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)
Mark J. Czarniecki
Vice President and Secretary
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, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Mutual Funds
31 December
2021
Nuveen Income Funds
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |||||
Nuveen Credit Income Fund | FJSIX | FCSIX | FANSX | — | FJSYX | |||||
Nuveen Strategic Income Fund | FCDDX | FCBCX | FABSX | FSFRX | FCBYX |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
Semiannual Report
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It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
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If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
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3
Chair’s Letter to Shareholders
Dear Shareholders,
We have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies.
As crisis-related monetary and fiscal supports are phasing out, global economic growth is expected to moderate from post-pandemic peak growth toward a more sustainable pace of expansion. In the U.S., the rapid rebound in the economy has pushed consumer prices higher, and ongoing supply chain disruptions have kept the inflation rate elevated for longer than expected. With the economy and employment on strong footing, the Federal Reserve is ending its pandemic bond buying program and will begin raising short-term interest rates in 2022 to help keep inflation in check. The Fed now faces the challenge of counteracting inflation pressures without stifling economic growth, which the markets will be watching closely. On the fiscal side, government spending will be lower from here, but the U.S. will begin funding projects with the $1.2 trillion Infrastructure Investment and Jobs Act enacted on November 15, 2021, and Europe, Japan and China are also expected to roll out fiscal support in 2022.
Inflation levels, the timing of monetary policy normalization and the global economy’s response to tighter financial conditions will be a key focus in the markets. We anticipate periodic volatility as markets digest incoming data on these impacts, as well as COVID-19 headlines, as there is still uncertainty about the course of the pandemic. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
To learn more about how your portfolio can take advantage of new opportunities arising from the normalizing global economy, we encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
February 22, 2022
4
For Shareholders of
Nuveen Credit Income Fund
Nuveen Strategic Income Fund
Portfolio Manager Commentaries in Semiannual Reports
Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentaries only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Funds’ June 30, 2021 annual shareholder report.
For current information on the Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
5
and Dividend Information
Risk Considerations
Nuveen Credit Income Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. The Fund’s income could decline during periods of falling interest rates. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. This Fund is subject to the risks of investing in loans, including senior loans and secured and unsecured junior loans. Unsecured loans are not backed by a security interest in collateral and involve a higher degree of risk than secured loans. Loans are also subject to settlement risk due to the lack of established settlement standards or remedies for failure to settle, and may have limited restrictive covenants on borrowers, which may weaken the Fund’s ability to access collateral securing the loan and enforce its rights as a lender. The Fund may also invest in a pool of loans through collateralized loan obligations (CLOs). In addition to the risks associated with loans and high yield securities, CLOs are subject to the risk that distributions from the collateral may not be adequate to make interest or other payments owed to the Fund. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments. Preferred securities are subordinate to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Certain types of preferred, hybrid or debt securities with special loss absorption provisions, such as contingent capital securities (CoCos), may be or become so subordinated that they present risks equivalent to, or in some cases even greater than, the same company’s common stock. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as call, derivatives, illiquid investments, interest rate, market, and valuation risks, are described in detail in the Fund’s prospectus.
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. 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 subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each 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 income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
6
and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.
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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund’s most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
7
Fund Performance and Expense Ratios (continued)
Nuveen Credit Income Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
Total Returns as of December 31, 2021* | ||||||||||||||||||||||||||||
Inception Date | Cumulative | Average Annual | Expense Ratios** | |||||||||||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | |||||||||||||||||||||||
Class A Shares at NAV | 8/30/01 | 0.84% | 4.64% | 4.73% | 5.57% | 1.13% | 1.01% | |||||||||||||||||||||
Class A Shares at maximum Offering Price | 8/30/01 | (3.94)% | (0.27)% | 3.71% | 5.05% | — | — | |||||||||||||||||||||
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index 1 | — | 1.59% | 5.26% | 6.28% | 6.82% | — | — | |||||||||||||||||||||
Lipper Global High Yield Funds Classification Average | — | 0.27% | 3.84% | 4.93% | 5.62% | — | — | |||||||||||||||||||||
Class C Shares | 8/30/01 | 0.48% | 3.88% | 3.94% | 4.95% | 1.88% | 1.76% | |||||||||||||||||||||
Class I Shares | 8/30/01 | 0.83% | 4.74% | 4.94% | 5.83% | 0.88% | 0.76% |
* | 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) of 1%, 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 total returns. Class C Shares automatically convert to Class A Shares eight years after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
** | The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2023 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 0.75% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund. |
1 | For purposes of Fund performance, relative results are measured against this benchmark/index. |
8
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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
Total Returns as of December 31, 2021* | ||||||||||||||||||||||||||||
Inception Date | Cumulative | Average Annual | Expense Ratios** | |||||||||||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | |||||||||||||||||||||||
Class A Shares at NAV | 2/01/00 | 0.14% | 1.25% | 4.66% | 4.79% | 0.95% | 0.84% | |||||||||||||||||||||
Class A Shares at maximum Offering Price | 2/01/00 | (4.13)% | (3.05)% | 3.75% | 4.33% | — | — | |||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index1 | — | 0.06% | (1.54)% | 3.57% | 2.90% | — | — | |||||||||||||||||||||
Lipper Multi-Sector Income Funds Classification Average | — | 0.26% | 1.92% | 4.26% | 4.41% | — | — | |||||||||||||||||||||
Class C Shares | 2/01/00 | (0.24)% | 0.50% | 3.87% | 4.18% | 1.70% | 1.59% | |||||||||||||||||||||
Class I Shares | 2/01/00 | 0.28% | 1.43% | 4.92% | 5.05% | 0.70% | 0.59% |
Total Returns as of December 31, 2021* | ||||||||||||||||||||||||||||
Inception Date | Cumulative | Average Annual | Expense Ratios** | |||||||||||||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | Gross | Net | |||||||||||||||||||||||
Class R6 Shares | 1/20/15 | 0.33% | 1.53% | 5.01% | 4.23% | 0.62% | 0.51% |
* | 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) of 1%, 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 total returns. Class C Shares automatically convert to Class A Shares eight years after purchase. Returns for periods longer than eight years for Class C Shares reflect the performance of Class A Shares after the deemed eight-year conversion to Class A Shares within such periods. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. |
** | The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2023 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 0.59% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, total annual operating expenses for the Class R6 shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund. |
1 | For purposes of Fund performance, relative results are measured against this benchmark/index. |
9
Yields as of December 31, 2021
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. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. If the fund did not receive a fee waiver/expense reimbursement during the period under its most recent agreement, subsidized and unsubsidized yields will be equal. Refer to the Notes to Financial Statements, Note 7 – Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is eaming and it may not include the effect of amortization of bond premium or discounts.
Nuveen Credit Income Fund
Class A1 | Class C | Class I | ||||||||||
Dividend Yield | 4.21% | 3.69% | 4.66% | |||||||||
SEC 30-Day Yield-Subsidized | 4.30% | 3.77% | 4.70% | |||||||||
SEC 30-Day Yield-Unsubsidized | 4.15% | 3.61% | 4.41% |
Nuveen Strategic Income Fund
Class A1 | Class C | Class R6 | Class I | |||||||||||||
Dividend Yield | 2.90% | 2.28% | 3.40% | 3.30% | ||||||||||||
SEC 30-Day Yield-Subsidized | 2.90% | 2.29% | 3.37% | 3.28% | ||||||||||||
SEC 30-Day Yield-Unsubsidized | 2.94% | 2.20% | 3.29% | 3.20% |
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. |
10
Summaries as of December 31, 2021
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Holdings designated N/R are not rated by these national rating agencies.
Nuveen Credit Income Fund
Fund Allocation
(% of net assets)
Corporate Bonds | 44.9% | |||
Asset-Backed and Mortgage- Backed Securities | 21.1% | |||
Variable Rate Senior Loan Interests | 10.6% | |||
Sovereign Debt | 2.8% | |||
Contingent Capital Securities | 2.5% | |||
$1,000 Par (or similar) Institutional Preferred | 1.2% | |||
$25 Par (or similar) Retail Preferred | 0.4% | |||
Common Stocks | 0.0% | |||
Investments Purchased with Collateral from Securities Lending | 2.5% | |||
Repurchase Agreements | 14.0% | |||
Other Assets Less Liabilities | 0.0% | |||
Net Assets | 100% |
Corporate Bonds: Industries
(% of total corporate bonds)
Oil, Gas & Consumable Fuels | 15.6% | |||
Chemicals | 7.3% | |||
Commercial Services & Supplies | 5.9% | |||
Insurance | 5.2% | |||
Health Care Providers & Services | 5.2% | |||
Specialty Retail | 4.6% | |||
Electric Utilities | 4.3% | |||
Media | 3.8% | |||
IT Services | 3.4% | |||
Real Estate Management & Development | 3.3% | |||
Airlines | 3.2% | |||
Diversified Telecommunication Services | 3.2% | |||
Auto Components | 3.0% | |||
Metals & Mining | 2.8% | |||
Diversified Financial Services | 2.1% | |||
Banks | 2.0% | |||
Software | 1.8% | |||
Energy Equipment & Services | 1.8% | |||
Industrial Conglomerates | 1.7% | |||
Other1 | 19.8% | |||
Total | 100% |
Portfolio Credit Quality
(% of total long-term fixed-income investments)
A | 1.3% | |||
BBB | 5.6% | |||
BB or Lower | 77.5% | |||
N/R (not rated) | 15.6% | |||
Total | 100% |
1 | See Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
11
Holding Summaries (continued)
Nuveen Strategic Income Fund
Fund Allocation
(% of net assets)
Corporate Bonds | 38.2% | |||
Asset-Backed and Mortgage- Backed Securities | 31.4% | |||
$1,000 Par (or similar) Institutional Preferred | 7.8% | |||
Sovereign Debt | 7.6% | |||
Variable Rate Senior Loan Interests | 6.3% | |||
Contingent Capital Securities | 6.2% | |||
$25 Par (or similar) Retail Preferred | 0.6% | |||
Investments Purchased with Collateral from Securities Lending | 1.5% | |||
Repurchase Agreements | 1.8% | |||
Other Assets Less Liabilities | (1.4)% | |||
Net Assets | 100% |
Corporate Bonds: Industries
(% of total corporate bonds)
Oil, Gas & Consumable Fuels | 16.1% | |||
Banks | 15.5% | |||
Electric Utilities | 4.7% | |||
Equity Real Estate Investment Trust | 3.7% | |||
Chemicals | 3.7% | |||
Communications Equipment | 3.2% | |||
Capital Markets | 3.2% | |||
Diversified Telecommunication Services | 3.0% | |||
Diversified Financial Services | 2.6% | |||
Hotels, Restaurants & Leisure | 2.6% | |||
Beverages | 2.6% | |||
Media | 2.5% | |||
Specialty Retail | 2.4% | |||
Aerospace & Defense | 2.3% | |||
IT Services | 2.1% | |||
Independent Power & Renewable Electricity Producers | 2.1% | |||
Wireless Telecommunication Services | 2.1% | |||
Commercial Services & Supplies | 2.0% | |||
Insurance | 1.8% | |||
Airlines | 1.7% | |||
Food Products | 1.6% | |||
Other1 | 18.5% | |||
Total | 100% |
Portfolio Credit Quality
(% of total long-term fixed-income investments)
AAA | 3.8% | |||
AA | 3.7% | |||
A | 11.2% | |||
BBB | 38.6% | |||
BB or Lower | 34.9% | |||
N/R (not rated) | 7.8% | |||
Total | 100% |
1 | See Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
12
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2021.
The beginning of the period for the funds is July 1, 2021.
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 each 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 following tables 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 Credit Income Fund
Share Class | ||||||||||||
A Shares | C Shares | I Shares | ||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 1,008.45 | $ | 1,004.77 | $ | 1,008.29 | ||||||
Expenses Incurred During the Period | $ | 5.06 | $ | 8.84 | $ | 3.80 | ||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 1,020.16 | $ | 1,016.38 | $ | 1,021.42 | ||||||
Expenses Incurred During the Period | $ | 5.09 | $ | 8.89 | $ | 3.82 |
For each class of the Fund, expenses are equal to the Fund��s annualized net expense ratio of 1.00%, 1. 75% and 0.75% 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).
13
Expense Examples (continued)
Nuveen Strategic Income Fund
Share Class | ||||||||||||||||
A Shares | C Shares | R6 Shares | I Shares | |||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,001.41 | $ | 997.65 | $ | 1,003.27 | $ | 1,002.75 | ||||||||
Expenses Incurred During the Period | $ | 4.19 | $ | 7.96 | $ | 2.47 | $ | 2.93 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.02 | $ | 1,017.24 | $ | 1,022.74 | $ | 1,022.28 | ||||||||
Expenses Incurred During the Period | $ | 4.23 | $ | 8.03 | $ | 2.50 | $ | 2.96 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.83%, 1.58%, 0.49% and 0.58% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
14
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
LONG-TERM INVESTMENTS – 83.5% | ||||||||||||||||||||||||
CORPORATE BONDS – 44.9% | ||||||||||||||||||||||||
Airlines – 1.4% | ||||||||||||||||||||||||
$ | 874 | Air Canada 2020-2 Class A Pass Through Trust, 144A | 5.250% | 4/01/29 | A | $ | 951,443 | |||||||||||||||||
823 | Air Canada 2020-2 Class B Pass Through Trust, 144A | 9.000% | 10/01/25 | BBB– | 913,179 | |||||||||||||||||||
1,697 | Total Airlines | 1,864,622 | ||||||||||||||||||||||
Auto Components – 1.4% | ||||||||||||||||||||||||
515 | Dornoch Debt Merger Sub Inc, 144A | 6.625% | 10/15/29 | Caa1 | 508,563 | |||||||||||||||||||
500 | Goodyear Tire & Rubber Co, 144A | 5.250% | 7/15/31 | BB– | 542,852 | |||||||||||||||||||
715 | Nemak SAB de CV, 144A | 3.625% | 6/28/31 | BBB– | 697,125 | |||||||||||||||||||
1,730 | Total Auto Components | 1,748,540 | ||||||||||||||||||||||
Banks – 0.9% | ||||||||||||||||||||||||
450 | Access Bank PLC, 144A | 6.125% | 9/21/26 | B2 | 447,750 | |||||||||||||||||||
750 | Akbank TAS, 144A, (3) | 5.125% | 3/31/25 | B+ | 694,068 | |||||||||||||||||||
1,200 | Total Banks | 1,141,818 | ||||||||||||||||||||||
Beverages – 0.4% | ||||||||||||||||||||||||
500 | Primo Water Holdings Inc, 144A | 4.375% | 4/30/29 | B1 | 495,000 | |||||||||||||||||||
Biotechnology – 0.4% | ||||||||||||||||||||||||
500 | Emergent BioSolutions Inc, 144A, (3) | 3.875% | 8/15/28 | BB– | 479,885 | |||||||||||||||||||
Building Products – 0.3% | ||||||||||||||||||||||||
315 | SRS Distribution Inc, 144A | 6.000% | 12/01/29 | CCC | 316,575 | |||||||||||||||||||
Capital Markets – 0.6% | ||||||||||||||||||||||||
750 | B3 SA – Brasil Bolsa Balcao, 144A | 4.125% | 9/20/31 | Ba1 | 722,820 | |||||||||||||||||||
Chemicals – 3.3% | ||||||||||||||||||||||||
775 | Consolidated Energy Finance SA, 144A | 5.625% | 10/15/28 | B+ | 757,562 | |||||||||||||||||||
500 | EverArc Escrow Sarl, 144A | 0.000% | 10/30/29 | B+ | 500,370 | |||||||||||||||||||
400 | Olympus Water US Holding Corp, 144A | 4.250% | 10/01/28 | B2 | 397,752 | |||||||||||||||||||
391 | Rayonier AM Products Inc, 144A | 7.625% | 1/15/26 | B+ | 414,460 | |||||||||||||||||||
425 | Sasol Financing USA LLC | 4.375% | 9/18/26 | BB | 427,656 | |||||||||||||||||||
566 | Star Energy Geothermal Wayang Windu Ltd, 144A | 6.750% | 4/24/33 | Ba3 | 619,904 | |||||||||||||||||||
340 | Tronox Inc, 144A | 4.625% | 3/15/29 | B | 339,575 | |||||||||||||||||||
350 | Unifrax Escrow Issuer Corp, 144A | 5.250% | 9/30/28 | BB | 353,763 | |||||||||||||||||||
450 | WR Grace Holdings LLC, 144A | 5.625% | 8/15/29 | B+ | 460,688 | |||||||||||||||||||
4,197 | Total Chemicals | 4,271,730 |
15
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
Commercial Services & Supplies – 2.6% | ||||||||||||||||||||||||
$ | 750 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 144A | 4.625% | 6/01/28 | B | $ | 749,535 | |||||||||||||||||
375 | Covert Mergeco Inc, 144A | 4.875% | 12/01/29 | B1 | 380,625 | |||||||||||||||||||
500 | Garda World Security Corp, 144A | 4.625% | 2/15/27 | BB+ | 497,500 | |||||||||||||||||||
400 | GFL Environmental Inc, 144A | 4.750% | 6/15/29 | B– | 403,500 | |||||||||||||||||||
400 | LABL Inc, 144A | 5.875% | 11/01/28 | B2 | 412,250 | |||||||||||||||||||
465 | LABL Inc, 144A | 8.250% | 11/01/29 | CCC+ | 467,581 | |||||||||||||||||||
500 | Pitney Bowes Inc, 144A, (3) | 7.250% | 3/15/29 | BB | 513,750 | |||||||||||||||||||
3,390 | Total Commercial Services & Supplies | 3,424,741 | ||||||||||||||||||||||
Communications Equipment – 0.2% | ||||||||||||||||||||||||
315 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | 311,837 | |||||||||||||||||||
Consumer Finance – 0.4% | ||||||||||||||||||||||||
535 | Navient Corp | 5.500% | 3/15/29 | Ba3 | 533,663 | |||||||||||||||||||
Diversified Financial Services – 0.9% | ||||||||||||||||||||||||
250 | Putnam RE PTE Ltd, 144A, (1-Month U.S. Treasury Bill reference rate + 5.500% spread), (4) | 5.528% | 6/07/24 | N/R | 255,175 | |||||||||||||||||||
250 | Sanders Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 5.500% spread), (4) | 5.528% | 4/07/22 | N/R | 200,000 | |||||||||||||||||||
750 | Ursa Re II Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 6.250% spread), (4) | 6.278% | 12/07/23 | N/R | 766,800 | |||||||||||||||||||
1,250 | Total Diversified Financial Services | 1,221,975 | ||||||||||||||||||||||
Diversified Telecommunication Services – 1.4% | ||||||||||||||||||||||||
500 | Frontier Communications Holdings LLC, 144A | 6.000% | 1/15/30 | BB– | 502,500 | |||||||||||||||||||
385 | Iliad Holding SASU, 144A | 6.500% | 10/15/26 | BB– | 404,531 | |||||||||||||||||||
455 | Iliad Holding SASU, 144A | 7.000% | 10/15/28 | BB– | 478,464 | |||||||||||||||||||
465 | Vmed O2 UK Financing I PLC, 144A | 4.750% | 7/15/31 | BB+ | 470,813 | |||||||||||||||||||
1,805 | Total Diversified Telecommunication Services | 1,856,308 | ||||||||||||||||||||||
Electric Utilities – 2.0% | ||||||||||||||||||||||||
350 | Edison International | 5.375% | N/A (9) | BB+ | 366,660 | |||||||||||||||||||
750 | Instituto Costarricense de Electricidad, 144A | 6.750% | 10/07/31 | B1 | 757,500 | |||||||||||||||||||
750 | Pampa Energia SA, Reg S | 7.500% | 1/24/27 | B– | 647,820 | |||||||||||||||||||
750 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries, Reg S | 4.500% | 7/14/28 | Ba3 | 752,257 | |||||||||||||||||||
2,600 | Total Electric Utilities | 2,524,237 | ||||||||||||||||||||||
Electronic Equipment, Instruments & Components – 0.5% | ||||||||||||||||||||||||
110 | II-VI Inc, 144A | 5.000% | 12/15/29 | BB | 112,334 | |||||||||||||||||||
500 | Imola Merger Corp, 144A | 4.750% | 5/15/29 | BB+ | 513,025 | |||||||||||||||||||
610 | Total Electronic Equipment, Instruments & Components | 625,359 | ||||||||||||||||||||||
Energy Equipment & Services – 0.8% | ||||||||||||||||||||||||
500 | Archrock Partners LP / Archrock Partners Finance Corp, 144A | 6.250% | 4/01/28 | B+ | 521,360 | |||||||||||||||||||
500 | Genesis Energy LP / Genesis Energy Finance Corp | 8.000% | 1/15/27 | B | 515,280 |
16
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||||||||||||
$ | 2,704 | Metro Exploration Holding Corp | 0.000% | N/A (9) | N/R | $ | 270 | |||||||||||||||||
448 | Metro Exploration Holding Corp, (5) | 0.000% | N/A (9) | N/R | 5 | |||||||||||||||||||
4,152 | Total Energy Equipment & Services | 1,036,915 | ||||||||||||||||||||||
Equity Real Estate Investment Trust – 0.2% | ||||||||||||||||||||||||
285 | Iron Mountain Information Management Services Inc, 144A | 5.000% | 7/15/32 | BB– | 291,689 | |||||||||||||||||||
Food Products – 0.6% | ||||||||||||||||||||||||
750 | MHP Lux SA, 144A | 6.950% | 4/03/26 | B+ | 745,773 | |||||||||||||||||||
Gas Utilities – 0.4% | ||||||||||||||||||||||||
500 | NGL Energy Partners LP / NGL Energy Finance Corp | 7.500% | 11/01/23 | CCC+ | 492,500 | |||||||||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||||||||||||
300 | AdaptHealth LLC, 144A | 5.125% | 3/01/30 | B1 | 305,250 | |||||||||||||||||||
305 | AHP Health Partners Inc, 144A | 5.750% | 7/15/29 | CCC+ | 301,950 | |||||||||||||||||||
500 | CHS/Community Health Systems Inc, 144A | 6.875% | 4/15/29 | CCC | 509,375 | |||||||||||||||||||
500 | Global Medical Response Inc, 144A | 6.500% | 10/01/25 | B | 505,000 | |||||||||||||||||||
525 | LifePoint Health Inc, 144A, (3) | 5.375% | 1/15/29 | CCC+ | 522,375 | |||||||||||||||||||
650 | Team Health Holdings Inc, 144A, (3) | 6.375% | 2/01/25 | CCC | 611,813 | |||||||||||||||||||
250 | Tenet Healthcare Corp, 144A | 4.375% | 1/15/30 | B+ | 253,266 | |||||||||||||||||||
3,030 | Total Health Care Providers & Services | 3,009,029 | ||||||||||||||||||||||
Health Care Technology – 0.6% | ||||||||||||||||||||||||
750 | MPH Acquisition Holdings LLC, 144A | 5.500% | 9/01/28 | Ba3 | 760,313 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.6% | ||||||||||||||||||||||||
420 | Constellation Merger Sub Inc, 144A | 8.500% | 9/15/25 | CCC– | 399,000 | |||||||||||||||||||
370 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A | 5.000% | 6/01/29 | BB– | 379,250 | |||||||||||||||||||
50 | Wynn Resorts Ltd, 144A | 5.125% | 10/01/29 | B+ | 50,750 | |||||||||||||||||||
840 | Total Hotels, Restaurants & Leisure | 829,000 | ||||||||||||||||||||||
Household Durables – 0.6% | ||||||||||||||||||||||||
500 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A, (3) | 7.000% | 12/31/27 | CCC | 471,250 | |||||||||||||||||||
325 | WASH Multifamily Acquisition Inc, 144A | 5.750% | 4/15/26 | B– | 341,559 | |||||||||||||||||||
825 | Total Household Durables | 812,809 | ||||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.3% | ||||||||||||||||||||||||
400 | Investment Energy Resources Ltd, 144A | 6.250% | 4/26/29 | BB– | 429,504 | |||||||||||||||||||
Industrial Conglomerates – 0.7% | ||||||||||||||||||||||||
450 | Bidvest Group UK PLC, 144A | 3.625% | 9/23/26 | Ba2 | 447,255 | |||||||||||||||||||
500 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 5.250% | 5/15/27 | BB | 514,215 | |||||||||||||||||||
950 | Total Industrial Conglomerates | 961,470 | ||||||||||||||||||||||
Insurance – 2.4% | ||||||||||||||||||||||||
500 | Acrisure LLC / Acrisure Finance Inc, 144A | 4.250% | 2/15/29 | B | 486,250 |
17
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
Insurance (continued) | ||||||||||||||||||||||||
$ | 260 | AmWINS Group Inc, 144A | 4.875% | 6/30/29 | B– | $ | 262,600 | |||||||||||||||||
750 | BroadStreet Partners Inc, 144A | 5.875% | 4/15/29 | CCC+ | 736,875 | |||||||||||||||||||
500 | First Coast Re III Pte Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 6.000% spread), (4) | 6.028% | 4/07/25 | N/R | 509,600 | |||||||||||||||||||
550 | Residential Reinsurance 2020 Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 6.510% spread), (4) | 6.510% | 12/06/24 | N/R | 563,200 | |||||||||||||||||||
500 | SD Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 9.250% spread), (4) | 9.278% | 11/19/24 | N/R | 499,450 | |||||||||||||||||||
3,060 | Total Insurance | 3,057,975 | ||||||||||||||||||||||
Interactive Media & Services – 0.4% | ||||||||||||||||||||||||
