 | ||||||||||||||
Total Convertible Preferred Securities (cost $63,225) | 79,575 | |||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 1.5% | ||||||||||||||||||||
Commercial Banks – 0.5% | ||||||||||||||||||||
| 2,400 | PNC Financial Services | 6.125 | % | BBB | $ | 60,600 | ||||||||||||||
| 2,000 | Regions Financial Corporation | 6.375 | % | BB | 44,300 | |||||||||||||||
Total Commercial Banks | 104,900 | |||||||||||||||||||
Consumer Finance – 0.4% | ||||||||||||||||||||
| 3,000 | Discover Financial Services | 6.500 | % | BB | 69,120 | |||||||||||||||
Diversified Financial Services – 0.2% | ||||||||||||||||||||
| 1,875 | Citigroup Inc. | 7.125 | % | BB+ | 48,637 | |||||||||||||||
Insurance – 0.4% | ||||||||||||||||||||
| 2,400 | Hartford Financial Services Group Inc. | 7.875 | % | BB+ | 68,784 | |||||||||||||||
Total $25 Par (or similar) Retail Structures (cost $292,963) | 291,441 | |||||||||||||||||||
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 49.0% | ||||||||||||||||||||
Auto Components – 1.0% | ||||||||||||||||||||
| $ | 50 | Ahern Rentals Inc., 144A | 9.500 | % | 6/15/18 | B | $ | 54,125 | ||||||||||||
| 45 | American & Axle Manufacturing Inc. | 6.625 | % | 10/15/22 | B+ | 47,363 | ||||||||||||||
| 50 | Stackpole International Intermediate Company, 144A | 7.750 | % | 10/15/21 | B+ | 52,000 | ||||||||||||||
| 40 | TRW Automotive Inc., 144A | 4.450 | % | 12/01/23 | BBB– | 38,800 | ||||||||||||||
| 185 | Total Auto Components | 192,288 | ||||||||||||||||||
Automobiles – 1.7% | ||||||||||||||||||||
| 200 | EUR | Fiat Finance & Trade SA | 7.000 | % | 3/23/17 | BB– | 300,079 | |||||||||||||
| 30 | General Motors Financial Company Inc., 144A | 4.250 | % | 5/15/23 | BB+ | 28,538 | ||||||||||||||
Total Automobiles | 328,617 | |||||||||||||||||||
Building Products – 0.3% | ||||||||||||||||||||
| 60 | Owens Corning Incorporated | 4.200 | % | 12/15/22 | BBB– | 57,296 | ||||||||||||||
| 64 | Nuveen Investments |
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Capital Markets – 2.8% | ||||||||||||||||||||
| $ | 40 | E Trade Financial Corporation | 6.375 | % | 11/15/19 | B2 | $ | 42,950 | ||||||||||||
| 125 | Goldman Sachs Group, Inc. | 6.000 | % | 6/15/20 | A | 143,322 | ||||||||||||||
| 85 | Goldman Sachs Group, Inc. | 3.625 | % | 1/22/23 | A | 82,310 | ||||||||||||||
| 30 | Lazard Group LLC | 4.250 | % | 11/14/20 | BBB | 29,935 | ||||||||||||||
| 75 | Morgan Stanley | 5.500 | % | 7/24/20 | A | 83,880 | ||||||||||||||
| 75 | Morgan Stanley | 4.875 | % | 11/01/22 | BBB+ | 76,775 | ||||||||||||||
| 75 | Morgan Stanley | 3.750 | % | 2/25/23 | A | 72,980 | ||||||||||||||
| 505 | Total Capital Markets | 532,152 | ||||||||||||||||||
Chemicals – 0.7% | ||||||||||||||||||||
| 25 | Hexion US Finance | 6.625 | % | 4/15/20 | Ba3 | 25,625 | ||||||||||||||
| 25 | Huntsman International LLC | 8.625 | % | 3/15/21 | B+ | 28,250 | ||||||||||||||
| 25 | Momentive Performance Materials Inc. | 8.875 | % | 10/15/20 | B3 | 26,313 | ||||||||||||||
| 50 | Taminco Global Chemical Corporation, 144A | 9.750 | % | 3/31/20 | B– | 56,750 | ||||||||||||||
| 125 | Total Chemicals | 136,938 | ||||||||||||||||||
Commercial Banks – 1.8% | ||||||||||||||||||||
| 45 | CIT Group Inc. | 5.000 | % | 8/01/23 | BB– | 43,313 | ||||||||||||||
| 25 | HSBC Holdings PLC | 6.800 | % | 6/01/38 | A+ | 30,754 | ||||||||||||||
| 35 | Royal Bank of Scotland Group PLC | 6.100 | % | 6/10/23 | BBB– | 35,283 | ||||||||||||||
| 200 | Santander UK PLC, 144A | 5.000 | % | 11/07/23 | A– | 200,744 | ||||||||||||||
| 25 | Wells Fargo & Company | 3.450 | % | 2/13/23 | A+ | 23,636 | ||||||||||||||
| 330 | Total Commercial Banks | 333,730 | ||||||||||||||||||
Commercial Services & Supplies – 0.4% |
| |||||||||||||||||||
| 27 | Ceridian Corporation, 144A | 8.875 | % | 7/15/19 | B1 | 31,050 | ||||||||||||||
| 50 | Iron Mountain Inc. | 5.750 | % | 8/15/24 | B1 | 46,375 | ||||||||||||||
| 77 | Total Commercial Services & Supplies | 77,425 | ||||||||||||||||||
Communications Equipment – 0.3% | ||||||||||||||||||||
| 50 | IntelSat Jackson Holdings, 144A | 6.625 | % | 12/15/22 | B– | 51,500 | ||||||||||||||
Computers & Peripherals – 0.2% | ||||||||||||||||||||
| 30 | Seagate HDD Cayman | 7.000 | % | 11/01/21 | BBB– | 33,113 | ||||||||||||||
Construction & Engineering – 1.0% | ||||||||||||||||||||
| 200 | Odebrecht Finance Limited, 144A | 5.125 | % | 6/26/22 | BBB | 195,750 | ||||||||||||||
Consumer Finance – 0.9% | ||||||||||||||||||||
| 100 | Capital One Bank | 3.375 | % | 2/15/23 | Baa1 | 92,968 | ||||||||||||||
| 75 | Discover Financial Services | 5.200 | % | 4/27/22 | BBB | 78,045 | ||||||||||||||
| 175 | Total Consumer Finance | 171,013 | ||||||||||||||||||
| Nuveen Investments | 65 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund (continued)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Containers & Packaging – 0.7% | ||||||||||||||||||||
| $ | 20 | Ball Corporation | 4.000 | % | 11/15/23 | BB+ | $ | 17,900 | ||||||||||||
| 100 | Reynolds Group | 7.125 | % | 4/15/19 | B+ | 106,500 | ||||||||||||||
| 120 | Total Containers & Packaging | 124,400 | ||||||||||||||||||
Diversified Consumer Services – 1.1% | ||||||||||||||||||||
| 200 | Office Depot de Mexico SA de CV, 144A | 6.875 | % | 9/20/20 | BB+ | 203,000 | ||||||||||||||
Diversified Financial Services – 4.1% | ||||||||||||||||||||
| 115 | Bank of America Corporation | 5.875 | % | 1/05/21 | A | 132,179 | ||||||||||||||
| 100 | Bank of America Corporation | 5.700 | % | 1/24/22 | A | 113,186 | ||||||||||||||
| 140 | BNP Paribas | 2.700 | % | 8/20/18 | A+ | 142,625 | ||||||||||||||
| 95 | Citigroup Inc. | 4.500 | % | 1/14/22 | A | 100,673 | ||||||||||||||
| 30 | Citigroup Inc. | 6.125 | % | 8/25/36 | BBB+ | 31,985 | ||||||||||||||
| 130 | General Electric Capital Corporation | 5.300 | % | 2/11/21 | AA | 145,421 | ||||||||||||||
| 25 | General Electric Capital Corporation | 6.875 | % | 1/10/39 | AA+ | 32,140 | ||||||||||||||
| 40 | JPMorgan Chase & Company | 3.375 | % | 5/01/23 | A | 37,280 | ||||||||||||||
| 45 | JPMorgan Chase & Company | 6.400 | % | 5/15/38 | A+ | 53,708 | ||||||||||||||
| 720 | Total Diversified Financial Services | 789,197 | ||||||||||||||||||
Diversified Telecommunication Services – 2.1% |
| |||||||||||||||||||
| 25 | AT&T, Inc. | 5.550 | % | 8/15/41 | A | 25,372 | ||||||||||||||
| 35 | Brasil Telecom SA, 144A | 5.750 | % | 2/10/22 | BBB– | 32,200 | ||||||||||||||
| 20 | CyrusOne LP Finance | 6.375 | % | 11/15/22 | B+ | 20,700 | ||||||||||||||
| 150 | Deutsche Telekom International Finance BV, 144A | 4.875 | % | 3/06/42 | BBB+ | 143,144 | ||||||||||||||
| 65 | Qwest Corporation | 6.750 | % | 12/01/21 | BBB– | 71,173 | ||||||||||||||
| 55 | Verizon Communications | 5.150 | % | 9/15/23 | A– | 59,053 | ||||||||||||||
| 20 | Verizon Communications | 6.550 | % | 9/15/43 | A– | 23,399 | ||||||||||||||
| 20 | Windstream Corporation | 6.375 | % | 8/01/23 | BB+ | 18,700 | ||||||||||||||
| 390 | Total Diversified Telecommunication Services | 393,741 | ||||||||||||||||||
Electric Utilities – 1.6% | ||||||||||||||||||||
| 55 | APT Pipelines Limited, 144A | 3.875 | % | 10/11/22 | BBB | 50,625 | ||||||||||||||
| 50 | FirstEnergy Corporation | 4.250 | % | 3/15/23 | Baa3 | 46,608 | ||||||||||||||
| 200 | Origin Energy Finance Limited, 144A | 3.500 | % | 10/09/18 | BBB | 200,988 | ||||||||||||||
| 305 | Total Electric Utilities | 298,221 | ||||||||||||||||||
Energy Equipment & Services – 1.0% | ||||||||||||||||||||
| 20 | Diamond Offshore Drilling Inc. | 5.700 | % | 10/15/39 | A | 21,724 | ||||||||||||||
| 25 | Gulfmark Offshore Inc. | 6.375 | % | 3/15/22 | BB– | 25,188 | ||||||||||||||
| 25 | Precision Drilling Corporation | 6.500 | % | 12/15/21 | Ba1 | 26,625 | ||||||||||||||
| 85 | Transocean Inc. | 3.800 | % | 10/15/22 | BBB– | 80,565 | ||||||||||||||
| 25 | Weatherford International Limited | 7.000 | % | 3/15/38 | Baa2 | 27,672 | ||||||||||||||
| 180 | Total Energy Equipment & Services | 181,774 | ||||||||||||||||||
| 66 | Nuveen Investments |
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Food & Staples Retailing – 1.1% | ||||||||||||||||||||
| $ | 200 | Coca-Cola Icecek AS, 144A | 4.750 | % | 10/01/18 | BBB | $ | 203,524 | ||||||||||||
Food Products – 0.2% | ||||||||||||||||||||
| 20 | JBS USA LLC | 7.250 | % | 6/01/21 | BB | 20,850 | ||||||||||||||
| 25 | Pinnacle Foods Finance LLC, 144A | 4.875 | % | 5/01/21 | B– | 23,625 | ||||||||||||||
| 45 | Total Food Products | 44,475 | ||||||||||||||||||
Gas Utilities – 0.1% | ||||||||||||||||||||
| 25 | AmeriGas Finance LLC | 6.750 | % | 5/20/20 | Ba2 | 27,313 | ||||||||||||||
Health Care Providers & Services – 1.0% | ||||||||||||||||||||
| 25 | HCA Holdings Inc. | 7.750 | % | 5/15/21 | B– | 27,313 | ||||||||||||||
| 25 | Kindred Healthcare Inc. | 8.250 | % | 6/01/19 | B– | 26,625 | ||||||||||||||
| 100 | EUR | Labco SAS, 144A | 8.500 | % | 1/15/18 | BB– | 146,169 | |||||||||||||
Total Health Care Providers & Services | 200,107 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.6% | ||||||||||||||||||||
| 25 | Shearer’s Foods LLC, 144A | 9.000 | % | 11/01/19 | B | 26,375 | ||||||||||||||
| 25 | Viking Cruises Limited, 144A | 8.500 | % | 10/15/22 | B+ | 28,250 | ||||||||||||||
| 50 | Wynn Las Vegas LLC | 5.375 | % | 3/15/22 | BBB– | 50,500 | ||||||||||||||
| 100 | Total Hotels, Restaurants & Leisure | 105,125 | ||||||||||||||||||
Independent Power Producers & Energy Traders – 0.4% | ||||||||||||||||||||
| 22 | Calpine Corporation, 144A | 7.500 | % | 2/15/21 | BB+ | 24,008 | ||||||||||||||
| 25 | Constellation Energy Group | 5.150 | % | 12/01/20 | BBB+ | 26,603 | ||||||||||||||
| 20 | Genon Energy Inc. | 9.500 | % | 10/15/18 | B | 22,650 | ||||||||||||||
| 67 | Total Independent Power Producers & Energy Traders | 73,261 | ||||||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||||||||
| 20 | Abengoa Finance SAU, 144A | 8.875 | % | 11/01/17 | B+ | 21,500 | ||||||||||||||
Insurance – 0.8% | ||||||||||||||||||||
| 50 | Genworth Holdings Inc. | 4.800 | % | 2/15/24 | BBB– | 49,388 | ||||||||||||||
| 35 | Hartford Financial Services Group Inc. | 6.000 | % | 1/15/19 | BBB | 40,142 | ||||||||||||||
| 30 | Liberty Mutual Group Inc., 144A | 4.950 | % | 5/01/22 | Baa2 | 31,020 | ||||||||||||||
| 35 | Swiss Re Treasury US Corporation, 144A | 4.250 | % | 12/06/42 | AA– | 30,077 | ||||||||||||||
| 150 | Total Insurance | 150,627 | ||||||||||||||||||
IT Services – 0.5% | ||||||||||||||||||||
| 75 | Computer Sciences Corporation | 4.450 | % | 9/15/22 | BBB | 72,341 | ||||||||||||||
| 20 | First Data Corporation | 6.750 | % | 11/01/20 | BB– | 20,800 | ||||||||||||||
| 95 | Total IT Services | 93,141 | ||||||||||||||||||
Machinery – 0.7% | ||||||||||||||||||||
| 55 | Eaton Corporation | 4.150 | % | 11/01/42 | A– | 48,858 | ||||||||||||||
| 50 | Ingersoll Rand, 144A | 5.750 | % | 6/15/43 | BBB | 50,749 | ||||||||||||||
| Nuveen Investments | 67 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund (continued)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Machinery (continued) | ||||||||||||||||||||
| $ | 40 | Terex Corporation | 6.000 | % | 5/15/21 | BB– | $ | 41,350 | ||||||||||||
| 145 | Total Machinery | 140,957 | ||||||||||||||||||
Media – 2.5% | ||||||||||||||||||||
| 20 | Cequel Communication Holdings I, 144A | 5.125 | % | 12/15/21 | B– | 18,750 | ||||||||||||||
| 20 | Comcast Corporation | 6.400 | % | 5/15/38 | A– | 23,095 | ||||||||||||||
| 55 | DIRECTV Holdings LLC | 3.800 | % | 3/15/22 | BBB | 52,835 | ||||||||||||||
| 50 | Dish DBS Corporation | 4.250 | % | 4/01/18 | BB– | 51,000 | ||||||||||||||
| 50 | Gannett Company Inc., 144A | 5.125 | % | 7/15/20 | Ba1 | 50,625 | ||||||||||||||
| 25 | McGraw-Hill Global Education Holdings, 144A | 9.750 | % | 4/01/21 | BB | 27,625 | ||||||||||||||
| 30 | NBC Universal Media LLC | 4.375 | % | 4/01/21 | A– | 31,753 | ||||||||||||||
| 70 | News America Holdings Inc. | 6.650 | % | 11/15/37 | BBB+ | 81,708 | ||||||||||||||
| 45 | SES SA, 144A | 3.600 | % | 4/04/23 | BBB | 41,927 | ||||||||||||||
| 40 | Time Warner Inc. | 6.100 | % | 7/15/40 | �� | BBB+ | 43,655 | |||||||||||||
| 28 | Viacom Inc. | 4.375 | % | 3/15/43 | BBB+ | 23,642 | ||||||||||||||
| 25 | CAD | Videotron Limited, 144A | 5.625 | % | 6/15/25 | BB | 22,711 | |||||||||||||
Total Media | 469,326 | |||||||||||||||||||
Metals & Mining – 4.3% | ||||||||||||||||||||
| 105 | Alcoa Inc. | 5.400 | % | 4/15/21 | BBB– | 107,235 | ||||||||||||||
| 45 | Allegheny Technologies Inc. | 5.875 | % | 8/15/23 | BBB– | 45,447 | ||||||||||||||
| 35 | CAD | Allied Nevada Gold Corporation, 144A | 8.750 | % | 6/01/19 | B– | 21,087 | |||||||||||||
| 25 | Anglogold Holdings PLC | 6.500 | % | 4/15/40 | Baa3 | 19,500 | ||||||||||||||
| 85 | ArcelorMittal | 6.750 | % | 2/25/22 | BB+ | 92,438 | ||||||||||||||
| 35 | Century Aluminum Company, 144A | 7.500 | % | 6/01/21 | B | 34,125 | ||||||||||||||
| 70 | Cliffs Natural Resources Inc. | 4.800 | % | 10/01/20 | BBB– | 69,574 | ||||||||||||||
| 25 | Coeur d’Alene Mines Corporation, | 7.875 | % | 2/01/21 | BB– | 25,375 | ||||||||||||||
| 50 | FMG Resources, 144A | 8.250 | % | 11/01/19 | BB+ | 56,125 | ||||||||||||||
| 75 | Freeport McMoRan Copper & Gold, Inc. | 3.550 | % | 3/01/22 | BBB | 71,280 | ||||||||||||||
| 45 | Inmet Mining Corporation, 144A | 8.750 | % | 6/01/20 | B+ | 48,825 | ||||||||||||||
| 65 | Newmont Mining Corporation | 3.500 | % | 3/15/22 | Baa1 | 55,327 | ||||||||||||||
| 35 | Teck Resources Limited | 6.250 | % | 7/15/41 | BBB | 34,840 | ||||||||||||||
| 25 | Vale Overseas Limited | 6.875 | % | 11/10/39 | A– | 25,861 | ||||||||||||||
| 35 | WPE International Cooperatief U.A, 144A | 10.375 | % | 9/30/20 | B+ | 22,663 | ||||||||||||||
| 80 | Xstrata Finance Canada Limited, 144A | 3.600 | % | 1/15/17 | BBB | 83,446 | ||||||||||||||
Total Metals & Mining | 813,148 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 9.0% | ||||||||||||||||||||
| 50 | Amerada Hess Corporation | 7.125 | % | 3/15/33 | BBB | 60,259 | ||||||||||||||
| 50 | Anadarko Petroleum Corporation | 6.200 | % | 3/15/40 | BBB– | 55,307 | ||||||||||||||
| 80 | Apache Corporation | 4.250 | % | 1/15/44 | A– | 71,925 | ||||||||||||||
| 68 | Nuveen Investments |
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| 30 | CAD | Athabasca Oil Corporation, 144A | 7.500 | % | 11/19/17 | B | $ | 26,265 | ||||||||||||
| $ | 25 | Atlas Pipeline LP Finance, 144A | 5.875 | % | 8/01/23 | B+ | 23,813 | |||||||||||||
| 25 | Bill Barrett Corporation | 7.000 | % | 10/15/22 | B1 | 25,938 | ||||||||||||||
| 25 | Calumet Specialty Products, 144A | 7.625 | % | 1/15/22 | B+ | 25,250 | ||||||||||||||
| 30 | Cenovus Energy Inc. | 3.800 | % | 9/15/23 | BBB+ | 29,247 | ||||||||||||||
| 5 | Concho Resources Inc. | 5.500 | % | 10/01/22 | BB+ | 5,163 | ||||||||||||||
| 50 | Continental Resources Inc. | 5.000 | % | 9/15/22 | BBB– | 51,938 | ||||||||||||||
| 25 | Deep Drilling 7 & 8 PT | 14.250 | % | 3/05/15 | N/R | 27,125 | ||||||||||||||
| 200 | Gazprom OAO Via Gaz Capital SA, 144A | 3.850 | % | 2/06/20 | Baa1 | 193,000 | ||||||||||||||
| 50 | Gibson Energy, 144A | 6.750 | % | 7/15/21 | BB | 52,875 | ||||||||||||||
| 25 | Halcon Resources Corporation | 9.750 | % | 7/15/20 | CCC+ | 26,063 | ||||||||||||||
| 50 | Hercules Offshore LLC, 144A | 7.500 | % | 10/01/21 | B | 53,000 | ||||||||||||||
| 30 | Key Energy Services Inc. | 6.750 | % | 3/01/21 | BB– | 30,750 | ||||||||||||||
| 25 | Kodiak Oil and Gas Corporation | 5.500 | % | 2/01/22 | B | 24,875 | ||||||||||||||
| 20 | Linn Energy LLC Finance Corporation, 144A | 7.000 | % | 11/01/19 | B+ | 20,200 | ||||||||||||||
| 25 | Martin Mid-Stream Partners LP Finance | 7.250 | % | 2/15/21 | B– | 25,500 | ||||||||||||||
| 55 | Nabors Industries Inc. | 4.625 | % | 9/15/21 | BBB | 55,064 | ||||||||||||||
| 25 | Niska Gas Storage US LLC | 8.875 | % | 3/15/18 | B | 26,000 | ||||||||||||||
| 30 | Offshore Group Investment Limited | 7.500 | % | 11/01/19 | B– | 32,625 | ||||||||||||||
| 20 | CAD | Paramount Resources Limited, 144A | 7.625 | % | 12/04/19 | B | 19,134 | |||||||||||||
| 25 | PBF Holding Company LLC | 8.250 | % | 2/15/20 | BB+ | 27,125 | ||||||||||||||
| 200 | Pertamina PT, 144A | 4.875 | % | 5/03/22 | Baa3 | 183,500 | ||||||||||||||
| 25 | Petrobras International Finance Company | 5.375 | % | 1/27/21 | Baa1 | 24,810 | ||||||||||||||
| 50 | Petrobras International Finance Company | 6.875 | % | 1/20/40 | Baa1 | 47,287 | ||||||||||||||
| 25 | Sandridge Energy Inc. | 8.125 | % | 10/15/22 | B2 | 26,500 | ||||||||||||||
| 200 | Sinopec Group Overseas Development 2012, 144A | 3.900 | % | 5/17/22 | Aa3 | 193,654 | ||||||||||||||
| 25 | SM Energy Company | 6.625 | % | 2/15/19 | BB– | 26,563 | ||||||||||||||
| 200 | Thai Oil PCL, 144A | 3.625 | % | 1/23/23 | Baa1 | 177,797 | ||||||||||||||
| 50 | Western Refining Inc. | 6.250 | % | 4/01/21 | B+ | 50,375 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 1,718,927 | |||||||||||||||||||
Paper & Forest Products – 1.2% | ||||||||||||||||||||
| 25 | Domtar Corporation | 4.400 | % | 4/01/22 | BBB– | 23,937 | ||||||||||||||
| 80 | Domtar Corporation | 6.750 | % | 2/15/44 | BBB– | 81,610 | ||||||||||||||
| 30 | International Paper Company | 8.700 | % | 6/15/38 | BBB | 41,317 | ||||||||||||||
| 50 | Resolute Forest Products, 144A | 5.875 | % | 5/15/23 | BB– | 46,250 | ||||||||||||||
| 25 | Tembec Industries, Inc. | 11.250 | % | 12/15/18 | B3 | 27,375 | ||||||||||||||
| 210 | Total Paper & Forest Products | 220,489 | ||||||||||||||||||
| Nuveen Investments | 69 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund (continued)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Pharmaceuticals – 0.1% | ||||||||||||||||||||
| $ | 25 | VP Escrow Corporation, 144A | 6.375 | % | 10/15/20 | B1 | $ | 26,344 | ||||||||||||
Real Estate Investment Trust – 0.6% | ||||||||||||||||||||
| 80 | HCP Inc. | 3.750 | % | 2/01/19 | BBB+ | 83,095 | ||||||||||||||
| 15 | Prologis Inc. | 6.875 | % | 3/15/20 | BBB | 17,667 | ||||||||||||||
| 20 | Simon Property Group, L.P. | 5.650 | % | 2/01/20 | A | 22,740 | ||||||||||||||
| 115 | Total Real Estate Investment Trust | 123,502 | ||||||||||||||||||
Real Estate Management & Development – 0.1% | ||||||||||||||||||||
| 25 | Mattamy Group Corporation, 144A | 6.500 | % | 11/15/20 | BB | 24,750 | ||||||||||||||
Road & Rail – 0.2% | ||||||||||||||||||||
| 30 | Hertz Corporation | 7.375 | % | 1/15/21 | B | 32,925 | ||||||||||||||
Software – 0.1% | ||||||||||||||||||||
| 25 | BMC Software Finance Inc., 144A | 8.125 | % | 7/15/21 | B– | 25,750 | ||||||||||||||
Textiles, Apparel & Luxury Goods – 0.1% |
| |||||||||||||||||||
| 20 | Jones Group | 6.875 | % | 3/15/19 | B+ | 21,200 | ||||||||||||||
Thrifts & Mortgage Finance – 0.2% | ||||||||||||||||||||
| 40 | WEA Finance LLC, 144A | 4.625 | % | 5/10/21 | A2 | 42,214 | ||||||||||||||
Tobacco – 0.6% | ||||||||||||||||||||
| 100 | Altria Group Inc. | 2.850 | % | 8/09/22 | Baa1 | 92,072 | ||||||||||||||
| 30 | Reynolds American Inc. | 3.250 | % | 11/01/22 | Baa2 | 27,651 | ||||||||||||||
| 130 | Total Tobacco | 119,723 | ||||||||||||||||||
Transportation Infrastructure – 0.2% | ||||||||||||||||||||
| 35 | Asciano Finance, 144A | 5.000 | % | 4/07/18 | Baa2 | 37,108 | ||||||||||||||
Wireless Telecommunication Services – 2.6% |
| |||||||||||||||||||
| 70 | American Tower Company | 5.050 | % | 9/01/20 | BBB | 74,023 | ||||||||||||||
| 50 | Crown Castle International Corporation | 5.250 | % | 1/15/23 | BB– | 49,000 | ||||||||||||||
| 200 | Softbank Corporation, 144A | 4.500 | % | 4/15/20 | BB+ | 195,000 | ||||||||||||||
| 50 | Sprint Corporation, 144A | 7.250 | % | 9/15/21 | BB– | 53,688 | ||||||||||||||
| 100 | VimpelCom Limited/VIP Finance Ireland, 144A | 9.125 | % | 4/30/18 | BB | 117,250 | ||||||||||||||
| 470 | Total Wireless Telecommunication Services | 488,961 | ||||||||||||||||||
Total Corporate Bonds (cost $9,208,934) | 9,324,552 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.1% | ||||||||||||||||||||
Real Estate Investment Trust – 0.1% | ||||||||||||||||||||
| $ | 20 | Boston Properties Limited Partnership | 4.125 | % | 5/15/21 | A– | $ | 20,432 | ||||||||||||
| $ | 20 | Total Convertible Bonds (cost $20,343) | 20,432 | |||||||||||||||||
| 70 | Nuveen Investments |
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 4.0% |
| |||||||||||||||||||
Capital Markets – 1.0% | ||||||||||||||||||||
| 100 | EUR | Baggot Securities Limited, 144A | 10.240 | % | N/A (3) | N/R | $ | 144,862 | ||||||||||||
| $ | 75 | Goldman Sachs Capital II | 4.000 | % | N/A (3) | BB+ | 52,725 | |||||||||||||
Total Capital Markets | 197,587 | |||||||||||||||||||
Commercial Banks – 1.6% | ||||||||||||||||||||
| 30 | EUR | Barclays Bank PLC | 4.750 | % | N/A (3) | BBB– | 35,080 | |||||||||||||
| 200 | Barclays PLC | 8.250 | % | N/A (3) | BB+ | 206,500 | ||||||||||||||
| 35 | Fifth Third Bancorp. | 5.100 | % | N/A (3) | BBB– | 30,975 | ||||||||||||||
| 30 | Rabobank Nederland, 144A | 11.000 | % | N/A (3) | A– | 39,713 | ||||||||||||||
Total Commercial Banks | 312,268 | |||||||||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||||||||
| 50 | JPMorgan Chase & Company | 6.000 | % | N/A (3) | BBB | 47,812 | ||||||||||||||
Electric Utilities – 0.5% | ||||||||||||||||||||
| 100 | Electricite de France, 144A | 5.250 | % | N/A (3) | A3 | 99,450 | ||||||||||||||
Insurance – 0.4% | ||||||||||||||||||||
| 25 | Genworth Financial Inc. | 6.150 | % | 11/15/66 | Ba1 | 22,125 | ||||||||||||||
| 50 | Prudential Financial Inc. | 5.200 | % | 3/15/44 | BBB+ | 48,375 | ||||||||||||||
| 75 | Total Insurance | 70,500 | ||||||||||||||||||
IT Services – 0.2% | ||||||||||||||||||||
| 25 | Zayo Escrow Corporation | 8.125 | % | 1/01/20 | B1 | 27,375 | ||||||||||||||
Total $1,000 (Par or Similar) Institutional Structures (cost $773,473) | 754,992 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 6.7% | ||||||||||||||||||||
| $ | 79 | Banc of America Alternative Loan Trust, Pass-Through Certificates, Series 2006-6 | 6.000 | % | 7/25/46 | Caa3 | $ | 64,881 | ||||||||||||
| 89 | Countrywide Asset Backed Certificates, Series 2007-4 A2 | 5.530 | % | 4/25/47 | Caa1 | 82,054 | ||||||||||||||
| 47 | Countrywide Home Loans Mortgage, Series 2005-27 | 5.500 | % | 12/25/35 | Caa1 | 44,436 | ||||||||||||||
| 145 | Fannie Mae TBA Mortgage Pool, (WI/DD) | 4.500 | % | TBA | Aaa | 153,638 | ||||||||||||||
| 680 | Fannie Mae TBA Mortgage Pool, (WI/DD) | 4.000 | % | TBA | Aaa | 699,975 | ||||||||||||||
| 222 | Holmes Master Issuer PLC, Residential Mortgage Pool, Series 2012-1A, 144A | 1.889 | % | 10/15/54 | AAA | 224,482 | ||||||||||||||
| $ | 1,262 | Total Asset-Backed and Mortgage-Backed Securities (cost $1,279,047) | 1,269,466 | |||||||||||||||||
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 36.1% | ||||||||||||||||||||
Bermuda – 0.6% | ||||||||||||||||||||
| 100 | Bermuda Government, 144A | 5.603 | % | 7/20/20 | AA– | $ | 107,500 | |||||||||||||
| Nuveen Investments | 71 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund (continued)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Canada – 0.8% | ||||||||||||||||||||
| 150 | CAD | Province of Ontario | 4.200 | % | 3/08/18 | Aa2 | $ | 152,679 | ||||||||||||
Indonesia – 0.5% | ||||||||||||||||||||
| 100 | Republic of Indonesia, 144A | 5.875 | % | 3/13/20 | Baa3 | 105,700 | ||||||||||||||
Ireland – 0.8% | ||||||||||||||||||||
| 100 | EUR | Irish Republic Treasury Bond | 5.500 | % | 10/18/17 | BBB+ | 156,352 | |||||||||||||
Italy – 0.4% | ||||||||||||||||||||
| 50 | EUR | Buoni Poliennali del Tesoro, Italian Treasury Bond | 4.750 | % | 6/01/17 | BBB+ | 74,547 | |||||||||||||
Malaysia – 1.6% | ||||||||||||||||||||
| 1,000 | MYR | Republic of Malaysia | 3.172 | % | 7/15/16 | A | 304,103 | |||||||||||||
Mexico – 10.6% | ||||||||||||||||||||
| 20 | MXN | Mexico Bonos de DeSarrollo | 8.000 | % | 12/17/15 | A | 165,175 | |||||||||||||
| 90 | MXN | Mexico Bonos de DeSarrollo | 4.750 | % | 6/14/18 | A | 672,856 | |||||||||||||
| 65 | MXN | Mexico Bonos de DeSarrollo | 8.000 | % | 12/07/23 | A | 549,459 | |||||||||||||
| 38 | MXN | Mexico Bonos de DeSarrollo | 7.750 | % | 11/13/42 | A | 299,065 | |||||||||||||
| 40 | MXN | United Mexican States | 9.500 | % | 12/18/14 | A | 322,883 | |||||||||||||
| 253 | MXN | Total Mexico | 2,009,438 | |||||||||||||||||
Norway – 1.0% | ||||||||||||||||||||
| 1,100 | NOK | Norwegian Government Bond | 3.750 | % | 5/25/21 | AAA | 193,148 | |||||||||||||
Poland – 1.7% | ||||||||||||||||||||
| 850 | PLN | Republic of Poland | 2.500 | % | 7/25/18 | A | 267,291 | |||||||||||||
| 50 | Republic of Poland | 5.000 | % | 3/23/22 | A2 | 53,438 | ||||||||||||||
Total Poland | 320,729 | |||||||||||||||||||
Russian – 1.1% | ||||||||||||||||||||
| 200 | Russian Federation, 144A | 4.500 | % | 4/04/22 | Baa1 | 202,500 | ||||||||||||||
South Africa – 3.9% | ||||||||||||||||||||
| 3,800 | ZAR | Republic of South Africa | 7.250 | % | 1/15/20 | A– | 358,421 | |||||||||||||
| 200 | Republic of South Africa | 5.875 | % | 9/16/25 | Baa1 | 208,000 | ||||||||||||||
| 1,500 | ZAR | Republic of South Africa | 10.500 | % | 12/21/26 | A– | 168,498 | |||||||||||||
Total South Africa | 734,919 | |||||||||||||||||||
Sweden – 0.9% | ||||||||||||||||||||
| 1,000 | SEK | Republic of Sweden | 3.500 | % | 6/01/22 | AAA | 169,331 | |||||||||||||
Trinidad and Tobago – 1.1% | ||||||||||||||||||||
| 200 | Republic of Trinidad and Tobago | 4.375 | % | 1/16/24 | A | 205,300 | ||||||||||||||
Turkey – 6.0% | ||||||||||||||||||||
| 1,000 | TRY | Republic of Turkey, Government Bond | 9.000 | % | 3/08/17 | BBB | 452,257 | |||||||||||||
| 785 | TRY | Republic of Turkey, Government Bond | 10.500 | % | 1/15/20 | BBB | 373,322 | |||||||||||||
| 72 | Nuveen Investments |
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Turkey (continued) | ||||||||||||||||||||
| 430 | TRY | Republic of Turkey, Government Bond | 7.100 | % | 3/08/23 | BBB | $ | 163,856 | ||||||||||||
| 200 | Republic of Turkey, Government Bond | 4.875 | % | 4/16/43 | Baa3 | 153,100 | ||||||||||||||
Total Turkey | 1,142,535 | |||||||||||||||||||
Ukraine – 0.5% | ||||||||||||||||||||
| 100 | Republic of Ukraine, 144A | 7.750 | % | 9/23/20 | CCC+ | 92,250 | ||||||||||||||
United Kingdom – 4.6% | ||||||||||||||||||||
| 270 | GBP | United Kingdom Gilt | 1.250 | % | 7/22/18 | Aa1 | 434,791 | |||||||||||||
| 250 | GBP | United Kingdom, Treasury Bill | 3.750 | % | 9/07/19 | Aa1 | 447,821 | |||||||||||||
| 520 | GBP | Total United Kingdom | 882,612 | |||||||||||||||||
Total Sovereign Debt (cost $7,421,842) | 6,853,643 | |||||||||||||||||||
Total Long-Term Investments (cost $19,059,827) | 18,594,101 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 3.0% | ||||||||||||||||||||
Repurchase Agreements – 3.0% | ||||||||||||||||||||
| $ | 567 | Repurchase Agreement with State Street Bank, dated 12/31/13, repurchase price $567,489, collateralized by $610,000 U.S. Treasury Notes, 1.250%, due 2/29/20, value $580,428 | 0.000 | % | 1/02/14 | $ | 567,489 | |||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $567,489) | 567,489 | |||||||||||||||||||
Total Investments (cost $19,627,316) – 100.8% |
| 19,161,590 | ||||||||||||||||||
Other Assets Less Liabilities – (0.8)% (5) | (153,351 | ) | ||||||||||||||||||
Net Assets –100% | $ | 19,008,239 | ||||||||||||||||||
Investments in Derivatives as of December 31, 2013
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) (5) | ||||||||||||||
| Bank of America | U.S. Dollar | 648,548 | Malaysian Ringgit | 2,100,000 | 2/11/14 | $ | (9,104 | ) | ||||||||||||
| Barclays Bank PLC | Australian Dollar | 1,840,000 | U.S. Dollar | 1,668,107 | 2/13/14 | 29,920 | ||||||||||||||
| Barclays Bank PLC | Polish Zloty | 825,000 | U.S. Dollar | 271,322 | 2/20/14 | (903 | ) | |||||||||||||
| Barclays Bank PLC | U.S. Dollar | 1,663,912 | Australian Dollar | 1,840,000 | 2/13/14 | (25,725 | ) | |||||||||||||
| Citigroup | Australian Dollar | 420,000 | U.S. Dollar | 380,764 | 2/13/14 | 6,830 | ||||||||||||||
| Citigroup | Euro | 440,500 | U.S. Dollar | 598,350 | 2/14/14 | (7,634 | ) | |||||||||||||
| Citigroup | Euro | 104,000 | U.S. Dollar | 141,340 | 2/14/14 | (1,730 | ) | |||||||||||||
| Citigroup | Japanese Yen | 95,000,000 | U.S. Dollar | 923,876 | 2/14/14 | 21,580 | ||||||||||||||
| Citigroup | Swedish Krona | 2,300,000 | U.S. Dollar | 345,891 | 1/17/14 | (11,595 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 684,504 | Mexican Peso | 9,000,000 | 1/17/14 | 3,860 | ||||||||||||||
| Citigroup | U.S. Dollar | 166,053 | Swedish Krona | 1,100,000 | 1/17/14 | 4,919 | ||||||||||||||
| Citigroup | U.S. Dollar | 17,111 | Swedish Krona | 110,000 | 1/17/14 | (14 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 1,474,017 | Australian Dollar | 1,630,000 | 2/13/14 | (22,797 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 1,910,846 | Euro | 1,400,000 | 2/14/14 | 15,095 | ||||||||||||||
| Credit Suisse | Norwegian Krone | 2,490,000 | U.S. Dollar | 404,271 | 2/18/14 | (5,518 | ) | |||||||||||||
| Credit Suisse | Pound Sterling | 544,000 | U.S. Dollar | 892,503 | 2/10/14 | (8,084 | ) | |||||||||||||
| Credit Suisse | U.S. Dollar | 979,988 | Pound Sterling | 600,000 | 2/10/14 | 13,306 | ||||||||||||||
| Nuveen Investments | 73 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Global Total Return Bond Fund (continued)
Investments in Derivatives as of December 31, 2013 (continued)
Forward Foreign Currency Exchange Contracts outstanding (continued):
| Counterparty | Currency Contracts to Deliver | Amount (Local Currency) | In Exchange For Currency | Amount (Local Currency) | Settlement Date | Unrealized Appreciation Depreciation) (U.S. Dollars) (5) | ||||||||||||||
| Credit Suisse | U.S. Dollar | 210,228 | Norwegian Krone | 1,300,000 | 2/18/14 | $ | 3,719 | |||||||||||||
| Credit Suisse | U.S. Dollar | 3,787 | Norwegian Krone | 23,000 | 2/18/14 | (1 | ) | |||||||||||||
| Credit Suisse | U.S. Dollar | 839,343 | Malaysian Ringgit | 2,700,000 | 3/04/14 | (18,142 | ) | |||||||||||||
| Goldman Sachs | U.S. Dollar | 962,063 | Pound Sterling | 590,000 | 2/20/14 | 14,609 | ||||||||||||||
| JPMorgan | South African Rand | 1,660,000 | U.S. Dollar | 159,317 | 2/20/14 | 2,224 | ||||||||||||||
| JPMorgan | Turkish Lira | 340,000 | U.S. Dollar | 165,815 | 2/11/14 | 9,008 | ||||||||||||||
| JPMorgan | Turkish Lira | 916,000 | U.S. Dollar | 426,304 | 2/11/14 | 3,848 | ||||||||||||||
| Morgan Stanley | Brazilian Real | 4,200,000 | U.S. Dollar | 1,781,926 | 1/03/14 | 2,814 | ||||||||||||||
| Morgan Stanley | Canadian Dollar | 525,000 | U.S. Dollar | 495,169 | 1/10/14 | 1,056 | ||||||||||||||
| Morgan Stanley | Canadian Dollar | 1,000,000 | U.S. Dollar | 933,471 | 1/10/14 | (7,695 | ) | |||||||||||||
| Morgan Stanley | Japanese Yen | 86,000,000 | U.S. Dollar | 838,182 | 2/10/14 | 21,383 | ||||||||||||||
| Morgan Stanley | U.S. Dollar | 1,810,891 | Brazilian Real | 4,200,000 | 1/03/14 | (31,779 | ) | |||||||||||||
| Morgan Stanley | U.S. Dollar | 1,767,305 | Brazilian Real | 4,200,000 | 2/04/14 | (3,037 | ) | |||||||||||||
| Morgan Stanley | U.S. Dollar | 244,637 | Canadian Dollar | 260,000 | 1/10/14 | 66 | ||||||||||||||
| Morgan Stanley | U.S. Dollar | 819,822 | Japanese Yen | 86,000,000 | 2/10/14 | (3,023 | ) | |||||||||||||
| Nomura Securities | U.S. Dollar | 919,094 | New Zealand Dollar | 1,100,000 | 1/08/14 | (14,967 | ) | |||||||||||||
| $ | (17,511 | ) | ||||||||||||||||||
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) (5) | |||||||||||||||||||||
JPMorgan | $ | 200,000 | Receive | 3-Month USD-LIBOR-BBA | 2.078 | % | Semi-Annually | 2/19/23 | $ | 13,166 | ||||||||||||||||||
Morgan Stanley | 1,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.095 | Semi-Annually | 3/19/23 | 67,269 | |||||||||||||||||||||
| $ | 1,200,000 | $ | 80,435 | |||||||||||||||||||||||||
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro-Bund | Long | 2 | 3/14 | $ | 382,914 | $ | (1,985 | ) | ||||||||||||
U.S. Treasury 5-Year Note | Short | (11 | ) | 3/14 | (1,312,437 | ) | 16,832 | |||||||||||||
U.S. Treasury 10-Year Note | Short | (1 | ) | 3/14 | (123,047 | ) | 1,419 | |||||||||||||
U.S. Treasury Long Bond | Short | (3 | ) | 3/14 | (384,938 | ) | 7,614 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (6 | ) | 3/14 | (817,500 | ) | 14,090 | |||||||||||||
| $ | (2,255,008 | ) | $ | 37,970 | ||||||||||||||||
| * | The aggregate Notional Amount at Value of long and short positions is $382,914 and $(2,637,922), respectively. |
| 74 | 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) | Perpetual security. Maturity date is not applicable. |
| (4) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (5) | 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. |
| 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 |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | Pound Sterling |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| TRY | Turkish Lira |
| ZAR | South African Rand |
| 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 | 75 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund
| Shares | Description (1) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 110.9% | ||||||||||||||
COMMON STOCKS – 1.6% | ||||||||||||||
Airlines – 0.2% | ||||||||||||||
| 61,200 | Delta Air Lines, Inc. | $ | 1,681,164 | |||||||||||
Building Products – 0.0% | ||||||||||||||
| 527 | Dayton Superior, Class A, (2), (3) | 30,195 | ||||||||||||
| 585 | Dayton Superior, Class 1, (2), (3) | 33,550 | ||||||||||||
Total Building Products | 63,745 | |||||||||||||
Capital Markets – 0.3% | ||||||||||||||
| 58,000 | BlackRock Kelso Capital Corporation | 541,140 | ||||||||||||
| 39,309 | China Private Equity Investment Holdings Limited, (2) | 3,243 | ||||||||||||
| 64,000 | Och-Ziff Capital Management Group, Class A | 947,200 | ||||||||||||
| 54,000 | Prospect Capital Corporation | 605,880 | ||||||||||||
| 48,000 | Technology Investment Capital Corporation | 496,320 | ||||||||||||
Total Capital Markets | 2,593,783 | |||||||||||||
Chemicals – 0.2% | ||||||||||||||
| 15,700 | LyondellBasell Industries NV | 1,260,396 | ||||||||||||
Containers & Packaging – 0.1% | ||||||||||||||
| 17,400 | Packaging Corp. of America | 1,101,072 | ||||||||||||
Media – 0.1% | ||||||||||||||
| 37,000 | Cablevision Systems Corporation, (4) | 663,410 | ||||||||||||
Metals & Mining – 0.2% | ||||||||||||||
| 21,200 | Freeport-McMoRan Copper & Gold, Inc. | 800,088 | ||||||||||||
| 499,059 | Northland Resources SA, (2) | 400,708 | ||||||||||||
Total Metals & Mining | 1,200,796 | |||||||||||||
Oil, Gas & Consumable Fuels – 0.1% | ||||||||||||||
| 13,500 | Pembina Pipeline Corporation | 475,605 | ||||||||||||
| 82,000 | Pengrowth Energy Corporation | 508,400 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 984,005 | |||||||||||||
Real Estate Investment Trust – 0.3% | ||||||||||||||
| 11,500 | Camden Property Trust | 654,120 | ||||||||||||
| 39,200 | Colony Financial Inc. | 795,368 | ||||||||||||
| 22,400 | Mid-America Apartment Communities | 1,360,576 | ||||||||||||
Total Real Estate Investment Trust | 2,810,064 | |||||||||||||
| 76 | Nuveen Investments |
| Shares | Description (1) | Value | ||||||||||||||||||
Road & Rail – 0.1% | ||||||||||||||||||||
| 7,300 | Norfolk Southern Corporation | $ | 677,659 | |||||||||||||||||
Total Common Stocks (cost $10,754,293) | 13,036,094 | |||||||||||||||||||
| Shares | Description (1), (5) | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 0.2% | ||||||||||||||||||||
| 50,000 | PowerShares Senior Loan Portfolio | 1,244,000 | ||||||||||||||||||
| 13,000 | Vanguard FTSE Europe ETF | 764,400 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $1,959,088) | 2,008,400 | |||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (6) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 0.3% |
| |||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||
| 30,000 | NextEra Energy Inc. | 5.889 | % | BBB | $ | 1,698,900 | ||||||||||||||
Metals & Mining – 0.1% | ||||||||||||||||||||
| 45,300 | ArcelorMittal (19) | 6.000 | % | BB– | 1,177,800 | |||||||||||||||
Total Convertible Preferred Securities (cost $2,467,476) |
| 2,876,700 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity (7) | Ratings (6) | Value | |||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 1.0% (8) |
| |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.5% | ||||||||||||||||||||
| $ | 2,000 | Caesars Entertainment Corporation, Term Loan B5 | 4.488 | % | 1/28/18 | B– | $ | 1,888,334 | ||||||||||||
| 2,000 | Rock Ohio Caesar LLC, Term Loan B, (WI/DD) | TBD | 3/29/19 | BB– | 1,916,666 | |||||||||||||||
| 4,000 | Total Hotels, Restaurants & Leisure | 3,805,000 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.5% | ||||||||||||||||||||
| 2,000 | Arch Coal Inc., Term Loan B, DD1 | 6.250 | % | 5/16/18 | BB– | 1,976,500 | ||||||||||||||
| 2,000 | Fieldwood Energy LLC, Second Lien Term Loan | 8.375 | % | 9/30/20 | B2 | 2,046,428 | ||||||||||||||
| 4,000 | Total Oil, Gas & Consumable Fuels | 4,022,928 | ||||||||||||||||||
| $ | 8,000 | Total Variable Rate Senior Loan Interests (cost $7,650,063) | 7,827,928 | |||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (6) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 5.1% |
| |||||||||||||||||||
Capital Markets – 0.8% | ||||||||||||||||||||
| 122,330 | Morgan Stanley | 4.000 | % | BB+ | $ | 2,299,804 | ||||||||||||||
| 66,903 | Saratoga Investment Corporation, (4) | 7.500 | % | N/R | 1,698,667 | |||||||||||||||
| 169,434 | UBS Preferred Funding Trust IV | 0.865 | % | BBB– | 2,558,453 | |||||||||||||||
Total Capital Markets | 6,556,924 | |||||||||||||||||||
Commercial Banks – 0.4% | ||||||||||||||||||||
| 110,000 | Regions Financial Corporation | 6.375 | % | BB | 2,436,500 | |||||||||||||||
| 35,000 | Royal Bank of Scotland Group PLC | 6.750 | % | BB | 758,450 | |||||||||||||||
Total Commercial Banks | 3,194,950 | |||||||||||||||||||
| Nuveen Investments | 77 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Shares | Description (1) | Coupon | Ratings (6) | Value | ||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||
| 50,000 | Ally Financial Inc. | 8.500 | % | B | $ | 1,342,500 | ||||||||||||
| 50,000 | Discover Financial Services | 6.500 | % | BB | 1,152,000 | |||||||||||||
Total Consumer Finance | 2,494,500 | |||||||||||||||||
Diversified Financial Services – 0.4% | ||||||||||||||||||
| 82,830 | Bank of America Corporation | 4.000 | % | BB+ | 1,620,983 | |||||||||||||
| 71,079 | RBS Capital Trust | 6.080 | % | BB+ | 1,491,238 | |||||||||||||
Total Diversified Financial Services | 3,112,221 | |||||||||||||||||
Household Durables – 0.1% | ||||||||||||||||||
| 55,624 | Hovnanian Enterprises Incorporated, (2) | 7.625 | % | Caa3 | 781,517 | |||||||||||||
Insurance – 0.2% | ||||||||||||||||||
| 51,131 | Endurance Specialty Holdings Limited | 7.500 | % | BBB– | 1,294,126 | |||||||||||||
Oil, Gas & Consumable Fuels – 0.1% | ||||||||||||||||||
| 50,000 | Teekay Offshore Partners LP | 7.250 | % | N/R | 1,240,000 | |||||||||||||
Real Estate Investment Trust – 2.5% | ||||||||||||||||||
| 51,900 | Ashford Hospitality Trust Inc. | 8.450 | % | N/R | 1,303,728 | |||||||||||||
| 40,000 | CommomWealth REIT | 7.250 | % | Ba1 | 872,000 | |||||||||||||
| 75,000 | Coresite Realty Corporation | 7.250 | % | N/R | 1,693,500 | |||||||||||||
| 50,000 | Corporate Office Properties Trust | 7.375 | % | BB | 1,177,000 | |||||||||||||
| 65,000 | Dupont Fabros Technology | 7.875 | % | Ba2 | 1,556,100 | |||||||||||||
| 22,024 | First Potomac Realty Trust | 7.750 | % | N/R | 531,880 | |||||||||||||
| 70,000 | General Growth Properties | 6.375 | % | N/R | 1,410,500 | |||||||||||||
| 41,677 | Hersha Hospitality Trust (20) | 8.000 | % | N/R | 1,041,925 | |||||||||||||
| 54,000 | Kite Realty Group Trust | 8.250 | % | N/R | 1,363,500 | |||||||||||||
| 70,000 | LaSalle Hotel Properties | 7.500 | % | N/R | 1,719,200 | |||||||||||||
| 56,749 | Northstar Realty Finance Corporation | 8.500 | % | N/R | 1,321,684 | |||||||||||||
| 50,000 | Pebblebrook Hotel Trust | 7.875 | % | N/R | 1,248,500 | |||||||||||||
| 40,500 | Pebblebrook Hotel Trust | 6.500 | % | N/R | 824,580 | |||||||||||||
| 50,000 | Realty Income Corporation | 6.625 | % | Baa2 | 1,196,500 | |||||||||||||
| 40,000 | Retail Properties of America | 7.000 | % | N/R | 844,000 | |||||||||||||
| 79,000 | Summit Hotel Properties Inc. | 7.125 | % | N/R | 1,709,560 | |||||||||||||
| 40,000 | Summit Hotel Properties Inc. | 9.250 | % | N/R | 1,079,600 | |||||||||||||
Total Real Estate Investment Trust | 20,893,757 | |||||||||||||||||
Specialty Retail – 0.3% | ||||||||||||||||||
| 88,000 | TravelCenters of America LLC | 8.250 | % | N/R | 2,303,840 | |||||||||||||
Total $25 Par (or similar) Retail Structures | 41,871,835 | |||||||||||||||||
| 78 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
CORPORATE BONDS – 78.4% | ||||||||||||||||||||
Aerospace & Defense – 0.3% | ||||||||||||||||||||
| $ | 2,026 | Erickson Air–Crane Inc., 144A, (4) | 8.250 | % | 5/01/20 | B1 | $ | 2,096,910 | ||||||||||||
Airlines – 0.4% | ||||||||||||||||||||
| 2,950 | Air Canada, 144A | 8.750 | % | 4/01/20 | BB– | 3,134,375 | ||||||||||||||
Auto Components – 2.7% | ||||||||||||||||||||
| 1,900 | Ahern Rentals Inc., 144A, (4) | 9.500 | % | 6/15/18 | B | 2,056,750 | ||||||||||||||
| 2,500 | Allied Specialty Vehicle Inc., 144A | 8.500 | % | 11/01/19 | B+ | 2,556,250 | ||||||||||||||
| 3,515 | Chassix Inc., 144A | 9.250 | % | 8/01/18 | B– | 3,743,475 | ||||||||||||||
| 2,500 | Cooper Standard Holding Inc. | 7.375 | % | 4/01/18 | B | 2,512,500 | ||||||||||||||
| 3,100 | Gestamp Funding Luxembourg SA, 144A | 5.625 | % | 5/31/20 | BB | 3,154,250 | ||||||||||||||
| 2,250 | Pittsburgh Glass Works LLC, 144A | 8.000 | % | 11/15/18 | B | 2,368,125 | ||||||||||||||
| 2,000 | Schaeffler Holding Finance BV, 144A | 6.875 | % | 8/15/18 | B1 | 2,120,000 | ||||||||||||||
| 3,500 | Stackpole International Intermediate Company, 144A, (4) | 7.750 | % | 10/15/21 | B+ | 3,640,000 | ||||||||||||||
| 21,265 | Total Auto Components | 22,151,350 | ||||||||||||||||||
Automobiles – 0.8% | ||||||||||||||||||||
| 3,000 | DriveTime Automotive Group Inc, DT Acceptance Corporation | 12.625 | % | 6/15/17 | B | 3,315,000 | ||||||||||||||
| 2,750 | Jaguar Land Rover PLC, 144A | 8.125 | % | 5/15/21 | BB | 3,128,125 | ||||||||||||||
| 5,750 | Total Automobiles | 6,443,125 | ||||||||||||||||||
Beverages – 0.8% | ||||||||||||||||||||
| 2,450 | Andalou Efes Biracilik ve Malt Sanayii AS, 144A | 3.375 | % | 11/01/22 | BBB– | 1,947,750 | ||||||||||||||
| 2,000 | Carolina Beverage Group LLC, 144A | 10.625 | % | 8/01/18 | B– | 2,100,000 | ||||||||||||||
| 2,000 | Crestview DS Merger Sub II Inc., 144A, (4) | 10.000 | % | 9/01/21 | B– | 2,145,000 | ||||||||||||||
| 6,450 | Total Beverages | 6,192,750 | ||||||||||||||||||
Building Products – 1.7% | ||||||||||||||||||||
| 2,150 | Associated Asphalt Partners Limited Liability Corporation, 144A | 8.500 | % | 2/15/18 | B | 2,214,500 | ||||||||||||||
| 3,000 | Builders FirstSource Inc., 144A, (4) | 7.625 | % | 6/01/21 | B– | 3,135,000 | ||||||||||||||
| 3,300 | Building Materials Holdings Corporation, 144A | 9.000 | % | 9/15/18 | B– | 3,555,750 | ||||||||||||||
| 2,500 | Taylor Morrison Monarch Communities, 144A | 5.250 | % | 4/15/21 | BB– | 2,431,250 | ||||||||||||||
| 2,250 | US Concrete Inc., 144A | 8.500 | % | 12/01/18 | B | 2,300,625 | ||||||||||||||
| 13,200 | Total Building Products | 13,637,125 | ||||||||||||||||||
Capital Markets – 0.5% | ||||||||||||||||||||
| 1,250 | Ace Cash Express Inc., 144A | 11.000 | % | 2/01/19 | B | 1,003,125 | ||||||||||||||
| 2,000 | EUR | UT2 Funding PLC | 5.321 | % | 6/30/16 | B+ | 2,737,653 | |||||||||||||
Total Capital Markets | 3,740,778 | |||||||||||||||||||
Chemicals – 1.5% | ||||||||||||||||||||
| 2,250 | Cornerstone Chemical Company, 144A | 9.375 | % | 3/15/18 | B– | 2,368,125 | ||||||||||||||
| 2,250 | Eagle Spinco Inc., 144A | 4.625 | % | 2/15/21 | BB | 2,205,000 | ||||||||||||||