500 | Arches Buyer Inc, 144A | 4.250% | 6/01/28 | B1 | 499,740 | |||||||||||||||||||
IT Services – 1.5% | ||||||||||||||||||||||||
500 | Ahead DB Holdings LLC, 144A | 6.625% | 5/01/28 | CCC+ | 496,250 | |||||||||||||||||||
500 | Austin BidCo Inc, 144A | 7.125% | 12/15/28 | CCC+ | 516,250 | |||||||||||||||||||
450 | CA Magnum Holdings, 144A | 5.375% | 10/31/26 | BB– | 465,187 | |||||||||||||||||||
485 | Presidio Holdings Inc, 144A | 8.250% | 2/01/28 | CCC+ | 516,525 | |||||||||||||||||||
1,935 | Total IT Services | 1,994,212 | ||||||||||||||||||||||
Media – 1.7% | ||||||||||||||||||||||||
300 | Clear Channel Outdoor Holdings Inc, 144A | 7.500% | 6/01/29 | CCC | 320,250 | |||||||||||||||||||
250 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | 5.375% | 8/15/26 | Caa1 | 125,000 | |||||||||||||||||||
195 | DISH DBS Corp, 144A | 5.250% | 12/01/26 | Ba3 | 198,078 | |||||||||||||||||||
410 | DISH DBS Corp, 144A | 5.750% | 12/01/28 | Ba3 | 414,100 | |||||||||||||||||||
250 | Getty Images Inc, 144A | 9.750% | 3/01/27 | CCC+ | 264,812 | |||||||||||||||||||
425 | Gray Escrow Inc, 144A | 5.375% | 11/15/31 | BB– | 437,219 | |||||||||||||||||||
425 | LCPR Senior Secured Financing DAC, 144A | 5.125% | 7/15/29 | BB+ | 427,125 | |||||||||||||||||||
2,255 | Total Media | 2,186,584 | ||||||||||||||||||||||
Metals & Mining – 1.3% | ||||||||||||||||||||||||
300 | Allegheny Technologies Inc | 5.125% | 10/01/31 | B | 302,250 | |||||||||||||||||||
750 | Stillwater Mining Co, 144A | 4.000% | 11/16/26 | BB | 734,625 | |||||||||||||||||||
585 | Warrior Met Coal Inc, 144A | 7.875% | 12/01/28 | BB | 599,625 | |||||||||||||||||||
1,635 | Total Metals & Mining | 1,636,500 | ||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 7.0% | ||||||||||||||||||||||||
500 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | 5.375% | 6/15/29 | BB | 527,507 | |||||||||||||||||||
439 | Antero Resources Corp, 144A | 8.375% | 7/15/26 | BB | 499,832 | |||||||||||||||||||
380 | CNX Midstream Partners LP, 144A | 4.750% | 4/15/30 | BB– | 378,575 | |||||||||||||||||||
490 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A | 5.625% | 5/01/27 | BB– | 499,188 | |||||||||||||||||||
400 | EQM Midstream Partners LP, 144A | 6.500% | 7/01/27 | BB | 448,000 | |||||||||||||||||||
200 | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | 5.750% | 2/01/29 | BB | 206,144 | |||||||||||||||||||
175 | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | 6.000% | 2/01/31 | BB | 180,688 | |||||||||||||||||||
718 | Hunt Oil Co of Peru LLC Sucursal Del Peru, 144A | 6.375% | 6/01/28 | BBB | 725,685 |
18
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||
$ | 500 | Laredo Petroleum Inc | 9.500% | 1/15/25 | B | $ | 510,000 | |||||||||||||||||
750 | Medco Laurel Tree Pte Ltd, 144A | 6.950% | 11/12/28 | B+ | 743,404 | |||||||||||||||||||
425 | MEG Energy Corp, 144A | 5.875% | 2/01/29 | BB– | 444,945 | |||||||||||||||||||
500 | Murphy Oil Corp | 5.875% | 12/01/27 | BB+ | 516,235 | |||||||||||||||||||
500 | New Fortress Energy Inc, 144A | 6.500% | 9/30/26 | BB– | 496,250 | |||||||||||||||||||
350 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | 7.500% | 2/01/26 | BB– | 360,955 | |||||||||||||||||||
470 | Parkland Corp/Canada, 144A | 4.625% | 5/01/30 | BB | 467,063 | |||||||||||||||||||
225 | Petroleos Mexicanos, 144A | 6.700% | 2/16/32 | BBB | 227,250 | |||||||||||||||||||
300 | SM Energy Co | 5.625% | 6/01/25 | B | 302,250 | |||||||||||||||||||
500 | Southwestern Energy Co | 5.375% | 3/15/30 | BB | 535,740 | |||||||||||||||||||
520 | SunCoke Energy Inc, 144A | 4.875% | 6/30/29 | BB | 517,400 | |||||||||||||||||||
500 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 9/01/27 | BB– | 528,125 | |||||||||||||||||||
8,842 | Total Oil, Gas & Consumable Fuels | 9,115,236 | ||||||||||||||||||||||
Personal Products – 0.7% | ||||||||||||||||||||||||
500 | HFC Prestige Products Inc/HFC Prestige International US LLC, 144A | 4.750% | 1/15/29 | B+ | 508,125 | |||||||||||||||||||
450 | Natura Cosmeticos SA, 144A | 4.125% | 5/03/28 | BB | 441,563 | |||||||||||||||||||
950 | Total Personal Products | 949,688 | ||||||||||||||||||||||
Pharmaceuticals – 0.6% | ||||||||||||||||||||||||
400 | Bausch Health Cos Inc, 144A | 4.875% | 6/01/28 | BB | 408,000 | |||||||||||||||||||
350 | Endo Luxembourg Finance Co I Sarl / Endo US Inc, 144A | 6.125% | 4/01/29 | B– | 343,000 | |||||||||||||||||||
750 | Total Pharmaceuticals | 751,000 | ||||||||||||||||||||||
Professional Services – 0.4% | ||||||||||||||||||||||||
500 | Dun & Bradstreet Corp, 144A | 5.000% | 12/15/29 | BB– | 511,515 | |||||||||||||||||||
Real Estate Management & Development – 1.5% | ||||||||||||||||||||||||
750 | Agile Group Holdings Ltd, Reg S, (3) | 5.500% | 5/17/26 | B+ | 438,750 | |||||||||||||||||||
500 | Hunt Cos Inc, 144A | 5.250% | 4/15/29 | BB– | 492,500 | |||||||||||||||||||
300 | Kennedy-Wilson Inc | 5.000% | 3/01/31 | BB | 309,000 | |||||||||||||||||||
750 | Logan Group Co Ltd, Reg S | 4.500% | 1/13/28 | BB | 667,687 | |||||||||||||||||||
2,300 | Total Real Estate Management & Development | 1,907,937 | ||||||||||||||||||||||
Road & Rail – 0.3% | ||||||||||||||||||||||||
420 | First Student Bidco Inc / First Transit Parent Inc, 144A | 4.000% | 7/31/29 | BB+ | 408,240 | |||||||||||||||||||
Software – 0.8% | ||||||||||||||||||||||||
250 | Avaya Inc, 144A | 6.125% | 9/15/28 | BB | 265,000 | |||||||||||||||||||
800 | Rocket Software Inc, 144A | 6.500% | 2/15/29 | CCC | 780,480 | |||||||||||||||||||
1,050 | Total Software | 1,045,480 | ||||||||||||||||||||||
Specialty Retail – 2.1% | ||||||||||||||||||||||||
445 | Albion Financing 1 SARL / Aggreko Holdings Inc, 144A | 6.125% | 10/15/26 | BB+ | 449,450 | |||||||||||||||||||
500 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.375% | 4/01/26 | B– | 482,500 |
19
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
Specialty Retail (continued) | ||||||||||||||||||||||||
$ | 250 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.875% | 4/01/29 | B– | $ | 240,000 | |||||||||||||||||
500 | LCM Investments Holdings II LLC, 144A | 4.875% | 5/01/29 | BB– | 513,840 | |||||||||||||||||||
225 | Michaels Cos Inc, 144A | 5.250% | 5/01/28 | Ba3 | 225,099 | |||||||||||||||||||
250 | Michaels Cos Inc, 144A | 7.875% | 5/01/29 | B3 | 246,250 | |||||||||||||||||||
500 | Staples Inc, 144A | 7.500% | 4/15/26 | B | 513,750 | |||||||||||||||||||
2,670 | Total Specialty Retail | 2,670,889 | ||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.2% | ||||||||||||||||||||||||
300 | NCR Corp, 144A | 5.125% | 4/15/29 | N/R | 310,560 | |||||||||||||||||||
Trading Companies & Distributors – 0.2% | ||||||||||||||||||||||||
300 | Air Lease Corp, (3) | 4.650% | N/A (9) | BB+ | 310,875 | |||||||||||||||||||
$ | 61,343 | Total Corporate Bonds (cost $60,665,474) | 58,264,543 | |||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 21.1% | ||||||||||||||||||||||||
$ | 1,250 | Affirm Asset Securitization Trust 2021-A, 144A | 5.650% | 8/15/25 | N/R | $ | 1,263,682 | |||||||||||||||||
250 | Aimco CLO 12 Ltd, 144A, (3-Month LIBOR reference rate + 6.750% spread), (4) | 6.872% | 1/17/32 | BB– | 246,456 | |||||||||||||||||||
1,000 | Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (4) | 4.110% | 4/15/34 | BB– | 998,047 | |||||||||||||||||||
1,000 | Benchmark 2020-B18 Mortgage Trust, 144A | 4.139% | 7/15/53 | B– | 993,784 | |||||||||||||||||||
2 | Carvana Auto Receivables Trust, 144A | 1.000% | 5/10/28 | N/R | 1,229,100 | |||||||||||||||||||
500 | CIFC Funding 2020-I Ltd, 144A, (3-Month LIBOR reference rate + 6.250% spread), (4) | 6.374% | 7/15/36 | Ba3 | 497,155 | |||||||||||||||||||
1,000 | COMM 2014-CCRE19 Mortgage Trust, 144A | 4.703% | 8/10/47 | BBB– | 981,051 | |||||||||||||||||||
1,000 | COMM 2014-UBS3 Mortgage Trust, 144A | 4.767% | 6/10/47 | N/R | 973,013 | |||||||||||||||||||
500 | COMM 2015-CCRE22 Mortgage Trust, 144A | 3.000% | 3/10/48 | BB– | 444,333 | |||||||||||||||||||
485 | COMM 2015-CCRE25 Mortgage Trust | 3.780% | 8/10/48 | BB | 450,793 | |||||||||||||||||||
2,000 | Connecticut Avenue Securities Trust 2021-R01, 144A, (SOFR30A reference rate + 6.000% spread), (4) | 6.050% | 10/25/41 | N/R | 2,044,975 | |||||||||||||||||||
492 | Farmer Mac Agricultural Real Estate Trust 1992-A, 144A | 3.249% | 1/25/51 | N/R | 435,548 | |||||||||||||||||||
1,000 | Freddie Mac STACR REMIC Trust 2021-DNA6, 144A, (SOFR30A reference rate + 7.500% spread), (4) | 7.550% | 10/25/41 | N/R | 1,037,415 | |||||||||||||||||||
500 | GoldenTree Loan Opportunities IX Ltd, 144A, (3-Month LIBOR reference rate + 5.660% spread), (4) | 5.789% | 10/29/29 | BB– | 482,698 | |||||||||||||||||||
1,000 | GS Mortgage Securities Corp Trust 2017-SLP, 144A | 4.591% | 10/10/32 | B | 993,607 | |||||||||||||||||||
592 | HIN Timeshare Trust 2020-A, 144A | 6.500% | 10/09/39 | B | 607,144 | |||||||||||||||||||
500 | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN, 144A | 3.620% | 1/16/37 | BBB– | 496,001 | |||||||||||||||||||
800 | JPMBB Commercial Mortgage Securities Trust 2014-C22 | 4.553% | 9/15/47 | BBB | 777,734 | |||||||||||||||||||
500 | JPMBB Commercial Mortgage Securities Trust 2015-C29 | 4.199% | 5/15/48 | A– | 484,618 | |||||||||||||||||||
929 | MAPS 2021-1 Trust, 144A | 5.437% | 6/15/46 | Ba1 | 917,251 | |||||||||||||||||||
1,645 | Mosaic Solar Loan Trust 2020-1, 144A | 0.000% | 4/20/46 | N/R | 1,447,309 |
20
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 493 | Mosaic Solar Loan Trust 2020-2, 144A |
| 5.420% | 8/20/46 | N/R | $ | 502,614 | ||||||||||||||||||||
1,403 | Mosaic Solar Loans LLC, 144A |
| 0.000% | 9/20/40 | N/R | 926,376 | ||||||||||||||||||||||
1,000 | Neuberger Berman CLO XVI-S Ltd, 144A, (3-Month LIBOR reference rate + 8.290% spread), (4) |
| 8.414% | 4/15/34 | B– | 961,232 | ||||||||||||||||||||||
500 | Neuberger Berman Loan Advisers CLO 35 Ltd, 144A, (3-Month LIBOR reference rate + 7.000% spread), (4) |
| 7.124% | 1/19/33 | BB– | 500,442 | ||||||||||||||||||||||
1,000 | Oportun Funding XIV LLC, 144A |
| 5.400% | 3/08/28 | N/R | 1,006,370 | ||||||||||||||||||||||
675 | Oportun Issuance Trust 2021-C, 144A |
| 5.570% | 10/08/31 | N/R | 670,837 | ||||||||||||||||||||||
250 | Purchasing Power Funding 2021-A LLC, 144A |
| 4.370% | 10/15/25 | N/R | �� | 250,176 | |||||||||||||||||||||
1,000 | Regional Management Issuance Trust 2021-1, 144A |
| 5.070% | 3/17/31 | BB– | 1,006,153 | ||||||||||||||||||||||
750 | Thayer Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 8.870% spread), (4) |
| 9.002% | 4/20/34 | B– | 736,316 | ||||||||||||||||||||||
917 | Vivint Solar Financing V LLC, 144A |
| 7.370% | 4/30/48 | N/R | 958,880 | ||||||||||||||||||||||
1,000 | VNDO Trust 2016-350P, 144A | 3.903% | 1/10/35 | BB– | 954,735 | |||||||||||||||||||||||
1,082 | VR Funding LLC, 144A |
| 6.420% | 11/15/50 | N/R | 1,082,371 | ||||||||||||||||||||||
$ | 27,015 | Total Asset-Backed and Mortgage-Backed Securities (cost $27,050,603) |
| 27,358,216 | ||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon (6) | Reference Rate (6) | Spread (6) | Maturity (7) | Ratings (2) | Value | |||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 10.6% (6) |
| |||||||||||||||||||||||||||
Auto Components – 0.4% | ||||||||||||||||||||||||||||
$ | 497 | Truck Hero, Inc., Term Loan B | 4.000% | 1-Month LIBOR | 3.250% | 2/24/28 | B2 | $ | 495,577 | |||||||||||||||||||
Beverages – 0.4% | ||||||||||||||||||||||||||||
499 | City Brewing Company, LLC, Term Loan | 4.250% | 3-Month LIBOR | 3.500% | 4/05/28 | B+ | 475,266 | |||||||||||||||||||||
Capital Markets – 0.7% | ||||||||||||||||||||||||||||
915 | Astra Acquisition Corp., Term Loan, First Lien, (WI/DD) | TBD | TBD | TBD | TBD | BB– | 900,515 | |||||||||||||||||||||
Chemicals – 0.1% | ||||||||||||||||||||||||||||
175 | Diamond (BC) B.V., Term Loan B | 3.500% | 3-Month LIBOR | 3.000% | 9/29/28 | Ba3 | 174,685 | |||||||||||||||||||||
Commercial Services & Supplies – 0.5% | ||||||||||||||||||||||||||||
218 | Gopher Resource, LLC, Term Loan, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 1/28/25 | B | 205,168 | |||||||||||||||||||||
266 | Spin Holdco Inc., Term Loan | 4.750% | 3-Month LIBOR | 4.000% | 3/04/28 | B– | 266,661 | |||||||||||||||||||||
198 | TMK Hawk Parent Corp., Term Loan, First Lien | 3.604% | 1-Month LIBOR | 3.500% | 8/30/24 | CC | 162,636 | |||||||||||||||||||||
682 | Total Commercial Services & Supplies |
| 634,465 | |||||||||||||||||||||||||
Construction & Engineering – 0.4% | ||||||||||||||||||||||||||||
499 | Aegion Corporation, Term Loan | 5.500% | 3-Month LIBOR | 4.750% | 5/17/28 | B | 501,658 | |||||||||||||||||||||
Health Care Providers & Services – 0.1% | ||||||||||||||||||||||||||||
149 | eResearchTechnology, Inc., Term Loan, First Lien | 5.500% | 1-Month LIBOR | 4.500% | 2/04/27 | B2 | 149,560 | |||||||||||||||||||||
2 | Onex TSG Intermediate Corp., Term Loan B | 5.500% | 3-Month LIBOR | 4.750% | 2/26/28 | B | 2,496 | |||||||||||||||||||||
151 | Total Health Care Providers & Services |
| 152,056 |
21
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (6) | Reference Rate (6) | Spread (6) | Maturity (7) | Ratings (2) | Value | |||||||||||||||||||||
Hotels, Restaurants & Leisure – 0.9% | ||||||||||||||||||||||||||||
$ | 992 | ClubCorp Holdings, Inc., Term Loan B | 2.970% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | $ | 957,639 | |||||||||||||||||||
241 | Life Time Fitness Inc , Term Loan B | 5.750% | 3-Month LIBOR | 4.750% | 12/15/24 | B | 242,531 | |||||||||||||||||||||
1,233 | Total Hotels, Restaurants & Leisure | 1,200,170 | ||||||||||||||||||||||||||
Internet & Direct Marketing Retail – 0.4% | ||||||||||||||||||||||||||||
471 | CNT Holdings I Corp, Term Loan | 4.250% | 3-Month LIBOR | 3.750% | 11/08/27 | B | 472,321 | |||||||||||||||||||||
IT Services – 1.4% | �� | |||||||||||||||||||||||||||
497 | Ahead DB Holdings, LLC, Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 10/16/27 | B+ | 498,901 | |||||||||||||||||||||
499 | Magenta Buyer LLC, Term Loan, First Lien | 5.750% | 3-Month LIBOR | 5.000% | 7/27/28 | BB– | 498,204 | |||||||||||||||||||||
858 | Syniverse Holdings, Inc., Term Loan, First Lien | 6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 854,105 | |||||||||||||||||||||
1,854 | Total IT Services | 1,851,210 | ||||||||||||||||||||||||||
Media – 0.6% | ||||||||||||||||||||||||||||
684 | DirecTV Financing, LLC, Term Loan | 5.750% | 3-Month LIBOR | 5.000% | 8/02/27 | BBB– | 685,762 | |||||||||||||||||||||
125 | Radiate Holdco, LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B1 | 124,740 | |||||||||||||||||||||
809 | Total Media | 810,502 | ||||||||||||||||||||||||||
Paper & Forest Products – 0.6% | ||||||||||||||||||||||||||||
761 | Sylvamo Corporation, Term Loan B | 5.000% | 1-Month LIBOR | 4.500% | 9/13/28 | BB+ | 766,008 | |||||||||||||||||||||
Pharmaceuticals – 1.5% | ||||||||||||||||||||||||||||
390 | Endo Luxembourg Finance Company I S.a r.l., Term Loan | 5.750% | 3-Month LIBOR | 5.000% | 3/25/28 | B– | 379,708 | |||||||||||||||||||||
297 | Gainwell Acquisition Corp., Term Loan B | 4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | BB– | 298,151 | |||||||||||||||||||||
746 | Jazz Financing Lux S.a.r.l., Term Loan | 4.000% | 1-Month LIBOR | 3.500% | 5/05/28 | BB+ | 749,936 | |||||||||||||||||||||
482 | Organon & Co, Term Loan | 3.500% | 3-Month LIBOR | 3.000% | 6/02/28 | BB | 483,238 | |||||||||||||||||||||
1,915 | Total Pharmaceuticals | 1,911,033 | ||||||||||||||||||||||||||
Professional Services – 0.6% | ||||||||||||||||||||||||||||
342 | Da Vinci Purchaser Corp., Term Loan | 5.000% | 3-Month LIBOR | 4.000% | 11/26/26 | B | 342,736 | |||||||||||||||||||||
500 | EAB Global, Inc., Term Loan, First Lien | 4.000% | 3-Month LIBOR | 3.500% | 8/16/28 | B2 | 497,917 | |||||||||||||||||||||
842 | Total Professional Services | 840,653 | ||||||||||||||||||||||||||
Software – 1.1% | ||||||||||||||||||||||||||||
349 | Apttus Corporation, Term Loan | 5.000% | 3-Month LIBOR | 4.250% | 5/06/28 | BB | 350,434 | |||||||||||||||||||||
498 | Finastra USA, Inc., Term Loan, First Lien | 4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 497,070 | |||||||||||||||||||||
571 | Sophia, L.P., Term Loan, First Lien | 4.250% | 3-Month LIBOR | 3.500% | 10/07/27 | B | 571,187 | |||||||||||||||||||||
1,418 | Total Software | 1,418,691 | ||||||||||||||||||||||||||
Specialty Retail – 0.5% | ||||||||||||||||||||||||||||
215 | PECF USS Intermediate Holding III Corp, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B2 | 215,500 | |||||||||||||||||||||
424 | PetSmart, Inc., Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 2/12/28 | BB– | 425,131 | |||||||||||||||||||||
639 | Total Specialty Retail | 640,631 |
22
Principal Amount (000) | Description (1) | Coupon (6) | Reference Rate (6) | Spread (6) | Maturity (7) | Ratings (2) | Value | |||||||||||||||||||||
Wireless Telecommunication Services – 0.4% | ||||||||||||||||||||||||||||
$ | 498 | GOGO Intermediate Holdings LLC, Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 4/30/28 | B | $ | 498,077 | |||||||||||||||||||
$ | 13,858 | Total Variable Rate Senior Loan Interests (cost $13,583,237) |
| 13,743,518 | ||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
SOVEREIGN DEBT – 2.8% | ||||||||||||||||||||||||||||
Barbados – 0.2% | ||||||||||||||||||||||||||||
$ | 250 | Barbados Government International Bond, 144A | 6.500% | 10/01/29 | B– | $ | 249,375 | |||||||||||||||||||||
Dominican Republic – 0.5% | ||||||||||||||||||||||||||||
600 | Dominican Republic International Bond, 144A | 4.875% | 9/23/32 | BB– | 609,750 | |||||||||||||||||||||||
El Salvador – 0.3% | ||||||||||||||||||||||||||||
750 | El Salvador Government International Bond, 144A | 6.375% | 1/18/27 | B– | 453,758 | |||||||||||||||||||||||
Guatemala – 0.2% | ||||||||||||||||||||||||||||
200 | Guatemala Government Bond, 144A | 4.650% | 10/07/41 | BB– | 199,750 | |||||||||||||||||||||||
Mongolia – 0.5% | ||||||||||||||||||||||||||||
750 | Mongolia Government International Bond, 144A | 3.500% | 7/07/27 | B | 705,895 | |||||||||||||||||||||||
Morocco – 0.5% | ||||||||||||||||||||||||||||
750 | Morocco Government International Bond, 144A | 3.000% | 12/15/32 | BB+ | 714,780 | |||||||||||||||||||||||
Uzbekistan – 0.6% | ||||||||||||||||||||||||||||
750 | Republic of Uzbekistan International Bond, 144A | 3.700% | 11/25/30 | BB– | 719,250 | |||||||||||||||||||||||
$ | 4,050 | Total Sovereign Debt (cost $3,970,894) |
| 3,652,558 | ||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
CONTINGENT CAPITAL SECURITIES – 2.5% (8) |
| |||||||||||||||||||||||||||
Banks – 2.0% | ||||||||||||||||||||||||||||
$ | 200 | Banco Bilbao Vizcaya Argentaria SA, (3) | 6.500% | N/A (9) | Ba2 | $ | 212,250 | |||||||||||||||||||||
500 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 5.875% | N/A (9) | Ba2 | 498,125 | |||||||||||||||||||||||
200 | Banco Santander SA | 4.750% | N/A (9) | Ba1 | 199,858 | |||||||||||||||||||||||
250 | Barclays PLC | 4.375% | N/A (9) | BBB– | 244,875 | |||||||||||||||||||||||
300 | Danske Bank A/S, Reg S | 4.375% | N/A (9) | BBB– | 299,250 | |||||||||||||||||||||||
300 | Intesa Sanpaolo SpA, 144A | 7.700% | N/A (9) | BB– | 336,000 | |||||||||||||||||||||||
300 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (9) | BB+ | 320,124 | |||||||||||||||||||||||
300 | Societe Generale SA, 144A | 4.750% | N/A (9) | BB+ | 304,623 | |||||||||||||||||||||||
200 | UniCredit SpA, Reg S | 8.000% | N/A (9) | BB– | 219,000 | |||||||||||||||||||||||
2,550 | Total Banks | 2,634,105 |
23
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Capital Markets – 0.5% | ||||||||||||||||||||||||||||
$ | 550 | Deutsche Bank AG | 6.000% | N/A (9) | BB– | $ | 571,313 | |||||||||||||||||||||
$ | 3,100 | Total Contingent Capital Securities (cost $3,106,885) | 3,205,418 | |||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 1.2% | ||||||||||||||||||||||||||||
Automobiles – 0.1% | ||||||||||||||||||||||||||||
$ | 150 | General Motors Financial Co Inc | 5.700% | N/A (9) | BB+ | $ | 171,000 | |||||||||||||||||||||
Energy Equipment & Services – 0.0% | ||||||||||||||||||||||||||||
38 | Sanjel Corporation, 144A, (5), (10) | 7.500% | N/A (9) | N/R | — | |||||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.2% | ||||||||||||||||||||||||||||
310 | Vistra Corp, 144A | 7.000% | N/A (9) | BB– | 313,996 | |||||||||||||||||||||||
Insurance – 0.4% | ||||||||||||||||||||||||||||
200 | Assurant Inc | 7.000% | 3/27/48 | BB+ | 227,750 | |||||||||||||||||||||||
275 | Enstar Finance LLC | 5.750% | 9/01/40 | BB+ | 282,241 | |||||||||||||||||||||||
475 | Total Insurance | 509,991 | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.3% | ||||||||||||||||||||||||||||
350 | Energy Transfer LP | 6.500% | N/A (9) | BB | 356,125 | |||||||||||||||||||||||
Trading Companies & Distributors – 0.2% | ||||||||||||||||||||||||||||
250 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 270,000 | |||||||||||||||||||||||
$ | 1,573 | Total $1,000 Par (or similar) Institutional Preferred (cost $1,505,601) |
| 1,621,112 | ||||||||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.4% | ||||||||||||||||||||||||||||
Banks – 0.2% | ||||||||||||||||||||||||||||
8,938 | Wintrust Financial Corp | 6.875% | BB | $ | 244,097 | |||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.2% | ||||||||||||||||||||||||||||
9,954 | NuStar Energy LP, (3) | 6.969% | B2 | 251,836 | ||||||||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $423,964) | 495,933 | |||||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCKS – 0.0% | ||||||||||||||||||||||||||||
Energy Equipment & Services – 0.0% | ||||||||||||||||||||||||||||
6 | Golden Close Maritime Corp Ltd, (5), (11) | $ | — | |||||||||||||||||||||||||
Road & Rail – 0.0% | ||||||||||||||||||||||||||||
8,907 | Jack Cooper Enterprises Inc, (5), (11) | 89 | ||||||||||||||||||||||||||
Total Common Stocks (cost $51) |
| 89 | ||||||||||||||||||||||||||
Total Long-Term Investments (cost $110,306,709) |
| 108,341,387 |
24
Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.5% |
| |||||||||||||||||||||||||||
MONEY MARKET FUNDS – 2.5% | ||||||||||||||||||||||||||||
3,288,358 | State Street Navigator Securities Lending Government Money Market Portfolio, (12) | 0.030% (13) | $ | 3,288,358 | ||||||||||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $3,288,358) |
| 3,288,358 | ||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 14.0% | ||||||||||||||||||||||||||||
REPURCHASE AGREEMENTS – 14.0% | ||||||||||||||||||||||||||||
$ | 18,194 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/21, repurchase price $18,194,063, collateralized by $16,070,600, U.S. Treasury Inflation Indexed Note, 0.125%, due 4/15/22, value $18,558,005 | 0.000% | 1/03/22 | $ | 18,194,063 | ||||||||||||||||||||||
Total Short-Term Investments (cost $18,194,063) | 18,194,063 | |||||||||||||||||||||||||||
Total Investments (cost $131,789,130) – 100.0% | 129,823,808 | |||||||||||||||||||||||||||
Other Assets Less Liabilities – (0.0)% (14) | (21,090) | |||||||||||||||||||||||||||
Net Assets – 100% | $ | 129,802,718 |
Investments in Derivatives
Credit Default Swaps – OTC Cleared
Referenced Entity | Buy/Sell Protection (15) | Notional Amount | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Maturity Date | Premiums Paid (Received) | Value | Unrealized Appreciation | Variation Margin Receivable (Payable) | |||||||||||||||||||||||||||
CDX.NA.HY.37 | Sell | $ | 5,000,000 | 5.000 | % | Quarterly | 12/20/26 | $ | 456,079 | $ | 468,160 | $ | 12,081 | $ | — |
25
Nuveen Credit Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | 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 $3,159,747. |
(4) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(5) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
(6) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). 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. The rate shown is the coupon as of the end of the reporting period. |
(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) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
(9) | Perpetual security. Maturity date is not applicable. |
(10) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(11) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(12) | The Fund may loan securities representing up to one third of the market value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund. |
(13) | The rate shown is the one-day yield as of the end of the reporting period. |
(14) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
(15) | The Fund entered into the credit default swap 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. |
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. |
LIBOR | London Inter-Bank Offered Rate |
N/A | Not Applicable. |
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. |
SOFR30A | 30 Day Average Secured Overnight Financing Rate |
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. |
See accompanying notes to financial statements.