| Nuveen Investments | 79 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Chemicals (continued) | ||||||||||||||||||||
| $ | 3,450 | Ineos Group Holdings SA, 144A, (4) | 6.125 | % | 8/15/18 | B– | $ | 3,467,250 | ||||||||||||
| 2,775 | Momentive Performance Materials Inc. | 8.875 | % | 10/15/20 | B3 | 2,920,688 | ||||||||||||||
| 1,190 | Petrologistics LP Finance Corporation, 144A | 6.250 | % | 4/01/20 | B | 1,192,975 | ||||||||||||||
| 425 | TPC Group Inc., 144A | 8.750 | % | 12/15/20 | B | 451,563 | ||||||||||||||
| 12,340 | Total Chemicals | 12,605,601 | ||||||||||||||||||
Commercial Banks – 2.0% | ||||||||||||||||||||
| 1,500 | Banco Do Brasil, 144A | 5.875 | % | 1/26/22 | Baa3 | 1,440,000 | ||||||||||||||
| 2,500 | Caixa Economica Federal, 144A | 3.500 | % | 11/07/22 | Baa2 | 2,025,000 | ||||||||||||||
| 1,050 | Gazprombank Eurobond Finance PLC | 7.875 | % | 4/29/49 | N/R | 1,039,500 | ||||||||||||||
| 2,000 | Promsvyazbank Finance, 144A | 10.200 | % | 11/06/19 | B1 | 2,137,500 | ||||||||||||||
| 2,000 | Russian Standard Bank ZAO Finance SA | 10.750 | % | 4/10/18 | B | 1,985,000 | ||||||||||||||
| 1,500 | Speedy Cash Inc, 144A, (4) | 10.750 | % | 5/15/18 | B | 1,578,750 | ||||||||||||||
| 2,000 | Turkiye Halk Bankasi, (4) | 3.875 | % | 2/05/20 | Baa2 | 1,749,800 | ||||||||||||||
| 2,800 | Vnesheconombank via VEB Finance PLC, 144A | 4.224 | % | 11/21/18 | BBB | 2,803,500 | ||||||||||||||
| 1,400 | VTB Bank OJSC via VTB Capital SA, Loan Participiation, 144A | 6.875 | % | 5/29/18 | BBB | 1,527,680 | ||||||||||||||
| 16,750 | Total Commercial Banks | 16,286,730 | ||||||||||||||||||
Commercial Services & Supplies – 2.4% |
| |||||||||||||||||||
| 1,500 | ABX Group Inc. | 8.750 | % | 12/01/20 | CCC+ | 1,530,000 | ||||||||||||||
| 1,915 | ADT Corporation, 144A, (4) | 6.250 | % | 10/15/21 | BBB– | 2,010,750 | ||||||||||||||
| 3,125 | Casella Waste Systems Inc. | 7.750 | % | 2/15/19 | Caa1 | 3,203,125 | ||||||||||||||
| 700 | Clean Harbors Inc., (4) | 5.250 | % | 8/01/20 | BB+ | 721,000 | ||||||||||||||
| 3,140 | EUR | Europcar Groupe SA, 144A | 11.500 | % | 5/15/17 | B– | 5,033,331 | |||||||||||||
| 2,000 | GDR Holding II Corporation, 144A | 10.750 | % | 6/01/19 | B | 2,180,000 | ||||||||||||||
| 2,000 | Iron Mountain Inc. | 5.750 | % | 8/15/24 | B1 | 1,855,000 | ||||||||||||||
| 1,500 | R.R. Donnelley & Sons Company, (4) | 8.250 | % | 3/15/19 | BB | 1,717,500 | ||||||||||||||
| 1,000 | Square Two Financial Corporation, (4) | 11.625 | % | 4/01/17 | B | 1,033,750 | ||||||||||||||
Total Commercial Services & Supplies | 19,284,456 | |||||||||||||||||||
Communications Equipment – 1.2% |
| |||||||||||||||||||
| 3,000 | Avaya Inc., 144A, (4) | 10.500 | % | 3/01/21 | CCC+ | 2,865,000 | ||||||||||||||
| 2,000 | Broadview Networks Holdings Inc. | 10.500 | % | 11/15/17 | N/R | 1,980,000 | ||||||||||||||
| 2,500 | Griffey Intermediate Inc. Finance, 144A, (4) | 7.000 | % | 10/15/20 | CCC+ | 1,981,250 | ||||||||||||||
| 2,875 | IntelSat Jackson Holdings, 144A, (4) | 6.625 | % | 12/15/22 | B– | 2,961,250 | ||||||||||||||
| 10,375 | Total Communications Equipment | 9,787,500 | ||||||||||||||||||
Computers & Peripherals – 0.4% | ||||||||||||||||||||
| 1,000 | Hutchinson Technology Inc. | 8.500 | % | 1/15/17 | N/R | 930,000 | ||||||||||||||
| 2,000 | NCR Escrow Corporation, 144A | 5.875 | % | 12/15/21 | BB | 2,037,500 | ||||||||||||||
| 3,000 | Total Computers & Peripherals | 2,967,500 | ||||||||||||||||||
| 80 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Construction & Engineering – 0.6% |
| |||||||||||||||||||
| $ | 2,500 | Michael Baker International LLC / CDL Acquisition Company Inc., 144A | 8.250 | % | 10/15/18 | B+ | $ | 2,562,500 | ||||||||||||
| 2,565 | Wyle Services Corporation, 144A | 10.500 | % | 4/01/18 | CCC+ | 2,622,713 | ||||||||||||||
| 5,065 | Total Construction & Engineering | 5,185,213 | ||||||||||||||||||
Construction Materials – 0.5% | ||||||||||||||||||||
| 2,000 | Cemex Finance LLC, 144A | 9.375 | % | 10/12/22 | BB– | 2,255,000 | ||||||||||||||
| 2,000 | Cemex SAB de CV, 144A | 9.000 | % | 1/11/18 | BB– | 2,195,000 | ||||||||||||||
| 4,000 | Total Construction Materials | 4,450,000 | ||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
| 2,500 | Home Credit & Finance Bank LLC Eurasia Capital | 9.375 | % | 4/24/20 | BB– | 2,500,000 | ||||||||||||||
Containers & Packaging – 1.5% | ||||||||||||||||||||
| 1,360 | Ardagh Packaging Finance / MP HD USA, 144A | 7.000 | % | 11/15/20 | CCC+ | 1,373,600 | ||||||||||||||
| 2,700 | Ardagh Packaging Finance / MP HD USA, 144A | 4.875 | % | 11/15/22 | Ba3 | 2,673,000 | ||||||||||||||
| 1,000 | Beverage Packaging Holdings Luxembourg II SA / Issuer Inc., 144A, (4) | 6.000 | % | 6/15/17 | CCC+ | 1,012,500 | ||||||||||||||
| 3,000 | EUR | Beverage Packaging Holdings Luxembourg II SA | 9.500 | % | 6/15/17 | CCC+ | 4,266,405 | |||||||||||||
| 2,850 | Plastipak Holdings Inc., 144A | 6.500 | % | 10/01/21 | B+ | 2,949,750 | ||||||||||||||
Total Containers & Packaging | 12,275,255 | |||||||||||||||||||
Diversified Consumer Services – 1.5% |
| |||||||||||||||||||
| 2,000 | Gibson Brands Inc., 144A | 8.875 | % | 8/01/18 | B | 2,110,000 | ||||||||||||||
| 2,500 | Jones Group Inc. | 6.125 | % | 11/15/34 | B+ | 2,121,875 | ||||||||||||||
| 3,500 | NES Rental Holdings Inc., 144A | 7.875 | % | 5/01/18 | CCC+ | 3,683,750 | ||||||||||||||
| 2,500 | Office Depot de Mexico SA de CV, 144A | 6.875 | % | 9/20/20 | BB+ | 2,537,500 | ||||||||||||||
| 2,000 | Southern States Cooperative Inc., 144A | 10.000 | % | 8/15/21 | B | 1,935,000 | ||||||||||||||
| 12,500 | Total Diversified Consumer Services | 12,388,125 | ||||||||||||||||||
Diversified Financial Services – 1.3% |
| |||||||||||||||||||
| 1,750 | CNG Holdings Inc., 144A, (4) | 9.375 | % | 5/15/20 | B | 1,610,000 | ||||||||||||||
| 3,000 | Jefferies Finance LLC Corpration, 144A | 7.375 | % | 4/01/20 | B+ | 3,120,000 | ||||||||||||||
| 1,600 | Jefferies LoanCore LLC Finance Corporation, 144A | 6.875 | % | 6/01/20 | B | 1,584,000 | ||||||||||||||
| 4,110 | Nationstar Mortgage LLC Capital Corporation | 7.875 | % | 10/01/20 | B+ | 4,264,125 | ||||||||||||||
| 10,460 | Total Diversified Financial Services | 10,578,125 | ||||||||||||||||||
Diversified Telecommunication Services – 1.7% |
| |||||||||||||||||||
| 2,300 | CenturyLink Inc. | 7.650 | % | 3/15/42 | BB+ | 2,052,750 | ||||||||||||||
| 3,500 | Citizens Communications Company | 9.000 | % | 8/15/31 | Ba2 | 3,438,750 | ||||||||||||||
| 1,300 | IntelSat Limited, 144A | 6.750 | % | 6/01/18 | B– | 1,381,250 | ||||||||||||||
| 2,135 | Sprint Capital Corporation | 8.750 | % | 3/15/32 | BB– | 2,289,788 | ||||||||||||||
| 2,225 | Telecom Italia Capital, (4) | 7.175 | % | 6/18/19 | BBB– | 2,497,563 | ||||||||||||||
| 2,000 | TW Telecom Holdings Inc., 144A | 5.375 | % | 10/01/22 | BB– | 1,965,000 | ||||||||||||||
| 13,460 | Total Diversified Telecommunication Services | 13,625,101 | ||||||||||||||||||
| Nuveen Investments | 81 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Electric Utilities – 1.7% | ||||||||||||||||||||
| $ | 1,500 | Energy Future Intermediate Holding Company LLC, 144A, (4) | 12.250 | % | 3/01/22 | Caa1 | $ | 1,762,500 | ||||||||||||
| 2,800 | FirstEnergy Corporation | 4.250 | % | 3/15/23 | Baa3 | 2,610,028 | ||||||||||||||
| 1,800 | Intergen NV, 144A | 7.000 | % | 6/30/23 | B+ | 1,863,000 | ||||||||||||||
| 1,697 | Midwest Generation LLC | 8.560 | % | 1/02/16 | N/R | 1,943,305 | ||||||||||||||
| 2,969 | Mirant Americas Generation LLC | 9.125 | % | 5/01/31 | BB– | 3,020,958 | ||||||||||||||
| 1,000 | Star Energy Geothermal Wayang Windu Limited, 144A | 6.125 | % | 3/27/20 | B+ | 927,500 | ||||||||||||||
| 3,000 | Texas Competitive Electric Holdings, 144A | 11.500 | % | 10/01/20 | CCC– | 2,205,000 | ||||||||||||||
| 14,766 | Total Electric Utilities | 14,332,291 | ||||||||||||||||||
Energy Equipment & Services – 1.5% |
| |||||||||||||||||||
| 1,850 | Forum Energy Technologies Inc., 144A | 6.250 | % | 10/01/21 | BB | 1,942,500 | ||||||||||||||
| 2,500 | Hercules Offshore LLC, 144A, (4) | 8.750 | % | 7/15/21 | B | 2,787,500 | ||||||||||||||
| 1,400 | Marine Accurate Well ASA | 9.500 | % | 4/03/18 | N/R | 1,473,500 | ||||||||||||||
| 15,000 | NOK | North Atlantic Drilling Limited | 6.100 | % | 10/30/18 | N/R | 2,466,902 | |||||||||||||
| 2,000 | Santa Maria Offshore Limited | 8.875 | % | 7/03/18 | B | 2,140,000 | ||||||||||||||
| 1,200 | Trolldrilling & Services Limited | 13.750 | % | 8/19/16 | N/R | 1,290,012 | ||||||||||||||
Total Energy Equipment & Services | 12,100,414 | |||||||||||||||||||
Food & Staples Retailing – 1.0% |
| |||||||||||||||||||
| 1,750 | Bi-Lo LLC Finance Corporation, 144A, (4) | 8.625 | % | 9/15/18 | CCC+ | 1,828,750 | ||||||||||||||
| 2,500 | Kehe Distributors LLC Finance, 144A | 7.625 | % | 8/15/21 | B | 2,650,000 | ||||||||||||||
| 4,000 | Rite Aid Corporation, 144A | 6.875 | % | 12/15/28 | CCC+ | 3,810,000 | ||||||||||||||
| 8,250 | Total Food & Staples Retailing | 8,288,750 | ||||||||||||||||||
Food Products – 2.0% | ||||||||||||||||||||
| 3,000 | B&G Foods Inc. | 4.625 | % | 6/01/21 | BB– | 2,880,000 | ||||||||||||||
| 2,500 | Dole Food Company, 144A, (4) | 7.250 | % | 5/01/19 | CCC+ | 2,493,750 | ||||||||||||||
| 2,800 | JBS USA LLC, (4) | 7.250 | % | 6/01/21 | BB | 2,919,000 | ||||||||||||||
| 3,500 | Land O Lakes Capital Trust I | 7.450 | % | 3/15/28 | BB | 3,360,000 | ||||||||||||||
| 2,000 | Marfrig Holding Europe BV, 144A | 8.375 | % | 5/09/18 | B | 1,860,000 | ||||||||||||||
| 1,450 | Minerva Luxembourg SA, 144A | 7.750 | % | 1/31/23 | BB– | 1,439,125 | ||||||||||||||
| 1,450 | Mriya Agro Holding PLC, 144A | 9.450 | % | 4/19/18 | B– | 1,239,750 | ||||||||||||||
| 16,700 | Total Food Products | 16,191,625 | ||||||||||||||||||
Gas Utilities – 0.3% | ||||||||||||||||||||
| 2,810 | LBC Tank Terminals Holdings Netherlands BV, 144A | 6.875 | % | 5/15/23 | B | 2,904,838 | ||||||||||||||
Health Care Equipment & Supplies – 0.5% |
| |||||||||||||||||||
| 2,425 | Community Health Systems, Inc., (4) | 7.125 | % | 7/15/20 | B | 2,515,938 | ||||||||||||||
| 1,250 | EUR | Labco SAS, Reg S | 8.500 | % | 1/15/18 | BB– | 1,827,108 | |||||||||||||
Total Health Care Equipment & Supplies | 4,343,046 | |||||||||||||||||||
Health Care Providers & Services – 2.0% |
| |||||||||||||||||||
| 1,250 | HCA Holdings Inc. | 6.250 | % | 2/15/21 | B– | 1,307,813 | ||||||||||||||
| 1,820 | Iasis Healthcare Capital Corporation, (4) | 8.375 | % | 5/15/19 | CCC+ | 1,929,200 | ||||||||||||||
| 82 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||||||||
| 1,240 | EUR | Labco SAS, 144A | 8.500 | % | 1/15/18 | BB– | $ | 1,812,491 | ||||||||||||
| $ | 2,000 | Lifepoint Hospitals Inc., 144A, (4) | 5.500 | % | 12/01/21 | Ba1 | 2,007,500 | |||||||||||||
| 2,725 | National Mentor Holdings, 144A | 12.500 | % | 2/15/18 | CCC+ | 2,915,750 | ||||||||||||||
| 2,000 | Opal Acquisition Inc., 144A | 8.875 | % | 12/15/21 | CCC+ | 1,990,000 | ||||||||||||||
| 1,000 | Select Medical Corporation, (4) | 6.375 | % | 6/01/21 | B– | 977,500 | ||||||||||||||
| — | (9) | Symbion Inc. | 11.000 | % | 8/23/15 | CCC+ | 492 | |||||||||||||
| 2,000 | Tenet Healthcare Corporation, (4) | 6.750 | % | 2/01/20 | B3 | 2,050,000 | ||||||||||||||
| 1,800 | Tenet Healthcare Corporation | 6.875 | % | 11/15/31 | B3 | 1,566,000 | ||||||||||||||
Total Health Care Providers & Services | 16,556,746 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 2.3% |
| |||||||||||||||||||
| 30 | Greektown Holdings, (3) | 10.750 | % | 12/01/14 | N/R | — | ||||||||||||||
| 2,000 | Harrah’s Operating Company, Inc. | 10.750 | % | 2/01/16 | CCC– | 1,610,000 | ||||||||||||||
| 3,000 | Harrah’s Operating Company, Inc. | 10.000 | % | 12/15/18 | CCC– | 1,440,000 | ||||||||||||||
| 1,850 | Mohegan Tribal Gaming Authority, (4) | 9.750 | % | 9/01/21 | B3 | 1,993,375 | ||||||||||||||
| 2,000 | Roc Finance LLC and Roc Finance 1 Corporation, 144A, (4) | 12.125 | % | 9/01/18 | B | 2,055,000 | ||||||||||||||
| 2,750 | Shearer’s Foods LLC, 144A | 9.000 | % | 11/01/19 | B | 2,901,250 | ||||||||||||||
| 2,540 | Station Casinos LLC | 7.500 | % | 3/01/21 | CCC+ | 2,705,100 | ||||||||||||||
| 2,300 | Viking Cruises Limited, 144A | 8.500 | % | 10/15/22 | B+ | 2,599,000 | ||||||||||||||
| 1,040 | Wynn Las Vegas LLC Corporation, (4) | 5.375 | % | 3/15/22 | BBB– | 1,050,400 | ||||||||||||||
| 2,550 | Wynn Macau Limited, 144A | 5.250 | % | 10/15/21 | BB | 2,553,188 | ||||||||||||||
| 20,060 | Total Hotels, Restaurants & Leisure | 18,907,313 | ||||||||||||||||||
Household Durables – 0.9% | ||||||||||||||||||||
| 2,500 | Beazer Homes USA, Inc., 144A, (4) | 7.500 | % | 9/15/21 | CCC+ | 2,587,500 | ||||||||||||||
| 3,000 | Brookfield Residential Properties Inc., 144A | 6.500 | % | 12/15/20 | BB– | 3,112,500 | ||||||||||||||
| 2,000 | K. Hovnanian Enterprises Inc. | 5.000 | % | 11/01/21 | B1 | 1,790,000 | ||||||||||||||
| 7,500 | Total Household Durables | 7,490,000 | ||||||||||||||||||
Household Products – 0.3% | ||||||||||||||||||||
| 1,900 | Reynolds Group | 9.875 | % | 8/15/19 | CCC+ | 2,113,750 | ||||||||||||||
Independent Power Producers & Energy Traders – 0.9% | ||||||||||||||||||||
| 1,777 | Calpine Corporation, 144A | 7.500 | % | 2/15/21 | BB+ | 1,939,151 | ||||||||||||||
| 3,300 | Dynegy Holdings, Inc., (4) | 5.875 | % | 6/01/23 | B+ | 3,118,500 | ||||||||||||||
| 2,600 | Mirant Americas Generation LLC, (4) | 8.500 | % | 10/01/21 | BB– | 2,736,500 | ||||||||||||||
| 7,677 | Total Independent Power Producers & Energy Traders | 7,794,151 | ||||||||||||||||||
Industrial Conglomerates – 0.7% | ||||||||||||||||||||
| 1,250 | Abengoa Finance SAU, 144A, (4) | 8.875 | % | 11/01/17 | B+ | 1,343,750 | ||||||||||||||
| 1,000 | Foresight Energy Limited Liability Corporation, 144A | 7.875 | % | 8/15/21 | CCC+ | 1,027,500 | ||||||||||||||
| 9,000 | NOK | Grieg Seafood ASA | 8.660 | % | 12/21/15 | N/R | 1,550,624 | |||||||||||||
| 2,000 | OAS Financial Limited, 144A, (4) | 8.875 | % | 7/25/63 | BB– | 1,770,000 | ||||||||||||||
Total Industrial Conglomerates | 5,691,874 | |||||||||||||||||||
| Nuveen Investments | 83 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Insurance – 0.2% | ||||||||||||||||||||
| $ | 2,000 | Compass Investors Incorporated, 144A | 7.750 | % | 1/15/21 | CCC+ | $ | 2,045,000 | ||||||||||||
Internet Software & Services – 0.3% |
| |||||||||||||||||||
| 2,250 | Equinix Inc., (4) | 5.375 | % | 4/01/23 | BB | 2,199,375 | ||||||||||||||
IT Services – 0.3% | ||||||||||||||||||||
| 2,050 | First Data Corporation, (4) | 12.625 | % | 1/15/21 | B– | 2,406,188 | ||||||||||||||
Leisure Equipment & Products – 0.7% |
| |||||||||||||||||||
| 2,000 | Cinemark USA Inc. | 4.875 | % | 6/01/23 | BB– | 1,880,000 | ||||||||||||||
| 2,925 | CAD | Gateway Casinos & Entertainment Limited | 8.500 | % | 11/26/20 | B+ | 2,764,659 | |||||||||||||
| 1,500 | Seminole Hard Rock Entertainment, Inc., 144A | 5.875 | % | 5/15/21 | BB– | 1,473,750 | ||||||||||||||
Total Leisure Equipment & Products | 6,118,409 | |||||||||||||||||||
Machinery – 1.7% | ||||||||||||||||||||
| 3,000 | Commercial Vehicle Group | 7.875 | % | 4/15/19 | B | 2,992,500 | ||||||||||||||
| 2,000 | CTP Transportation Products LLC-Finance Inc., 144A | 8.250 | % | 12/15/19 | B+ | 2,085,000 | ||||||||||||||
| 3,050 | Harsco Corporation | 5.750 | % | 5/15/18 | BBB– | 3,201,146 | ||||||||||||||
| 2,100 | EUR | Loxam SAS, 144A | 7.375 | % | 1/24/20 | B | 3,091,209 | |||||||||||||
| 2,250 | Trinseo Materials Operating, 144A, (4) | 8.750 | % | 2/01/19 | B | 2,323,125 | ||||||||||||||
Total Machinery | 13,692,980 | |||||||||||||||||||
Marine – 1.6% | ||||||||||||||||||||
| 10,725 | NOK | BOA SBL AS, 144A | 7.200 | % | 4/19/18 | N/R | 1,759,407 | |||||||||||||
| 2,500 | EUR | CMA CGM SA, 144A | 8.750 | % | 12/15/18 | Caa1 | 3,374,776 | |||||||||||||
| 12,000 | NOK | E Forland AS | 8.410 | % | 9/04/18 | B | 1,988,360 | |||||||||||||
| 2,000 | Eletson Holdings Inc., 144A | 9.625 | % | 1/15/22 | B | 2,050,000 | ||||||||||||||
| 2,000 | Navios Maritime Acquisition Corporation, 144A | 8.125 | % | 11/15/21 | B | 2,040,000 | ||||||||||||||
| 2,200 | Topaz Marine SA, 144A | 8.625 | % | 11/01/18 | B– | 2,216,500 | ||||||||||||||
Total Marine | 13,429,043 | |||||||||||||||||||
Media – 4.5% | ||||||||||||||||||||
| 1,000 | American Media Inc., 144A, (4) | 13.500 | % | 6/15/18 | CCC– | 1,080,000 | ||||||||||||||
| 2,000 | American Media Inc., (4) | 11.500 | % | 12/15/17 | B2 | 2,175,000 | ||||||||||||||
| 932 | Baker & Taylor Inc., 144A | 15.000 | % | 4/01/17 | B3 | 792,200 | ||||||||||||||
| 1,900 | Belo Corporation | 7.250 | % | 9/15/27 | BB | 1,971,250 | ||||||||||||||
| 3,500 | Cequel Communication Holdings I, 144A | 5.125 | % | 12/15/21 | B– | 3,281,250 | ||||||||||||||
| 2,850 | Charter Communications, CCO Holdings LLC, (4) | 5.125 | % | 2/15/23 | BB– | 2,643,375 | ||||||||||||||
| 3,000 | Clear Channel Communications, Inc. | 11.250 | % | 3/01/21 | CCC+ | 3,225,000 | ||||||||||||||
| 3,300 | Dish DBS Corporation, (4) | 5.875 | % | 7/15/22 | BB– | 3,300,000 | ||||||||||||||
| 1,500 | Lynx II Corporation, 144A, (4) | 6.375 | % | 4/15/23 | B | 1,526,250 | ||||||||||||||
| 2,200 | McClatchy Company | 9.000 | % | 12/15/22 | B1 | 2,420,000 | ||||||||||||||
| 3,000 | McGraw-Hill Global Education Holdings, 144A, (4) | 9.750 | % | 4/01/21 | BB | 3,315,000 | ||||||||||||||
| 3,600 | Midcontinent Communications Finance Company, 144A | 6.250 | % | 8/01/21 | B– | 3,627,000 | ||||||||||||||
| 84 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Media (continued) | ||||||||||||||||||||
| $ | 2,650 | Nara Cable Funding Limited, 144A, (4) | 8.875 | % | 12/01/18 | BB– | $ | 2,848,750 | ||||||||||||
| 1,650 | CAD | Videotron Limited, 144A | 5.625 | % | 6/15/25 | BB | 1,498,941 | |||||||||||||
| 2,900 | WideOpenWest Finance Capital Corporation | 13.375 | % | 10/15/19 | CCC+ | 3,356,750 | ||||||||||||||
Total Media | 37,060,766 | |||||||||||||||||||
Metals & Mining – 5.9% | ||||||||||||||||||||
| 1,000 | Aleris International Inc., (3) | 10.000 | % | 12/15/16 | N/R | 10 | ||||||||||||||
| 2,215 | CAD | Allied Nevada Gold Corporation, 144A | 8.750 | % | 6/01/19 | B– | 1,334,526 | |||||||||||||
| 1,600 | Anglogold Holdings PLC, (4) | 8.500 | % | 7/30/20 | Baa3 | 1,652,160 | ||||||||||||||
| 2,965 | Century Aluminum Company, 144A, (4) | 7.500 | % | 6/01/21 | B | 2,890,875 | ||||||||||||||
| 1,725 | Coeur d’Alene Mines Corporation | 7.875 | % | 2/01/21 | BB– | 1,750,875 | ||||||||||||||
| 1,800 | Commercial Metals Inc. | 4.875 | % | 5/15/23 | BB+ | 1,674,000 | ||||||||||||||
| 3,550 | Eldorado Gold Corporation, 144A, (4) | 6.125 | % | 12/15/20 | BB | 3,416,875 | ||||||||||||||
| 2,000 | FMG Resources, 144A, (4) | 6.875 | % | 4/01/22 | BB+ | 2,180,000 | ||||||||||||||
| 2,000 | Gold Fields Orogen Holdings BVI Limited, 144A | 4.875 | % | 10/07/20 | BB+ | 1,617,338 | ||||||||||||||
| 2,805 | Inmet Mining Corporation, 144A | 8.750 | % | 6/01/20 | B+ | 3,043,425 | ||||||||||||||
| 3,000 | Magnetation LLC Finance Corporation, 144A | 11.000 | % | 5/15/18 | B– | 3,270,000 | ||||||||||||||
| 1,000 | Molycorp Inc., 144A, (4) | 10.000 | % | 6/01/20 | B3 | 992,500 | ||||||||||||||
| 2,350 | New Gold Incorporated, 144A | 6.250 | % | 11/15/22 | BB– | 2,273,625 | ||||||||||||||
| 1,522 | Northland Resources AB, (10) | 4.000 | % | 10/15/20 | N/R | 136,935 | ||||||||||||||
| 3,032 | Northland Resources AB | 15.000 | % | 7/15/19 | Caa2 | 2,092,425 | ||||||||||||||
| 2,750 | Permian Holdings Incorporated, 144A | 10.500 | % | 1/15/18 | B– | 2,708,750 | ||||||||||||||
| 2,650 | Severstal OAO Via Steel Capital SA, 144A, (4) | 4.450 | % | 3/19/18 | BB+ | 2,620,188 | ||||||||||||||
| 2,000 | Tempel Steel Company, 144A | 12.000 | % | 8/15/16 | B– | 1,930,000 | ||||||||||||||
| 825 | Thompson Creek Metals Company, (4) | 7.375 | % | 6/01/18 | Caa2 | 703,313 | ||||||||||||||
| 2,000 | Tizir Limited | 9.000 | % | 9/28/17 | N/R | 2,075,000 | ||||||||||||||
| 2,000 | TMK OAO Capital SA, 144A, (4) | 6.750 | % | 4/03/20 | B+ | 1,925,000 | ||||||||||||||
| 2,400 | Vedanta Resources PLC, 144A, (4) | 6.000 | % | 1/31/19 | BB | 2,322,000 | ||||||||||||||
| 2,000 | Walter Energy Inc., 144A, (4) | 9.500 | % | 10/15/19 | B | 2,110,000 | ||||||||||||||
| 2,400 | Wise Metals Group, 144A | 8.750 | % | 12/15/18 | B– | 2,526,000 | ||||||||||||||
| 1,750 | WPE International Cooperatief U.A, 144A | 10.375 | % | 9/30/20 | B+ | 1,133,125 | ||||||||||||||
Total Metals & Mining | 48,378,945 | |||||||||||||||||||
Multiline Retail – 0.4% | ||||||||||||||||||||
| 3,950 | J.C. Penney Corporation Inc. | 6.375 | % | 10/15/36 | Caa2 | 2,942,750 | ||||||||||||||
Oil, Gas & Consumable Fuels – 14.4% |
| |||||||||||||||||||
| 2,500 | Armstrong Energy Inc. | 11.750 | % | 12/15/19 | B– | 2,487,500 | ||||||||||||||
| 1,500 | CAD | Athabasca Oil Corporation, 144A | 7.500 | % | 11/19/17 | B | 1,313,250 | |||||||||||||
| 2,000 | Athlon Holdings LP Finance Corporation, 144A, (4) | 7.375 | % | 4/15/21 | CCC+ | 2,100,000 | ||||||||||||||
| 1,900 | Atlas Pipeline LP Finance, (4) | 6.625 | % | 10/01/20 | B2 | 1,985,500 | ||||||||||||||
| Nuveen Investments | 85 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| $ | 2,155 | Bill Barrett Corporation, (4) | 7.000 | % | 10/15/22 | B1 | $ | 2,235,813 | ||||||||||||
| 2,300 | Bluewater Holding BV | 10.000 | % | 12/10/19 | N/R | 2,305,750 | ||||||||||||||
| 2,400 | Bonanza Creek Energy Inc. | 6.750 | % | 4/15/21 | B– | 2,514,000 | ||||||||||||||
| 3,000 | Breitburn Energy Partners LP, (4) | 7.875 | % | 4/15/22 | B– | 3,120,000 | ||||||||||||||
| 2,075 | Calumet Specialty Products, 144A | 7.625 | % | 1/15/22 | B+ | 2,095,750 | ||||||||||||||
| 3,524 | Cheniere Energy Inc., 144A, (4) | 5.625 | % | 2/01/21 | BB+ | 3,444,700 | ||||||||||||||
| 2,000 | Chesapeake Energy Corporation | 6.875 | % | 11/15/20 | BB– | 2,260,000 | ||||||||||||||
| 2,125 | Concho Resources Inc., (4) | 5.500 | % | 10/01/22 | BB+ | 2,194,063 | ||||||||||||||
| 2,500 | Connacher Oil and Gas Limited, 144A, (4) | 8.500 | % | 8/01/19 | B | 1,718,750 | ||||||||||||||
| 2,410 | Continental Resources Inc. | 5.000 | % | 9/15/22 | BBB– | 2,503,388 | ||||||||||||||
| 750 | Crestwood Midstream Partners LP, 144A, (4) | 6.125 | % | 3/01/22 | BB | 768,750 | ||||||||||||||
| 1,975 | Deep Drilling 7 & 8 PT | 14.250 | % | 3/05/15 | N/R | 2,142,875 | ||||||||||||||
| 2,000 | Denbury Resources Incorporated, (4) | 4.625 | % | 7/15/23 | BB | 1,805,000 | ||||||||||||||
| 2,500 | Diamondback Energy Inc., 144A, (4) | 7.625 | % | 10/01/21 | CCC+ | 2,637,500 | ||||||||||||||
| 2,000 | Everest Acquisition LLC Finance, 144A, (4) | 7.750 | % | 9/01/22 | B | 2,240,000 | ||||||||||||||
| 11,000 | NOK | GasLog Limited | 7.150 | % | 6/27/18 | N/R | 1,831,728 | |||||||||||||
| 2,875 | Gastar Exploration USA, 144A | 8.625 | % | 5/15/18 | B– | 2,824,688 | ||||||||||||||
| 1,950 | Gibson Energy, 144A | 6.750 | % | 7/15/21 | BB | 2,062,125 | ||||||||||||||
| 1,000 | Halcon Resources Corporation, 144A | 9.750 | % | 7/15/20 | CCC+ | 1,041,250 | ||||||||||||||
| 1,900 | Halcon Resources Corporation | 9.750 | % | 7/15/20 | CCC+ | 1,980,750 | ||||||||||||||
| 500 | Holly Energy Partners LP | 6.500 | % | 3/01/20 | BB– | 522,500 | ||||||||||||||
| 2,000 | ION Geophysical Corporation, 144A | 8.125 | % | 5/15/18 | B | 1,660,000 | ||||||||||||||
| 2,500 | Iona Energy Company UK | 9.500 | % | 9/27/18 | N/R | 2,487,500 | ||||||||||||||
| 2,680 | Key Energy Services Inc., (4) | 6.750 | % | 3/01/21 | BB– | 2,747,000 | ||||||||||||||
| 2,475 | Kodiak Oil and Gas Corporation | 5.500 | % | 2/01/22 | B | 2,462,625 | ||||||||||||||
| 1,965 | Legacy Reserves LP Finance Corporation, 144A | 6.625 | % | 12/01/21 | B– | 1,901,138 | ||||||||||||||
| 1,895 | Linn Energy LLC Finance Corporation, 144A | 7.000 | % | 11/01/19 | B+ | 1,913,950 | ||||||||||||||
| 2,000 | Martin Mid-Stream Partners LP Finance, (4) | 7.250 | % | 2/15/21 | B– | 2,040,000 | ||||||||||||||
| 2,075 | MEG Energy Corportation, 144A | 7.000 | % | 3/31/24 | BB | 2,100,938 | ||||||||||||||
| 1,300 | Murphy Oil USA Inc., 144A | 6.000 | % | 8/15/23 | BB | 1,306,500 | ||||||||||||||
| 739 | Newfield Exlporation Company | 5.625 | % | 7/01/24 | BBB– | 735,305 | ||||||||||||||
| 950 | Niska Gas Storage US LLC | 8.875 | % | 3/15/18 | B | 988,000 | ||||||||||||||
| 1,650 | Northern Tier Energy LLC | 7.125 | % | 11/15/20 | BB– | 1,724,250 | ||||||||||||||
| 1,900 | NuStar Logistics LP | 6.750 | % | 2/01/21 | BB+ | 1,960,640 | ||||||||||||||
| 2,300 | Oasis Petroleum Inc., 144A | 6.875 | % | 3/15/22 | B | 2,438,000 | ||||||||||||||
| 1,500 | CAD | Paramount Resources Limited, 144A | 7.625 | % | 12/04/19 | B | 1,435,044 | |||||||||||||
| 2,650 | PBF Holding Company LLC, (4) | 8.250 | % | 2/15/20 | BB+ | 2,875,250 | ||||||||||||||
| 2,000 | Penn Virginia Corporation | 8.500 | % | 5/01/20 | B– | 2,150,000 | ||||||||||||||
| 2,750 | Pertamina PT, 144A | 4.875 | % | 5/03/22 | Baa3 | 2,523,125 | ||||||||||||||
| 86 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| $ | 3,325 | PetroBakken Energy Limited, 144A | 8.625 | % | 2/01/20 | B– | $ | 3,358,250 | ||||||||||||
| 850 | Petroleos de Venezuela SA, 144A, (4) | 9.000 | % | 11/17/21 | B+ | 631,125 | ||||||||||||||
| 1,750 | Samson Investment Company, 144A, (4) | 10.500 | % | 2/15/20 | B3 | 1,907,500 | ||||||||||||||
| 2,000 | Sanchez Energy Corporation, 144A | 7.750 | % | 6/15/21 | CCC+ | 2,045,000 | ||||||||||||||
| 3,000 | Sandridge Energy Inc. | 8.125 | % | 10/15/22 | B2 | 3,180,000 | ||||||||||||||
| 2,500 | Saratoga Resources Inc. | 12.500 | % | 7/01/16 | N/R | 2,337,500 | ||||||||||||||
| 2,750 | Seadrill Limited, 144A | 6.125 | % | 9/15/20 | N/R | 2,743,125 | ||||||||||||||
| 2,500 | Seitel Inc. | 9.500 | % | 4/15/19 | B | 2,525,000 | ||||||||||||||
| 11,000 | NOK | Ship Finance International Limited | 6.700 | % | 10/19/17 | N/R | 1,822,663 | |||||||||||||
| 1,200 | Sterling Resources UK Limited | 9.000 | % | 4/30/19 | N/R | 1,224,000 | ||||||||||||||
| 1,750 | Summit Midstream Holdings LLC Finance, 144A | 8.625 | % | 7/01/21 | B | 1,828,750 | ||||||||||||||
| 1,750 | Talos Production LLC, 144A, (4) | 9.750 | % | 2/15/18 | CCC+ | 1,789,375 | ||||||||||||||
| 2,025 | Vanguard Natural Resources Finance | 7.875 | % | 4/01/20 | B | 2,126,250 | ||||||||||||||
| 2,720 | Western Refining Inc., (4) | 6.250 | % | 4/01/21 | B+ | 2,740,400 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 117,843,833 | |||||||||||||||||||
Paper & Forest Products – 2.0% | ||||||||||||||||||||
| 3,500 | Appvion Inc., 144A | 9.000 | % | 6/01/20 | B2 | 3,535,000 | ||||||||||||||
| 2,250 | Millar Western Forest Products Ltd, (4) | 8.500 | % | 4/01/21 | B– | 2,311,875 | ||||||||||||||
| 2,450 | Resolute Forest Products, 144A | 5.875 | % | 5/15/23 | BB– | 2,266,250 | ||||||||||||||
| 3,500 | Sappi Papier Holding GmbH, 144A | 7.500 | % | 6/15/32 | B | 2,712,500 | ||||||||||||||
| 1,975 | Stora Enso Oyj | 7.250 | % | 4/15/36 | BB | 1,836,750 | ||||||||||||||
| 1,530 | Tembec Industries, Inc. | 11.250 | % | 12/15/18 | B3 | 1,675,350 | ||||||||||||||
| 2,000 | Verso Paper Holdings LLC | 11.750 | % | 1/15/19 | Ba3 | 2,120,000 | ||||||||||||||
| 17,205 | Total Paper & Forest Products | 16,457,725 | ||||||||||||||||||
Personal Products – 0.5% | ||||||||||||||||||||
| 3,750 | Albea Beauty Holdings SA, 144A, (4) | 8.375 | % | 11/01/19 | B+ | 3,900,000 | ||||||||||||||
Pharmaceuticals – 0.9% | ||||||||||||||||||||
| 3,500 | Par Pharmaceutical Companies Inc. | 7.375 | % | 10/15/20 | B– | 3,618,125 | ||||||||||||||
| 750 | Salix Pharmaceuticals Limited, 144A | 6.000 | % | 1/15/21 | B | 768,750 | ||||||||||||||
| 3,000 | VP Escrow Corporation, 144A | 6.375 | % | 10/15/20 | B1 | 3,161,250 | ||||||||||||||
| 7,250 | Total Pharmaceuticals | 7,548,125 | ||||||||||||||||||
Real Estate Investment Trust – 0.5% |
| |||||||||||||||||||
| 1,750 | KWG Property Holdings Limited | 13.250 | % | 3/22/17 | B+ | 2,043,125 | ||||||||||||||
| 2,000 | MPT Operating Partnership Finance | 6.375 | % | 2/15/22 | Ba1 | 2,070,000 | ||||||||||||||
| 3,750 | Total Real Estate Investment Trust | 4,113,125 | ||||||||||||||||||
Real Estate Management & Development – 2.1% |
| |||||||||||||||||||
| 2,000 | Country Garden Holding Company, 144A | 7.500 | % | 1/10/23 | Ba2 | 1,915,000 | ||||||||||||||
| 1,000 | Evergrande Real Estate Group Limited, 144A | 8.750 | % | 10/30/18 | BB– | 1,007,500 | ||||||||||||||
| Nuveen Investments | 87 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Real Estate Management & Development (continued) | ||||||||||||||||||||
| $ | 2,000 | Gemdale International Investment Limited | 7.125 | % | 11/16/17 | BB– | $ | 2,067,500 | ||||||||||||
| 2,750 | Howard Hughes Corporation, 144A | 6.875 | % | 10/01/21 | Ba3 | 2,860,000 | ||||||||||||||
| 2,000 | Kaisa Group Holdings Limited, 144A, (4) | 8.875 | % | 3/19/18 | B+ | 2,045,000 | ||||||||||||||
| 2,765 | Mattamy Group Corporation, 144A, (4) | 6.500 | % | 11/15/20 | BB | 2,737,350 | ||||||||||||||
| 3,000 | Rialto Holdings LLC-Rialto Corporation | 7.000 | % | 12/01/18 | B | 3,030,000 | ||||||||||||||
| 1,250 | Shimao Property Holdings Limited | 11.000 | % | 3/08/18 | BB+ | 1,396,875 | ||||||||||||||
| 16,765 | Total Real Estate Management & Development |
| 17,059,225 | |||||||||||||||||
Road & Rail – 0.6% | ||||||||||||||||||||
| 1,950 | Jack Cooper Holdings Corporation, 144A | 9.250 | % | 6/01/20 | B2 | 2,101,125 | ||||||||||||||
| 2,750 | Watco Companies LLC Finance, 144A | 6.375 | % | 4/01/23 | B3 | 2,722,500 | ||||||||||||||
| 4,700 | Total Road & Rail | 4,823,625 | ||||||||||||||||||
Semiconductors & Equipment – 0.5% | ||||||||||||||||||||
| 1,500 | Amkor Technology Inc. | 6.375 | % | 10/01/22 | BB | 1,541,250 | ||||||||||||||
| 2,000 | Freescale Semiconductor Inc., (4) | 10.750 | % | 8/01/20 | CCC+ | 2,270,000 | ||||||||||||||
| 3,500 | Total Semiconductors & Equipment | 3,811,250 | ||||||||||||||||||
Software – 0.9% | ||||||||||||||||||||
| 2,675 | BMC Software Finance Inc., 144A, (4) | 8.125 | % | 7/15/21 | B– | 2,755,250 | ||||||||||||||
| 2,000 | First Data Corporation, 144A | 11.750 | % | 8/15/21 | CCC+ | 2,110,000 | ||||||||||||||
| 2,500 | Interface Security Systems Holdings, 144A | 9.250 | % | 1/15/18 | B– | 2,587,500 | ||||||||||||||
| 7,175 | Total Software | 7,452,750 | ||||||||||||||||||
Specialty Retail – 0.5% | ||||||||||||||||||||
| 2,850 | Neiman Marcus Mariposa Borrower / Merger Sub LLC, 144A | 8.000 | % | 10/15/21 | CCC+ | 2,978,250 | ||||||||||||||
| 450 | Toys “R” Us, Inc. | 10.375 | % | 8/15/17 | B– | 385,875 | ||||||||||||||
| 1,000 | Toys “R” Us Property Company II LLC | 8.500 | % | 12/01/17 | Ba2 | 1,030,000 | ||||||||||||||
| 4,300 | Total Specialty Retail | 4,394,125 | ||||||||||||||||||
Tobacco – 0.7% | ||||||||||||||||||||
| 1,000 | Alliance One International Inc. | 9.875 | % | 7/15/21 | B– | 937,500 | ||||||||||||||
| 2,000 | North Atlantic Trading Company, 144A | 11.500 | % | 7/15/16 | B2 | 2,170,000 | ||||||||||||||
| 2,350 | Vector Group Limited | 7.750 | % | 2/15/21 | Ba3 | 2,485,125 | ||||||||||||||
| 5,350 | Total Tobacco | 5,592,625 | ||||||||||||||||||
Transportation Infrastructure – 0.8% | ||||||||||||||||||||
| 1,790 | Flexi-Van Leasing Inc., 144A | 7.875 | % | 8/15/18 | BB– | 1,897,400 | ||||||||||||||
| 4,000 | Navigator Holdings Limited | 9.000 | % | 12/18/17 | N/R | 4,318,672 | ||||||||||||||
| 5,790 | Total Transportation Infrastructure | 6,216,072 | ||||||||||||||||||
Wireless Telecommunication Services – 2.2% |
| |||||||||||||||||||
| 1,750 | Digicel Group, Limited, 144A | 8.250 | % | 9/30/20 | B– | 1,813,438 | ||||||||||||||
| 2,075 | FairPoint Communications Inc., 144A | 8.750 | % | 8/15/19 | B | 2,199,500 | ||||||||||||||
| 750 | Goodman Networks Inc., 144A | 12.125 | % | 7/01/18 | B3 | 791,250 | ||||||||||||||
| 88 | Nuveen Investments |
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Wireless Telecommunication Services (continued) | ||||||||||||||||||||
| $ | 2,000 | IntelSat Jackson Holdings, (4) | 6.625 | % | 12/15/22 | B– | $ | 2,060,000 | ||||||||||||
| 1,000 | Millicom International Cellular SA, 144A | 6.625 | % | 10/15/21 | BB+ | 1,034,500 | ||||||||||||||
| 1,750 | Softbank Corporation, 144A | 4.500 | % | 4/15/20 | BB+ | 1,706,250 | ||||||||||||||
| 1,750 | Sprint Corporation, 144A | 7.250 | % | 9/15/21 | BB– | 1,879,063 | ||||||||||||||
| 1,475 | Sprint Nextel Corporation, (4) | 7.000 | % | 8/15/20 | BB– | 1,596,688 | ||||||||||||||
| 2,950 | Telecom Italia Capital, (4) | 6.999 | % | 6/04/18 | BBB– | 3,267,125 | ||||||||||||||
| 2,000 | Wind Acquisition Holdings Finance SA, 144A, (4) | 12.250 | % | 7/15/17 | B | 2,105,000 | ||||||||||||||
| 17,500 | Total Wireless Telecommunication Services |
| 18,452,814 | |||||||||||||||||
Total Corporate Bonds (cost $636,783,465) |
| 641,983,567 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.9% | ||||||||||||||||||||
Commercial Banks – 0.3% | ||||||||||||||||||||
| $ | 2,000 | Lloyds Banking Group LBG Capital 1, 144A | 8.000 | % | 6/15/60 | BB+ | $ | 2,135,492 | ||||||||||||
Diversified Telecommunication Services – 0.1% |
| |||||||||||||||||||
| 1,500 | Alaska Communications Systems Group Inc. | 6.250 | % | 5/01/18 | N/R | 1,230,000 | ||||||||||||||
Metals & Mining – 0.1% | ||||||||||||||||||||
| 1,500 | Great Western Mineral Group | 8.000 | % | 4/06/17 | N/R | 600,000 | ||||||||||||||
Oil, Gas & Consumable Fuels – 0.4% |
| |||||||||||||||||||
| 3,300 | DCP Midstream LLC | 5.850 | % | 5/21/43 | Baa3 | 3,069,000 | ||||||||||||||
| $ | 8,300 | Total Convertible Bonds (cost $8,055,301) |
| 7,034,492 | ||||||||||||||||
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 5.5% |
| |||||||||||||||||||
Capital Markets – 1.3% | ||||||||||||||||||||
| 2,000 | EUR | Baggot Securities Limited, 144A | 10.240 | % | N/A (11) | N/R | $ | 2,897,235 | ||||||||||||
| $ | 4,300 | Dresdner Funding Trust, 144A, (4) | 8.151 | % | 6/30/31 | BB | 4,450,500 | |||||||||||||
| 4,840 | Goldman Sachs Capital II | 4.000 | % | N/A (11) | BB+ | 3,402,520 | ||||||||||||||
Total Capital Markets | 10,750,255 | |||||||||||||||||||
Commercial Banks – 2.0% | ||||||||||||||||||||
| 2,620 | EUR | Barclays Bank PLC | 4.750 | % | N/A (11) | BBB– | 3,063,695 | |||||||||||||
| 1,300 | GBP | Barclays Bank PLC | 6.000 | % | N/A (11) | BBB– | 2,018,199 | |||||||||||||
| 1,885 | BBVA International Preferred Uniperson, (4) | 5.919 | % | N/A (11) | BB– | 1,814,313 | ||||||||||||||
| 1,000 | HBOS Capital Funding LP, 144A | 6.071 | % | N/A (11) | BB+ | 996,250 | ||||||||||||||
| 1,000 | RBS Capital Trust, (4) | 1.048 | % | N/A (11) | BB | 886,250 | ||||||||||||||
| 3,310 | RBS Capital Trust | 5.512 | % | N/A (11) | BB | 3,210,700 | ||||||||||||||
| 2,900 | Societe Generale, 144A | 0.993 | % | N/A (11) | BBB– | 2,530,250 | ||||||||||||||
| Nuveen Investments | 89 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
| Principal Amount (000) (18) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
Commercial Banks (continued) | ||||||||||||||||||||
| $ | 2,000 | Societe Generale, 144A | 7.875 | % | N/A (11) | BB+ | $ | 2,014,000 | ||||||||||||
Total Commercial Banks | 16,533,657 | |||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||
| 2,000 | AFGC Capital Trust I, 144A | 6.000 | % | 1/15/67 | Caa2 | 1,680,000 | ||||||||||||||
Diversified Financial Services – 0.5% | ||||||||||||||||||||
| 3,000 | EUR | Barclays PLC | 8.000 | % | N/A (11) | BB+ | 4,156,376 | |||||||||||||
Electric Utilities – 0.4% | ||||||||||||||||||||
| 1,000 | AES Gener SA, 144A, (4) | 8.375 | % | 12/18/73 | Ba2 | 1,042,500 | ||||||||||||||
| 2,000 | Enel SpA | 8.750 | % | 9/24/73 | BBB– | 2,174,734 | ||||||||||||||
| 3,000 | Total Electric Utilities | 3,217,234 | ||||||||||||||||||
Insurance – 1.1% | ||||||||||||||||||||
| 3,800 | Genworth Financial Inc. | 6.150 | % | 11/15/66 | Ba1 | 3,363,000 | ||||||||||||||
| 3,000 | Glen Meadows Pass Through Trust | 6.505 | % | 8/15/67 | BB+ | 2,895,000 | ||||||||||||||
| 2,150 | XL Capital Ltd | 6.500 | % | 10/15/57 | BBB | 2,115,062 | ||||||||||||||
| 8,950 | Total Insurance | 8,373,062 | ||||||||||||||||||
Total $1,000 Par (or similar) Institutional Structures (cost $40,243,466) |
| 44,710,584 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
ASSET-BACKED SECURITIES – 0.0% | ||||||||||||||||||||
| $ | 2 | Green Tree Financial Corporation, Manufactured Housing Contract | 6.040 | % | 11/01/29 | AA | $ | 2,406 | ||||||||||||
| $ | 2 | Total Asset-Backed Securities (cost $2,324) |
| 2,406 | ||||||||||||||||
| Shares | Description (1), (5) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 1.5% | ||||||||||||||||||||
| 157,000 | Blackrock Credit Allocation Income Trust IV | $ | 2,050,420 | |||||||||||||||||
| 69,000 | BlackRock MuniHoldings Insured Fund Inc. | 818,340 | ||||||||||||||||||
| 116,500 | First Trust Strategic High Income Fund II | 1,869,825 | ||||||||||||||||||
| 40,500 | Gabelli Global Gold Natural Resources and Income Trust | 365,310 | ||||||||||||||||||
| 168,000 | Invesco Dynamic Credit Opportunities Fund, (4) | 2,167,200 | ||||||||||||||||||
| 40,000 | Invesco Municipal Income Opportunities Trust | 248,000 | ||||||||||||||||||
| 181,500 | Pimco Income Strategy Fund | 2,052,765 | ||||||||||||||||||
| 187,000 | Pioneer Floating Rate Trust | 2,378,640 | ||||||||||||||||||
| 6,351 | WhiteHorse Finance Incorporated | 95,963 | ||||||||||||||||||
Total Investment Companies (cost $12,055,148) |
| 12,046,463 | ||||||||||||||||||
| 90 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.5% | ||||||||||||||||||||
Argentina – 0.4% | ||||||||||||||||||||
| $ | 1,465 | Province of Buenos Aires, 144A | 10.875 | % | 1/26/21 | CCC+ | $ | 1,278,212 | ||||||||||||
| 2,000 | Republic of Argentina | 7.000 | % | 10/03/15 | B– | 1,990,000 | ||||||||||||||
| 3,465 | Total Argentina | 3,268,212 | ||||||||||||||||||
Ukraine – 0.1% | ||||||||||||||||||||
| 800 | Republic of Ukraine, 144A | 7.800 | % | 11/28/22 | CCC+ | 723,200 | ||||||||||||||
| $ | 4,265 | Total Sovereign Debt (cost $3,723,412) | 3,991,412 | |||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||
| 6,707 | FairPoint Communications Inc., (12) | $ | 168 | |||||||||||||||||
Total Warrants (cost $0) | 168 | |||||||||||||||||||
Total Long-Term Investments (cost $766,463,552) |
| 777,390,049 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 15.9% |
| |||||||||||||||||||
Money Market Funds – 15.9% | ||||||||||||||||||||
| 130,267,064 | Mount Vernon Securities Lending Trust Prime Portfolio (14) | 0.175 | % (13) | $ | 130,267,064 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $130,267,064) |
| 130,267,064 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 3.4% | ||||||||||||||||||||
Money Market Funds – 3.4% | ||||||||||||||||||||
| 27,498,165 | First American Treasury Obligations Fund, Class Z | 0.000 | % (13) | $ | 27,498,165 | |||||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $27,498,165) |
| 27,498,165 | ||||||||||||||||||
Total Investments (cost $924,228,781) – 114.3% |
| 935,155,278 | ||||||||||||||||||
Other Assets Less Liabilities – (14.3)% (15) |
| (116,874,470 | ) | |||||||||||||||||
Net Assets – 100% | $ | 818,280,808 | ||||||||||||||||||
| Nuveen Investments | 91 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen High Income Bond Fund (continued)
Investments in Derivatives as of December 31, 2013
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) (15) | ||||||||||||||
| Citigroup | Canadian Dollar | 8,985,000 | U.S. Dollar | 8,461,846 | 2/20/14 | $ | 13,935 | |||||||||||||
| Citigroup | Euro | 1,500,000 | U.S. Dollar | 2,038,418 | 2/14/14 | (25,090 | ) | |||||||||||||
| Citigroup | Euro | 19,069,900 | U.S. Dollar | 25,903,446 | 2/14/14 | (330,480 | ) | |||||||||||||
| Citigroup | Euro | 2,430,000 | U.S. Dollar | 3,344,513 | 2/14/14 | 1,631 | ||||||||||||||
| Citigroup | Euro | 1,500,000 | U.S. Dollar | 2,058,525 | 2/14/14 | (4,983 | ) | |||||||||||||
| Citigroup | Euro | 165,000 | U.S. Dollar | 225,503 | 2/14/14 | (1,483 | ) | |||||||||||||
| Citigroup | Euro | 1,040,000 | U.S. Dollar | 1,413,402 | 2/14/14 | (17,297 | ) | |||||||||||||
| Citigroup | Euro | 1,050,000 | U.S. Dollar | 1,434,713 | 2/14/14 | (9,743 | ) | |||||||||||||
| Citigroup | Norwegian Krone | 71,000,000 | U.S. Dollar | 11,528,167 | 3/31/14 | (138,306 | ) | |||||||||||||
| Citigroup | Pound Sterling | 1,120,000 | U.S. Dollar | 1,834,921 | 2/18/14 | (19,126 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 2,200,805 | Euro | 1,600,000 | 2/14/14 | 270 | ||||||||||||||
| Citigroup | U.S. Dollar | 2,290,677 | Euro | 1,660,000 | 2/14/14 | (7,062 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 1,314,876 | Euro | 960,000 | 2/14/14 | 5,769 | ||||||||||||||
| Citigroup | U.S. Dollar | 325,752 | Norwegian Krone | 2,000,000 | 3/31/14 | 2,881 | ||||||||||||||
| $ | (529,084 | ) | ||||||||||||||||||
Credit Default Swaps outstanding:
Clearing House | Referenced Entity | Buy/Sell Protection (16) | Current Credit Spread (17) | Notional Amount | Fixed Rate (Annualized) | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | Markit CDX NA HY21 Index | Buy | 3.08 | % | $ | 15,000,000 | 5.000 | % | 12/20/18 | $ | (1,303,747 | ) | $ | (346,553 | ) | |||||||||||||||||
Interest Rate Swaps outstanding:
| Clearing House | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | $ | 37,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.573 | % | Semi-Annually | 10/10/18 | $ | 99,234 | $ | 98,694 | ||||||||||||||||||||
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | Short | (184 | ) | 3/14 | $ | (21,953,500 | ) | $ | 276,880 | |||||||||||
U.S. Treasury 10-Year Note | Short | (122 | ) | 3/14 | (15,011,719 | ) | 275,311 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (19 | ) | 3/14 | (2,588,750 | ) | 56,557 | |||||||||||||
| $ | (39,553,969 | ) | $ | 608,748 | ||||||||||||||||
| 92 | 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, Note 2-Investment Valuation and Fair Value Measurements 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 $126,897,856. |
| (5) | A copy of the most recent financial statements for the exchange-traded funds and investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (6) | 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. |
| (7) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (8) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. |
| Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
| (9) | Principal Amount (000) rounds to less than $1,000. |
| (10) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, 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. |
| (11) | Perpetual security. Maturity date is not applicable. |
| (12) | For fair value measurement disclosure purposes, Warrant classified as Level 2. See Notes to Financial Statements, Note 2-Investment Valuation and Fair Value Measurements for more information. |
| (13) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (14) | 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| (15) | 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. |
| (16) | 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. |
| (17) | 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. |
| (18) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (19) | For fair value measurement disclosure purposes, Convertible Preferred Securities categorized as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (20) | For fair value measurement disclosure purposes, $25 Par (or similar) Retail Structures categorized as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| DD1 | Portion of investment purchased on a delayed delivery basis. |
| REIT | Real Estate Investment Trust. |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
| 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 |
| EUR | Euro |
| GBP | Pound Sterling |
| NOK | Norwegian Krone |
| USD-LIBOR-BBA | United States Dollar-London Inter-Bank Offered Rate British Bankers’ Association. |
See accompanying notes to financial statements.
| Nuveen Investments | 93 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Inflation Protected Securities Fund
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 99.5% | ||||||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 0.1% |
| |||||||||||||||||||
Diversified Financial Services – 0.1% | ||||||||||||||||||||
| 200 | Bank of America Corporation | 7.250 | % | BB+ | $ | 212,200 | ||||||||||||||
Metals & Mining – 0.0% | ||||||||||||||||||||
| 5,000 | ArcelorMittal, (10) | 6.000 | % | BB– | 130,000 | |||||||||||||||
Total Convertible Preferred Securities (cost $279,350) | 342,200 | |||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 0.1% |
| |||||||||||||||||||
Capital Markets – 0.1% | ||||||||||||||||||||
| 15,000 | UBS Preferred Funding Trust IV | 0.865 | % | BBB– | $ | 226,500 | ||||||||||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||
| 16,000 | Federal National Mortgage Association, (3), (4) | 8.250 | % | Ca | 140,000 | |||||||||||||||
Total $25 Par (or similar) Retail Structures (cost $641,200) |
| 366,500 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
COPORATE BONDS – 8.0% | ||||||||||||||||||||
Airlines – 0.1% | ||||||||||||||||||||
| $ | 175 | Air Canada, 144A | 6.750 | % | 10/01/19 | BB | $ | 184,625 | ||||||||||||
Auto Components – 0.1% | ||||||||||||||||||||
| 250 | Allison Transmission Inc., 144A | 7.125 | % | 5/15/19 | B+ | 269,375 | ||||||||||||||
| 200 | Gestamp Funding Luxembourg SA, 144A | 5.625 | % | 5/31/20 | BB | 203,500 | ||||||||||||||
| 450 | Total Auto Components | 472,875 | ||||||||||||||||||
Automobiles – 0.2% | ||||||||||||||||||||
| 300 | Chrysler GP/CG Company, (4) | 8.000 | % | 6/15/19 | B1 | 331,500 | ||||||||||||||
| 250 | Jaguar Land Rover PLC, 144A | 8.125 | % | 5/15/21 | BB | 284,375 | ||||||||||||||
| 550 | Total Automobiles | 615,875 | ||||||||||||||||||
Building Products – 0.1% | ||||||||||||||||||||
| 250 | Owens Corning Incorporated | 4.200 | % | 12/15/22 | BBB– | 238,733 | ||||||||||||||
Chemicals – 0.3% | ||||||||||||||||||||
| 200 | Eagle Spinco Inc., 144A | 4.625 | % | 2/15/21 | BB | 196,000 | ||||||||||||||
| 250 | Hexion US Finance | 6.625 | % | 4/15/20 | Ba3 | 256,250 | ||||||||||||||
| 200 | PolyOne Corporation | 5.250 | % | 3/15/23 | BB | 195,000 | ||||||||||||||
| 150 | Sinochem Overseas Capital Limited | 4.500 | % | 11/12/20 | BBB+ | 153,048 | ||||||||||||||
| 800 | Total Chemicals | 800,298 | ||||||||||||||||||
| 94 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Commercial Banks – 0.2% | ||||||||||||||||||||
| $ | 200 | Banco do Nordeste do Brasil, 144A | 3.625 | % | 11/09/15 | BBB | $ | 200,750 | ||||||||||||
| 70 | Regions Financial Corporation | 7.750 | % | 11/10/14 | BBB– | 73,854 | ||||||||||||||
| 200 | VEB Finance PLC, 144A | 4.224 | % | 11/21/18 | BBB | 200,250 | ||||||||||||||
| 200 | VTB Capital SA, 144A | 6.875 | % | 5/29/18 | BBB | 218,240 | ||||||||||||||
| 670 | Total Commercial Banks | 693,094 | ||||||||||||||||||
Commercial Services & Supplies – 0.3% | ||||||||||||||||||||
| 200 | Aramark Corporation, 144A | 5.750 | % | 3/15/20 | BB– | 209,000 | ||||||||||||||
| 250 | Ceridian Corporation, 144A | 8.875 | % | 7/15/19 | B1 | 287,500 | ||||||||||||||
| 250 | Clean Harbors Inc., (4) | 5.250 | % | 8/01/20 | BB+ | 257,500 | ||||||||||||||
| 250 | Covanta Energy Corporation, Synthetic Letter of Credit | 6.375 | % | 10/01/22 | BB | 256,680 | ||||||||||||||
| 950 | Total Commercial Services & Supplies | 1,010,680 | ||||||||||||||||||
Computers & Peripherals – 0.1% | ||||||||||||||||||||
| 250 | Hewlett Packard Company | 3.750 | % | 12/01/20 | A– | 249,455 | ||||||||||||||
Construction Materials – 0.1% | ||||||||||||||||||||
| 200 | Norbord Inc., 144A | 5.375 | % | 12/01/20 | Ba2 | 198,750 | ||||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||||||||
| 200 | Ardagh Packaging Finance / MP HD USA, 144A | 4.875 | % | 11/15/22 | Ba3 | 198,000 | ||||||||||||||
| 325 | Reynolds Group | 7.125 | % | 4/15/19 | B+ | 346,125 | ||||||||||||||
| 525 | Total Containers & Packaging | 544,125 | ||||||||||||||||||
Diversified Financial Services – 0.1% |
| |||||||||||||||||||
| 225 | Nationstar Mortgage LLC Capital Corporation | 7.875 | % | 10/01/20 | B+ | 233,438 | ||||||||||||||
Diversified Telecommunication Services – 0.2% |
| |||||||||||||||||||
| 250 | CyrusOne LP Finance | 6.375 | % | 11/15/22 | B+ | 258,750 | ||||||||||||||
| 200 | Telecom Italia Capital, (4) | 7.175 | % | 6/18/19 | BBB– | 224,500 | ||||||||||||||
| 450 | Total Diversified Telecommunication Services | 483,250 | ||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||
| 570 | Comision Federal de Electricidad of the United States of Mexcio, 144A | 4.875 | % | 5/26/21 | BBB+ | 588,525 | ||||||||||||||
| 200 | FirstEnergy Corporation | 4.250 | % | 3/15/23 | Baa3 | 186,431 | ||||||||||||||
| 770 | Total Electric Utilities | 774,956 | ||||||||||||||||||
Energy Equipment & Services – 0.1% | ||||||||||||||||||||
| 220 | Gulfmark Offshore Inc. | 6.375 | % | 3/15/22 | BB– | 221,650 | ||||||||||||||
Gas Utilities – 0.1% | ||||||||||||||||||||
| 250 | AmeriGas Finance LLC, (4) | 7.000 | % | 5/20/22 | Ba2 | 271,250 | ||||||||||||||
Health Care Providers & Services – 1.1% | ||||||||||||||||||||
| 1,700 | Catholic Health Initiatives | 1.600 | % | 11/01/17 | Aa3 | 1,647,722 | ||||||||||||||
| 250 | HCA Holdings Inc. | 6.250 | % | 2/15/21 | B– | 261,563 | ||||||||||||||
| 250 | HealthSouth Corporation | 5.750 | % | 11/01/24 | BB– | 246,875 | ||||||||||||||
| Nuveen Investments | 95 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Inflation Protected Securities Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||||||||
| $ | 1,715 | Mayo Clinic Rochester | 3.774 | % | 11/15/43 | AA | $ | 1,366,929 | ||||||||||||
| 3,915 | Total Health Care Providers & Services | 3,523,089 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 0.1% | ||||||||||||||||||||
| 200 | Gaming and Leisure Products Inc., GLP Capital LP Financing II Inc., 144A | 4.375 | % | 11/01/18 | BBB– | 204,500 | ||||||||||||||
| 200 | Wynn Las Vegas LLC Corporation, (4) | 5.375 | % | 3/15/22 | BBB– | 202,000 | ||||||||||||||
| 400 | Total Hotels, Restaurants & Leisure | 406,500 | ||||||||||||||||||
Household Durables – 0.1% | ||||||||||||||||||||
| 250 | Brookfield Residential Properties Inc., 144A | 6.500 | % | 12/15/20 | BB– | 259,375 | ||||||||||||||
Independent Power Producers & Energy Traders – 0.2% |
| |||||||||||||||||||
| 317 | Calpine Corporation, 144A | 7.875 | % | 7/31/20 | BB+ | 347,115 | ||||||||||||||
| 200 | Dynegy Holdings, Inc., (4) | 5.875 | % | 6/01/23 | B+ | 189,000 | ||||||||||||||
| 200 | Mirant Americas Generation LLC, (4) | 8.500 | % | 10/01/21 | BB– | 210,500 | ||||||||||||||
| 717 | Total Independent Power Producers & Energy Traders |
| 746,615 | |||||||||||||||||
Machinery – 0.1% | ||||||||||||||||||||
| 250 | Harsco Corporation | 5.750 | % | 5/15/18 | BBB– | 262,389 | ||||||||||||||
Media – 0.3% | ||||||||||||||||||||
| 200 | Charter Communications, CCO Holdings LLC, (4) | 5.125 | % | 2/15/23 | BB– | 185,500 | ||||||||||||||
| 300 | Dish DBS Corporation | 4.250 | % | 4/01/18 | BB– | 306,000 | ||||||||||||||
| 200 | Gannett Company Inc., 144A | 5.125 | % | 7/15/20 | Ba1 | 202,500 | ||||||||||||||
| 200 | Midcontinent Communications Finance Company, 144A | 6.250 | % | 8/01/21 | B– | 201,500 | ||||||||||||||
| 200 | Sirius XM Radio Inc., 144A | 4.250 | % | 5/15/20 | BB | 189,000 | ||||||||||||||
| 1,100 | Total Media | 1,084,500 | ||||||||||||||||||
Metals & Mining – 0.6% | ||||||||||||||||||||
| 175 | Anglogold Holdings PLC | 8.500 | % | 7/30/20 | Baa3 | 180,705 | ||||||||||||||
| 250 | ArcelorMittal | 6.750 | % | 2/25/22 | BB+ | 271,875 | ||||||||||||||
| 250 | Cliffs Natural Resources Inc., (4) | 4.800 | % | 10/01/20 | BBB– | 248,479 | ||||||||||||||
| 250 | Coeur d’Alene Mines Corporation | 7.875 | % | 2/01/21 | BB– | 253,750 | ||||||||||||||
| 200 | Commercial Metals Inc. | 4.875 | % | 5/15/23 | BB+ | 186,000 | ||||||||||||||
| 200 | Eldorado Gold Corporation, 144A, (4) | 6.125 | % | 12/15/20 | BB | 192,500 | ||||||||||||||
| 150 | FMG Resources, 144A | 8.250 | % | 11/01/19 | BB+ | 168,375 | ||||||||||||||
| 200 | Severstal OAO Via Steel Capital SA, 144A, (4) | 4.450 | % | 3/19/18 | BB+ | 197,750 | ||||||||||||||
| 200 | Vedanta Resources PLC, 144A, (4) | 6.000 | % | 1/31/19 | BB | 193,500 | ||||||||||||||
| 1,875 | Total Metals & Mining | 1,892,934 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 1.2% | ||||||||||||||||||||
| 200 | Bill Barrett Corporation, (4) | 7.000 | % | 10/15/22 | B1 | 207,500 | ||||||||||||||
| 250 | Calumet Specialty Products, 144A | 7.625 | % | 1/15/22 | B+ | 252,500 | ||||||||||||||
| 150 | CONSOL Energy Inc. | 8.250 | % | 4/01/20 | BB | 162,375 | ||||||||||||||
| 96 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| $ | 225 | Continental Resources Inc. | 5.000 | % | 9/15/22 | BBB– | $ | 233,719 | ||||||||||||
| 250 | Everest Acquisition LLC Finance, 144A | 7.750 | % | 9/01/22 | B | 280,000 | ||||||||||||||
| 250 | Holly Energy Partners LP | 6.500 | % | 3/01/20 | BB– | 261,250 | ||||||||||||||
| 250 | Linn Energy LLC Finance Corporation, 144A | 7.000 | % | 11/01/19 | B+ | 252,500 | ||||||||||||||
| 250 | Martin Mid-Stream Partners LP Finance, (4) | 7.250 | % | 2/15/21 | B– | 255,000 | ||||||||||||||
| 100 | Murphy Oil USA Inc., 144A | 6.000 | % | 8/15/23 | BB | 100,500 | ||||||||||||||
| 200 | Newfield Exlporation Company | 5.625 | % | 7/01/24 | BBB– | 199,000 | ||||||||||||||
| 250 | Northern Tier Energy LLC | 7.125 | % | 11/15/20 | BB– | 261,250 | ||||||||||||||
| 250 | PBF Holding Company LLC, (4) | 8.250 | % | 2/15/20 | BB+ | 271,250 | ||||||||||||||
| 200 | Range Resources Corporation | 5.000 | % | 8/15/22 | BB | 196,500 | ||||||||||||||
| 500 | Regency Energy Partners Finance, (4) | 6.500 | % | 7/15/21 | BB | 530,000 | ||||||||||||||
| 175 | SM Energy Company | 6.625 | % | 2/15/19 | BB– | 185,938 | ||||||||||||||
| 150 | Targa Resources Inc., 144A, (4) | 4.250 | % | 11/15/23 | BB | 134,250 | ||||||||||||||
| 3,650 | Total Oil, Gas & Consumable Fuels | 3,783,532 | ||||||||||||||||||
Personal Products – 0.1% | ||||||||||||||||||||
| 200 | Albea Beauty Holdings SA, 144A | 8.375 | % | 11/01/19 | B+ | 208,000 | ||||||||||||||
Pharmaceuticals – 0.2% | ||||||||||||||||||||
| 250 | Endo Pharmaceutical Holdings Inc., (4) | 7.000 | % | 12/15/20 | B1 | 267,500 | ||||||||||||||
| 250 | VP Escrow Corporation, 144A | 6.375 | % | 10/15/20 | B1 | 263,438 | ||||||||||||||
| 500 | Total Pharmaceuticals | 530,938 | ||||||||||||||||||
Real Estate Management & Development – 0.1% | ||||||||||||||||||||
| 200 | Country Garden Holding Company, 144A, (4) | 11.125 | % | 2/23/18 | Ba2 | 222,000 | ||||||||||||||
Road & Rail – 0.1% | ||||||||||||||||||||
| 175 | Hertz Corporation, (4) | 7.375 | % | 1/15/21 | B | 192,063 | ||||||||||||||
Wireless Telecommunication Services – 1.4% | ||||||||||||||||||||
| 250 | Digicel Limited, 144A | 7.000 | % | 2/15/20 | B1 | 252,500 | ||||||||||||||
| 225 | Frontier Comminications Corporation, (4) | 7.625 | % | 4/15/24 | Ba2 | 224,438 | ||||||||||||||
| 3,060 | SBA Tower Trust, 144A | 3.598 | % | 4/15/18 | BBB | 2,991,073 | ||||||||||||||
| 200 | Softbank Corporation, 144A | 4.500 | % | 4/15/20 | BB+ | 195,000 | ||||||||||||||
| 200 | Sprint Nextel Corporation, (4) | 7.000 | % | 3/01/20 | BB+ | 223,000 | ||||||||||||||
| 400 | Wind Acquisition Finance SA, 144A | 7.250 | % | 2/15/18 | BB | 419,000 | ||||||||||||||
| 4,335 | Total Wireless Telecommunication Services | 4,305,011 | ||||||||||||||||||
| $ | 24,302 | Total Corporate Bonds (cost $24,821,387) | 24,410,000 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 0.1% |
| |||||||||||||||||||
Capital Markets – 0.0% | ||||||||||||||||||||
| $ | 200 | Goldman Sachs Capital II | 4.000 | % | N/A (5) | BB+ | $ | 140,600 | ||||||||||||
| Nuveen Investments | 97 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Inflation Protected Securities Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Insurance – 0.1% | ||||||||||||||||||||
| $ | 175 | Genworth Financial Inc. | 6.150 | % | 11/15/66 | Ba1 | $ | 154,875 | ||||||||||||
| $ | 375 | Total $1,000 Par (or similar) Institutional Structures (cost $329,927) | 295,475 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (6) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 1.2% | ||||||||||||||||||||
Illinois – 0.4% | ||||||||||||||||||||
| $ | 1,130 | Illinois State, General Obligation Bonds, Taxable Series 2011, 5.877%, 3/01/19 | No Opt. Call | A– | $ | 1,231,282 | ||||||||||||||
Maryland – 0.4% | ||||||||||||||||||||
| 1,250 | Baltimore County, Maryland, General Obligation Bonds, Taxable, Series 2012, 0.951%, 8/01/17 | No Opt. Call | �� | AAA | 1,226,338 | |||||||||||||||
Ohio – 0.4% | ||||||||||||||||||||
| 820 | Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2013B, 1.233%, 12/01/16 | No Opt. Call | AA+ | 820,336 | ||||||||||||||||
| 400 | Kings Local School District, Warren County, Ohio, General Obligation School Improvement Bonds, Federally Taxable, Series 2013B, 3.750%, 12/01/18 | No Opt. Call | AA | 421,972 | ||||||||||||||||
| 1,220 | Total Ohio | 1,242,308 | ||||||||||||||||||
| $ | 3,600 | Total Municipal Bonds (cost $3,639,283) | 3,699,928 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 82.2% | ||||||||||||||||||||
| $ | 1,100 | Fannie Mae STRIPS (P/O) | 0.000 | % | 2/01/19 | AA– | $ | 957,381 | ||||||||||||
| 2,210 | Federal National Mortgage Association | 2.125 | % | 1/15/19 | AA– | 1,879,143 | ||||||||||||||
| 825 | FICO STRIPS (I/O) | 0.000 | % | 5/02/17 | Aaa | 794,181 | ||||||||||||||
| 1,055 | Tennessee Valley Authority, Series A | 3.875 | % | 2/15/21 | Aaa | 1,114,007 | ||||||||||||||
| 6,784 | U.S. Treasury Bonds | 2.500 | % | 1/15/29 | Aaa | 9,296,719 | ||||||||||||||
| 16,183 | U.S. Treasury Inflation Indexed Obligations, (4) | 0.125 | % | 4/15/16 | Aaa | 16,616,684 | ||||||||||||||
| 2,226 | U.S. Treasury Inflation Indexed Obligations | 2.125 | % | 1/15/19 | Aaa | 2,442,523 | ||||||||||||||
| 92 | U.S. Treasury Inflation Indexed Obligations | 2.125 | % | 1/15/19 | Aaa | 103,253 | ||||||||||||||
| 4,315 | U.S. Treasury Inflation Indexed Obligations | 2.125 | % | 1/15/19 | Aaa | 4,633,138 | ||||||||||||||
| 3,762 | U.S. Treasury Inflation Indexed Obligations | 2.125 | % | 1/15/19 | Aaa | 4,028,173 | ||||||||||||||
| 3,454 | U.S. Treasury Inflation Indexed Obligations | 2.125 | % | 1/15/19 | Aaa | 2,655,612 | ||||||||||||||
| 14,093 | U.S. Treasury Inflation Indexed Obligations, (4) | 1.125 | % | 1/15/21 | Aaa | 14,811,670 | ||||||||||||||
| 14,844 | U.S. Treasury Inflation Indexed Obligations, (4) | 1.125 | % | 1/15/21 | Aaa | 15,067,522 | ||||||||||||||
| 22,318 | U.S. Treasury Inflation Indexed Obligations, (4) | 0.125 | % | 7/15/22 | Aaa | 22,938,656 | ||||||||||||||
| 19,257 | U.S. Treasury Inflation Indexed Obligations, (4) | 0.125 | % | 7/15/22 | Aaa | 19,640,331 | ||||||||||||||
| 25,280 | U.S. Treasury Inflation Indexed Obligations | 0.125 | % | 7/15/22 | Aaa | 24,297,004 | ||||||||||||||
| 17,610 | U.S. Treasury Inflation Indexed Obligations, (4) | 0.125 | % | 7/15/22 | Aaa | 16,868,611 | ||||||||||||||
| 4,989 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 5,316,969 | ||||||||||||||
| 98 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued) | ||||||||||||||||||||
| $ | 4,459 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | $ | 4,906,602 | ||||||||||||
| 8,722 | U.S. Treasury Inflation Indexed Obligations, (4) | 2.500 | % | 1/15/29 | Aaa | 9,331,606 | ||||||||||||||
| 12,916 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 12,198,203 | ||||||||||||||
| 7,542 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 7,273,667 | ||||||||||||||
| 9,813 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 11,279,353 | ||||||||||||||
| 6,148 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 6,806,254 | ||||||||||||||
| 5,038 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 5,802,791 | ||||||||||||||
| 3,935 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 5,204,989 | ||||||||||||||
| 4,019 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 4,723,360 | ||||||||||||||
| 5,354 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 6,015,752 | ||||||||||||||
| 5,380 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 6,045,262 | ||||||||||||||
| 6,873 | U.S. Treasury Inflation Indexed Obligations | 2.500 | % | 1/15/29 | Aaa | 5,525,439 | ||||||||||||||
| 1,405 | U.S. Treasury Notes | 1.875 | % | 7/15/19 | Aaa | 1,561,789 | ||||||||||||||
| $ | 242,001 | Total U.S. Government and Agency Obligations (cost $255,739,730) |
| 250,136,644 | ||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 6.7% |
| |||||||||||||||||||
| $ | 2,000 | Commercial Mortgage Pass-Through Certificates Series 2012-CR4 | 1.801 | % | 10/15/45 | AAA | $ | 1,978,822 | ||||||||||||
| 730 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642 | % | 8/10/44 | Aaa | 766,886 | ||||||||||||||
| 6,500 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10, (4) | 5.806 | % | 8/10/45 | A | 7,137,442 | ||||||||||||||
| 3,800 | Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2007-GG11, (4) | 5.736 | % | 12/10/49 | AAA | 4,243,699 | ||||||||||||||
| 942 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.853 | % | 6/15/43 | Aaa | 973,324 | ||||||||||||||
| 109 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125 | % | 2/25/41 | AAA | 108,678 | ||||||||||||||
| 2,000 | UBS Barclays Commercial Mortgage Trust 2012-C4 | 2.850 | % | 12/10/45 | AAA | 1,864,220 | ||||||||||||||
| 1,920 | Wells Fargo – Royal Bank of Scotland Commercial Mortgage Trust, Series 2012-C10 A3 | 2.875 | % | 12/15/45 | Aaa | 1,793,050 | ||||||||||||||
| 1,260 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 4.375 | % | 3/15/44 | Aaa | 1,325,757 | ||||||||||||||
| $ | 19,261 | Total Asset-Backed and Mortgage-Backed Securities (cost $20,788,720) | 20,191,878 | |||||||||||||||||
| Shares | Description (1), (7) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 0.4% | ||||||||||||||||||||
| 10,500 | Blackrock Credit Allocation Income Trust IV | $ | 137,130 | |||||||||||||||||
| 5,000 | Invesco Dynamic Credit Opportunities Fund | 64,500 | ||||||||||||||||||
| 35,000 | Pimco Income Strategy Fund | 395,850 | ||||||||||||||||||
| 5,000 | Pioneer Floating Rate Trust | 63,600 | ||||||||||||||||||
| 19,000 | PowerShares Senior Loan Portfolio, (4) | 472,720 | ||||||||||||||||||
Total Investment Companies (cost $1,144,385) |
| 1,133,800 | ||||||||||||||||||
| Nuveen Investments | 99 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Inflation Protected Securities Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.7% | ||||||||||||||||||||
Canada – 0.6% | ||||||||||||||||||||
| $ | 1,500 | Quebec Province | 7.500 | % | 7/15/23 | Aa2 | $ | 1,914,135 | ||||||||||||
Poland – 0.1% | ||||||||||||||||||||
| 250 | Republic of Poland | 6.375 | % | 7/15/19 | A2 | 292,188 | ||||||||||||||
| $ | 1,750 | Total Sovereign Debt (cost $2,333,843) | 2,206,323 | |||||||||||||||||
Total Long-Term Investments (cost $309,717,825) |
| 302,782,748 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 42.5% |
| |||||||||||||||||||
Money Market Funds – 42.5% | ||||||||||||||||||||
| 129,468,738 | Mount Vernon Securities Lending Trust Prime Portfolio, (9) | 0.175 | % (8) | $ | 129,468,738 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $129,468,738) |
| 129,468,738 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||||||||||||||
Money Market Funds – 0.4% | ||||||||||||||||||||
| 1,044,585 | First American Treasury Obligations Fund, Class Z | 0.000 | % (8) | $ | 1,044,585 | |||||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $1,044,585) |
| 1,044,585 | ||||||||||||||||||
Total Investments (cost $440,231,148) – 142.4% |
| 433,296,071 | ||||||||||||||||||
Other Assets Less Liabilities – (42.4)% | (128,918,251 | ) | ||||||||||||||||||
Net Assets – 100% | $ | 304,377,820 | ||||||||||||||||||
Investments in Derivatives as of December 31, 2013
Interest Rate Swaps outstanding:
Clearing House | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
JPMorgan | $ | 3,500,000 | Receive | 3-Month USD-LIBOR-BBA | 2.739 | % | Semi-Annually | 11/21/23 | $ | 95,544 | $ | 95,121 | ||||||||||||||||||||
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Note | Short | (38 | ) | 3/14 | $ | (8,352,875 | ) | $ | 15,338 | |||||||||||
U.S. Treasury 5-Year Note | Short | (48 | ) | 3/14 | (5,727,000 | ) | (1,940 | ) | ||||||||||||
U.S. Treasury 10-Year Note | Short | (20 | ) | 3/14 | (2,460,938 | ) | (2,039 | ) | ||||||||||||
U.S. Treasury Long Bond | Short | (40 | ) | 3/14 | (5,132,500 | ) | 66,806 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (25 | ) | 3/14 | (3,406,250 | ) | 74,418 | |||||||||||||
| $ | (25,079,563 | ) | $ | 152,583 | ||||||||||||||||
| 100 | 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) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (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 $126,714,600. |
| (5) | Perpetual security. Maturity date is not applicable. |
| (6) | 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. |
| (7) | A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (8) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (9) | 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| (10) | For fair value measurement disclosure purposes, Convertible Preferred Securities categorized as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| I/O | Interest only security. |
| 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 those transactions with qualified institutional buyers. |
See accompanying notes to financial statements.
| Nuveen Investments | 101 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Intermediate Government Bond Fund
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 92.8% | ||||||||||||||||||||
CORPORATE BONDS – 0.5% | ||||||||||||||||||||
Health Care Providers & Services – 0.5% |
| |||||||||||||||||||
| $ | 400 | Catholic Health Initiatives | 1.600 | % | 11/01/17 | A+ | $ | 387,699 | ||||||||||||
| $ | 400 | Total Corporate Bonds (cost $399,884) | 387,699 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (3) | Ratings (2) | Value | ||||||||||||||||
MUNICIPAL BONDS – 3.5% | ||||||||||||||||||||
Connecticut – 0.6% | ||||||||||||||||||||
| $ | 385 | Connecticut State, General Obligation Bonds, Various Purpose Taxable Series 2012B, 0.465%, 10/15/14 | No Opt. Call | AA | $ | 385,970 | ||||||||||||||
Maryland – 0.8% | ||||||||||||||||||||
| 570 | Baltimore County, Maryland, General Obligation Bonds, Taxable, Series 2012, 0.554%, 8/01/15 | No Opt. Call | AAA | 570,559 | ||||||||||||||||
Ohio – 2.1% | ||||||||||||||||||||
| 285 | Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2013B, 1.233%, 12/01/16 | No Opt. Call | AA+ | 285,117 | ||||||||||||||||
| 250 | Kings Local School District, Warren County, Ohio, General Obligation School Improvement Bonds, Federally Taxable, Series 2013B, 3.750%, 12/01/18 | No Opt. Call | AA | 263,733 | ||||||||||||||||
| 845 | Ohio State, General Obligation Bonds, Higher Education, Build America Bond Series 2010E, 3.328%, 8/01/17 – AGM Insured | No Opt. Call | AA+ | 893,773 | ||||||||||||||||
| 1,380 | Total Ohio | 1,442,623 | ||||||||||||||||||
| $ | 2,335 | Total Municipal Bonds (cost $2,424,804) | 2,399,152 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 43.1% | ||||||||||||||||||||
| $ | 665 | Fannie Mae Notes | 1.000 | % | 9/20/17 | Aaa | $ | 656,719 | ||||||||||||
| 340 | Fannie Mae Notes | 1.000 | % | 4/30/18 | Aaa | 329,860 | ||||||||||||||
| 1,000 | Fannie Mae Notes | 1.250 | % | 9/27/18 | Aaa | 975,653 | ||||||||||||||
| 750 | Fannie Mae Notes | 1.625 | % | 11/27/18 | Aaa | 743,744 | ||||||||||||||
| 225 | Fannie Mae STRIPS (P/O) | 0.000 | % | 2/01/19 | AA– | 195,828 | ||||||||||||||
| 700 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 3.000 | % | 9/22/14 | Aaa | 714,358 | ||||||||||||||
| 845 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 1.500 | % | 11/16/15 | Aaa | 863,037 | ||||||||||||||
| 360 | Federal Farm Credit Banks, Consolidated Systemwide Notes | 1.750 | % | 4/01/21 | Aaa | 332,774 | ||||||||||||||
| 700 | Federal Home Loan Bank Bonds | 1.300 | % | 6/05/18 | Aaa | 682,347 | ||||||||||||||
| 102 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued) | ||||||||||||||||||||
| $ | 1,080 | Federal Home Loan Bank Bonds | 4.125 | % | 3/13/20 | Aaa | $ | 1,184,358 | ||||||||||||
| 775 | Federal Home Loan Bank Bonds | 1.875 | % | 12/09/22 | Aaa | 687,734 | ||||||||||||||
| 735 | Federal Home Loan Banks, Discount Notes | 2.220 | % | 3/28/23 | Aaa | 674,753 | ||||||||||||||
| 365 | Federal Home Loan Mortgage Corporation, Notes | 3.750 | % | 3/27/19 | Aaa | 397,839 | ||||||||||||||
| 1,700 | Federal National Mortgage Association | 1.875 | % | 10/15/15 | Aaa | 1,741,230 | ||||||||||||||
| 435 | Federal National Mortgage Association | 0.000 | % | 10/09/19 | AA– | 369,877 | ||||||||||||||
| 710 | FICO STRIPS (I/O) | 0.000 | % | 5/02/17 | Aaa | 683,477 | ||||||||||||||
| 250 | Financing Corporation | 9.400 | % | 2/08/18 | Aaa | 324,761 | ||||||||||||||
| 1,065 | Freddie Mac Notes | 0.850 | % | 2/24/16 | Aaa | 1,065,908 | ||||||||||||||
| 330 | Freddie Mac Notes | 0.500 | % | 6/06/16 | Aaa | 328,962 | ||||||||||||||
| 735 | Freddie Mac Notes | 0.850 | % | 7/29/16 | Aaa | 735,821 | ||||||||||||||
| 1,645 | Freddie Mac Reference Notes, (4) | 5.000 | % | 2/16/17 | Aaa | 1,851,477 | ||||||||||||||
| 685 | Freddie Mac Reference Notes, (4) | 0.750 | % | 1/12/18 | Aaa | 666,688 | ||||||||||||||
| 880 | Freddie Mac Reference Notes, (4) | 0.875 | % | 3/07/18 | Aaa | 854,821 | ||||||||||||||
| 270 | Freddie Mac Reference Notes | 5.000 | % | 12/14/18 | Aa2 | 306,113 | ||||||||||||||
| 560 | Freddie Mac Reference Notes | 1.250 | % | 10/02/19 | Aaa | 530,509 | ||||||||||||||
| 340 | Freddie Mac Reference Notes, (4) | 2.375 | % | 1/13/22 | Aaa | 325,028 | ||||||||||||||
| 505 | Private Export Funding | 4.550 | % | 5/15/15 | Aaa | 534,303 | ||||||||||||||
| 345 | Private Export Funding | 2.125 | % | 7/15/16 | Aaa | 357,855 | ||||||||||||||
| 335 | Private Export Funding, (4) | 1.450 | % | 8/15/19 | Aaa | 318,641 | ||||||||||||||
| 530 | Tennessee Valley Authority, Series A | 3.875 | % | 2/15/21 | Aaa | 559,643 | ||||||||||||||
| 325 | U.S. Treasury Bonds | 8.750 | % | 8/15/20 | Aaa | 456,117 | ||||||||||||||
| 645 | U.S. Treasury Notes | 1.250 | % | 9/30/15 | Aaa | 655,456 | ||||||||||||||
| 760 | U.S. Treasury Notes | 3.125 | % | 1/31/17 | Aaa | 812,487 | ||||||||||||||
| 635 | U.S. Treasury Notes, (4) | 3.875 | % | 5/15/18 | Aaa | 699,889 | ||||||||||||||
| 1,670 | U.S. Treasury Notes, (4) | 2.250 | % | 7/31/18 | Aaa | 1,721,535 | ||||||||||||||
| 430 | U.S. Treasury Notes | 1.000 | % | 11/30/19 | Aaa | 404,032 | ||||||||||||||
| 2,060 | U.S. Treasury Notes | 2.000 | % | 11/30/20 | Aaa | 2,005,282 | ||||||||||||||
| 400 | U.S. Treasury Notes, (4) | 3.125 | % | 5/15/21 | Aaa | 416,969 | ||||||||||||||
| 2,240 | U.S. Treasury Notes | 2.000 | % | 2/15/22 | Aaa | 2,125,724 | ||||||||||||||
| $ | 29,025 | Total U.S. Government and Agency Obligations (cost $29,611,789) | 29,291,609 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 45.7% | ||||||||||||||||||||
| $ | 645 | 321 Henderson Receivables LLC, Series 2010-3A | 3.820 | % | 12/15/48 | Aaa | $ | 670,707 | ||||||||||||
| 734 | 321 Henderson Receivables LLC., Series 2010-1A | 5.560 | % | 7/15/59 | Aaa | 818,459 | ||||||||||||||
| 563 | Centerpoint Energy Transition Bond Company LLC | 0.901 | % | 4/15/18 | AAA | 562,762 | ||||||||||||||
| 466 | Commercial Mortgage Pass-Through Certificates 2012-CR2 A1 | 0.824 | % | 8/15/45 | Aaa | 464,587 | ||||||||||||||
| Nuveen Investments | 103 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Intermediate Government Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 280 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642 | % | 8/10/44 | Aaa | $ | 294,148 | ||||||||||||
| 1,000 | Discover Card Master Trust I 2011-A3 A | 0.370 | % | 3/15/17 | AAA | 1,000,286 | ||||||||||||||
| 556 | Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A | 2.300 | % | 8/01/21 | AAA | 569,410 | ||||||||||||||
| 714 | Fannie Mae Mortgage Pool AB1959 | 4.000 | % | 12/01/40 | Aaa | 735,998 | ||||||||||||||
| 651 | Fannie Mae Mortgage Pool AB9659 | 3.000 | % | 6/01/43 | Aaa | 618,670 | ||||||||||||||
| 953 | Fannie Mae Mortgage Pool AD0486 | 2.344 | % | 4/01/34 | Aaa | 1,012,218 | ||||||||||||||
| 228 | Fannie Mae Mortgage Pool AD0706 | 2.300 | % | 3/01/38 | Aaa | 242,404 | ||||||||||||||
| 520 | Fannie Mae Mortgage Pool AE4876 | 3.500 | % | 10/01/40 | Aaa | 517,217 | ||||||||||||||
| 3 | Fannie Mae Mortgage Pool 252799 | 7.000 | % | 10/01/14 | Aaa | 2,537 | ||||||||||||||
| 204 | Fannie Mae Mortgage Pool 254169 | 6.500 | % | 12/01/31 | Aaa | 221,237 | ||||||||||||||
| 126 | Fannie Mae Mortgage Pool 254179 | 6.000 | % | 1/01/22 | Aaa | 139,777 | ||||||||||||||
| 128 | Fannie Mae Mortgage Pool 254344 | 6.500 | % | 6/01/22 | Aaa | 142,368 | ||||||||||||||
| 133 | Fannie Mae Mortgage Pool 254373 | 6.500 | % | 7/01/17 | Aaa | 141,810 | ||||||||||||||
| 117 | Fannie Mae Mortgage Pool 254414 | 7.000 | % | 7/01/17 | Aaa | 124,172 | ||||||||||||||
| 199 | Fannie Mae Mortgage Pool 254720 | 4.500 | % | 5/01/18 | Aaa | 212,151 | ||||||||||||||
| 1,784 | Fannie Mae Mortgage Pool 464158 | 3.120 | % | 1/01/15 | Aaa | 1,807,909 | ||||||||||||||
| 869 | Fannie Mae Mortgage Pool 467749 | 3.240 | % | 4/01/16 | Aaa | 906,612 | ||||||||||||||
| 54 | Fannie Mae Mortgage Pool 580516 | 5.500 | % | 4/01/16 | Aaa | 57,538 | ||||||||||||||
| 117 | Fannie Mae Mortgage Pool 596680 | 7.000 | % | 9/01/31 | Aaa | 126,557 | ||||||||||||||
| 355 | Fannie Mae Mortgage Pool 596712 | 6.500 | % | 6/01/32 | Aaa | 386,720 | ||||||||||||||
| 68 | Fannie Mae Mortgage Pool 656269 | 6.000 | % | 8/01/32 | Aaa | 75,743 | ||||||||||||||
| 57 | Fannie Mae Mortgage Pool 673010 | 5.500 | % | 12/01/17 | Aaa | 60,908 | ||||||||||||||
| 125 | Fannie Mae Mortgage Pool 695765 | 5.500 | % | 4/01/18 | Aaa | 134,023 | ||||||||||||||
| 265 | Fannie Mae Mortgage Pool 725793 | 5.500 | % | 9/01/19 | Aaa | 286,866 | ||||||||||||||
| 442 | Fannie Mae Mortgage Pool 745101 | 6.000 | % | 4/01/32 | Aaa | 485,634 | ||||||||||||||
| 447 | Fannie Mae Mortgage Pool 819652 | 2.629 | % | 3/01/35 | Aaa | 474,999 | ||||||||||||||
| 160 | Fannie Mae Mortgage Pool 848390 | 1.914 | % | 12/01/35 | Aaa | 167,767 | ||||||||||||||
| 220 | Fannie Mae Mortgage Pool 886034 | 2.685 | % | 7/01/36 | Aaa | 235,640 | ||||||||||||||
| 151 | Fannie Mae Mortgage Pool 887017 | 6.500 | % | 8/01/36 | Aaa | 167,366 | ||||||||||||||
| 308 | Fannie Mae Mortgage Pool 913187 | 2.440 | % | 4/01/37 | Aaa | 326,097 | ||||||||||||||
| 628 | Fannie Mae Mortgage Pool 914224 | 2.585 | % | 3/01/37 | Aaa | 670,920 | ||||||||||||||
| 359 | Fannie Mae Mortgage Pool 928519 | 7.000 | % | 6/01/37 | Aaa | 394,406 | ||||||||||||||
| 182 | Fannie Mae Mortgage Pool 995949 | 2.457 | % | 9/01/36 | Aaa | 192,884 | ||||||||||||||
| 557 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2013-M3 ASQ2 | 1.083 | % | 2/25/16 | Aaa | 560,158 | ||||||||||||||
| 396 | Fannie Mae REMIC Pass-Through Certificates 2002-W1 2A | 6.659 | % | 2/25/42 | Aaa | 460,518 | ||||||||||||||
| 439 | Fannie Mae REMIC Pass-Through Certificates 2009-M1 A1 | 3.400 | % | 7/25/19 | Aaa | 459,484 | ||||||||||||||
| 104 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 373 | Fannie Mae REMIC Pass-Through Certificates 2010-M4 A1 | 2.520 | % | 6/25/20 | Aaa | $ | 380,621 | ||||||||||||
| 689 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 3.250 | % | 4/25/38 | Aaa | 712,110 | ||||||||||||||
| 81 | FDIC Trust 2001-C1 | 1.840 | % | 4/25/31 | Aaa | 81,547 | ||||||||||||||
| 160 | FDIC Trust 2012-C1 | 0.841 | % | 5/25/35 | Aaa | 160,293 | ||||||||||||||
| 136 | Federal Home Loan Mortgage Corporation, REMIC 2629 BO | 3.250 | % | 3/15/18 | Aaa | 138,670 | ||||||||||||||
| 749 | Freddie Mac Gold Pool C09000 | 3.500 | % | 6/01/42 | Aaa | 743,848 | ||||||||||||||
| 418 | Freddie Mac Gold Pool 1H1396 | 2.375 | % | 5/01/37 | Aaa | 443,893 | ||||||||||||||
| 653 | Freddie Mac Gold Pool 780836 | 2.343 | % | 9/01/33 | Aaa | 693,712 | ||||||||||||||
| 406 | Freddie Mac Gold Pool 848193 | 2.515 | % | 3/01/36 | Aaa | 433,390 | ||||||||||||||
| 23 | Freddie Mac Mortgage Pool, Various C35768 | 7.500 | % | 1/01/30 | Aaa | 25,071 | ||||||||||||||
| 3 | Freddie Mac Mortgage Pool, Various E00746 | 7.000 | % | 9/01/14 | Aaa | 3,388 | ||||||||||||||
| 76 | Freddie Mac Mortgage Pool, Various G00876 | 6.500 | % | 1/01/28 | Aaa | 84,810 | ||||||||||||||
| 166 | Freddie Mac Mortgage Pool, Various G01244 | 6.500 | % | 3/01/31 | Aaa | 187,623 | ||||||||||||||
| 858 | Freddie Mac Mulitfamily Structured Pass-Through Certificates, Series K701 | 2.776 | % | 6/25/17 | Aaa | 887,144 | ||||||||||||||
| 772 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010 A1 | 3.320 | % | 7/25/20 | Aaa | 817,500 | ||||||||||||||
| 378 | Freddie Mac Multifamily Structured Pass-Through Certificates Series KF01 | 0.518 | % | 4/25/19 | Aaa | 377,220 | ||||||||||||||
| 460 | Freddie Mac Structured Pass-Through Certificates, Series K-501 | 1.655 | % | 11/25/16 | Aaa | 466,422 | ||||||||||||||
| 878 | Freddie Mac Structured Pass-Through Certificates, Series K008 | 2.746 | % | 12/25/19 | Aaa | 913,667 | ||||||||||||||
| 66 | Government National Mortgage Association Pool 3120 | 6.500 | % | 8/20/31 | Aaa | 76,866 | ||||||||||||||
| 34 | Government National Mortgage Association Pool 347332 | 7.500 | % | 12/15/22 | Aaa | 35,098 | ||||||||||||||
| 6 | Government National Mortgage Association Pool 455304 | 7.000 | % | 9/15/27 | Aaa | 6,103 | ||||||||||||||
| 588 | Government National Mortgage Association Pool 4946 | 4.500 | % | 2/20/41 | Aaa | 631,022 | ||||||||||||||
| 106 | Government National Mortgage Association Pool 570134 | 7.500 | % | 12/15/31 | Aaa | 120,137 | ||||||||||||||
| 840 | Government National Mortgage Association Pool 633605 | 6.000 | % | 9/15/34 | Aaa | 947,835 | ||||||||||||||
| 186 | Government National Mortgage Association Pool 780825 | 6.500 | % | 7/15/28 | Aaa | 209,834 | ||||||||||||||
| 19 | GRMT Mortgage Loan Trust 2001-1A | 8.272 | % | 7/20/31 | A3 | 18,827 | ||||||||||||||
| 250 | Invitation Homes Trust 2013-SFR1 | 1.309 | % | 12/17/30 | Aaa | 250,327 | ||||||||||||||
| 705 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1 | 2.749 | % | 11/15/43 | AAA | 722,995 | ||||||||||||||
| 673 | National Credit Union Administration Guaranteed Structured Collateral Notes | 1.600 | % | 10/29/20 | Aaa | 677,788 | ||||||||||||||
| 617 | Origen Manufactured Housing Contract Trust Collateralized Notes Series 2005B | 5.990 | % | 1/15/37 | A+ | 643,824 | ||||||||||||||
| 58 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125 | % | 2/25/41 | AAA | 57,498 | ||||||||||||||
| 63 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2005-10B | 4.940 | % | 8/10/15 | Aaa | 65,696 | ||||||||||||||
| 517 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2008-10A | 5.902 | % | 2/10/18 | Aaa | 563,453 | ||||||||||||||
| 729 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2010-P10A | 4.108 | % | 3/10/20 | Aaa | 780,725 | ||||||||||||||
| 115 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates Series 2005-P10A | 4.638 | % | 2/10/15 | Aaa | 119,552 | ||||||||||||||
| Nuveen Investments | 105 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Intermediate Government Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||
| $ | 619 | United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1 | 3.750 | % | 2/15/35 | Aaa | $ | 652,342 | ||||||||||||
| $ | 29,673 | Total Asset-Backed and Mortgage-Backed Securities (cost $29,887,511) | 31,060,518 | |||||||||||||||||
Total Long-Term Investments (cost $62,323,988) |
| 63,138,978 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 10.4% |
| |||||||||||||||||||
Money Market Funds – 10.4% | ||||||||||||||||||||
| 7,060,274 | Mount Vernon Securities Lending Trust Prime Portfolio, (6) | 0.175 | % (5) | $ | 7,060,274 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $7,060,274) |
| 7,060,274 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT TERM INVESTMENTS – 4.6% | ||||||||||||||||||||
Money Market Funds – 4.6% | ||||||||||||||||||||
| 3,096,114 | First American Treasury Obligations Fund, Class Z | 0.000 | % (5) | $ | 3,096,114 | |||||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $3,096,114) | 3,096,114 | |||||||||||||||||||
Total Investments (cost $72,480,376) – 107.8% | 73,295,366 | |||||||||||||||||||
Other Assets Less Liabilities – (7.8)% | (5,303,145 | ) | ||||||||||||||||||
Net Assets – 100% | �� | $ | 67,992,221 | |||||||||||||||||
Investments in Derivatives as of December 31, 2013
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | Long | 18 | 3/14 | $ | 2,147,625 | $ | (26,842 | ) | ||||||||||||
U.S. Treasury 10-Year Note | Long | 22 | 3/14 | 2,707,031 | (47,455 | ) | ||||||||||||||
U.S. Treasury Long Bond | Short | (29 | ) | 3/14 | (3,721,062 | ) | 68,781 | |||||||||||||
| $ | 1,133,594 | $ | (5,516 | ) | ||||||||||||||||
| * | The aggregate Notional Amount at Value of long and short positions is $4,854,656 and $(3,721,062), 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) | 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 $6,913,606. |
| (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, Note 3—Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| I/O | Interest only security. |
| P/O | Principal only security. |
See accompanying notes to financial statements.