26
Nuveen Strategic Income Fund
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
LONG-TERM INVESTMENTS – 98.1% | ||||||||||||||||||||||||||||
CORPORATE BONDS – 38.2% | ||||||||||||||||||||||||||||
Aerospace & Defense – 0.9% | ||||||||||||||||||||||||||||
$ | 2,525 | Boeing Co | 2.196% | 2/04/26 | Baa2 | $ | 2,524,398 | |||||||||||||||||||||
775 | Boeing Co | 3.625% | 2/01/31 | Baa2 | 826,448 | |||||||||||||||||||||||
570 | Boeing Co | 3.250% | 2/01/35 | Baa2 | 574,358 | |||||||||||||||||||||||
1,040 | Boeing Co | 5.705% | 5/01/40 | Baa2 | 1,335,784 | |||||||||||||||||||||||
850 | Embraer Netherlands Finance BV, 144A | 6.950% | 1/17/28 | BB+ | 938,400 | |||||||||||||||||||||||
1,200 | Raytheon Technologies Corp | 1.900% | 9/01/31 | A– | 1,157,830 | |||||||||||||||||||||||
6,960 | Total Aerospace & Defense | 7,357,218 | ||||||||||||||||||||||||||
Airlines – 0.6% | ||||||||||||||||||||||||||||
762 | American Airlines 2016-1 Class AA Pass Through Trust | 3.575% | 1/15/28 | A– | 773,616 | |||||||||||||||||||||||
1,350 | American Airlines 2021-1 Class A Pass Through Trust | 2.875% | 7/11/34 | A | 1,337,148 | |||||||||||||||||||||||
430 | British Airways 2020-1 Class A Pass Through Trust, 144A | 4.250% | 11/15/32 | A+ | 458,148 | |||||||||||||||||||||||
405 | British Airways 2020-1 Class B Pass Through Trust, 144A | 8.375% | 11/15/28 | BBB | 464,855 | |||||||||||||||||||||||
2,123 | United Airlines 2020-1 Class A Pass Through Trust | 5.875% | 10/15/27 | A | 2,325,208 | |||||||||||||||||||||||
5,070 | Total Airlines | 5,358,975 | ||||||||||||||||||||||||||
Auto Components – 0.2% | ||||||||||||||||||||||||||||
600 | Adient Global Holdings Ltd, 144A | 4.875% | 8/15/26 | B | 612,000 | |||||||||||||||||||||||
500 | Goodyear Tire & Rubber Co, 144A | 5.000% | 7/15/29 | BB– | 537,100 | |||||||||||||||||||||||
960 | PECF USS Intermediate Holding III Corp, 144A | 8.000% | 11/15/29 | CCC | 994,080 | |||||||||||||||||||||||
2,060 | Total Auto Components | 2,143,180 | ||||||||||||||||||||||||||
Automobiles – 0.4% | ||||||||||||||||||||||||||||
3,095 | General Motors Financial Co Inc | 3.600% | 6/21/30 | BBB | 3,300,756 | |||||||||||||||||||||||
Banks – 5.9% | ||||||||||||||||||||||||||||
1,200 | Access Bank PLC, 144A | 6.125% | 9/21/26 | B2 | 1,194,000 | |||||||||||||||||||||||
375 | African Export-Import Bank, 144A | 2.634% | �� | 5/17/26 | Baa1 | 376,028 | ||||||||||||||||||||||
1,450 | Akbank TAS, 144A | 6.800% | 2/06/26 | B+ | 1,396,147 | |||||||||||||||||||||||
1,100 | Banco de Credito del Peru, 144A | 3.250% | 9/30/31 | BBB | 1,086,261 | |||||||||||||||||||||||
1,675 | Banco de Credito e Inversiones SA, 144A | 2.875% | 10/14/31 | A2 | 1,649,875 | |||||||||||||||||||||||
955 | Banco do Brasil SA/Cayman, 144A | 3.250% | 9/30/26 | Ba2 | 929,559 | |||||||||||||||||||||||
1,050 | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 144A | 2.720% | 8/11/31 | Baa3 | 1,036,886 | |||||||||||||||||||||||
2,035 | Banco Santander SA | 3.800% | 2/23/28 | A– | 2,205,915 | |||||||||||||||||||||||
425 | Bancolombia SA | 3.000% | 1/29/25 | Baa2 | 426,591 | |||||||||||||||||||||||
1,300 | Bangkok Bank PCL/Hong Kong, 144A | 3.466% | 9/23/36 | Baa3 | 1,300,476 | |||||||||||||||||||||||
1,450 | Banistmo SA, 144A | 4.250% | 7/31/27 | Baa3 | 1,475,390 |
27
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Banks (continued) | ||||||||||||||||||||||||||||
$ | 1,060 | Bank of America Corp | 3.559% | 4/23/27 | AA– | $ | 1,133,513 | |||||||||||||||||||||
455 | Bank of America Corp | 3.248% | 10/21/27 | AA– | 484,303 | |||||||||||||||||||||||
3,025 | Bank of America Corp | �� | 1.898% | 7/23/31 | AA– | 2,895,153 | ||||||||||||||||||||||
1,660 | Bank of America Corp | 1.922% | 10/24/31 | AA– | 1,589,379 | |||||||||||||||||||||||
850 | Banque Ouest Africaine de Developpement, 144A | 5.000% | 7/27/27 | Baa1 | 936,853 | |||||||||||||||||||||||
2,065 | Banque Ouest Africaine de Developpement, 144A | 4.700% | 10/22/31 | Baa1 | 2,247,050 | |||||||||||||||||||||||
2,565 | Barclays PLC | 3.650% | 3/16/25 | A | 2,709,163 | |||||||||||||||||||||||
1,810 | BNP Paribas SA, 144A | 4.375% | 5/12/26 | A– | 1,968,328 | |||||||||||||||||||||||
750 | Caelus Re VI Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 5.380% spread), (3) | 5.408% | 6/07/23 | N/R | 770,175 | |||||||||||||||||||||||
700 | Citigroup Inc | 4.300% | 11/20/26 | BBB+ | 774,533 | |||||||||||||||||||||||
1,980 | Citigroup Inc | 2.666% | 1/29/31 | A | 2,009,969 | |||||||||||||||||||||||
720 | Citigroup Inc | 2.572% | 6/03/31 | A | 726,227 | |||||||||||||||||||||||
1,675 | Development Bank of Kazakhstan JSC, 144A | 2.950% | 5/06/31 | Baa2 | 1,663,275 | |||||||||||||||||||||||
1,375 | Grupo Aval Ltd, 144A | 4.375% | 2/04/30 | BB+ | 1,318,281 | |||||||||||||||||||||||
840 | HSBC Holdings PLC | 2.099% | 6/04/26 | A+ | 845,444 | |||||||||||||||||||||||
1,900 | ING Groep NV | 3.950% | 3/29/27 | A+ | 2,076,718 | |||||||||||||||||||||||
495 | JPMorgan Chase & Co | 3.702% | 5/06/30 | AA– | 540,962 | |||||||||||||||||||||||
2,400 | JPMorgan Chase & Co | 2.956% | 5/13/31 | A | 2,484,897 | |||||||||||||||||||||||
750 | JPMorgan Chase & Co | 1.953% | 2/04/32 | AA– | 722,372 | |||||||||||||||||||||||
1,505 | NatWest Group PLC | 3.032% | 11/28/35 | BBB+ | 1,484,967 | |||||||||||||||||||||||
400 | Societe Generale SA, 144A | 2.889% | 6/09/32 | A– | 399,007 | |||||||||||||||||||||||
1,000 | Turkiye Garanti Bankasi AS, 144A | 6.125% | 5/24/27 | B | 980,000 | |||||||||||||||||||||||
1,525 | Turkiye Vakiflar Bankasi TAO, 144A | 5.500% | 10/01/26 | B+ | 1,354,834 | |||||||||||||||||||||||
3,500 | Wells Fargo & Co | 3.900% | N/A (7) | Baa2 | 3,596,250 | |||||||||||||||||||||||
1,380 | Zions Bancorp NA | 3.250% | 10/29/29 | BBB | 1,426,693 | |||||||||||||||||||||||
49,400 | Total Banks | 50,215,474 | ||||||||||||||||||||||||||
Beverages – 1.0% | ||||||||||||||||||||||||||||
1,200 | Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A, (4) | 3.375% | 6/29/28 | BBB– | 1,163,640 | |||||||||||||||||||||||
1,410 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | 4.900% | 2/01/46 | BBB+ | 1,782,148 | |||||||||||||||||||||||
750 | Becle SAB de CV, 144A | 2.500% | 10/14/31 | BBB+ | 737,955 | |||||||||||||||||||||||
1,750 | Constellation Brands Inc | 2.875% | 5/01/30 | BBB | 1,795,935 | |||||||||||||||||||||||
1,125 | Primo Water Holdings Inc, 144A | 4.375% | 4/30/29 | B1 | 1,113,750 | |||||||||||||||||||||||
1,775 | Triton Water Holdings Inc, 144A | 6.250% | 4/01/29 | CCC+ | 1,702,402 | |||||||||||||||||||||||
8,010 | Total Beverages | 8,295,830 | ||||||||||||||||||||||||||
Biotechnology – 0.2% | ||||||||||||||||||||||||||||
1,325 | AbbVie Inc | 3.200% | 11/21/29 | BBB+ | 1,416,680 | |||||||||||||||||||||||
Building Products – 0.2% | ||||||||||||||||||||||||||||
1,125 | Cemex SAB de CV, 144A | 5.125% | N/A (7) | B+ | 1,164,375 |
28
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Building Products (continued) | ||||||||||||||||||||||||||||
$ | 845 | SRS Distribution Inc, 144A | 6.000% | 12/01/29 | CCC | $ | 849,225 | |||||||||||||||||||||
1,970 | Total Building Products | 2,013,600 | ||||||||||||||||||||||||||
Capital Markets – 1.2% | ||||||||||||||||||||||||||||
2,000 | Banco BTG Pactual SA/Cayman Islands, 144A | 2.750% | 1/11/26 | Ba2 | 1,897,520 | |||||||||||||||||||||||
2,000 | Charles Schwab Corp | 4.000% | N/A (7) | BBB | 2,040,000 | |||||||||||||||||||||||
350 | Credit Suisse Group AG, 144A | 3.091% | 5/14/32 | A– | 356,143 | |||||||||||||||||||||||
1,750 | ENN Clean Energy International Investment Ltd, 144A | 3.375% | 5/12/26 | BBB– | 1,739,730 | |||||||||||||||||||||||
2,000 | Goldman Sachs Group Inc | 1.992% | 1/27/32 | A2 | 1,917,554 | |||||||||||||||||||||||
1,720 | Morgan Stanley | 3.950% | 4/23/27 | Baa1 | 1,893,514 | |||||||||||||||||||||||
425 | Morgan Stanley | 1.928% | 4/28/32 | A1 | 406,094 | |||||||||||||||||||||||
10,245 | Total Capital Markets | 10,250,555 | ||||||||||||||||||||||||||
Chemicals – 1.4% | ||||||||||||||||||||||||||||
1,700 | Alpek SAB de CV, 144A | 4.250% | 9/18/29 | BBB– | 1,808,375 | |||||||||||||||||||||||
1,000 | Equate Petrochemical BV, 144A | 2.625% | 4/28/28 | BBB | 1,001,250 | |||||||||||||||||||||||
950 | EverArc Escrow Sarl, 144A | 0.000% | 10/30/29 | B+ | 950,703 | |||||||||||||||||||||||
1,700 | LG Chem Ltd, 144A | 1.375% | 7/07/26 | BBB+ | 1,662,498 | |||||||||||||||||||||||
1,025 | OCP SA, 144A, (4) | 3.750% | 6/23/31 | BB+ | 994,660 | |||||||||||||||||||||||
980 | Olympus Water US Holding Corp, 144A | 4.250% | 10/01/28 | B2 | 974,492 | |||||||||||||||||||||||
2,325 | Orbia Advance Corp SAB de CV, 144A | 1.875% | 5/11/26 | BBB | 2,291,032 | |||||||||||||||||||||||
1,225 | Sasol Financing USA LLC | 4.375% | 9/18/26 | BB | 1,232,656 | |||||||||||||||||||||||
790 | Tronox Inc, 144A | 4.625% | 3/15/29 | B | 789,013 | |||||||||||||||||||||||
350 | Unifrax Escrow Issuer Corp, 144A | 7.500% | 9/30/29 | CCC+ | 353,500 | |||||||||||||||||||||||
12,045 | Total Chemicals | 12,058,179 | ||||||||||||||||||||||||||
Commercial Services & Supplies – 0.8% | ||||||||||||||||||||||||||||
1,670 | ADT Security Corp, 144A | 4.875% | 7/15/32 | BB– | 1,705,062 | |||||||||||||||||||||||
2,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 144A | 4.625% | 6/01/28 | B | 1,998,760 | |||||||||||||||||||||||
1,000 | LABL Inc, 144A | 5.875% | 11/01/28 | B2 | 1,030,625 | |||||||||||||||||||||||
500 | Pitney Bowes Inc, 144A | 6.875% | 3/15/27 | N/R | 519,250 | |||||||||||||||||||||||
750 | Pitney Bowes Inc, 144A, (4) | 7.250% | 3/15/29 | BB | 770,625 | |||||||||||||||||||||||
375 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | 6.250% | 1/15/28 | B– | 390,937 | |||||||||||||||||||||||
6,295 | Total Commercial Services & Supplies | 6,415,259 | ||||||||||||||||||||||||||
Communications Equipment – 1.2% | ||||||||||||||||||||||||||||
2,350 | AT&T Inc | 3.300% | 2/01/52 | BBB+ | 2,301,328 | |||||||||||||||||||||||
650 | Gray Television Inc, 144A | 4.750% | 10/15/30 | BB– | 645,937 | |||||||||||||||||||||||
1,000 | Network i2i Ltd, 144A, (4) | 3.975% | N/A (7) | BB | 1,002,500 | |||||||||||||||||||||||
1,010 | T-Mobile USA Inc | 3.875% | 4/15/30 | BBB– | 1,104,691 | |||||||||||||||||||||||
1,850 | T-Mobile USA Inc | 2.250% | 11/15/31 | BBB– | 1,795,075 | |||||||||||||||||||||||
3,585 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | 3,549,007 | |||||||||||||||||||||||
10,445 | Total Communications Equipment | 10,398,538 |
29
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Construction Materials – 0.5% | ||||||||||||||||||||||||||||
$ | 450 | Cemex SAB de CV, 144A | 7.375% | 6/05/27 | BB | $ | 495,455 | |||||||||||||||||||||
600 | Cemex SAB de CV, 144A | 5.450% | 11/19/29 | BB | 642,750 | |||||||||||||||||||||||
1,000 | Cemex SAB de CV, 144A | 3.875% | 7/11/31 | BB | 996,330 | |||||||||||||||||||||||
750 | Gates Global LLC / Gates Corp, 144A | 6.250% | 1/15/26 | B | 774,375 | |||||||||||||||||||||||
1,250 | UltraTech Cement Ltd, 144A | 2.800% | 2/16/31 | Baa3 | 1,206,853 | |||||||||||||||||||||||
4,050 | Total Construction Materials | 4,115,763 | ||||||||||||||||||||||||||
Consumer Finance – 0.1% | ||||||||||||||||||||||||||||
425 | OneMain Finance Corp | 5.375% | 11/15/29 | Ba2 | 462,100 | |||||||||||||||||||||||
Containers & Packaging – 0.3% | ||||||||||||||||||||||||||||
1,810 | Amcor Flexibles North America Inc | 2.690% | 5/25/31 | BBB | 1,834,486 | |||||||||||||||||||||||
850 | Berry Global Inc | 1.570% | 1/15/26 | BBB– | 831,742 | |||||||||||||||||||||||
2,660 | Total Containers & Packaging | 2,666,228 | ||||||||||||||||||||||||||
Diversified Financial Services – 1.0% | ||||||||||||||||||||||||||||
1,450 | DAE Funding LLC, 144A | 3.375% | 3/20/28 | Baa3 | 1,464,500 | |||||||||||||||||||||||
1,434 | GE Capital International Funding Co Unlimited Co | 4.418% | 11/15/35 | BBB+ | 1,711,279 | |||||||||||||||||||||||
425 | Genesis Energy LP / Genesis Energy Finance Corp | 7.750% | 2/01/28 | B | 428,188 | |||||||||||||||||||||||
1,075 | Indian Railway Finance Corp Ltd, 144A | 3.249% | 2/13/30 | BBB– | 1,090,075 | |||||||||||||||||||||||
1,095 | OneMain Finance Corp | 3.500% | 1/15/27 | Ba2 | 1,082,681 | |||||||||||||||||||||||
250 | Putnam RE PTE Ltd, 144A, (1-Month U.S. Treasury Bill reference rate + 5.500% spread), (3) | 5.528% | 6/07/24 | N/R | 255,175 | |||||||||||||||||||||||
300 | Sanders RE II Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 3.500% spread), (3) | 3.528% | 4/07/25 | N/R | 301,950 | |||||||||||||||||||||||
250 | Sanders Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 5.500% spread), (3) | 5.528% | 4/07/22 | N/R | 200,000 | |||||||||||||||||||||||
1,000 | Sanders Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 3.250% spread), (3) | 3.296% | 4/07/25 | N/R | 997,900 | |||||||||||||||||||||||
500 | Sierra Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 3.250% spread), (3) | 3.278% | 12/28/22 | N/R | 502,500 | |||||||||||||||||||||||
500 | Ursa Re II Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 3.750% spread), (3) | 3.778% | 12/07/23 | N/R | 511,100 | |||||||||||||||||||||||
8,279 | Total Diversified Financial Services | 8,545,348 | ||||||||||||||||||||||||||
Diversified Telecommunication Services – 1.2% | ||||||||||||||||||||||||||||
775 | Altice France SA/France, 144A | 5.125% | 7/15/29 | B | 755,974 | |||||||||||||||||||||||
1,500 | AT&T Inc | 4.350% | 3/01/29 | BBB+ | 1,684,914 | |||||||||||||||||||||||
580 | AT&T Inc | 3.500% | 6/01/41 | BBB+ | 596,091 | |||||||||||||||||||||||
472 | AT&T Inc | 3.800% | 12/01/57 | BBB+ | 491,381 | |||||||||||||||||||||||
770 | Iliad Holding SASU, 144A | 6.500% | 10/15/26 | BB– | 809,062 | |||||||||||||||||||||||
2,875 | Verizon Communications Inc | 1.750% | 1/20/31 | A– | 2,721,057 | |||||||||||||||||||||||
800 | Verizon Communications Inc | 2.550% | 3/21/31 | A– | 807,130 | |||||||||||||||||||||||
1,000 | Verizon Communications Inc | 2.875% | 11/20/50 | A– | 948,887 | |||||||||||||||||||||||
995 | Vmed O2 UK Financing I PLC, 144A | 4.750% | 7/15/31 | BB+ | 1,007,438 | |||||||||||||||||||||||
9,767 | Total Diversified Telecommunication Services | 9,821,934 |
30
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Electric Utilities – 1.8% | ||||||||||||||||||||||||||||
$ | 1,375 | AES Andres BV, 144A | 5.700% | 5/04/28 | BB– | $ | 1,399,062 | |||||||||||||||||||||
925 | Berkshire Hathaway Energy Co | 3.700% | 7/15/30 | A– | 1,021,545 | |||||||||||||||||||||||
2,000 | Edison International | 5.375% | N/A (7) | BB+ | 2,095,200 | |||||||||||||||||||||||
800 | Empresas Publicas de Medellin ESP, 144A | 4.375% | 2/15/31 | Baa3 | 752,008 | |||||||||||||||||||||||
950 | Eskom Holdings SOC Ltd, 144A | 6.350% | 8/10/28 | Ba2 | 1,023,625 | |||||||||||||||||||||||
430 | Eversource Energy | 1.650% | 8/15/30 | BBB+ | 402,035 | |||||||||||||||||||||||
1,300 | NextEra Energy Capital Holdings Inc | 1.900% | 6/15/28 | A– | 1,286,295 | |||||||||||||||||||||||
250 | NPC Ukrenergo, 144A | 6.875% | 11/09/26 | B | 218,163 | |||||||||||||||||||||||
2,000 | Oglethorpe Power Corp | 4.200% | 12/01/42 | BBB+ | 2,139,827 | |||||||||||||||||||||||
1,330 | PacifiCorp | 2.900% | 6/15/52 | A+ | 1,305,137 | |||||||||||||||||||||||
1,500 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries, 144A | 4.500% | 7/14/28 | Ba3 | 1,504,515 | |||||||||||||||||||||||
1,475 | Southern California Edison Co | 4.000% | 4/01/47 | A– | 1,626,355 | |||||||||||||||||||||||
500 | TerraForm Power Operating LLC, 144A | 4.750% | 1/15/30 | BB– | 524,182 | |||||||||||||||||||||||
14,835 | Total Electric Utilities | 15,297,949 | ||||||||||||||||||||||||||
Electrical Equipment – 0.1% | ||||||||||||||||||||||||||||
785 | Vertiv Group Corp, 144A | 4.125% | 11/15/28 | BB– | 792,850 | |||||||||||||||||||||||
Electronic Equipment, Instruments & Components – 0.2% | ||||||||||||||||||||||||||||
295 | II-VI Inc, 144A | 5.000% | 12/15/29 | BB | 301,260 | |||||||||||||||||||||||
1,150 | Imola Merger Corp, 144A | 4.750% | 5/15/29 | BB+ | 1,179,957 | |||||||||||||||||||||||
1,445 | Total Electronic Equipment, Instruments & Components |
| 1,481,217 | |||||||||||||||||||||||||
Energy Equipment & Services – 0.4% | ||||||||||||||||||||||||||||
1,100 | Archrock Partners LP / Archrock Partners Finance Corp, 144A | 6.875% | 4/01/27 | B+ | 1,155,000 | |||||||||||||||||||||||
550 | Archrock Partners LP / Archrock Partners Finance Corp, 144A | 6.250% | 4/01/28 | B+ | 573,496 | |||||||||||||||||||||||
1,700 | Galaxy Pipeline Assets Bidco Ltd, 144A | 2.625% | 3/31/36 | Aa2 | 1,660,887 | |||||||||||||||||||||||
3,350 | Total Energy Equipment & Services | 3,389,383 | ||||||||||||||||||||||||||
Equity Real Estate Investment Trust – 1.4% | ||||||||||||||||||||||||||||
640 | Brixmor Operating Partnership LP | 2.250% | 4/01/28 | BBB– | 636,593 | |||||||||||||||||||||||
295 | Brixmor Operating Partnership LP | 2.500% | 8/16/31 | BBB– | 288,683 | |||||||||||||||||||||||
1,140 | Essential Properties LP | 2.950% | 7/15/31 | BBB– | 1,122,968 | |||||||||||||||||||||||
975 | Essex Portfolio LP | 2.650% | 3/15/32 | BBB+ | 978,092 | |||||||||||||||||||||||
895 | GLP Capital LP / GLP Financing II Inc | 4.000% | 1/15/30 | BBB– | 946,951 | |||||||||||||||||||||||
520 | GLP Capital LP / GLP Financing II Inc | 3.250% | 1/15/32 | BBB– | 522,803 | |||||||||||||||||||||||
495 | Healthcare Realty Trust Inc | 2.400% | 3/15/30 | BBB+ | 492,578 | |||||||||||||||||||||||
1,636 | Kite Realty Group Trust | 4.750% | 9/15/30 | BBB | 1,809,617 | |||||||||||||||||||||||
885 | Regency Centers LP | 2.950% | 9/15/29 | BBB+ | 918,280 | |||||||||||||||||||||||
240 | SBA Tower Trust, 144A | 2.836% | 1/15/25 | A2 | 246,221 | |||||||||||||||||||||||
270 | SBA Tower Trust, 144A | 1.884% | 1/15/26 | A2 | 269,601 | |||||||||||||||||||||||
500 | SBA Tower Trust, 144A | 1.631% | 11/15/26 | A2 | 491,938 |
31
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Equity Real Estate Investment Trust (continued) | ||||||||||||||||||||||||||||
$ | 3,400 | SBA Tower Trust, 144A | 1.840% | 4/15/27 | A2 | $ | 3,375,448 | |||||||||||||||||||||
11,891 | Total Equity Real Estate Investment Trust | 12,099,773 | ||||||||||||||||||||||||||
Food Products – 0.6% | ||||||||||||||||||||||||||||
1,600 | Amaggi Luxembourg International Sarl, 144A, (4) | 5.250% | 1/28/28 | BB | 1,616,016 | |||||||||||||||||||||||
1,750 | BRF SA, 144A | 4.875% | 1/24/30 | Ba2 | 1,772,330 | |||||||||||||||||||||||
600 | NBM US Holdings Inc, 144A | 6.625% | 8/06/29 | BB | 656,256 | |||||||||||||||||||||||
1,075 | Ulker Biskuvi Sanayi AS, 144A | 6.950% | 10/30/25 | B+ | 1,011,575 | |||||||||||||||||||||||
5,025 | Total Food Products | 5,056,177 | ||||||||||||||||||||||||||
Health Care Providers & Services – 0.5% | ||||||||||||||||||||||||||||
950 | CHS/Community Health Systems Inc, 144A | 6.875% | 4/15/29 | CCC | 967,812 | |||||||||||||||||||||||
575 | LifePoint Health Inc, 144A | 5.375% | 1/15/29 | CCC+ | 572,125 | |||||||||||||||||||||||
750 | Team Health Holdings Inc, 144A, (4) | 6.375% | 2/01/25 | CCC | 705,938 | |||||||||||||||||||||||
1,840 | Tenet Healthcare Corp, 144A | 4.375% | 1/15/30 | B+ | 1,864,040 | |||||||||||||||||||||||
4,115 | Total Health Care Providers & Services | 4,109,915 | ||||||||||||||||||||||||||
Health Care Technology – 0.1% | ||||||||||||||||||||||||||||
750 | MPH Acquisition Holdings LLC, 144A | 5.500% | 9/01/28 | Ba3 | 760,313 | |||||||||||||||||||||||
Hotels, Restaurants & Leisure – 1.0% | ||||||||||||||||||||||||||||
1,490 | Cinemark USA Inc, 144A | 5.250% | 7/15/28 | B | 1,452,750 | |||||||||||||||||||||||
1,500 | Genm Capital Labuan Ltd, 144A | 3.882% | 4/19/31 | BBB | 1,462,409 | |||||||||||||||||||||||
600 | Life Time Inc, 144A | 5.750% | 1/15/26 | B | 621,000 | |||||||||||||||||||||||
965 | Marriott Ownership Resorts Inc, 144A | 4.500% | 6/15/29 | B1 | 971,292 | |||||||||||||||||||||||
325 | Melco Resorts Finance Ltd, 144A | 5.750% | 7/21/28 | BB– | 326,788 | |||||||||||||||||||||||
1,200 | MGM China Holdings Ltd, 144A | 4.750% | 2/01/27 | Ba3 | 1,188,624 | |||||||||||||||||||||||
1,135 | Sands China Ltd, 144A | 3.250% | 8/08/31 | Baa2 | 1,066,401 | |||||||||||||||||||||||
1,500 | Wynn Macau Ltd, 144A | 5.625% | 8/26/28 | B+ | 1,388,977 | |||||||||||||||||||||||
8,715 | Total Hotels, Restaurants & Leisure | 8,478,241 | ||||||||||||||||||||||||||
Household Durables – 0.2% | ||||||||||||||||||||||||||||
1,400 | WASH Multifamily Acquisition Inc, 144A | 5.750% | 4/15/26 | B– | 1,471,330 | |||||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.8% | ||||||||||||||||||||||||||||
1,200 | Alfa Desarrollo SpA, 144A | 4.550% | 9/27/51 | BBB– | 1,184,400 | |||||||||||||||||||||||
1,000 | Azure Power Solar Energy Pvt Ltd, 144A | 5.650% | 12/24/24 | Ba1 | 1,049,100 | |||||||||||||||||||||||
1,050 | Colbun SA, 144A | 3.150% | 1/19/32 | BBB+ | 1,038,975 | |||||||||||||||||||||||
1,500 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A | 5.375% | 12/30/30 | BBB– | 1,368,750 | |||||||||||||||||||||||
1,450 | India Green Energy Holdings, 144A | 5.375% | 4/29/24 | Ba3 | 1,492,699 | |||||||||||||||||||||||
654 | UEP Penonome II SA, 144A | 6.500% | 10/01/38 | BB | 684,362 | |||||||||||||||||||||||
6,854 | Total Independent Power & Renewable Electricity Producers |
| 6,818,286 | |||||||||||||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||||||||||||||||
1,275 | Roper Technologies Inc | 1.750% | 2/15/31 | BBB+ | 1,197,228 |
32
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Insurance – 0.7% | ||||||||||||||||||||||||||||