| 106 | Nuveen Investments |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 95.9% | ||||||||||||||||||||
CORPORATE BONDS – 45.6% | ||||||||||||||||||||
Aerospace & Defense – 0.3% | ||||||||||||||||||||
| $ | 500 | Bombardier Inc., 144A, (3) | 4.250 | % | 1/15/16 | BB | $ | 522,500 | ||||||||||||
| 2,000 | Bombardier Inc., 144A | 7.500 | % | 3/15/18 | BB | 2,275,000 | ||||||||||||||
| 2,500 | Total Aerospace & Defense | 2,797,500 | ||||||||||||||||||
Automobiles – 1.2% | ||||||||||||||||||||
| 400 | Chrysler GP/CG Company | 8.000 | % | 6/15/19 | B1 | 442,000 | ||||||||||||||
| 2,700 | Daimler Finance NA LLC, 144A | 1.250 | % | 1/11/16 | A– | 2,701,906 | ||||||||||||||
| 2,000 | DriveTime Automatove Group Inc, DT Acceptance Corporation | 12.625 | % | 6/15/17 | B | 2,210,000 | ||||||||||||||
| 1,000 | General Motors Financial Company Inc., 144A | 4.750 | % | 8/15/17 | BB+ | 1,061,250 | ||||||||||||||
| 1,710 | Jaguar Land Rover PLC, 144A | 8.125 | % | 5/15/21 | BB | 1,945,125 | ||||||||||||||
| 3,360 | Volkswagen International Finance NV, 144A | 1.625 | % | 3/22/15 | A– | 3,397,914 | ||||||||||||||
| 11,170 | Total Automobiles | 11,758,195 | ||||||||||||||||||
Beverages – 1.2% | ||||||||||||||||||||
| 2,235 | Anheuser-Busch Companies Inc. | 5.050 | % | 10/15/16 | A | 2,486,449 | ||||||||||||||
| 1,500 | Constellation Brands Inc. | 8.375 | % | 12/15/14 | BB+ | 1,597,500 | ||||||||||||||
| 2,560 | Dr. Pepper Snapple Group Inc. | 2.900 | % | 1/15/16 | BBB+ | 2,656,893 | ||||||||||||||
| 2,000 | Heineken NV, 144A | 1.400 | % | 10/01/17 | BBB+ | 1,962,146 | ||||||||||||||
| 2,700 | SABMiller Holdings Inc., 144A | 1.850 | % | 1/15/15 | BBB+ | 2,732,365 | ||||||||||||||
| 10,995 | Total Beverages | 11,435,353 | ||||||||||||||||||
Biotechnology – 0.4% | ||||||||||||||||||||
| 2,000 | Genentech Inc. | 4.750 | % | 7/15/15 | AA | 2,127,004 | ||||||||||||||
| 1,805 | STHI Holding Corporation, 144A | 8.000 | % | 3/15/18 | B | 1,931,350 | ||||||||||||||
| 3,805 | Total Biotechnology | 4,058,354 | ||||||||||||||||||
Building Products – 0.1% | ||||||||||||||||||||
| 750 | Hanson Limted | 6.125 | % | 8/15/16 | BB+ | 823,125 | ||||||||||||||
Capital Markets – 2.5% | ||||||||||||||||||||
| 12,030 | Goldman Sachs Group, Inc. | 6.250 | % | 9/01/17 | A | 13,772,666 | ||||||||||||||
| 7,800 | Morgan Stanley | 1.750 | % | 2/25/16 | A | 7,904,715 | ||||||||||||||
| 2,250 | Nomura Holdings Incorporated | 2.000 | % | 9/13/16 | BBB+ | 2,268,601 | ||||||||||||||
| 22,080 | Total Capital Markets | 23,945,982 | ||||||||||||||||||
Chemicals – 1.4% | ||||||||||||||||||||
| 2,000 | Dow Chemical Company | 2.500 | % | 2/15/16 | BBB | 2,061,198 | ||||||||||||||
| 2,215 | Eastman Chemical Company, (3) | 2.400 | % | 6/01/17 | BBB | 2,238,736 | ||||||||||||||
| Nuveen Investments | 107 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Chemicals (continued) | ||||||||||||||||||||
| $ | 2,635 | Ecolab Inc. | 1.450 | % | 12/08/17 | BBB+ | $ | 2,574,977 | ||||||||||||
| 1,875 | Potash Corporation of Saskatchewan | 3.750 | % | 9/30/15 | A– | 1,965,992 | ||||||||||||||
| 2,000 | Rhodia SA, 144A | 6.875 | % | 9/15/20 | BBB+ | 2,213,920 | ||||||||||||||
| 2,750 | Sherwin-Williams Company | 1.350 | % | 12/15/17 | A | 2,677,705 | ||||||||||||||
| 13,475 | Total Chemicals | 13,732,528 | ||||||||||||||||||
Commercial Banks – 5.2% | ||||||||||||||||||||
| 5,000 | Australia and New Zealand Banking Group Limited, 144A | 2.400 | % | 11/23/16 | Aaa | 5,177,000 | ||||||||||||||
| 800 | Banco do Nordeste do Brasil, 144A | 3.625 | % | 11/09/15 | BBB | 803,000 | ||||||||||||||
| 3,305 | Bank of Nova Scotia | 1.375 | % | 12/18/17 | Aa2 | 3,243,335 | ||||||||||||||
| 3,615 | Barclays Bank PLC | 5.000 | % | 9/22/16 | A | 3,979,913 | ||||||||||||||
| 2,315 | BB&T Corporation | 3.200 | % | 3/15/16 | A+ | 2,420,812 | ||||||||||||||
| 1,300 | BBVA Bancomer SA Texas, 144A, (3) | 4.500 | % | 3/10/16 | A2 | 1,378,000 | ||||||||||||||
| 2,000 | CIT Group Inc., 144A, (3) | 4.750 | % | 2/15/15 | BB– | 2,072,500 | ||||||||||||||
| 2,000 | Credit Agricole SA, 144A, (3) | 3.000 | % | 10/01/17 | A | 2,069,122 | ||||||||||||||
| 3,735 | Deutsche Bank London | 3.250 | % | 1/11/16 | A+ | 3,906,306 | ||||||||||||||
| 1,550 | Fifth Third Bancorp. | 3.625 | % | 1/25/16 | A | 1,628,413 | ||||||||||||||
| 2,000 | HSBC USA Inc., (3) | 1.625 | % | 1/16/18 | AA– | 1,972,114 | ||||||||||||||
| 1,675 | ING Bank NV, 144A, (3) | 4.000 | % | 3/15/16 | A+ | 1,770,313 | ||||||||||||||
| 1,500 | ING Bank NV, 144A | 3.750 | % | 3/07/17 | A+ | 1,579,830 | ||||||||||||||
| 2,760 | National Australia Bank, 144A | 3.000 | % | 7/27/16 | Aa2 | 2,888,837 | ||||||||||||||
| 2,000 | Nordea Bank AB, 144A | 3.125 | % | 3/20/17 | AA– | 2,091,362 | ||||||||||||||
| 1,000 | Rabobank Nederland Utrec | 3.375 | % | 1/19/17 | Aa2 | 1,052,890 | ||||||||||||||
| 1,400 | Rabobank Nederland | 3.200 | % | 3/11/15 | Aa2 | 1,443,572 | ||||||||||||||
| 705 | Regions Financial Corporation | 7.750 | % | 11/10/14 | BBB– | 743,812 | ||||||||||||||
| 2,000 | Royal Bank of Scotland Group PLC | 2.550 | % | 9/18/15 | A | 2,045,514 | ||||||||||||||
| 2,000 | SunTrust Banks Inc. | 2.350 | % | 11/01/18 | Baa1 | 1,989,404 | ||||||||||||||
| 2,000 | Wells Fargo & Company | 1.500 | % | 7/01/15 | AA– | 2,028,124 | ||||||||||||||
| 3,755 | Wells Fargo & Company | 3.676 | % | 6/15/16 | AA– | 3,998,114 | ||||||||||||||
| 48,415 | Total Commercial Banks | 50,282,287 | ||||||||||||||||||
Commercial Services & Supplies – 0.7% | ||||||||||||||||||||
| 2,000 | ERAC USA Finance LLC, 144A | 2.800 | % | 11/01/18 | BBB+ | 2,021,072 | ||||||||||||||
| 3,000 | International Lease Finance Corporation | 4.875 | % | 4/01/15 | BBB– | 3,105,000 | ||||||||||||||
| 1,815 | Waste Management Inc. | 2.600 | % | 9/01/16 | A– | 1,873,390 | ||||||||||||||
| 6,815 | Total Commercial Services & Supplies | 6,999,462 | ||||||||||||||||||
Communications Equipment – 0.1% | ||||||||||||||||||||
| 1,050 | Nokia Corporation | 5.375 | % | 5/15/19 | BB– | 1,089,375 | ||||||||||||||
Computers & Peripherals – 0.5% | ||||||||||||||||||||
| 3,510 | Hewlett Packard Company | 3.000 | % | 9/15/16 | A– | 3,651,176 | ||||||||||||||
| 108 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Computers & Peripherals (continued) | ||||||||||||||||||||
| $ | 1,000 | Seagate HDD Cayman, 144A | 3.750 | % | 11/15/18 | BBB– | $ | 1,011,250 | ||||||||||||
| 4,510 | Total Computers & Peripherals | 4,662,426 | ||||||||||||||||||
Construction & Engineering – 0.1% | ||||||||||||||||||||
| 1,000 | ABB Finance USA Inc. | 1.625 | % | 5/08/17 | A | 998,012 | ||||||||||||||
Consumer Finance – 0.9% | ||||||||||||||||||||
| 505 | Ally Financial Inc. | 5.500 | % | 2/15/17 | BB | 546,663 | ||||||||||||||
| 1,635 | American Express Credit Corporation | 1.750 | % | 6/12/15 | A+ | 1,661,384 | ||||||||||||||
| 2,405 | American Express Credit Corporation | 2.800 | % | 9/19/16 | A+ | 2,512,936 | ||||||||||||||
| 2,050 | Capital One Financial Corporation | 6.150 | % | 9/01/16 | BBB+ | 2,292,888 | ||||||||||||||
| 2,000 | Ford Motor Credit Company | 1.500 | % | 1/17/17 | BBB– | 1,999,104 | ||||||||||||||
| 8,595 | Total Consumer Finance | 9,012,975 | ||||||||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||||||||
| 2,000 | Reynolds Group | 7.875 | % | 8/15/19 | B+ | 2,210,000 | ||||||||||||||
Diversified Financial Services – 5.3% | ||||||||||||||||||||
| 12,510 | Bank of America Corporation | 1.125 | % | 11/14/16 | A | 12,524,211 | ||||||||||||||
| 2,570 | BNP Paribas | 2.700 | % | 8/20/18 | A+ | 2,618,190 | ||||||||||||||
| 12,390 | Citigroup Inc. | 4.587 | % | 12/15/15 | A | 13,240,121 | ||||||||||||||
| 9,930 | General Electric Capital Corporation | 2.300 | % | 4/27/17 | AA+ | 10,206,779 | ||||||||||||||
| 4,500 | JPMorgan Chase & Company | 5.150 | % | 10/01/15 | A | 4,809,596 | ||||||||||||||
| 4,500 | JPMorgan Chase & Company, (3) | 3.150 | % | 7/05/16 | A+ | 4,717,719 | ||||||||||||||
| 2,970 | National Rural Utilities Cooperative Finance Corporation | 1.900 | % | 11/01/15 | A+ | 3,040,956 | ||||||||||||||
| 49,370 | Total Diversified Financial Services | 51,157,572 | ||||||||||||||||||
Diversified Telecommunication Services – 0.8% |
| |||||||||||||||||||
| 2,300 | AT&T, Inc. | 1.400 | % | 12/01/17 | A | 2,267,444 | ||||||||||||||
| 2,000 | Qwest Corporation | 7.500 | % | 10/01/14 | BBB– | 2,099,276 | ||||||||||||||
| 2,500 | Verizon Communications | 2.000 | % | 11/01/16 | A– | 2,550,903 | ||||||||||||||
| 1,000 | Verizon Communications, (3) | 1.993 | % | 9/14/18 | A– | 1,051,498 | ||||||||||||||
| 7,800 | Total Diversified Telecommunication Services | 7,969,121 | ||||||||||||||||||
Electronic Equipment & Instruments – 0.2% |
| |||||||||||||||||||
| 1,410 | Tyco Electronics Group. SA | 1.600 | % | 2/03/15 | BBB+ | 1,423,874 | ||||||||||||||
Energy Equipment & Services – 0.8% | ||||||||||||||||||||
| 3,000 | Ensco PLC | 3.250 | % | 3/15/16 | BBB+ | 3,132,135 | ||||||||||||||
| 1,825 | Noble Holding International Limited | 3.450 | % | 8/01/15 | A– | 1,892,361 | ||||||||||||||
| 2,700 | Pacific Drilling SA | 8.250 | % | 2/23/15 | N/R | 2,828,250 | ||||||||||||||
| 7,525 | Total Energy Equipment & Services | 7,852,746 | ||||||||||||||||||
Food & Staples Retailing – 0.5% | ||||||||||||||||||||
| 2,000 | CVS Caremark Corporation, (3) | 1.200 | % | 12/05/16 | BBB+ | 2,002,030 | ||||||||||||||
| Nuveen Investments | 109 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Food & Staples Retailing (continued) | ||||||||||||||||||||
| $ | 2,000 | Tesco PLC, 144A | 5.500 | % | 11/15/17 | BBB+ | $ | 2,216,952 | ||||||||||||
| 4,000 | Total Food & Staples Retailing | 4,218,982 | ||||||||||||||||||
Food Products – 0.9% | ||||||||||||||||||||
| 2,500 | Bunge Limited Finance Company | 3.200 | % | 6/15/17 | Baa2 | 2,571,168 | ||||||||||||||
| 3,000 | Sara Lee Corporation | 2.750 | % | 9/15/15 | BBB | 3,084,972 | ||||||||||||||
| 3,000 | Wm. Wrigley Jr. Company, 144A | 2.900 | % | 10/21/19 | BBB+ | 2,975,199 | ||||||||||||||
| 8,500 | Total Food Products | 8,631,339 | ||||||||||||||||||
Gas Utilities – 0.1% | ||||||||||||||||||||
| 1,246 | Suburban Propane Partners LP | 7.500 | % | 10/01/18 | BB– | 1,336,335 | ||||||||||||||
Health Care Equipment & Supplies – 0.2% | ||||||||||||||||||||
| 2,000 | Boston Scientific Corporation | 6.250 | % | 11/15/15 | BBB– | 2,184,530 | ||||||||||||||
Health Care Providers & Services – 1.8% | ||||||||||||||||||||
| 2,000 | Community Health Systems, Inc. | 5.125 | % | 8/15/18 | BB+ | 2,065,000 | ||||||||||||||
| 2,560 | Covidien International Finance SA | 1.350 | % | 5/29/15 | A | 2,578,780 | ||||||||||||||
| 3,500 | Express Scripts Holding Company | 3.500 | % | 11/15/16 | BBB+ | 3,700,256 | ||||||||||||||
| 1,000 | HCA Inc. | 8.500 | % | 4/15/19 | BB+ | 1,060,000 | ||||||||||||||
| 1,500 | HealthSouth Corporation | 8.125 | % | 2/15/20 | BB– | 1,644,375 | ||||||||||||||
| 2,650 | Queat Diagnostics Inc. | 5.450 | % | 11/01/15 | BBB+ | 2,856,284 | ||||||||||||||
| 1,945 | UnitedHealth Group Incorporated | 0.850 | % | 10/15/15 | A | 1,952,786 | ||||||||||||||
| 1,750 | Wellpoint Inc. | 1.875 | % | 1/15/18 | A– | 1,730,419 | ||||||||||||||
| 16,905 | Total Health Care Providers & Services | 17,587,900 | ||||||||||||||||||
Hotels, Restaurants & Leisure – 0.4% | ||||||||||||||||||||
| 1,395 | GLP Capital LP Financing II Inc., 144A, (3) | 4.375 | % | 11/01/18 | BBB– | 1,426,388 | ||||||||||||||
| 1,750 | Wynn Las Vegas LLC Corporation | 7.750 | % | 8/15/20 | BBB– | 1,964,375 | ||||||||||||||
| 3,145 | Total Hotels, Restaurants & Leisure | 3,390,763 | ||||||||||||||||||
Independent Power Producers & Energy Traders – 0.4% | ||||||||||||||||||||
| 1,249 | Calpine Corporation, 144A | 7.875 | % | 7/31/20 | BB+ | 1,367,655 | ||||||||||||||
| 1,966 | RRI Energy Inc. | 7.875 | % | 6/15/17 | B | 2,162,600 | ||||||||||||||
| 3,215 | Total Independent Power Producers & Energy Traders | 3,530,255 | ||||||||||||||||||
Industrial Conglomerates – 0.2% | ||||||||||||||||||||
| 2,085 | Spectra Energy Partners LP | 2.950 | % | 9/25/18 | BBB | 2,113,408 | ||||||||||||||
Insurance – 2.2% | ||||||||||||||||||||
| 3,380 | AFLAC Insurance | 2.650 | % | 2/15/17 | A– | 3,487,852 | ||||||||||||||
| 2,736 | Allied World Assurance Holdings Limited | 7.500 | % | 8/01/16 | A– | 3,140,923 | ||||||||||||||
| 4,945 | American International Group, Inc. | 4.875 | % | 9/15/16 | A– | 5,431,227 | ||||||||||||||
| 2,000 | Hartford Financial Services Group Inc. | 4.000 | % | 3/30/15 | BBB | 2,077,786 | ||||||||||||||
| 2,000 | Lincoln National Corporation | 4.300 | % | 6/15/15 | A– | 2,096,728 | ||||||||||||||
| 3,400 | Prudential Covered Trust, 144A | 2.997 | % | 9/30/15 | A | 3,505,329 | ||||||||||||||
| 110 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Insurance (continued) | ||||||||||||||||||||
| $ | 1,000 | Security Benefit Life Insurance Company, 144A, (3) | 8.750 | % | 5/15/16 | BBB | $ | 1,119,545 | ||||||||||||
| 19,461 | Total Insurance | 20,859,390 | ||||||||||||||||||
Internet & Catalog Retail – 0.3% | ||||||||||||||||||||
| 2,695 | Amazon.com Incorporated | 1.200 | % | 11/29/17 | AA– | 2,638,656 | ||||||||||||||
IT Services – 0.5% | ||||||||||||||||||||
| 2,500 | Computer Sciences Corporation | 2.500 | % | 9/15/15 | BBB | 2,551,793 | ||||||||||||||
| 2,000 | First Data Corporation, 144A | 7.375 | % | 6/15/19 | BB– | 2,135,000 | ||||||||||||||
| 4,500 | Total IT Services | 4,686,793 | ||||||||||||||||||
Life Sciences Tools & Services – 0.3% | ||||||||||||||||||||
| 1,250 | Thermo Fischer Scientific Inc. | 3.200 | % | 5/01/15 | Baa1 | 1,290,650 | ||||||||||||||
| 1,745 | Thermo Fischer Scientific Inc. | 2.250 | % | 8/15/16 | Baa1 | 1,784,575 | ||||||||||||||
| 2,995 | Total Life Sciences Tools & Services | 3,075,225 | ||||||||||||||||||
Media – 1.8% | ||||||||||||||||||||
| 1,570 | DIRECTV Holdings LLC | 3.550 | % | 3/15/15 | BBB | 1,621,757 | ||||||||||||||
| 2,000 | DIRECTV Holdings LLC | 3.125 | % | 2/15/16 | BBB | 2,080,446 | ||||||||||||||
| 2,000 | Dish DBS Corporation | 4.250 | % | 4/01/18 | BB– | 2,040,000 | ||||||||||||||
| 1,500 | LIN Television Corporation | 8.375 | % | 4/15/18 | B+ | 1,586,250 | ||||||||||||||
| 4,000 | NBC Universal Media LLC | 3.650 | % | 4/30/15 | A– | 4,159,996 | ||||||||||||||
| 1,000 | News America Holdings Inc. | 5.300 | % | 12/15/14 | BBB+ | 1,044,220 | ||||||||||||||
| 1,000 | TCM Sub LLC | 3.550 | % | 1/15/15 | A– | 1,027,886 | ||||||||||||||
| 1,000 | Thomson Reuters Corporation | 1.300 | % | 2/23/17 | BBB+ | 995,589 | ||||||||||||||
| 1,025 | Time Warner Cable Inc. | 8.250 | % | 2/14/14 | BBB | 1,033,801 | ||||||||||||||
| 1,500 | Virgin Media Finance PLC | 8.375 | % | 10/15/19 | B | 1,638,750 | ||||||||||||||
| 16,595 | Total Media | 17,228,695 | ||||||||||||||||||
Metals & Mining – 2.1% | ||||||||||||||||||||
| 1,000 | APERAM, 144A, (3) | 7.375 | % | 4/01/16 | B+ | 1,027,500 | ||||||||||||||
| 3,680 | ArcelorMittal, (3) | 4.250 | % | 3/01/16 | BB+ | 3,841,000 | ||||||||||||||
| 1,500 | Cliffs Natural Resources Inc., (3) | 3.950 | % | 1/15/18 | BBB– | 1,514,693 | ||||||||||||||
| 1,500 | Evraz Group S.A, 144A | 8.250 | % | 11/10/15 | BB– | 1,592,250 | ||||||||||||||
| 2,200 | Freeport McMoRan Copper & Gold, Inc., (3) | 2.150 | % | 3/01/17 | BBB | 2,214,335 | ||||||||||||||
| 1,735 | Rio Tinto Finance USA PLC, (3) | 1.625 | % | 8/21/17 | A– | 1,734,311 | ||||||||||||||
| 2,000 | Teck Resources Limited | 3.850 | % | 8/15/17 | BBB | 2,115,078 | ||||||||||||||
| 2,000 | United States Steel Corporation, (3) | 6.050 | % | 6/01/17 | BB– | 2,160,000 | ||||||||||||||
| 1,175 | Vale Overseas Limited | 6.250 | % | 1/11/16 | A– | 1,279,281 | ||||||||||||||
| 2,500 | Xstrata Finance Canada Limited, 144A | 3.600 | % | 1/15/17 | BBB | 2,607,673 | ||||||||||||||
| 19,290 | Total Metals & Mining | 20,086,121 | ||||||||||||||||||
Multiline Retail – 0.4% | ||||||||||||||||||||
| 3,397 | Federated Retail Holdings Inc., Macy’s Inc. | 5.900 | % | 12/01/16 | BBB+ | 3,810,340 | ||||||||||||||
| Nuveen Investments | 111 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Multi-Utilities – 0.3% | ||||||||||||||||||||
| $ | 2,665 | Sempra Energy | 2.300 | % | 4/01/17 | BBB+ | $ | 2,699,520 | ||||||||||||
Oil, Gas & Consumable Fuels – 4.4% | ||||||||||||||||||||
| 3,240 | Anadarko Petroleum Corporation | 5.950 | % | 9/15/16 | BBB– | 3,609,571 | ||||||||||||||
| 1,000 | Anadarko Petroleum Corporation | 6.375 | % | 9/15/17 | BBB– | 1,148,069 | ||||||||||||||
| 2,505 | BP Capital Markets PLC | 2.248 | % | 11/01/16 | A | 2,592,327 | ||||||||||||||
| 2,000 | CNOOC Finance 2013 Limited | 1.125 | % | 5/09/16 | AA– | 1,992,632 | ||||||||||||||
| 2,000 | El Paso Pipeline Partners Operating Company LLC | 4.100 | % | 11/15/15 | BBB– | 2,103,534 | ||||||||||||||
| 1,500 | Kinder Morgan Inc., Delaware, 144A | 5.000 | % | 2/15/21 | BB+ | 1,477,479 | ||||||||||||||
| 3,000 | Marathon Petroleum Corporation | 3.500 | % | 3/01/16 | BBB | 3,132,663 | ||||||||||||||
| 1,000 | Nabors Industries Inc., 144A | 2.350 | % | 9/15/16 | BBB | 1,010,075 | ||||||||||||||
| 1,150 | PBF Holding Company LLC, (3) | 8.250 | % | 2/15/20 | BB+ | 1,247,750 | ||||||||||||||
| 2,685 | Petrobras International Finance Company | 2.875 | % | 2/06/15 | Baa1 | 2,725,280 | ||||||||||||||
| 2,500 | Petrohawk Energy Corporation | 7.250 | % | 8/15/18 | A | 2,695,000 | ||||||||||||||
| 4,345 | Phillips 66, (3) | 2.950 | % | 5/01/17 | Baa1 | 4,520,495 | ||||||||||||||
| 2,000 | Regency Energy Partners Finance, (3) | 6.500 | % | 7/15/21 | BB | 2,120,000 | ||||||||||||||
| 1,852 | Sabine Pass LNG LP, (3) | 7.500 | % | 11/30/16 | BB+ | 2,092,760 | ||||||||||||||
| 2,545 | Total Capital SA, (3) | 2.300 | % | 3/15/16 | Aa1 | 2,622,139 | ||||||||||||||
| 2,515 | TransCanada Pipelines Limited | 0.750 | % | 1/15/16 | A– | 2,508,702 | ||||||||||||||
| 2,755 | Transocean Inc. | 2.500 | % | 10/15/17 | BBB– | 2,784,186 | ||||||||||||||
| 2,000 | Whiting Petroleum Corporation | 5.000 | % | 3/15/19 | BB+ | 2,045,000 | ||||||||||||||
| 40,592 | Total Oil, Gas & Consumable Fuels | 42,427,662 | ||||||||||||||||||
Paper & Forest Products – 0.1% | ||||||||||||||||||||
| 1,000 | Sappi Papier Holding GMBH, 144A | 8.375 | % | 6/15/19 | BB | 1,097,500 | ||||||||||||||
Personal Products – 0.3% | ||||||||||||||||||||
| 2,000 | International Paper Company | 7.950 | % | 6/15/18 | BBB | 2,429,384 | ||||||||||||||
Pharmaceuticals – 1.1% | ||||||||||||||||||||
| 3,600 | Merck & Company Inc. | 2.250 | % | 1/15/16 | AA | 3,718,789 | ||||||||||||||
| 2,000 | Mylan Inc. | 1.350 | % | 11/29/16 | BBB– | 1,996,334 | ||||||||||||||
| 2,000 | Watson Pharmaeuticals Inc. | 1.875 | % | 10/01/17 | BBB | 1,979,142 | ||||||||||||||
| 1,000 | Zoetis Incorporated | 1.150 | % | 2/01/16 | Baa2 | 1,001,135 | ||||||||||||||
| 1,500 | Zoetis Incorporated | 1.875 | % | 2/01/18 | Baa2 | 1,487,673 | ||||||||||||||
| 10,100 | Total Pharmaceuticals | 10,183,073 | ||||||||||||||||||
Real Estate Investment Trust – 1.6% | ||||||||||||||||||||
| 2,000 | BioMed Realty LP | 3.850 | % | 4/15/16 | BBB– | 2,088,322 | ||||||||||||||
| 1,000 | FelCor Lodging LP | 6.750 | % | 6/01/19 | B2 | 1,065,000 | ||||||||||||||
| 2,000 | First Industrial Realty Trust | 5.950 | % | 5/15/17 | BB+ | 2,171,726 | ||||||||||||||
| 3,395 | Health Care REIT Inc. | 3.625 | % | 3/15/16 | BBB | 3,556,945 | ||||||||||||||
| 2,000 | Prologis LP | 4.500 | % | 8/15/17 | BBB | 2,160,042 | ||||||||||||||
| 112 | Nuveen Investments |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||||||||
| $ | 2,000 | Simon Property Group, L.P. | 4.200 | % | 2/01/15 | A | $ | 2,058,800 | ||||||||||||
| 2,000 | Ventas Realty LP | 3.125 | % | 11/30/15 | BBB+ | 2,079,978 | ||||||||||||||
| 14,395 | Total Real Estate Investment Trust | 15,180,813 | ||||||||||||||||||
Road & Rail – 0.5% | ||||||||||||||||||||
| 2,655 | Asciano Finance, 144A | 3.125 | % | 9/23/15 | Baa2 | 2,715,083 | ||||||||||||||
| 2,000 | Avis Budget Car Rental, (3) | 8.250 | % | 1/15/19 | BB– | 2,180,000 | ||||||||||||||
| 4,655 | Total Road & Rail | 4,895,083 | ||||||||||||||||||
Semiconductors & Equipment – 0.1% | ||||||||||||||||||||
| 1,000 | NXP BV, 144A | 3.750 | % | 6/01/18 | B+ | 1,007,500 | ||||||||||||||
Specialty Retail – 0.6% | ||||||||||||||||||||
| 3,000 | Autozone Inc. | 6.950 | % | 6/15/16 | Baa1 | 3,386,826 | ||||||||||||||
| 2,250 | Best Buy Co., Inc. | 5.000 | % | 8/01/18 | Baa2 | 2,356,875 | ||||||||||||||
| 5,250 | Total Specialty Retail | 5,743,701 | ||||||||||||||||||
Tobacco – 0.7% | ||||||||||||||||||||
| 2,000 | BAT International Finance PLC, 144A | 2.125 | % | 6/07/17 | A– | 2,022,426 | ||||||||||||||
| 3,000 | Lorillard Tobacco, (3) | 2.300 | % | 8/21/17 | Baa2 | 3,006,615 | ||||||||||||||
| 1,860 | Reynolds American Inc. | 1.050 | % | 10/30/15 | Baa2 | 1,865,915 | ||||||||||||||
| 6,860 | Total Tobacco | 6,894,956 | ||||||||||||||||||
Trading Companies & Distributors – 0.1% | ||||||||||||||||||||
| 1,000 | GATX Corporation | 4.750 | % | 5/15/15 | BBB | 1,050,710 | ||||||||||||||
Transportation Infrastructure – 0.4% | ||||||||||||||||||||
| 1,200 | Aviation Capital Group Corporation, 144A | 3.875 | % | 9/27/16 | BBB– | 1,239,466 | ||||||||||||||
| 2,000 | Penske Truck Leasing, 144A | 3.125 | % | 5/11/15 | BBB+ | 2,056,960 | ||||||||||||||
| 3,200 | Total Transportation Infrastructure | 3,296,426 | ||||||||||||||||||
Wireless Telecommunication Services – 1.4% |
| |||||||||||||||||||
| 2,000 | America Movil S.A. de C.V. | 2.375 | % | 9/08/16 | A2 | 2,058,340 | ||||||||||||||
| 2,000 | Crown Castle Towers LLC | 4.523 | % | 1/15/15 | A2 | 2,063,334 | ||||||||||||||
| 2,170 | Deutsche Telekom International Finance BV | 5.750 | % | 3/23/16 | BBB+ | 2,382,580 | ||||||||||||||
| 3,420 | SBA Tower Trust, 144A | 3.598 | % | 4/15/43 | BBB | 3,342,971 | ||||||||||||||
| 3,000 | Viacom Inc. | 6.250 | % | 4/30/16 | BBB+ | 3,345,216 | ||||||||||||||
| 12,590 | Total Wireless Telecommunication Services | 13,192,441 | ||||||||||||||||||
| $ | 418,601 | Total Corporate Bonds (cost $431,158,173) | 437,686,388 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.2% | ||||||||||||||||||||
Leisure Equipment & Products – 0.2% | ||||||||||||||||||||
| $ | 2,000 | Hasbro Inc. | 6.300 | % | 9/15/17 | BBB+ | $ | 2,254,358 | ||||||||||||
| $ | 2,000 | Total Convertible Bonds (cost $2,249,336) | 2,254,358 | |||||||||||||||||
| Nuveen Investments | 113 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Optional Call Provisions (4) | Ratings (2) | Value | ||||||||||||||
MUNICIPAL BONDS – 3.2% | ||||||||||||||||||
Arizona – 0.5% | ||||||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Taxable Series 2011: | ||||||||||||||||||
| $ | 2,800 | 2.302%, 7/01/14 | No Opt. Call | AA | $ | 2,821,168 | ||||||||||||
| 2,000 | 2.828%, 7/01/15 | No Opt. Call | AA | 2,040,900 | ||||||||||||||
| 4,800 | Total Arizona | 4,862,068 | ||||||||||||||||
California – 0.4% | ||||||||||||||||||
| 1,015 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010, 5.750%, 3/01/17 | No Opt. Call | A1 | 1,136,364 | ||||||||||||||
| 2,640 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Taxable Second Series 2011E, 2.021%, 5/01/14 | No Opt. Call | A+ | 2,651,986 | ||||||||||||||
| 3,655 | Total California | 3,788,350 | ||||||||||||||||
Guam – 0.2% | ||||||||||||||||||
Government of Guam, Business Privilege Tax Bonds, Taxable Series 2012B-2: | ||||||||||||||||||
| 1,155 | 2.933%, 1/01/17 | No Opt. Call | A | 1,126,125 | ||||||||||||||
| 1,190 | 3.301%, 1/01/18 | No Opt. Call | A | 1,148,219 | ||||||||||||||
| 2,345 | Total Guam | 2,274,344 | ||||||||||||||||
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 | 3,271,736 | ||||||||||||||
| 400 | 3.230%, 7/01/15 | No Opt. Call | A | 408,280 | ||||||||||||||
| 3,660 | Total Massachusetts | 3,680,016 | ||||||||||||||||
Minnesota – 0.4% | ||||||||||||||||||
| 4,000 | Tobacco Securitization Authority, Minnesota, Tobacco Settlement Revenue Bonds, Taxable Series 2011A, 2.643%, 3/01/14 | No Opt. Call | AA+ | 4,013,040 | ||||||||||||||
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+ | 2,569,725 | ||||||||||||||
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+ | 1,554,848 | ||||||||||||||
Pennsylvania – 0.1% | ||||||||||||||||||
| 1,500 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Taxable Series 2012B, 4.120%, 5/01/16 | No Opt. Call | Baa2 | 1,533,855 | ||||||||||||||
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) | No Opt. Call | Ba2 | 1,479,420 | ||||||||||||||
| 114 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (4) | Ratings (2) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
| $ | 5,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Taxable Series 2011E, 1.770%, 11/01/14 | No Opt. Call | A+ | $ | 5,045,650 | ||||||||||||||
| 6,500 | Total Texas | 6,525,070 | ||||||||||||||||||
| $ | 30,430 | Total Municipal Bonds (cost $30,608,400) | 30,801,316 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.2% |
| |||||||||||||||||||
| $ | 5,000 | Fannie Mae Notes, (3) | 0.500 | % | 3/30/16 | Aaa | $ | 4,994,625 | ||||||||||||
| 5,000 | Federal Home Loan Bank Bonds | 1.375 | % | 5/28/14 | Aaa | 5,025,230 | ||||||||||||||
| 900 | U.S. Treasury Notes | 0.250 | % | 1/31/15 | Aaa | 900,738 | ||||||||||||||
| 380 | U.S. Treasury Notes | 1.875 | % | 2/28/14 | Aaa | 381,069 | ||||||||||||||
| 55 | U.S. Treasury Securities STRIPS (I/O) | 0.000 | % | 5/15/14 | Aaa | 54,981 | ||||||||||||||
| $ | 11,335 | Total U.S. Government and Agency Obligations (cost $11,349,461) | 11,356,643 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 45.3% |
| |||||||||||||||||||
| $ | 709 | ACE Securities Corporation, Manufactured Housing Trust Series 2003-MH1 | 6.500 | % | 8/15/30 | AA | $ | 759,647 | ||||||||||||
| 2,250 | American Airlines Pass-Through Trust 2013-2C | 6.000 | % | 1/15/17 | B+ | 2,311,875 | ||||||||||||||
| 2,500 | American Express Credit Card Trust 2012-2 | 0.680 | % | 3/15/18 | AAA | 2,504,508 | ||||||||||||||
| 5,170 | American Tower Company, 144A | 1.551 | % | 3/15/43 | Aaa | 5,045,817 | ||||||||||||||
| 4,770 | AmeriCold LLC Trust, Series 2010 | 2.500 | % | 1/14/29 | AAA | 4,778,739 | ||||||||||||||
| 192 | AmeriCredit Automobile Receivables Trust, Series 2010-4 | 1.990 | % | 10/08/15 | AAA | 192,502 | ||||||||||||||
| 656 | Amortizing Residential Collateral Trust Series 2002-BC4 M1 | 1.208 | % | 7/25/32 | BBB+ | 616,627 | ||||||||||||||
| 850 | Bank of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-4 | 4.933 | % | 7/10/45 | AAA | 892,705 | ||||||||||||||
| 1,321 | Bayview Opportunity Master Fund Trust IIB, Series 2012-4NPL | 3.475 | % | 7/28/32 | N/R | 1,320,355 | ||||||||||||||
| 2,826 | Bayview Opportunity Master Fund Trust, 2013-8NPL | 3.228 | % | 3/28/33 | N/R | 2,821,466 | ||||||||||||||
| 4,970 | Cabela’s Master Credit Card Trust, Series 2010-1A | 1.610 | % | 1/16/18 | AAA | 5,030,172 | ||||||||||||||
| 4,290 | Cabela’s Master Credit Card Trust, Series 2010-2A | 2.290 | % | 9/17/18 | AAA | 4,404,569 | ||||||||||||||
| 3,000 | Cabela’s Master Credit Card Trust, Series 2011-A2, 144A | 0.690 | % | 2/18/20 | AAA | 3,011,124 | ||||||||||||||
| 1,600 | California Republic Auto Receivables Trust 2013-2 | 1.230 | % | 3/15/19 | Aa3 | 1,598,798 | ||||||||||||||
| 1,082 | CAM Mortgage Trust 2013-1 | 3.967 | % | 11/25/57 | N/R | 1,077,335 | ||||||||||||||
| 8,000 | Capital One Multi-Asset Execution Trust 2007-A2 | 0.240 | % | 12/16/19 | AAA | 7,938,192 | ||||||||||||||
| 3,000 | Capital One Multi-Asset Execution Trust, Cards Series 2006-A11 A11 | 0.250 | % | 6/17/19 | AAA | 2,987,301 | ||||||||||||||
| 3,978 | CarFinance Capital Auto Trust, Automobile Receivables-Backed Notes, Series 2013-1, 144A | 1.650 | % | 7/17/17 | A3 | 3,968,939 | ||||||||||||||
| 575 | CarMax Auto Owner Trust 2010-3 | 2.000 | % | 5/16/16 | Aaa | 582,255 | ||||||||||||||
| 2,405 | CarNow Auto Receivables Trust 2013-1A | 1.160 | % | 10/16/17 | AA | 2,403,605 | ||||||||||||||
| Nuveen Investments | 115 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 2,456 | CenterPoint Energy Restoration Bond Company LLC, Senior Secured System Restoration Bonds, Series 2009-1 | 1.833 | % | 2/15/16 | AAA | $ | 2,475,188 | ||||||||||||
| 2,595 | CenterPoint Energy Transition Bond Company LLC | 0.901 | % | 4/15/18 | AAA | 2,595,741 | ||||||||||||||
| 8,500 | CitiBank Omni Master Trust, Series 2009-A12, 144A | 2.910 | % | 8/15/18 | Aaa | 8,628,393 | ||||||||||||||
| 350 | Citicorp Mortgage Securities I, REMIC Pass-Through Certificates, Series 2007-9 | 5.500 | % | 12/25/22 | Ba3 | 351,712 | ||||||||||||||
| 766 | Citicorp Mortgage Securities Inc., REMIC Pass-Through Certificates, Series 2006-1 5A1 | 5.500 | % | 2/25/26 | Caa1 | 783,340 | ||||||||||||||
| 2,657 | Citigroup Mortgage Loan Trust Inc., Mortgage Pass-Through Certificates, Series 2010-10 | 4.778 | % | 12/25/32 | BBB– | 2,643,547 | ||||||||||||||
| 5,851 | Connecticut Avenue Securities, Series 2013-C01 | 2.158 | % | 10/25/23 | BBB– | 5,877,752 | ||||||||||||||
| 1,217 | Countrywide ABS Asset-Backed Certificate Trust 2007-9 | 0.288 | % | 6/25/47 | B– | 1,201,362 | ||||||||||||||
| 806 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000 | % | 8/25/36 | Caa3 | 654,791 | ||||||||||||||
| 3,552 | Countrywide Asset Backed Certificates 2005-3 | 5.308 | % | 8/25/35 | BB | 3,636,871 | ||||||||||||||
| 3,810 | Countrywide Asset Backed Certificates, Series 2007-4 A2 | 5.530 | % | 4/25/47 | Caa1 | 3,487,313 | ||||||||||||||
| 335 | Countrywide Asset-Backed Certificates Trust, Series 2005-16 2AF2 | 5.009 | % | 5/25/36 | Caa3 | 345,775 | ||||||||||||||
| 27 | Countrywide Asset-Backed Certificates Trust, Series 2006-25 | 0.278 | % | 6/25/47 | AAA | 26,578 | ||||||||||||||
| 183 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.675 | % | 2/25/34 | A | 173,185 | ||||||||||||||
| 2,483 | Countrywide Home Loans, Asset Backed Certificates Series 2007-7 | 0.318 | % | 10/25/47 | AAA | 2,432,420 | ||||||||||||||
| 4,902 | Credit Suisse Commercial Mortgage Trust 2013-IVR4 | 3.000 | % | 7/25/43 | AAA | 4,955,754 | ||||||||||||||
| 6,774 | Credit Suisse Commercial Mortgage Trust, Series 2013-6 | 2.500 | % | 7/25/28 | AAA | 6,584,787 | ||||||||||||||
| 621 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23 | 5.750 | % | 9/25/33 | AA+ | 654,113 | ||||||||||||||
| 1,932 | Credit-Based Asset Servicing and Securitization Pool 2007-SP1 | 6.020 | % | 12/25/37 | A+ | 2,014,203 | ||||||||||||||
| 2,405 | DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A | 3.642 | % | 8/10/44 | Aaa | 2,526,522 | ||||||||||||||
| 2,056 | Delta Air Lines Pass-Through Certificates, Series 2011-1 | 5.300 | % | 4/15/19 | A+ | 2,240,666 | ||||||||||||||
| 2,362 | Delta Air Lines Pass-Through Certificates Series 2012-1A, (3) | 4.750 | % | 5/07/20 | A+ | 2,527,363 | ||||||||||||||
| 1,860 | Delta Air Lines Pass-Through Certificates, Series 2012-1B, (3) | 6.875 | % | 5/07/19 | BB+ | 1,999,844 | ||||||||||||||
| 700 | Developers Diversified Realty Corporation, Commercial Mortgage Pass-Through Certificates Series 2009-DDR1 | 5.730 | % | 10/14/22 | AAA | 720,378 | ||||||||||||||
| 4,000 | Discover Card Master Trust Series 2013-A1 | 0.460 | % | 8/17/20 | AAA | 4,013,020 | ||||||||||||||
| 6,000 | Dryrock Issuance Trust 2013-1 | 0.500 | % | 7/16/18 | AAA | 5,998,968 | ||||||||||||||
| 1,739 | Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A | 2.300 | % | 8/01/21 | AAA | 1,781,704 | ||||||||||||||
| 5,042 | Entergy Louisiana Investment Recovery Funding LLC, Series 2011-A | 2.040 | % | 9/01/23 | AAA | 5,036,326 | ||||||||||||||
| 1,718 | Entergy Texas Restoration Funding LLC | 2.120 | % | 2/01/16 | AAA | 1,730,894 | ||||||||||||||
| 56 | Equivantage Acceptance Corporation, Home Equity Loan Asset-Backed Certificates, Series 1996-4 | 7.250 | % | 1/25/28 | BB+ | 55,579 | ||||||||||||||
| 2,215 | Extended Stay America Trust 2013-ESFL | 0.958 | % | 12/05/31 | AAA | 2,220,360 | ||||||||||||||
| 116 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 4,435 | Extended Stay America Trust 2013-ESFL | 0.858 | % | 12/05/31 | AAA | $ | 4,441,573 | ||||||||||||
| 1,447 | Fannie Mae Alternative Credit Enhanced Securities | 2.210 | % | 9/25/20 | Aaa | 1,476,219 | ||||||||||||||
| 7,715 | Fannie Mae Alternative Credit Enhanced Securities | 2.072 | % | 7/25/21 | Aaa | 7,862,606 | ||||||||||||||
| 1,456 | Fannie Mae Mortgage Interest Strips 366 25 (I/O) | 5.000 | % | 10/01/35 | Aaa | 133,350 | ||||||||||||||
| 1,518 | Fannie Mae Mortgage Pool AD0486 | 2.344 | % | 4/01/34 | Aaa | 1,611,582 | ||||||||||||||
| 1,090 | Fannie Mae Mortgage Pool AD0550 | 2.395 | % | 8/01/37 | Aaa | 1,154,639 | ||||||||||||||
| 1,215 | Fannie Mae Mortgage Pool AD0706 | 2.300 | % | 3/01/38 | Aaa | 1,289,937 | ||||||||||||||
| 1,880 | Fannie Mae Mortgage Pool AE0058 | 2.348 | % | 7/01/36 | Aaa | 1,998,141 | ||||||||||||||
| 1,646 | Fannie Mae Mortgage Pool AL2720 | 3.000 | % | 11/01/27 | Aaa | 1,681,474 | ||||||||||||||
| 5,568 | Fannie Mae Mortgage Pool AO9636 | 2.500 | % | 7/01/27 | Aaa | 5,529,331 | ||||||||||||||
| 5,059 | Fannie Mae Mortgage Pool MA0586, (WI/DD) | 3.500 | % | 12/01/25 | Aaa | 5,294,192 | ||||||||||||||
| 2,308 | Fannie Mae Mortgage Pool MA0771 | 3.500 | % | 6/01/21 | Aaa | 2,425,285 | ||||||||||||||
| 224 | Fannie Mae Mortgage Pool 433988 | 2.210 | % | 11/01/25 | Aaa | 231,763 | ||||||||||||||
| 593 | Fannie Mae Mortgage Pool 535363 | 5.048 | % | 12/01/31 | Aaa | 640,647 | ||||||||||||||
| 93 | Fannie Mae Mortgage Pool 545717 | 2.170 | % | 5/01/32 | Aaa | 98,169 | ||||||||||||||
| 9 | Fannie Mae Mortgage Pool 545791 | 2.371 | % | 3/01/32 | Aaa | 9,646 | ||||||||||||||
| 134 | Fannie Mae Mortgage Pool 555369 | 2.311 | % | 8/01/36 | Aaa | 142,133 | ||||||||||||||
| 126 | Fannie Mae Mortgage Pool 625338 | 2.194 | % | 6/01/31 | Aaa | 133,188 | ||||||||||||||
| 122 | Fannie Mae Mortgage Pool 634948 | 2.415 | % | 5/01/32 | Aaa | 123,639 | ||||||||||||||
| 24 | Fannie Mae Mortgage Pool 661645 | 2.221 | % | 10/01/32 | Aaa | 25,227 | ||||||||||||||
| 129 | Fannie Mae Mortgage Pool 671884 | 2.259 | % | 12/01/32 | Aaa | 131,002 | ||||||||||||||
| 1,203 | Fannie Mae Mortgage Pool 725721 | 2.483 | % | 6/01/34 | Aaa | 1,276,167 | ||||||||||||||
| 932 | Fannie Mae Mortgage Pool 745922 | 2.470 | % | 7/01/35 | Aaa | 985,456 | ||||||||||||||
| 131 | Fannie Mae Mortgage Pool 775389 | 2.133 | % | 4/01/34 | Aaa | 132,897 | ||||||||||||||
| 1,233 | Fannie Mae Mortgage Pool 795242 | 1.925 | % | 7/01/34 | Aaa | 1,312,648 | ||||||||||||||
| 908 | Fannie Mae Mortgage Pool 797182 | 2.322 | % | 11/01/34 | Aaa | 950,425 | ||||||||||||||
| 2,008 | Fannie Mae Mortgage Pool 819652 | 2.629 | % | 3/01/35 | Aaa | 2,134,894 | ||||||||||||||
| 102 | Fannie Mae Mortgage Pool 838948 | 1.885 | % | 8/01/35 | Aaa | 108,489 | ||||||||||||||
| 763 | Fannie Mae Mortgage Pool 838958 | 2.260 | % | 8/01/35 | Aaa | 808,858 | ||||||||||||||
| 1,033 | Fannie Mae Mortgage Pool 841068 | 2.485 | % | 11/01/34 | Aaa | 1,103,873 | ||||||||||||||
| 426 | Fannie Mae Mortgage Pool 848390 | 1.914 | % | 12/01/35 | Aaa | 447,379 | ||||||||||||||
| 453 | Fannie Mae Mortgage Pool 886034 | 2.685 | % | 7/01/36 | Aaa | 484,132 | ||||||||||||||
| 455 | Fannie Mae Mortgage Pool 995949 | 2.457 | % | 9/01/36 | Aaa | 482,209 | ||||||||||||||
| 31 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-150 MA | 5.500 | % | 9/25/22 | Aaa | 33,469 | ||||||||||||||
| 334 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2004-90 GA | 4.350 | % | 3/25/34 | Aaa | 340,865 | ||||||||||||||
| 1,019 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2004-90 GF | 0.458 | % | 11/25/34 | Aaa | 1,019,273 | ||||||||||||||
| Nuveen Investments | 117 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 2,705 | Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2013-M3 ASQ2 | 1.083 | % | 2/25/16 | Aaa | $ | 2,720,766 | ||||||||||||
| 905 | Fannie Mae REMIC Pass-Through Certificates 2010-M1 A1 | 3.305 | % | 6/25/19 | Aaa | 943,448 | ||||||||||||||
| 1,282 | Fannie Mae REMIC Pass-Through Certificates 2011-6 BA | 2.750 | % | 6/25/20 | Aaa | 1,324,065 | ||||||||||||||
| 2,708 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 3.250 | % | 4/25/38 | Aaa | 2,797,934 | ||||||||||||||
| 1,599 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 0.710 | % | 2/25/48 | Aaa | 1,602,578 | ||||||||||||||
| 738 | FDIC Trust 2001-C1 | 1.840 | % | 4/25/31 | Aaa | 742,164 | ||||||||||||||
| 1,601 | FDIC Trust 2012-C1 | 0.841 | % | 5/25/35 | Aaa | 1,602,929 | ||||||||||||||
| 520 | Federal Home Loan Mortgage Corporation, REMIC 2629 BO | 3.250 | % | 3/15/18 | Aaa | 530,414 | ||||||||||||||
| 11 | Federal Home Loan Mortgage Corporation, REMIC 1022 J | 6.000 | % | 12/15/20 | Aaa | 11,647 | ||||||||||||||
| 2,500 | Fifth Third Auto Trust, Series 2013 A B | 1.210 | % | 4/15/19 | Aa3 | 2,476,615 | ||||||||||||||
| 710 | Ford Credit Auto Owner Trust 10A | 2.930 | % | 11/15/15 | AAA | 719,439 | ||||||||||||||
| 1,480 | Ford Credit Floorplan Master Owner Trust Series 2010-3 | 4.200 | % | 2/15/17 | AAA | 1,539,521 | ||||||||||||||
| 2,872 | Fosse Master Issuer PLC, Residential Mortgage Pool, Series 2011-1A | 1.637 | % | 10/18/54 | AAA | 2,886,536 | ||||||||||||||
| 452 | Freddie Mac Gold Pool 780456 | 2.347 | % | 5/01/33 | Aaa | 478,763 | ||||||||||||||
| 863 | Freddie Mac Gold Pool 780911 | 2.344 | % | 10/01/33 | Aaa | 914,872 | ||||||||||||||
| 997 | Freddie Mac Gold Pool 781296 | 2.355 | % | 3/01/34 | Aaa | 1,050,971 | ||||||||||||||
| 229 | Freddie Mac Gold Pool 786591 | 2.453 | % | 12/01/26 | Aaa | 245,142 | ||||||||||||||
| 136 | Freddie Mac Gold Pool 786853 | 2.260 | % | 10/01/29 | Aaa | 143,013 | ||||||||||||||
| 185 | Freddie Mac Gold Pool 846946 | 2.322 | % | 1/01/29 | Aaa | 196,640 | ||||||||||||||
| 71 | Freddie Mac Gold Pool 847014 | 2.007 | % | 5/01/30 | Aaa | 71,904 | ||||||||||||||
| 113 | Freddie Mac Gold Pool 847063 | 2.500 | % | 10/01/32 | Aaa | 120,904 | ||||||||||||||
| 867 | Freddie Mac Gold Pool 847241 | 2.292 | % | 10/01/30 | Aaa | 924,106 | ||||||||||||||
| 1,559 | Freddie Mac Gold Pool 847331 | 2.242 | % | 8/01/32 | Aaa | 1,648,393 | ||||||||||||||
| 96 | Freddie Mac Gold Pool 847367 | 2.182 | % | 6/01/31 | Aaa | 101,323 | ||||||||||||||
| 510 | Freddie Mac Gold Pool 847652 | 2.288 | % | 9/01/32 | Aaa | 532,705 | ||||||||||||||
| 1,632 | Freddie Mac Gold Pool 848193 | 2.475 | % | 3/01/36 | Aaa | 1,742,560 | ||||||||||||||
| 1,773 | Freddie Mac Gold Pool 848282 | 2.404 | % | 1/01/38 | Aaa | 1,881,701 | ||||||||||||||
| 218 | Freddie Mac Gold Pool 972055 | 3.695 | % | 4/01/30 | Aaa | 232,772 | ||||||||||||||
| 151 | Freddie Mac Mortgage Pool, Various M30035 | 4.500 | % | 4/01/22 | Aaa | 157,888 | ||||||||||||||
| 4,497 | Freddie Mac Mortgage Trust 2013-KF02 | 3.158 | % | 12/25/45 | Baa3 | 4,542,316 | ||||||||||||||
| 1,043 | Freddie Mac Multi-Class Certificates 3780 FE | 0.560 | % | 12/15/20 | Aaa | 1,050,258 | ||||||||||||||
| 627 | Freddie Mac Non Gold Participation Certificates 1L1462 | 2.290 | % | 8/01/36 | Aaa | 654,980 | ||||||||||||||
| 4,000 | GE Equipment Transportation LLC, Equipment Loan Asset Backed Securities, Series 2013-2 | 0.610 | % | 6/24/16 | Aaa | 4,000,172 | ||||||||||||||
| 13,500 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10, (3) | 5.806 | % | 8/10/45 | A | 14,823,910 | ||||||||||||||
| 5,009 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.679 | % | 8/10/43 | Aaa | 5,279,080 | ||||||||||||||
| 118 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 5,000 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2011-GC3 | 3.645 | % | 3/10/44 | Aaa | $ | 5,239,650 | ||||||||||||
| 2,130 | Goldman Sachs Mortgage Securities Corporation, Commercial Mortgage Pass- Through Certificates, Series 2011-GC5 | 2.999 | % | 8/10/44 | Aaa | 2,215,373 | ||||||||||||||
| 1,796 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR1 | 2.889 | % | 1/25/35 | CC | 1,060,201 | ||||||||||||||
| 105 | Government National Mortgage Association Pool 8006 | 1.625 | % | 7/20/22 | Aaa | 109,311 | ||||||||||||||
| 19 | Government National Mortgage Association Pool 80106 | 1.625 | % | 8/20/27 | Aaa | 19,893 | ||||||||||||||
| 29 | Government National Mortgage Association Pool 80154 | 1.625 | % | 1/20/28 | Aaa | 29,897 | ||||||||||||||
| 76 | Government National Mortgage Association Pool 80283 | 1.625 | % | 5/20/29 | Aaa | 78,629 | ||||||||||||||
| 146 | Government National Mortgage Association Pool 80469 | 1.625 | % | 11/20/30 | Aaa | 151,872 | ||||||||||||||
| 44 | Government National Mortgage Association Pool 80507 | 1.625 | % | 4/20/31 | Aaa | 45,331 | ||||||||||||||
| 170 | Government National Mortgage Association Pool 80535 | 1.625 | % | 8/20/31 | Aaa | 176,467 | ||||||||||||||
| 34 | Government National Mortgage Association Pool 80580 | 1.625 | % | 2/20/32 | Aaa | 35,398 | ||||||||||||||
| 65 | Government National Mortgage Association Pool 8699 | 1.625 | % | 9/20/25 | Aaa | 67,423 | ||||||||||||||
| 73 | Government National Mortgage Association Pool 8824 | 2.000 | % | 8/20/21 | Aaa | 75,399 | ||||||||||||||
| 54 | Government National Mortgage Association Pool 8847 | 1.625 | % | 4/20/26 | Aaa | 55,895 | ||||||||||||||
| 493 | Government National Mortgage Association, Guaranteed REMIC Pass-Through Securities and MX Securities Trust 2009-62 EJ | 4.500 | % | 5/16/38 | Aaa | 521,416 | ||||||||||||||
| 4,250 | GraceChurch Card PLC. Series 2012-1A. | 0.860 | % | 2/15/17 | AAA | 4,266,265 | ||||||||||||||
| 3,679 | GraceChurch Mortgage Financing PLC, Series 2011-1A | 1.787 | % | 11/20/56 | AAA | 3,722,103 | ||||||||||||||
| 7,050 | Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2007-GG11, (3) | 5.736 | % | 12/10/49 | AAA | 7,873,179 | ||||||||||||||
| 3,326 | Holmes Master Issuer PLC, Residential Mortgage Pool, Series 2012-1A, 144A | 1.889 | % | 10/15/54 | AAA | 3,367,235 | ||||||||||||||
| 7,000 | Home Loan Servicing Solutions Servicer Advance Receivables Backed Notes Issue 2013-T6 | 1.287 | % | 9/15/44 | AAA | 6,995,800 | ||||||||||||||
| 5,100 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2012-T1 | 0.898 | % | 1/15/44 | AAA | 5,100,000 | ||||||||||||||
| 500 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2012-T2 | 4.940 | % | 10/15/45 | BBB | 512,650 | ||||||||||||||
| 2,250 | Home Loan Servicing Solutions, HLSS Servicer Advance Receivables Backed Notes 2013-T2 | 1.147 | % | 5/16/44 | AAA | 2,238,300 | ||||||||||||||
| 816 | IMC Home Mortgage Company, Home Equity Loan Pass-Through Certificates, Series 1998-3 | 6.864 | % | 8/20/29 | AA– | 819,167 | ||||||||||||||
| 3,965 | Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2006-5 2A | 0.358 | % | 12/25/36 | Baa2 | 3,616,721 | ||||||||||||||
| 303 | IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1 | 2.557 | % | 3/25/35 | BBB+ | 299,415 | ||||||||||||||
| 3,250 | Invitation Homes Trust 2013-SFR1 | 1.309 | % | 12/17/30 | Aaa | 3,254,245 | ||||||||||||||
| 1,500 | Invitation Homes Trust 2013-SFR1 | 2.309 | % | 12/17/30 | Baa2 | 1,502,424 | ||||||||||||||
| 3,978 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1 | 3.853 | % | 6/15/43 | Aaa | 4,107,999 | ||||||||||||||
| Nuveen Investments | 119 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 2,884 | JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1 | 2.749 | % | 11/15/43 | AAA | $ | 2,958,717 | ||||||||||||
| 7,195 | JPMorgan Chase Commercial Mortgage Securities Corporation, Pass-Through Certificates Trust 2013-FL3 | 0.860 | % | 4/15/28 | AAA | 7,163,558 | ||||||||||||||
| 7,040 | JPMorgan Chase Commercial Mortgage Securities Trust Pass-Through Certificates Series 2013-JWRZ | 0.940 | % | 4/15/30 | AAA | 7,007,750 | ||||||||||||||
| 1,192 | JPMorgan Chase Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C4 | 1.525 | % | 7/15/46 | AAA | 1,193,428 | ||||||||||||||
| 5,485 | Master Resecuritization Trust 2009-1 | 6.000 | % | 10/25/36 | A | 5,772,282 | ||||||||||||||
| 2,758 | Merrill Lynch Mortgage Investors Inc., C-BASS Mortgage Loan Asset Backed Certificates Series 2004-CB8 | 5.158 | % | 12/25/35 | AAA | 2,787,106 | ||||||||||||||
| 1,783 | Monty Parent Issuer LLC 2013-LTR1 | 3.470 | % | 11/20/28 | CCC | 1,781,889 | ||||||||||||||
| 547 | Morgan Stanley ABS Capital I Inc., Mortgage Pass-Through Certificates, Series 2007-NC2 | 0.268 | % | 2/25/37 | CCC | 293,997 | ||||||||||||||
| 613 | Morgan Stanley Capital I Inc Trust, Mortgage Pass-Through Certificates, Series 2006-NC2 | 0.338 | % | 2/25/36 | B– | 605,204 | ||||||||||||||
| 3,834 | Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C1 | 2.602 | % | 9/15/47 | AAA | 3,897,964 | ||||||||||||||
| 1,520 | Mortgage Asset Securitization Transaction Inc., Adjustable Rate Mortgage Pass-Through Certificates, Series 2003-5 | 2.003 | % | 11/25/33 | A+ | 1,481,534 | ||||||||||||||
| 187 | Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates, Series 2004-13 | 8.000 | % | 1/25/35 | B+ | 192,546 | ||||||||||||||
| 5,000 | Motel 6 Trust 2012-MTL6 | 1.948 | % | 10/05/25 | AAA | 4,949,720 | ||||||||||||||
| 2,000 | Motor Plc 12A A1C | 1.286 | % | 2/25/20 | Aaa | 2,001,376 | ||||||||||||||
| 1,042 | National Credit Union Administration Guaranteed Structured Collateral Notes Series 2010-C1 A2 | 2.900 | % | 10/29/20 | Aaa | 1,076,343 | ||||||||||||||
| 1,121 | National Credit Union Administration, Guaranteed Notes Series 2011-R1 | 0.608 | % | 1/08/20 | Aaa | 1,124,334 | ||||||||||||||
| 909 | National Credit Union Administration, Guaranteed Notes, Series 2010-R1 | 1.840 | % | 10/07/20 | Aaa | 916,739 | ||||||||||||||
| 1,757 | Nationstar Agency Fund Trust, Series 2013-T1A FT1 | 5.926 | % | 2/15/45 | A | 1,755,331 | ||||||||||||||
| 1,081 | Newcastle Investment Trust, Manufactured Housing Contracts and Loans, Series 2010-MH1 | 4.500 | % | 7/10/35 | AAA | 1,089,973 | ||||||||||||||
| 1,600 | Newcastle Investment Trust, Manufactured Housing Loans, Series 2011-MH1 | 2.450 | % | 12/10/33 | AAA | 1,615,171 | ||||||||||||||
| 750 | Nissan Auto Lease Trust, Series 2011-B | 0.920 | % | 2/16/15 | Aaa | 750,182 | ||||||||||||||
| 407 | RBSSP Resecuritization Trust 2009-10 | 0.258 | % | 3/26/37 | N/R | 203,258 | ||||||||||||||
| 1,694 | RBSSP Resecuritization Trust 2010-10 | 0.288 | % | 9/26/36 | N/R | 1,556,164 | ||||||||||||||
| 4,302 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.335 | % | 10/26/36 | N/R | 4,081,146 | ||||||||||||||
| 4,863 | Residential Asset Mortgage Products, Pass-Through Certificates, 2006-RZ4 | 0.338 | % | 10/25/36 | B1 | 4,531,016 | ||||||||||||||
| 3,670 | Santander Drive Auto Receivables Trust Series 2011-4 | 2.900 | % | 5/16/16 | Aaa | 3,698,615 | ||||||||||||||
| 120 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 414 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2007-1 | 2.449 | % | 2/20/47 | CCC | $ | 346,918 | ||||||||||||
| 3,633 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2013-1 1A1 | 1.450 | % | 2/25/43 | Aaa | 3,569,463 | ||||||||||||||
| 552 | SMA Issuer LLC 2012-LV1 | 3.500 | % | 8/20/25 | Baa3 | 553,009 | ||||||||||||||
| 2,612 | Springleaf Mortgage Loan Trust 2011-1 | 4.050 | % | 1/25/58 | AAA | 2,714,193 | ||||||||||||||
| 5,935 | Springleaf Mortgage Loan Trust 2013-3A | 1.870 | % | 9/25/57 | AAA | 5,933,983 | ||||||||||||||
| 2,154 | Springleaf Mortgage Loan Trust, Series 2012-3 | 1.570 | % | 12/25/59 | AAA | 2,145,310 | ||||||||||||||
| 5,948 | Springleaf Mortgage Loan Trust, Series 2013-1A | 1.270 | % | 6/25/58 | AAA | 5,932,975 | ||||||||||||||
| 1,861 | Stanwich Mortgage Loan Trust, Series 2012-NPL5 | 2.981 | % | 10/18/42 | N/R | 1,859,874 | ||||||||||||||
| 155 | Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11 | 2.517 | % | 8/25/34 | N/R | 151,696 | ||||||||||||||
| 5,847 | Structured Agency Credit Risk Debt Notes, 2013-DN2 | 1.608 | % | 11/25/23 | Baa1 | 5,833,865 | ||||||||||||||
| 663 | Thornburg Mortgage Securities Trust, Mortgage Loan Pass-Through Certificates, Series 2007-4 | 6.092 | % | 9/25/37 | BBB+ | 688,075 | ||||||||||||||
| 779 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2005-10B | 4.940 | % | 8/10/15 | Aaa | 812,575 | ||||||||||||||
| 222 | U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-10A | 5.408 | % | 2/10/16 | Aaa | 233,494 | ||||||||||||||
| 526 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates Series 2005-P10A | 4.638 | % | 2/10/15 | Aaa | 545,911 | ||||||||||||||
| 213 | U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2007-10A | 5.459 | % | 2/10/17 | Aaa | 230,259 | ||||||||||||||
| 3,828 | UBS-Barclays Commercial Mortgage Trust 2012-C2 | 1.006 | % | 5/10/63 | Aaa | 3,838,431 | ||||||||||||||
| 1,263 | US Airways 2012-1C Pass-Through Trust | 9.125 | % | 10/01/15 | B+ | 1,332,404 | ||||||||||||||
| 1,259 | US Airways Pass-Through Trust, Pass-Through Certificates, Series 2001 | 7.076 | % | 3/20/21 | BBB+ | 1,347,121 | ||||||||||||||
| 4,853 | Vericrest Opportunity Loan Transferee, Private CMO 2013 NPL1 | 4.250 | % | 8/25/58 | N/R | 4,918,519 | ||||||||||||||
| 3,500 | Vericrest Opportunity Loan Transferee, Series 2013-NPL6 | 3.625 | % | 3/25/54 | N/R | 3,482,500 | ||||||||||||||
| 3,907 | Vornado DP LLC Commercial Mortgage Credit Tenant Lease Series 2010-VNO | 2.970 | % | 9/13/28 | AAA | 4,039,161 | ||||||||||||||
| 766 | Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-WHl8 | 0.240 | % | 6/15/20 | Aaa | 758,617 | ||||||||||||||
| 7,137 | Walter Investment Management Company Capital Trust, Series 2012-AA | 4.549 | % | 10/16/50 | BBB | 7,235,636 | ||||||||||||||
| 3 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2006-3 | 5.500 | % | 3/25/36 | B2 | 2,990 | ||||||||||||||
| 1,153 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2006-AR14 | 2.621 | % | 10/25/36 | Caa2 | 1,016,487 | ||||||||||||||
| 671 | Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2007-2 | 5.750 | % | 3/25/37 | Caa2 | 620,693 | ||||||||||||||
| 29 | Wells Fargo Mortgage Backed Securities, 2005-AR16 Class 3A2 | 2.655 | % | 3/25/35 | BBB– | 29,264 | ||||||||||||||
| 4,417 | Wells Fargo-RBS Commercial Mortgage Trust Series 2012-C9 | 0.673 | % | 11/15/45 | Aaa | 4,391,478 | ||||||||||||||
| Nuveen Investments | 121 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Short Term Bond Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 3,545 | Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C3 | 1.988 | % | 3/15/44 | Aaa | $ | 3,586,445 | ||||||||||||
| 2,153 | WF-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-C2 | 2.501 | % | 2/15/44 | Aaa | 2,180,150 | ||||||||||||||
| $ | 432,528 | Total Asset-Backed and Mortgage-Backed Securities (cost $434,336,692) |
| 435,742,683 | ||||||||||||||||
| Principal Amount (000) (5) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
SOVEREIGN DEBT – 0.4% | ||||||||||||||||||||
Mexico – 0.4% | ||||||||||||||||||||
| 510 | MXN | Mexico Bonos de DeSarrollo | 9.500 | % | 12/18/14 | A | $ | 4,116,756 | ||||||||||||
| 510 | MXN | Total Sovereign Debt (cost $4,544,017) |
| 4,116,756 | ||||||||||||||||
Total Long-Term Investments (cost $914,246,079) |
| 921,958,144 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 6.1% |
| |||||||||||||||||||
Money Market Funds – 6.1% | ||||||||||||||||||||
| 58,477,023 | Mount Vernon Securities Lending Trust Prime Portfolio, (7) | 0.175 | % (6) | $ | 58,477,023 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $58,477,023) |
| 58,477,023 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 3.5% |
| |||||||||||||||||||
Money Market Funds – 3.5% | ||||||||||||||||||||
| 33,181,638 | First American Treasury Obligations Fund, Class Z | 0.000 | % (6) | $ | 33,181,638 | |||||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $33,181,638) |
| 33,181,638 | ||||||||||||||||||
Total Investments (cost $1,005,904,740) – 105.5% |
| 1,013,616,805 | ||||||||||||||||||
Other Assets Less Liabilities – (5.5)% (8) |
| (52,744,374 | ) | |||||||||||||||||
Net Assets – 100% |
| $ | 960,872,431 | |||||||||||||||||
Investments in Derivatives as of December 31, 2013
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) | ||||||||||||||
| JPMorgan | Mexican Peso | 54,400,000 | U.S. Dollar | 4,192,032 | 2/20/14 | $ | 42,718 | |||||||||||||
Interest Rate Swaps outstanding:
Clearing House | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | $ | 10,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.739 | % | Semi-Annually | 11/21/23 | $ | 272,983 | $ | 272,508 | ||||||||||||||||||||
| 122 | Nuveen Investments |
Investments in Derivatives as of December 31, 2013 (continued)
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | Short | (377 | ) | 3/14 | $ | (44,980,813 | ) | $ | 565,821 | |||||||||||
U.S. Treasury 10-Year Note | Short | (220 | ) | 3/14 | (27,070,312 | ) | 501,857 | |||||||||||||
| $ | (72,051,125 | ) | $ | 1,067,678 | ||||||||||||||||
| 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 $56,766,499. |
| (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, Note 3 – Portfolio Securities and Investments in Derivatives, 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. |
| I/O | Interest only security. |
| REIT | Real Estate Investment Trust. |
| 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. |
| MXN | Mexican Peso |
| USD-LIBOR-BBA | United States Dollar-London Inter-Bank Offered Rate British Bankers’ Association. |
See accompanying notes to financial statements.
| Nuveen Investments | 123 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund
| Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS – 96.0% | ||||||||||||||||||||
COMMON STOCKS – 0.0% | ||||||||||||||||||||
Building Products – 0.0% | ||||||||||||||||||||
| 50 | Dayton Superior, Class A, (2), (3) | $ | 2,839 | |||||||||||||||||
| 55 | Dayton Superior, Class 1, (2), (3) | 3,154 | ||||||||||||||||||
Total Building Products | 5,993 | |||||||||||||||||||
Total Common Stocks (cost $20,079) | 5,993 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity (5) | Ratings (4) | Value | |||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 0.3% (6) |
| |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.1% | ||||||||||||||||||||
| $ | 1,000 | Rock Ohio Caesar LLC, Term Loan B, (WI/DD) | TBD | TBD | BB– | $ | 958,333 | |||||||||||||
Oil, Gas & Consumable Fuels – 0.2% | ||||||||||||||||||||
| 1,000 | Arch Coal Inc., Term Loan B, (WI/DD) | TBD | TBD | BB– | 988,250 | |||||||||||||||
| $ | 2,000 | Total Variable Rate Senior Loan Interests (cost $1,953,750) | 1,946,583 | |||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 4.0% |
| |||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||
| 73,000 | Goldman Sachs Group, Inc. | 5.500 | % | BB+ | $ | 1,627,170 | ||||||||||||||
Commercial Banks – 1.6% | ||||||||||||||||||||
| 20,600 | AgriBank FCB | 6.875 | % | A– | 2,065,150 | |||||||||||||||
| 65,000 | Morgan Stanley | 7.125 | % | BB+ | 1,699,100 | |||||||||||||||
| 118,392 | PNC Financial Services | 6.125 | % | BBB | 2,989,398 | |||||||||||||||
| 95,250 | Regions Financial Corporation, (7) | 6.375 | % | BB | 2,109,788 | |||||||||||||||
| 14,000 | Royal Bank of Scotland Group PLC | 5.750 | % | BB | 273,420 | |||||||||||||||
| 58,000 | Wells Fargo & Company | 5.850 | % | BBB+ | 1,367,060 | |||||||||||||||
Total Commercial Banks | 10,503,916 | |||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
| 83,000 | Discover Financial Services | 6.500 | % | BB | 1,912,320 | |||||||||||||||
Diversified Financial Services – 0.4% | ||||||||||||||||||||
| 28,000 | Citigroup Capital Trust XI | 6.000 | % | BB+ | 696,640 | |||||||||||||||
| 62,313 | Citigroup Inc. | 7.125 | % | BB+ | 1,616,399 | |||||||||||||||
Total Diversified Financial Services | 2,313,039 | |||||||||||||||||||
| 124 | Nuveen Investments |
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||
Insurance – 1.1% | ||||||||||||||||||||
| 73,140 | Endurance Specialty Holdings Limited | 7.500 | % | BBB– | $ | 1,851,173 | ||||||||||||||
| 100,000 | Hartford Financial Services Group Inc. | 7.875 | % | BB+ | 2,866,000 | |||||||||||||||
| 100,000 | Reinsurance Group of America Inc. | 6.200 | % | BBB | 2,427,000 | |||||||||||||||
Total Insurance | 7,144,173 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
| 217,000 | Federal National Mortgage Association, (3), (7) | 8.250 | % | Ca | 1,898,750 | |||||||||||||||
Total $25 Par (or similar) Retail Structures (cost $28,617,105) | 25,399,368 | |||||||||||||||||||
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
CORPORATE BONDS – 66.1% | ||||||||||||||||||||
Aerospace & Defense – 0.4% | ||||||||||||||||||||
| $ | 683 | Erickson Air-Crane Inc., 144A, (7) | 8.250 | % | 5/01/20 | B1 | $ | 706,905 | ||||||||||||
| 2,140 | Exelis, Inc. | 5.550 | % | 10/01/21 | BBB+ | 2,152,401 | ||||||||||||||
| 2,823 | Total Aerospace & Defense | 2,859,306 | ||||||||||||||||||
Airlines – 0.3% | ||||||||||||||||||||
| 1,530 | Air Canada, 144A | 6.750 | % | 10/01/19 | BB | 1,614,150 | ||||||||||||||
Auto Components – 1.5% | ||||||||||||||||||||
| 550 | Ahern Rentals Inc., 144A, (7) | 9.500 | % | 6/15/18 | B | 595,375 | ||||||||||||||
| 1,025 | Allison Transmission Inc., 144A | 7.125 | % | 5/15/19 | B+ | 1,104,438 | ||||||||||||||
| 1,575 | American & Axle Manufacturing Inc., (7) | 6.625 | % | 10/15/22 | B+ | 1,657,688 | ||||||||||||||
| 1,000 | Chassix Inc., 144A | 9.250 | % | 8/01/18 | B– | 1,065,000 | ||||||||||||||
| 1,250 | Gestamp Funding Luxembourg SA, 144A | 5.625 | % | 5/31/20 | BB | 1,271,875 | ||||||||||||||
| 1,000 | Pittsburgh Glass Works LLC, 144A | 8.000 | % | 11/15/18 | B | 1,052,500 | ||||||||||||||
| 1,150 | Stackpole International Intermediate Company, 144A | 7.750 | % | 10/15/21 | B+ | 1,196,000 | ||||||||||||||
| 1,780 | TRW Automotive Inc., 144A | 4.450 | % | 12/01/23 | BBB– | 1,726,600 | ||||||||||||||
| 9,330 | Total Auto Components | 9,669,476 | ||||||||||||||||||
Automobiles – 0.6% | ||||||||||||||||||||
| 1,000 | EUR | Fiat Finance & Trade SA | 7.000 | % | 3/23/17 | BB– | 1,500,454 | |||||||||||||
| 1,240 | General Motors Financial Company Inc., 144A | 4.250 | % | 5/15/23 | BB+ | 1,179,550 | ||||||||||||||
| 1,400 | Jaguar Land Rover PLC, 144A | 4.125 | % | 12/15/18 | BB | 1,408,750 | ||||||||||||||
Total Automobiles | 4,088,754 | |||||||||||||||||||
Beverages – 0.2% | ||||||||||||||||||||
| 1,250 | Andalou Efes Biracilik ve Malt Sanayii AS, 144A | 3.375 | % | 11/01/22 | BBB– | 993,750 | ||||||||||||||
Building Products – 0.6% | ||||||||||||||||||||
| 1,000 | Building Materials Holdings Corporation, 144A | 9.000 | % | 9/15/18 | B– | 1,077,500 | ||||||||||||||
| 1,490 | Owens Corning Incorporated | 4.200 | % | 12/15/22 | BBB– | 1,422,847 | ||||||||||||||
| 1,000 | US Concrete Inc., 144A | 8.500 | % | 12/01/18 | B | 1,022,500 | ||||||||||||||
| 3,490 | Total Building Products | 3,522,847 | ||||||||||||||||||
| Nuveen Investments | 125 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Capital Markets – 2.7% | ||||||||||||||||||||
| $ | 905 | E Trade Financial Corporation, (7) | 6.375 | % | 11/15/19 | B2 | $ | 971,744 | ||||||||||||
| 4,425 | Goldman Sachs Group, Inc. | 6.000 | % | 6/15/20 | A | 5,073,603 | ||||||||||||||
| 1,890 | Goldman Sachs Group, Inc. | 5.250 | % | 7/27/21 | A | 2,069,251 | ||||||||||||||
| 1,050 | Lazard Group LLC | 4.250 | % | 11/14/20 | BBB | 1,047,722 | ||||||||||||||
| 2,640 | Morgan Stanley | 4.875 | % | 11/01/22 | BBB+ | 2,702,465 | ||||||||||||||
| 5,880 | Morgan Stanley, (7) | 3.750 | % | 2/25/23 | A | 5,721,622 | ||||||||||||||
| 16,790 | Total Capital Markets | 17,586,407 | ||||||||||||||||||
Chemicals – 2.5% | ||||||||||||||||||||
| 1,625 | Braskem Finance Limited, 144A, (7) | 5.750 | % | 4/15/21 | BBB– | 1,592,500 | ||||||||||||||
| 750 | Cornerstone Chemical Company, 144A | 9.375 | % | 3/15/18 | B– | 789,375 | ||||||||||||||
| 1,250 | Eagle Spinco Inc., 144A | 4.625 | % | 2/15/21 | BB | 1,225,000 | ||||||||||||||
| 1,565 | Eastman Chemical Company | 3.600 | % | 8/15/22 | BBB | 1,502,492 | ||||||||||||||
| 1,915 | Incitec Pivot Finance, 144A | 6.000 | % | 12/10/19 | BBB | 2,095,845 | ||||||||||||||
| 1,250 | Ineos Group Holdings SA, 144A, (7) | 6.125 | % | 8/15/18 | B– | 1,256,250 | ||||||||||||||
| 1,000 | Mexichem SAB de CV, 144A | 4.875 | % | 9/19/22 | BBB | 980,000 | ||||||||||||||
| 1,250 | Momentive Performance Materials Inc. | 8.875 | % | 10/15/20 | B3 | 1,315,625 | ||||||||||||||
| 250 | NOVA Chemicals Corporation, 144A | 5.250 | % | 8/01/23 | BB+ | 257,500 | ||||||||||||||
| 1,285 | Petrologistics LP Finance Corporation, 144A | 6.250 | % | 4/01/20 | B | 1,288,213 | ||||||||||||||
| 1,305 | PolyOne Corporation | 5.250 | % | 3/15/23 | BB | 1,272,375 | ||||||||||||||
| 225 | Rhodia SA, 144A | 6.875 | % | 9/15/20 | BBB+ | 249,066 | ||||||||||||||
| 750 | Sinochem Overseas Capital Limited | 4.500 | % | 11/12/20 | BBB+ | 765,239 | ||||||||||||||
| 1,130 | Tronox Finance LLC, (7) | 6.375 | % | 8/15/20 | BB– | 1,152,600 | ||||||||||||||
| 15,550 | Total Chemicals | 15,742,080 | ||||||||||||||||||
Commercial Banks – 3.2% | ||||||||||||||||||||
| 1,330 | Banco Bradesco S.A. Grand Cayman, 144A | 4.125 | % | 5/16/16 | Baa1 | 1,388,188 | ||||||||||||||
| 2,000 | Bancolombia SA, (7) | 5.950 | % | 6/03/21 | Baa2 | 2,080,000 | ||||||||||||||
| 1,500 | Barclays PLC | 8.250 | % | 3/15/64 | BB+ | 1,548,750 | ||||||||||||||
| 1,000 | BBVA Bancomer SA Texas, 144A | 4.500 | % | 3/10/16 | A2 | 1,060,000 | ||||||||||||||
| 1,760 | CIT Group Inc., (7) | 5.000 | % | 8/01/23 | BB | 1,694,000 | ||||||||||||||
| 750 | Gazprombank Eurobond Finance PLC | 7.875 | % | 4/29/49 | N/R | 742,500 | ||||||||||||||
| 2,360 | HSBC Holdings PLC | 6.800 | % | 6/01/38 | A+ | 2,903,161 | ||||||||||||||
| 1,465 | Rabobank Nederland | 3.875 | % | 2/08/22 | Aa2 | 1,472,986 | ||||||||||||||
| 1,220 | Royal Bank of Scotland Group PLC | 6.100 | % | 6/10/23 | BBB– | 1,229,877 | ||||||||||||||
| 2,120 | Russian Agricultural Bank, 144A | 7.750 | % | 5/29/18 | Baa3 | 2,387,650 | ||||||||||||||
| 1,335 | Santander UK PLC, 144A | 5.000 | % | 11/07/23 | A– | 1,339,966 | ||||||||||||||
| 1,425 | Sovereign Bank | 8.750 | % | 5/30/18 | Baa2 | 1,712,200 | ||||||||||||||
| 1,140 | Wells Fargo & Company | 3.450 | % | 2/13/23 | A+ | 1,077,796 | ||||||||||||||
| 19,405 | Total Commercial Banks | 20,637,074 | ||||||||||||||||||
| 126 | Nuveen Investments |
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Commercial Services & Supplies – 2.2% |
| |||||||||||||||||||
| $ | 730 | ABX Group Inc. | 6.375 | % | 12/01/19 | Ba3 | $ | 740,950 | ||||||||||||
| 1,000 | ADT Corporation, 144A, (7) | 6.250 | % | 10/15/21 | BBB– | 1,050,000 | ||||||||||||||
| 1,785 | Aramark Corporation, 144A | 5.750 | % | 3/15/20 | BB– | 1,865,325 | ||||||||||||||
| 1,000 | Casella Waste Systems Inc. | 7.750 | % | 2/15/19 | Caa1 | 1,025,000 | ||||||||||||||
| 1,211 | Ceridian Corporation, 144A | 8.875 | % | 7/15/19 | B1 | 1,392,650 | ||||||||||||||
| 1,450 | Clean Harbors Inc., (7) | 5.250 | % | 8/01/20 | BB+ | 1,493,500 | ||||||||||||||
| 1,220 | Covanta Energy Corporation, Synthetic Letter of Credit | 6.375 | % | 10/01/22 | BB | 1,252,596 | ||||||||||||||
| 1,025 | EUR | Europcar Groupe SA, 144A | 11.500 | % | 5/15/17 | B– | 1,643,046 | |||||||||||||
| 500 | GDR Holding II Corporation, 144A | 10.750 | % | 6/01/19 | B | 545,000 | ||||||||||||||
| 975 | Iron Mountain Inc. | 5.750 | % | 8/15/24 | B1 | 904,313 | ||||||||||||||
| 1,000 | Jack Cooper Finance Company, 144A, (7) | 9.250 | % | 6/01/20 | B2 | 1,077,500 | ||||||||||||||
| 1,000 | R.R. Donnelley & Sons Company, (7) | 7.625 | % | 6/15/20 | BB | 1,087,500 | ||||||||||||||
Total Commercial Services & Supplies | 14,077,380 | |||||||||||||||||||
Communications Equipment – 0.2% | ||||||||||||||||||||
| 1,525 | Nokia Corporation | 5.375 | % | 5/15/19 | BB– | 1,582,188 | ||||||||||||||
Computers & Peripherals – 0.7% | ||||||||||||||||||||
| 1,125 | NCR Corporation | 5.000 | % | 7/15/22 | BB | 1,070,156 | ||||||||||||||
| 1,725 | NCR Escrow Corporation, 144A | 6.375 | % | 12/15/23 | BB | 1,761,656 | ||||||||||||||
| 1,620 | Seagate HDD Cayman | 7.000 | % | 11/01/21 | BBB– | 1,788,075 | ||||||||||||||
| 4,470 | Total Computers & Peripherals | 4,619,887 | ||||||||||||||||||
Construction & Engineering – 0.2% | ||||||||||||||||||||
| 1,100 | Odebrecht Finance Limited, 144A | 5.125 | % | 6/26/22 | BBB | 1,076,625 | ||||||||||||||
Construction Materials – 0.1% | ||||||||||||||||||||
| 450 | Cemex SAB de CV, 144A | 9.000 | % | 1/11/18 | BB– | 493,875 | ||||||||||||||
Consumer Finance – 0.8% | ||||||||||||||||||||
| 1,938 | Capital One Bank, (7) | 3.375 | % | 2/15/23 | Baa1 | 1,801,720 | ||||||||||||||
| 1,715 | Discover Financial Services | 5.200 | % | 4/27/22 | BBB | 1,784,638 | ||||||||||||||
| 1,845 | Ford Motor Credit Company | 4.250 | % | 9/20/22 | BBB– | 1,853,480 | ||||||||||||||
| 5,498 | Total Consumer Finance | 5,439,838 | ||||||||||||||||||
Containers & Packaging – 0.8% | ||||||||||||||||||||
| 1,150 | Ardagh Packaging Finance / MP HD USA, 144A, (7) | 4.875 | % | 11/15/22 | Ba3 | 1,138,500 | ||||||||||||||
| 915 | Ball Corporation | 4.000 | % | 11/15/23 | BB+ | 818,925 | ||||||||||||||
| 950 | Reynolds Group | 7.125 | % | 4/15/19 | B+ | 1,011,750 | ||||||||||||||
| 2,000 | Rock-Tenn Company | 3.500 | % | 3/01/20 | BBB– | 1,967,166 | ||||||||||||||
| 5,015 | Total Containers & Packaging | 4,936,341 | ||||||||||||||||||
Diversified Consumer Services – 0.4% | ||||||||||||||||||||
| 1,000 | NES Rental Holdings Inc., 144A | 7.875 | % | 5/01/18 | CCC+ | 1,052,500 | ||||||||||||||
| 1,500 | Office Depot de Mexico SA de CV, 144A | 6.875 | % | 9/20/20 | BB+ | 1,522,500 | ||||||||||||||
| 2,500 | Total Diversified Consumer Services | 2,575,000 | ||||||||||||||||||
| Nuveen Investments | 127 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Diversified Financial Services – 5.7% | ||||||||||||||||||||
| $ | 7,400 | Bank of America Corporation | 5.875 | % | 1/05/21 | A | $ | 8,505,456 | ||||||||||||
| 2,000 | Citigroup Inc. | 6.125 | % | 11/21/17 | A | 2,305,418 | ||||||||||||||
| 5,000 | Citigroup Inc. | 3.875 | % | 10/25/23 | A | 4,915,290 | ||||||||||||||
| 1,835 | Citigroup Inc. | 6.125 | % | 8/25/36 | BBB+ | 1,956,422 | ||||||||||||||
| 750 | CNG Holdings Inc., 144A, (7) | 9.375 | % | 5/15/20 | B | 690,000 | ||||||||||||||
| 2,545 | General Electric Capital Corporation | 6.875 | % | 1/10/39 | AA+ | 3,271,842 | ||||||||||||||
| 1,000 | Jefferies Finance LLC Corpration, 144A | 7.375 | % | 4/01/20 | B+ | 1,040,000 | ||||||||||||||
| 550 | Jefferies LoanCore LLC Finance Corporation, 144A | 6.875 | % | 6/01/20 | B | 544,500 | ||||||||||||||
| 4,515 | JPMorgan Chase & Company | 4.500 | % | 1/24/22 | A+ | 4,775,655 | ||||||||||||||
| 4,225 | JPMorgan Chase & Company, (7) | 3.200 | % | 1/25/23 | A+ | 4,005,410 | ||||||||||||||
| 1,605 | JPMorgan Chase & Company | 3.375 | % | 5/01/23 | A | 1,495,860 | ||||||||||||||
| 2,280 | JPMorgan Chase & Company | 6.400 | % | 5/15/38 | A+ | 2,721,191 | ||||||||||||||
| 33,705 | Total Diversified Financial Services | 36,227,044 | ||||||||||||||||||
Diversified Telecommunication Services – 2.4% |
| |||||||||||||||||||
| 2,050 | AT&T, Inc., (7) | 5.550 | % | 8/15/41 | A | 2,080,463 | ||||||||||||||
| 2,780 | Brasil Telecom SA, 144A | 5.750 | % | 2/10/22 | BBB– | 2,557,600 | ||||||||||||||
| 1,030 | CyrusOne LP Finance | 6.375 | % | 11/15/22 | B+ | 1,066,050 | ||||||||||||||
| 1,110 | Frontier Comminications Corporation, (7) | 8.500 | % | 4/15/20 | Ba2 | 1,243,200 | ||||||||||||||
| 1,550 | IntelSat Limited, 144A | 6.750 | % | 6/01/18 | B– | 1,646,875 | ||||||||||||||
| 2,360 | Qwest Corporation, (7) | 6.750 | % | 12/01/21 | BBB– | 2,584,115 | ||||||||||||||
| 1,885 | Verizon Communications | 5.150 | % | 9/15/23 | A– | 2,023,909 | ||||||||||||||
| 700 | Verizon Communications | 6.550 | % | 9/15/43 | A– | 818,971 | ||||||||||||||
| 1,375 | Windstream Corporation | 6.375 | % | 8/01/23 | BB+ | 1,285,625 | ||||||||||||||
| 14,840 | Total Diversified Telecommunication Services | 15,306,808 | ||||||||||||||||||
Electric Utilities – 1.7% | ||||||||||||||||||||
| 2,030 | APT Pipelines Limited, 144A | 3.875 | % | 10/11/22 | BBB | 1,868,511 | ||||||||||||||
| 1,485 | Comision Federal de Electricidad of the United States of Mexcio, 144A | 4.875 | % | 5/26/21 | BBB+ | 1,533,263 | ||||||||||||||
| 3,145 | Exelon Generation Co. LLC | 4.250 | % | 6/15/22 | BBB+ | 3,014,162 | ||||||||||||||
| 500 | FirstEnergy Corporation | 4.250 | % | 3/15/23 | Baa3 | 466,077 | ||||||||||||||
| 600 | Intergen NV, 144A | 7.000 | % | 6/30/23 | B+ | 621,000 | ||||||||||||||
| 1,295 | MidAmerican Energy Holdings Company | 6.125 | % | 4/01/36 | BBB+ | 1,471,203 | ||||||||||||||
| 2,000 | Origin Energy Finance Limited, 144A | 3.500 | % | 10/09/18 | BBB | 2,009,876 | ||||||||||||||
| 11,055 | Total Electric Utilities | 10,984,092 | ||||||||||||||||||
Energy Equipment & Services – 1.5% | ||||||||||||||||||||
| 1,985 | Diamond Offshore Drilling Inc. | 5.700 | % | 10/15/39 | A | 2,156,151 | ||||||||||||||
| 325 | Ensco PLC | 4.700 | % | 3/15/21 | BBB+ | 343,766 | ||||||||||||||
| 910 | Gulfmark Offshore Inc. | 6.375 | % | 3/15/22 | BB– | 916,825 | ||||||||||||||
| 128 | Nuveen Investments |
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Energy Equipment & Services (continued) |
| |||||||||||||||||||
| $ | 600 | Marine Accurate Well ASA | 9.500 | % | 4/03/18 | N/R | $ | 631,500 | ||||||||||||
| 845 | Precision Drilling Corporation, (7) | 6.500 | % | 12/15/21 | Ba1 | 899,925 | ||||||||||||||
| 1,000 | Transocean Inc. | 6.375 | % | 12/15/21 | BBB– | 1,123,715 | ||||||||||||||
| 2,100 | Transocean Inc. | 3.800 | % | 10/15/22 | BBB– | 1,990,435 | ||||||||||||||
| 1,385 | Weatherford International Limited | 7.000 | % | 3/15/38 | Baa2 | 1,533,008 | ||||||||||||||
| 9,150 | Total Energy Equipment & Services | 9,595,325 | ||||||||||||||||||
Food & Staples Retailing – 0.2% | ||||||||||||||||||||
| 750 | Bi-Lo LLC Finance Corporation, 144A, (7) | 8.625 | % | 9/15/18 | CCC+ | 783,750 | ||||||||||||||
| 800 | Coca-Cola Icecek AS, 144A | 4.750 | % | 10/01/18 | BBB | 814,096 | ||||||||||||||
| 1,550 | Total Food & Staples Retailing | 1,597,846 | ||||||||||||||||||
Food Products – 0.7% | ||||||||||||||||||||
| 1,105 | JBS USA LLC, (7) | 7.250 | % | 6/01/21 | BB | 1,151,963 | ||||||||||||||
| 750 | Marfrig Holding Europe BV, 144A | 9.875 | % | 7/24/17 | B | 740,625 | ||||||||||||||
| 750 | Minerva Luxembourg SA, 144A | 7.750 | % | 1/31/23 | BB– | 744,375 | ||||||||||||||
| 700 | Mriya Agro Holding PLC, 144A | 9.450 | % | 4/19/18 | B– | 598,500 | ||||||||||||||
| 1,360 | Pinnacle Foods Finance LLC, 144A | 4.875 | % | 5/01/21 | B– | 1,285,200 | ||||||||||||||
| 4,665 | Total Food Products | 4,520,663 | ||||||||||||||||||
Gas Utilities – 0.3% | ||||||||||||||||||||
| 1,084 | AmeriGas Finance LLC | 6.750 | % | 5/20/20 | Ba2 | 1,184,270 | ||||||||||||||
| 454 | Suburban Propane Partners LP | 7.500 | % | 10/01/18 | BB– | 486,915 | ||||||||||||||
| 1,538 | Total Gas Utilities | 1,671,185 | ||||||||||||||||||
Health Care Equipment & Supplies – 0.1% |
| |||||||||||||||||||
| 250 | EUR | Labco SAS, Reg S | 8.500 | % | 1/15/18 | BB– | 365,422 | |||||||||||||
Health Care Providers & Services – 0.7% | ||||||||||||||||||||
| 944 | HCA Holdings Inc. | 7.750 | % | 5/15/21 | B– | 1,031,320 | ||||||||||||||
| 1,050 | Kindred Healthcare Inc., (7) | 8.250 | % | 6/01/19 | B– | 1,118,250 | ||||||||||||||
| 885 | EUR | Labco SAS, 144A | 8.500 | % | 1/15/18 | BB– | 1,293,593 | |||||||||||||
| 1,000 | Tenet Healthcare Corporation | 4.375 | % | 10/01/21 | BB | 940,000 | ||||||||||||||
Total Health Care Providers & Services | 4,383,163 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.4% | ||||||||||||||||||||
| 775 | Shearer’s Foods LLC, 144A | 9.000 | % | 11/01/19 | B | 817,625 | ||||||||||||||
| 750 | Viking Cruises Limited, 144A | 8.500 | % | 10/15/22 | B+ | 847,500 | ||||||||||||||
| 1,200 | Wynn Macau Limited, 144A | 5.250 | % | 10/15/21 | BB | 1,201,500 | ||||||||||||||
| 2,725 | Total Hotels, Restaurants & Leisure | 2,866,625 | ||||||||||||||||||
Independent Power Producers & Energy Traders – 1.1% |
| |||||||||||||||||||
| 1,106 | Calpine Corporation, 144A | 7.500 | % | 2/15/21 | BB+ | 1,206,923 | ||||||||||||||
| 2,010 | Constellation Energy Group | 5.150 | % | 12/01/20 | BBB+ | 2,138,841 | ||||||||||||||
| 1,175 | Dynegy Holdings, Inc., (7) | 5.875 | % | 6/01/23 | B+ | 1,110,375 | ||||||||||||||
| Nuveen Investments | 129 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Independent Power Producers & Energy Traders (continued) |
| |||||||||||||||||||
| $ | 2,164 | Genon Energy Inc. | 9.500 | % | 10/15/18 | B | $ | 2,450,730 | ||||||||||||
| 6,455 | Total Independent Power Producers & Energy Traders | 6,906,869 | ||||||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||||||||
| 1,000 | OAS Financial Limited, 144A, (7) | 8.875 | % | 7/25/63 | BB– | 885,000 | ||||||||||||||
Insurance – 1.9% | ||||||||||||||||||||
| 2,475 | AFLAC Insurance | 6.450 | % | 8/15/40 | A– | 2,912,087 | ||||||||||||||
| 1,755 | Genworth Holdings Inc. | 4.800 | % | 2/15/24 | BBB– | 1,733,517 | ||||||||||||||
| 1,370 | Liberty Mutual Group Inc., 144A | 4.950 | % | 5/01/22 | Baa2 | 1,416,596 | ||||||||||||||
| 1,055 | Lincoln National Corporation | 8.750 | % | 7/01/19 | A– | 1,357,950 | ||||||||||||||
| 1,498 | Lincoln National Corporation | 4.200 | % | 3/15/22 | A– | 1,526,492 | ||||||||||||||
| 840 | Pacific LifeCorp. | 6.000 | % | 2/10/20 | BBB+ | 937,079 | ||||||||||||||
| 1,830 | UnumProvident Corporation | 5.625 | % | 9/15/20 | BBB | 2,005,945 | ||||||||||||||
| 10,823 | Total Insurance | 11,889,666 | ||||||||||||||||||
IT Services – 0.5% | ||||||||||||||||||||
| 2,395 | Computer Sciences Corporation | 4.450 | % | 9/15/22 | BBB | 2,310,073 | ||||||||||||||
| 710 | First Data Corporation | 6.750 | % | 11/01/20 | BB– | 738,400 | ||||||||||||||
| 3,105 | Total IT Services | 3,048,473 | ||||||||||||||||||
Machinery – 0.5% | ||||||||||||||||||||
| 1,000 | EUR | Loxam SAS, 144A | 7.375 | % | 1/24/20 | B | 1,472,004 | |||||||||||||
| 1,640 | Terex Corporation | 6.000 | % | 5/15/21 | BB– | 1,695,350 | ||||||||||||||
Total Machinery | 3,167,354 | |||||||||||||||||||
Media – 4.3% | ||||||||||||||||||||
| 1,175 | Cequel Communication Holdings I, 144A | 5.125 | % | 12/15/21 | B– | 1,101,563 | ||||||||||||||
| 740 | Charter Communications, CCO Holdings LLC, (7) | 5.125 | % | 2/15/23 | BB– | 686,350 | ||||||||||||||
| 1,000 | Clear Channel Communications, Inc. | 11.250 | % | 3/01/21 | CCC+ | 1,075,000 | ||||||||||||||
| 1,790 | Comcast Corporation | 6.400 | % | 5/15/38 | A– | 2,066,999 | ||||||||||||||
| 1,935 | DIRECTV Holdings LLC | 3.800 | % | 3/15/22 | BBB | 1,858,831 | ||||||||||||||
| 1,610 | Dish DBS Corporation | 4.250 | % | 4/01/18 | BB– | 1,642,200 | ||||||||||||||
| 2,175 | Gannett Company Inc., 144A | 5.125 | % | 7/15/20 | Ba1 | 2,202,188 | ||||||||||||||
| 1,000 | McGraw-Hill Global Education Holdings, 144A, (7) | 9.750 | % | 4/01/21 | BB | 1,105,000 | ||||||||||||||
| 1,250 | Nara Cable Funding Limited, 144A, (7) | 8.875 | % | 12/01/18 | BB– | 1,343,750 | ||||||||||||||
| 2,750 | News America Holdings Inc. | 6.650 | % | 11/15/37 | BBB+ | 3,209,971 | ||||||||||||||
| 1,500 | SES SA, 144A, (7) | 3.600 | % | 4/04/23 | BBB | 1,397,580 | ||||||||||||||
| 600 | Sinclair Television Group, 144A | 6.375 | % | 11/01/21 | B1 | 621,000 | ||||||||||||||
| 1,150 | Sirius XM Radio Inc., 144A | 5.750 | % | 8/01/21 | BB | 1,161,500 | ||||||||||||||
| 1,515 | Time Warner Cable Inc. | 5.875 | % | 11/15/40 | BBB | 1,310,545 | ||||||||||||||
| 1,500 | Time Warner Inc. | 4.750 | % | 3/29/21 | BBB+ | 1,599,558 | ||||||||||||||
| 1,750 | Time Warner Inc. | 6.100 | % | 7/15/40 | BBB+ | 1,909,892 | ||||||||||||||
| 130 | Nuveen Investments |
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Media (continued) | ||||||||||||||||||||
| $ | 2,306 | Viacom Inc. | 4.375 | % | 3/15/43 | BBB+ | $ | 1,947,120 | ||||||||||||
| 1,000 | CAD | Videotron Limited, 144A | 5.625 | % | 6/15/25 | BB | 908,449 | |||||||||||||
| 550 | WideOpenWest Finance Capital Corporation | 13.375 | % | 10/15/19 | CCC+ | 636,625 | ||||||||||||||
Total Media | 27,784,121 | |||||||||||||||||||
Metals & Mining – 5.5% | ||||||||||||||||||||
| 3,055 | Alcoa Inc., (7) | 5.400 | % | 4/15/21 | BBB– | 3,120,029 | ||||||||||||||
| 1,500 | Allegheny Technologies Inc. | 5.875 | % | 8/15/23 | BBB– | 1,514,901 | ||||||||||||||
| 2,690 | Anglogold Holdings PLC | 6.500 | % | 4/15/40 | Baa3 | 2,098,200 | ||||||||||||||
| 4,305 | ArcelorMittal, (7) | 6.750 | % | 2/25/22 | BB+ | 4,681,688 | ||||||||||||||
| 750 | Century Aluminum Company, 144A, (7) | 7.500 | % | 6/01/21 | B | 731,250 | ||||||||||||||
| 2,795 | Cliffs Natural Resources Inc., (7) | 4.800 | % | 10/01/20 | BBB– | 2,777,995 | ||||||||||||||
| 1,000 | Coeur d’Alene Mines Corporation | 7.875 | % | 2/01/21 | BB– | 1,015,000 | ||||||||||||||
| 1,000 | Commercial Metals Inc. | 4.875 | % | 5/15/23 | BB+ | 930,000 | ||||||||||||||
| 1,000 | Eldorado Gold Corporation, 144A, (7) | 6.125 | % | 12/15/20 | BB | 962,500 | ||||||||||||||
| 1,000 | FMG Resources, 144A, (7) | 8.250 | % | 11/01/19 | BB+ | 1,122,500 | ||||||||||||||
| 1,165 | Freeport McMoRan Copper & Gold, Inc., (7) | 3.550 | % | 3/01/22 | BBB | 1,107,216 | ||||||||||||||
| 750 | Inmet Mining Corporation, 144A | 8.750 | % | 6/01/20 | B+ | 813,750 | ||||||||||||||
| 2,610 | Newmont Mining Corporation, (7) | 3.500 | % | 3/15/22 | Baa1 | 2,221,593 | ||||||||||||||
| 1,250 | Severstal OAO Via Steel Capital SA, 144A, (7) | 4.450 | % | 3/19/18 | BB+ | 1,235,938 | ||||||||||||||
| 1,775 | Teck Resources Limited | 6.125 | % | 10/01/35 | BBB | 1,749,665 | ||||||||||||||
| 1,140 | Teck Resources Limited | 6.250 | % | 7/15/41 | BBB | 1,134,790 | ||||||||||||||
| 1,050 | TMK OAO Capital SA, 144A, (7) | 6.750 | % | 4/03/20 | B+ | 1,010,625 | ||||||||||||||
| 2,410 | Vale Overseas Limited | 6.875 | % | 11/10/39 | A– | 2,492,959 | ||||||||||||||
| 1,800 | Vedanta Resources PLC, 144A, (7) | 6.000 | % | 1/31/19 | BB | 1,741,500 | ||||||||||||||
| 1,115 | WPE International Cooperatief U.A, 144A | 10.375 | % | 9/30/20 | B+ | 721,963 | ||||||||||||||
| 1,765 | Xstrata Finance Canada Limited, 144A | 6.900 | % | 11/15/37 | BBB | 1,863,097 | ||||||||||||||
| 35,925 | Total Metals & Mining | 35,047,159 | ||||||||||||||||||
Multiline Retail – 0.3% | ||||||||||||||||||||
| 1,840 | Macy’s Retail Holdings Inc., (7) | 3.875 | % | 1/15/22 | BBB+ | 1,813,648 | ||||||||||||||
Oil, Gas & Consumable Fuels – 10.1% | ||||||||||||||||||||
| 740 | Amerada Hess Corporation | 7.125 | % | 3/15/33 | BBB | 891,835 | ||||||||||||||
| 2,170 | Anadarko Petroleum Corporation | 6.200 | % | 3/15/40 | BBB– | 2,400,313 | ||||||||||||||
| 1,570 | CAD | Athabasca Oil Corporation, 144A | 7.500 | % | 11/19/17 | B | 1,374,535 | |||||||||||||
| 1,435 | Atlas Pipeline LP Finance, 144A | 5.875 | % | 8/01/23 | B+ | 1,366,838 | ||||||||||||||
| 1,145 | Bill Barrett Corporation, (7) | 7.000 | % | 10/15/22 | B1 | 1,187,938 | ||||||||||||||
| 1,500 | Breitburn Energy Partners LP, (7) | 7.875 | % | 4/15/22 | B– | 1,560,000 | ||||||||||||||
| 1,250 | Calumet Specialty Products, 144A | 7.625 | % | 1/15/22 | B+ | 1,262,500 | ||||||||||||||
| 1,700 | Canadian Oil Sands Trust | 7.750 | % | 5/15/19 | BBB | 2,038,081 | ||||||||||||||
| Nuveen Investments | 131 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
| $ | 1,120 | Cenovus Energy Inc. | 3.800 | % | 9/15/23 | BBB+ | $ | 1,091,870 | ||||||||||||
| 1,750 | Cheniere Energy Inc., 144A | 5.625 | % | 2/01/21 | BB+ | 1,710,625 | ||||||||||||||
| 870 | Concho Resources Inc., (7) | 5.500 | % | 10/01/22 | BB+ | 898,275 | ||||||||||||||
| 1,000 | CONSOL Energy Inc. | 8.250 | % | 4/01/20 | BB | 1,082,500 | ||||||||||||||
| 1,025 | Continental Resources Inc. | 5.000 | % | 9/15/22 | BBB– | 1,064,719 | ||||||||||||||
| 500 | Deep Drilling 7 & 8 PT | 14.250 | % | 3/05/15 | N/R | 542,500 | ||||||||||||||
| 1,250 | Diamondback Energy Inc., 144A | 7.625 | % | 10/01/21 | CCC+ | 1,318,750 | ||||||||||||||
| 195 | Enbridge Energy Partners LP | 5.200 | % | 3/15/20 | BBB | 209,322 | ||||||||||||||
| 1,400 | Everest Acquisition LLC Finance, 144A, (7) | 7.750 | % | 9/01/22 | B | 1,568,000 | ||||||||||||||
| 2,600 | Gazprom OAO Via Gaz Capital SA, 144A | 3.850 | % | 2/06/20 | Baa1 | 2,509,000 | ||||||||||||||
| 1,000 | Gibson Energy, 144A | 6.750 | % | 7/15/21 | BB | 1,057,500 | ||||||||||||||
| 1,100 | Halcon Resources Corporation. | 9.750 | % | 7/15/20 | CCC+ | 1,146,750 | ||||||||||||||
| 1,100 | Hercules Offshore LLC, 144A | 7.500 | % | 10/01/21 | B | 1,166,000 | ||||||||||||||
| 1,345 | Key Energy Services Inc., (7) | 6.750 | % | 3/01/21 | BB– | 1,378,625 | ||||||||||||||
| 600 | Kinder Morgan Energy Partners LP | 6.950 | % | 1/15/38 | BBB | 689,279 | ||||||||||||||
| 825 | Kodiak Oil and Gas Corporation | 5.500 | % | 2/01/22 | B | 820,875 | ||||||||||||||
| 1,185 | Linn Energy LLC Finance Corporation, 144A | 7.000 | % | 11/01/19 | B+ | 1,196,850 | ||||||||||||||
| 2,625 | Lukoil International Finance, 144A | 6.125 | % | 11/09/20 | BBB | 2,844,177 | ||||||||||||||
| 1,290 | Martin Mid-Stream Partners LP Finance | 7.250 | % | 2/15/21 | B– | 1,315,800 | ||||||||||||||
| 1,000 | MEG Energy Corportation, 144A | 7.000 | % | 3/31/24 | BB | 1,012,500 | ||||||||||||||
| 975 | Murphy Oil USA Inc., 144A | 6.000 | % | 8/15/23 | BB | 979,875 | ||||||||||||||
| 1,835 | Nabors Industries Inc. | 4.625 | % | 9/15/21 | BBB | 1,837,151 | ||||||||||||||
| 750 | Newfield Exlporation Company | 5.625 | % | 7/01/24 | BBB– | 746,250 | ||||||||||||||
| 1,325 | Niska Gas Storage US LLC, (7) | 8.875 | % | 3/15/18 | B | 1,378,000 | ||||||||||||||
| 1,150 | Oasis Petroleum Inc., 144A | 6.875 | % | 3/15/22 | B | 1,219,000 | ||||||||||||||
| 975 | Offshore Group Investment Limited | 7.500 | % | 11/01/19 | B– | 1,060,313 | ||||||||||||||
| 1,130 | CAD | Paramount Resources Limited, 144A | 7.625 | % | 12/04/19 | B | 1,081,066 | |||||||||||||
| 825 | PBF Holding Company LLC, (7) | 8.250 | % | 2/15/20 | BB+ | 895,125 | ||||||||||||||
| 750 | Penn Virginia Corporation | 8.500 | % | 5/01/20 | B– | 806,250 | ||||||||||||||
| 1,250 | Pertamina PT, 144A | 4.875 | % | 5/03/22 | Baa3 | 1,146,875 | ||||||||||||||
| 1,000 | PetroBakken Energy Limited, 144A | 8.625 | % | 2/01/20 | B– | 1,010,000 | ||||||||||||||
| 1,770 | Petrobras International Finance Company | 6.875 | % | 1/20/40 | Baa1 | 1,673,970 | ||||||||||||||
| 1,275 | Petro-Canada | 6.800 | % | 5/15/38 | BBB+ | 1,525,999 | ||||||||||||||
| 740 | Range Resources Corporation | 5.000 | % | 8/15/22 | BB | 727,050 | ||||||||||||||
| 500 | Rosneft International Finance, 144A | 4.199 | % | 3/06/22 | Baa1 | 458,750 | ||||||||||||||
| 1,125 | Sandridge Energy Inc. | 8.125 | % | 10/15/22 | B2 | 1,192,500 | ||||||||||||||
| 1,000 | Seadrill Limited, 144A | 6.125 | % | 9/15/20 | N/R | 997,500 | ||||||||||||||
| 6,000 | NOK | Ship Finance International Limited | 6.610 | % | 10/19/17 | N/R | 994,180 | |||||||||||||
| 1,845 | Sinopec Group Overseas Development 2012, 144A | 3.900 | % | 5/17/22 | Aa3 | 1,786,460 | ||||||||||||||
| 132 | Nuveen Investments |
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Oil, Gas & Consumable Fuels (continued) |
| |||||||||||||||||||
| $ | 925 | SM Energy Company | 6.625 | % | 2/15/19 | BB– | $ | 982,813 | ||||||||||||
| 1,445 | Southwestern Energy Company | 4.100 | % | 3/15/22 | �� | BBB– | 1,432,442 | |||||||||||||
| 1,520 | Targa Resources Inc., 144A, (7) | 4.250 | % | 11/15/23 | BB | 1,360,400 | ||||||||||||||
| 1,900 | Thai Oil PCL, 144A, (7) | 3.625 | % | 1/23/23 | Baa1 | 1,689,073 | ||||||||||||||
| 1,000 | Western Refining Inc., (7) | 6.250 | % | 4/01/21 | B+ | 1,007,500 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 64,694,499 | |||||||||||||||||||
Paper & Forest Products – 1.7% | ||||||||||||||||||||
| 3,100 | Domtar Corporation | 6.750 | % | 2/15/44 | BBB– | 3,162,381 | ||||||||||||||
| 2,615 | Domtar Corporation | 4.400 | % | 4/01/22 | BBB– | 2,503,771 | ||||||||||||||
| 1,860 | International Paper Company | 8.700 | % | 6/15/38 | BBB | 2,561,661 | ||||||||||||||
| 1,750 | Resolute Forest Products, 144A | 5.875 | % | 5/15/23 | BB– | 1,618,750 | ||||||||||||||
| 950 | Tembec Industries, Inc. | 11.250 | % | 12/15/18 | B3 | 1,040,250 | ||||||||||||||
| 10,275 | Total Paper & Forest Products | 10,886,813 | ||||||||||||||||||
Personal Products – 0.2% | ||||||||||||||||||||
| 1,500 | Albea Beauty Holdings SA, 144A, (7) | 8.375 | % | 11/01/19 | B+ | 1,560,000 | ||||||||||||||
Pharmaceuticals – 0.7% | ||||||||||||||||||||
| 1,150 | AbbVie Inc. | 2.900 | % | 11/06/22 | A | 1,074,854 | ||||||||||||||
| 1,000 | Endo Pharmaceutical Holdings Inc., (7) | 7.000 | % | 12/15/20 | B1 | 1,070,000 | ||||||||||||||
| 1,400 | Par Pharmaceutical Companies Inc. | 7.375 | % | 10/15/20 | B– | 1,447,250 | ||||||||||||||
| 1,080 | VP Escrow Corporation, 144A | 6.375 | % | 10/15/20 | B1 | 1,138,050 | ||||||||||||||
| 4,630 | Total Pharmaceuticals | 4,730,154 | ||||||||||||||||||
Real Estate Investment Trust – 1.1% | ||||||||||||||||||||
| 1,820 | HCP Inc. | 3.750 | % | 2/01/19 | BBB+ | 1,890,403 | ||||||||||||||
| 750 | KWG Property Holdings Limited | 13.250 | % | 3/22/17 | B+ | 875,625 | ||||||||||||||
| 1,420 | Plum Creek Timberlands LP | 4.700 | % | 3/15/21 | BBB | 1,472,059 | ||||||||||||||
| 2,125 | Prologis Inc. | 6.875 | % | 3/15/20 | BBB | 2,502,848 | ||||||||||||||
| 6,115 | Total Real Estate Investment Trust | 6,740,935 | ||||||||||||||||||
Real Estate Management & Development – 1.1% |
| |||||||||||||||||||
| 1,000 | Agile Property Holdings Limited | 8.875 | % | 4/28/17 | BB | 1,052,500 | ||||||||||||||
| 1,100 | Country Garden Holding Company, 144A, (7) | 11.125 | % | 2/23/18 | Ba2 | 1,221,000 | ||||||||||||||
| 500 | Crescent Resources LLC, 144A | 10.250 | % | 8/15/17 | B– | 543,750 | ||||||||||||||
| 750 | Evergrande Real Estate Group Limited, 144A | 8.750 | % | 10/30/18 | BB– | 755,625 | ||||||||||||||
| 800 | Gemdale International Investment Limited | 7.125 | % | 11/16/17 | BB– | 827,000 | ||||||||||||||
| 1,100 | Kaisa Group Holdings Limited, 144A, (7) | 8.875 | % | 3/19/18 | B+ | 1,124,750 | ||||||||||||||
| 875 | Mattamy Group Corporation, 144A, (7) | 6.500 | % | 11/15/20 | BB | 866,250 | ||||||||||||||
| 750 | Shimao Property Holdings Limited | 11.000 | % | 3/08/18 | BB+ | 838,125 | ||||||||||||||
| 6,875 | Total Real Estate Management & Development | 7,229,000 | ||||||||||||||||||
| Nuveen Investments | 133 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Road & Rail – 0.4% | ||||||||||||||||||||
| $ | 1,000 | Hertz Corporation | 7.375 | % | 1/15/21 | B | $ | 1,097,500 | ||||||||||||
| 700 | Hertz Corporation, (7) | 6.250 | % | 10/15/22 | B | 722,750 | ||||||||||||||
| 750 | Watco Companies LLC Finance, 144A | 6.375 | % | 4/01/23 | B3 | 742,500 | ||||||||||||||
| 2,450 | Total Road & Rail | 2,562,750 | ||||||||||||||||||
Semiconductors & Equipment – 0.2% | ||||||||||||||||||||
| 1,000 | NXP BV, 144A | 5.750 | % | 3/15/23 | B+ | 1,017,500 | ||||||||||||||
Software – 0.2% | ||||||||||||||||||||
| 1,000 | BMC Software Finance Inc., 144A, (7) | 8.125 | % | 7/15/21 | B– | 1,030,000 | ||||||||||||||
Specialty Retail – 0.7% | ||||||||||||||||||||
| 1,150 | Best Buy Co., Inc. | 5.000 | % | 8/01/18 | Baa2 | 1,204,625 | ||||||||||||||
| 1,000 | Neiman Marcus Mariposa Borrower / Merger Sub LLC, 144A | 8.000 | % | 10/15/21 | CCC+ | 1,045,000 | ||||||||||||||
| 2,220 | O’Reilly Automotive Inc. | 4.875 | % | 1/14/21 | BBB | 2,326,949 | ||||||||||||||
| 4,370 | Total Specialty Retail | 4,576,574 | ||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.2% | ||||||||||||||||||||
| 1,220 | Jones Group | 6.875 | % | 3/15/19 | B+ | 1,293,200 | ||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
| 1,855 | WEA Finance LLC, 144A | 4.625 | % | 5/10/21 | A2 | 1,957,680 | ||||||||||||||
Tobacco – 1.1% | ||||||||||||||||||||
| 1,006 | Altria Group Inc. | 9.950 | % | 11/10/38 | Baa1 | 1,534,553 | ||||||||||||||
| 2,800 | Imperial Tobacco Finance, 144A | 3.500 | % | 2/11/23 | BBB | 2,611,367 | ||||||||||||||
| 1,670 | Lorillard Tobacco, (7) | 6.875 | % | 5/01/20 | Baa2 | 1,927,302 | ||||||||||||||
| 1,265 | Reynolds American Inc. | 3.250 | % | 11/01/22 | Baa2 | 1,165,971 | ||||||||||||||
| 6,741 | Total Tobacco | 7,239,193 | ||||||||||||||||||
Transportation Infrastructure – 0.8% | ||||||||||||||||||||
| 4,025 | Asciano Finance, 144A | 5.000 | % | 4/07/18 | Baa2 | 4,267,410 | ||||||||||||||
| 750 | Flexi-Van Leasing Inc., 144A | 7.875 | % | 8/15/18 | BB– | 795,000 | ||||||||||||||
| 4,775 | Total Transportation Infrastructure | 5,062,410 | ||||||||||||||||||
Wireless Telecommunication Services – 2.0% | ||||||||||||||||||||
| 2,070 | American Tower Company | 5.050 | % | 9/01/20 | BBB | 2,188,971 | ||||||||||||||
| 1,250 | Digicel Group, Limited, 144A | 8.250 | % | 9/30/20 | B– | 1,295,313 | ||||||||||||||
| 1,500 | Eileme AB, 144A | 11.625 | % | 1/31/20 | B | 1,798,094 | ||||||||||||||
| 750 | FairPoint Communications Inc., 144A | 8.750 | % | 8/15/19 | B | 795,000 | ||||||||||||||
| 1,000 | Frontier Comminications Corporation | 7.625 | % | 4/15/24 | Ba2 | 997,500 | ||||||||||||||
| 800 | Millicom International Cellular SA, 144A | 6.625 | % | 10/15/21 | BB+ | 827,600 | ||||||||||||||
| 1,825 | Softbank Corporation, 144A | 4.500 | % | 4/15/20 | BB+ | 1,779,375 | ||||||||||||||
| 1,000 | Sprint Corporation, 144A | 7.250 | % | 9/15/21 | BB– | 1,073,750 | ||||||||||||||
| 965 | Sprint Nextel Corporation, (7) | 7.000 | % | 3/01/20 | BB+ | 1,075,975 | ||||||||||||||
| 134 | Nuveen Investments |
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Wireless Telecommunication Services (continued) |
| |||||||||||||||||||
| $ | 1,050 | Wind Acquisition Finance SA, 144A | 7.250 | % | 2/15/18 | BB | $ | 1,099,875 | ||||||||||||
| 12,210 | Total Wireless Telecommunication Services | 12,931,453 | ||||||||||||||||||
Total Corporate Bonds (cost $412,120,139) | 423,087,602 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
CONVERTIBLE BONDS – 0.2% | ||||||||||||||||||||
Commercial Banks – 0.2% | ||||||||||||||||||||
| $ | 1,400 | Lloyds Banking Group LBG Capital 1, 144A | 8.000 | % | 6/15/60 | BB+ | $ | 1,494,844 | ||||||||||||
| $ | 1,400 | Total Convertible Bonds (cost $1,464,876) | 1,494,844 | |||||||||||||||||
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 6.3% |
| |||||||||||||||||||
Capital Markets – 0.7% | ||||||||||||||||||||
| 1,100 | EUR | Baggot Securities Limited, 144A | 10.240 | % | N/A (8) | N/R | $ | 1,593,479 | ||||||||||||
| $ | 1,500 | Dresdner Funding Trust, 144A | 8.151 | % | 6/30/31 | BB | 1,552,500 | |||||||||||||
| 1,495 | Goldman Sachs Capital II | 4.000 | % | N/A (8) | BB+ | 1,050,985 | ||||||||||||||
Total Capital Markets | 4,196,964 | |||||||||||||||||||
Commercial Banks – 2.3% | ||||||||||||||||||||
| 2,830 | EUR | Barclays Bank PLC | 4.750 | % | N/A (8) | BBB– | 3,309,258 | |||||||||||||
| 650 | GBP | Barclays Bank PLC | 6.000 | % | N/A (8) | BBB– | 1,009,099 | |||||||||||||
| 1,525 | Fifth Third Bancorp. | 5.100 | % | N/A (8) | BBB– | 1,349,625 | ||||||||||||||
| 1,000 | HBOS Capital Funding LP, 144A | 6.071 | % | N/A (8) | BB+ | 996,250 | ||||||||||||||
| 1,170 | Rabobank Nederland, 144A | 11.000 | % | N/A (8) | A– | 1,548,788 | ||||||||||||||
| 500 | RBS Capital Trust, (7) | 1.048 | % | N/A (8) | BB | 443,125 | ||||||||||||||
| 750 | RBS Capital Trust | 5.512 | % | N/A (8) | BB | 727,500 | ||||||||||||||
| 500 | Societe Generale, 144A | 0.993 | % | N/A (8) | BBB– | 436,250 | ||||||||||||||
| 5,585 | Wachovia Capital Trust III | 5.570 | % | N/A (8) | BBB+ | 5,110,275 | ||||||||||||||
Total Commercial Banks | 14,930,170 | |||||||||||||||||||
Diversified Financial Services – 1.2% | ||||||||||||||||||||
| 5,000 | General Electric Capital Corporation | 7.125 | % | N/A (8) | AA– | 5,587,500 | ||||||||||||||
| 1,000 | Credit Suisse Group AG, (7) | 7.500 | % | N/A (8) | BB+ | 1,056,250 | ||||||||||||||
| 1,000 | JPMorgan Chase & Company | 6.000 | % | N/A (8) | BBB | 956,250 | ||||||||||||||
| 7,000 | Total Diversified Financial Services | 7,600,000 | ||||||||||||||||||
Electric Utilities – 0.5% | ||||||||||||||||||||
| 700 | AES Gener SA, 144A, (7) | 8.375 | % | 12/18/73 | Ba2 | 729,750 | ||||||||||||||
| 1,570 | Electricite de France, 144A | 5.250 | % | N/A (8) | A3 | 1,561,365 | ||||||||||||||
| 1,000 | Enel SpA | 8.750 | % | 9/24/73 | BBB– | 1,087,367 | ||||||||||||||
| 3,270 | Total Electric Utilities | 3,378,482 | ||||||||||||||||||
| Nuveen Investments | 135 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings | Value | |||||||||||||||
Insurance – 1.5% | ||||||||||||||||||||
| $ | 1,500 | Allstate Corporation | 5.750 | % | 8/15/53 | Baa1 | $ | 1,511,250 | ||||||||||||
| 2,050 | Catlin Insurance Company Limited | 7.249 | % | N/A (8) | BBB+ | 2,126,875 | ||||||||||||||
| 1,250 | Genworth Financial Inc. | 6.150 | % | 11/15/66 | Ba1 | 1,106,250 | ||||||||||||||
| 1,620 | Lincoln National Corporation | 6.050 | % | 4/20/67 | BBB | 1,607,850 | ||||||||||||||
| 1,435 | Prudential Financial Inc., (7) | 5.200 | % | 3/15/44 | BBB+ | 1,388,363 | ||||||||||||||
| 1,860 | ZFS Finance USA Trust V | 6.500 | % | 5/09/37 | A | 1,976,250 | ||||||||||||||
| 9,715 | Total Insurance | 9,716,838 | ||||||||||||||||||
IT Services – 0.1% | ||||||||||||||||||||
| 575 | Zayo Escrow Corporation, (7) | 8.125 | % | 1/01/20 | B1 | 629,625 | ||||||||||||||
Total $1,000 Par (or similar) Institutional Structures (cost $38,543,496) |
| 40,452,079 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (9) | Ratings (4) | 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– | $ | 4,184,179 | ||||||||||||||
| $ | 3,840 | Total Municipal Bonds (cost $3,840,000) | 4,184,179 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 9.8% |
| |||||||||||||||||||
| $ | 1,483 | 321 Henderson Receivables LLC, Series 2010-3A | 3.820 | % | 12/15/48 | Aaa | $ | 1,542,247 | ||||||||||||
| 936 | American West Airlines Pass-Through Certificates, Series 2001-1 | 8.057 | % | 1/02/22 | A– | 1,001,762 | ||||||||||||||
| 2,270 | AmeriCold LLC Trust, Series 2010 | 6.811 | % | 1/14/29 | A+ | 2,558,292 | ||||||||||||||
| 3,081 | Banc of America Alternative Loan Trust, Pass-Through Certificates, Series 2006-6 | 6.000 | % | 7/25/46 | Caa3 | 2,530,354 | ||||||||||||||
| 51 | Bank of America Alternative Loan Trust, Series 2005-5 2 CB1 | 6.000 | % | 6/25/35 | Caa1 | 44,448 | ||||||||||||||
| 350 | Bank of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-4 | 4.933 | % | 7/10/45 | AAA | 367,584 | ||||||||||||||
| 1,974 | Bayview Opportunity Master Fund Trust, 2013-8NPL | 3.228 | % | 3/28/33 | Aaa | 1,971,161 | ||||||||||||||
| 47 | Citigroup Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-CD4 | 5.205 | % | 12/11/49 | AAA | 47,021 | ||||||||||||||
| 888 | Countrywide ABS Asset-Backed Certificate Trust 2007-9 | 0.288 | % | 6/25/47 | B– | 876,168 | ||||||||||||||
| 420 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-24CB | 5.000 | % | 11/25/19 | B3 | 421,663 | ||||||||||||||
| 753 | Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB | 6.000 | % | 8/25/36 | Caa3 | 611,139 | ||||||||||||||
| 2,869 | Countrywide Asset-Backed Certificates, Series 2007-4 A2 | 5.530 | % | 4/25/47 | Caa1 | 2,625,741 | ||||||||||||||
| 12 | Countrywide Asset-Backed Certificates Trust, Series 2006-25 | 0.278 | % | 6/25/47 | AAA | 12,381 | ||||||||||||||
| 136 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 501 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2 | 2.675 | % | 2/25/34 | A | $ | 474,526 | ||||||||||||
| 1,872 | Countrywide Home Loans Mortgage, Series 2005-27 | 5.500 | % | 12/25/35 | Caa1 | 1,777,435 | ||||||||||||||
| 1,244 | Countrywide Home Loans, Asset-Backed Certificates Series 2007-7 | 0.318 | % | 10/25/47 | AAA | 1,218,987 | ||||||||||||||
| 233 | Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23 | 5.750 | % | 9/25/33 | AA+ | 245,946 | ||||||||||||||
| 1,637 | Delta Air Lines Pass-Through Certificates Series 2012-1A, (7) | 4.750 | % | 5/07/20 | A+ | 1,751,243 | ||||||||||||||
| 855 | Fannie Mae Mortgage Interest STRIPS 366 25 (I/O) | 5.000 | % | 10/01/35 | Aaa | 78,308 | ||||||||||||||
| 484 | Fannie Mae Mortgage Pool AA0005 | 5.500 | % | 11/01/38 | Aaa | 531,660 | ||||||||||||||
| 599 | Fannie Mae Mortgage Pool AA0889 | 5.500 | % | 12/01/38 | Aaa | 657,636 | ||||||||||||||
| 3,213 | Fannie Mae Mortgage Pool AC1877 | 4.500 | % | 9/01/39 | Aaa | 3,404,697 | ||||||||||||||
| 609 | Fannie Mae Mortgage Pool AL1187 | 5.500 | % | 7/01/24 | Aaa | 650,830 | ||||||||||||||
| 5,915 | Fannie Mae Mortgage Pool AL3617 | 3.500 | % | 9/01/27 | Aaa | 6,190,094 | ||||||||||||||
| 509 | Fannie Mae Mortgage Pool 255628 | 5.500 | % | 2/01/25 | Aaa | 559,257 | ||||||||||||||
| 1,847 | Fannie Mae Mortgage Pool 255956 | 5.500 | % | 10/01/25 | Aaa | 2,046,926 | ||||||||||||||
| 282 | Fannie Mae Mortgage Pool 256890 | 6.000 | % | 9/01/37 | Aaa | 304,740 | ||||||||||||||
| 222 | Fannie Mae Mortgage Pool 725205 | 5.000 | % | 3/01/34 | Aaa | 241,381 | ||||||||||||||
| 99 | Fannie Mae Mortgage Pool 725553 | 2.173 | % | 9/01/33 | Aaa | 105,077 | ||||||||||||||
| 324 | Fannie Mae Mortgage Pool 725773 | 5.500 | % | 9/01/34 | Aaa | 356,660 | ||||||||||||||
| 124 | Fannie Mae Mortgage Pool 735060 | 6.000 | % | 11/01/34 | Aaa | 139,606 | ||||||||||||||
| 79 | Fannie Mae Mortgage Pool 735606 | 1.804 | % | 5/01/35 | Aaa | 81,816 | ||||||||||||||
| 135 | Fannie Mae Mortgage Pool 745101 | 6.000 | % | 4/01/32 | Aaa | 147,905 | ||||||||||||||
| 331 | Fannie Mae Mortgage Pool 745324 | 6.000 | % | 3/01/34 | Aaa | 375,447 | ||||||||||||||
| 426 | Fannie Mae Mortgage Pool 745548 | 2.289 | % | 1/01/35 | Aaa | 453,684 | ||||||||||||||
| 99 | Fannie Mae Mortgage Pool 824163 | 5.500 | % | 4/01/35 | Aaa | 109,356 | ||||||||||||||
| 255 | Fannie Mae Mortgage Pool 831377 | 6.500 | % | 4/01/36 | Aaa | 287,127 | ||||||||||||||
| 102 | Fannie Mae Mortgage Pool 838948 | 1.885 | % | 8/01/35 | Aaa | 108,489 | ||||||||||||||
| 275 | Fannie Mae Mortgage Pool 843435 | 5.500 | % | 6/01/33 | Aaa | 303,060 | ||||||||||||||
| 117 | Fannie Mae Mortgage Pool 852909 | 6.500 | % | 4/01/36 | Aaa | 131,729 | ||||||||||||||
| — | (10) | Fannie Mae Mortgage Pool 889618 | 5.500 | % | 5/01/38 | Aaa | 388 | |||||||||||||
| 321 | Fannie Mae Mortgage Pool 893318 | 6.500 | % | 8/01/36 | Aaa | 359,289 | ||||||||||||||
| 35 | Fannie Mae Mortgage Pool 905597 | 5.885 | % | 12/01/36 | Aaa | 37,783 | ||||||||||||||
| 781 | Fannie Mae Mortgage Pool 932323 | 4.500 | % | 12/01/39 | Aaa | 827,212 | ||||||||||||||
| 224 | Fannie Mae Mortgage Pool 944340 | 6.000 | % | 6/01/37 | Aaa | 248,416 | ||||||||||||||
| 102 | Fannie Mae Mortgage Pool 946228 | 6.057 | % | 9/01/37 | Aaa | 110,311 | ||||||||||||||
| — | (10) | Fannie Mae Mortgage Pool 985344 | 5.500 | % | 7/01/38 | Aaa | 214 | |||||||||||||
| 1,313 | FDIC Structures Sale Guaranteed Notes, Series 2010-S1 | 0.710 | % | 2/25/48 | Aaa | 1,315,648 | ||||||||||||||
| 17 | Federal Home Loan Mortgage Corporation, Mortgage Pool 1B3220 | 2.422 | % | 1/01/37 | Aaa | 18,517 | ||||||||||||||
| 23 | Federal Home Loan Mortgage Corporation, Series 2376 | 5.500 | % | 11/15/16 | Aaa | 23,697 | ||||||||||||||
| Nuveen Investments | 137 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 945 | Freddie Mac Gold Pool 1K1238 | 2.375 | % | 7/01/36 | Aaa | $ | 1,006,404 | ||||||||||||
| 505 | Freddie Mac Gold Pool 1L0117 | 2.655 | % | 10/01/29 | Aaa | 521,664 | ||||||||||||||
| 325 | Freddie Mac Gold Pool 847240 | 2.287 | % | 7/01/30 | Aaa | 343,333 | ||||||||||||||
| 208 | Freddie Mac Gold Pool 847411 | 2.190 | % | 5/01/33 | Aaa | 217,785 | ||||||||||||||
| 1,921 | Freddie Mac Gold Pool 848289 | 2.361 | % | 5/01/38 | Aaa | 2,040,634 | ||||||||||||||
| 554 | Freddie Mac Mortgage Pool, Various A17212 | 6.500 | % | 7/01/31 | Aaa | 631,017 | ||||||||||||||
| 126 | Freddie Mac Mortgage Pool, Various H09059 | 7.000 | % | 8/01/37 | Aaa | 136,529 | ||||||||||||||
| 23 | Freddie Mac Non Gold Participation Certificates 847681 | 2.422 | % | 12/01/36 | Aaa | 24,629 | ||||||||||||||
| 241 | Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG6 | 5.506 | % | 4/10/38 | AAA | 240,491 | ||||||||||||||
| 1,837 | Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR1 | 2.889 | % | 1/25/35 | CC | 1,084,296 | ||||||||||||||
| 206 | Government National Mortgage Association, Guaranteed REMIC Pass-Through Securities and MX Securities Trust | 4.500 | % | 5/16/38 | Aaa | 217,768 | ||||||||||||||
| 58 | GRMT Mortgage Loan Trust 2001-1A | 8.272 | % | 7/20/31 | A3 | 56,480 | ||||||||||||||
| 1,744 | Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2000-3 | 8.000 | % | 10/25/30 | CCC | 1,629,179 | ||||||||||||||
| 348 | IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1 | 2.557 | % | 3/25/35 | BBB+ | 344,327 | ||||||||||||||
| 1,250 | JPMorgan Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2007-S1 | 0.438 | % | 4/25/47 | CCC | 1,056,953 | ||||||||||||||
| 976 | Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6 | 5.494 | % | 7/25/47 | BB+ | 988,366 | ||||||||||||||
| 3,373 | Master RePerforming Loan Trust 2005-1 | 7.500 | % | 8/25/34 | Ba3 | 3,490,070 | ||||||||||||||
| 230 | Merrill Lynch Mortgage Investors Inc, Commercial Mortgage Pass-Through Certificates, Series 2006 | 5.204 | % | 12/12/49 | A1 | 251,157 | ||||||||||||||
| 508 | National Credit Union Administration Guaranteed Structured Collateral Notes | 2.900 | % | 10/29/20 | Aaa | 524,743 | ||||||||||||||
| 942 | Northwest Airlines Trust Pass-Through Certificates 2007-1 | 7.027 | % | 11/01/19 | A– | 1,045,699 | ||||||||||||||
| 874 | Oaktree Real Estate Investments, Commercial Mortgage Asset-Backed Securities ORES NPL LLC 2013-LV2I, 144A | 3.081 | % | 9/25/25 | N/R | 873,704 | ||||||||||||||
| 865 | RBSSP Resecuritization Trust, Series 2012-8 1A1 | 0.335 | % | 10/26/36 | N/R | 820,331 | ||||||||||||||
| 170 | Residential Accredit Loans Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 2005-QS12 | 5.500 | % | 8/25/35 | Caa2 | 149,580 | ||||||||||||||
| 387 | Sequoia Mortgage Trust, Mortgage Pass-Through Certificates, Series 2011-1 | 4.125 | % | 2/25/41 | AAA | 387,324 | ||||||||||||||
| 1,364 | Stanwich Mortgage Loan Trust, Series 2012-NPL5 | 2.981 | % | 10/18/42 | BBB+ | 1,363,036 | ||||||||||||||
| 2,100 | Structured Agency Credit Risk Debt Notes, 2013-DN2 | 4.408 | % | 11/25/23 | N/R | 2,083,154 | ||||||||||||||
| 583 | Wachovia Mortgage Loan Trust LLC, Mortgage Pass-Through Certificates, Series 2005-B | 2.621 | % | 10/20/35 | D | 475,663 | ||||||||||||||
| 423 | Washington Mutual Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2004-RA3 | 6.499 | % | 8/25/38 | AA | 452,954 | ||||||||||||||
| 138 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||
| $ | 29 | Wells Fargo Mortgage Backed Securities, 2005-AR16 Class 3A2 | 2.655 | % | 3/25/35 | BBB– | $ | 29,504 | ||||||||||||
| $ | 63,453 | Total Asset-Backed and Mortgage-Backed Securities (cost $61,885,231) |
| 62,771,832 | ||||||||||||||||
| Shares | Description (1), (11) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 0.4% |
| |||||||||||||||||||
| 36,000 | Blackrock Credit Allocation Income Trust IV | $ | 470,160 | |||||||||||||||||
| 61,000 | Blackrock MuniAssets Fund Inc. | 704,550 | ||||||||||||||||||
| 40,000 | CBRE Clarion Global Real Estate Income Fund | 316,800 | ||||||||||||||||||
| 63,000 | Invesco Municipal Income Opportunities Trust | 390,600 | ||||||||||||||||||
| 23,000 | NexPoint Credit Strategies Fund | 216,660 | ||||||||||||||||||
| 20,000 | Pimco Income Strategy Fund | 226,200 | ||||||||||||||||||
| 16,000 | Pioneer Diversified High Income Trust | 328,480 | ||||||||||||||||||
Total Investment Companies (cost $2,522,360) |
| 2,653,450 | ||||||||||||||||||
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
SOVEREIGN DEBT – 8.2% | ||||||||||||||||||||
Bermuda – 0.5% | ||||||||||||||||||||
| $ | 2,840 | Bermuda Government, 144A | 5.603 | % | 7/20/20 | AA– | $ | 3,053,000 | ||||||||||||
Indonesia – 0.7% | ||||||||||||||||||||
| 2,830 | Republic of Indonesia, 144A | 5.875 | % | 3/13/20 | Baa3 | 2,991,310 | ||||||||||||||
| 1,290 | Republic of Indonesia, 144A | 4.875 | % | 5/05/21 | Baa3 | 1,277,100 | ||||||||||||||
| 4,120 | Total Indonesia | 4,268,410 | ||||||||||||||||||
Mexico – 3.3% | ||||||||||||||||||||
| 1,330 | MXN | Mexico Bonos de DeSarrollo | 8.500 | % | 12/13/18 | A | 11,516,120 | |||||||||||||
| 503 | MXN | Mexico Bonos de DeSarrollo | 8.000 | % | 12/07/23 | A | 4,280,670 | |||||||||||||
| 698 | MXN | Mexico Bonos de DeSarrollo | 7.750 | % | 11/13/42 | A | 5,457,444 | |||||||||||||
| 2,531 | MXN | Total Mexico | 21,254,234 | |||||||||||||||||
Russia – 0.7% | ||||||||||||||||||||
| 4,500 | Russian Federation, 144A | 4.875 | % | 9/16/23 | Baa1 | 4,545,000 | ||||||||||||||
South Africa – 0.8% | ||||||||||||||||||||
| 3,250 | Republic of South Africa, (7) | 5.875 | % | 9/16/25 | Baa1 | 3,380,000 | ||||||||||||||
| 18,500 | ZAR | Republic of South Africa | 10.500 | % | 12/21/26 | A– | 2,078,141 | |||||||||||||
Total South Africa | 5,458,141 | |||||||||||||||||||
Trinidad and Tobago – 0.2% | ||||||||||||||||||||
| 1,000 | Republic of Trinidad and Tobago | 4.375 | % | 1/16/24 | A | 1,026,500 | ||||||||||||||
| Nuveen Investments | 139 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| Principal Amount (000) (12) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
Turkey – 1.8% | ||||||||||||||||||||
| $ | 5,400 | Republic of Turkey, (7) | 3.250 | % | 3/23/23 | Baa3 | $ | 4,441,500 | ||||||||||||
| 550 | Republic of Turkey | 4.875 | % | 4/16/43 | Baa3 | 421,025 | ||||||||||||||
| 5,500 | TRY | Turkey Government Bond | 10.500 | % | 1/15/20 | BBB | 2,615,635 | |||||||||||||
| 11,100 | TRY | Turkey Government Bond | 7.100 | % | 3/08/23 | BBB | 4,229,777 | |||||||||||||
Total Turkey | 11,707,937 | |||||||||||||||||||
Ukraine – 0.2% | ||||||||||||||||||||
| 1,250 | Republic of Ukraine, 144A | 7.750 | % | 9/23/20 | B– | 1,153,126 | ||||||||||||||
Total Sovereign Debt (cost $59,964,911) |
| 52,466,348 | ||||||||||||||||||
Total Long-Term Investments (cost $610,931,947) |
| 614,462,278 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.3% |
| |||||||||||||||||||
Money Market Funds – 11.3% | ||||||||||||||||||||
| 72,167,235 | Mount Vernon Securities Lending Trust Prime Portfolio, (14) | 0.175 | % (13) | $ | 72,167,235 | |||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $72,167,235) |
| 72,167,235 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS – 2.2% |
| |||||||||||||||||||
Money Market Funds – 2.2% | ||||||||||||||||||||
| 14,010,076 | First American Treasury Obligations Fund, Class Z | 0.000 | % (13) | $ | 14,010,076 | |||||||||||||||
|
| |||||||||||||||||||
Total Short-Term Investments (cost $14,010,076) |
| 14,010,076 | ||||||||||||||||||
Total Investments (cost $697,109,258) – 109.5% |
| 700,639,589 | ||||||||||||||||||
Other Assets Less Liabilities – (9.5)% (15) |
| (60,518,620 | ) | |||||||||||||||||
Net Assets – 100% |
| $ | 640,120,969 | |||||||||||||||||
Investments in Derivatives as of December 31, 2013
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) (15) | ||||||||||||||
| Bank of America | U.S. Dollar | 6,053,119 | Malaysian Ringgit | 19,600,000 | 2/11/14 | $ | (84,970 | ) | ||||||||||||
| Citigroup | Australian Dollar | 6,000,000 | U.S. Dollar | 5,441,760 | 2/07/14 | 97,862 | ||||||||||||||
| Citigroup | Canadian Dollar | 3,595,000 | U.S. Dollar | 3,385,680 | 2/20/14 | 5,576 | ||||||||||||||
| Citigroup | Euro | 525,000 | U.S. Dollar | 717,356 | 2/14/14 | (4,871 | ) | |||||||||||||
| Citigroup | Euro | 628,000 | U.S. Dollar | 853,477 | 2/14/14 | (10,445 | ) | |||||||||||||
| Citigroup | Euro | 20,996,423 | U.S. Dollar | 28,520,323 | 2/14/14 | (363,867 | ) | |||||||||||||
| Citigroup | Japanese Yen | 1,783,000,000 | U.S. Dollar | 17,339,703 | 2/14/14 | 405,030 | ||||||||||||||
| Citigroup | Norwegian Krone | 5,800,000 | U.S. Dollar | 941,887 | 2/18/14 | (12,642 | ) | |||||||||||||
| Citigroup | Pound Sterling | 558,000 | U.S. Dollar | 914,184 | 2/18/14 | (9,529 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 11,668,824 | Australian Dollar | 12,900,000 | 2/07/14 | (179,444 | ) | |||||||||||||
| Citigroup | U.S. Dollar | 12,284,010 | Euro | 9,000,000 | 2/14/14 | 97,037 | ||||||||||||||
| Citigroup | U.S. Dollar | 9,994,479 | Japanese Yen | 1,050,000,000 | 2/14/14 | (21,733 | ) | |||||||||||||
| Credit Suisse | Japanese Yen | 1,300,000,000 | U.S. Dollar | 12,664,887 | 2/10/14 | 317,917 | ||||||||||||||
| Credit Suisse | U.S. Dollar | 12,413,179 | Pound Sterling | 7,600,000 | 2/10/14 | 168,544 | ||||||||||||||
| 140 | Nuveen Investments |
Investments in Derivatives as of December 31, 2013 (continued)
Forward Foreign Currency Exchange Contracts outstanding (continued)
| Counterparty | Currency Contracts to Deliver | Amount (Local Currency) | In Exchange For Currency | Amount (Local Currency) | Settlement Date | Unrealized Appreciation Depreciation) (U.S. Dollars) (15) | ||||||||||||||||
| Credit Suisse | U.S. Dollar | 5,856,064 | Malaysian Ringgit | 19,000,000 | 2/24/14 | $ | (74,618 | ) | ||||||||||||||
| JPMorgan | Australian Dollar | 10,500,000 | U.S. Dollar | 9,535,880 | 1/17/14 | 171,101 | ||||||||||||||||
| JPMorgan | Mexican Peso | 54,100,000 | U.S. Dollar | 4,168,914 | 2/20/14 | 42,482 | ||||||||||||||||
| JPMorgan | Turkey Lira | 11,350,000 | U.S. Dollar | 5,282,264 | 2/11/14 | 47,678 | ||||||||||||||||
| JPMorgan | Turkey Lira | 3,700,000 | U.S. Dollar | 1,804,462 | 2/11/14 | 98,033 | ||||||||||||||||
| JPMorgan | U.S. Dollar | 9,925,871 | Australian Dollar | 10,500,000 | 1/17/14 | (561,091 | ) | |||||||||||||||
| JPMorgan | U.S. Dollar | 6,526,225 | South African Rand | 68,000,000 | 2/20/14 | (91,109 | ) | |||||||||||||||
| $ | 36,941 | |||||||||||||||||||||
Credit Default Swaps outstanding:
| Clearing House | Referenced Entity | Buy/Sell Protection (16) | Current Credit Spread (17) | Notional Amount | Fixed Rate (Annualized) | Termination Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Citigroup | Markit CDX NA HY21 Index | Sell | 3.05 | % | $ | 7,400,000 | 5.000 | % | 12/20/18 | $ | 643,182 | $ | 225,653 | |||||||||||||||||||
Interest Rate Swaps outstanding:
| Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Termination Date | Value | Unrealized Appreciation (Depreciation) (15) | ||||||||||||||||||||||||
Bank of America* | $ | 19,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.573 | % | Semi-Annually | 10/10/18 | $ | 50,958 | $ | 50,495 | ||||||||||||||||||||
Deutsche Bank AG | 33,000,000 | Receive | 3-Month USD-LIBOR-BBA | 1.741 | Semi-Annually | 11/08/22 | 3,040,369 | 3,040,369 | ||||||||||||||||||||||||
JPMorgan | 21,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.113 | Semi-Annually | 2/21/22 | 824,978 | 824,978 | ||||||||||||||||||||||||
JPMorgan | 10,800,000 | Receive | 3-Month USD-LIBOR-BBA | 2.078 | Semi-Annually | 2/19/23 | 710,939 | 710,939 | ||||||||||||||||||||||||
JPMorgan* | 17,000,000 | Receive | 3-Month USD-LIBOR-BBA | 2.739 | Semi-Annually | 11/21/23 | 464,071 | 463,541 | ||||||||||||||||||||||||
| $ | 100,800,000 | $ | 5,091,315 | $ | 5,090,322 | |||||||||||||||||||||||||||
| * | Citigroup is the clearing house for this transaction. |
Futures Contracts outstanding:
| Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
90-Day Eurodollar | Short | (100 | ) | 3/16 | $ | (24,642,500 | ) | $ | 67,204 | |||||||||||
U.S. Treasury 2-Year Note | Short | (25 | ) | 3/14 | (5,495,313 | ) | 10,091 | |||||||||||||
U.S. Treasury 5-Year Note | Short | (220 | ) | 3/14 | (26,248,750 | ) | 331,054 | |||||||||||||
U.S. Treasury 10-Year Note | Short | (39 | ) | 3/14 | (4,798,828 | ) | 4,175 | |||||||||||||
U.S. Treasury Ultra Bond | Short | (2 | ) | 3/14 | (272,500 | ) | 5,953 | |||||||||||||
| $ | (61,457,891 | ) | $ | 418,477 | ||||||||||||||||
| Nuveen Investments | 141 |
Portfolio of Investments December 31, 2013 (Unaudited)
Nuveen Strategic Income Fund (continued)
| 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, Note 2-Investment Valuation and Fair Value Measurements for more information. |
| (4) | 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. |
| (5) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown. |
| (6) | Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan. |
| (7) | 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 $70,166,814. |
| (8) | Perpetual security. Maturity date is not applicable. |
| (9) | 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. |
| (10) | Principal Amount (000) rounds to less than $1,000. |
| (11) | A copy of the most recent financial statements for the exchange-traded funds and investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (12) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (13) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (14) | 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
| (15) | 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. |
| (16) | 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. |
| (17) | 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. |
| I/O | Interest only. |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis |
| TBD | To be announced. Maturity date is not applicable. |
| 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 |
| EUR | Euro |
| GBP | Pound Sterling |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| TRY | Turkish Lira |
| ZAR | South African Rand |
| USD-LIBOR-BBA | United States Dollar-London Inter-Bank Offered Rate British Bankers’ Association. |
See accompanying notes to financial statements.