$ | 1,110 | Aon Corp / Aon Global Holdings PLC | 2.600% | 12/02/31 | A– | $ | 1,129,305 | |||||||||||||||||||||
500 | Bonanza RE Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 4.750% spread), (3) | 4.778% | 12/23/24 | N/R | 506,150 | |||||||||||||||||||||||
820 | BroadStreet Partners Inc, 144A | 5.875% | 4/15/29 | CCC+ | 805,650 | |||||||||||||||||||||||
500 | First Coast Re III Pte Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 6.000% spread), (3) | 6.028% | 4/07/25 | N/R | 509,600 | |||||||||||||||||||||||
250 | Kendall Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 4.000% spread), (3) | 4.040% | 5/02/24 | N/R | 245,975 | |||||||||||||||||||||||
1,395 | Prudential Financial Inc | 3.700% | 10/01/50 | BBB+ | 1,411,165 | |||||||||||||||||||||||
550 | Residential Reinsurance 2020 Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 6.510% spread), (3) | 6.510% | 12/06/24 | N/R | 563,200 | |||||||||||||||||||||||
250 | Sutter Re Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 5.040% spread), (3) | 5.000% | 6/06/22 | N/R | 251,750 | |||||||||||||||||||||||
500 | Vitality Re XII Ltd, 144A, (3-Month U.S. Treasury Bill reference rate + 2.250% spread), (3) | 2.278% | 1/07/25 | BBB+ | 498,550 | |||||||||||||||||||||||
5,875 | Total Insurance | 5,921,345 | ||||||||||||||||||||||||||
Interactive Media & Services – 0.3% | ||||||||||||||||||||||||||||
1,100 | Arches Buyer Inc, 144A | 4.250% | 6/01/28 | B1 | 1,099,428 | |||||||||||||||||||||||
535 | Baidu Inc | 1.625% | 2/23/27 | A | 520,508 | |||||||||||||||||||||||
725 | Prosus NV, 144A | 3.680% | 1/21/30 | BBB | 746,141 | |||||||||||||||||||||||
200 | Tencent Holdings Ltd, Reg S | 2.985% | 1/19/23 | A+ | 203,296 | |||||||||||||||||||||||
2,560 | Total Interactive Media & Services | 2,569,373 | ||||||||||||||||||||||||||
Internet & Direct Marketing Retail – 0.0% | ||||||||||||||||||||||||||||
200 | Prosus NV, 144A, (4) | 4.850% | 7/06/27 | BBB | 223,216 | |||||||||||||||||||||||
IT Services – 0.8% | ||||||||||||||||||||||||||||
2,075 | Ahead DB Holdings LLC, 144A | 6.625% | 5/01/28 | CCC+ | 2,059,438 | |||||||||||||||||||||||
2,000 | Austin BidCo Inc, 144A | 7.125% | 12/15/28 | CCC+ | 2,065,000 | |||||||||||||||||||||||
2,640 | Presidio Holdings Inc, 144A | 8.250% | 2/01/28 | CCC+ | 2,811,600 | |||||||||||||||||||||||
6,715 | Total IT Services | 6,936,038 | ||||||||||||||||||||||||||
Media – 0.9% | ||||||||||||||||||||||||||||
1,150 | Charter Communications Operating LLC / Charter Communications Operating Capital | 3.900% | 6/01/52 | BBB– | 1,153,181 | |||||||||||||||||||||||
615 | Comcast Corp | 2.650% | 2/01/30 | A– | 637,814 | |||||||||||||||||||||||
490 | Comcast Corp | 3.969% | 11/01/47 | A– | 564,160 | |||||||||||||||||||||||
450 | Discovery Communications LLC | 4.875% | 4/01/43 | BBB– | 530,280 | |||||||||||||||||||||||
500 | DISH DBS Corp | 7.750% | 7/01/26 | B– | 527,500 | |||||||||||||||||||||||
890 | DISH DBS Corp, 144A | 5.250% | 12/01/26 | Ba3 | 904,049 | |||||||||||||||||||||||
225 | DISH DBS Corp | 5.125% | 6/01/29 | B– | 204,750 | |||||||||||||||||||||||
1,500 | Grupo Televisa SAB, (4) | 5.250% | 5/24/49 | BBB+ | 1,880,054 | |||||||||||||||||||||||
925 | LCPR Senior Secured Financing DAC, 144A | 5.125% | 7/15/29 | BB+ | 929,625 |
33
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Media (continued) | ||||||||||||||||||||||||||||
$ | 625 | TEGNA Inc | 4.625% | 3/15/28 | BB | $ | 631,744 | |||||||||||||||||||||
7,370 | Total Media | 7,963,157 | ||||||||||||||||||||||||||
Metals & Mining – 0.5% | ||||||||||||||||||||||||||||
230 | Allegheny Technologies Inc | 4.875% | 10/01/29 | B | 230,230 | |||||||||||||||||||||||
700 | AngloGold Ashanti Holdings PLC | 3.375% | 11/01/28 | Baa3 | 692,992 | |||||||||||||||||||||||
1,675 | AngloGold Ashanti Holdings PLC | 3.750% | 10/01/30 | Baa3 | 1,686,691 | |||||||||||||||||||||||
1,500 | First Quantum Minerals Ltd, 144A | 6.500% | 3/01/24 | B | 1,518,750 | |||||||||||||||||||||||
200 | Vale Overseas Ltd | 6.875% | 11/21/36 | BBB | 265,752 | |||||||||||||||||||||||
4,305 | Total Metals & Mining | 4,394,415 | ||||||||||||||||||||||||||
Multiline Retail – 0.2% | ||||||||||||||||||||||||||||
1,450 | JSM Global Sarl, 144A | 4.750% | 10/20/30 | Ba1 | 1,335,827 | |||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 6.2% | ||||||||||||||||||||||||||||
900 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | 7.875% | 5/15/26 | BB | 991,836 | |||||||||||||||||||||||
500 | Cenovus Energy Inc | 2.650% | 1/15/32 | BBB– | 489,186 | |||||||||||||||||||||||
1,600 | Cosan SA, 144A | 5.500% | 9/20/29 | BB | 1,666,016 | |||||||||||||||||||||||
625 | Diamondback Energy Inc | 3.250% | 12/01/26 | BBB | 659,140 | |||||||||||||||||||||||
455 | Diamondback Energy Inc | 3.125% | 3/24/31 | BBB | 468,946 | |||||||||||||||||||||||
575 | Ecopetrol SA | 6.875% | 4/29/30 | Baa3 | 641,850 | |||||||||||||||||||||||
450 | Ecopetrol SA | 4.625% | 11/02/31 | Baa3 | 437,490 | |||||||||||||||||||||||
100 | Ecopetrol SA | 5.875% | 5/28/45 | Baa3 | 95,626 | |||||||||||||||||||||||
1,000 | Ecopetrol SA | 5.875% | 11/02/51 | Baa3 | 936,940 | |||||||||||||||||||||||
900 | Empresa Nacional del Petroleo, 144A | 3.450% | 9/16/31 | A– | 857,259 | |||||||||||||||||||||||
925 | Enbridge Inc | 2.500% | 8/01/33 | BBB+ | 907,832 | |||||||||||||||||||||||
326 | Energean Israel Finance Ltd, 144A, Reg S | 4.875% | 3/30/26 | BB– | 323,176 | |||||||||||||||||||||||
826 | Energean Israel Finance Ltd, 144A, Reg S | 5.375% | 3/30/28 | BB– | 813,728 | |||||||||||||||||||||||
1,145 | Energy Transfer LP | 5.000% | 5/15/50 | BBB– | 1,317,549 | |||||||||||||||||||||||
250 | EnLink Midstream LLC | 5.375% | 6/01/29 | BB+ | 255,625 | |||||||||||||||||||||||
675 | Kinder Morgan Energy Partners LP | 5.800% | 3/15/35 | BBB | 846,661 | |||||||||||||||||||||||
675 | Kosmos Energy Ltd, 144A | 7.750% | 5/01/27 | B+ | 642,937 | |||||||||||||||||||||||
1,000 | Lukoil Capital DAC, 144A | 2.800% | 4/26/27 | BBB+ | 984,730 | |||||||||||||||||||||||
300 | Lukoil International Finance BV, 144A | 4.750% | 11/02/26 | BBB+ | 320,484 | |||||||||||||||||||||||
1,300 | Lukoil Securities BV, 144A | 3.875% | 5/06/30 | BBB+ | 1,323,790 | |||||||||||||||||||||||
925 | Marathon Petroleum Corp | 5.000% | 9/15/54 | BBB | 1,096,050 | |||||||||||||||||||||||
500 | Medco Laurel Tree Pte Ltd, 144A | 6.950% | 11/12/28 | B+ | 495,603 | |||||||||||||||||||||||
1,250 | Medco Oak Tree Pte Ltd, 144A | 7.375% | 5/14/26 | B1 | 1,293,750 | |||||||||||||||||||||||
1,500 | MEG Energy Corp, 144A | 5.875% | 2/01/29 | BB– | 1,570,395 | |||||||||||||||||||||||
1,000 | Moss Creek Resources Holdings Inc, 144A | 10.500% | 5/15/27 | B | 1,008,780 | |||||||||||||||||||||||
1,620 | MPLX LP | 4.875% | 6/01/25 | BBB | 1,772,701 | |||||||||||||||||||||||
425 | MPLX LP | 2.650% | 8/15/30 | BBB | 423,058 |
34
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
$ | 800 | Murphy Oil Corp | 5.875% | 12/01/27 | BB+ | $ | 825,976 | |||||||||||||||||||||
550 | New Fortress Energy Inc, 144A | 6.500% | 9/30/26 | BB– | 545,875 | |||||||||||||||||||||||
850 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | 7.500% | 2/01/26 | BB– | 876,605 | |||||||||||||||||||||||
1,000 | Occidental Petroleum Corp | 3.500% | 8/15/29 | BB+ | 1,027,300 | |||||||||||||||||||||||
2,000 | Occidental Petroleum Corp | 4.300% | 8/15/39 | BB+ | 1,994,540 | |||||||||||||||||||||||
1,215 | ONEOK Inc | 3.400% | 9/01/29 | BBB | 1,258,575 | |||||||||||||||||||||||
1,010 | Parkland Corp/Canada, 144A | 4.625% | 5/01/30 | BB | 1,003,687 | |||||||||||||||||||||||
500 | Pertamina Persero PT, 144A | 1.400% | 2/09/26 | Baa2 | 484,928 | |||||||||||||||||||||||
1,500 | Pertamina Persero PT, 144A | 2.300% | 2/09/31 | Baa2 | 1,430,524 | |||||||||||||||||||||||
173 | Petrobras Global Finance BV | 5.750% | 2/01/29 | Ba1 | 186,191 | |||||||||||||||||||||||
593 | Petrobras Global Finance BV, (4) | 5.093% | 1/15/30 | Ba1 | 616,762 | |||||||||||||||||||||||
1,000 | Petrobras Global Finance BV | 5.600% | 1/03/31 | Ba1 | 1,059,000 | |||||||||||||||||||||||
300 | Petrobras Global Finance BV, (4) | 5.500% | 6/10/51 | Ba1 | 278,250 | |||||||||||||||||||||||
200 | Petroleos del Peru SA, 144A | 4.750% | 6/19/32 | BBB | 208,688 | |||||||||||||||||||||||
1,490 | Petroleos Mexicanos, 144A | 6.700% | 2/16/32 | BBB | 1,504,900 | |||||||||||||||||||||||
100 | Petroleos Mexicanos | 6.750% | 9/21/47 | BBB | 88,750 | |||||||||||||||||||||||
559 | Petroleos Mexicanos | 7.690% | 1/23/50 | BBB | 539,435 | |||||||||||||||||||||||
1,200 | Petronas Energy Canada Ltd, 144A | 2.112% | 3/23/28 | A2 | 1,200,393 | |||||||||||||||||||||||
505 | Phillips 66 | 3.300% | 3/15/52 | A3 | 504,442 | |||||||||||||||||||||||
230 | Qatar Energy, 144A | 1.375% | 9/12/26 | AA– | 225,432 | |||||||||||||||||||||||
1,665 | Saka Energi Indonesia PT, 144A | 4.450% | 5/05/24 | B+ | 1,615,766 | |||||||||||||||||||||||
890 | Santos Finance Ltd, 144A | 3.649% | 4/29/31 | BBB | 906,184 | |||||||||||||||||||||||
1,750 | Saudi Arabian Oil Co, 144A | 2.250% | 11/24/30 | A1 | 1,701,787 | |||||||||||||||||||||||
1,500 | SierraCol Energy Andina LLC, 144A | 6.000% | 6/15/28 | B1 | 1,410,000 | |||||||||||||||||||||||
2,000 | SunCoke Energy Inc, 144A | 4.875% | 6/30/29 | BB | 1,990,000 | |||||||||||||||||||||||
1,000 | Thaioil Treasury Center Co Ltd, 144A | 2.500% | 6/18/30 | BBB | 934,280 | |||||||||||||||||||||||
950 | TotalEnergies Capital International SA | 2.986% | 6/29/41 | A1 | 962,413 | |||||||||||||||||||||||
1,780 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 1,900,150 | |||||||||||||||||||||||
1,325 | Tullow Oil PLC, 144A | 10.250% | 5/15/26 | B2 | 1,338,767 | |||||||||||||||||||||||
975 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 9/01/27 | BB– | 1,029,844 | |||||||||||||||||||||||
51,357 | Total Oil, Gas & Consumable Fuels | 52,290,582 | ||||||||||||||||||||||||||
Paper & Forest Products – 0.2% | ||||||||||||||||||||||||||||
200 | Inversiones CMPC SA, Reg S, (4) | 4.375% | 4/04/27 | BBB | 220,500 | |||||||||||||||||||||||
1,500 | Suzano Austria GmbH | 3.125% | 1/15/32 | BBB– | 1,451,265 | |||||||||||||||||||||||
1,700 | Total Paper & Forest Products | 1,671,765 | ||||||||||||||||||||||||||
Personal Products – 0.1% | ||||||||||||||||||||||||||||
675 | Coty Inc, 144A | 5.000% | 4/15/26 | B+ | 695,270 | |||||||||||||||||||||||
Pharmaceuticals – 0.6% | ||||||||||||||||||||||||||||
1,000 | AbbVie Inc | 4.250% | 11/21/49 | BBB+ | 1,202,172 |
35
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Pharmaceuticals (continued) | �� | |||||||||||||||||||||||||||
$ | 750 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A, (4) | 9.500% | 7/31/27 | Caa2 | $ | 763,440 | |||||||||||||||||||||
225 | Endo Luxembourg Finance Co I Sarl / Endo US Inc, 144A | 6.125% | 4/01/29 | B– | 220,500 | |||||||||||||||||||||||
1,475 | Organon & Co, 144A | 5.125% | 4/30/31 | BB– | 1,540,903 | |||||||||||||||||||||||
300 | Teva Pharmaceutical Finance Netherlands III BV | 2.800% | 7/21/23 | BBB | 301,040 | |||||||||||||||||||||||
990 | Teva Pharmaceutical Finance Netherlands III BV | 5.125% | 5/09/29 | Ba2 | 970,507 | |||||||||||||||||||||||
4,740 | Total Pharmaceuticals | 4,998,562 | ||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 0.4% | ||||||||||||||||||||||||||||
2,292 | Broadcom Inc, 144A | 3.469% | 4/15/34 | BBB– | 2,398,967 | |||||||||||||||||||||||
1,200 | SK Hynix Inc, 144A | 1.500% | 1/19/26 | Baa2 | 1,173,710 | |||||||||||||||||||||||
3,492 | Total Semiconductors & Semiconductor Equipment | 3,572,677 | ||||||||||||||||||||||||||
Software – 0.4% | ||||||||||||||||||||||||||||
1,000 | Avaya Inc, 144A | 6.125% | 9/15/28 | BB | 1,060,000 | |||||||||||||||||||||||
600 | Oracle Corp | 2.875% | 3/25/31 | BBB+ | 603,822 | |||||||||||||||||||||||
2,000 | Rocket Software Inc, 144A | 6.500% | 2/15/29 | CCC | 1,951,200 | |||||||||||||||||||||||
3,600 | Total Software | 3,615,022 | ||||||||||||||||||||||||||
Specialty Retail – 0.9% | ||||||||||||||||||||||||||||
1,825 | Albion Financing 2SARL, 144A | 8.750% | 4/15/27 | BB– | 1,855,112 | |||||||||||||||||||||||
995 | AutoNation Inc | 3.800% | 11/15/27 | BBB– | 1,059,426 | |||||||||||||||||||||||
1,050 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.375% | 4/01/26 | B– | 1,013,250 | |||||||||||||||||||||||
1,125 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.875% | 4/01/29 | B– | 1,080,000 | |||||||||||||||||||||||
1,125 | Michaels Cos Inc, 144A | 5.250% | 5/01/28 | Ba3 | 1,125,495 | |||||||||||||||||||||||
1,000 | Michaels Cos Inc, 144A | 7.875% | 5/01/29 | B3 | 985,000 | |||||||||||||||||||||||
700 | Staples Inc, 144A | 7.500% | 4/15/26 | B | 719,250 | |||||||||||||||||||||||
7,820 | Total Specialty Retail | 7,837,533 | ||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.1% | ||||||||||||||||||||||||||||
1,000 | Diebold Nixdorf Inc, (4) | 8.500% | 4/15/24 | Caa1 | 1,000,000 | |||||||||||||||||||||||
Tobacco – 0.2% | ||||||||||||||||||||||||||||
820 | Altria Group Inc | 4.500% | 5/02/43 | A3 | 849,854 | |||||||||||||||||||||||
260 | BAT Capital Corp | 2.259% | 3/25/28 | BBB+ | 253,353 | |||||||||||||||||||||||
350 | BAT Capital Corp | 2.726% | 3/25/31 | BBB+ | 339,648 | |||||||||||||||||||||||
650 | BAT Capital Corp | 3.984% | 9/25/50 | BBB+ | 624,808 | |||||||||||||||||||||||
2,080 | Total Tobacco | 2,067,663 | ||||||||||||||||||||||||||
Trading Companies & Distributors – 0.5% | ||||||||||||||||||||||||||||
880 | AerCap Holdings NV | 5.875% | 10/10/79 | BB+ | 910,800 | |||||||||||||||||||||||
2,120 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.300% | 1/30/32 | BBB | 2,159,796 | |||||||||||||||||||||||
750 | Air Lease Corp, (4) | 4.650% | N/A (7) | BB+ | 777,188 | |||||||||||||||||||||||
3,750 | Total Trading Companies & Distributors | 3,847,784 |
36
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Transportation Infrastructure – 0.1% | ||||||||||||||||||||||||||||
$ | 500 | Adani Ports & Special Economic Zone Ltd, 144A | 3.100% | 2/02/31 | BBB– | $ | 475,919 | |||||||||||||||||||||
250 | Aeropuerto Internacional de Tocumen SA, 144A | 4.000% | 8/11/41 | BBB | 254,794 | |||||||||||||||||||||||
750 | Total Transportation Infrastructure | 730,713 | ||||||||||||||||||||||||||
Wireless Telecommunication Services – 0.8% | ||||||||||||||||||||||||||||
1,400 | C&W Senior Financing DAC, 144A | 6.875% | 9/15/27 | BB– | 1,456,000 | |||||||||||||||||||||||
975 | Empresa Nacional de Telecomunicaciones SA, 144A | 3.050% | 9/14/32 | BBB– | 957,947 | |||||||||||||||||||||||
1,386 | Millicom International Cellular SA, 144A | 5.125% | 1/15/28 | BB+ | 1,435,342 | |||||||||||||||||||||||
1,800 | Telefonica Moviles Chile SA, 144A, (4) | 3.537% | 11/18/31 | BBB+ | 1,792,350 | |||||||||||||||||||||||
900 | Vodafone Group PLC | 4.375% | 2/19/43 | BBB | 1,055,166 | |||||||||||||||||||||||
6,461 | Total Wireless Telecommunication Services | 6,696,805 | ||||||||||||||||||||||||||
$ | 318,441 | Total Corporate Bonds (cost $322,508,595) | 324,156,026 | |||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 31.4% | ||||||||||||||||||||||||||||
$ | 651 | AASET 2020-1 Trust, 144A | 4.335% | 1/16/40 | BBB | $ | 463,541 | |||||||||||||||||||||
600 | ACRE Commercial Mortgage 2021-FL4 Ltd, 144A, (1-Month LIBOR reference rate + 2.600% spread), (3) | 2.704% | 12/18/37 | N/R | 597,078 | |||||||||||||||||||||||
1,655 | Adams Outdoor Advertising LP, 144A | 4.810% | 11/15/48 | A | 1,706,134 | |||||||||||||||||||||||
2,500 | Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (3) | 4.110% | 4/15/34 | BB– | 2,495,117 | |||||||||||||||||||||||
2,107 | American Homes 4 Rent 2014-SFR2 Trust, 144A | 3.786% | 10/17/36 | Aaa | 2,185,901 | |||||||||||||||||||||||
741 | Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1, (1-Month LIBOR reference rate + 0.600% spread), (3) | 0.706% | 2/25/34 | A | 726,388 | |||||||||||||||||||||||
1,000 | AMSR 2019-SFR1 Trust, 144A | 3.247% | 1/19/39 | Baa1 | 1,021,778 | |||||||||||||||||||||||
1,482 | AMSR 2020-SFR1 Trust, 144A | 2.419% | 4/17/37 | Aa2 | 1,476,061 | |||||||||||||||||||||||
346 | AMSR 2020-SFR1 Trust, 144A | 2.619% | 4/17/37 | A2 | 344,070 | |||||||||||||||||||||||
1,000 | Angel Oak Mortgage Trust 2019-5, 144A | 3.957% | 10/25/49 | BB | 996,688 | |||||||||||||||||||||||
1,900 | Angel Oak Mortgage Trust 2020-1, 144A | 3.161% | 12/25/59 | BBB– | 1,898,149 | |||||||||||||||||||||||
1,000 | Apidos CLO XXIX, 144A, (3-Month LIBOR reference rate + 1.550% spread), (3) | 1.674% | 7/25/30 | AA | 1,000,010 | |||||||||||||||||||||||
1,500 | Apollo aviation securitization, 144A | 2.798% | 1/15/47 | A1 | 1,488,562 | |||||||||||||||||||||||
1,337 | Applebee’s Funding LLC / IHOP Funding LLC, 144A | 4.194% | 6/05/49 | BBB | 1,351,228 | |||||||||||||||||||||||
707 | Arroyo Mortgage Trust 2019-3, 144A | 3.416% | 10/25/48 | A | 710,105 | |||||||||||||||||||||||
2,100 | Avis Budget Rental Car Funding AESOP LLC, 144A | 4.150% | 9/20/23 | BBB | 2,128,384 | |||||||||||||||||||||||
850 | Avis Budget Rental Car Funding AESOP LLC, 144A | 2.130% | 8/20/27 | BBB | 835,153 | |||||||||||||||||||||||
1,750 | Avis Budget Rental Car Funding AESOP LLC, 144A | 4.080% | 2/20/28 | Ba2 | 1,734,944 | |||||||||||||||||||||||
700 | BANK 2017-BNK8 | 4.069% | 11/15/50 | A– | 730,269 | |||||||||||||||||||||||
2,500 | BANK 2019-BNK21, 144A | 2.500% | 10/17/52 | BBB | 2,194,115 | |||||||||||||||||||||||
1,250 | BANK 2019-BNK24 | 2.929% | 11/15/62 | AAA | 1,318,191 | |||||||||||||||||||||||
115 | Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7 | 5.214% | 2/11/41 | BB | 114,622 |
37
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 1,700 | BENCHMARK 2018-B2 Mortgage Trust | 4.197% | 2/15/51 | A– | $ | 1,805,670 | |||||||||||||||||||||
1,000 | Benchmark 2018-B5 Mortgage Trust | 4.208% | 7/15/51 | AAA | 1,127,135 | |||||||||||||||||||||||
1,500 | Benchmark 2020-B18 Mortgage Trust, 144A | 4.139% | 7/15/53 | B– | 1,490,677 | |||||||||||||||||||||||
1,000 | Benchmark 2020-IG2 Mortgage Trust, 144A | 2.791% | 9/15/48 | Aaa | 1,019,697 | |||||||||||||||||||||||
1,000 | Benchmark 2020-IG3 Mortgage Trust, 144A | 3.536% | 9/15/48 | N/R | 1,026,077 | |||||||||||||||||||||||
1,000 | Bojangles Issuer LLC, 144A | 3.832% | 10/20/50 | N/R | 1,022,388 | |||||||||||||||||||||||
1,335 | BX Commercial Mortgage Trust 2019-XL, 144A, (1-Month LIBOR reference rate + 0.920% spread), (3) | 1.030% | 10/15/36 | Aaa | 1,335,148 | |||||||||||||||||||||||
1,750 | BX Commercial Mortgage Trust 2021-XL2, 144A, (1-Month LIBOR reference rate + 1.846% spread), (3) | 1.956% | 10/15/38 | N/R | 1,739,142 | |||||||||||||||||||||||
1,500 | BXP Trust 2021-601L, 144A | 2.775% | 1/15/44 | Baa3 | 1,382,497 | |||||||||||||||||||||||
2,100 | Cajun Global LLC, 144A | 3.931% | 11/20/51 | N/R | 2,090,109 | |||||||||||||||||||||||
635 | Capital Automotive Reit, 144A | 1.920% | 8/15/51 | A+ | 624,978 | |||||||||||||||||||||||
498 | Cars Net Lease Mortgage Notes Series 2020-1, 144A | 3.100% | 12/15/50 | A | 501,549 | |||||||||||||||||||||||
1,250 | Cars Net Lease Mortgage Notes Series 2020-1, 144A | 4.690% | 12/15/50 | BBB | 1,329,342 | |||||||||||||||||||||||
1,150 | CARS-DB4 LP, 144A | 4.520% | 2/15/50 | BBB | 1,184,959 | |||||||||||||||||||||||
1,775 | Carvana Auto Receivables Trust 2021-N4 | 2.300% | 9/11/28 | BBB | 1,774,182 | |||||||||||||||||||||||
762 | Castlelake Aircraft Structured Trust 2021-1, 144A | 3.474% | 1/15/46 | A2 | 770,294 | |||||||||||||||||||||||
500 | Cayuga Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 3.100% spread), (3) | 3.222% | 7/17/34 | BBB– | 496,526 | |||||||||||||||||||||||
705 | CD 2016-CD1 Mortgage Trust | 3.631% | 8/10/49 | A– | 707,379 | |||||||||||||||||||||||
49 | CF 2020-P1 Mortgage Trust, 144A | 2.840% | 4/15/25 | N/R | 50,909 | |||||||||||||||||||||||
750 | CF 2020-P1 Mortgage Trust, 144A | 10.010% | 4/15/52 | N/R | 782,910 | |||||||||||||||||||||||
750 | CF 2020-P1 Mortgage Trust, 144A | 3.603% | 4/15/52 | N/R | 750,409 | |||||||||||||||||||||||
1,381 | CF Hippolyta LLC, 144A | 2.280% | 7/15/60 | A– | 1,379,249 | |||||||||||||||||||||||
690 | CF Hippolyta LLC, 144A | 2.600% | 7/15/60 | A– | 687,844 | |||||||||||||||||||||||
301 | CHL Mortgage Pass-Through Trust 2005-27 | 5.500% | 12/25/35 | N/R | 275,973 | |||||||||||||||||||||||
2,000 | CIFC Funding 2020-I Ltd, 144A, (3-Month LIBOR reference rate + 2.000% spread), (3) | 2.124% | 7/15/36 | A | 1,992,186 | |||||||||||||||||||||||
2,125 | CIFC Funding 2020-I Ltd, 144A, (3-Month LIBOR reference rate + 3.100% spread), (3) | 3.224% | 7/15/36 | BBB– | 2,108,378 | |||||||||||||||||||||||
500 | CIFC Funding 2020-I Ltd, 144A, (3-Month LIBOR reference rate + 6.250% spread), (3) | 6.374% | 7/15/36 | Ba3 | 497,155 | |||||||||||||||||||||||
385 | CIFC Funding 2020-II Ltd, 144A, (3-Month LIBOR reference rate + 6.500% spread), (3) | 6.638% | 10/20/34 | BB– | 382,796 | |||||||||||||||||||||||
1,305 | CIFC Funding 2020-II Ltd, 144A, (3-Month LIBOR reference rate + 2.050% spread), (3) | 2.188% | 10/20/34 | A | 1,301,878 | |||||||||||||||||||||||
1,760 | CIFC Funding 2020-II Ltd, 144A, (3-Month LIBOR reference rate + 3.050% spread), (3) | 3.188% | 10/20/34 | BBB– | 1,744,565 | |||||||||||||||||||||||
1,000 | Citigroup Commercial Mortgage Trust 2014-GC23, 144A | 4.483% | 7/10/47 | BBB– | 999,087 | |||||||||||||||||||||||
2,750 | Citigroup Commercial Mortgage Trust 2015-GC29 | 3.758% | 4/10/48 | AA– | 2,873,650 | |||||||||||||||||||||||
1,690 | Citigroup Commercial Mortgage Trust 2015-GC29 | 4.142% | 4/10/48 | A– | 1,751,062 |
38