| 142 | Nuveen Investments |
Assets and Liabilities December 31, 2013 (Unaudited)
Core Bond | Core Plus | Global Total | High Income Bond | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $396,290,790, $556,991,544, $19,059,827 and $766,463,552, respectively) | $ | 397,314,428 | $ | 569,403,377 | $ | 18,594,101 | $ | 777,390,049 | ||||||||
Investments purchased with collateral from securities lending, at value (cost approximates value) | 72,595,790 | 69,397,695 | — | 130,267,064 | ||||||||||||
Short-term investments, at value (cost approximates value) | 2,450,112 | 12,180,590 | 567,489 | 27,498,165 | ||||||||||||
Cash denominated in foreign currencies (cost $—, $—, $14,433 and $115,112, respectively) | — | — | 14,210 | 115,297 | ||||||||||||
Cash | 13,580 | 80,483 | — | 11,492 | ||||||||||||
Cash collateral at brokers(1) | 545,056 | 2,578,357 | 137,091 | 1,427,141 | ||||||||||||
Credit default swaps premiums paid | — | 344,374 | — | — | ||||||||||||
Interest rate swaps premiums paid | 435 | 530 | — | 541 | ||||||||||||
Unrealized appreciation on: | ||||||||||||||||
Forward foreign currency exchange contracts, net | — | 134,253 | 41,495 | — | ||||||||||||
Interest rate swaps | — | 2,908,977 | 80,435 | — | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | — | 92,832 | 2,541 | 434,204 | ||||||||||||
Due from broker | 18,179 | 23,309 | — | 47,154 | ||||||||||||
Interest | 2,928,666 | 5,618,980 | 258,057 | 13,119,577 | ||||||||||||
Investments sold | 1,502,301 | 6,569,772 | 286,424 | — | ||||||||||||
Reclaims | — | — | — | 487 | ||||||||||||
Reimbursement from Adviser | — | — | 7,000 | — | ||||||||||||
Shares sold | 1,154,183 | 10,895,837 | 26,183 | 6,686,932 | ||||||||||||
Variation margin on futures contracts | 40,531 | 151,777 | 7,491 | 53,656 | ||||||||||||
Variation margin on swap contracts | — | — | — | 1,171,666 | ||||||||||||
Other assets | 13,718 | 18,607 | 50 | 15,578 | ||||||||||||
Total assets | 478,576,979 | 680,399,750 | 20,022,567 | 958,239,003 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | — | — | ||||||||||||
Credit default swap premiums received | — | — | — | 957,194 | ||||||||||||
Unrealized depreciation on: | ||||||||||||||||
Forward foreign currency exchange contracts, net | — | 379,848 | 59,006 | 529,084 | ||||||||||||
Payable for: | ||||||||||||||||
Collateral from securities lending program | 72,595,790 | 69,397,695 | — | 130,267,064 | ||||||||||||
Dividends | 530,354 | 1,145,267 | 44,265 | 2,651,149 | ||||||||||||
Investments purchased | 3,229,388 | 15,699,450 | 856,747 | 2,917,633 | ||||||||||||
Shares redeemed | 604,933 | 638,300 | 1,607 | 1,929,733 | ||||||||||||
Variation margin on futures contracts | — | — | 41,976 | — | ||||||||||||
Variation margin on swap contracts | 121,779 | 926,159 | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 188,814 | 180,848 | — | 382,280 | ||||||||||||
Directors/Trustees fees | 15,432 | 20,989 | 116 | 18,482 | ||||||||||||
12b-1 distribution and service fees | 3,768 | 17,809 | 355 | 96,383 | ||||||||||||
Other | 72,909 | 152,836 | 10,256 | 209,193 | ||||||||||||
Total liabilities | 77,363,167 | 88,559,201 | 1,014,328 | 139,958,195 | ||||||||||||
Net assets | $ | 401,213,812 | $ | 591,840,549 | $ | 19,008,239 | $ | 818,280,808 | ||||||||
| (1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
| Nuveen Investments | 143 |
Statement of Assets and Liabilities December 31, 2013 (Unaudited) (continued)
Core Bond | Core Plus | Global Total | High Income Bond | |||||||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 16,468,533 | $ | 67,047,161 | $ | 911,718 | $ | 167,672,847 | ||||||||
Shares outstanding | 1,643,876 | 5,906,524 | 45,892 | 18,616,357 | ||||||||||||
Net asset value per share | $ | 10.02 | $ | 11.35 | $ | 19.87 | $ | 9.01 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 3.00%, | $ | 10.33 | $ | 11.85 | $ | 20.86 | $ | 9.46 | ||||||||
Class B Shares | ||||||||||||||||
Net assets | N/A | N/A | N/A | $ | 1,240,190 | |||||||||||
Shares outstanding | N/A | N/A | N/A | 138,348 | ||||||||||||
Net asset value and offering price per share | N/A | N/A | N/A | $ | 8.96 | |||||||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 497,716 | $ | 4,114,274 | $ | 175,673 | $ | 70,501,811 | ||||||||
Shares outstanding | 49,909 | 364,295 | 8,820 | 7,843,380 | ||||||||||||
Net asset value and offering price per share | $ | 9.97 | $ | 11.29 | $ | 19.92 | $ | 8.99 | ||||||||
Class R3 Shares | ||||||||||||||||
Net assets | N/A | $ | 374,331 | $ | 48,494 | $ | 995,116 | |||||||||
Shares outstanding | N/A | 32,833 | 2,435 | 108,282 | ||||||||||||
Net asset value and offering price per share | N/A | $ | 11.40 | $ | 19.92 | $ | 9.19 | |||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 384,247,563 | $ | 520,304,783 | $ | 17,872,354 | $ | 577,870,844 | ||||||||
Shares outstanding | 38,488,004 | 45,894,515 | 896,474 | 63,992,662 | ||||||||||||
Net asset value and offering price per share | $ | 9.98 | $ | 11.34 | $ | 19.94 | $ | 9.03 | ||||||||
Net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 400,500,317 | $ | 576,585,962 | $ | 19,339,385 | $ | 812,879,139 | ||||||||
Undistributed (Over-distribution of) net investment income | (533,406 | ) | (636,755 | ) | 530,026 | (2,907,290 | ) | |||||||||
Accumulated net realized gain (loss) | 116,018 | (1,049,968 | ) | (494,106 | ) | (2,462,695 | ) | |||||||||
Net unrealized appreciation (depreciation) | 1,130,883 | 16,941,310 | (367,066 | ) | 10,771,654 | |||||||||||
Net assets | $ | 401,213,812 | $ | 591,840,549 | $ | 19,008,239 | $ | 818,280,808 | ||||||||
Authorized shares – per class | 2 billion | 2 billion | Unlimited | 2 billion | ||||||||||||
Par value per share | $ | .0001 | $ | .0001 | $ | 0.01 | $ | .0001 | ||||||||
N/A – Fund does not, or no longer, offers Class B Shares and/or Class R3 Shares. Class B Shares of Core Plus Bond converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
See accompanying notes to financial statements.
| 144 | Nuveen Investments |
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $309,717,825, $62,323,988, $914,246,079 and $610,931,947, respectively) | $ | 302,782,748 | $ | 63,138,978 | $ | 921,958,144 | $ | 614,462,278 | ||||||||
Investments purchased with collateral from securities lending, at value | 129,468,738 | 7,060,274 | 58,477,023 | 72,167,235 | ||||||||||||
Short-term investments, at value (cost approximates value) | 1,044,585 | 3,096,114 | 33,181,638 | 14,010,076 | ||||||||||||
Cash denominated in foreign currencies (cost $—, $—, $422 and $145,618, respectively) | — | — | 338 | 144,590 | ||||||||||||
Cash | 11,103 | — | 34,722 | 7,086 | ||||||||||||
Cash collateral at brokers(1) | 504,121 | 48,000 | 1,375,508 | 2,522,689 | ||||||||||||
Credit default swaps premiums paid | — | — | — | 417,529 | ||||||||||||
Interest rate swaps premiums paid | 423 | — | 475 | 993 | ||||||||||||
Unrealized appreciation on: | ||||||||||||||||
Forward foreign currency exchange contracts, net | — | — | 42,718 | 414,817 | ||||||||||||
Interest rate swaps | — | — | — | 4,576,286 | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 9,869 | — | — | 112,277 | ||||||||||||
Due from broker | 25,130 | 754 | 38,213 | 26,013 | ||||||||||||
Interest | 1,351,649 | 293,995 | 5,294,039 | 7,808,592 | ||||||||||||
Investments sold | — | 31,661 | 170,073 | 683,923 | ||||||||||||
Reclaims | — | — | — | 4,875 | ||||||||||||
Reimbursement from Adviser | — | — | — | — | ||||||||||||
Shares sold | 974,647 | 1,704,632 | 6,510,127 | 3,867,709 | ||||||||||||
Variation margin on futures contracts | 47,002 | 13,595 | 73,156 | 33,953 | ||||||||||||
Variation margin on swap contracts | — | — | — | — | ||||||||||||
Other assets | 7,618 | 129 | 71,833 | 101,891 | ||||||||||||
Total assets | 436,227,633 | 75,388,132 | 1,027,228,007 | 721,362,812 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | 18,056 | — | — | ||||||||||||
Credit default swap premiums received | — | — | — | — | ||||||||||||
Unrealized depreciation on: | ||||||||||||||||
Forward foreign currency exchange contracts, net | — | — | — | 377,876 | ||||||||||||
Payable for: | ||||||||||||||||
Collateral from securities lending program | 129,468,738 | 7,060,274 | 58,477,023 | 72,167,235 | ||||||||||||
Dividends | 286,482 | 64,475 | 1,116,938 | 1,667,714 | ||||||||||||
Investments purchased | — | — | 5,293,407 | 4,279,123 | ||||||||||||
Shares redeemed | 1,681,096 | 210,803 | 700,277 | 653,183 | ||||||||||||
Variation margin on futures contracts | — | 5,469 | — | — | ||||||||||||
Variation margin on swap contracts | 85,246 | — | 243,559 | 1,709,933 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 191,575 | 13,336 | 292,589 | 199,902 | ||||||||||||
Directors/Trustees fees | 8,942 | 398 | 24,156 | 17,974 | ||||||||||||
12b-1 distribution and service fees | 10,564 | 3,017 | 66,429 | 49,454 | ||||||||||||
Other | 117,170 | 20,083 | 141,198 | 119,449 | ||||||||||||
Total liabilities | 131,849,813 | 7,395,911 | 66,355,576 | 81,241,843 | ||||||||||||
Net assets | $ | 304,377,820 | $ | 67,992,221 | $ | 960,872,431 | $ | 640,120,969 | ||||||||
| (1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
| Nuveen Investments | 145 |
Statement of Assets and Liabilities December 31, 2013 (Unaudited) (continued)
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 17,505,770 | $ | 10,936,501 | $ | 132,607,896 | $ | 80,443,339 | ||||||||
Shares outstanding | 1,634,004 | 1,251,160 | 13,215,785 | 7,205,523 | ||||||||||||
Net asset value per share | $ | 10.71 | $ | 8.74 | $ | 10.03 | $ | 11.16 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 4.25%, | $ | 11.19 | $ | 9.01 | $ | 10.26 | $ | 11.66 | ||||||||
Class B Shares | ||||||||||||||||
Net assets | N/A | N/A | N/A | $ | 1,174,919 | |||||||||||
Shares outstanding | N/A | N/A | N/A | 105,837 | ||||||||||||
Net asset value and offering price per share | N/A | N/A | N/A | $ | 11.10 | |||||||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 7,158,575 | $ | 800,143 | $ | 47,366,627 | $ | 36,172,941 | ||||||||
Shares outstanding | 670,922 | 91,380 | 4,707,707 | 3,260,606 | ||||||||||||
Net asset value and offering price per share | $ | 10.67 | $ | 8.76 | $ | 10.06 | $ | 11.09 | ||||||||
Class R3 Shares | ||||||||||||||||
Net assets | $ | 507,557 | $ | 129,275 | $ | 811,887 | $ | 3,942,773 | ||||||||
Shares outstanding | 47,485 | 14,799 | 80,796 | 351,814 | ||||||||||||
Net asset value and offering price per share | $ | 10.69 | $ | 8.74 | $ | 10.05 | $ | 11.21 | ||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 279,205,918 | $ | 56,126,302 | $ | 780,086,021 | $ | 518,386,997 | ||||||||
Shares outstanding | 25,911,279 | 6,413,122 | 77,705,350 | 46,453,584 | ||||||||||||
Net asset value and offering price per share | $ | 10.78 | $ | 8.75 | $ | 10.04 | $ | 11.16 | ||||||||
Net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 313,334,696 | $ | 74,817,018 | $ | 975,077,635 | $ | 660,739,810 | ||||||||
Undistributed (Over-distribution of) net investment income | (1,290,539 | ) | (175,253 | ) | (992,302 | ) | 14,138,111 | |||||||||
Accumulated net realized gain (loss) | (978,964 | ) | (7,459,018 | ) | (22,307,772 | ) | (44,052,526 | ) | ||||||||
Net unrealized appreciation (depreciation) | (6,687,373 | ) | 809,474 | 9,094,870 | 9,295,574 | |||||||||||
Net assets | $ | 304,377,820 | $ | 67,992,221 | $ | 960,872,431 | $ | 640,120,969 | ||||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | .0001 | $ | .0001 | $ | .0001 | $ | .0001 | ||||||||
N/A – Fund does not, or no longer, offers Class B Shares.
See accompanying notes to financial statements.
| 146 | Nuveen Investments |
Operations Six Months Ended December 31, 2013 (Unaudited)
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
Investment Income | ||||||||||||||||
Dividend income (net of foreign dividend tax withheld of $—, $—, $— and $7,158, respectively) | $ | — | $ | 582,773 | $ | 11,887 | $ | 2,299,401 | ||||||||
Interest income (net of foreign interest tax withheld of $—, $—, $— and $9,425, respectively) | 6,598,746 | 14,398,350 | 446,762 | 26,362,527 | ||||||||||||
Securities lending income, net | 80,782 | 115,680 | — | 294,492 | ||||||||||||
Total investment income | 6,679,528 | 15,096,803 | 458,649 | 28,956,420 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 1,034,972 | 1,441,347 | 54,178 | 2,155,719 | ||||||||||||
12b-1 service fees – Class A(1) | 21,109 | 96,931 | 1,278 | 203,568 | ||||||||||||
12b-1 distribution and service fees – Class B | N/A | N/A | N/A | 7,162 | ||||||||||||
12b-1 distribution and service fees – Class C | 2,556 | 19,595 | 784 | 349,523 | ||||||||||||
12b-1 distribution and service fees – Class R3 | N/A | 867 | 125 | 1,920 | ||||||||||||
Shareholder servicing agent fees and expenses | 97,817 | 172,489 | 1,395 | 233,283 | ||||||||||||
Custodian fees and expenses | 8,063 | 140,311 | 46,944 | 121,568 | ||||||||||||
Directors/Trustees fees and expenses | 6,741 | 9,274 | 274 | 10,637 | ||||||||||||
Professional fees | 30,325 | 34,221 | 21,959 | 26,511 | ||||||||||||
Shareholder reporting expenses | 13,516 | 23,117 | 1,821 | 58,651 | ||||||||||||
Federal and state registration fees | 25,010 | 35,412 | 29,247 | 60,778 | ||||||||||||
Other expenses | 7,337 | 10,179 | 5,161 | 11,647 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 1,247,446 | 1,983,743 | 163,166 | 3,240,967 | ||||||||||||
Fee waiver/expense reimbursement | (19,321 | ) | (249,807 | ) | (95,545 | ) | — | |||||||||
Net expenses | 1,228,125 | 1,733,936 | 67,621 | 3,240,967 | ||||||||||||
Net investment income (loss) | 5,451,403 | 13,362,867 | 391,028 | 25,715,453 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 3,737 | 4,862,721 | 38,135 | 93,974 | ||||||||||||
Forward foreign currency exchange contracts | — | 88,298 | (540,716 | ) | (473,892 | ) | ||||||||||
Futures contracts | 270,732 | 2,075,989 | 67,546 | 548,865 | ||||||||||||
Options purchased | — | — | (15,802 | ) | — | |||||||||||
Swaps | — | (123,946 | ) | 44,804 | (1,149,871 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 290,419 | (4,028,678 | ) | (37,397 | ) | 20,152,877 | ||||||||||
Forward foreign currency exchange contracts | — | (78,313 | ) | 62,907 | (371,348 | ) | ||||||||||
Futures contracts | 281,850 | (1,018,671 | ) | (16,092 | ) | (188,714 | ) | |||||||||
Options purchased | — | — | 4,270 | — | ||||||||||||
Swaps | 136,056 | 1,449,075 | 30,988 | (247,859 | ) | |||||||||||
Net realized and unrealized gain (loss) | 982,794 | 3,226,475 | (361,357 | ) | 18,364,032 | |||||||||||
Net increase (decrease) in net assets from operations | $ | 6,434,197 | $ | 16,589,342 | $ | 29,671 | $ | 44,079,485 | ||||||||
N/A – Fund does not, or no longer, offers Class B Shares and/or Class R3 Shares.
| (1) | Includes 12b-1 distribution and service fees incurred on Core Plus Bond’s Class B Shares during the period. Class B Shares of Core Plus Bond converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
| Nuveen Investments | 147 |
Statement of Operations Six Months Ended December 31, 2013 (Unaudited) (continued)
Inflation Protected | Intermediate | Short Term Bond | Strategic Income | |||||||||||||
Investment Income | ||||||||||||||||
Dividend income (net of foreign dividend tax withheld of $281, $—, $— and $—, respectively) | $ | 51,298 | $ | — | $ | — | $ | 767,763 | ||||||||
Interest income (net of foreign interest tax withheld of $—, $—, $— and $980, respectively) | 2,357,723 | 727,257 | 12,162,631 | 17,005,575 | ||||||||||||
Securities lending income, net | 115,402 | 4,741 | 139,781 | 123,536 | ||||||||||||
Total investment income | 2,524,423 | 731,998 | 12,302,412 | 17,896,874 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 745,131 | 156,019 | 1,795,934 | 1,698,229 | ||||||||||||
12b-1 service fees – Class A | 25,041 | 13,676 | 155,241 | 95,379 | ||||||||||||
12b-1 distribution and service fees – Class B | N/A | N/A | N/A | 6,700 | ||||||||||||
12b-1 distribution and service fees – Class C | 43,740 | 4,566 | 237,952 | 175,311 | ||||||||||||
12b-1 distribution and service fees – Class R3 | 1,355 | 364 | 1,706 | 7,917 | ||||||||||||
Shareholder servicing agent fees and expenses | 160,294 | 22,581 | 154,990 | 141,381 | ||||||||||||
Custodian fees and expenses | 43,649 | 21,510 | 119,001 | 101,433 | ||||||||||||
Directors/Trustees fees and expenses | 5,114 | 964 | 13,345 | 9,076 | ||||||||||||
Professional fees | 28,019 | 21,275 | 41,256 | 34,410 | ||||||||||||
Shareholder reporting expenses | 16,364 | 6,832 | 31,899 | 29,227 | ||||||||||||
Federal and state registration fees | 29,453 | 25,663 | 39,287 | 41,582 | ||||||||||||
Other expenses | 4,129 | 3,586 | 13,727 | 12,382 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 1,102,289 | 277,036 | 2,604,338 | 2,353,027 | ||||||||||||
Fee waiver/expense reimbursement | (2,921 | ) | (59,265 | ) | (67,903 | ) | (258,226 | ) | ||||||||
Net expenses | 1,099,368 | 217,771 | 2,536,435 | 2,094,801 | ||||||||||||
Net investment income (loss) | 1,425,055 | 514,227 | 9,765,977 | 15,802,073 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | (637,785 | ) | (272,945 | ) | 901,115 | 2,427,895 | ||||||||||
Forward foreign currency exchange contracts | 1,649 | — | (103,850 | ) | (3,693,592 | ) | ||||||||||
Futures contracts | 566,479 | 186,825 | 1,177,658 | 736,075 | ||||||||||||
Options purchased | — | — | — | (81,130 | ) | |||||||||||
Swaps | — | — | 282,176 | 263,304 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | (3,957,553 | ) | (154,998 | ) | 3,916,952 | 5,617,783 | ||||||||||
Forward foreign currency exchange contracts | — | — | 42,718 | 1,241,967 | ||||||||||||
Futures contracts | 5,648 | (35,703 | ) | (1,149,246 | ) | (629,031 | ) | |||||||||
Options purchased | — | — | — | 81,130 | ||||||||||||
Swaps | 95,121 | — | 117,048 | 2,168,851 | ||||||||||||
Net realized and unrealized gain (loss) | (3,926,441 | ) | (276,821 | ) | 5,184,571 | 8,133,252 | ||||||||||
Net increase (decrease) in net assets from operations | $ | (2,501,386 | ) | $ | 237,406 | $ | 14,950,548 | $ | 23,935,325 | |||||||
N/A – Fund does not, or no longer, offers Class B Shares.
See accompanying notes to financial statements.
| 148 | Nuveen Investments |
Changes in Net Assets (Unaudited)
| Core Bond | Core Plus Bond | |||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 5,451,403 | $ | 10,982,359 | $ | 13,362,867 | $ | 27,397,102 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments and foreign currency | 3,737 | 13,247,549 | 4,862,721 | 13,379,331 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | 88,298 | — | ||||||||||||||
Futures contracts | 270,732 | (964,275 | ) | 2,075,989 | (542,476 | ) | ||||||||||||
Options purchased | — | — | — | — | ||||||||||||||
Options written | — | — | — | (201,554 | ) | |||||||||||||
Swaps | — | (1,680,438 | ) | (123,946 | ) | (2,763,163 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments and foreign currency | 290,419 | (20,100,906 | ) | (4,028,678 | ) | (22,412,660 | ) | |||||||||||
Forward foreign currency exchange contracts | — | — | (78,313 | ) | (167,282 | ) | ||||||||||||
Futures contracts | 281,850 | (273,507 | ) | (1,018,671 | ) | 2,796,555 | ||||||||||||
Options purchased | — | — | — | — | ||||||||||||||
Options written | — | — | — | — | ||||||||||||||
Swaps | 136,056 | 1,530,864 | 1,449,075 | 4,532,764 | ||||||||||||||
Net increase (decrease) in net assets from operations | 6,434,197 | 2,741,646 | 16,589,342 | 22,018,617 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A(1) | (168,196 | ) | (355,614 | ) | (1,404,877 | ) | (2,992,583 | ) | ||||||||||
Class B | N/A | N/A | N/A | (23,699 | ) | |||||||||||||
Class C | (3,048 | ) | (12,814 | ) | (57,289 | ) | (132,087 | ) | ||||||||||
Class R3 | N/A | N/A | (6,012 | ) | (11,951 | ) | ||||||||||||
Class I | (4,872,768 | ) | (10,711,280 | ) | (10,868,316 | ) | (25,029,784 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A(1) | (219,231 | ) | (677,261 | ) | (1,118,477 | ) | (342,229 | ) | ||||||||||
Class B | N/A | N/A | N/A | (3,438 | ) | |||||||||||||
Class C | (6,208 | ) | (48,125 | ) | (67,202 | ) | (19,355 | ) | ||||||||||
Class R3 | N/A | N/A | (5,884 | ) | (1,416 | ) | ||||||||||||
Class I | (5,526,774 | ) | (17,500,782 | ) | (8,524,192 | ) | (2,627,486 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (10,796,225 | ) | (29,305,876 | ) | (22,052,249 | ) | (31,184,028 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 25,388,406 | 64,797,013 | 46,522,653 | 87,088,590 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 4,289,815 | 11,913,545 | 10,136,092 | 11,485,188 | ||||||||||||||
| 29,678,221 | 76,710,558 | 56,658,745 | 98,573,778 | |||||||||||||||
Cost of shares redeemed | (124,106,922 | ) | (194,037,829 | ) | (132,880,823 | ) | (223,588,126 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | (94,428,701 | ) | (117,327,271 | ) | (76,222,078 | ) | (125,014,348 | ) | ||||||||||
Net increase (decrease) in net assets | (98,790,729 | ) | (143,891,501 | ) | (81,684,985 | ) | (134,179,759 | ) | ||||||||||
Net assets at the beginning of period | 500,004,541 | 643,896,042 | 673,525,534 | 807,705,293 | ||||||||||||||
Net assets at the end of period | $ | 401,213,812 | $ | 500,004,541 | $ | 591,840,549 | $ | 673,525,534 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (533,406 | ) | $ | (940,797 | ) | $ | (636,755 | ) | $ | (1,663,128 | ) | ||||||
N/A – Fund does not, or no longer, offers Class B Shares and or Class R3 Shares.
| (1) | Includes distributions to shareholders on Core Plus Bond’s Class B Shares during the period. Class B Shares of Core Plus Bond converted to Class A Shares at the close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
| Nuveen Investments | 149 |
Statement of Changes in Net Assets (Unaudited) (continued)
| Global Total Return Bond | High Income Bond | |||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended | Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 391,028 | $ | 593,676 | $ | 25,715,453 | $ | 52,097,551 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments and foreign currency | 38,135 | 255,749 | 93,974 | 32,830,342 | ||||||||||||||
Forward foreign currency exchange contracts | (540,716 | ) | 193,248 | (473,892 | ) | — | ||||||||||||
Futures contracts | 67,546 | 9,324 | 548,865 | 24,640 | ||||||||||||||
Options purchased | (15,802 | ) | (1,819 | ) | — | — | ||||||||||||
Options written | — | (451 | ) | — | — | |||||||||||||
Swaps | 44,804 | 117,190 | (1,149,871 | ) | — | |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments and foreign currency | (37,397 | ) | (741,357 | ) | 20,152,877 | (4,035,241 | ) | |||||||||||
Forward foreign currency exchange contracts | 62,907 | (131,026 | ) | (371,348 | ) | (157,736 | ) | |||||||||||
Futures contracts | (16,092 | ) | 47,954 | (188,714 | ) | 785,330 | ||||||||||||
Options purchased | 4,270 | (4,270 | ) | — | — | |||||||||||||
Options written | — | — | — | — | ||||||||||||||
Swaps | 30,988 | 53,666 | (247,859 | ) | — | |||||||||||||
Net increase (decrease) in net assets from operations | 29,671 | 391,884 | 44,079,485 | 81,544,886 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A | (18,034 | ) | (35,960 | ) | (5,481,389 | ) | (11,284,624 | ) | ||||||||||
Class B | N/A | N/A | (42,826 | ) | (117,102 | ) | ||||||||||||
Class C | (2,128 | ) | (2,925 | ) | (2,106,923 | ) | (4,119,190 | ) | ||||||||||
Class R3 | (812 | ) | (1,997 | ) | (25,092 | ) | (52,093 | ) | ||||||||||
Class I | (338,260 | ) | (658,553 | ) | (18,487,573 | ) | (39,152,850 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A | (15,286 | ) | (17,638 | ) | (3,720,411 | ) | — | |||||||||||
Class B | N/A | N/A | (28,229 | ) | — | |||||||||||||
Class C | (2,340 | ) | (1,263 | ) | (1,550,786 | ) | — | |||||||||||
Class R3 | (762 | ) | (930 | ) | (18,187 | ) | — | |||||||||||
Class I | (279,368 | ) | (270,907 | ) | (12,406,397 | ) | — | |||||||||||
Decrease in net assets from distributions to shareholders | (656,990 | ) | (990,173 | ) | (43,867,813 | ) | (54,725,859 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 2,743,904 | 4,253,342 | 257,246,653 | 365,971,376 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 178,119 | 94,699 | 19,248,941 | 20,215,234 | ||||||||||||||
| 2,922,023 | 4,348,041 | 276,495,594 | 386,186,610 | |||||||||||||||
Cost of shares redeemed | (923,362 | )�� | (1,295,217 | ) | (165,109,327 | ) | (314,765,353 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | 1,998,661 | 3,052,824 | 111,386,267 | 71,421,257 | ||||||||||||||
Net increase (decrease) in net assets | 1,371,342 | 2,454,535 | 111,597,939 | 98,240,284 | ||||||||||||||
Net assets at the beginning of period | 17,636,897 | 15,182,362 | 706,682,869 | 608,442,585 | ||||||||||||||
Net assets at the end of period | $ | 19,008,239 | $ | 17,636,897 | $ | 818,280,808 | $ | 706,682,869 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 530,026 | $ | 498,232 | $ | (2,907,290 | ) | $ | (2,478,940 | ) | ||||||||
N/A – Fund does not, or no longer, offers Class B Shares.
See accompanying notes to financial statements.
| 150 | Nuveen Investments |
| Inflation Protected Securities | Intermediate Government Bond | |||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 1,425,055 | $ | 2,876,791 | $ | 514,227 | $ | 1,312,891 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments and foreign currency | (637,785 | ) | 8,100,876 | (272,945 | ) | 152,250 | ||||||||||||
Forward foreign currency exchange contracts | 1,649 | (191,827 | ) | — | — | |||||||||||||
Futures contracts | 566,479 | 238,486 | 186,825 | 115,320 | ||||||||||||||
Options purchased | — | — | — | — | ||||||||||||||
Options written | — | — | — | — | ||||||||||||||
Swaps | — | (391,994 | ) | — | — | |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments and foreign currency | (3,957,553 | ) | (30,963,087 | ) | (154,998 | ) | (1,871,221 | ) | ||||||||||
Forward foreign currency exchange contracts | — | 110,837 | — | — | ||||||||||||||
Futures contracts | 5,648 | 153,262 | (35,703 | ) | 18,406 | |||||||||||||
Options purchased | — | — | — | — | ||||||||||||||
Options written | — | — | — | — | ||||||||||||||
Swaps | 95,121 | 348,311 | — | — | ||||||||||||||
Net increase (decrease) in net assets from operations | (2,501,386 | ) | (19,718,345 | ) | 237,406 | (272,354 | ) | |||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A | (107,679 | ) | (272,077 | ) | (85,253 | ) | (218,850 | ) | ||||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||||
Class C | (12,546 | ) | (57,189 | ) | (3,524 | ) | (15,578 | ) | ||||||||||
Class R3 | (2,191 | ) | (2,345 | ) | (943 | ) | (3,228 | ) | ||||||||||
Class I | (2,158,729 | ) | (4,430,072 | ) | (484,628 | ) | (1,250,387 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A | (325,704 | ) | — | — | — | |||||||||||||
Class B | N/A | N/A | N/A | N/A | ||||||||||||||
Class C | (141,506 | ) | — | — | — | |||||||||||||
Class R3 | (9,071 | ) | — | — | — | |||||||||||||
Class I | (5,369,832 | ) | — | — | — | |||||||||||||
Decrease in net assets from distributions to shareholders | (8,127,258 | ) | (4,761,683 | ) | (574,348 | ) | (1,488,043 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 60,412,293 | 160,616,545 | 16,500,647 | 11,783,243 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,873,967 | 781,092 | 186,251 | 506,408 | ||||||||||||||
| 62,286,260 | 161,397,637 | 16,686,898 | 12,289,651 | |||||||||||||||
Cost of shares redeemed | (123,713,356 | ) | (111,075,769 | ) | (12,941,004 | ) | (30,393,108 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | (61,427,096 | ) | 50,321,868 | 3,745,894 | (18,103,457 | ) | ||||||||||||
Net increase (decrease) in net assets | (72,055,740 | ) | 25,841,840 | 3,408,952 | (19,863,854 | ) | ||||||||||||
Net assets at the beginning of period | 376,433,560 | 350,591,720 | 64,583,269 | 84,447,123 | ||||||||||||||
Net assets at the end of period | $ | 304,377,820 | $ | 376,433,560 | $ | 67,992,221 | $ | 64,583,269 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (1,290,539 | ) | $ | (434,449 | ) | $ | (175,253 | ) | $ | (115,132 | ) | ||||||
N/A – Fund does not, or no longer, offers Class B Shares.
See accompanying notes to financial statements.
| Nuveen Investments | 151 |
Statement of Changes in Net Assets (Unaudited) (continued)
| Short Term Bond | Strategic Income | |||||||||||||||||
Six Months Ended 12/31/13 | Year Ended 6/30/13 | Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 9,765,977 | $ | 19,195,125 | $ | 15,802,073 | $ | 30,494,779 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments and foreign currency | 901,115 | 4,872,817 | 2,427,895 | 22,569,723 | ||||||||||||||
Forward foreign currency exchange contracts | (103,850 | ) | — | (3,693,592 | ) | 4,687,862 | ||||||||||||
Futures contracts | 1,177,658 | 169,909 | 736,075 | (962,426 | ) | |||||||||||||
Options purchased | — | — | (81,130 | ) | (4,865 | ) | ||||||||||||
Options written | — | (1,226,046 | ) | — | (125,856 | ) | ||||||||||||
Swaps | 282,176 | — | 263,304 | 1,742,931 | ||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments and foreign currency | 3,916,952 | (4,721,407 | ) | 5,617,783 | (23,595,326 | ) | ||||||||||||
Forward foreign currency exchange contracts | 42,718 | — | 1,241,967 | (2,175,164 | ) | |||||||||||||
Futures contracts | (1,149,246 | ) | 2,383,929 | (629,031 | ) | 1,358,805 | ||||||||||||
Options purchased | — | — | 81,130 | (81,130 | ) | |||||||||||||
Options written | — | — | — | — | ||||||||||||||
Swaps | 117,048 | 1,253,612 | 2,168,851 | 4,672,411 | ||||||||||||||
Net increase (decrease) in net assets from operations | 14,950,548 | 21,927,939 | 23,935,325 | 38,581,744 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A | (1,142,019 | ) | (2,413,639 | ) | (1,822,677 | ) | (2,828,988 | ) | ||||||||||
Class B | N/A | N/A | (26,909 | ) | (67,636 | ) | ||||||||||||
Class C | (254,300 | ) | (534,379 | ) | (704,559 | ) | (1,233,628 | ) | ||||||||||
Class R3 | (5,266 | ) | (8,691 | ) | (71,936 | ) | (100,573 | ) | ||||||||||
Class I | (7,847,032 | ) | (16,946,348 | ) | (12,994,009 | ) | (24,786,771 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class B | N/A | N/A | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class R3 | — | — | — | — | ||||||||||||||
Class I | — | — | — | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (9,248,617 | ) | (19,903,057 | ) | (15,620,090 | ) | (29,017,596 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 246,724,766 | 477,087,186 | 110,807,072 | 160,424,451 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,693,637 | 5,997,185 | 5,640,492 | 9,591,338 | ||||||||||||||
| 249,418,403 | 483,084,371 | 116,447,564 | 170,015,789 | |||||||||||||||
Cost of shares redeemed | (200,999,288 | ) | (461,242,790 | ) | (113,834,442 | ) | (172,933,942 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | 48,419,115 | 21,841,581 | 2,613,122 | (2,918,153 | ) | |||||||||||||
Net increase (decrease) in net assets | 54,121,046 | 23,866,463 | 10,928,357 | 6,645,995 | ||||||||||||||
Net assets at the beginning of period | 906,751,385 | 882,884,922 | 629,192,612 | 622,546,617 | ||||||||||||||
Net assets at the end of period | $ | 960,872,431 | $ | 906,751,385 | $ | 640,120,969 | $ | 629,192,612 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (992,302 | ) | $ | (1,509,662 | ) | $ | 14,138,111 | $ | 13,956,128 | ||||||||
NA – Fund does not, or no longer, offers Class B Shares.