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 850 | Citigroup Commercial Mortgage Trust 2021-PRM2, 144A, (1-Month LIBOR reference rate + 1.900% spread), (3) | 2.010% | 10/15/36 | BBB– | $ | 848,465 | |||||||||||||||||||||
216 | CLI Funding VI LLC, 144A | 2.080% | 9/18/45 | A | 215,075 | |||||||||||||||||||||||
2,770 | Cologix Data Centers US Issuer LLC, 144A | 3.300% | 12/26/51 | N/R | 2,782,188 | |||||||||||||||||||||||
400 | COMM 2013-CCRE10 Mortgage Trust | 4.210% | 8/10/46 | Aaa | 415,618 | |||||||||||||||||||||||
1,500 | COMM 2014-CCRE19 Mortgage Trust, 144A | 4.703% | 8/10/47 | BBB– | 1,471,576 | |||||||||||||||||||||||
750 | COMM 2014-LC17 Mortgage Trust | 4.188% | 10/10/47 | AAA | 793,148 | |||||||||||||||||||||||
1,000 | COMM 2014-LC17 Mortgage Trust | 4.558% | 10/10/47 | A | 1,045,938 | |||||||||||||||||||||||
800 | Comm 2014-UBS2 Mortgage Trust | 4.971% | 3/10/47 | Baa1 | 818,132 | |||||||||||||||||||||||
2,000 | COMM 2014-UBS3 Mortgage Trust, 144A | 4.767% | 6/10/47 | N/R | 1,946,026 | |||||||||||||||||||||||
1,615 | COMM 2015-CCRE22 Mortgage Trust | 4.106% | 3/10/48 | A– | 1,674,887 | |||||||||||||||||||||||
1,000 | COMM 2015-CCRE22 Mortgage Trust, 144A | 3.000% | 3/10/48 | BB– | 888,666 | |||||||||||||||||||||||
1,750 | COMM 2015-CCRE23 Mortgage Trust | 4.286% | 5/10/48 | N/R | 1,733,599 | |||||||||||||||||||||||
2,240 | COMM 2015-CCRE24 Mortgage Trust | 3.463% | 8/10/48 | BBB– | 2,068,410 | |||||||||||||||||||||||
1,000 | COMM 2015-CCRE24 Mortgage Trust | 4.379% | 8/10/48 | AA– | 1,063,437 | |||||||||||||||||||||||
500 | COMM 2015-CCRE24 Mortgage Trust | 4.379% | 8/10/48 | A– | 515,600 | |||||||||||||||||||||||
550 | COMM 2015-CCRE25 Mortgage Trust | 3.780% | 8/10/48 | BB | 511,208 | |||||||||||||||||||||||
2,260 | COMM 2015-CCRE26 Mortgage Trust | 4.478% | 10/10/48 | A– | 2,375,900 | |||||||||||||||||||||||
900 | COMM 2015-LC23 Mortgage Trust | 4.609% | 10/10/48 | A– | 944,705 | |||||||||||||||||||||||
450 | COMM 2019-GC44 Mortgage Trust, 144A | 2.500% | 8/15/57 | BBB | 398,476 | |||||||||||||||||||||||
1,000 | COMM 2019-GC44 Mortgage Trust | 3.526% | 8/15/57 | A– | 1,015,716 | |||||||||||||||||||||||
216 | Connecticut Avenue Securities Trust 2018-R07, 144A | 2.492% | 4/25/31 | BB+ | 216,433 | |||||||||||||||||||||||
3,120 | Connecticut Avenue Securities Trust 2021-R01, 144A, (SOFR30A reference rate + 3.100% spread), (3) | 3.150% | 10/25/41 | B+ | 3,152,215 | |||||||||||||||||||||||
625 | Connecticut Avenue Securities Trust 2021-R03, 144A, (SOFR30A reference rate + 5.500% spread), (3) | 5.550% | 12/25/41 | N/R | 626,936 | |||||||||||||||||||||||
407 | Corevest American Finance 2020-1 Trust, 144A | 1.832% | 3/15/50 | AAA | 406,490 | |||||||||||||||||||||||
180 | CPT MORTGAGE TRUST, 144A | 2.997% | 11/13/39 | N/R | 171,340 | |||||||||||||||||||||||
11 | Credit Suisse First Boston Mortgage Securities Corp | 5.750% | 9/25/33 | AAA | 11,321 | |||||||||||||||||||||||
3,000 | Crescendo Royalty Funding LP, 144A | 0.000% | 12/20/51 | N/R | 2,995,432 | |||||||||||||||||||||||
1,000 | CSMC 2021-NQM1, 144A | 2.130% | 5/25/65 | BBB | 991,711 | |||||||||||||||||||||||
646 | DB Master Finance LLC, 144A | 4.021% | 5/20/49 | BBB | 668,791 | |||||||||||||||||||||||
1,200 | DB Master Finance LLC, 144A | 2.045% | 11/20/51 | BBB | 1,172,520 | |||||||||||||||||||||||
1,200 | DB Master Finance LLC, 144A | 2.493% | 11/20/51 | BBB | 1,194,634 | |||||||||||||||||||||||
900 | DB Master Finance LLC, 144A | 2.791% | 11/20/51 | BBB | 897,725 | |||||||||||||||||||||||
350 | Diamond Resorts Owner Trust 2021-1, 144A | 2.700% | 11/21/33 | BBB | 348,640 | |||||||||||||||||||||||
350 | Diamond Resorts Owner Trust 2021-1, 144A | 3.830% | 11/21/33 | BB | 350,304 | |||||||||||||||||||||||
30,450 | DOLP Trust 2021-NYC, 144A, (I/O) | 0.665% | 5/10/41 | A– | 1,491,073 | |||||||||||||||||||||||
995 | Domino’s Pizza Master Issuer LLC, 144A | 2.662% | 4/25/51 | BBB+ | 999,188 | |||||||||||||||||||||||
1,975 | DRIVEN BRANDS FUNDING LLC, 144A | 3.786% | 7/20/50 | BBB– | 2,047,510 |
39
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 1,489 | DRIVEN BRANDS FUNDING LLC, 144A | 3.237% | 1/20/51 | BBB– | $ | 1,510,566 | |||||||||||||||||||||
1,500 | Dryden 49 Senior Loan Fund, 144A, (3-Month LIBOR reference rate + 3.400% spread), (3) | 3.522% | 7/18/30 | Baa3 | 1,496,824 | |||||||||||||||||||||||
1,250 | DT Auto Owner Trust 2021-1, 144A | 2.380% | 1/18/28 | BB– | 1,230,626 | |||||||||||||||||||||||
850 | ELP Commercial Mortgage Trust 2021-ELP, 144A, (1-Month LIBOR reference rate + 2.118% spread), (3) | 2.228% | 11/15/38 | N/R | 844,973 | |||||||||||||||||||||||
1,592 | Extended Stay America Trust, 144A, (1-Month LIBOR reference rate + 1.080% spread), (3) | 1.164% | 7/15/38 | Aaa | 1,593,814 | |||||||||||||||||||||||
930 | Fannie Mae Connecticut Avenue Securities, 144A, (SOFR30A reference rate + 3.300% spread), (3) | 3.350% | 11/25/41 | B+ | 936,957 | |||||||||||||||||||||||
24 | Fannie Mae Pool FN 256890 | 6.000% | 9/01/37 | Aaa | 26,492 | |||||||||||||||||||||||
25 | Fannie Mae Pool FN 745101 | 6.000% | 4/01/32 | Aaa | 27,341 | |||||||||||||||||||||||
94 | Fannie Mae Pool FN 745324 | 6.000% | 3/01/34 | Aaa | 101,391 | |||||||||||||||||||||||
1 | Fannie Mae Pool FN 905597, (12-Month LIBOR reference rate + 1.875% spread), (3) | 2.250% | 12/01/36 | N/R | 786 | |||||||||||||||||||||||
15 | Fannie Mae Pool FN 946228, (12-Month LIBOR reference rate + 1.532% spread), (3) | 1.782% | 9/01/37 | N/R | 15,008 | |||||||||||||||||||||||
— | (5) | Fannie Mae Pool FN AL1187 | 5.500% | 7/01/24 | N/R | 83 | ||||||||||||||||||||||
2,230 | Fannie Mae Pool FN AS7499 | 3.500% | 7/01/46 | N/R | 2,400,938 | |||||||||||||||||||||||
1,206 | Fannie Mae Pool FN BM5126 | 3.500% | 1/01/48 | N/R | 1,297,448 | |||||||||||||||||||||||
768 | Fannie Mae Pool FN BM5839 | 3.500% | 11/01/47 | Aaa | 827,550 | |||||||||||||||||||||||
218 | Fannie Mae Pool FN CA3960 | 3.000% | 8/01/49 | Aaa | 230,479 | |||||||||||||||||||||||
28 | Fannie Mae Pool FN FM1108 | 5.000% | 11/01/44 | Aaa | 31,853 | |||||||||||||||||||||||
198 | Fannie Mae Pool FN FM1136 | 5.500% | 3/01/39 | Aaa | 224,721 | |||||||||||||||||||||||
33 | Fannie Mae Pool FN FM1137 | 6.000% | 9/01/39 | Aaa | 38,265 | |||||||||||||||||||||||
141 | Fannie Mae Pool FN FM1138 | 6.500% | 8/01/37 | Aaa | 157,210 | |||||||||||||||||||||||
313 | Fannie Mae Pool FN MA3228 | 3.000% | 11/01/47 | Aaa | 319,851 | |||||||||||||||||||||||
240 | Fannie Mae REMICS, (1-Month LIBOR reference rate + 5.950% spread), (3) | 5.848% | 9/25/43 | Aaa | 43,279 | |||||||||||||||||||||||
1,151 | Fannie Mae REMICS | 2.500% | 11/25/50 | Aaa | 159,631 | |||||||||||||||||||||||
1,465 | Flagstar Mortgage Trust, 144A | 3.000% | 10/25/51 | Aa1 | 1,481,413 | |||||||||||||||||||||||
91 | Flagstar Mortgage Trust 2017-2, 144A | 4.080% | 10/25/47 | A3 | 91,924 | |||||||||||||||||||||||
2,881 | Flagstar Mortgage Trust 2021-4, 144A | 2.500% | 6/01/51 | AAA | 2,861,575 | |||||||||||||||||||||||
3,180 | Flexential Issuer, LLC, 144A | 3.250% | 11/27/51 | N/R | 3,185,659 | |||||||||||||||||||||||
1,767 | Freddie Mac Gold Pool | 3.500% | 8/01/45 | Aaa | 1,914,931 | |||||||||||||||||||||||
11,666 | Freddie Mac Multifamily ML Certificates | 1.219% | 7/25/41 | N/R | 1,529,164 | |||||||||||||||||||||||
2,000 | Freddie Mac STACR Remic Trust 2020-DNA2, 144A, (1-Month LIBOR reference rate + 2.500% spread), (3) | 2.603% | 2/25/50 | B | 2,003,715 | |||||||||||||||||||||||
4,000 | Freddie Mac STACR REMIC Trust 2021-DNA5, 144A, (SOFR30A reference rate + 3.050% spread), (3) | 3.100% | 1/25/34 | BB– | 4,017,628 | |||||||||||||||||||||||
2,000 | Freddie Mac STACR REMIC Trust 2021-DNA6, 144A, (SOFR30A reference rate + 7.500% spread), (3) | 7.550% | 10/25/41 | N/R | 2,074,831 | |||||||||||||||||||||||
200 | Freddie Mac STACR Trust 2019-FTR2, 144A, (1-Month LIBOR reference rate + 2.150% spread), (3) | 2.252% | 11/25/48 | B+ | 199,300 |
40
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 187 | Freddie Mac Strips, (1-Month LIBOR reference rate + 5.920% spread), (3), (I/O) | 5.810% | 3/15/44 | N/R | $ | 32,165 | |||||||||||||||||||||
1,175 | Freddie Mac Structured Agency Credit Risk Debt Notes, 144A, (SOFR30A reference rate + 3.650% spread), (3) | 3.450% | 11/25/41 | B+ | 1,193,285 | |||||||||||||||||||||||
900 | Freddie Mac Structured Agency Credit Risk Debt Notes, 144A, (SOFR30A reference rate + 4.000% spread), (3) | 4.050% | 11/25/50 | Ba3 | 939,815 | |||||||||||||||||||||||
500 | GoldenTree Loan Opportunities IX Ltd, 144A, (3-Month LIBOR reference rate + 5.660% spread), (3) | 5.789% | 10/29/29 | BB– | 482,698 | |||||||||||||||||||||||
2,000 | GS Mortgage Securities Corp II, 144A, (1-Month LIBOR reference rate + 3.350% spread), (3) | 3.460% | 11/15/36 | N/R | 1,995,562 | |||||||||||||||||||||||
1,200 | GS Mortgage Securities Corp Trust 2017-SLP, 144A | 4.591% | 10/10/32 | B | 1,192,328 | |||||||||||||||||||||||
1,500 | GS Mortgage Securities Corp Trust 2018-TWR, 144A, (1-Month LIBOR reference rate + 1.600% spread), (3) | 1.710% | 7/15/31 | BBB– | 1,447,099 | |||||||||||||||||||||||
1,000 | GS Mortgage Securities Trust 2016-GS4 | 3.961% | 11/10/49 | A– | 978,802 | |||||||||||||||||||||||
1,425 | GS Mortgage Securities Trust 2019-GC38 | 4.158% | 2/10/52 | AAA | 1,575,743 | |||||||||||||||||||||||
1,000 | GS Mortgage Securities Trust 2019-GC40, 144A | 3.550% | 7/10/52 | BBB– | 1,009,164 | |||||||||||||||||||||||
1,000 | GS Mortgage Securities Trust 2020-GSA2 | 2.012% | 12/12/53 | AAA | 980,047 | |||||||||||||||||||||||
65 | GS Mortgage-Backed Securities Corp Trust 2019-PJ1, 144A | 4.000% | 8/25/49 | Aa1 | 65,739 | |||||||||||||||||||||||
14 | GS Mortgage-Backed Securities Corp Trust 2019-PJ2, 144A | 4.000% | 11/25/49 | Aaa | 13,599 | |||||||||||||||||||||||
35 | GS Mortgage-Backed Securities Corp Trust 2019-PJ2, 144A | 4.000% | 11/25/49 | Aa1 | 35,404 | |||||||||||||||||||||||
184 | GS Mortgage-Backed Securities Corp Trust 2021-PJ5, 144A | 2.500% | 10/25/51 | Aa1 | 182,412 | |||||||||||||||||||||||
2,830 | GS Mortgage-Backed Securities Trust 2021-PJ6, 144A | 2.500% | 11/25/51 | Aa1 | 2,807,311 | |||||||||||||||||||||||
1,914 | GS Mortgage-Backed Securities Trust 2021-PJ7, 144A | 2.500% | 1/25/52 | AA+ | 1,898,408 | |||||||||||||||||||||||
384 | GS Mortgage-Backed Securities Trust 2021-PJ8, 144A | 2.500% | 1/25/52 | Aaa | 380,961 | |||||||||||||||||||||||
2,970 | Hardee’s Funding LLC, 144A | 3.981% | 12/20/50 | BBB | 3,108,776 | |||||||||||||||||||||||
750 | Hertz Vehicle Financing LLC, 144A | 2.050% | 12/26/25 | Baa2 | 742,214 | |||||||||||||||||||||||
754 | Hilton Grand Vacations Trust 2019-A, 144A | 2.840% | 7/25/33 | A– | 760,007 | |||||||||||||||||||||||
2,190 | Horizon Aircraft Finance II Ltd, 144A | 3.721% | 7/15/39 | A | 2,145,563 | |||||||||||||||||||||||
922 | Horizon Aircraft Finance III Ltd, 144A | 3.425% | 11/15/39 | A | 902,869 | |||||||||||||||||||||||
1,500 | Hotwire Funding LLC, 144A | 2.658% | 11/20/51 | BBB | 1,493,556 | |||||||||||||||||||||||
1,000 | Hotwire Funding LLC, 144A | 4.459% | 11/20/51 | BB | 1,002,215 | |||||||||||||||||||||||
1,000 | Hudson Yards, 144A | 2.943% | 12/10/41 | N/R | 925,081 | |||||||||||||||||||||||
500 | Hudson Yards 2019-30HY Mortgage Trust, 144A | 3.443% | 7/10/39 | BBB– | 512,882 | |||||||||||||||||||||||
726 | Impac Secured Assets CMN Owner Trust | 8.000% | 10/25/30 | N/R | 707,806 | |||||||||||||||||||||||
619 | Imperial Fund Mortgage Trust 2020-NQM1, 144A | 2.051% | 10/25/55 | A | 619,768 | |||||||||||||||||||||||
2,000 | Imperial Fund Mortgage Trust 2020-NQM1, 144A | 3.531% | 10/25/55 | BBB | 2,029,297 | |||||||||||||||||||||||
450 | Imperial Fund Mortgage Trust 2021-NQM1, 144A | 2.383% | 6/25/56 | BBB | 443,823 | |||||||||||||||||||||||
589 | Imperial Fund Mortgage Trust 2021-NQM1, 144A | 1.617% | 6/25/56 | A | 580,173 | |||||||||||||||||||||||
1,205 | Jersey Mikes Funding LLC, 144A | 2.891% | 2/15/52 | BBB | 1,206,284 | |||||||||||||||||||||||
240 | JP Morgan Alternative Loan Trust 2007-S1, (1-Month LIBOR reference rate + 0.560% spread), (3) | 0.662% | 4/25/47 | AAA | 239,531 | |||||||||||||||||||||||
335 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 | 4.166% | 12/15/46 | Aaa | 350,097 |
41
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 403 | JP Morgan Mortgage Trust 2018-3, 144A | 3.500% | 9/25/48 | Aaa | $ | 401,642 | |||||||||||||||||||||
130 | JP Morgan Mortgage Trust 2018-4, 144A | 3.500% | 10/25/48 | Aaa | 130,500 | |||||||||||||||||||||||
535 | JP Morgan Mortgage Trust 2018-5, 144A | 3.500% | 10/25/48 | AAA | 539,868 | |||||||||||||||||||||||
913 | JP Morgan Mortgage Trust 2018-6, 144A | 3.917% | 12/25/48 | Baa3 | 903,739 | |||||||||||||||||||||||
159 | JP Morgan Mortgage Trust 2019-1, 144A | 4.000% | 5/25/49 | AAA | 160,046 | |||||||||||||||||||||||
62 | JP Morgan Mortgage Trust 2019-3, 144A | 4.681% | 9/25/49 | Aaa | 61,588 | |||||||||||||||||||||||
65 | JP Morgan Mortgage Trust 2019-INV1, 144A, (1-Month LIBOR reference rate + 0.950% spread), (3) | 1.052% | 10/25/49 | Aaa | 65,599 | |||||||||||||||||||||||
240 | JP Morgan Mortgage Trust 2020-1, 144A | 3.871% | 6/25/50 | Aa3 | 248,593 | |||||||||||||||||||||||
481 | JP Morgan Mortgage Trust 2021-11, 144A | 2.500% | 1/25/52 | Aa1 | 476,952 | |||||||||||||||||||||||
329 | JP Morgan Mortgage Trust 2021-6, 144A | 2.500% | 10/25/51 | Aaa | 325,780 | |||||||||||||||||||||||
325 | JP Morgan Mortgage Trust 2021-7, 144A | 2.500% | 11/25/51 | Aaa | 320,751 | |||||||||||||||||||||||
214 | JP Morgan Mortgage Trust 2021-8, 144A | 2.500% | 12/25/51 | AAA | 212,721 | |||||||||||||||||||||||
1,692 | JPMBB Commercial Mortgage Securities Trust 2014-C22 | 4.553% | 9/15/47 | BBB | 1,644,908 | |||||||||||||||||||||||
1,500 | JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 3.723% | 3/15/50 | Aaa | 1,623,233 | |||||||||||||||||||||||
1,000 | JPMCC Commercial Mortgage Securities Trust 2017-JP7, 144A | 4.396% | 9/15/50 | BBB | 991,186 | |||||||||||||||||||||||
190 | Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust, 144A | 3.985% | 2/15/36 | AAA | 207,002 | |||||||||||||||||||||||
1,941 | Lunar 2021-1 Structured Aircraft Portfolio Notes, 144A | 5.682% | 10/15/46 | Ba3 | 1,898,392 | |||||||||||||||||||||||
293 | LUNAR AIRCRAFT 2020-1 LTD, 144A | 4.335% | 2/15/45 | BB | 266,012 | |||||||||||||||||||||||
1,500 | Madison Park Funding LIX Ltd, 144A, (3-Month LIBOR reference rate + 2.100% spread), (3) | 2.345% | 1/18/34 | A+ | 1,500,000 | |||||||||||||||||||||||
1,500 | Magnetite XXIII Ltd, 144A, (3-Month LIBOR reference rate + 2.050% spread), (3) | 2.171% | 1/25/35 | A | 1,496,640 | |||||||||||||||||||||||
962 | MAPS 2021-1 Trust, 144A | 2.521% | 6/15/46 | A1 | 951,798 | |||||||||||||||||||||||
1,367 | MASTR Reperforming Loan Trust 2005-1, 144A | 7.500% | 8/25/34 | N/R | 1,303,312 | |||||||||||||||||||||||
34,356 | MFT Trust 2020-ABC, 144A | 0.119% | 2/10/42 | N/R | 390,944 | |||||||||||||||||||||||
134 | Morgan Stanley ABS Capital I Inc Trust 2004-HE6, (1-Month LIBOR reference rate + 0.825% spread), (3) | 0.927% | 8/25/34 | A | 132,564 | |||||||||||||||||||||||
1,500 | Morgan Stanley Capital I Trust 2018-H3 | 4.177% | 7/15/51 | AAA | 1,681,708 | |||||||||||||||||||||||
304 | Morgan Stanley Residential Mortgage Loan Trust 2021-5, 144A | 2.500% | 8/25/51 | AAA | 301,654 | |||||||||||||||||||||||
2,000 | MRCD Mortgage Trust, 144A | 2.718% | 12/15/36 | N/R | 1,949,291 | |||||||||||||||||||||||
993 | MVW 2019-2 LLC, 144A | 2.680% | 10/20/38 | BBB+ | 989,092 | |||||||||||||||||||||||
426 | MVW 2021-1W LLC, 144A | 1.940% | 1/22/41 | BBB | 419,398 | |||||||||||||||||||||||
751 | MVW Owner Trust 2019-1, 144A | 3.330% | 11/20/36 | BBB+ | 756,628 | |||||||||||||||||||||||
1,000 | Myers Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 1.600% spread), (3) | 1.732% | 10/20/30 | AA | 1,000,063 | |||||||||||||||||||||||
1,000 | Natixis Commercial Mortgage Securities Trust 2019-1776, 144A | 3.902% | 10/15/36 | Ba3 | 992,759 | |||||||||||||||||||||||
1,500 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 3.500% spread), (3) | 3.610% | 7/15/36 | N/R | 1,496,654 | |||||||||||||||||||||||
1,500 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 4.250% spread), (3) | 4.360% | 7/15/36 | N/R | 1,489,809 | |||||||||||||||||||||||
2,244 | NBC Funding LLC, 144A | 2.989% | 7/30/51 | N/R | 2,232,267 |
42
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 200 | NBC Funding LLC, 144A | 4.970% | 7/30/51 | N/R | $ | 198,995 | |||||||||||||||||||||
1,000 | Neuberger Berman Loan Advisers CLO 27 Ltd, 144A, (3-Month LIBOR reference rate + 1.400% spread), (3) | 1.524% | 1/15/30 | AA | 1,000,017 | |||||||||||||||||||||||
1,500 | Neuberger Berman Loan Advisers CLO 31 Ltd, 144A, (3-Month LIBOR reference rate + 3.250% spread), (3) | 3.382% | 4/20/31 | BBB– | 1,500,025 | |||||||||||||||||||||||
500 | Neuberger Berman Loan Advisers CLO 37 Ltd, 144A, (3-Month LIBOR reference rate + 2.850% spread), (3) | 2.982% | 7/20/31 | BBB– | 498,275 | |||||||||||||||||||||||
660 | Neuberger Berman Loan Advisers Clo 40 Ltd, 144A, (3-Month LIBOR reference rate + 5.850% spread), (3) | 5.972% | 4/16/33 | BB– | 654,222 | |||||||||||||||||||||||
1,000 | Neuberger Berman Loan Advisers Clo 40 Ltd, 144A, (3-Month LIBOR reference rate + 2.750% spread), (3) | 2.872% | 4/16/33 | BBB– | 991,426 | |||||||||||||||||||||||
125 | New Residential Mortgage Loan Trust 2015-2, 144A | 5.468% | 8/25/55 | Baa1 | 132,010 | |||||||||||||||||||||||
30 | New Residential Mortgage Loan Trust 2017-1, 144A | 4.000% | 2/25/57 | Aaa | 31,362 | |||||||||||||||||||||||
1,338 | New Residential Mortgage Loan Trust 2017-6, 144A | 4.000% | 8/27/57 | Aaa | 1,400,307 | |||||||||||||||||||||||
1,000 | NLT 2021-INV2 Trust, 144A | 2.569% | 8/25/56 | BBB | 979,995 | |||||||||||||||||||||||
1,000 | Oak Street Investment Grade Net Lease Fund Series 2021-1, 144A | 4.230% | 1/20/51 | BBB+ | 1,025,422 | |||||||||||||||||||||||
64 | OBX 2018-1 Trust, 144A, (1-Month LIBOR reference rate + 0.650% spread), (3) | 0.752% | �� | 6/25/57 | AAA | 63,651 | ||||||||||||||||||||||
950 | OBX 2021-J2 Trust, 144A | 2.500% | 7/25/51 | Aa1 | 938,619 | |||||||||||||||||||||||
2,175 | OHA Credit Funding 4 Ltd, 144A, (3-Month LIBOR reference rate + 3.200% spread), (3) | 3.328% | 10/22/36 | BBB– | 2,178,758 | |||||||||||||||||||||||
1,150 | One Bryant Park Trust 2019-OBP, 144A | 2.516% | 9/15/54 | Aaa | 1,163,771 | |||||||||||||||||||||||
2,000 | OPG Trust 2021-PORT, 144A, (1-Month LIBOR reference rate + 1.529% spread), (3) | 1.639% | 10/15/36 | N/R | 1,961,951 | |||||||||||||||||||||||
500 | Oportun Funding XIV LLC, 144A | 3.440% | 3/08/28 | N/R | 503,533 | |||||||||||||||||||||||
500 | Oportun Funding XIV LLC, 144A | 5.400% | 3/08/28 | N/R | 503,185 | |||||||||||||||||||||||
617 | Oportun Issuance Trust 2021-C, 144A | 3.610% | 10/08/31 | N/R | 612,179 | |||||||||||||||||||||||
350 | Oportun Issuance Trust 2021-C, 144A | 5.570% | 10/08/31 | N/R | 347,842 | |||||||||||||||||||||||
1,000 | Palmer Square CLO 2021-3 Ltd, 144A, (3-Month LIBOR reference rate + 2.950% spread), (3) | 3.182% | 1/15/35 | Baa3 | 995,917 | |||||||||||||||||||||||
175 | Progress Residential 2021-SFR8 Trust, 144A | 2.082% | 10/17/38 | Baa3 | 171,093 | |||||||||||||||||||||||
250 | Purchasing Power Funding 2021-A LLC, 144A | 4.370% | 10/15/25 | N/R | 250,176 | |||||||||||||||||||||||
3,000 | Purewest Funding LLC, 144A | 4.091% | 12/22/36 | BBB+ | 2,992,114 | |||||||||||||||||||||||
31 | Sequoia Mortgage Trust 2018-7, 144A | 4.000% | 9/25/48 | Aaa | 30,788 | |||||||||||||||||||||||
17 | Sequoia Mortgage Trust 2018-8, 144A | 4.000% | 11/25/48 | Aaa | 16,987 | |||||||||||||||||||||||
11 | Sequoia Mortgage Trust 2019-2, 144A | 4.000% | 6/25/49 | Aaa | 11,109 | |||||||||||||||||||||||
369 | Sequoia Mortgage Trust 2020-3, 144A | 3.000% | 4/25/50 | AAA | 372,723 | |||||||||||||||||||||||
193 | Sequoia Mortgage Trust 2021-4, 144A | 2.500% | 6/25/51 | AAA | 191,461 | |||||||||||||||||||||||
496 | ServiceMaster Funding LLC, 144A | 2.841% | 10/30/51 | BBB– | 491,481 | |||||||||||||||||||||||
1,789 | SERVPRO Master Issuer LLC, 144A | 3.882% | 10/25/49 | BBB– | 1,825,894 | |||||||||||||||||||||||
1,741 | SERVPRO Master Issuer LLC, 144A | 2.394% | 4/25/51 | BBB– | 1,711,029 | |||||||||||||||||||||||
1,466 | Sesac Finance LLC, 144A | 5.216% | 7/25/49 | N/R | 1,521,934 | |||||||||||||||||||||||
2,357 | Settlement Fee Finance 2019-1 LLC, 144A, (6) | 3.840% | 11/01/49 | N/R | 2,324,107 |
43
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||||||||||||||||||
$ | 382 | Sierra Timeshare 2019-2 Receivables Funding LLC, 144A | 4.540% | 5/20/36 | BB | $ | 386,912 | |||||||||||||||||||||
683 | Sierra Timeshare 2019-3 Receivables Funding LLC, 144A | 4.180% | 8/20/36 | BB | 684,849 | |||||||||||||||||||||||
320 | Sierra Timeshare 2021-1 Receivables Funding LLC, 144A | 1.790% | 11/20/37 | BBB | 315,992 | |||||||||||||||||||||||
476 | Sierra Timeshare Conduit Receivables Funding LLC, 144A | 3.200% | 3/20/34 | BBB | 476,327 | |||||||||||||||||||||||
305 | S-Jets 2017-1 Ltd, 144A | 3.967% | 8/15/42 | BBB | 296,513 | |||||||||||||||||||||||
40,180 | SLG Office Trust 2021-OVA, 144A, (I/O) | 0.258% | 7/15/41 | AA– | 818,459 | |||||||||||||||||||||||
1,155 | SLG Office Trust 2021-OVA, 144A | 2.851% | 7/15/41 | N/R | 1,094,090 | |||||||||||||||||||||||
1,904 | Sonic Capital LLC, 144A | 3.845% | 1/20/50 | BBB | 1,967,932 | |||||||||||||||||||||||
1,500 | Spruce Hill Mortgage Loan Trust 2020-SH1, 144A | 3.827% | 1/28/50 | BB | 1,496,124 | |||||||||||||||||||||||
1,294 | START Ireland, 144A | 5.095% | 3/15/44 | BB | 1,183,088 | |||||||||||||||||||||||
2,630 | Taco Bell Funding LLC, 144A | 2.294% | 8/25/51 | BBB | 2,599,808 | |||||||||||||||||||||||
1,500 | Taco Bell Funding LLC, 144A | 1.946% | 8/25/51 | BBB | 1,470,393 | |||||||||||||||||||||||
1,500 | TCW CLO 2021-2 Ltd, 144A, (3-Month LIBOR reference rate + 6.860% spread), (3) | 6.985% | 7/25/34 | BB– | 1,457,226 | |||||||||||||||||||||||
1,440 | Tesla Auto Lease Trust 2019-A, 144A | 5.480% | 5/22/23 | Ba3 | 1,480,800 | |||||||||||||||||||||||
305 | Tricon American Homes 2019-SFR1 Trust, 144A | 3.198% | 3/17/38 | A3 | 308,928 | |||||||||||||||||||||||
700 | Tricon American Homes 2020-SFR1, 144A | 2.548% | 7/17/38 | Baa1 | 690,684 | |||||||||||||||||||||||
1,141 | UBS-Barclays Commercial Mortgage Trust 2013-C5, 144A | 3.649% | 3/10/46 | Aa3 | 1,142,768 | |||||||||||||||||||||||
200 | Verus Securitization Trust 2019-3, 144A | 4.043% | 7/25/59 | BB | 201,387 | |||||||||||||||||||||||
600 | Verus Securitization Trust 2019-4, 144A | 3.207% | 11/25/59 | BBB– | 606,196 | |||||||||||||||||||||||
1,425 | Verus Securitization Trust 2020-1, 144A | 2.724% | 1/25/60 | A | 1,426,493 | |||||||||||||||||||||||
500 | Verus Securitization Trust 2020-4, 144A | 2.321% | 5/25/65 | A | 501,317 | |||||||||||||||||||||||
2,000 | Verus Securitization Trust 2021-8, 144A | 3.288% | 11/25/66 | BBB | 1,999,800 | |||||||||||||||||||||||
1,283 | Vivint Solar Financing V LLC, 144A | 7.370% | 4/30/48 | N/R | 1,342,432 | |||||||||||||||||||||||
700 | VNDO Trust 2016-350P, 144A | 3.903% | 1/10/35 | BB– | 668,314 | |||||||||||||||||||||||
1,252 | VR Funding LLC, 144A | 2.790% | 11/15/50 | N/R | 1,240,650 | |||||||||||||||||||||||
216 | VR Funding LLC, 144A | 6.420% | 11/15/50 | N/R | 216,474 | |||||||||||||||||||||||
46 | Wachovia Mortgage Loan Trust LLC Series 2005-B Trust | 2.178% | 10/20/35 | Aaa | 44,788 | |||||||||||||||||||||||
63 | Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA3 Trust | 5.892% | 8/25/38 | Aaa | 64,994 | |||||||||||||||||||||||
430 | Wells Fargo Mortgage Backed Securities 2021-1 Trust, 144A | 2.500% | 12/25/50 | AAA | 426,630 | |||||||||||||||||||||||
483 | Wells Fargo Mortgage Backed Securities 2021-2 Trust, 144A | 2.500% | 6/25/51 | AAA | 478,031 | |||||||||||||||||||||||
997 | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust, 144A | 3.335% | 8/25/51 | A | 1,017,487 | |||||||||||||||||||||||
866 | Wendy’s Funding LLC, 144A | 2.370% | 6/15/51 | BBB | 845,659 | |||||||||||||||||||||||
350 | WFRBS Commercial Mortgage Trust 2013-C14 | 3.337% | 6/15/46 | Aaa | 359,679 | |||||||||||||||||||||||
1,493 | Wingstop Funding LLC, 144A | 2.841% | 12/05/50 | N/R | 1,490,193 | |||||||||||||||||||||||
658 | ZAXBY’S FUNDING LLC, 144A | 3.238% | 7/30/51 | N/R | 668,281 | |||||||||||||||||||||||
$ | 379,212 | Total Asset-Backed and Mortgage-Backed Securities (cost $266,232,688) | 266,273,180 |
44
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 7.8% | ||||||||||||||||||||||||||||
Automobiles – 0.5% | ||||||||||||||||||||||||||||
$ | 1,235 | General Motors Financial Co Inc | 5.700% | N/A (7) | BB+ | $ | 1,407,900 | |||||||||||||||||||||
3,035 | General Motors Financial Co Inc | 5.750% | N/A (7) | BB+ | 3,247,450 | |||||||||||||||||||||||
4,270 | Total Automobiles | 4,655,350 | ||||||||||||||||||||||||||
Banks – 3.8% | ||||||||||||||||||||||||||||
2,370 | Bank of America Corp | 6.300% | N/A (7) | BBB+ | 2,666,250 | |||||||||||||||||||||||
1,500 | Bank of America Corp | 6.100% | N/A (7) | BBB+ | 1,625,625 | |||||||||||||||||||||||
3,000 | Citigroup Inc | 5.000% | N/A (7) | BBB– | 3,090,000 | |||||||||||||||||||||||
1,330 | Citigroup Inc | 5.950% | N/A (7) | BBB– | 1,423,100 | |||||||||||||||||||||||
1,000 | Citigroup Inc | 6.300% | N/A (7) | BBB– | 1,048,130 | |||||||||||||||||||||||
2,000 | CoBank ACB | 6.250% | N/A (7) | BBB+ | 2,261,640 | |||||||||||||||||||||||
2,610 | Goldman Sachs Group Inc | 3.800% | N/A (7) | BBB– | 2,596,950 | |||||||||||||||||||||||
1,560 | Huntington Bancshares Inc/OH | 5.625% | N/A (7) | �� | Baa3 | 1,780,350 | ||||||||||||||||||||||
1,275 | JPMorgan Chase & Co | 5.000% | N/A (7) | BBB+ | 1,310,063 | |||||||||||||||||||||||
3,600 | JPMorgan Chase & Co | 3.650% | N/A (7) | BBB+ | 3,591,000 | |||||||||||||||||||||||
1,000 | M&T Bank Corp | 5.125% | N/A (7) | Baa2 | 1,070,647 | |||||||||||||||||||||||
3,000 | Truist Financial Corp | 4.800% | N/A (7) | Baa2 | 3,127,500 | |||||||||||||||||||||||
3,165 | Truist Financial Corp | 5.100% | N/A (7) | Baa2 | 3,536,887 | |||||||||||||||||||||||
1,230 | Wells Fargo & Co | 5.875% | N/A (7) | Baa2 | 1,343,775 | |||||||||||||||||||||||
1,800 | Wells Fargo & Co | 5.900% | N/A (7) | Baa2 | 1,899,252 | |||||||||||||||||||||||
30,440 | Total Banks | 32,371,169 | ||||||||||||||||||||||||||
Capital Markets – 0.3% | ||||||||||||||||||||||||||||
2,050 | Charles Schwab Corp | 5.375% | N/A (7) | BBB | 2,234,500 | |||||||||||||||||||||||
Consumer Finance – 1.0% | ||||||||||||||||||||||||||||
2,610 | Ally Financial Inc | 4.700% | N/A (7) | Ba2 | 2,707,875 | |||||||||||||||||||||||
1,805 | American Express Co | 3.550% | N/A (7) | Baa2 | 1,808,159 | |||||||||||||||||||||||
3,060 | Capital One Financial Corp | 3.950% | N/A (7) | Baa3 | 3,075,300 | |||||||||||||||||||||||
1,000 | Discover Financial Services | 6.125% | N/A (7) | Ba2 | 1,102,500 | |||||||||||||||||||||||
8,475 | Total Consumer Finance | 8,693,834 | ||||||||||||||||||||||||||
Diversified Financial Services – 0.1% | ||||||||||||||||||||||||||||
1,000 | Voya Financial Inc | 6.125% | N/A (7) | BBB– | 1,039,470 | |||||||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||||||||||
1,500 | Southern Co | 4.000% | 1/15/51 | BBB– | 1,533,750 | |||||||||||||||||||||||
Food Products – 0.3% | ||||||||||||||||||||||||||||
2,780 | Land O’ Lakes Inc, 144A | 8.000% | N/A (7) | BB | 3,009,211 | |||||||||||||||||||||||
Independent Power & Renewable Electricity Producers – 0.2% | ||||||||||||||||||||||||||||
1,304 | Vistra Corp, 144A | 7.000% | N/A (7) | BB– | 1,320,809 |
45
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Insurance – 0.3% | ||||||||||||||||||||||||||||
$ | 2,835 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | BBB | $ | 2,962,386 | |||||||||||||||||||||
Multi-Utilities – 0.3% | ||||||||||||||||||||||||||||
2,035 | Sempra Energy | 4.875% | N/A (7) | BBB– | 2,179,037 | |||||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.6% | ||||||||||||||||||||||||||||
3,235 | Enbridge Inc | 5.750% | 7/15/80 | BBB– | 3,590,850 | |||||||||||||||||||||||
1,400 | Energy Transfer LP | 6.500% | N/A (7) | BB | 1,424,500 | |||||||||||||||||||||||
4,635 | Total Oil, Gas & Consumable Fuels | 5,015,350 | ||||||||||||||||||||||||||
Trading Companies & Distributors – 0.1% | ||||||||||||||||||||||||||||
825 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 891,000 | |||||||||||||||||||||||
Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||||||||||
800 | Network i2i Ltd, 144A | 5.650% | N/A (7) | BB | 840,000 | |||||||||||||||||||||||
$ | 62,949 | Total $1,000 Par (or similar) Institutional Preferred (cost $65,072,010) | 66,745,866 | |||||||||||||||||||||||||
Principal Amount (000)(15) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
SOVEREIGN DEBT – 7.6% | ||||||||||||||||||||||||||||
Bermuda – 0.3% | ||||||||||||||||||||||||||||
$ | 650 | Bermuda Government International Bond, 144A | 3.717% | 1/25/27 | A+ | $ | 695,500 | |||||||||||||||||||||
230 | Bermuda Government International Bond, 144A | 4.750% | 2/15/29 | A+ | 263,925 | |||||||||||||||||||||||
1,495 | Bermuda Government International Bond, 144A | 2.375% | 8/20/30 | A+ | 1,491,263 | |||||||||||||||||||||||
2,375 | Total Bermuda | 2,450,688 | ||||||||||||||||||||||||||
Brazil – 0.1% | ||||||||||||||||||||||||||||
950 | Brazilian Government International Bond | 3.875% | 6/12/30 | Ba2 | 921,500 | |||||||||||||||||||||||
Colombia – 0.3% | ||||||||||||||||||||||||||||
2,090 | Colombia Government International Bond, (4) | 3.000% | 1/30/30 | Baa2 | 1,910,260 | |||||||||||||||||||||||
850 | Colombia Government International Bond | 5.000% | 6/15/45 | Baa2 | 767,125 | |||||||||||||||||||||||
2,940 | Total Colombia | 2,677,385 | ||||||||||||||||||||||||||
Costa Rica – 0.1% | ||||||||||||||||||||||||||||
905 | Costa Rica Government International Bond, 144A | 5.625% | 4/30/43 | B | 773,784 | |||||||||||||||||||||||
Cote d’Ivoire – 0.4% | ||||||||||||||||||||||||||||
1,445 | Ivory Coast Government International Bond, 144A | 5.750% | 12/31/32 | BB– | 1,449,297 | |||||||||||||||||||||||
1,750 | Ivory Coast Government International Bond, 144A | 6.125% | 6/15/33 | BB– | 1,842,770 | |||||||||||||||||||||||
3,195 | Total Cote d’Ivoire | 3,292,067 | ||||||||||||||||||||||||||
Dominican Republic – 0.2% | ||||||||||||||||||||||||||||
12,000 | DOP | Dominican Republic International Bond, 144A | 9.750% | 6/05/26 | BB– | 232,099 | ||||||||||||||||||||||
1,000 | Dominican Republic International Bond, 144A | 4.500% | 1/30/30 | BB– | 1,016,250 | |||||||||||||||||||||||
835 | Dominican Republic International Bond, 144A | 5.300% | 1/21/41 | BB– | 824,563 | |||||||||||||||||||||||
Total Dominican Republic | 2,072,912 |
46
Principal Amount (000)(15) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Ecuador – 0.0% | ||||||||||||||||||||||||||||
$ | 380 | Ecuador Government International Bond, 144A | 5.000% | 7/31/30 | B– | $ | 314,925 | |||||||||||||||||||||
Egypt – 0.3% | ||||||||||||||||||||||||||||
2,425 | Egypt Government International Bond, 144A | 5.577% | 2/21/23 | B+ | 2,509,584 | |||||||||||||||||||||||
125 | Egypt Government International Bond, 144A | 7.053% | 1/15/32 | B+ | 115,200 | |||||||||||||||||||||||
2,550 | Total Egypt | 2,624,784 | ||||||||||||||||||||||||||
El Salvador – 0.1% | ||||||||||||||||||||||||||||
1,925 | El Salvador Government International Bond, 144A | 6.375% | 1/18/27 | B– | 1,164,644 | |||||||||||||||||||||||
Ghana – 0.2% | ||||||||||||||||||||||||||||
2,200 | Ghana Government International Bond, 144A | 8.125% | 3/26/32 | B | 1,795,794 | |||||||||||||||||||||||
Guatemala – 0.0% | ||||||||||||||||||||||||||||
375 | Guatemala Government Bond, 144A | 6.125% | 6/01/50 | Ba1 | 429,379 | |||||||||||||||||||||||
Indonesia – 0.6% | ||||||||||||||||||||||||||||
250 | Indonesia Government International Bond, 144A | 4.625% | 4/15/43 | BBB | 293,498 | |||||||||||||||||||||||
2,635 | Perusahaan Penerbit SBSN Indonesia III, 144A | 2.550% | 6/09/31 | BBB | 2,667,384 | |||||||||||||||||||||||
950 | Perusahaan Penerbit SBSN Indonesia III, 144A | 3.800% | 6/23/50 | BBB | 994,688 | |||||||||||||||||||||||
1,115 | Perusahaan Penerbit SBSN Indonesia III, 144A | 3.550% | 6/09/51 | BBB | 1,137,345 | |||||||||||||||||||||||
4,950 | Total Indonesia | 5,092,915 | ||||||||||||||||||||||||||
Iraq – 0.3% | ||||||||||||||||||||||||||||
2,450 | Iraq International Bond, 144A | 5.800% | 1/15/28 | N/R | 2,339,942 | |||||||||||||||||||||||
Israel – 0.1% | ||||||||||||||||||||||||||||
1,045 | State of Israel, Reg S | 3.800% | 5/13/60 | AA– | 1,207,769 | |||||||||||||||||||||||
Italy – 0.2% | ||||||||||||||||||||||||||||
1,600 | Republic of Italy Government International Bond | 5.375% | 6/15/33 | BBB– | 1,968,950 | |||||||||||||||||||||||
Jamaica – 0.2% | ||||||||||||||||||||||||||||
1,230 | Jamaica Government International Bond | 6.750% | 4/28/28 | B+ | 1,411,425 | |||||||||||||||||||||||
Jordan – 0.3% | ||||||||||||||||||||||||||||
2,175 | Jordan Government International Bond, 144A | 5.850% | 7/07/30 | BB– | 2,197,033 | |||||||||||||||||||||||
Kazakhstan – 0.3% | ||||||||||||||||||||||||||||
850 | Kazakhstan Government International Bond, 144A | 4.875% | 10/14/44 | Baa2 | 1,043,647 | |||||||||||||||||||||||
1,000 | Kazakhstan Government International Bond, 144A | 6.500% | 7/21/45 | Baa2 | 1,433,120 | |||||||||||||||||||||||
1,850 | Total Kazakhstan | 2,476,767 | ||||||||||||||||||||||||||
Kenya – 0.3% | ||||||||||||||||||||||||||||
1,000 | Republic of Kenya Government International Bond, 144A | 7.000% | 5/22/27 | B+ | 1,054,750 | |||||||||||||||||||||||
1,445 | Republic of Kenya Government International Bond, 144A | 6.300% | 1/23/34 | B+ | 1,416,013 | |||||||||||||||||||||||
2,445 | Total Kenya | 2,470,763 | ||||||||||||||||||||||||||
Mexico – 0.6% | ||||||||||||||||||||||||||||
850 | Mexico Government International Bond | 3.750% | 1/11/28 | Baa1 | 912,552 |
47
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000)(15) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Mexico (continued) | ||||||||||||||||||||||||||||
$ | 1,950 | Mexico Government International Bond | 4.280% | 8/14/41 | Baa1 | $ | 2,020,687 | |||||||||||||||||||||
1,640 | Mexico Government International Bond | 4.750% | 3/08/44 | Baa1 | 1,785,566 | |||||||||||||||||||||||
4,440 | Total Mexico | 4,718,805 | ||||||||||||||||||||||||||
Mongolia – 0.1% | ||||||||||||||||||||||||||||
450 | Mongolia Government International Bond, 144A | 5.125% | 4/07/26 | B | 460,125 | |||||||||||||||||||||||
795 | Mongolia Government International Bond, 144A, (4) | 4.450% | 7/07/31 | B | 752,262 | |||||||||||||||||||||||
1,245 | Total Mongolia | 1,212,387 | ||||||||||||||||||||||||||
Morocco – 0.2% | ||||||||||||||||||||||||||||
920 | Morocco Government International Bond, 144A | 3.000% | 12/15/32 | BB+ | 876,797 | |||||||||||||||||||||||
850 | Morocco Government International Bond, 144A | 5.500% | 12/11/42 | BB+ | 937,295 | |||||||||||||||||||||||
1,770 | Total Morocco | 1,814,092 | ||||||||||||||||||||||||||
Nigeria – 0.2% | ||||||||||||||||||||||||||||
500 | Nigeria Government International Bond, 144A | 6.500% | 11/28/27 | B2 | 498,245 | |||||||||||||||||||||||
815 | Nigeria Government International Bond, 144A | 7.875% | 2/16/32 | B2 | 801,536 | |||||||||||||||||||||||
1,315 | Total Nigeria | 1,299,781 | ||||||||||||||||||||||||||
Oman – 0.2% | ||||||||||||||||||||||||||||
250 | Oman Government International Bond, 144A | 6.750% | 10/28/27 | Ba3 | 280,000 | |||||||||||||||||||||||
850 | Oman Government International Bond, 144A | 6.000% | 8/01/29 | Ba3 | 914,787 | |||||||||||||||||||||||
275 | Oman Sovereign Sukuk Co, 144A, (4) | 4.875% | 6/15/30 | Ba3 | 292,188 | |||||||||||||||||||||||
1,375 | Total Oman | 1,486,975 | ||||||||||||||||||||||||||
Pakistan – 0.1% | ||||||||||||||||||||||||||||
665 | Pakistan Government International Bond, 144A | 8.250% | 9/30/25 | B3 | 718,200 | |||||||||||||||||||||||
Panama – 0.2% | ||||||||||||||||||||||||||||
1,360 | Panama Bonos del Tesoro | 3.362% | 6/30/31 | BBB | 1,366,800 | |||||||||||||||||||||||
Paraguay – 0.1% | ||||||||||||||||||||||||||||
500 | Paraguay Government International Bond, 144A | 2.739% | 1/29/33 | Ba1 | 481,250 | |||||||||||||||||||||||
385 | Paraguay Government International Bond, 144A | 5.400% | 3/30/50 | Ba1 | 439,381 | |||||||||||||||||||||||
885 | Total Paraguay | 920,631 | ||||||||||||||||||||||||||
Peru – 0.2% | ||||||||||||||||||||||||||||
1,500 | Peruvian Government International Bond | 2.783% | 1/23/31 | BBB+ | 1,492,515 | |||||||||||||||||||||||
Qatar – 0.2% | ||||||||||||||||||||||||||||
900 | Qatar Government International Bond, 144A | 3.750% | 4/16/30 | AA– | 1,009,170 | |||||||||||||||||||||||
850 | Qatar Government International Bond, 144A | 4.817% | 3/14/49 | AA– | 1,114,044 | |||||||||||||||||||||||
1,750 | Total Qatar | 2,123,214 | ||||||||||||||||||||||||||
Rwanda – 0.2% | ||||||||||||||||||||||||||||
1,375 | Rwanda International Government Bond, 144A | 5.500% | 8/09/31 | B+ | 1,385,175 |
48
Principal Amount (000)(15) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Saudi Arabia – 0.2% | ||||||||||||||||||||||||||||
$ | 1,890 | Saudi Government International Bond, 144A | 3.750% | 1/21/55 | A1 | $ | 2,026,193 | |||||||||||||||||||||
South Africa – 0.3% | ||||||||||||||||||||||||||||
2,450 | Republic of South Africa Government International Bond | 5.375% | 7/24/44 | Ba2 | 2,338,721 | |||||||||||||||||||||||
Turkey – 0.2% | ||||||||||||||||||||||||||||
1,550 | Turkiye Ihracat Kredi Bankasi AS, 144A | 5.750% | 7/06/26 | B+ | 1,419,242 | |||||||||||||||||||||||
Ukraine – 0.1% | ||||||||||||||||||||||||||||
450 | Ukraine Government International Bond, 144A | 7.750% | 9/01/27 | B | 425,698 | |||||||||||||||||||||||
390 | Ukraine Government International Bond, 144A | 9.750% | 11/01/28 | B | 393,580 | |||||||||||||||||||||||
840 | Total Ukraine | 819,278 | ||||||||||||||||||||||||||
Uzbekistan – 0.2% | ||||||||||||||||||||||||||||
1,345 | Republic of Uzbekistan International Bond, 144A | 5.375% | 2/20/29 | BB– | 1,430,149 | |||||||||||||||||||||||
450 | Republic of Uzbekistan International Bond, 144A | 3.700% | 11/25/30 | BB– | 431,550 | |||||||||||||||||||||||
1,795 | Total Uzbekistan | 1,861,699 | ||||||||||||||||||||||||||
Total Sovereign Debt (cost $66,296,507) | 64,687,134 | |||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 6.3% (8) |
| |||||||||||||||||||||||||||
Aerospace & Defense – 0.2% | ||||||||||||||||||||||||||||
$ | 1,433 | TransDigm, Inc., Term Loan E | 2.354% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | $ | 1,415,564 | |||||||||||||||||||
Airlines – 0.2% | ||||||||||||||||||||||||||||
350 | Mileage Plus Holdings LLC, Term Loan B | 6.250% | 3-Month LIBOR | 5.250% | 6/20/27 | Baa3 | 370,039 | |||||||||||||||||||||
175 | SkyMiles IP Ltd., Term Loan B | 4.750% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 185,500 | |||||||||||||||||||||
1,489 | United Airlines, Inc., Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 4/21/28 | Ba1 | 1,497,459 | |||||||||||||||||||||
2,014 | Total Airlines | 2,052,998 | ||||||||||||||||||||||||||
Auto Components – 0.2% | ||||||||||||||||||||||||||||
848 | Clarios Global LP, Term Loan B | 3.354% | 1-Month LIBOR | 3.250% | 4/30/26 | B1 | 844,573 | |||||||||||||||||||||
445 | Les Schwab Tire Centers, Term Loan B | 4.000% | 3-Month LIBOR | 3.250% | 11/02/27 | B | 445,870 | |||||||||||||||||||||
1,293 | Total Auto Components | 1,290,443 | ||||||||||||||||||||||||||
Beverages – 0.1% | ||||||||||||||||||||||||||||
223 | Arterra Wines Canada, Inc., Term Loan | 4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 223,307 | |||||||||||||||||||||
399 | City Brewing Company, LLC, Term Loan | 4.250% | 3-Month LIBOR | 3.500% | 4/05/28 | B+ | 380,213 | |||||||||||||||||||||
622 | Total Beverages | 603,520 | ||||||||||||||||||||||||||
Building Products – 0.3% | ||||||||||||||||||||||||||||
1,000 | Chamberlain Group Inc, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 1,000,315 | |||||||||||||||||||||
427 | Cornerstone Building Brands, Inc., Term Loan B | 3.750% | 1-Month LIBOR | 3.250% | 4/12/28 | B+ | 426,468 | |||||||||||||||||||||
975 | Quikrete Holdings, Inc., Term Loan, First Lien | 2.604% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 965,749 | |||||||||||||||||||||
2,402 | Total Building Products | 2,392,532 |
49
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
Chemicals – 0.1% | ||||||||||||||||||||||||||||
$ | 1,107 | Messer Industries GmbH, Term Loan | 2.720% | 3-Month LIBOR | 2.500% | 3/01/26 | BB– | $ | 1,100,243 | |||||||||||||||||||
70 | W.R. Grace & Co.-Conn., Term Loan B | 4.250% | 3-Month LIBOR | 3.750% | 9/22/28 | BB+ | 70,210 | |||||||||||||||||||||
1,177 | Total Chemicals | 1,170,453 | ||||||||||||||||||||||||||
Commercial Services & Supplies – 0.7% | ||||||||||||||||||||||||||||
985 | Amentum Government Services Holdings LLC, Term Loan B | 3.602% | 1-Month LIBOR | 3.500% | 1/31/27 | B1 | 972,382 | |||||||||||||||||||||
1,000 | Delta 2 (LUX) S.a.r.l., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 1,000,415 | |||||||||||||||||||||
668 | Filtration Group Corporation, Term Loan, First Lien | 3.104% | 1-Month LIBOR | 3.000% | 3/28/25 | B | 663,118 | |||||||||||||||||||||
248 | GFL Environmental Inc., Term Loan | 3.500% | 1-Month LIBOR | 3.000% | 5/30/25 | BB– | 248,428 | |||||||||||||||||||||
1,473 | Gopher Resource, LLC, Term Loan, First Lien | 4.250% | 1-Month LIBOR | 3.250% | 1/28/25 | B | 1,384,307 | |||||||||||||||||||||
160 | Prime Security Services Borrower, LLC, Term Loan | 3.500% | 1-Month LIBOR | 2.750% | 9/23/26 | BB– | 160,808 | |||||||||||||||||||||
283 | Prime Security Services Borrower, LLC, Term Loan | 3.500% | 12-Month LIBOR | 2.750% | 9/23/26 | BB– | 282,710 | |||||||||||||||||||||
243 | Prometric Holdings, Inc., Term Loan, First Lien | 4.000% | 1-Month LIBOR | 3.000% | 1/29/25 | B2 | 240,530 | |||||||||||||||||||||
764 | Spin Holdco Inc., Term Loan | 4.750% | 3-Month LIBOR | 4.000% | 3/04/28 | B– | 767,622 | |||||||||||||||||||||
5,824 | Total Commercial Services & Supplies | 5,720,320 | ||||||||||||||||||||||||||
Construction & Engineering – 0.1% | ||||||||||||||||||||||||||||
497 | AECOM, Term Loan B | 1.852% | 1-Month LIBOR | 1.750% | 4/13/28 | BBB– | 498,744 | |||||||||||||||||||||
499 | Aegion Corporation, Term Loan | 5.500% | 3-Month LIBOR | 4.750% | 5/17/28 | B | 501,658 | |||||||||||||||||||||
996 | Total Construction & Engineering | 1,000,402 | ||||||||||||||||||||||||||
Containers & Packaging – 0.1% | ||||||||||||||||||||||||||||
496 | Plaze, Inc., Term Loan B | 3.604% | 1-Month LIBOR | 3.500% | 8/03/26 | B | 486,279 | |||||||||||||||||||||
301 | Reynolds Consumer Products LLC, Term Loan | 1.854% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB– | 300,239 | |||||||||||||||||||||
248 | Reynolds Group Holdings Inc. , Term Loan B2 | 3.354% | 1-Month LIBOR | 3.250% | 2/05/26 | B+ | 246,475 | |||||||||||||||||||||
196 | Tank Holding Corp., Term Loan | 3.354% | 1-Month LIBOR | 3.250% | 3/26/26 | B2 | 194,714 | |||||||||||||||||||||
1,241 | Total Containers & Packaging | 1,227,707 | ||||||||||||||||||||||||||