See accompanying notes to financial statements.
| 152 | Nuveen Investments |
THIS PAGE INTENTIONALLY LEFT BLANK
| Nuveen Investments | 153 |
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
| CORE BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
| Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||||
2014(f) | $ | 10.13 | $ | .11 | $ | .02 | $ | .13 | $ | (.10 | ) | $ | (.14 | ) | $ | (.24 | ) | $ | 10.02 | |||||||||||||||
2013 | 10.67 | .18 | (.20 | ) | (.02 | ) | (.18 | ) | (.34 | ) | (.52 | ) | 10.13 | |||||||||||||||||||||
2012 | 10.47 | .29 | .23 | .52 | (.30 | ) | (.02 | ) | (.32 | ) | 10.67 | |||||||||||||||||||||||
2011 | 10.33 | .33 | .14 | .47 | (.33 | ) | — | (.33 | ) | 10.47 | ||||||||||||||||||||||||
2010 | 9.47 | .42 | .86 | 1.28 | (.42 | ) | — | (.42 | ) | 10.33 | ||||||||||||||||||||||||
2009 | 9.90 | .48 | (.40 | ) | .08 | (.51 | ) | — | (.51 | ) | 9.47 | |||||||||||||||||||||||
Class C (1/11) |
| |||||||||||||||||||||||||||||||||
2014(f) | 10.08 | .07 | .02 | .09 | (.06 | ) | (.14 | ) | (.20 | ) | 9.97 | |||||||||||||||||||||||
2013 | 10.62 | .09 | (.19 | ) | (.10 | ) | (.09 | ) | (.35 | ) | (.44 | ) | 10.08 | |||||||||||||||||||||
2012 | 10.44 | .19 | .22 | .41 | (.22 | ) | (.01 | ) | (.23 | ) | 10.62 | |||||||||||||||||||||||
2011(d) | 10.37 | .12 | .06 | .18 | (.11 | ) | — | (.11 | ) | 10.44 | ||||||||||||||||||||||||
Class I (1/93) |
| |||||||||||||||||||||||||||||||||
2014(f) | 10.09 | .12 | .02 | .14 | (.11 | ) | (.14 | ) | (.25 | ) | 9.98 | |||||||||||||||||||||||
2013 | 10.63 | .20 | (.20 | ) | — | (.21 | ) | (.33 | ) | (.54 | ) | 10.09 | ||||||||||||||||||||||
2012 | 10.43 | .30 | .23 | .53 | (.32 | ) | (.01 | ) | (.33 | ) | 10.63 | |||||||||||||||||||||||
2011 | 10.29 | .35 | .14 | .49 | (.35 | ) | — | (.35 | ) | 10.43 | ||||||||||||||||||||||||
2010 | 9.43 | .43 | .86 | 1.29 | (.43 | ) | — | (.43 | ) | 10.29 | ||||||||||||||||||||||||
2009 | 9.87 | .49 | (.40 | ) | .09 | (.53 | ) | — | (.53 | ) | 9.43 | |||||||||||||||||||||||
| 154 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
| 1.32 | % | $ | 16,469 | .79 | %* | 2.16 | %* | 78 | %* | 2.17 | %* | 23 | % | |||||||||||||||||
| (.38 | ) | 18,331 | .79 | 1.63 | .78 | 1.65 | 85 | |||||||||||||||||||||||
| 4.93 | 21,262 | .95 | 2.61 | .85 | 2.70 | 75 | ||||||||||||||||||||||||
| 4.70 | 22,502 | .94 | 3.10 | .85 | 3.20 | 58 | ||||||||||||||||||||||||
| 13.64 | 26,341 | 1.01 | 3.96 | .85 | 4.12 | 58 | ||||||||||||||||||||||||
| 1.21 | 23,905 | 1.01 | 5.09 | .85 | 5.25 | 41 | ||||||||||||||||||||||||
| .92 | 498 | 1.54 | * | 1.40 | * | 1.53 | * | 1.41 | * | 23 | ||||||||||||||||||||
| (1.17 | ) | 585 | 1.54 | .87 | 1.53 | .88 | 85 | |||||||||||||||||||||||
| 3.97 | 1,568 | 1.69 | 1.79 | 1.67 | 1.81 | 75 | ||||||||||||||||||||||||
| 1.76 | 1,152 | 1.79 | * | 2.46 | * | 1.70 | * | 2.56 | * | 58 | ||||||||||||||||||||
| 1.44 | 384,248 | .54 | * | 2.40 | * | .53 | * | 2.41 | * | 23 | ||||||||||||||||||||
| (.16 | ) | 481,088 | .54 | 1.88 | .53 | 1.89 | 85 | |||||||||||||||||||||||
| 5.18 | 621,066 | .70 | 2.85 | .68 | 2.87 | 75 | ||||||||||||||||||||||||
| 4.76 | 657,129 | .74 | 3.30 | .70 | 3.35 | 58 | ||||||||||||||||||||||||
| 13.87 | 734,924 | .76 | 4.22 | .70 | 4.28 | 58 | ||||||||||||||||||||||||
| 1.26 | 724,531 | .76 | 5.33 | .70 | 5.39 | 41 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For the period January 18, 2011 (commencement of operations) through June 30, 2011. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 155 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
| CORE PLUS BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||||
2014(f) | $ | 11.46 | $ | .23 | $ | .06 | $ | .29 | $ | (.21 | ) | $ | (.19 | ) | $ | (.40 | ) | $ | 11.35 | |||||||||||||||
2013 | 11.64 | .41 | (.12 | ) | .29 | (.42 | ) | (.05 | ) | (.47 | ) | 11.46 | ||||||||||||||||||||||
2012 | 11.44 | .41 | .21 | .62 | (.42 | ) | — | (.42 | ) | 11.64 | ||||||||||||||||||||||||
2011 | 11.22 | .43 | .21 | .64 | (.42 | ) | — | (.42 | ) | 11.44 | ||||||||||||||||||||||||
2010 | 10.04 | .51 | 1.18 | 1.69 | (.51 | ) | — | (.51 | ) | 11.22 | ||||||||||||||||||||||||
2009 | 10.86 | .61 | (.81 | ) | (.20 | ) | (.62 | ) | — | (.62 | ) | 10.04 | ||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||
2014(f) | 11.40 | .19 | .06 | .25 | (.17 | ) | (.19 | ) | (.36 | ) | 11.29 | |||||||||||||||||||||||
2013 | 11.59 | .32 | (.12 | ) | .20 | (.34 | ) | (.05 | ) | (.39 | ) | 11.40 | ||||||||||||||||||||||
2012 | 11.40 | .32 | .21 | .53 | (.34 | ) | — | (.34 | ) | 11.59 | ||||||||||||||||||||||||
2011 | 11.18 | .34 | .21 | .55 | (.33 | ) | — | (.33 | ) | 11.40 | ||||||||||||||||||||||||
2010 | 10.00 | .42 | 1.19 | 1.61 | (.43 | ) | — | (.43 | ) | 11.18 | ||||||||||||||||||||||||
2009 | 10.83 | .54 | (.82 | ) | (.28 | ) | (.55 | ) | — | (.55 | ) | 10.00 | ||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2014(f) | 11.51 | .22 | .06 | .28 | (.20 | ) | (.19 | ) | (.39 | ) | 11.40 | |||||||||||||||||||||||
2013 | 11.70 | .38 | (.12 | ) | .26 | (.40 | ) | (.05 | ) | (.45 | ) | 11.51 | ||||||||||||||||||||||
2012 | 11.50 | .38 | .22 | .60 | (.40 | ) | — | (.40 | ) | 11.70 | ||||||||||||||||||||||||
2011 | 11.27 | .40 | .22 | .62 | (.39 | ) | — | (.39 | ) | 11.50 | ||||||||||||||||||||||||
2010 | 10.09 | .48 | 1.19 | 1.67 | (.49 | ) | — | (.49 | ) | 11.27 | ||||||||||||||||||||||||
2009 | 10.89 | .59 | (.79 | ) | (.20 | ) | (.60 | ) | — | (.60 | ) | 10.09 | ||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||
2014(f) | 11.44 | .25 | .07 | .32 | (.23 | ) | (.19 | ) | (.42 | ) | 11.34 | |||||||||||||||||||||||
2013 | 11.64 | .44 | (.14 | ) | .30 | (.45 | ) | (.05 | ) | (.50 | ) | 11.44 | ||||||||||||||||||||||
2012 | 11.44 | .44 | .21 | .65 | (.45 | ) | — | (.45 | ) | 11.64 | ||||||||||||||||||||||||
2011 | 11.21 | .46 | .22 | .68 | (.45 | ) | — | (.45 | ) | 11.44 | ||||||||||||||||||||||||
2010 | 10.03 | .54 | 1.18 | 1.72 | (.54 | ) | — | (.54 | ) | 11.21 | ||||||||||||||||||||||||
2009 | 10.86 | .64 | (.82 | ) | (.18 | ) | (.65 | ) | — | (.65 | ) | 10.03 | ||||||||||||||||||||||
| 156 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d)(e) | ||||||||||||||||||||||||
| 2.60 | % | $ | 67,047 | .84 | %* | 3.95 | %* | .77 | %* | 4.03 | %* | 22 | % | |||||||||||||||||
| 2.40 | 79,740 | .81 | 3.42 | .77 | 3.46 | 46 | ||||||||||||||||||||||||
| 5.52 | 83,264 | .97 | 3.51 | .93 | 3.55 | 98 | ||||||||||||||||||||||||
| 5.73 | 85,980 | .99 | 3.72 | .94 | 3.77 | 91 | ||||||||||||||||||||||||
| 17.11 | 93,374 | 1.02 | 4.58 | .95 | 4.65 | 83 | ||||||||||||||||||||||||
| (1.37 | ) | 82,373 | 1.02 | 6.27 | .95 | 6.34 | 160 | |||||||||||||||||||||||
| 2.21 | 4,114 | 1.60 | * | 3.22 | * | 1.52 | * | 3.31 | * | 22 | ||||||||||||||||||||
| 1.59 | 4,200 | 1.56 | 2.67 | 1.52 | 2.71 | 46 | ||||||||||||||||||||||||
| 4.68 | 4,603 | 1.72 | 2.76 | 1.67 | 2.80 | 98 | ||||||||||||||||||||||||
| 4.97 | 3,711 | 1.74 | 2.97 | 1.69 | 3.02 | 91 | ||||||||||||||||||||||||
| 16.32 | 3,796 | 1.77 | 3.84 | 1.70 | 3.91 | 83 | ||||||||||||||||||||||||
| (2.21 | ) | 3,693 | 1.77 | 5.52 | 1.70 | 5.59 | 160 | |||||||||||||||||||||||
| 2.48 | 374 | 1.10 | * | 3.73 | * | 1.02 | * | 3.81 | * | 22 | ||||||||||||||||||||
| 2.11 | 350 | 1.06 | 3.18 | 1.02 | 3.22 | 46 | ||||||||||||||||||||||||
| 5.27 | 313 | 1.22 | 3.24 | 1.18 | 3.27 | 98 | ||||||||||||||||||||||||
| 5.54 | 380 | 1.23 | 3.47 | 1.19 | 3.52 | 91 | ||||||||||||||||||||||||
| 16.74 | 379 | 1.27 | 4.35 | 1.20 | 4.42 | 83 | ||||||||||||||||||||||||
| (1.43 | ) | 406 | 1.27 | 6.04 | 1.20 | 6.11 | 160 | |||||||||||||||||||||||
| 2.84 | 520,305 | .60 | * | 4.22 | * | .52 | * | 4.30 | * | 22 | ||||||||||||||||||||
| 2.52 | 588,627 | .56 | 3.67 | .52 | 3.71 | 46 | ||||||||||||||||||||||||
| 5.79 | 718,505 | .72 | 3.76 | .68 | 3.80 | 98 | ||||||||||||||||||||||||
| 6.09 | 925,541 | .74 | 3.97 | .69 | 4.02 | 91 | ||||||||||||||||||||||||
| 17.42 | 1,179,453 | .77 | 4.86 | .70 | 4.93 | 83 | ||||||||||||||||||||||||
| (1.22) | 1,279,489 | .77 | 6.50 | .70 | 6.57 | 160 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 157 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
| GLOBAL TOTAL RETURN BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
CLASS A (12/11) |
| |||||||||||||||||||||||||||||||||
2014(f) | $ | 20.54 | $ | .40 | $ | (.40 | ) | $ | — | $ | (.36 | ) | $ | (.31 | ) | $ | (.67 | ) | $ | 19.87 | ||||||||||||||
2013 | 21.19 | .72 | (.14 | ) | .58 | (.86 | ) | (.37 | ) | (1.23 | ) | 20.54 | ||||||||||||||||||||||
2012(d) | 20.00 | .41 | 1.07 | 1.48 | (.29 | ) | — | (.29 | ) | 21.19 | ||||||||||||||||||||||||
CLASS C (12/11) |
| |||||||||||||||||||||||||||||||||
2014(f) | 20.58 | .32 | (.39 | ) | (.07 | ) | (.28 | ) | (.31 | ) | (.59 | ) | 19.92 | |||||||||||||||||||||
2013 | 21.18 | .56 | (.10 | ) | .46 | (.69 | ) | (.37 | ) | (1.06 | ) | 20.58 | ||||||||||||||||||||||
2012(d) | 20.00 | .29 | 1.13 | 1.42 | (.24 | ) | — | (.24 | ) | 21.18 | ||||||||||||||||||||||||
CLASS R3 (12/11) |
| |||||||||||||||||||||||||||||||||
2014(f) | 20.58 | .37 | (.39 | ) | (.02 | ) | (.33 | ) | (.31 | ) | (.64 | ) | 19.92 | |||||||||||||||||||||
2013 | 21.20 | .66 | (.11 | ) | .55 | (.80 | ) | (.37 | ) | (1.17 | ) | 20.58 | ||||||||||||||||||||||
2012(d) | 20.00 | .35 | 1.13 | 1.48 | (.28 | ) | — | (.28 | ) | 21.20 | ||||||||||||||||||||||||
CLASS I (12/11) |
| |||||||||||||||||||||||||||||||||
2014(f) | 20.61 | .42 | (.39 | ) | .03 | (.39 | ) | (.31 | ) | (.70 | ) | 19.94 | ||||||||||||||||||||||
2013 | 21.23 | .77 | (.11 | ) | .66 | (.91 | ) | (.37 | ) | (1.28 | ) | 20.61 | ||||||||||||||||||||||
2012(d) | 20.00 | .42 | 1.12 | 1.54 | (.31 | ) | — | (.31 | ) | 21.23 | ||||||||||||||||||||||||
| 158 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
| .03 | % | $ | 912 | 1.93 | %* | 2.85 | %* | .97 | %* | 3.85 | %* | 63 | % | |||||||||||||||||
| 2.47 | 1,037 | 2.16 | 2.10 | .97 | 3.29 | 176 | ||||||||||||||||||||||||
| 7.42 | 310 | 2.44 | * | 1.99 | * | .98 | * | 3.46 | * | 116 | ||||||||||||||||||||
| (.33 | ) | 176 | 2.68 | * | 2.11 | * | 1.71 | * | 3.10 | * | 63 | |||||||||||||||||||
| 1.94 | 158 | 2.99 | 1.29 | 1.72 | 2.56 | 176 | ||||||||||||||||||||||||
| 7.10 | 53 | 2.74 | * | 1.41 | * | 1.72 | * | 2.42 | * | 116 | ||||||||||||||||||||
| (.07 | ) | 48 | 2.18 | * | 2.62 | * | 1.22 | * | 3.61 | * | 63 | |||||||||||||||||||
| 2.34 | 50 | 2.31 | 1.91 | 1.22 | 3.00 | 176 | ||||||||||||||||||||||||
| 7.38 | 53 | 2.24 | * | 1.91 | * | 1.23 | * | 2.92 | * | 116 | ||||||||||||||||||||
| .16 | 17,872 | 1.69 | * | 3.12 | * | .71 | * | 4.13 | * | 63 | ||||||||||||||||||||
| 2.86 | 16,392 | 1.81 | 2.41 | .72 | 3.50 | 176 | ||||||||||||||||||||||||
| 7.71 | 14,767 | 1.74 | * | 2.41 | * | .73 | * | 3.42 | * | 116 | ||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For the period December 2, 2011 (commencement of operations) through June 30, 2012. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 159 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
HIGH INCOME BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
| Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
Class A (8/01) |
| |||||||||||||||||||||||||||||||||
2014(e) | $ | 8.99 | $ | .30 | $ | .23 | $ | .53 | $ | (.31 | ) | $ | (.20 | ) | $ | (.51 | ) | $ | 9.01 | |||||||||||||||
2013 | 8.64 | .63 | .39 | 1.02 | (.67 | ) | — | (.67 | ) | 8.99 | ||||||||||||||||||||||||
2012 | 9.05 | .69 | (.38 | ) | .31 | (.69 | ) | (.03 | ) | (.72 | ) | 8.64 | ||||||||||||||||||||||
2011 | 8.28 | .67 | .76 | 1.43 | (.66 | ) | — | (.66 | ) | 9.05 | ||||||||||||||||||||||||
2010 | 7.15 | .67 | 1.12 | 1.79 | (.66 | ) | — | (.66 | ) | 8.28 | ||||||||||||||||||||||||
2009 | 8.65 | .73 | (1.47 | ) | (.74 | ) | (.76 | ) | — | (.76 | ) | 7.15 | ||||||||||||||||||||||
Class B (8/01) |
| |||||||||||||||||||||||||||||||||
2014(e) | 8.95 | .27 | .21 | .48 | (.27 | ) | (.20 | ) | (.47 | ) | 8.96 | |||||||||||||||||||||||
2013 | 8.59 | .57 | .39 | .96 | (.60 | ) | — | (.60 | ) | 8.95 | ||||||||||||||||||||||||
2012 | 8.98 | .62 | (.36 | ) | .26 | (.62 | ) | (.03 | ) | (.65 | ) | 8.59 | ||||||||||||||||||||||
2011 | 8.23 | .60 | .74 | 1.34 | (.59 | ) | — | (.59 | ) | 8.98 | ||||||||||||||||||||||||
2010 | 7.11 | .60 | 1.12 | 1.72 | (.60 | ) | — | (.60 | ) | 8.23 | ||||||||||||||||||||||||
2009 | 8.61 | .68 | (1.47 | ) | (.79 | ) | (.71 | ) | — | (.71 | ) | 7.11 | ||||||||||||||||||||||
Class C (8/01) |
| |||||||||||||||||||||||||||||||||
2014(e) | 8.98 | .27 | .22 | .49 | (.28 | ) | (.20 | ) | (.48 | ) | 8.99 | |||||||||||||||||||||||
2013 | 8.62 | .56 | .40 | .96 | (.60 | ) | — | (.60 | ) | 8.98 | ||||||||||||||||||||||||
2012 | 9.01 | .63 | (.37 | ) | .26 | (.62 | ) | (.03 | ) | (.65 | ) | 8.62 | ||||||||||||||||||||||
2011 | 8.25 | .60 | .75 | 1.35 | (.59 | ) | — | (.59 | ) | 9.01 | ||||||||||||||||||||||||
2010 | 7.12 | .60 | 1.13 | 1.73 | (.60 | ) | — | (.60 | ) | 8.25 | ||||||||||||||||||||||||
2009 | 8.62 | .68 | (1.47 | ) | (.79 | ) | (.71 | ) | — | (.71 | ) | 7.12 | ||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2014(e) | 9.17 | .30 | .23 | .53 | (.31 | ) | (.20 | ) | (.51 | ) | 9.19 | |||||||||||||||||||||||
2013 | 8.81 | .62 | .40 | 1.02 | (.66 | ) | — | (.66 | ) | 9.17 | ||||||||||||||||||||||||
2012 | 9.23 | .67 | (.38 | ) | .29 | (.68 | ) | (.03 | ) | (.71 | ) | 8.81 | ||||||||||||||||||||||
2011 | 8.44 | .66 | .77 | 1.43 | (.64 | ) | — | (.64 | ) | 9.23 | ||||||||||||||||||||||||
2010 | 7.28 | .66 | 1.14 | 1.80 | (.64 | ) | — | (.64 | ) | 8.44 | ||||||||||||||||||||||||
2009 | 8.79 | .73 | (1.49 | ) | (.76 | ) | (.75 | ) | — | (.75 | ) | 7.28 | ||||||||||||||||||||||
Class I (8/01) |
| |||||||||||||||||||||||||||||||||
2014(e) | 9.01 | .32 | .22 | .54 | (.32 | ) | (.20 | ) | (.52 | ) | 9.03 | |||||||||||||||||||||||
2013 | 8.65 | .66 | .39 | 1.05 | (.69 | ) | — | (.69 | ) | 9.01 | ||||||||||||||||||||||||
2012 | 9.05 | .71 | (.37 | ) | .34 | (.71 | ) | (.03 | ) | (.74 | ) | 8.65 | ||||||||||||||||||||||
2011 | 8.29 | .69 | .75 | 1.44 | (.68 | ) | — | (.68 | ) | 9.05 | ||||||||||||||||||||||||
2010 | 7.16 | .69 | 1.12 | 1.81 | (.68 | ) | — | (.68 | ) | 8.29 | ||||||||||||||||||||||||
2009 | 8.66 | .75 | (1.47 | ) | (.72 | ) | (.78 | ) | — | (.78 | ) | 7.16 | ||||||||||||||||||||||
| 160 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
| 6.01 | % | $ | 167,673 | .95 | %* | 6.62 | %* | .93 | %* | 6.62 | %* | 45 | % | |||||||||||||||||
| 11.99 | 141,132 | .94 | 6.92 | .94 | 6.92 | 133 | ||||||||||||||||||||||||
| 3.76 | 92,018 | 1.06 | 7.98 | 1.04 | 7.99 | 124 | ||||||||||||||||||||||||
| 17.61 | 30,984 | 1.22 | 7.38 | 1.10 | 7.50 | 130 | ||||||||||||||||||||||||
| 25.47 | 29,532 | 1.29 | 7.93 | 1.10 | 8.12 | 132 | ||||||||||||||||||||||||
| (7.26 | ) | 25,696 | 1.36 | 10.53 | 1.10 | 10.79 | 108 | |||||||||||||||||||||||
| 5.50 | 1,240 | 1.70 | * | 5.88 | * | 1.68 | * | 5.88 | * | 45 | ||||||||||||||||||||
| 11.34 | 1,524 | 1.70 | 6.26 | 1.70 | 6.26 | 133 | ||||||||||||||||||||||||
| 3.18 | 1,843 | 1.82 | 7.23 | 1.80 | 7.26 | 124 | ||||||||||||||||||||||||
| 16.59 | 1,285 | 1.98 | 6.64 | 1.85 | 6.76 | 130 | ||||||||||||||||||||||||
| 24.56 | 1,628 | 2.04 | 7.28 | 1.85 | 7.47 | 132 | ||||||||||||||||||||||||
| (7.99 | ) | 2,157 | 2.11 | 9.66 | 1.85 | 9.92 | 108 | |||||||||||||||||||||||
| 5.52 | 70,502 | 1.70 | * | 5.88 | * | 1.68 | * | 5.88 | * | 45 | ||||||||||||||||||||
| 11.33 | 67,466 | 1.70 | 6.21 | 1.70 | 6.21 | 133 | ||||||||||||||||||||||||
| 3.18 | 48,667 | 1.80 | 7.26 | 1.79 | 7.27 | 124 | ||||||||||||||||||||||||
| 16.67 | 9,792 | 1.97 | 6.64 | 1.85 | 6.76 | 130 | ||||||||||||||||||||||||
| 24.67 | 6,969 | 2.04 | 7.22 | 1.85 | 7.41 | 132 | ||||||||||||||||||||||||
| (7.98 | ) | 5,038 | 2.11 | 9.72 | 1.85 | 9.98 | 108 | |||||||||||||||||||||||
| 5.85 | 995 | 1.20 | * | 6.37 | * | 1.18 | * | 6.37 | * | 45 | ||||||||||||||||||||
| 11.79 | 697 | 1.19 | 6.69 | 1.19 | 6.69 | 133 | ||||||||||||||||||||||||
| 3.46 | 615 | 1.31 | 7.66 | 1.29 | 7.68 | 124 | ||||||||||||||||||||||||
| 17.28 | 309 | 1.47 | 7.12 | 1.35 | 7.25 | 130 | ||||||||||||||||||||||||
| 25.12 | 343 | 1.54 | 7.73 | 1.35 | 7.92 | 132 | ||||||||||||||||||||||||
| (7.49 | ) | 265 | 1.61 | 10.46 | 1.35 | 10.72 | 108 | |||||||||||||||||||||||
| 6.13 | 577,871 | .70 | * | 6.87 | * | .68 | * | 6.87 | * | 45 | ||||||||||||||||||||
| 12.39 | 495,863 | .70 | 7.24 | .70 | 7.24 | 133 | ||||||||||||||||||||||||
| 4.15 | 465,299 | .84 | 8.19 | .80 | 8.23 | 124 | ||||||||||||||||||||||||
| 17.77 | 460,785 | .97 | 7.63 | .85 | 7.75 | 130 | ||||||||||||||||||||||||
| 25.75 | 350,066 | 1.04 | 8.19 | .85 | 8.38 | 132 | ||||||||||||||||||||||||
| (7.01) | 182,051 | 1.11 | 10.67 | .85 | 10.93 | 108 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. As of October 31, 2013, the Advisor is no longer reimbursing the Fund for any fees and expenses. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 161 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
INFLATION PROTECTED SECURITIES | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||
| Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending Net Asset Value | |||||||||||||||||||||||||||||
Class A (10/04) |
| |||||||||||||||||||||||||||||||||||||
2014(e) | $ | 11.08 | $ | .03 | $ | (.14 | ) | $ | (.11 | ) | $ | (.06 | ) | $ | (.20 | ) | $ | — | $ | (.26 | ) | $ | 10.71 | |||||||||||||||
2013 | 11.80 | .07 | (.66 | ) | (.59 | ) | (.13 | ) | — | — | (.13 | ) | 11.08 | |||||||||||||||||||||||||
2012 | 10.94 | .23 | 1.01 | 1.24 | (.38 | ) | — | — | (.38 | ) | 11.80 | |||||||||||||||||||||||||||
2011 | 10.33 | .35 | .40 | .75 | (.14 | ) | — | — | (.14 | ) | 10.94 | |||||||||||||||||||||||||||
2010 | 9.59 | .28 | .73 | 1.01 | (.27 | ) | — | — | (.27 | ) | 10.33 | |||||||||||||||||||||||||||
2009 | 10.20 | .14 | (.37 | ) | (.23 | ) | (.26 | ) | — | (.12 | ) | (.38 | ) | 9.59 | ||||||||||||||||||||||||
Class C (10/04) |
| |||||||||||||||||||||||||||||||||||||
2014(e) | 11.03 | (.01 | ) | (.13 | ) | (.14 | ) | (.02 | ) | (.20 | ) | — | (.22 | ) | 10.67 | |||||||||||||||||||||||
2013 | 11.72 | (.03 | ) | (.60 | ) | (.63 | ) | (.06 | ) | — | — | (.06 | ) | 11.03 | ||||||||||||||||||||||||
2012 | 10.84 | .14 | 1.00 | 1.14 | (.26 | ) | — | — | (.26 | ) | 11.72 | |||||||||||||||||||||||||||
2011 | 10.24 | .26 | .41 | .67 | (.07 | ) | — | — | (.07 | ) | 10.84 | |||||||||||||||||||||||||||
2010 | 9.53 | .18 | .75 | .93 | (.22 | ) | — | — | (.22 | ) | 10.24 | |||||||||||||||||||||||||||
2009 | 10.18 | .11 | (.43 | ) | (.32 | ) | (.21 | ) | — | (.12 | ) | (.33 | ) | 9.53 | ||||||||||||||||||||||||
Class R3 (10/04) |
| |||||||||||||||||||||||||||||||||||||
2014(e) | 11.05 | .02 | (.13 | ) | (.11 | ) | (.05 | ) | (.20 | ) | — | (.25 | ) | 10.69 | ||||||||||||||||||||||||
2013 | 11.74 | .04 | (.62 | ) | (.58 | ) | (.11 | ) | — | — | (.11 | ) | 11.05 | |||||||||||||||||||||||||
2012 | 10.84 | .22 | .97 | 1.19 | (.29 | ) | — | — | (.29 | ) | 11.74 | |||||||||||||||||||||||||||
2011 | 10.31 | .11 | .54 | .65 | (.12 | ) | — | — | (.12 | ) | 10.84 | |||||||||||||||||||||||||||
2010 | 9.58 | .26 | .72 | .98 | (.25 | ) | — | — | (.25 | ) | 10.31 | |||||||||||||||||||||||||||
2009 | 10.20 | .13 | (.39 | ) | (.26 | ) | (.24 | ) | — | (.12 | ) | (.36 | ) | 9.58 | ||||||||||||||||||||||||
Class I (10/04) |
| |||||||||||||||||||||||||||||||||||||
2014(e) | 11.14 | .05 | (.13 | ) | (.08 | ) | (.08 | ) | (.20 | ) | — | (.28 | ) | 10.78 | ||||||||||||||||||||||||
2013 | 11.81 | .09 | (.61 | ) | (.52 | ) | (.15 | ) | — | — | (.15 | ) | 11.14 | |||||||||||||||||||||||||
2012 | 10.96 | .25 | 1.01 | 1.26 | (.41 | ) | — | — | (.41 | ) | 11.81 | |||||||||||||||||||||||||||
2011 | 10.34 | .40 | .38 | .78 | (.16 | ) | — | — | (.16 | ) | 10.96 | |||||||||||||||||||||||||||
2010 | 9.59 | .33 | .71 | 1.04 | (.29 | ) | — | — | (.29 | ) | 10.34 | |||||||||||||||||||||||||||
2009 | 10.20 | .23 | (.45 | ) | (.22 | ) | (.27 | ) | — | (.12 | ) | (.39 | ) | 9.59 | ||||||||||||||||||||||||
| 162 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
| (1.01 | )% | $ | 17,506 | .83 | %* | .60 | %* | .83 | %* | .60 | %* | 18 | % | |||||||||||||||||
| (5.07 | ) | 21,949 | .81 | .56 | .81 | .56 | 52 | |||||||||||||||||||||||
| 11.44 | 19,330 | 1.00 | 1.81 | .84 | 1.97 | 47 | ||||||||||||||||||||||||
| 7.30 | 12,080 | 1.09 | 3.05 | .85 | 3.30 | 45 | ||||||||||||||||||||||||
| 10.62 | 7,894 | 1.15 | 2.46 | .84 | 2.77 | 72 | ||||||||||||||||||||||||
| (2.18 | ) | 5,439 | 1.10 | 1.27 | .85 | 1.52 | 24 | |||||||||||||||||||||||
| (1.32 | ) | 7,159 | 1.59 | * | (.14 | )* | 1.58 | * | (.14 | )* | 18 | |||||||||||||||||||
| (5.39 | ) | 9,761 | 1.56 | (.25 | ) | 1.56 | (.25 | ) | 52 | |||||||||||||||||||||
| 10.62 | 9,703 | 1.75 | 1.05 | 1.59 | 1.21 | 47 | ||||||||||||||||||||||||
| 6.59 | 8,043 | 1.84 | 2.19 | 1.60 | 2.44 | 45 | ||||||||||||||||||||||||
| 9.76 | 6,673 | 1.91 | 1.47 | 1.60 | 1.78 | 72 | ||||||||||||||||||||||||
| (3.03 | ) | 1,406 | 1.84 | .94 | 1.59 | 1.19 | 24 | |||||||||||||||||||||||
| (1.06 | ) | 508 | 1.08 | * | .32 | * | 1.08 | * | .33 | * | 18 | |||||||||||||||||||
| (5.02 | ) | 519 | 1.06 | .32 | 1.06 | .32 | 52 | |||||||||||||||||||||||
| 11.10 | 173 | 1.25 | 1.72 | 1.09 | 1.88 | 47 | ||||||||||||||||||||||||
| 6.31 | 33 | 1.38 | .78 | 1.10 | 1.05 | 45 | ||||||||||||||||||||||||
| 10.32 | 1,332 | 1.40 | 2.33 | 1.09 | 2.64 | 72 | ||||||||||||||||||||||||
| (2.43 | ) | 1,262 | 1.35 | 1.09 | 1.10 | 1.34 | 24 | |||||||||||||||||||||||
| (.78 | ) | 279,206 | .59 | * | .85 | * | .58 | * | .85 | * | 18 | |||||||||||||||||||
| (4.46 | ) | 344,204 | .56 | .77 | .56 | .77 | 52 | |||||||||||||||||||||||
| 11.62 | 321,386 | .75 | 1.99 | .59 | 2.15 | 47 | ||||||||||||||||||||||||
| 7.62 | 255,183 | .84 | 3.49 | .60 | 3.74 | 45 | ||||||||||||||||||||||||
| 10.92 | 156,983 | .90 | 2.96 | .59 | 3.27 | 72 | ||||||||||||||||||||||||
| (2.03) | 167,501 | .85 | 2.23 | .60 | 2.48 | 24 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 163 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
| INTERMEDIATE GOVERNMENT BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending Net Asset Value | |||||||||||||||||||||||||||||
Class A (10/02) |
| |||||||||||||||||||||||||||||||||||||
2014(f) | $ | 8.79 | $ | .06 | $ | (.04 | ) | $ | .02 | $ | (.07 | ) | $ | — | $ | — | $ | (.07 | ) | $ | 8.74 | |||||||||||||||||
2013 | 9.02 | .14 | (.20 | ) | (.06 | ) | (.17 | ) | — | — | (.17 | ) | 8.79 | |||||||||||||||||||||||||
2012 | 8.84 | .18 | .19 | .37 | (.19 | ) | — | — | (.19 | ) | 9.02 | |||||||||||||||||||||||||||
2011 | 8.77 | .20 | .07 | .27 | (.20 | ) | — | — | (.20 | ) | 8.84 | |||||||||||||||||||||||||||
2010 | 8.67 | .20 | .27 | .47 | (.20 | ) | (.17 | ) | — | * | (.37 | ) | 8.77 | |||||||||||||||||||||||||
2009 | 8.42 | .19 | .25 | .44 | (.19 | ) | — | — | (.19 | ) | 8.67 | |||||||||||||||||||||||||||
Class C (10/09) |
| |||||||||||||||||||||||||||||||||||||
2014(f) | 8.80 | .03 | (.04 | ) | (.01 | ) | (.03 | ) | — | — | (.03 | ) | 8.76 | |||||||||||||||||||||||||
2013 | 9.03 | .07 | (.21 | ) | (.14 | ) | (.09 | ) | — | — | (.09 | ) | 8.80 | |||||||||||||||||||||||||
2012 | 8.85 | .10 | .20 | .30 | (.12 | ) | — | — | (.12 | ) | 9.03 | |||||||||||||||||||||||||||
2011 | 8.77 | .12 | .08 | .20 | (.12 | ) | — | — | (.12 | ) | 8.85 | |||||||||||||||||||||||||||
2010(d) | 8.76 | .09 | .17 | .26 | (.08 | ) | (.17 | ) | — | * | (.25 | ) | 8.77 | |||||||||||||||||||||||||
Class R3 (10/09) |
| |||||||||||||||||||||||||||||||||||||
2014(f) | 8.78 | .05 | (.03 | ) | .02 | (.06 | ) | — | — | (.06 | ) | 8.74 | ||||||||||||||||||||||||||
2013 | 9.01 | .12 | (.21 | ) | (.09 | ) | (.14 | ) | — | — | (.14 | ) | 8.78 | |||||||||||||||||||||||||
2012 | 8.84 | .15 | .18 | .33 | (.16 | ) | — | — | (.16 | ) | 9.01 | |||||||||||||||||||||||||||
2011 | 8.77 | .16 | .08 | .24 | (.17 | ) | — | — | (.17 | ) | 8.84 | |||||||||||||||||||||||||||
2010(d) | 8.76 | .09 | .20 | .29 | (.11 | ) | (.17 | ) | — | * | (.28 | ) | 8.77 | |||||||||||||||||||||||||
Class I (10/02) |
| |||||||||||||||||||||||||||||||||||||
2014(f) | 8.80 | .07 | (.04 | ) | .03 | (.08 | ) | — | — | (.08 | ) | 8.75 | ||||||||||||||||||||||||||
2013 | 9.03 | .16 | (.21 | ) | (.05 | ) | (.18 | ) | — | — | (.18 | ) | 8.80 | |||||||||||||||||||||||||
2012 | 8.84 | .19 | .21 | .40 | (.21 | ) | — | — | (.21 | ) | 9.03 | |||||||||||||||||||||||||||
2011 | 8.77 | .21 | .07 | .28 | (.21 | ) | — | — | (.21 | ) | 8.84 | |||||||||||||||||||||||||||
2010 | 8.67 | .21 | .27 | .48 | (.21 | ) | (.17 | ) | — | * | (.38 | ) | 8.77 | |||||||||||||||||||||||||
2009 | 8.42 | .21 | .25 | .46 | (.21 | ) | — | — | (.21 | ) | 8.67 | |||||||||||||||||||||||||||
| 164 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
| .22 | % | $ | 10,937 | 1.03 | %** | 1.18 | %** | .85 | %** | 1.36 | %** | 15 | % | |||||||||||||||||
| (.74 | ) | 11,034 | 1.01 | 1.41 | .85 | 1.57 | 55 | |||||||||||||||||||||||
| 4.24 | 12,735 | 1.11 | 1.65 | .77 | 1.99 | 72 | ||||||||||||||||||||||||
| 3.10 | 14,086 | 1.10 | 1.85 | .73 | 2.22 | 58 | ||||||||||||||||||||||||
| 5.50 | 19,003 | 1.19 | 1.89 | .75 | 2.33 | 105 | ||||||||||||||||||||||||
| 5.30 | 10,496 | 1.15 | 1.82 | .75 | 2.22 | 133 | ||||||||||||||||||||||||
| (.07 | ) | 800 | 1.77 | ** | .44 | ** | 1.60 | ** | .61 | ** | 15 | |||||||||||||||||||
| (1.53 | ) | 1,090 | 1.76 | .66 | 1.60 | .82 | 55 | |||||||||||||||||||||||
| 3.35 | 1,438 | 1.86 | .90 | 1.60 | 1.16 | 72 | ||||||||||||||||||||||||
| 2.32 | 1,417 | 1.89 | 1.05 | 1.58 | 1.37 | 58 | ||||||||||||||||||||||||
| 3.00 | 1,940 | 1.94 | ** | 1.16 | ** | 1.60 | ** | 1.50 | ** | 105 | ||||||||||||||||||||
| .19 | 129 | 1.27 | ** | .93 | ** | 1.10 | ** | 1.11 | ** | 15 | ||||||||||||||||||||
| (1.00 | ) | 168 | �� | 1.26 | 1.17 | 1.10 | 1.32 | 55 | ||||||||||||||||||||||
| 3.79 | 214 | 1.36 | 1.39 | 1.10 | 1.66 | 72 | ||||||||||||||||||||||||
| 2.75 | 473 | 1.39 | 1.56 | 1.08 | 1.87 | 58 | ||||||||||||||||||||||||
| 3.34 | 652 | 1.44 | ** | 1.44 | ** | 1.10 | ** | 1.78 | ** | 105 | ||||||||||||||||||||
| .33 | 56,126 | .78 | ** | 1.43 | ** | .60 | ** | 1.61 | ** | 15 | ||||||||||||||||||||
| (.53 | ) | 52,291 | .76 | 1.67 | .60 | 1.83 | 55 | |||||||||||||||||||||||
| 4.50 | 70,060 | .86 | 1.90 | .60 | 2.16 | 72 | ||||||||||||||||||||||||
| 3.25 | 98,960 | .89 | 2.05 | .58 | 2.36 | 58 | ||||||||||||||||||||||||
| 5.66 | 152,088 | .94 | 2.05 | .60 | 2.39 | 105 | ||||||||||||||||||||||||
| 5.46 | 101,253 | .90 | 2.11 | .60 | 2.41 | 133 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For the period October 28, 2009 (commencement of operations) through June 30, 2010. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended December 31, 2013. |
| * | Rounds to less than $.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 165 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
SHORT TERM BOND | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||||
2014(g) | $ | 9.97 | $ | .10 | $ | .05 | $ | .15 | $ | (.09 | ) | $ | — | $ | (.09 | ) | $ | 10.03 | ||||||||||||||||
2013 | 9.95 | .20 | .03 | .23 | (.21 | ) | — | (.21 | ) | 9.97 | ||||||||||||||||||||||||
2012 | 10.06 | .24 | (.10 | ) | .14 | (.25 | ) | — | (.25 | ) | 9.95 | |||||||||||||||||||||||
2011 | 9.98 | .24 | .06 | .30 | (.22 | ) | — | (.22 | ) | 10.06 | ||||||||||||||||||||||||
2010 | 9.66 | .31 | .34 | .65 | (.33 | ) | — | (.33 | ) | 9.98 | ||||||||||||||||||||||||
2009 | 9.89 | .46 | (.26 | ) | .20 | (.43 | ) | — | (.43 | ) | 9.66 | |||||||||||||||||||||||
Class C (10/09) |
| |||||||||||||||||||||||||||||||||
2014(g) | 10.00 | .06 | .05 | .11 | (.05 | ) | — | (.05 | ) | 10.06 | ||||||||||||||||||||||||
2013 | 9.97 | .12 | .04 | .16 | (.13 | ) | — | (.13 | ) | 10.00 | ||||||||||||||||||||||||
2012 | 10.09 | .16 | (.11 | ) | .05 | (.17 | ) | — | (.17 | ) | 9.97 | |||||||||||||||||||||||
2011 | 10.00 | .15 | .07 | .22 | (.13 | ) | — | (.13 | ) | 10.09 | ||||||||||||||||||||||||
2010(d) | 9.95 | .13 | .06 | .19 | (.14 | ) | — | (.14 | ) | 10.00 | ||||||||||||||||||||||||
Class R3 (9/11) |
| |||||||||||||||||||||||||||||||||
2014(g) | 9.99 | .09 | .05 | .14 | (.08 | ) | — | (.08 | ) | 10.05 | ||||||||||||||||||||||||
2013 | 9.96 | .17 | .04 | .21 | (.18 | ) | — | (.18 | ) | 9.99 | ||||||||||||||||||||||||
2012(e) | 9.85 | .16 | .13 | .29 | (.18 | ) | — | (.18 | ) | 9.96 | ||||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||
2014(g) | 9.98 | .11 | .06 | .17 | (.11 | ) | — | (.11 | ) | 10.04 | ||||||||||||||||||||||||
2013 | 9.95 | .22 | .04 | .26 | (.23 | ) | — | (.23 | ) | 9.98 | ||||||||||||||||||||||||
2012 | 10.07 | .26 | (.11 | ) | .15 | (.27 | ) | — | (.27 | ) | 9.95 | |||||||||||||||||||||||
2011 | 9.99 | .25 | .06 | .31 | (.23 | ) | — | (.23 | ) | 10.07 | ||||||||||||||||||||||||
2010 | 9.67 | .32 | .34 | .66 | (.34 | ) | — | (.34 | ) | 9.99 | ||||||||||||||||||||||||
2009 | 9.89 | .48 | (.25 | ) | .23 | (.45 | ) | — | (.45 | ) | 9.67 | |||||||||||||||||||||||
| 166 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(f) | ||||||||||||||||||||||||
| 1.54 | % | $ | 132,608 | .73 | %* | 1.92 | %* | .71 | %* | 1.93 | %* | 18 | % | |||||||||||||||||
| 2.30 | 141,099 | .73 | 1.96 | .71 | 1.99 | 42 | ||||||||||||||||||||||||
| 1.42 | 112,851 | .82 | 2.33 | .73 | 2.42 | 56 | ||||||||||||||||||||||||
| 3.00 | 80,927 | .87 | 2.22 | .73 | 2.37 | 58 | ||||||||||||||||||||||||
| 6.77 | 87,631 | 1.04 | 2.88 | .75 | 3.17 | 44 | ||||||||||||||||||||||||
| 2.22 | 65,704 | 1.06 | 4.55 | .74 | 4.87 | 54 | ||||||||||||||||||||||||
| 1.14 | 47,367 | 1.48 | * | 1.18 | * | 1.46 | * | 1.20 | * | 18 | ||||||||||||||||||||
| 1.61 | 44,414 | 1.48 | 1.22 | 1.46 | 1.24 | 42 | ||||||||||||||||||||||||
| .50 | 42,346 | 1.56 | 1.56 | 1.55 | 1.57 | 56 | ||||||||||||||||||||||||
| 2.22 | 5,101 | 1.66 | 1.45 | 1.58 | 1.53 | 58 | ||||||||||||||||||||||||
| 1.90 | 3,111 | 1.79 | * | 1.76 | * | 1.60 | * | 1.95 | * | 44 | ||||||||||||||||||||
| 1.39 | 812 | .98 | * | 1.68 | * | .96 | * | 1.70 | * | 18 | ||||||||||||||||||||
| 2.10 | 516 | .98 | 1.71 | .96 | 1.73 | 42 | ||||||||||||||||||||||||
| 2.92 | 446 | 1.06 | * | 2.07 | * | 1.05 | * | 2.07 | * | 56 | ||||||||||||||||||||
| 1.66 | 780,086 | .48 | * | 2.18 | * | .46 | * | 2.19 | * | 18 | ||||||||||||||||||||
| 2.65 | 720,722 | .48 | 2.22 | .46 | 2.23 | 42 | ||||||||||||||||||||||||
| 1.51 | 727,242 | .57 | 2.59 | .55 | 2.61 | 56 | ||||||||||||||||||||||||
| 3.16 | 741,969 | .67 | 2.43 | .58 | 2.52 | 58 | ||||||||||||||||||||||||
| 6.92 | 629,151 | .79 | 3.07 | .60 | 3.26 | 44 | ||||||||||||||||||||||||
| 2.48 | 315,024 | .81 | 4.80 | .59 | 5.02 | 54 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For the period October 28, 2009 (commencement of operations) through June 30, 2010. |
| (e) | For the period September 23, 2011 (commencement of operations) through June 30, 2012. |
| (f) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (g) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 167 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
| STRATEGIC INCOME | Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||
| Year Ended June 30, | Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||||
Class A (2/00) |
| |||||||||||||||||||||||||||||||||
2014(f) | $ | 11.02 | $ | .27 | $ | .14 | $ | .41 | $ | (.27 | ) | $ | — | $ | (.27 | ) | $ | 11.16 | ||||||||||||||||
2013 | 10.83 | .52 | .16 | .68 | (.49 | ) | — | (.49 | ) | 11.02 | ||||||||||||||||||||||||
2012 | 10.72 | .44 | .10 | .54 | (.43 | ) | — | (.43 | ) | 10.83 | ||||||||||||||||||||||||
2011 | 10.27 | .43 | .45 | .88 | (.43 | ) | — | (.43 | ) | 10.72 | ||||||||||||||||||||||||
2010 | 9.01 | .52 | 1.28 | 1.80 | (.54 | ) | — | (.54 | ) | 10.27 | ||||||||||||||||||||||||
2009 | 9.90 | .64 | (.74 | ) | (.10 | ) | (.63 | ) | (.16 | ) | (.79 | ) | 9.01 | |||||||||||||||||||||
Class B (2/00) |
| |||||||||||||||||||||||||||||||||
2014(f) | 10.95 | .23 | .14 | .37 | (.22 | ) | — | (.22 | ) | 11.10 | ||||||||||||||||||||||||
2013 | 10.78 | .43 | .15 | .58 | (.41 | ) | — | (.41 | ) | 10.95 | ||||||||||||||||||||||||
2012 | 10.67 | .36 | .09 | .45 | (.34 | ) | — | (.34 | ) | 10.78 | ||||||||||||||||||||||||
2011 | 10.22 | .35 | .44 | .79 | (.34 | ) | — | (.34 | ) | 10.67 | ||||||||||||||||||||||||
2010 | 8.97 | .45 | 1.26 | 1.71 | (.46 | ) | — | (.46 | ) | 10.22 | ||||||||||||||||||||||||
2009 | 9.86 | .58 | (.74 | ) | (.16 | ) | (.57 | ) | (.16 | ) | (.73 | ) | 8.97 | |||||||||||||||||||||
Class C (2/00) |
| |||||||||||||||||||||||||||||||||
2014(f) | 10.94 | .23 | .14 | .37 | (.22 | ) | — | (.22 | ) | 11.09 | ||||||||||||||||||||||||
2013 | 10.76 | .43 | .16 | .59 | (.41 | ) | — | (.41 | ) | 10.94 | ||||||||||||||||||||||||
2012 | 10.65 | .36 | .09 | .45 | (.34 | ) | — | (.34 | ) | 10.76 | ||||||||||||||||||||||||
2011 | 10.20 | .35 | .44 | .79 | (.34 | ) | — | (.34 | ) | 10.65 | ||||||||||||||||||||||||
2010 | 8.96 | .43 | 1.27 | 1.70 | (.46 | ) | — | (.46 | ) | 10.20 | ||||||||||||||||||||||||
2009 | 9.84 | .58 | (.73 | ) | (.15 | ) | (.57 | ) | (.16 | ) | (.73 | ) | 8.96 | |||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2014(f) | 11.05 | .26 | .16 | .42 | (.26 | ) | — | (.26 | ) | 11.21 | ||||||||||||||||||||||||
2013 | 10.88 | .49 | .15 | .64 | (.47 | ) | — | (.47 | ) | 11.05 | ||||||||||||||||||||||||
2012 | 10.77 | .41 | .10 | .51 | (.40 | ) | — | (.40 | ) | 10.88 | ||||||||||||||||||||||||
2011 | 10.31 | .41 | .45 | .86 | (.40 | ) | — | (.40 | ) | 10.77 | ||||||||||||||||||||||||
2010 | 9.07 | .42 | 1.32 | 1.74 | (.50 | ) | — | (.50 | ) | 10.31 | ||||||||||||||||||||||||
2009 | 9.95 | .62 | (.73 | ) | (.11 | ) | (.61 | ) | (.16 | ) | (.77 | ) | 9.07 | |||||||||||||||||||||
Class I (2/00) |
| |||||||||||||||||||||||||||||||||
2014(f) | 11.01 | .28 | .15 | .43 | (.28 | ) | — | (.28 | ) | 11.16 | ||||||||||||||||||||||||
2013 | 10.83 | .55 | .15 | .70 | (.52 | ) | — | (.52 | ) | 11.01 | ||||||||||||||||||||||||
2012 | 10.71 | .45 | .12 | .57 | (.45 | ) | — | (.45 | ) | 10.83 | ||||||||||||||||||||||||
2011 | 10.26 | .46 | .44 | .90 | (.45 | ) | — | (.45 | ) | 10.71 | ||||||||||||||||||||||||
2010 | 9.01 | .55 | 1.25 | 1.80 | (.55 | ) | — | (.55 | ) | 10.26 | ||||||||||||||||||||||||
2009 | 9.89 | .66 | (.73 | ) | (.07 | ) | (.65 | ) | (.16 | ) | (.81 | ) | 9.01 | |||||||||||||||||||||
| 168 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d)(e) | ||||||||||||||||||||||||
| 3.73 | % | $ | 80,443 | .91 | %* | 4.77 | %* | .84 | %* | 4.85 | %* | 25 | % | |||||||||||||||||
| 6.25 | 72,341 | .90 | 4.50 | .84 | 4.57 | 69 | ||||||||||||||||||||||||
| 5.14 | 52,802 | .93 | 4.01 | .85 | 4.10 | 199 | ||||||||||||||||||||||||
| 8.69 | 25,045 | 1.05 | 3.93 | .88 | 4.10 | 98 | ||||||||||||||||||||||||
| 20.21 | 28,165 | 1.13 | 4.98 | .92 | 5.19 | 96 | ||||||||||||||||||||||||
| .16 | 13,948 | 1.13 | 7.45 | 1.00 | 7.58 | 147 | ||||||||||||||||||||||||
| 3.44 | 1,175 | 1.65 | * | 4.02 | * | 1.59 | * | 4.10 | * | 25 | ||||||||||||||||||||
| 5.30 | 1,488 | 1.65 | 3.73 | 1.59 | 3.79 | 69 | ||||||||||||||||||||||||
| 4.32 | 2,148 | 1.68 | 3.27 | 1.61 | 3.33 | 199 | ||||||||||||||||||||||||
| 7.84 | 1,116 | 1.80 | 3.22 | 1.73 | 3.29 | 98 | ||||||||||||||||||||||||
| 19.22 | 1,413 | 1.87 | 4.35 | 1.74 | 4.48 | 96 | ||||||||||||||||||||||||
| (.58 | ) | 1,719 | 1.88 | 6.71 | 1.75 | 6.84 | 147 | |||||||||||||||||||||||
| 3.35 | 36,173 | 1.66 | * | 4.02 | * | 1.59 | * | 4.11 | * | 25 | ||||||||||||||||||||
| 5.50 | 35,146 | 1.65 | 3.75 | 1.59 | 3.81 | 69 | ||||||||||||||||||||||||
| 4.32 | 31,085 | 1.67 | 3.30 | 1.60 | 3.37 | 199 | ||||||||||||||||||||||||
| 7.85 | 8,092 | 1.80 | 3.22 | 1.73 | 3.29 | 98 | ||||||||||||||||||||||||
| 19.13 | 6,748 | 1.88 | 4.21 | 1.75 | 4.34 | 96 | ||||||||||||||||||||||||
| (.48 | ) | 2,778 | 1.88 | 6.64 | 1.75 | 6.77 | 147 | |||||||||||||||||||||||
| 3.70 | 3,943 | 1.16 | * | 4.52 | * | 1.09 | * | 4.60 | * | 25 | ||||||||||||||||||||
| 5.89 | 2,926 | 1.15 | 4.27 | 1.09 | 4.34 | 69 | ||||||||||||||||||||||||
| 4.83 | 1,903 | 1.19 | 3.73 | 1.12 | 3.80 | 199 | ||||||||||||||||||||||||
| 8.40 | 1,020 | 1.29 | 3.73 | 1.23 | 3.79 | 98 | ||||||||||||||||||||||||
| 19.47 | 601 | 1.37 | 4.06 | 1.24 | 4.19 | 96 | ||||||||||||||||||||||||
| .02 | 681 | 1.38 | 7.26 | 1.25 | 7.39 | 147 | ||||||||||||||||||||||||
| 3.97 | 518,387 | .66 | * | 5.02 | * | .59 | * | 5.10 | * | 25 | ||||||||||||||||||||
| 6.42 | 517,292 | .65 | 4.75 | .59 | 4.81 | 69 | ||||||||||||||||||||||||
| 5.35 | 534,608 | .69 | 4.19 | .63 | 4.26 | 199 | ||||||||||||||||||||||||
| 8.99 | 615,107 | .80 | 4.22 | .73 | 4.29 | 98 | ||||||||||||||||||||||||
| 20.31 | 655,301 | .87 | 5.31 | .74 | 5.44 | 96 | ||||||||||||||||||||||||
| .52 | 633,108 | .88 | 7.64 | .75 | 7.77 | 147 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended December 31, 2013. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 169 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust Information
Nuveen Investment Funds, Inc. and Nuveen Investment Trust (each a “Trust” and collectively, the “Trusts”), are open-end investment companies registered under the Investment Company Act of 1940, as amended. Nuveen Investment Funds, Inc. is comprised of the Nuveen Core Bond Fund (“Core Bond”), 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 Short Term Bond Fund (“Short Term Bond”) and Nuveen Strategic Income Fund (“Strategic Income”) and Nuveen Investment Trust is comprised of the Nuveen Global Total Return Bond Fund (“Global Total Return Bond”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. Nuveen Investment Trust was organized as a Massachusetts business trust in May 6, 1996.
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives
Core Bond
Core 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 at least 80% of the sum of its net assets and 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. Bonds in the Fund will be rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Sub-Adviser. If the rating of a security is reduced or discounted after purchase, the Fund is not required to sell the security, but may consider doing so. At least 65% of the Fund’s debt securities must be either U.S. government securities or securities that are rated A or better or are unrated and of comparable quality as determined by the Sub-Adviser. Unrated securities will not exceed 25% of the Fund’s total assets.
The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments.
Under normal market conditions the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of three to ten years and an average effective duration of two to six years. The Fund’s weighted average effective maturity and effective duration are measures of how the Fund may react to interest rate changes.
To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts, interest rate caps, collars, and floors; swap agreements, including swap agreements on interest rates, security indexes and specific securities and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts that are traded on domestic securities exchanges, boards of trade, or similar entities and non-standardized derivatives contracts traded in the over-the-counter (“OTC”) market. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio, or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Effective January 10, 2014 (subsequent to the close of this reporting period), the Fund may invest up to 20% of its net assets in municipal securities.
| 170 | Nuveen Investments |
Core Plus Bond
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 the sum of its net assets and 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 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 will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 25% of the Fund’s total assets.
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. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.
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, calculated on an absolute notional basis (i.e., adding together the absolute value of net long and net short exposures to individual non-U.S. dollar currencies).
Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of fifteen years or less and an average effective duration of three to eight years. The Fund’s weighted average effective maturity and average effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.
To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Effective January 10, 2014 (subsequent to the close of this reporting period), the Fund may invest up to 20% of its net assets in municipal securities.
Global Total Return Bond
Global Total Return Bond’s investment objective is to seek total return. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in bonds from issuers located around the world. The bonds in which the Fund may invest may be of any maturity and include: debt obligations of foreign governments; domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations; U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities); residential and commercial mortgage-backed securities; and asset-backed securities.
Under normal market conditions, the Fund invests at least 40% of its net assets in non-U.S. issuers and is invested in issuers located in at least three countries (including the U.S.). The Fund may invest in debt obligations issued by governmental and corporate issuers located in emerging markets countries.
The Fund invests in securities that are U.S. dollar-denominated and in securities that are denominated in foreign currencies. As described in more detail below, the Fund may utilize various currency-related derivatives in an effort to enhance the Fund’s total return or to manage risk.
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Notes to Financial Statements (Unaudited) (continued)
Up to 30% of the Fund’s net assets may be invested in securities rated lower than investment grade or in unrated securities of comparable quality as determined by the Sub-Adviser (such securities commonly referred to as “high yield” or “junk bonds”). If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
High Income Bond
High Income Bond’s investment objective is to provide investors with a high level of current income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and 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”). These bonds generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High-yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The Fund may invest in exchange-traded funds, closed-end funds, and other investment companies (“investment companies”).
There is no minimum rating requirement and no limitation on the average maturity or average effective duration of securities held by the Fund.
The Fund may invest without limitation in debt obligations of foreign corporations and governments, provided that no more than 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. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; foreign currency contracts; options on foreign currencies; swap agreements, including interest rate swaps, currency swaps, total return swaps, and credit default swaps; and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions.
Effective January 10, 2014 (subsequent to the close of this reporting period), the Fund may invest up to 20% of its net assets in fixed and floating rate loans, including senior loans and secured and unsecured junior loans.
Inflation Protected Securities
Inflation Protected Securities’ investment objective is to provide investors with total return while providing protection against inflation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and 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. The Fund’s investments in U.S. Government inflation protected securities will include U.S. Treasury inflation protected securities as well as inflation protected securities issued by agencies and instrumentalities of the U.S. Government. Securities issued by the U.S. Treasury are backed by the full faith and credit of the U.S. Government. Some securities issued by agencies and instrumentalities of the U.S. Government are supported only by the credit of the issuing agency or instrumentality.
Inflation protected debt securities are designed to provide protection against the negative effects of inflation. Unlike traditional debt securities, which pay regular fixed interest payments on a fixed principal amount, interest payments on inflation protected debt securities will vary with the rate of inflation. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (CPI-U) as the inflation measure. Inflation protected debt securities issued by foreign governments and corporations are generally linked to a non-U.S. inflation rate.
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Inflation protected debt securities have two common structures. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. If the index measuring the rate of inflation rises, the principal value of the security will increase. Because interest payments will be calculated with respect to a larger principal amount, interest payments also will increase. Conversely, if the index measuring the rate of inflation falls, the principal value of the security will fall and interest payments will decrease. Other issuers adjust the interest rates payable on the security according to the rate of inflation, but the principal amount remains the same.
In the event of sustained deflation, the U.S. Treasury has guaranteed that it will repay at maturity at least the original face value of the inflation protected securities that it issues. Other inflation protected debt securities that accrue inflation into their principal value may or may not provide a similar guarantee. For securities that do not provide such a guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal value.
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, asset-backed securities and derivative instruments, as discussed below.
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 will not invest in securities rated lower than B at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.
The Fund may invest up to 20% of its net assets in non-U.S. dollar denominated securities, and may invest without limitation in U.S. dollar denominated securities of foreign corporations and governments.
The Fund may invest in debt securities of any maturity, but expects to maintain, under normal market conditions, a weighted average effective maturity of between eight and fifteen years and an average effective duration of between four and ten years. The Fund’s weighted average effective maturity and average effective duration are measures of how the Fund may react to interest rate changes.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; foreign currency contracts; options on foreign currencies; interest rate caps, collars, and floors; index- and other asset-linked notes; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Intermediate Government Bond
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 at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in U.S. government bonds. U.S. government bonds are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including U.S. Treasury obligations, Mortgage-backed securities issued by the Government National Mortgage Association, the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC) and non-mortgage-related obligations issued or guaranteed by U.S. government agencies or instrumentalities, such as FNMA, FHLMC, Federal Farm Credit Banks, the Federal Home Loan Bank System, and the Tennessee Valley Authority, including obligations that are issued by private issuers and guaranteed under the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program.
U.S. Treasury obligations and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuing agency or instrumentality.
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. Such securities will be rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.
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Notes to Financial Statements (Unaudited) (continued)
Under normal market conditions the Fund attempts to maintain a weighted average effective maturity between three and ten years and an effective duration of between two and one-half and seven years. The Fund’s weighted average effective maturity and effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.
To generate additional income, the Fund may invest up to 10% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.
The Fund may utilize the following derivatives: futures contracts; options on futures contracts, swap agreements, including swap agreements on interest rates, security indexes and specific securities and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts that are traded on domestic securities exchanges, boards of trade, or similar entities and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio, or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use derivatives to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Short Term Bond
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 at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds, such as U.S. government securities, which are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, 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, 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 will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 5% of the Fund’s total assets.
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. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.
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, calculated on an absolute notional basis (i.e., adding together the absolute value of net long and net short exposures to individual non-U.S. dollar currencies).
Under normal market conditions the Fund attempts to maintain a weighted average effective maturity and an average effective duration for its portfolio securities of one to three years. The Fund’s weighted average effective maturity and effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Strategic Income
Strategic Income’s investment objective is to provide investors with total return. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in debt securities, including U.S. government securities (securities
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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-U.S. 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 comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. 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. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.
Under normal market conditions the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of fifteen years or less and an average effective duration of three to eight years. The Fund’s weighted average effective maturity and average effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.
The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.
Effective January 10, 2014 (subsequent to the close of this reporting period), the Fund may invest up to 20% of its net assets in fixed and floating rate loans, including senior loans and secured and unsecured junior loans. The Fund may also invest up to 20% of its net assets in municipal securities.
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 Transactions
Investment transactions are recorded on a trade date basis. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of December 31, 2013, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 3,229,388 | $ | 9,181,950 | $ | 856,633 | $ | 2,917,633 | ||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | — | $ | — | $ | 5,293,407 | $ | 1,953,750 | ||||||||
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Notes to Financial Statements (Unaudited) (continued)
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. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as “Interest income” on the statement of operations. 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. Should a Fund receive a refund of workout expenditures paid in a prior reporting period such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
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. 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.
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 and 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.
Indemnifications
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements (Global Total Return only), International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or
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delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than repurchase agreements, forward foreign currency exchange contracts and interest rate swap contracts further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.
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. Investment Valuation and Fair Value Measurements
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 (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.
The exchange traded funds in which the Funds invest 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.
Investments in investment companies are valued at their respective net asset value on valuation date and are generally classified Level 1.
Prices of fixed-income securities, forward foreign currency exchange contracts, senior loans and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. 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.
If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset values (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/Trustees. 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.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities 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/Trustees 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
| Nuveen Investments | 177 |
Notes to Financial Statements (Unaudited) (continued)
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/Trustees or its designee.