Distributors – 0.1% | ||||||||||||||||||||||||||||
454 | Univar Solutions USA Inc., Term Loan B6 | 2.104% | 1-Month LIBOR | 2.000% | 6/03/28 | BBB– | 453,171 | |||||||||||||||||||||
Diversified Telecommunication Services – 0.0% | ||||||||||||||||||||||||||||
312 | Zayo Group Holdings, Inc., Term Loan | 3.104% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 308,107 | |||||||||||||||||||||
Electrical Equipment – 0.0% | ||||||||||||||||||||||||||||
398 | Ingram Micro Inc., Term Loan B | 4.000% | 3-Month LIBOR | 3.500% | 7/02/28 | BB+ | 398,647 | |||||||||||||||||||||
Energy Equipment & Services – 0.1% | ||||||||||||||||||||||||||||
532 | Apergy Corporation, Term Loan | 6.000% | 1-Month LIBOR | 5.000% | 6/03/27 | BBB– | 539,396 | |||||||||||||||||||||
Food & Staples Retailing – 0.1% | ||||||||||||||||||||||||||||
198 | Chobani, LLC, Term Loan B | 4.500% | 1-Month LIBOR | 3.500% | 10/23/27 | B– | 198,265 | |||||||||||||||||||||
1,000 | US Foods, Inc., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB | 1,000,750 | |||||||||||||||||||||
1,198 | Total Food & Staples Retailing | 1,199,015 |
50
Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
Food Products – 0.2% | ||||||||||||||||||||||||||||
$ | 1,265 | Hostess Brands, LLC, Term Loan | 3.000% | 3-Month LIBOR | 2.250% | 8/03/25 | BB– | $ | 1,262,837 | |||||||||||||||||||
479 | Hostess Brands, LLC, Term Loan | 3.000% | 1-Month LIBOR | 2.250% | 8/03/25 | BB– | 478,592 | |||||||||||||||||||||
1,744 | Total Food Products | 1,741,429 | ||||||||||||||||||||||||||
Health Care Equipment & Supplies – 0.1% | ||||||||||||||||||||||||||||
1,200 | Medline Borrower, LP, Term Loan B | 3.750% | 1-Month LIBOR | 3.250% | 10/21/28 | BB– | 1,201,086 | |||||||||||||||||||||
Health Care Providers & Services – 0.3% | ||||||||||||||||||||||||||||
1,153 | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | 3.852% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 1,153,637 | |||||||||||||||||||||
1,483 | Select Medical Corporation, Term Loan B | 2.360% | 1-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 1,475,971 | |||||||||||||||||||||
2,636 | Total Health Care Providers & Services | 2,629,608 | ||||||||||||||||||||||||||
Health Care Technology – 0.1% | ||||||||||||||||||||||||||||
1,109 | Change Healthcare Holdings LLC, Term Loan B | 3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 1,109,430 | |||||||||||||||||||||
Hotels, Restaurants & Leisure – 0.1% | ||||||||||||||||||||||||||||
296 | Caesars Resort Collection, LLC, Term Loan B1 | 3.604% | 1-Month LIBOR | 3.500% | 7/20/25 | B+ | 296,843 | |||||||||||||||||||||
495 | IRB Holding Corp, Term Loan | 4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B+ | 495,695 | |||||||||||||||||||||
489 | Scientific Games International, Inc., Term Loan B5 | 2.854% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 487,587 | |||||||||||||||||||||
1,280 | Total Hotels, Restaurants & Leisure | 1,280,125 | ||||||||||||||||||||||||||
Household Durables – 0.1% | ||||||||||||||||||||||||||||
13 | Weber-Stephen Products LLC, Term Loan B | 4.000% | 6-Month LIBOR | 3.250% | 10/30/27 | BB | 13,208 | |||||||||||||||||||||
435 | Weber-Stephen Products LLC, Term Loan B | 4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | BB | 436,217 | |||||||||||||||||||||
448 | Total Household Durables | 449,425 | ||||||||||||||||||||||||||
Insurance – 0.3% | ||||||||||||||||||||||||||||
1,579 | AssuredPartners, Inc., Term Loan B | 4.000% | 1-Month LIBOR | 3.500% | 2/13/27 | B1 | 1,579,327 | |||||||||||||||||||||
490 | Hub International Limited, Term Loan B | 4.000% | 3-Month LIBOR | 3.250% | 4/25/25 | B | 490,636 | |||||||||||||||||||||
490 | USI, Inc., Repriced Term Loan | 3.224% | 3-Month LIBOR | 3.000% | 5/16/24 | B | 486,579 | |||||||||||||||||||||
2,559 | Total Insurance | 2,556,542 | ||||||||||||||||||||||||||
Interactive Media & Services – 0.1% | ||||||||||||||||||||||||||||
744 | Rackspace Technology Global, Inc., Term Loan B | 3.500% | 3-Month LIBOR | 2.750% | 2/09/28 | B+ | 739,793 | |||||||||||||||||||||
Internet & Direct Marketing Retail – 0.1% | ||||||||||||||||||||||||||||
471 | CNT Holdings I Corp, Term Loan | 4.250% | 3-Month LIBOR | 3.750% | 11/08/27 | B | 472,322 | |||||||||||||||||||||
Internet Software & Services – 0.1% | ||||||||||||||||||||||||||||
496 | IGT Holding IV AB, Term Loan B2 | 4.000% | 3-Month LIBOR | 3.500% | 3/29/28 | B | 495,942 | |||||||||||||||||||||
Life Sciences Tools & Services – 0.2% | ||||||||||||||||||||||||||||
323 | Avantor Funding, Inc., Term Loan B5 | 2.750% | 1-Month LIBOR | 2.250% | 11/06/27 | BB+ | 322,802 | |||||||||||||||||||||
1,000 | Parexel International Corporation, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B1 | 1,001,380 | |||||||||||||||||||||
1,323 | Total Life Sciences Tools & Services | 1,324,182 |
51
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
Machinery – 0.0% | ||||||||||||||||||||||||||||
$ | 438 | Vertical US Newco Inc, Term Loan B | 4.000% | 6-Month LIBOR | 3.500% | 7/31/27 | B+ | $ | 438,311 | |||||||||||||||||||
Media – 0.2% | ||||||||||||||||||||||||||||
296 | Banijay Entertainment S.A.S, Term Loan | 3.844% | 1-Month LIBOR | 3.750% | 3/01/25 | B1 | 295,510 | |||||||||||||||||||||
173 | Cablevision Lightpath LLC, Term Loan B | 3.750% | 3-Month LIBOR | 3.250% | 12/01/27 | B+ | 173,228 | |||||||||||||||||||||
1,027 | �� | DirecTV Financing, LLC, Term Loan | 5.750% | 3-Month LIBOR | 5.000% | 8/02/27 | BBB– | 1,028,643 | ||||||||||||||||||||
1,496 | Total Media | 1,497,381 | ||||||||||||||||||||||||||
Metals & Mining – 0.1% | ||||||||||||||||||||||||||||
485 | Zekelman Industries, Inc., Term Loan | 2.103% | 1-Month LIBOR | 2.000% | 1/24/27 | BB+ | 480,693 | |||||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.1% | ||||||||||||||||||||||||||||
246 | Delek US Holdings, Inc., Term Loan B | 6.500% | 1-Month LIBOR | 5.500% | 3/30/25 | BB+ | 246,485 | |||||||||||||||||||||
435 | DT Midstream, Inc, Term Loan B | 2.500% | 6-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 436,682 | |||||||||||||||||||||
47 | DT Midstream, Inc, Term Loan B | 2.500% | 3-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 47,439 | |||||||||||||||||||||
728 | Total Oil, Gas & Consumable Fuels | 730,606 | ||||||||||||||||||||||||||
Paper & Forest Products – 0.1% | ||||||||||||||||||||||||||||
864 | Asplundh Tree Expert, LLC, Term Loan B | 1.854% | 1-Month LIBOR | 1.750% | 9/04/27 | BBB– | 861,665 | |||||||||||||||||||||
Pharmaceuticals – 0.7% | ||||||||||||||||||||||||||||
651 | Bausch Health Companies Inc., Term Loan B | 3.104% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 649,278 | |||||||||||||||||||||
1,421 | Endo Luxembourg Finance Company I S.a r.l., Term Loan | 5.750% | 3-Month LIBOR | 5.000% | 3/25/28 | B– | 1,385,878 | |||||||||||||||||||||
2,239 | Jazz Financing Lux S.a.r.l., Term Loan | 4.000% | 1-Month LIBOR | 3.500% | 5/05/28 | BB+ | 2,249,809 | |||||||||||||||||||||
1,482 | Organon & Co, Term Loan, (DD1) | 3.500% | 3-Month LIBOR | 3.000% | 6/02/28 | BB | 1,485,633 | |||||||||||||||||||||
5,793 | Total Pharmaceuticals | 5,770,598 | ||||||||||||||||||||||||||
Professional Services – 0.3% | ||||||||||||||||||||||||||||
1,670 | Dun & Bradstreet Corporation (The), Term Loan | 3.352% | 1-Month LIBOR | 3.250% | 2/08/26 | BB+ | 1,665,608 | |||||||||||||||||||||
625 | Trans Union, LLC, Term Loan B5, (WI/DD) | TBD | TBD | TBD | TBD | BBB– | 624,219 | |||||||||||||||||||||
2,295 | Total Professional Services | 2,289,827 | ||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 0.2% | ||||||||||||||||||||||||||||
1,000 | MKS Instruments, Inc., Term Loan B6, (WI/DD) | TBD | TBD | TBD | TBD | BBB– | 999,125 | |||||||||||||||||||||
832 | Ultra Clean Holdings, Inc, Term Loan B | 3.854% | 1-Month LIBOR | 3.750% | 8/27/25 | B1 | 834,247 | |||||||||||||||||||||
1,832 | Total Semiconductors & Semiconductor Equipment | 1,833,372 | ||||||||||||||||||||||||||
Software – 0.0% | ||||||||||||||||||||||||||||
318 | Camelot U.S. Acquisition 1 Co., Term Loan B | 3.104% | 1-Month LIBOR | 3.000% | 10/31/26 | B1 | 316,708 | |||||||||||||||||||||
124 | Ultimate Software Group Inc (The), Incremental Term Loan | 4.000% | 3-Month LIBOR | 3.250% | 5/03/26 | B– | 123,314 | |||||||||||||||||||||
442 | Total Software | 440,022 | ||||||||||||||||||||||||||
Specialty Retail – 0.3% | ||||||||||||||||||||||||||||
998 | PetSmart, Inc., Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 2/12/28 | BB– | 1,000,308 |
52
Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
Specialty Retail (continued) | ||||||||||||||||||||||||||||
$ | 1,950 | Staples, Inc., Term Loan | 5.132% | 3-Month LIBOR | 5.000% | 4/12/26 | B | $ | 1,888,848 | |||||||||||||||||||
2,948 | Total Specialty Retail | 2,889,156 | ||||||||||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.2% | ||||||||||||||||||||||||||||
1,358 | Samsonite International S.A., Term Loan B2 | 1.854% | 1-Month LIBOR | 1.750% | 4/25/25 | BB+ | 1,324,462 | |||||||||||||||||||||
Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||||||||||
995 | GOGO Intermediate Holdings LLC, Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 4/30/28 | B | 996,154 | |||||||||||||||||||||
$ | 53,580 | Total Variable Rate Senior Loan Interests (cost $53,255,015) | 53,324,406 | |||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
CONTINGENT CAPITAL SECURITIES – 6.2% (10) | ||||||||||||||||||||||||||||
Banks – 5.5% | ||||||||||||||||||||||||||||
$ | 1,650 | Banco Bilbao Vizcaya Argentaria SA, (4) | 6.500% | N/A (7) | Ba2 | $ | 1,751,062 | |||||||||||||||||||||
1,480 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 6.750% | N/A (7) | Ba2 | 1,532,555 | |||||||||||||||||||||||
4,460 | Banco Santander SA | 4.750% | N/A (7) | Ba1 | 4,456,833 | |||||||||||||||||||||||
1,375 | Bancolombia SA | 4.625% | 12/18/29 | Ba3 | 1,375,000 | |||||||||||||||||||||||
1,250 | Bangkok Bank PCL/Hong Kong, 144A | 5.000% | N/A (7) | Ba1 | 1,295,312 | |||||||||||||||||||||||
2,000 | Bank Hapoalim BM, 144A, Reg S | 3.255% | 1/21/32 | BBB | 1,984,000 | |||||||||||||||||||||||
3,990 | Barclays PLC | 6.125% | N/A (7) | BBB– | 4,317,579 | |||||||||||||||||||||||
3,630 | BNP Paribas SA, 144A | 6.625% | N/A (7) | BBB | 3,906,969 | |||||||||||||||||||||||
2,215 | Credit Agricole SA, 144A | 8.125% | N/A (7) | BBB | 2,623,114 | |||||||||||||||||||||||
3,395 | HSBC Holdings PLC | 6.000% | N/A (7) | BBB | 3,653,869 | |||||||||||||||||||||||
1,700 | Itau Unibanco Holding SA/Cayman Island, 144A | 3.875% | 4/15/31 | B1 | 1,632,017 | |||||||||||||||||||||||
1,500 | Lloyds Banking Group PLC | 7.500% | N/A (7) | Baa3 | 1,658,415 | |||||||||||||||||||||||
2,265 | Lloyds Banking Group PLC | 7.500% | N/A (7) | Baa3 | 2,559,935 | |||||||||||||||||||||||
2,000 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (7) | BB+ | 2,134,160 | |||||||||||||||||||||||
1,700 | Mizrahi Tefahot Bank Ltd, 144A, Reg S | 3.077% | 4/07/31 | BBB | 1,687,250 | |||||||||||||||||||||||
2,000 | NatWest Group PLC | 8.000% | N/A (7) | BBB– | 2,322,500 | |||||||||||||||||||||||
1,130 | NatWest Group PLC, (4) | 6.000% | N/A (7) | BBB– | 1,236,582 | |||||||||||||||||||||||
1,925 | NatWest Group PLC | 4.600% | N/A (7) | BBB– | 1,886,500 | |||||||||||||||||||||||
2,540 | Nordea Bank Abp, 144A | 6.625% | N/A (7) | BBB+ | 2,886,075 | |||||||||||||||||||||||
1,760 | Societe Generale SA, 144A | 4.750% | N/A (7) | BB+ | 1,787,121 | |||||||||||||||||||||||
43,965 | Total Banks | 46,686,848 | ||||||||||||||||||||||||||
Capital Markets – 0.7% | ||||||||||||||||||||||||||||
2,000 | Credit Suisse Group AG, 144A | 6.375% | N/A (7) | BB+ | 2,155,600 | |||||||||||||||||||||||
2,105 | Deutsche Bank AG | 6.000% | N/A (7) | BB– | 2,186,569 | |||||||||||||||||||||||
640 | UBS Group AG, 144A | 7.000% | N/A (7) | BBB | 690,080 |
53
Nuveen Strategic Income Fund (continued)
Portfolio of Investments December 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
Capital Markets (continued) | ||||||||||||||||||||||||||||
$ | 1,000 | UBS Group AG, 144A | 3.875% | N/A (7) | BBB | $ | 985,450 | |||||||||||||||||||||
5,745 | Total Capital Markets | 6,017,699 | ||||||||||||||||||||||||||
$ | 49,710 | Total Contingent Capital Securities (cost $52,113,666) | 52,704,547 | |||||||||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.6% | ||||||||||||||||||||||||||||
Diversified Financial Services – 0.2% | ||||||||||||||||||||||||||||
14,600 | AgriBank FCB, (11) | 6.875% | BBB+ | $ | 1,547,600 | |||||||||||||||||||||||
Insurance – 0.4% | ||||||||||||||||||||||||||||
49,000 | Assurant Inc | 5.250% | BB+ | 1,321,530 | ||||||||||||||||||||||||
70,000 | Enstar Group Ltd, (4) | 7.000% | BB+ | 2,069,200 | ||||||||||||||||||||||||
Total Insurance | 3,390,730 | |||||||||||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $4,435,000) | 4,938,330 | |||||||||||||||||||||||||||
Total Long-Term Investments (cost $829,913,481) | 832,829,489 | |||||||||||||||||||||||||||
Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 1.5% | ||||||||||||||||||||||||||||
MONEY MARKET FUNDS – 1.5% | ||||||||||||||||||||||||||||
12,831,184 | State Street Navigator Securities Lending Government Money Market Portfolio, (12) | 0.030% (13) | $ | 12,831,184 | ||||||||||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $12,831,184) |
| 12,831,184 | ||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 1.8% | ||||||||||||||||||||||||||||
REPURCHASE AGREEMENTS – 1.8% | ||||||||||||||||||||||||||||
$ | 14,669 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/21, repurchase price $14,669,469, collateralized by $12,957,400, U.S. Treasury Inflation Index Notes, 0.125%, due 4/15/22, value $14,962,944 | 0.000% | 1/03/22 | $ | 14,669,469 | ||||||||||||||||||||||
Total Short-Term Investments (cost $14,669,469) | 14,669,469 | |||||||||||||||||||||||||||
Total Investments (cost $857,414,134) – 101.4% | 860,330,142 | |||||||||||||||||||||||||||
Other Assets Less Liabilities – (1.4)% (14) | (11,570,977) | |||||||||||||||||||||||||||
Net Assets – 100% | $ | 848,759,165 |
Investments in Derivatives
Futures Contracts – Long
Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) | ||||||||||||||||||
U.S. Treasury Ultra Bond | 100 | 3/22 | $ | 19,576,763 | $ | 19,712,500 | $ | 135,737 | $ | 156,250 |
54
Futures Contracts – Short
Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) | ||||||||||||||||||
U.S. Treasury 5-Year Note | (200 | ) | 3/22 | $ | (24,091,599 | ) | $ | (24,195,312 | ) | $ | (103,713 | ) | $ | (14,063 | ) | |||||||||
U.S. Treasury Ultra 10-Year Note | (200 | ) | 3/22 | (28,812,100 | ) | (29,287,500 | ) | (475,400 | ) | (53,125 | ) | |||||||||||||
U.S. Treasury 10-Year Note | (450 | ) | 3/22 | (58,745,194 | ) | (58,710,938 | ) | 34,256 | (28,125 | ) | ||||||||||||||
Total | $ | (111,648,893 | ) | $ | (112,193,750 | ) | $ | (544,857 | ) | $ | (95,313 | ) |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(3) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(4) | 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 $12,465,986. |
(5) | Principal Amount (000) rounds to less than $1,000. |
(6) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
(7) | Perpetual security. Maturity date is not applicable. |
(8) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). 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. The rate shown is the coupon as of the end of the reporting period. |
(9) | 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. |
(10) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
(11) | For fair value measurement disclosure purposes, investment classified as Level 2. |
(12) | The Fund may loan securities representing up to one third of the market value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund. |
(13) | The rate shown is the one-day yield as of the end of the reporting period. |
(14) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
(15) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
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. |
DD1 | Portion of investment purchased on a delayed delivery basis. |
DOP | Dominican Peso |
I/O | Interest only security |
LIBOR | London Inter-Bank Offered Rate |
N/A | Not Applicable. |
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. |
SOFR30A | 30 Day Average Secured Overnight Financing Rate |
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. |
See accompanying notes to financial statements.
55
Statement of Assets and Liabilities
December 31, 2021
(Unaudited)
Credit Income | Strategic Income | |||||||
Assets | ||||||||
Long-term investments, at value (cost $110,306,709 and $829,913,481, respectively)(1) | $ | 108,341,387 | $ | 832,829,489 | ||||
Investment purchased with collateral from securities lending, at value (cost approximates value) | 3,288,358 | 12,831,184 | ||||||
Short-term investments, at value (cost approximates value) | 18,194,063 | 14,669,469 | ||||||
Cash | 395,725 | 134,087 | ||||||
Cash collateral at brokers for investments in futures contracts(2) | — | 927,502 | ||||||
Cash collateral at brokers for investments in swaps(2) | 380,581 | — | ||||||
Credit default swaps premiums paid | 456,079 | — | ||||||
Receivable for: | ||||||||
Dividends | 3,841 | 41,173 | ||||||
Interest | 1,175,605 | 6,677,410 | ||||||
Investments sold | 1,563,421 | 833,193 | ||||||
Reclaims | — | 867 | ||||||
Shares sold | 1,109,308 | 739,169 | ||||||
Variation margin on futures contracts | — | 156,250 | ||||||
Other assets | 77,265 | 147,373 | ||||||
Total assets | 134,985,633 | 869,987,166 | ||||||
Liabilities | ||||||||
Payable for: | ||||||||
Collateral from securities lending program | 3,288,358 | 12,831,184 | ||||||
Dividends | 25,115 | 459,515 | ||||||
Investments purchased – when issued/delayed-delivery settlement | 1,222,125 | 6,631,037 | ||||||
Shares redeemed | 414,381 | 471,226 | ||||||
Variation margin on futures contracts | — | 95,313 | ||||||
Accrued expenses: | ||||||||
Management fees | 38,560 | 312,169 | ||||||
Directors fees | 49,385 | 77,199 | ||||||
12b-1 distribution and service fees | 25,308 | 51,742 | ||||||
Other | 119,683 | 298,616 | ||||||
Total liabilities | 5,182,915 | 21,228,001 | ||||||
Net assets | $ | 129,802,718 | $ | 848,759,165 |
(1) | Includes securities loaned of $3,159,747 and $12,465,986 for Credit Income and Strategic Income, respectively. |
(2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
56
Credit Income | Strategic Income | |||||||
Class A Shares | ||||||||
Net assets | $ | 64,858,832 | $ | 129,911,298 | ||||
Shares outstanding | 8,864,860 | 11,714,881 | ||||||
Net asset value (“NAV”) per share | $ | 7.32 | $ | 11.09 | ||||
Offering price per share (NAV per share plus maximum sales charge of 4.75% and 4.25%, respectively, of offering price) | $ | 7.69 | $ | 11.58 | ||||
Class C Shares | ||||||||
Net assets | $ | 13,519,374 | $ | 27,719,414 | ||||
Shares outstanding | 1,850,501 | 2,512,718 | ||||||
NAV and offering price per share | $ | 7.31 | $ | 11.03 | ||||
Class R6 Shares | ||||||||
Net assets | $ | — | $ | 279,066,949 | ||||
Shares outstanding | — | 25,069,010 | ||||||
NAV and offering price per share | $ | — | $ | 11.13 | ||||
Class I Shares | ||||||||
Net assets | $ | 51,424,512 | $ | 412,061,504 | ||||
Shares outstanding | 7,006,553 | 37,149,023 | ||||||
NAV and offering price per share | $ | 7.34 | $ | 11.09 | ||||
Fund level net assets consist of: | ||||||||
Capital paid-in | $ | 258,399,788 | $ | 877,058,472 | ||||
Total distributable earnings (loss) | (128,597,070 | ) | (28,299,307 | ) | ||||
Fund level net assets | $ | 129,802,718 | $ | 848,759,165 | ||||
Authorized shares – per class | 2 billion | 2 billion | ||||||
Par value per share | $ | 0.0001 | $ | 0.0001 |
See accompanying notes to financial statements.
57
Six Months Ended December 31, 2021
(Unaudited)
Credit Income | Strategic Income | |||||||
Investment Income | ||||||||
Dividend | $ | 43,219 | $ | 143,337 | ||||
Interest | 4,223,239 | 15,642,777 | ||||||
Securities lending income, net | 9,591 | 27,626 | ||||||
Total investment income | 4,276,049 | 15,813,740 | ||||||
Expenses | ||||||||
Management fees | 482,867 | 2,172,818 | ||||||
12b-1 service fees – Class A Shares | 88,670 | 172,872 | ||||||
12b-1 distribution and service fees – Class C Shares | 71,727 | 149,236 | ||||||
Shareholder servicing agent fees | 70,360 | 271,943 | ||||||
Interest expense | 4,913 | 1,746 | ||||||
Custodian fees | 3,749 | 25,879 | ||||||
Directors fees | 3,097 | 13,619 | ||||||
Professional fees | 40,528 | 59,288 | ||||||
Shareholder reporting expenses | 6,662 | 60,483 | ||||||
Federal and state registration fees | 36,151 | 51,947 | ||||||
Other | 1,334 | 3,664 | ||||||
Total expenses before fee waiver/expense reimbursement | 810,058 | 2,983,495 | ||||||
Fee waiver/expense reimbursement | (43,124 | ) | (366,587 | ) | ||||
Net expenses | 766,934 | 2,616,908 | ||||||
Net investment income (loss) | 3,509,115 | 13,196,832 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments and foreign currency | 2,234,389 | 5,643,942 | ||||||
Futures contracts | — | 1,113,493 | ||||||
Swaps | (12,023 | ) | — | |||||
Change in net unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | (5,105,811 | ) | (18,727,570 | ) | ||||
Futures contracts | — | (460,297 | ) | |||||
Swaps | 12,081 | — | ||||||
Net realized and unrealized gain (loss) | (2,871,364 | ) | (12,430,432 | ) | ||||
Net increase (decrease) in net assets from operations | $ | 637,751 | $ | 766,400 |
See accompanying notes to financial statements.