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). |
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 Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 173,303,960 | $ | — | $ | 173,303,960 | ||||||||
$1,000 Par (or similar) Institutional Structures | — | 6,187,795 | — | 6,187,795 | ||||||||||||
Municipal Bonds | — | 6,639,493 | — | 6,639,493 | ||||||||||||
U.S. Government and Agency Obligations | — | 27,424,731 | — | 27,424,731 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 182,193,949 | — | 182,193,949 | ||||||||||||
Sovereign Debt | — | 1,564,500 | — | 1,564,500 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 72,595,790 | — | — | 72,595,790 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 2,450,112 | — | — | 2,450,112 | ||||||||||||
| Derivatives: | ||||||||||||||||
Interest Rate Swaps** | — | 136,056 | — | 136,056 | ||||||||||||
Futures Contracts** | (28,811 | ) | — | — | (28,811 | ) | ||||||||||
| Total | $ | 75,017,091 | $ | 397,450,484 | $ | — | $ | 472,467,575 | ||||||||
| Core Plus Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
$25 Par (or similar) Retail Structures | $ | 20,820,941 | $ | — | $ | — | $ | 20,820,941 | ||||||||
Corporate Bonds | — | 335,552,783 | — | 335,552,783 | ||||||||||||
$1,000 Par (or similar) Institutional Structures | — | 26,447,592 | — | 26,447,592 | ||||||||||||
Municipal Bonds | — | 6,281,717 | — | 6,281,717 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 172,078,244 | — | 172,078,244 | ||||||||||||
Sovereign Debt | — | 8,222,100 | — | 8,222,100 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 69,397,695 | — | — | 69,397,695 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 12,180,590 | — | — | 12,180,590 | ||||||||||||
| Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | (245,595 | ) | — | (245,595 | ) | ||||||||||
Credit Default Swaps** | — | 185,816 | — | 185,816 | ||||||||||||
Interest Rate Swaps** | — | 3,372,518 | — | 3,372,518 | ||||||||||||
Futures Contracts** | 1,216,738 | — | — | 1,216,738 | ||||||||||||
| Total | $ | 103,615,964 | $ | 551,895,175 | $ | — | $ | 655,511,139 | ||||||||
| 178 | Nuveen Investments |
| Global Total Return Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Convertible Preferred Securities | $ | 79,575 | $ | — | $ | — | $ | 79,575 | ||||||||
$25 Par (or similar) Retail Structures | 291,441 | — | — | 291,441 | ||||||||||||
Corporate Bonds | — | 9,324,552 | — | 9,324,552 | ||||||||||||
Convertible Bonds | — | 20,432 | — | 20,432 | ||||||||||||
$1,000 Par (or similar) Institutional Structures | — | 754,992 | — | 754,992 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 1,269,466 | — | 1,269,466 | ||||||||||||
Sovereign Debt | — | 6,853,643 | — | 6,853,643 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 567,489 | — | 567,489 | ||||||||||||
| Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | (17,511 | ) | — | (17,511 | ) | ||||||||||
Interest Rate Swaps** | — | 80,435 | — | 80,435 | ||||||||||||
Futures Contracts** | 37,970 | — | — | 37,970 | ||||||||||||
| Total | $ | 408,986 | $ | 18,853,498 | $ | — | $ | 19,262,484 | ||||||||
| High Income Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks*** | $ | 12,972,349 | $ | — | $ | 63,745 | $ | 13,036,094 | ||||||||
Exchange-Traded Funds | 2,008,400 | — | — | 2,008,400 | ||||||||||||
Convertible Preferred Securities**** | 1,698,900 | 1,177,800 | — | 2,876,700 | ||||||||||||
Variable Rate Senior Loan Interests | — | 7,827,928 | — | 7,827,928 | ||||||||||||
$25 Par (or similar) Retail Structures**** | 40,829,910 | 1,041,925 | — | 41,871,835 | ||||||||||||
Corporate Bonds*** | — | 641,983,557 | 10 | 641,983,567 | ||||||||||||
Convertible Bonds | — | 7,034,492 | — | 7,034,492 | ||||||||||||
$1,000 Par (or similar) Institutional Structures | — | 44,710,584 | — | 44,710,584 | ||||||||||||
Asset-Backed Securities | — | 2,406 | — | 2,406 | ||||||||||||
Investment Companies | 12,046,463 | — | — | 12,046,463 | ||||||||||||
Sovereign Debt | — | 3,991,412 | — | 3,991,412 | ||||||||||||
Warrants | — | 168 | — | 168 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 130,267,064 | — | — | 130,267,064 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 27,498,165 | — | — | 27,498,165 | ||||||||||||
| Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | (529,084 | ) | — | (529,084 | ) | ||||||||||
Credit Default Swaps** | — | (346,553 | ) | — | (346,553 | ) | ||||||||||
Interest Rate Swaps** | — | 98,694 | — | 98,694 | ||||||||||||
Futures Contracts** | 608,748 | — | — | 608,748 | ||||||||||||
| Total | $ | 227,929,999 | $ | 706,993,329 | $ | 63,755 | $ | 934,987,083 | ||||||||
| Inflation Protected Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Convertible Preferred Securities**** | $ | 212,200 | $ | 130,000 | $ | — | $ | 342,200 | ||||||||
$25 Par (or similar) Retail Structures | 366,500 | — | — | 366,500 | ||||||||||||
Corporate Bonds | — | 24,410,000 | — | 24,410,000 | ||||||||||||
$1,000 Par (or similar) Institutional Structures | — | 295,475 | — | 295,475 | ||||||||||||
Municipal Bonds | — | 3,699,928 | — | 3,699,928 | ||||||||||||
U.S. Government and Agency Obligations | — | 250,136,644 | — | 250,136,644 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 20,191,878 | — | 20,191,878 | ||||||||||||
Investment Companies | 1,133,800 | — | — | 1,133,800 | ||||||||||||
Sovereign Debt | — | 2,206,323 | — | 2,206,323 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 129,468,738 | — | — | 129,468,738 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,044,585 | — | — | 1,044,585 | ||||||||||||
| Derivatives: | ||||||||||||||||
Interest Rate Swaps** | — | 95,121 | — | 95,121 | ||||||||||||
Futures Contracts** | 152,583 | — | — | 152,583 | ||||||||||||
| Total | $ | 132,378,406 | $ | 301,165,369 | $ | — | $ | 433,543,775 | ||||||||
| Nuveen Investments | 179 |
Notes to Financial Statements (Unaudited) (continued)
| Intermediate Government Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 387,699 | $ | — | $ | 387,699 | ||||||||
Municipal Bonds | — | 2,399,152 | — | 2,399,152 | ||||||||||||
U.S. Government and Agency Obligations | — | 29,291,609 | — | 29,291,609 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 31,060,518 | — | 31,060,518 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 7,060,274 | — | — | 7,060,274 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 3,096,114 | — | — | 3,096,114 | ||||||||||||
| Derivatives: | ||||||||||||||||
Futures Contracts** | (5,516 | ) | — | — | (5,516 | ) | ||||||||||
| Total | $ | 10,150,872 | $ | 63,138,978 | $ | — | $ | 73,289,850 | ||||||||
| Short Term Bond | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 437,686,388 | $ | — | $ | 437,686,388 | ||||||||
Convertible Bonds | — | 2,254,358 | — | 2,254,358 | ||||||||||||
Municipal Bonds | — | 30,801,316 | — | 30,801,316 | ||||||||||||
U.S. Government and Agency Obligations | — | 11,356,643 | — | 11,356,643 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 435,742,683 | — | 435,742,683 | ||||||||||||
Sovereign Debt | — | 4,116,756 | — | 4,116,756 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 58,477,023 | — | — | 58,477,023 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 33,181,638 | — | — | 33,181,638 | ||||||||||||
| Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | 42,718 | — | 42,718 | ||||||||||||
Interest Rate Swaps** | — | 272,508 | — | 272,508 | ||||||||||||
Futures Contracts** | 1,067,678 | — | — | 1,067,678 | ||||||||||||
| Total | $ | 92,726,339 | $ | 922,273,370 | $ | — | $ | 1,014,999,709 | ||||||||
| Strategic Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks*** | $ | — | $ | — | $ | 5,993 | $ | 5,993 | ||||||||
Variable Rate Senior Loan Interests | — | 1,946,583 | — | 1,946,583 | ||||||||||||
$25 Par (or similar) Retail Structures | 25,399,368 | — | — | 25,399,368 | ||||||||||||
Corporate Bonds | — | 423,087,602 | — | 423,087,602 | ||||||||||||
Convertible Bonds | — | 1,494,844 | — | 1,494,844 | ||||||||||||
$1,000 Par (or similar) Institutional Structures | — | 40,452,079 | — | 40,452,079 | ||||||||||||
Municipal Bonds | — | 4,184,179 | — | 4,184,179 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 62,771,832 | — | 62,771,832 | ||||||||||||
Investment Companies | 2,653,450 | — | — | 2,653,450 | ||||||||||||
Sovereign Debt | — | 52,466,348 | — | 52,466,348 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 72,167,235 | — | — | 72,167,235 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Money Market Funds | 14,010,076 | — | — | 14,010,076 | ||||||||||||
| Derivatives: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | — | 36,941 | — | 36,941 | ||||||||||||
Credit Default Swaps** | — | 225,653 | — | 225,653 | ||||||||||||
Interest Rate Swaps** | — | 5,090,322 | — | 5,090,322 | ||||||||||||
Futures Contracts** | 418,477 | — | — | 418,477 | ||||||||||||
| Total | $ | 114,648,606 | $ | 591,756,383 | $ | 5,993 | $ | 706,410,982 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry, state and country, where applicable, classifications. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
| *** | Refer to the Fund’s Portfolio of Investments for a breakdown of securities classified as Level 3. |
| **** | Refer to the Fund’s Portfolio of Investments for a breakdown of securities classified as Level 2. |
| 180 | Nuveen 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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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 purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
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. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
Global Total Return Bond, High Income Bond and Strategic Income may invest in non-U.S. securities (as described in Note 1 – General Information and Significant Accounting Policies, Investment Objectives). As of December 31, 2013, Global Total Return Bond’s, High Income Bond’s and Strategic Income’s investments in non-U.S. securities were as follows:
| Global Total Return Bond | Value | % of Net Assets | ||||||
| Country: | ||||||||
Mexico | $ | 2,009,438 | 10.6% | |||||
United Kingdom | 1,615,455 | 8.5 | ||||||
Turkey | 1,346,059 | 7.1 | ||||||
South Africa | 754,419 | 4.0 | ||||||
Canada | 548,772 | 2.9 | ||||||
Russia | 512,750 | 2.7 | ||||||
France | 388,244 | 2.0 | ||||||
Australia | 387,060 | 2.0 | ||||||
Italy | 374,626 | 2.0 | ||||||
Other* | 3,422,821 | 18.0 | ||||||
| Total | $ | 11,359,644 | 59.8% | |||||
| * | Includes all other countries less than $374,626. |
| Nuveen Investments | 181 |
Notes to Financial Statements (Unaudited) (continued)
| High Income Bond | Value | % of Net Assets | ||||||
| Country: | ||||||||
Canada | $ | 37,828,461 | 4.6% | |||||
United Kingdom | 22,414,635 | 2.7 | ||||||
France | 19,683,166 | 2.4 | ||||||
Luxembourg | 15,165,225 | 1.9 | ||||||
Russia | 14,038,368 | 1.7 | ||||||
Norway | 13,271,930 | 1.6 | ||||||
Other* | 117,245,004 | 14.4 | ||||||
| Total | $ | 239,646,789 | 29.3% | |||||
| * | Includes all other countries less than $13,271,930. |
| Strategic Income | Value | % of Net Assets | ||||||
| Country: | ||||||||
Mexico | $ | 25,321,372 | 4.0% | |||||
United Kingdom | 22,698,834 | 3.5 | ||||||
Canada | 22,301,878 | 3.5 | ||||||
Russia | 15,733,650 | 2.5 | ||||||
Turkey | 13,515,783 | 2.1 | ||||||
Australia | 13,321,822 | 2.1 | ||||||
Brazil | 12,674,430 | 2.0 | ||||||
Other* | 77,960,075 | 12.1 | ||||||
| Total | $ | 203,527,844 | 31.8% | |||||
| * | Includes all other countries less than $12,674,430. |
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.
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 contracts, options purchased, options written and swaps,’’ respectively, on the Statement of Operations, when applicable.
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.
Repurchase Agreements
Global Total Return Bond is authorized to invest in repurchase agreements. In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
| 182 | Nuveen Investments |
The following table presents the repurchase agreements for the Fund that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
| Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||||
| Global Total Return Bond | State Street Bank | $ | 567,489 | $ | (567,489 | ) | $ | — | ||||||||
| * | As of December 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements. |
Securities Lending
In order to generate additional income, each Fund, except Global Total Return Bond, 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, at value” on the Statement of Assets and Liabilities.
The following table presents the securities out on loan for the following Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.
| Fund | Counterparty | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||||
| Core Bond | U.S. Bank | $ | 70,845,089 | $ | (70,845,089 | ) | $ | — | ||||||||
| Core Plus Bond | U.S. Bank | 67,535,540 | (67,535,540 | ) | — | |||||||||||
| High Income Bond | U.S. Bank | 126,897,856 | (126,897,856 | ) | — | |||||||||||
| Inflation Protected Securities | U.S. Bank | 126,714,600 | (126,714,600 | ) | — | |||||||||||
| Intermediate Government Bond | U.S. Bank | 6,913,606 | (6,913,606 | ) | — | |||||||||||
| Short Term Bond | U.S. Bank | 56,766,499 | (56,766,499 | ) | — | |||||||||||
| Strategic Income | U.S. Bank | 70,166,814 | (70,166,814 | ) | — | |||||||||||
| * | As of December 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the securites out on loan. Refer to the Fund's Portfolio of Investments for details on the securites out on loan. |
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, 2013, were as follows:
| Core Bond | Core Plus Bond | High Income Bond | Inflation Protected Securities | |||||||||||||
| Securities lending fees paid | $ | 12,345 | $ | 20,562 | $ | 55,487 | $ | 14,049 | ||||||||
| Intermediate Government Bond | Short Term Bond | Strategic Income | ||||||||||
| Securities lending fees paid | $ | 608 | $ | 26,121 | $ | 22,852 | ||||||
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.
| Nuveen Investments | 183 |
Notes to Financial Statements (Unaudited) (continued)
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Forward Foreign Currency Exchange Contracts
Each Fund is authorized to enter into forward foreign currency exchange contracts (“forward contract”) 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 Sub-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.
A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery.
Forward contracts are valued daily at the forward rate. The net amount recorded on these transactions for each counterparty is recognized as a component of “Unrealized appreciation and/or depreciation on forward foreign currency exchange contracts, net” on the Statement of Assets and Liabilities. The change in value of the forward contracts during the reporting 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, a 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 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 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 contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward 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 appreciation or depreciation reflected on the Statement of Assets and Liabilities. Forward 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, 2013, Core Plus Bond, High Income Bond, Inflation Protected Securities, Short Term Bond and Strategic Income invested in forward foreign currency exchange contracts to manage foreign currency exposure. For example, to reduce unwanted currency exposure from a Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. During the six months ended December 31, 2013, Global Total Return Bond invested in forward foreign currency exchange contracts to reduce risk and take active currency exposures by hedging select foreign currency risks associated with the Fund’s foreign debt investments. The Fund also actively managed currency exposures through currency forwards in an attempt to benefit from the potential appreciation.
The average notional amount of forward foreign currency exchange contracts outstanding during the six months ended December 31, 2013, was as follows:
| Core Plus Bond | Global Total Bond | |||||||||||
| Average notional amount of forward foreign currency exchange contracts outstanding* | $ | 14,028,620 | $ | 27,743,756 | ||||||||
| High Income Bond | Short Term | Strategic Income | ||||||||||
| Average notional amount of forward foreign currency exchange contracts outstanding* | $ | 49,868,272 | $ | 2,740,330 | $ | 206,797,599 | ||||||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
| 184 | Nuveen Investments |
The following table presents the fair value of all forward foreign currency exchange contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| Location on the Statement of Assets and Liabilities | ||||||||||||||
| Asset Derivatives | (Liability) Derivatives | |||||||||||||
Underlying | Derivative Instrument | Location | Value | Location | Value | |||||||||
| Core Plus Bond | ||||||||||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | $ | 134,253 | Unrealized depreciation on forward foreign currency exchange contracts, net | $ | (436,881 | ) | ||||||
Foreign currency exchange rate | Forward contracts | — | — | Unrealized depreciation on forward foreign currency exchange contracts, net | 57,033 | |||||||||
Total | $ | 134,253 | $ | (379,848 | ) | |||||||||
| Global Total Return Bond | ||||||||||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | $ | 111,893 | Unrealized depreciation on forward foreign currency exchange contracts, net | $ | (101,350 | ) | ||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | (70,398 | ) | Unrealized depreciation on forward foreign currency exchange contracts, net | 42,344 | ||||||||
Total | $ | 41,495 | $ | (59,006 | ) | |||||||||
| High Income Bond | ||||||||||||||
Foreign currency exchange rate | Forward contracts | — | $ | — | Unrealized depreciation on forward foreign currency exchange contracts, net | $ | (553,570 | ) | ||||||
Foreign currency exchange rate | Forward contracts | — | — | Unrealized depreciation on forward foreign currency exchange contracts, net | 24,486 | |||||||||
Total | $ | — | $ | (529,084 | ) | |||||||||
| Short Term Bond | ||||||||||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | $ | 42,718 | — | $ | — | |||||||
| Strategic Income | ||||||||||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | $ | 1,091,966 | Unrealized depreciation on forward foreign currency exchange contracts, net | $ | (737,170 | ) | ||||||
Foreign currency exchange rate | Forward contracts | Unrealized appreciation on forward foreign currency exchange contracts, net | (677,149 | ) | Unrealized depreciation on forward foreign currency exchange contracts, net | 359,294 | ||||||||
Total | $ | 414,817 | $ | (377,876 | ) | |||||||||
| Nuveen Investments | 185 |
Notes to Financial Statements (Unaudited) (continued)
The following table presents the forward foreign currency exchange contracts, which are subject to netting agreements, as well as collateral delivered to those forward foreign currency exchange contracts.
| Fund | Counterparty | Gross Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | Gross Unrealized (Depreciation) on Forward Foreign Currency Exchange Contracts* | Amounts Netted on Statement of Assets and Liabilities | Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | Collateral Pledged to (from) Counterparty | Net Exposure | |||||||||||||||||||||
Core Plus Bond | ||||||||||||||||||||||||||||
| Citigroup | $ | 134,253 | $ | — | $ | — | $ | 134,253 | $ | (134,253 | ) | $ | — | |||||||||||||||
| JPMorgan | 57,033 | (436,881 | ) | 57,033 | (379,848 | ) | — | (379,848 | ) | |||||||||||||||||||
Total | $ | 191,286 | $ | (436,881 | ) | $ | 57,033 | $ | (245,595 | ) | $ | (134,253 | ) | $ | (379,848 | ) | ||||||||||||
Global Total Return Bond | ||||||||||||||||||||||||||||
| Bank of America | $ | — | $ | (9,104 | ) | $ | — | $ | (9,104 | ) | $ | — | $ | (9,104 | ) | |||||||||||||
| Barclays Bank PLC | 29,920 | (26,628 | ) | (26,628 | ) | 3,292 | — | 3,292 | ||||||||||||||||||||
| Citigroup | 52,284 | (43,770 | ) | (43,770 | ) | 8,514 | — | 8,514 | ||||||||||||||||||||
| Credit Suisse | 17,025 | (31,745 | ) | 17,025 | (14,720 | ) | — | (14,720 | ) | |||||||||||||||||||
| Goldman Sachs | 14,609 | — | — | 14,609 | — | 14,609 | ||||||||||||||||||||||
| JPMorgan | 15,080 | — | — | 15,080 | — | 15,080 | ||||||||||||||||||||||
| Morgan Stanley | 25,319 | (45,534 | ) | 25,319 | (20,215 | ) | — | (20,215 | ) | |||||||||||||||||||
| Nomura Securities | — | (14,967 | ) | — | (14,967 | ) | — | (14,967 | ) | |||||||||||||||||||
Total | $ | 154,237 | $ | (171,748 | ) | $ | (28,054 | ) | $ | (17,511 | ) | $ | — | $ | (17,511 | ) | ||||||||||||
High Income Bond | ||||||||||||||||||||||||||||
| Citigroup | $ | 24,486 | $ | (553,570 | ) | $ | 24,486 | $ | (529,084 | ) | $ | — | $ | (529,084 | ) | |||||||||||||
Short Term Bond | ||||||||||||||||||||||||||||
| JPMorgan | $ | 42,718 | $ | — | $ | — | $ | 42,718 | $ | — | $ | 42,718 | ||||||||||||||||
Strategic Income | ||||||||||||||||||||||||||||
| Bank of America | $ | — | $ | (84,970 | ) | $ | — | $ | (84,970 | ) | $ | — | $ | (84,970 | ) | |||||||||||||
| Citigroup | 605,505 | (602,531 | ) | (602,531 | ) | 2,974 | — | 2,974 | ||||||||||||||||||||
| Credit Suisse | 486,461 | (74,618 | ) | (74,618 | ) | 411,843 | (198,987 | ) | 212,856 | |||||||||||||||||||
| JPMorgan | 359,294 | (652,200 | ) | 359,294 | (292,906 | ) | — | (292,906 | ) | |||||||||||||||||||
Total | $ | 1,451,260 | $ | (1,414,319 | ) | $(317,855) | $ | 36,941 | $ | (198,987 | ) | $ | (162,046 | ) | ||||||||||||||
| * | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on forward foreign currency exchange contracts during the six months ended December 31, 2013, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain(Loss) from Forward Foreign Currency Exchange Contracts | Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts | ||||||||||||
Core Plus Bond | Foreign currency exchange rate | Forward contracts | $ | 88,298 | $ | (78,313 | ) | |||||||||
Global Total Return Bond | Foreign currency exchange rate | Forward contracts | (540,716 | ) | 62,907 | |||||||||||
High Income Bond | Foreign currency exchange rate | Forward contracts | (473,892 | ) | (371,348 | ) | ||||||||||
Inflation Protected Securities | Foreign currency exchange rate | Forward contracts | 1,649 | — | ||||||||||||
Short Term Bond | Foreign currency exchange rate | Forward contracts | (103,850 | ) | 42,718 | |||||||||||
| Strategic Income | Foreign currency exchange rate | Forward contracts | (3,693,592 | ) | 1,241,967 | |||||||||||
Futures Contracts
Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.
| 186 | Nuveen Investments |
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 or expired, a 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.
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, 2013, each of the Funds invested in interest rate futures contracts. Global Total Return Bond sold U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure; used selected foreign bond futures to actively manage exposure to those markets. The other Funds used long and short U.S. Treasury note and bond futures to manage portfolio duration and yield curve exposure. For example, to decrease the duration of a Fund’s portfolio, a short Treasury bond or Treasury note futures position would be acquired.
The average notional amount of futures contracts outstanding during the six months ended December 31, 2013, was as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Average notional amount of futures contracts outstanding* | $ | 56,219,162 | $ | 76,102,021 | $ | 3,916,568 | $ | 34,017,714 | ||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Average notional amount of futures contracts outstanding* | $ | 28,809,813 | $ | 10,779,255 | $ | 93,588,138 | $ | 47,462,674 | ||||||||
| * | The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the fiscal year and at the end of each quarter within the current fiscal year. |
The following table presents the fair value of all futures contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| Location on the Statement of Assets and Liabilities | ||||||||||||||
| Asset Derivatives | (Liability) Derivatives | |||||||||||||
| Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
| Core Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* Receivable for variation | $
| 161,858
(190,669 |
) | — | $ | — | ||||||
| Core Plus Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 1,216,738 | — | $ | — | |||||||
| Global Total Return Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 39,955 | Payable for variation margin on futures contracts* | $ | (1,985 | ) | ||||||
| High Income Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 608,748 | — | $ | — | |||||||
| Inflation Protected Securities | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* Receivable for variation | $
| 156,562
(3,979 |
) | — | $ | — | ||||||
| Nuveen Investments | 187 |
Notes to Financial Statements (Unaudited) (continued)
| Location on the Statement of Assets and Liabilities | ||||||||||||||
| Asset Derivatives | (Liability) Derivatives | |||||||||||||
| Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
| Intermediate Government Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 68,781 | Payable for variation margin on futures contracts* | $ | (74,297 | ) | ||||||
| Short Term Bond | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 1,067,678 | — | $ | — | |||||||
| Stategic Income | ||||||||||||||
Interest rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 418,477 | — | $ | — | |||||||
| * | Value represents unrealized appreciation (depreciation) of futures contracts as reported on the Fund’s Portfolio of Investments and not the cash collateral at brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts during the six months ended December 31, 2013, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | ||||||||||||
Core Bond | Interest rate | Futures contracts | $ | 270,732 | $ | 281,850 | ||||||||||
Core Plus Bond | Interest rate | Futures contracts | 2,075,989 | (1,018,671 | ) | |||||||||||
Global Total Return Bond | Interest rate | Futures contracts | 67,546 | (16,092 | ) | |||||||||||
High Income Bond | Interest rate | Futures contracts | 548,865 | (188,714 | ) | |||||||||||
Inflation Protected Securities | Interest rate | Futures contracts | 566,479 | 5,648 | ||||||||||||
Intermediate Government Bond | Interest rate | Futures contracts | 186,825 | (35,703 | ) | |||||||||||
Short Term Bond | Interest rate | Futures contracts | 1,177,658 | (1,149,246 | ) | |||||||||||
| Strategic Income | Interest rate | Futures contracts | 736,075 | (629,031 | ) | |||||||||||
Options Transactions
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/or 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, 2013, Global Total Return Bond purchased call options on select currencies during the period in an attempt to benefit from changes in the spot values on these currencies. During the six months ended December 31, 2013, Strategic Income also used
| 188 | Nuveen Investments |
options on foreign currency as part of an overall portfolio currency strategy. For example, call options may be purchased to hedge portfolio to foreign currency movements while limiting the downside exposure to the portfolio. The Funds had no other transactions in options contracts during the six months ended December 31, 2013.
The average notional amount of outstanding options purchased during the six months ended December 31, 2013, were as follows:
| Global Total Return Bond | Strategic Income | |||||||
| Average notional amount of outstanding options purchased* | $ | 34,166,667 | $ | 5,658,705 | ||||
| * | The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) on options contracts during the six months ended December 31, 2013, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Options Purchased | Change in Net Unrealized Appreciation (Depreciation) of Options Purchased | ||||||||||||
Global Total Return Bond | Foreign currency exchange rate | Options purchased | $ | (15,802 | ) | $ | 4,270 | |||||||||
| Strategic Income | Foreign currency exchange rate | Options purchased | (81,130 | ) | 81,130 | |||||||||||
Interest Rate Swaps
Interest rate swap contracts involve each Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap transactions involve the Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Interest rate swap contracts are valued daily. Upon entering into an interest rate swap (and beginning on the effective date for a forward swap), each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts.
Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities. Payments made or received upon entering into the swap agreement are to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). The net amount recorded on these transactions for OTC swaps 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.” Once periodic payments are settled in cash, the net amount is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of interest rate swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense.
For swaps clear through an exchange, changes in the value of the contracts 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. Investments in exchange cleared swaps obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if the Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities.
During the six months ended December 31, 2013, Core Bond, Core Plus Bond, High Income Bond, Inflation Protected Securities, Short Term Bond and Strategic Income invested in interest rate swap contracts as part of an overall portfolio construction strategy to manage duration and overall portfolio yield curve exposure. During the six months ended December 31, 2013, Global Total Return Bond invested in interest rate swaps as part of an overall portfolio interest rate strategy. For example, swaps in which the Fund pays a fixed rate of interest in exchange for a floating rate may be used in anticipation of rising interest rates. The average notional amount of interest rate swap contracts outstanding during the six months ended December 31, 2013, was as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | ||||||||||
| Average notional amount of interest rate swap contracts outstanding* | $ | 1,666,667 | $ | 40,666,667 | $ | 1,200,000 | ||||||
| Nuveen Investments | 189 |
Notes to Financial Statements (Unaudited) (continued)
| High Income Bond | Inflation Protected Securities | Short Term Bond | Strategic Income | |||||||||||||
| Average notional amount of interest rate swap contracts outstanding* | $ | 12,333,333 | $ | 1,166,667 | $ | 3,333,333 | $ | 76,800,000 | ||||||||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Credit Default Swaps
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.
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 swaps 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 generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. 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. Investments in swaps cleared through an exchange obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. 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, 2013, Core Plus Bond, High Income Bond, Short Term Bond and 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. During the six months ended December 31, 2013, Global Total Return Bond invested in credit default swaps as a way to take on credit risk and earn a commensurate credit spread.
The average notional amount of credit default swap contracts outstanding during the six months ended December 31, 2013, was as follows:
| Core Plus Bond | Global Total Return Bond | High Income Bond | Short Term Bond | Strategic Income | ||||||||||||||||
| Average notional amount of credit default swap contracts outstanding* | $ | 3,133,333 | $ | 333,333 | $ | 14,166,667 | $ | 3,333,333 | $ | 9,000,000 | ||||||||||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
The following table presents the fair value of all swap contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location on the Statement of Assets and Liabilities | ||||||||||||||
| Derivative Instrument | Asset Derivatives | (Liability) Derivatives | ||||||||||||
| Underlying Risk Exposure | Location | Value | Location | Value | ||||||||||
Core Bond | ||||||||||||||
Interest rate | Swaps | — | $ | — | Payable for variation margin on swap contracts* | $ | 136,056 | |||||||
| 190 | Nuveen Investments |
Location on the Statement of Assets and Liabilities | ||||||||||||||
| Derivative Instrument | Asset Derivatives | (Liability) Derivatives | ||||||||||||
| Underlying Risk Exposure | Location | Value | Location | Value | ||||||||||
| Core Plus Bond | ||||||||||||||
Credit | Swaps | — | $ | — | Payable for variation margin on swap contracts* | $ | 185,816 | |||||||
Interest rate | Swaps | — | — | Payable for variation margin on swap contracts* | 463,541 | |||||||||
Interest rate | Swaps | Unrealized appreciation on interest rate swaps** | 2,908,977 | — | — | |||||||||
Global Total Return Bond | ||||||||||||||
Interest rate | Swaps | Unrealized appreciation on interest rate swaps** | $ | 80,435 | — | $ | — | |||||||
High Income Bond | ||||||||||||||
Credit | Swaps | Receivable variation margin on swap contracts* | $ | (346,553 | ) | — | $ | — | ||||||
Interest rate | Swaps | Receivable variation margin on swap contracts* | 98,694 | — | — | |||||||||
Inflation Protected Securities | ||||||||||||||
Interest rate | Swaps | — | $ | — | Payable for variation margin on swap contracts* | $ | 95,121 | |||||||
Short Term Bond | ||||||||||||||
Interest rate | Swaps | — | $ | — | Payable for variation margin on swap contracts* | $ | 272,508 | |||||||
Strategic Income | ||||||||||||||
Credit | Swaps | — | $ | — | Payable for variation margin on swap contracts* | $ | 225,653 | |||||||
Interest rate | Swaps | — | — | Payable for variation margin on swap contracts* | 514,036 | |||||||||
Interest rate | Swaps | Unrealized appreciation on interest rate swaps** | 4,576,286 | — | — | |||||||||
| * | Value represents unrealized appreciation (depreciation) of swaps as reported in the Fund’s Portfolio of Investments and not the cash collateral at brokers, if any, the receivable or payable for variation margin on swap contracts or the premiums paid or received 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 cumulative appreciation (depreciation) presented above. |
The following table presents the swap contacts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts.
| Counterparty | Gross Unrealized Appreciation on Interest Rate Swaps*** | Gross Unrealized (Depreciation) on Interest Rate Swaps*** | Amounts Netted on Statement of Assets and Liabilities | Net Unrealized Appreciation on Interest Rate Swaps | Collateral Pledged to (from) Counterparty | Net Exposure | ||||||||||||||||||||
Core Plus Bond | ||||||||||||||||||||||||||
Interest rate swaps | Deutsche Bank AG | $ | 2,119,045 | $ | — | $ — | $ | 2,119,045 | $ | (1,840,000 | ) | $ | 279,045 | |||||||||||||
Interest rate swaps | JPMorgan | 789,932 | — | — | 789,932 | (405,443 | ) | 384,489 | ||||||||||||||||||
Total | $ | 2,908,977 | $ | — | $ | — | $ | 2,908,977 | $ | (2,245,443 | ) | $ | 663,534 | |||||||||||||
Global Total Return Bond | ||||||||||||||||||||||||||
Interest rate swaps | JPMorgan | $ | 13,166 | $ | — | $ — | $ | 13,166 | $ | — | $ | 13,166 | ||||||||||||||
Interest rate swaps | Morgan Stanley | 67,269 | — | — | 67,269 | — | 67,269 | |||||||||||||||||||
Total | $ | 80,435 | $ | — | $ | — | $ | 80,435 | $ | — | $ | 80,435 | ||||||||||||||
Strategic Income | ||||||||||||||||||||||||||
Interest rate swaps | Deutsche Bank AG | $ | 3,040,369 | $ | — | $ — | $ | 3,040,369 | $ | (2,960,000 | ) | $ | 80,369 | |||||||||||||
Interest rate swaps | JPMorgan | 1,535,917 | — | — | 1,535,917 | (1,147,075 | ) | 388,842 | ||||||||||||||||||
Total | $ | 4,576,286 | $ | — | $ | — | $ | 4,576,286 | $ | (4,107,075 | ) | $ | 469,211 | |||||||||||||
| *** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts during the six months ended December 31, 2013, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
Core Bond | ||||||||||||
| Interest rate | Swaps | $ | — | $ | 136,056 | |||||||
| Nuveen Investments | 191 |
Notes to Financial Statements (Unaudited) (continued)
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
Core Plus Bond | ||||||||||||
| Credit | Swaps | $ | 152,711 | $ | 215,341 | |||||||
| Interest rate | Swaps | (276,657 | ) | 1,233,734 | ||||||||
Total | $ | (123,946 | ) | $ | 1,449,075 | |||||||
Global Total Return Bond | ||||||||||||
| Credit | Swaps | $ | 55,748 | $ 2,096 | ||||||||
| Interest rate | Swaps | (10,944 | ) | 28,892 | ||||||||
Total | $ | 44,804 | $ 30,988 | |||||||||
High Income Bond | ||||||||||||
| Credit | Swaps | $ | (1,149,845 | ) | $ (346,553) | |||||||
| Interest rate | Swaps | (26 | ) | 98,694 | ||||||||
Total | $ | (1,149,871 | ) | $ (247,859) | ||||||||
Inflation Protected Securities | ||||||||||||
| Interest rate | Swaps | $ | — | $ 95,121 | ||||||||
Short Term Bond | ||||||||||||
| Credit | Swaps | $ | 282,176 | $ (155,460) | ||||||||
| Interest rate | Swaps | — | 272,508 | |||||||||
Total | $ | 282,176 | $ 117,048 | |||||||||
Strategic Income | ||||||||||||
| Credit | Swaps | $ | 795,378 | $ 269,617 | ||||||||
| Interest rate | Swaps | (532,074 | ) | 1,899,234 | ||||||||
Total | $ | 263,304 | $ 2,168,851 | |||||||||
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above 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.
| 192 | Nuveen Investments |
4. Fund Shares
Transactions in Fund shares were as follows:
| Core Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 154,980 | $ | 1,562,422 | 217,330 | $ | 2,332,724 | ||||||||||
Class C | 5,826 | 58,239 | 40,645 | 433,048 | ||||||||||||
Class I | 2,352,717 | 23,767,745 | 5,853,897 | 62,031,241 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 35,071 | 353,774 | 86,939 | 922,003 | ||||||||||||
Class C | 590 | 5,920 | 3,703 | 39,074 | ||||||||||||
Class I | 390,991 | 3,930,121 | 1,036,191 | 10,952,468 | ||||||||||||
| 2,940,175 | 29,678,221 | 7,238,705 | 76,710,558 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (355,952 | ) | (3,605,200 | ) | (487,192 | ) | (5,144,756 | ) | ||||||||
Class C | (14,570 | ) | (147,595 | ) | (133,866 | ) | (1,394,725 | ) | ||||||||
Class I | (11,915,109 | ) | (120,354,127 | ) | (17,644,191 | ) | (187,498,348 | ) | ||||||||
| (12,285,631 | ) | (124,106,922 | ) | (18,265,249 | ) | (194,037,829 | ) | |||||||||
| Net increase (decrease) | (9,345,456 | ) | $ | (94,428,701 | ) | (11,026,544 | ) | $ | (117,327,271 | ) | ||||||
| Core Plus Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 203,331 | $ | 2,333,712 | 624,344 | $ | 7,416,972 | ||||||||||
Class B(1) – exchanges | 6 | 67 | 4,775 | 56,542 | ||||||||||||
Class C | 82,212 | 936,514 | 104,871 | 1,239,686 | ||||||||||||
Class R3 | 4,762 | 54,762 | 9,044 | 108,414 | ||||||||||||
Class I | 3,788,635 | 43,197,598 | 6,574,725 | 78,266,976 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 204,185 | 2,327,837 | 252,019 | 2,993,476 | ||||||||||||
Class B(1) | 352 | 3,977 | 2,161 | 25,446 | ||||||||||||
Class C | 9,970 | 112,997 | 9,837 | 116,348 | ||||||||||||
Class R3 | 1,033 | 11,810 | 1,117 | 13,330 | ||||||||||||
Class I | 674,903 | 7,679,471 | 702,473 | 8,336,588 | ||||||||||||
| 4,969,389 | 56,658,745 | 8,285,366 | 98,573,778 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,461,999 | ) | (16,775,699 | ) | (1,066,269 | ) | (12,665,834 | ) | ||||||||
Class B(1) | (53,962 | ) | (617,771 | ) | (41,665 | ) | (491,754 | ) | ||||||||
Class C | (96,424 | ) | (1,097,498 | ) | (143,239 | ) | (1,687,503 | ) | ||||||||
Class R3 | (3,401 | ) | (38,807 | ) | (6,465 | ) | (77,277 | ) | ||||||||
Class I | (10,005,190 | ) | (114,351,048 | ) | (17,584,648 | ) | (208,665,758 | ) | ||||||||
| (11,620,976 | ) | (132,880,823 | ) | (18,842,286 | ) | (223,588,126 | ) | |||||||||
| Net increase (decrease) | (6,651,587 | ) | $ | (76,222,078 | ) | (10,556,920 | ) | $ | (125,014,348 | ) | ||||||
(1) Class B Shares of Core Plus Bond converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
| Nuveen Investments | 193 |
Notes to Financial Statements (Unaudited) (continued)
| Global Total Return Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,495 | $ | 51,484 | 71,096 | $ | 1,561,936 | ||||||||||
Class C | 1,499 | 30,000 | 5,331 | 116,818 | ||||||||||||
Class R3 | — | — | 148 | 3,261 | ||||||||||||
Class I | 129,369 | 2,662,420 | 119,175 | 2,571,327 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,625 | 32,705 | 2,257 | 49,801 | ||||||||||||
Class C | 154 | 3,116 | 71 | 1,558 | ||||||||||||
Class R3 | 5 | 99 | 2 | 32 | ||||||||||||
Class I | 7,049 | 142,199 | 1,966 | 43,308 | ||||||||||||
| 142,196 | 2,922,023 | 200,046 | 4,348,041 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (8,737 | ) | (176,060 | ) | (37,459 | ) | (815,809 | ) | ||||||||
Class C | (497 | ) | (9,976 | ) | (238 | ) | (5,218 | ) | ||||||||
Class R3 | — | — | (220 | ) | (4,841 | ) | ||||||||||
Class I | (35,411 | ) | (737,326 | ) | (21,318 | ) | (469,349 | ) | ||||||||
| (44,645 | ) | (923,362 | ) | (59,235 | ) | (1,295,217 | ) | |||||||||
| Net increase (decrease) | 97,551 | $ | 1,998,661 | 140,811 | $ | 3,052,824 | ||||||||||
| High Income Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 7,465,067 | $ | 67,786,829 | 17,427,158 | $ | 157,967,420 | ||||||||||
Class B – exchanges | 3,821 | 34,723 | 5,697 | 51,078 | ||||||||||||
Class C | 1,453,442 | 13,199,964 | 3,279,004 | 29,712,726 | ||||||||||||
Class R3 | 35,856 | 331,152 | 91,522 | 846,297 | ||||||||||||
Class I | 19,279,135 | 175,893,985 | 19,507,879 | 177,393,855 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 862,478 | 7,807,841 | 986,090 | 8,982,586 | ||||||||||||
Class B | 7,331 | 66,036 | 11,378 | 102,611 | ||||||||||||
Class C | 328,640 | 2,967,846 | 342,032 | 3,104,612 | ||||||||||||
Class R3 | 3,477 | 32,099 | 3,201 | 29,717 | ||||||||||||
Class I | 924,251 | 8,375,119 | 878,551 | 7,995,708 | ||||||||||||
| 30,363,498 | 276,495,594 | 42,532,512 | 386,186,610 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (5,404,974 | ) | (49,126,657 | ) | (13,374,803 | ) | (122,270,181 | ) | ||||||||
Class B | (43,084 | ) | (391,479 | ) | (61,289 | ) | (553,569 | ) | ||||||||
Class C | (1,455,710 | ) | (13,215,937 | ) | (1,750,403 | ) | (15,927,665 | ) | ||||||||
Class R3 | (7,080 | ) | (66,020 | ) | (88,527 | ) | (820,112 | ) | ||||||||
Class I | (11,217,993 | ) | (102,309,234 | ) | (19,153,223 | ) | (175,193,826 | ) | ||||||||
| (18,128,841 | ) | (165,109,327 | ) | (34,428,245 | ) | (314,765,353 | ) | |||||||||
| Net increase (decrease) | 12,234,657 | $ | 111,386,267 | 8,104,267 | $ | 71,421,257 | ||||||||||
| 194 | Nuveen Investments |
| Inflation Protected Securities | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 434,031 | $ | 4,772,646 | 1,694,806 | $ | 20,168,173 | ||||||||||
Class C | 86,605 | 956,454 | 505,614 | 5,961,564 | ||||||||||||
Class R3 | 17,131 | 188,519 | 35,887 | 426,250 | ||||||||||||
Class I | 4,901,694 | 54,494,674 | 11,257,882 | 134,060,558 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 37,748 | 409,363 | 20,396 | 241,583 | ||||||||||||
Class C | 10,744 | 115,599 | 3,468 | 41,080 | ||||||||||||
Class R3 | 1,018 | 10,993 | 200 | 2,341 | ||||||||||||
Class I | 122,685 | 1,338,012 | 41,857 | 496,088 | ||||||||||||
| 5,611,656 | 62,286,260 | 13,560,110 | 161,397,637 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (819,048 | ) | (9,052,109 | ) | (1,372,724 | ) | (15,896,870 | ) | ||||||||
Class C | (311,534 | ) | (3,409,944 | ) | (451,833 | ) | (5,216,427 | ) | ||||||||
Class R3 | (17,634 | ) | (195,053 | ) | (3,829 | ) | (45,626 | ) | ||||||||
Class I | (10,014,089 | ) | (111,056,250 | ) | (7,613,880 | ) | (89,916,846 | ) | ||||||||
| (11,162,305 | ) | (123,713,356 | ) | (9,442,266 | ) | (111,075,769 | ) | |||||||||
| Net increase (decrease) | (5,550,649 | ) | $ | (61,427,096 | ) | 4,117,844 | $ | 50,321,868 | ||||||||
| Intermediate Government Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 206,773 | $ | 1,813,789 | 326,881 | $ | 2,920,690 | ||||||||||
Class C | 13,448 | 118,249 | 35,579 | 321,495 | ||||||||||||
Class R3 | 1,014 | 8,904 | 11,902 | 107,157 | ||||||||||||
Class I | 1,659,211 | 14,559,705 | 939,118 | 8,433,901 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 8,926 | 78,336 | 21,291 | 191,409 | ||||||||||||
Class C | 399 | 3,516 | 1,648 | 14,848 | ||||||||||||
Class R3 | 105 | 916 | 356 | 3,205 | ||||||||||||
Class I | 11,777 | 103,483 | 32,993 | 296,946 | ||||||||||||
| 1,901,653 | 16,686,898 | 1,369,768 | 12,289,651 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (220,080 | ) | (1,931,092 | ) | (503,752 | ) | (4,504,321 | ) | ||||||||
Class C | (46,336 | ) | (408,140 | ) | (72,570 | ) | (648,507 | ) | ||||||||
Class R3 | (5,498 | ) | (48,121 | ) | (16,823 | ) | (150,957 | ) | ||||||||
Class I | (1,202,345 | ) | (10,553,651 | ) | (2,787,511 | ) | (25,089,323 | ) | ||||||||
| (1,474,259 | ) | (12,941,004 | ) | (3,380,656 | ) | (30,393,108 | ) | |||||||||
| Net increase (decrease) | 427,394 | $ | 3,745,894 | (2,010,888 | ) | $ | (18,103,457 | ) | ||||||||
| Nuveen Investments | 195 |
Notes to Financial Statements (Unaudited) (continued)
| Short Term Bond | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 5,894,561 | $ | 59,003,961 | 14,195,305 | $ | 142,174,437 | ||||||||||
Class C | 1,673,097 | 16,778,066 | 2,079,885 | 20,930,839 | ||||||||||||
Class R3 | 31,477 | 315,084 | 13,656 | 137,378 | ||||||||||||
Class I | 17,042,842 | 170,627,655 | 31,219,896 | 313,844,532 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 96,455 | 965,833 | 201,415 | 2,023,083 | ||||||||||||
Class C | 18,434 | 185,066 | 40,267 | 405,400 | ||||||||||||
Class R3 | 8 | 80 | 13 | 136 | ||||||||||||
Class I | 154,005 | 1,542,658 | 355,173 | 3,568,566 | ||||||||||||
| 24,910,879 | 249,418,403 | 48,105,610 | 483,084,371 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (6,923,487 | ) | (69,218,840 | ) | (11,589,330 | ) | (116,121,452 | ) | ||||||||
Class C | (1,425,618 | ) | (14,313,448 | ) | (1,924,753 | ) | (19,386,530 | ) | ||||||||
Class R3 | (2,402 | ) | (24,094 | ) | (6,735 | ) | (67,871 | ) | ||||||||
Class I | (11,731,824 | ) | (117,442,906 | ) | (32,412,484 | ) | (325,666,937 | ) | ||||||||
| (20,083,331 | ) | (200,999,288 | ) | (45,933,302 | ) | (461,242,790 | ) | |||||||||
| Net increase (decrease) | 4,827,548 | $ | 48,419,115 | 2,172,308 | $ | 21,841,581 | ||||||||||
| Strategic Income | ||||||||||||||||
| Six Months Ended 12/31/13 | Year Ended 6/30/13 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,010,950 | $ | 22,257,986 | 3,848,762 | $ | 43,710,826 | ||||||||||
Class B – exchanges | 5,097 | 56,063 | 15,433 | 174,717 | ||||||||||||
Class C | 624,237 | 6,885,606 | 956,179 | 10,853,256 | ||||||||||||
Class R3 | 136,549 | 1,520,466 | 151,296 | 1,733,433 | ||||||||||||
Class I | �� | 7,225,970 | 80,086,951 | 9,103,062 | 103,952,219 | |||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 143,416 | 1,589,904 | 207,145 | 2,356,102 | ||||||||||||
Class B | 2,278 | 25,116 | 5,430 | 61,397 | ||||||||||||
Class C | 50,069 | 551,565 | 83,134 | 939,722 | ||||||||||||
Class R3 | 6,351 | 70,668 | 8,750 | 99,942 | ||||||||||||
Class I | 307,073 | 3,403,239 | 539,446 | 6,134,175 | ||||||||||||
| 10,511,990 | 116,447,564 | 14,918,637 | 170,015,789 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,515,731 | ) | (16,784,219 | ) | (2,364,331 | ) | (26,682,577 | ) | ||||||||
Class B | (37,344 | ) | (411,380 | ) | (84,405 | ) | (954,620 | ) | ||||||||
Class C | (625,080 | ) | (6,868,353 | ) | (715,688 | ) | (8,066,326 | ) | ||||||||
Class R3 | (55,752 | ) | (620,460 | ) | (70,285 | ) | (797,920 | ) | ||||||||
Class I | (8,057,813 | ) | (89,150,030 | ) | (12,041,978 | ) | (136,432,499 | ) | ||||||||
| (10,291,720 | ) | (113,834,442 | ) | (15,276,687 | ) | (172,933,942 | ) | |||||||||
| Net increase (decrease) | 220,270 | $ | 2,613,122 | (358,050 | ) | $ | (2,918,153 | ) | ||||||||
Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended December 31, 2013 and fiscal year ended June 30, 2013 were as follows:
| Fund | Six Months Ended 12/31/13 | Year Ended 6/30/13 | ||||||
| Core Plus Bond | 47,610 | 10,994 | ||||||
| High Income Bond | 488 | 8,431 | ||||||
| Strategic Income | 661 | 7,581 | ||||||
| 196 | Nuveen Investments |
5. Investment Transactions
Purchases and sales (including maturities but excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended December 31, 2013, were as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Purchases: | ||||||||||||||||
Investment securities | $ | 71,430,072 | $ | 78,774,535 | $ | 7,010,725 | $ | 398,179,788 | ||||||||
U.S. Government and agency obligations | 29,171,691 | 55,827,929 | 6,223,946 | — | ||||||||||||
| Sales and maturities: | ||||||||||||||||
Investment securities | $ | 115,487,210 | $ | 116,309,578 | $ | 4,701,572 | $ | 331,926,280 | ||||||||
U.S. Government and agency obligations | 55,386,446 | 97,015,000 | 6,785,928 | — | ||||||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Purchases: | ||||||||||||||||
Investment securities | $ | 7,316,863 | $ | 1,727,169 | $ | 206,070,288 | $ | 156,597,984 | ||||||||
U.S. Government and agency obligations | 53,564,669 | 11,681,410 | 9,599,414 | 372,960 | ||||||||||||
| Sales and maturities: | ||||||||||||||||
Investment securities | $ | 9,145,660 | $ | 1,646,099 | $ | 107,090,014 | $ | 143,776,089 | ||||||||
U.S. Government and agency obligations | 117,812,476 | 7,537,709 | 55,093,157 | 6,377,327 | ||||||||||||
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of December 31, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
Core | Core Plus | Global | High Income Bond | |||||||||||||
| Cost of investments | $ | 471,336,692 | $ | 638,617,761 | $ | 19,627,316 | $ | 924,916,017 | ||||||||
| Gross unrealized: | ||||||||||||||||
Appreciation | 10,032,670 | 26,755,134 | 453,941 | 26,289,498 | ||||||||||||
Depreciation | (9,009,032 | ) | (14,391,233 | ) | (919,667 | ) | (16,050,237 | ) | ||||||||
| Net unrealized appreciation (depreciation) of investments | $ | 1,023,638 | $ | 12,363,901 | $ | (465,726 | ) | $ | 10,239,261 | |||||||
Inflation | Intermediate | Short Term | Strategic | |||||||||||||
| Cost of investments | $ | 440,612,406 | $ | 72,480,376 | $ | 1,005,904,740 | $ | 697,119,244 | ||||||||
| Gross unrealized: | ||||||||||||||||
Appreciation | 4,338,823 | 1,549,257 | 12,413,647 | 23,779,480 | ||||||||||||
Depreciation | (11,655,158 | ) | (734,267 | ) | (4,701,582 | ) | (20,259,135 | ) | ||||||||
| Net unrealized appreciation (depreciation) of investments | $ | (7,316,335 | ) | $ | 814,990 | $ | 7,712,065 | $ | 3,520,345 | |||||||
| Nuveen Investments | 197 |
Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to federal taxes paid, treatment of notional principal contracts, paydown adjustments, nondeductible reorganization expenses, expiration of capital loss carryforwards, distribution reclassifications, adjustments for investments in real estate investment trusts, investments in partnerships, tax basis earnings and profit adjustments and foreign currency reclassifications resulted in reclassifications among the Funds’ components of net assets as of June 30, 2013, the Funds’ last tax year end, as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Capital paid-in | $ | (19 | ) | $ | (18 | ) | $ | (32,827 | ) | $ | 182,858 | |||||
| Undistributed (Over-distribution of) net investment income | 728,231 | (612,822 | ) | 198,781 | 39,031 | |||||||||||
| Accumulated net realized gain (loss) | (728,212 | ) | 612,840 | (165,954 | ) | (221,889 | ) | |||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Capital paid-in | $ | (10 | ) | $ | (40,380 | ) | $ | (137,442 | ) | $ | (32,476 | ) | ||||
| Undistributed (Over-distribution of) net investment income | | (10,776 | ) | 73,792 | (705,285 | ) | 5,332,297 | |||||||||
| Accumulated net realized gain (loss) | 10,786 | (33,412 | ) | 842,727 | (5,299,821 | ) | ||||||||||
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2013, the Funds’ last tax year end, were as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Undistributed net ordinary income1 | $ | — | $ | 2,128,428 | $ | 827,480 | $ | 12,400,371 | ||||||||
| Undistributed net long-term capital gains | 5,763,177 | 8,014,634 | 109,476 | 6,950,772 | ||||||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Undistributed net ordinary income1 | $ | — | $ | — | $ | 194,572 | $ | 15,392,171 | ||||||||
| Undistributed net long-term capital gains | 5,864,404 | — | — | — | ||||||||||||
| 1 | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2013 through June 30, 2013 and paid on July 1, 2013. 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, 2013, was designated for purposes of the dividends paid deduction as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Distributions from net ordinary income2 | $ | 13,784,566 | $ | 28,553,783 | $ | 944,239 | $ | 54,643,445 | ||||||||
| Distributions from net long-term capital gains | 16,155,610 | 2,993,924 | 50,774 | — | ||||||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Distributions from net ordinary income2 | $ | 4,715,830 | $ | 1,553,066 | $ | 20,153,340 | $ | 28,538,703 | ||||||||
| Distributions from net long-term capital gains | 279,031 | — | — | — | ||||||||||||
| 2 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
As of June 30, 2013, 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 shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term:
| 198 | Nuveen Investments |
| Intermediate Government Bond3 | Short Term Bond | Strategic Income | ||||||||||
| Expiration: | ||||||||||||
June 30, 2014 | $ | 873,239 | $ | 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 | 5,090,497 | |||||||||
June 30, 2018 | — | 4,103,631 | 37,557,087 | |||||||||
| Not subject to expiration: | ||||||||||||
Short-term losses | — | 2,185,045 | — | |||||||||
Long-term losses | — | — | — | |||||||||
| Total | $ | 7,022,867 | $ | 22,344,739 | $ | 42,647,584 | ||||||
| 3 | A portion of Intermediate Governments Bond’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds’ last tax year ended June 30, 2013, the following Funds utilized their capital loss carryforwards as follows:
| Core Plus Bond | High Income Bond | Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||||||||
| Utilized capital loss carryforwards | $ | 558,658 | $ | 8,351,905 | $ | 2,034,554 | $ | 512,018 | $ | 3,868,978 | $ | 16,793,614 | ||||||||||||
As of June 30, 2013, the Funds’ last tax year end, $54,933 of Short Term Bond’s capital loss carryforward expired.
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
| Global Total Return Bond | Intermediate Government Bond | |||||||
| Post-October capital losses4 | $ | — | $ | 250,673 | ||||
| Late-year ordinary losses5 | 123,201 | — | ||||||
| 4 | Capital losses incurred from November 1, 2012 through June 30, 2013, the Funds’ last tax year end. |
| 5 | Ordinary losses incurred from January 1, 2013 through June 30, 2013, and specified losses incurred from November 1, 2012 through June 30, 2013. |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| Average Daily Net Assets | Core Bond Fund-Level Fee Rate | Core Plus Bond Fund-Level Fee Rate | Global Total Return 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 | Short Term Bond Fund-Level Fee Rate | Strategic Income Fund-Level Fee Rate | ||||||||||||||||||||||||
| For the first $125 million | .2700 | % | .2800 | % | .4000 | % | .4000 | % | .2500 | % | .2700 | % | .2200 | % | .3600 | % | ||||||||||||||||
| For the next $125 million | .2575 | .2675 | .3875 | .3875 | .2375 | .2575 | .2075 | .3475 | ||||||||||||||||||||||||
| For the next $250 million | .2450 | .2550 | .3750 | .3750 | .2250 | .2450 | .1950 | .3350 | ||||||||||||||||||||||||
| For the next $500 million | .2325 | .2425 | .3625 | .3625 | .2125 | .2325 | .1825 | .3225 | ||||||||||||||||||||||||
| For the next $1 billion | .2200 | .2300 | .3500 | .3500 | .2000 | .2200 | .1700 | .3100 | ||||||||||||||||||||||||
| For net assets over $2 billion | .1950 | .2050 | .3250 | .3250 | .1750 | .1950 | .1450 | .2850 | ||||||||||||||||||||||||
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 (except for Global Total Return Bond) 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:
| Nuveen Investments | 199 |
Notes to Financial Statements (Unaudited) (continued)
| 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 certain types of leverage. For these purposes, 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, 2013, the complex-level fee rate for each Fund was as follows: |
| Fund | Complex-Level Fee Rate | |||
| Core Bond | .2000 | % | ||
| Core Plus Bond | .2000 | |||
| Global Total Return Bond | .1686 | |||
| High Income Bond | .1854 | |||
| Inflation Protected Securities | .1869 | |||
| Intermediate Government Bond | .2000 | |||
| Short Term Bond | .1924 | |||
| Strategic Income | .1982 | |||
The Adviser has contractually agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses, (excluding acquired fund fees and expenses) for the following Funds do not exceed the percentages of 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 Bond | Core Plus Bond | High Income Bond | ||||||||||
| Class A | .78% | .77% | .99% | |||||||||
| Class B | N/A | N/A | 1.74 | |||||||||
| Class C | 1.53 | 1.52 | 1.74 | |||||||||
| Class R3 | N/A | 1.02 | 1.24 | |||||||||
| Class I | .53 | .52 | .74 | |||||||||
| Expiration Date | October 31, 2014 | October 31, 2014 | October 31, 2013 | |||||||||
Inflation Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Class A | .85% | .85% | .72% | .84% | ||||||||||||
| Class B | N/A | N/A | N/A | 1.59 | ||||||||||||
| Class C | 1.60 | 1.60 | 1.47 | 1.59 | ||||||||||||
| Class R3 | 1.10 | 1.10 | .97 | 1.09 | ||||||||||||
| Class I | .60 | .60 | .47 | .59 | ||||||||||||
| Expiration Date | October 31, 2014 | October 31, 2014 | October 31, 2014 | October 31, 2014 | ||||||||||||
N/A – Core Bond does not offer Class B Shares or Class R3 Shares. Core Plus Bond, Inflation Protected Securities, Intermediate Government Bond and Short Term Bond do not offer Class B Shares.
The Adviser has agreed to waive fees and/or reimburse expenses through October 31, 2014, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) for Global Total Return Bond do not exceed .75% of the average daily net assets of any class of Fund shares.
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.
Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enable directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are
| 200 | Nuveen Investments |
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.
During the six months ended December 31, 2013, 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 Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Sales charges collected | $ | 1,825 | $ | 7,879 | $ | 1,649 | $ | 227,794 | ||||||||
| Paid to financial intermediaries | 1,522 | 7,126 | 1,450 | 202,972 | ||||||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Sales charges collected | $ | 5,991 | $ | 2,841 | $ | 84,231 | $ | 87,767 | ||||||||
| Paid to financial intermediaries | 5,246 | 2,309 | 80,727 | 79,523 | ||||||||||||
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, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| Commission advances | $ | 558 | $ | 9,977 | $ | 50 | $ | 89,920 | ||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| Commission advances | $ | 6,472 | $ | 43 | $ | 97,414 | $ | 60,093 | ||||||||
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended December 31, 2013, the Distributor retained such 12b-1 fees as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| 12b-1 fees retained | $ | 679 | $ | 2,559 | $ | 554 | $ | 110,525 | ||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| 12b-1 fees retained | $ | 17,768 | $ | 336 | $ | 37,206 | $ | 44,935 | ||||||||
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, 2013, as follows:
| Core Bond | Core Plus Bond | Global Total Return Bond | High Income Bond | |||||||||||||
| CDSC retained | $ | — | $ | 122 | $ | — | $ | 17,287 | ||||||||
| Inflation Protected Securities | Intermediate Government Bond | Short Term Bond | Strategic Income | |||||||||||||
| CDSC retained | $ | 4,662 | $ | 98 | $ | 28,853 | $ | 24,665 | ||||||||
As of December 31, 2013, Nuveen owned 2,280, 2,280 and 676,175 of Global Total Return Bond’s Classes C, R3 and I respectively.
| Nuveen Investments | 201 |
| ||||||||||||||
Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
| ||||||||||||||
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
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. | ||||||||||||||
| 202 | Nuveen Investments |
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 Global Aggregate Unhedged Bond Index: An index that provides a broad-based measure of the global investment-grade fixed-rate debt markets. 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 Pan-European High-Yield Index: An unmanaged index that measures the market of non-investment grade, fixed-rate corporate bonds denominated in the following currencies: euro, Pounds sterling, Norwegian krone, Swedish krona, and Swiss franc. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Inclusion is based on the currency of issue, and not the domicile of the issuer. The index excludes emerging market debt. 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.
| Nuveen Investments | 203 |
Glossary of Terms Used in this Report (continued)
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: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Lipper Core Bond Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Core Bond Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Core Bond Plus Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Core Bond Plus Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Global Income Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Income 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 High Current Yield Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper High Current 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 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.
Lipper Intermediate U.S. Government Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Intermediate U.S. Government 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 Funds 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.
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) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
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Residential Mortgage-Backed Securities (RMBS): Residential mortgage-backed securities are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate. RMBS consist of agency and non-agency RMBS. Agency RMBS have agency guarantees that assure investors that they will receive timely payment of interest and principal, regardless of delinquency or default rates on the underlying loans. Agency RMBS include securities issued by the Government National Mortgage Association, the
Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and other federal agencies, or issues guaranteed by them. Non-agency RMBS do not have agency guarantees. Non-agency RMBS have credit enhancement built into the structure to shield investors from borrower delinquencies. The spectrum of non-agency residential mortgage loans includes traditional jumbo loans (prime), alternative-A loans (Alt-A), and home equity loans (sub-prime).
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
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Notes
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Notes
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| Serving Investors for Generations | ||||||||||||||
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| 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. | ||||||||||||||
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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 $215 billion as of September 30, 2013. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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| Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | ||||||||||||||
MSA-FINC-1213D
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 6, 2014
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 6, 2014
| By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: March 6, 2014