58
Statement of Changes in Net Assets
Credit Income | Strategic Income | |||||||||||||||||||
Unaudited Six Months Ended 12/31/21 | Year Ended 6/30/21 | Unaudited Six Months Ended 12/31/21 | Year Ended 6/30/21 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 3,509,115 | $ | 9,212,870 | $ | 13,196,832 | $ | 20,936,901 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 2,234,389 | 9,601,884 | 5,643,942 | 9,928,743 | ||||||||||||||||
Futures contracts | — | — | 1,113,493 | (1,154,722 | ) | |||||||||||||||
Swaps | (12,023 | ) | — | — | (20,553 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (5,105,811 | ) | 9,220,305 | (18,727,570 | ) | 21,564,129 | ||||||||||||||
Futures contracts | — | — | (460,297 | ) | 160,985 | |||||||||||||||
Swaps | 12,081 | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | 637,751 | 28,035,059 | 766,400 | 51,415,483 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Class A Shares | (1,544,188 | ) | (3,571,099 | ) | (1,910,687 | ) | (3,716,215 | ) | ||||||||||||
Class C Shares | (260,741 | ) | (728,420 | ) | (302,304 | ) | (790,131 | ) | ||||||||||||
Class R3 Shares(1) | — | (9,581 | ) | — | (69,107 | ) | ||||||||||||||
Class R6 Shares | — | — | (3,791,019 | ) | (2,233,938 | ) | ||||||||||||||
Class I Shares | (1,735,607 | ) | (4,404,641 | ) | (6,399,225 | ) | (13,610,712 | ) | ||||||||||||
Decrease in net assets from distributions to shareholders | (3,540,536 | ) | (8,713,741 | ) | (12,403,235 | ) | (20,420,103 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 52,257,187 | 160,030,174 | 276,569,386 | 262,293,562 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,363,093 | 8,252,382 | 9,764,647 | 14,543,140 | ||||||||||||||||
55,620,280 | 168,282,556 | 286,334,033 | 276,836,702 | |||||||||||||||||
Cost of shares redeemed | (110,019,696 | ) | (186,625,700 | ) | (89,140,686 | ) | (241,434,814 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (54,399,416 | ) | (18,343,144 | ) | 197,193,347 | 35,401,888 | ||||||||||||||
Net increase (decrease) in net assets | (57,302,201 | ) | 978,174 | 185,556,512 | 66,397,268 | |||||||||||||||
Net assets at the beginning of period | 187,104,919 | 186,126,745 | 663,202,653 | 596,805,385 | ||||||||||||||||
Net assets at the end of period | $ | 129,802,718 | $ | 187,104,919 | $ | 848,759,165 | $ | 663,202,653 |
1 | Class R3 Shares converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
59
Credit Income
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending NAV | |||||||||||||||||||||||||||||||
Class A (8/01) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | $ | 7.42 | $ | 0.16 | $ | (0.10 | ) | $ | 0.06 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | 7.32 | |||||||||||||||||||
2021 | 6.69 | 0.34 | 0.71 | 1.05 | (0.32 | ) | — | — | (0.32 | ) | 7.42 | |||||||||||||||||||||||||||||
2020 | 7.44 | 0.38 | (0.75 | ) | (0.37 | ) | (0.35 | ) | — | (0.03 | ) | (0.38 | ) | 6.69 | ||||||||||||||||||||||||||
2019 | 7.51 | 0.46 | (0.04 | ) | 0.42 | (0.49 | ) | — | — | (0.49 | ) | 7.44 | ||||||||||||||||||||||||||||
2018 | 7.80 | 0.52 | (0.28 | ) | 0.24 | (0.53 | ) | — | — | (0.53 | ) | 7.51 | ||||||||||||||||||||||||||||
2017 | 7.22 | 0.54 | 0.57 | 1.11 | (0.53 | ) | — | — | (0.53 | ) | 7.80 | |||||||||||||||||||||||||||||
Class C (8/01) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 7.41 | 0.13 | (0.09 | ) | 0.04 | (0.14 | ) | — | — | (0.14 | ) | 7.31 | ||||||||||||||||||||||||||||
2021 | 6.69 | 0.29 | 0.70 | 0.99 | (0.27 | ) | — | — | (0.27 | ) | 7.41 | |||||||||||||||||||||||||||||
2020 | 7.43 | 0.33 | (0.74 | ) | (0.41 | ) | (0.30 | ) | — | (0.03 | ) | (0.33 | ) | 6.69 | ||||||||||||||||||||||||||
2019 | 7.50 | 0.40 | (0.04 | ) | 0.36 | (0.43 | ) | — | — | (0.43 | ) | 7.43 | ||||||||||||||||||||||||||||
2018 | 7.79 | 0.46 | (0.28 | ) | 0.18 | (0.47 | ) | — | — | (0.47 | ) | 7.50 | ||||||||||||||||||||||||||||
2017 | 7.21 | 0.49 | 0.57 | 1.06 | (0.48 | ) | — | — | (0.48 | ) | 7.79 | |||||||||||||||||||||||||||||
Class I (8/01) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 7.45 | 0.17 | (0.11 | ) | 0.06 | (0.17 | ) | — | — | (0.17 | ) | 7.34 | ||||||||||||||||||||||||||||
2021 | 6.71 | 0.36 | 0.72 | 1.08 | (0.34 | ) | — | — | (0.34 | ) | 7.45 | |||||||||||||||||||||||||||||
2020 | 7.47 | 0.40 | (0.76 | ) | (0.36 | ) | (0.37 | ) | — | (0.03 | ) | (0.40 | ) | 6.71 | ||||||||||||||||||||||||||
2019 | 7.54 | 0.48 | (0.04 | ) | 0.44 | (0.51 | ) | — | — | (0.51 | ) | 7.47 | ||||||||||||||||||||||||||||
2018 | 7.82 | 0.54 | (0.27 | ) | 0.27 | (0.55 | ) | — | — | (0.55 | ) | 7.54 | ||||||||||||||||||||||||||||
2017 | 7.24 | 0.56 | 0.57 | 1.13 | (0.55 | ) | — | — | (0.55 | ) | 7.82 |
60
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
0.84 | % | $ | 64,859 | 1.05 | %* | 4.24 | %* | 1.00 | %* | 4.29 | %* | 53 | % | |||||||||||||||||||||
16.01 | 77,953 | 1.12 | 4.63 | 1.00 | 4.75 | 196 | ||||||||||||||||||||||||||||
(5.15 | ) | 82,545 | 1.12 | 5.19 | 1.00 | 5.31 | 80 | |||||||||||||||||||||||||||
5.86 | 151,673 | 1.01 | 6.17 | 1.00 | 6.19 | 113 | ||||||||||||||||||||||||||||
3.16 | 126,376 | 1.04 | 6.66 | 1.00 | 6.70 | 126 | ||||||||||||||||||||||||||||
15.75 | 136,977 | 1.01 | 7.03 | 1.01 | 7.03 | 155 | ||||||||||||||||||||||||||||
0.48 | 13,519 | 1.80 | * | 3.49 | * | 1.75 | * | 3.54 | * | 53 | ||||||||||||||||||||||||
15.03 | 15,101 | 1.87 | 3.89 | 1.75 | 4.02 | 196 | ||||||||||||||||||||||||||||
(5.75 | ) | 22,612 | 1.87 | 4.46 | 1.75 | 4.58 | 80 | |||||||||||||||||||||||||||
5.04 | 35,655 | 1.77 | 5.44 | 1.75 | 5.46 | 113 | ||||||||||||||||||||||||||||
2.37 | 41,121 | 1.80 | 5.96 | 1.75 | 6.00 | 126 | ||||||||||||||||||||||||||||
14.93 | 47,698 | 1.76 | 6.32 | 1.76 | 6.32 | 155 | ||||||||||||||||||||||||||||
0.83 | 51,425 | 0.80 | * | 4.48 | * | 0.75 | * | 4.53 | * | 53 | ||||||||||||||||||||||||
16.40 | 94,051 | 0.87 | 4.86 | 0.75 | 4.99 | 196 | ||||||||||||||||||||||||||||
(5.03 | ) | 80,728 | 0.86 | 5.36 | 0.75 | 5.47 | 80 | |||||||||||||||||||||||||||
6.10 | 101,560 | 0.76 | 6.44 | 0.75 | 6.45 | 113 | ||||||||||||||||||||||||||||
3.52 | 139,777 | 0.79 | 6.91 | 0.75 | 6.95 | 126 | ||||||||||||||||||||||||||||
15.97 | 200,310 | 0.75 | 7.31 | 0.76 | 7.31 | 155 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(e) | Unaudited. For the six months ended December 31, 2021. |
* | Annualized. |
See accompanying notes to financial statements.
61
Financial Highlights (continued)
Strategic Income
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending NAV | |||||||||||||||||||||||||||||||
Class A (2/00) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | $ | 11.23 | $ | 0.17 | $ | (0.15 | ) | $ | 0.02 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | 11.09 | |||||||||||||||||||
2021 | 10.69 | 0.34 | 0.53 | 0.87 | (0.33 | ) | — | — | (0.33 | ) | 11.23 | |||||||||||||||||||||||||||||
2020 | 10.60 | 0.36 | 0.12 | 0.48 | (0.39 | ) | — | — | (0.39 | ) | 10.69 | |||||||||||||||||||||||||||||
2019 | 10.17 | 0.40 | 0.38 | 0.78 | (0.35 | ) | — | — | (0.35 | ) | 10.60 | |||||||||||||||||||||||||||||
2018 | 10.65 | 0.36 | (0.43 | ) | (0.07 | ) | (0.21 | ) | — | (0.20 | ) | (0.41 | ) | 10.17 | ||||||||||||||||||||||||||
2017 | 10.52 | 0.44 | 0.22 | 0.66 | (0.29 | ) | — | (0.24 | ) | (0.53 | ) | 10.65 | ||||||||||||||||||||||||||||
Class C (2/00) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 11.17 | 0.12 | (0.15 | ) | (0.03 | ) | (0.11 | ) | — | — | (0.11 | ) | 11.03 | |||||||||||||||||||||||||||
2021 | 10.64 | 0.26 | 0.52 | 0.78 | (0.25 | ) | — | — | (0.25 | ) | 11.17 | |||||||||||||||||||||||||||||
2020 | 10.55 | 0.28 | 0.12 | 0.40 | (0.31 | ) | — | — | (0.31 | ) | 10.64 | |||||||||||||||||||||||||||||
2019 | 10.12 | 0.32 | 0.39 | 0.71 | (0.28 | ) | — | — | (0.28 | ) | 10.55 | |||||||||||||||||||||||||||||
2018 | 10.59 | 0.28 | (0.42 | ) | (0.14 | ) | (0.13 | ) | — | (0.20 | ) | (0.33 | ) | 10.12 | ||||||||||||||||||||||||||
2017 | 10.46 | 0.35 | 0.23 | 0.58 | (0.21 | ) | — | (0.24 | ) | (0.45 | ) | 10.59 | ||||||||||||||||||||||||||||
Class R6 (1/15) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 11.27 | 0.19 | (0.15 | ) | 0.04 | (0.18 | ) | — | — | (0.18 | ) | 11.13 | ||||||||||||||||||||||||||||
2021 | 10.73 | 0.38 | 0.53 | 0.91 | (0.37 | ) | — | — | (0.37 | ) | 11.27 | |||||||||||||||||||||||||||||
2020 | 10.64 | 0.40 | 0.12 | 0.52 | (0.43 | ) | — | — | (0.43 | ) | 10.73 | |||||||||||||||||||||||||||||
2019 | 10.20 | 0.44 | 0.38 | 0.82 | (0.38 | ) | — | — | (0.38 | ) | 10.64 | |||||||||||||||||||||||||||||
2018 | 10.67 | 0.39 | (0.42 | ) | (0.03 | ) | (0.24 | ) | — | (0.20 | ) | (0.44 | ) | 10.20 | ||||||||||||||||||||||||||
2017 | 10.52 | 0.48 | 0.23 | 0.71 | (0.32 | ) | — | (0.24 | ) | (0.56 | ) | 10.67 | ||||||||||||||||||||||||||||
Class I (2/00) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 11.23 | 0.18 | (0.15 | ) | 0.03 | (0.17 | ) | — | — | (0.17 | ) | 11.09 | ||||||||||||||||||||||||||||
2021 | 10.69 | 0.37 | 0.53 | 0.90 | (0.36 | ) | — | — | (0.36 | ) | 11.23 | |||||||||||||||||||||||||||||
2020 | 10.60 | 0.39 | 0.12 | 0.51 | (0.42 | ) | — | — | (0.42 | ) | 10.69 | |||||||||||||||||||||||||||||
2019 | 10.17 | 0.42 | 0.39 | 0.81 | (0.38 | ) | — | — | (0.38 | ) | 10.60 | |||||||||||||||||||||||||||||
2018 | 10.65 | 0.38 | (0.42 | ) | (0.04 | ) | (0.24 | ) | — | (0.20 | ) | (0.44 | ) | 10.17 | ||||||||||||||||||||||||||
2017 | 10.51 | 0.46 | 0.24 | 0.70 | (0.32 | ) | — | (0.24 | ) | (0.56 | ) | 10.65 |
62
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waive/Reimbursement | Ratios to Average Net Assets After Waive/Reimbursement(c) | |||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
0.14 | % | $ | 129,911 | 0.92 | %* | 2.88 | %* | 0.83 | %* | 2.97 | %* | 46 | % | |||||||||||||||||||||
8.25 | 139,845 | 0.95 | 2.96 | 0.84 | 3.07 | 128 | ||||||||||||||||||||||||||||
4.63 | 101,886 | 0.97 | 3.28 | 0.84 | 3.42 | 62 | ||||||||||||||||||||||||||||
7.89 | 87,084 | 0.96 | 3.79 | 0.84 | 3.90 | 54 | ||||||||||||||||||||||||||||
(0.70 | ) | 106,805 | 0.93 | 3.31 | 0.83 | 3.41 | 124 | |||||||||||||||||||||||||||
6.43 | 137,072 | 0.93 | 4.02 | 0.83 | 4.12 | 135 | ||||||||||||||||||||||||||||
(0.24 | ) | 27,719 | 1.67 | * | 2.13 | * | 1.58 | * | 2.22 | * | 46 | |||||||||||||||||||||||
7.39 | 30,993 | 1.70 | 2.21 | 1.59 | 2.33 | 128 | ||||||||||||||||||||||||||||
3.84 | 37,285 | 1.72 | 2.58 | 1.59 | 2.71 | 62 | ||||||||||||||||||||||||||||
7.11 | 42,024 | 1.71 | 3.03 | 1.59 | 3.15 | 54 | ||||||||||||||||||||||||||||
(1.40 | ) | 59,612 | 1.68 | 2.56 | 1.58 | 2.66 | 124 | |||||||||||||||||||||||||||
5.63 | 76,513 | 1.68 | 3.25 | 1.58 | 3.35 | 135 | ||||||||||||||||||||||||||||
0.33 | 279,067 | 0.58 | * | 3.25 | * | 0.49 | * | 3.34 | * | 46 | ||||||||||||||||||||||||
8.59 | 67,689 | 0.62 | 3.28 | 0.51 | 3.40 | 128 | ||||||||||||||||||||||||||||
4.96 | 59,099 | 0.63 | 3.64 | 0.50 | 3.77 | 62 | ||||||||||||||||||||||||||||
8.24 | 50,127 | 0.62 | 4.14 | 0.50 | 4.26 | 54 | ||||||||||||||||||||||||||||
(0.38 | ) | 46,588 | 0.60 | 3.65 | 0.50 | 3.75 | 124 | |||||||||||||||||||||||||||
6.86 | 8,995 | 0.60 | 4.35 | 0.51 | 4.45 | 135 | ||||||||||||||||||||||||||||
0.28 | 412,062 | 0.67 | * | 3.13 | * | 0.58 | * | 3.22 | * | 46 | ||||||||||||||||||||||||
8.51 | 424,677 | 0.70 | 3.21 | 0.59 | 3.32 | 128 | ||||||||||||||||||||||||||||
4.86 | 395,502 | 0.72 | 3.57 | 0.59 | 3.71 | 62 | ||||||||||||||||||||||||||||
8.15 | 400,059 | 0.71 | 4.04 | 0.59 | 4.15 | 54 | ||||||||||||||||||||||||||||
(0.47 | ) | 493,098 | 0.68 | 3.56 | 0.58 | 3.67 | 124 | |||||||||||||||||||||||||||
6.77 | 540,368 | 0.68 | 4.22 | 0.58 | 4.32 | 135 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(e) | Unaudited. For the six months ended December 31, 2021. |
* | Annualized. |
See accompanying notes to financial statements.
63
(Unaudited)
1. General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust is comprised of Nuveen Credit Income Fund (“Credit Income”) and Nuveen Strategic Income Fund (“Strategic Income”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
The end of the reporting period for the Funds is December 31, 2021, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2021 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, 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.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 and I Shares are sold without an up-front sales charge.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds’ Board of Directors (the “Board”) has adopted a deferred compensation plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
64
Foreign Currency Transactions and Translation
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at each prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives 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 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 (i) investments and (ii) other assets and liabilities 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 investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Indemnifications
Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the 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 on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and the amortization of premium for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
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 value of settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, 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 certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or 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.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply
65
Notes to Financial Statements (Unaudited) (continued)
the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which 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 management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. 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.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
66
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
Credit Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 58,264,538 | $ | 5 | ** | $ | 58,264,543 | |||||||
Asset-Backed and Mortgage-Backed Securities | — | 27,358,216 | — | 27,358,216 | ||||||||||||
Variable Rate Senior Loan Interests | — | 13,743,518 | — | 13,743,518 | ||||||||||||
Sovereign Debt | — | 3,652,558 | — | 3,652,558 | ||||||||||||
Contingent Capital Securities | — | 3,205,418 | — | 3,205,418 | ||||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 1,621,112 | — | *** | 1,621,112 | |||||||||||
$25 Par (or similar) Retail Preferred | 495,933 | — | — | 495,933 | ||||||||||||
Common Stocks | — | — | 89 | ** | 89 | |||||||||||
Investments Purchased with Collateral from Securities Lending | 3,288,358 | — | — | 3,288,358 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 18,194,063 | — | 18,194,063 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Credit Default Swaps**** | — | 12,081 | — | 12,081 | ||||||||||||
Total | $ | 3,784,291 | $ | 126,051,504 | $ | 94 | $ | 129,835,889 | ||||||||
Strategic Income | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 324,156,026 | $ | — | $ | 324,156,026 | ||||||||
Asset-Backed and Mortgage-Backed Securities | — | 263,949,073 | 2,324,107 | ** | 266,273,180 | |||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 66,745,866 | — | 66,745,866 | ||||||||||||
Sovereign Debt | — | 64,687,134 | — | 64,687,134 | ||||||||||||
Variable Rate Senior Loan Interests | — | 53,324,406 | — | 53,324,406 | ||||||||||||
Contingent Capital Securities | — | 52,704,547 | — | 52,704,547 | ||||||||||||
$25 Par (or similar) Retail Preferred | 3,390,730 | 1,547,600 | ** | — | 4,938,330 | |||||||||||
Investments Purchased with Collateral from Securities Lending | 12,831,184 | — | — | 12,831,184 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 14,669,469 | — | 14,669,469 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Futures Contracts**** | (409,120 | ) | — | — | (409,120 | ) | ||||||||||
Total | $ | 15,812,794 | $ | 841,784,121 | $ | 2,324,107 | $ | 859,921,022 |
* | Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable. |
** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3, where applicable. |
*** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. Value equals zero as of the end of the reporting period. |
**** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
Participation Commitments
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is each 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.
67
Notes to Financial Statements (Unaudited) (continued)
The following table presents the repurchase agreements for the Funds 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 | |||||||
Credit Income | Fixed Income Clearing Corporation | $ | 18,194,063 | $ | (18,558,005 | ) | ||||
Strategic Income | Fixed Income Clearing Corporation | 14,669,469 | (14,962,944 | ) |
Securities Lending
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The resulting loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market fund vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statements of Operations.
As of the end of the reporting period, the total value of the loaned securities and the total value of collateral received were as follows:
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received | |||||||
Credit Income | $25 Par (or similar) Retail Preferred | $ | 186,056 | $ | 189,366 | |||||
Corporate Bonds | 2,763,165 | 2,883,667 | ||||||||
Contingent Capital Securities | 210,526 | 215,325 | ||||||||
Total | $ | 3,159,747 | $ | 3,288,358 | ||||||
Strategic Income | $25 Par (or similar) Retail Preferred | $ | 11,824 | $ | 12,000 | |||||
Contingent Capital Securities | 2,640,779 | 2,699,003 | ||||||||
Corporate Bonds | 8,007,903 | 8,256,891 | ||||||||
Sovereign Debt | 1,805,480 | 1,863,290 | ||||||||
Total | $ | 12,465,986 | $ | 12,831,184 |
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.
Investment Transactions
Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions) during the current fiscal period were as follows:
Credit Income | Strategic Income | |||||||
Purchases | 80,868,703 | 568,010,754 | ||||||
Sales and maturities | 154,226,528 | 361,047,175 |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
68
during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
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.
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 for investments in futures contracts” 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.
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 current fiscal period, Strategic Income used U.S. Treasury futures as part of their overall portfolio construction strategy to manage portfolio duration and yield curve exposure.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
Strategic Income | ||||
Average notional amount of futures contracts outstanding* | $ | 82,873,546 |
* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all futures contracts held by the Funds as of the end of the reporting period, 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 | |||||||||
Strategic Income | ||||||||||||||
Interest Rate | Futures contracts | Receivable for variation margin on futures contracts* | $ | 135,737 | Payable for variation margin on futures contracts* | $ | (544,857 | ) |
* | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivatives location as described in the table above. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, 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 | ||||||||
Strategic Income | Interest rate | Futures contracts | $ | 1,113,493 | $ | (460,297 | ) |
69
Notes to Financial Statements (Unaudited) (continued)
Credit Default Swap Contracts
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. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) deliver (receive) that security, or an equivalent amount of cash, from the counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (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 (delivered) and the notional amount delivered (received) is recorded as a realized gain or loss. Payments paid (received) 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.
Credit default swap contracts are valued daily. 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.
For over-the-counter (“OTC”) swaps not cleared through a clearing house (“OTC Uncleared”), the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as components of “Unrealized appreciation or depreciation on credit default swaps” on the Statement of Assets and Liabilities.
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), 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 swap contracts, if any, is recognized as “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “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 the appreciation and conversely if a Fund has unrealized depreciation, the clearing broker will debit a Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on credit default swaps” as described in the preceding paragraph. The maximum potential amount of future payments the Fund could incur as a buyer or 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 current fiscal period, Credit Income used credit default swaps to hedge a portion of the fund’s high yield credit risk exposure.
The average notional amount of credit default swap contacts outstanding during the current fiscal period was as follows:
Credit Income | ||||
Average notional amount of credit default swap contracts outstanding* | $ | 1,666,667 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all swap contracts held by the following Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location of the Statement of Assets and Liabilities | ||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
Credit Income | ||||||||||||||
Credit | Swaps (OTC Cleared) | Cash collateral at brokers for investments in swaps** | $ | 12,081 | — | $ | — |
** | Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets of Liabilities and is not reflected in the cumulative unrealized appreciation (depreciation) presented above. |
70
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation Depreciation) of Swaps | ||||||||
Credit Income | Credit | Swaps | $ | (12,023 | ) | $ | 12,081 |
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.
5. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 12/31/21 | Year Ended 6/30/21 | |||||||||||||||
Credit Income | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 886,575 | $ | 6,555,576 | 4,713,474 | $ | 33,650,595 | ||||||||||
Class A - automatic conversion of Class C Shares | 81 | 603 | 2,903 | 21,166 | ||||||||||||
Class A - automatic conversion of Class R3 Shares | — | — | 33,499 | 247,561 | ||||||||||||
Class C | 67,866 | 500,690 | 161,941 | 1,164,088 | ||||||||||||
Class R31 | — | — | 3,490 | 25,745 | ||||||||||||
Class I | 6,112,058 | 45,200,318 | 17,507,057 | 124,921,019 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 192,432 | 1,415,980 | 463,537 | 3,331,198 | ||||||||||||
Class C | 35,433 | 260,337 | 100,501 | 720,396 | ||||||||||||
Class R31 | — | — | 1,222 | 8,957 | ||||||||||||
Class I | 228,528 | 1,686,776 | 579,184 | 4,191,831 | ||||||||||||
7,522,973 | 55,620,280 | 23,566,808 | 168,282,556 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,716,024 | ) | (20,053,083 | ) | (7,044,878 | ) | (50,346,706 | ) | ||||||||
Class C | (289,777 | ) | (2,132,476 | ) | (1,604,428 | ) | (11,502,815 | ) | ||||||||
Class C - automatic conversion to Class A Shares | (82 | ) | (603 | ) | (2,907 | ) | (21,166 | ) | ||||||||
Class R31 | — | — | (7,230 | ) | (52,700 | ) | ||||||||||
Class R3 - automatic conversion to Class A Shares | — | — | (32,790 | ) | (247,561 | ) | ||||||||||
Class I | (11,960,371 | ) | (87,833,534 | ) | (17,488,589 | ) | (124,454,752 | ) | ||||||||
(14,966,254 | ) | (110,019,696 | ) | (26,180,822 | ) | (186,625,700 | ) | |||||||||
Net increase (decrease) | (7,443,281 | ) | $ | (54,399,416 | ) | (2,614,014 | ) | $ | (18,343,144 | ) |
71
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 12/31/21 | Year Ended 6/30/21 | |||||||||||||||
Strategic Income | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 859,720 | $ | 9,615,795 | 4,300,992 | $ | 47,607,779 | ||||||||||
Class A - automatic conversion of Class C Shares | 11 | 126 | 11,336 | 125,494 | ||||||||||||
Class A - automatic conversion of Class R3 Shares | — | — | 166,701 | 1,860,249 | ||||||||||||
Class C | 112,191 | 1,246,887 | 654,656 | 7,202,856 | ||||||||||||
Class R31 | — | — | 56,077 | 624,947 | ||||||||||||
Class R6 | 19,603,587 | 221,744,667 | 3,340,178 | 37,090,284 | ||||||||||||
Class I | 3,929,165 | 43,961,911 | 15,118,572 | 167,781,953 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 140,922 | 1,573,334 | 281,391 | 3,122,654 | ||||||||||||
Class C | 26,100 | 289,865 | 67,933 | 749,356 | ||||||||||||
Class R31 | — | — | 5,023 | 55,799 | ||||||||||||
Class R6 | 330,813 | 3,702,171 | 189,462 | 2,111,437 | ||||||||||||
Class I | 376,007 | 4,199,277 | 766,117 | 8,503,894 | ||||||||||||
25,378,516 | 286,334,033 | 24,958,438 | 276,836,702 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,741,267 | ) | (19,427,671 | ) | (1,835,769 | ) | (20,377,866 | ) | ||||||||
Class C | (400,266 | ) | (4,448,928 | ) | (1,441,974 | ) | (15,874,191 | ) | ||||||||
Class C - automatic conversion to Class A Shares | (11 | ) | (126 | ) | (11,388 | ) | (125,494 | ) | ||||||||
Class R31 | — | — | (177,761 | ) | (1,980,525 | ) | ||||||||||
Class R3 - automatic conversion to Class A Shares | (166,106 | ) | (1,860,249 | ) | ||||||||||||
Class R6 | (868,940 | ) | (9,719,579 | ) | (3,031,536 | ) | (33,769,016 | ) | ||||||||
Class I | (4,969,287 | ) | (55,544,382 | ) | (15,061,631 | ) | (167,447,473 | ) | ||||||||
(7,979,771 | ) | (89,140,686 | ) | (21,726,165 | ) | (241,434,814 | ) | |||||||||
Net increase (decrease) | 17,398,745 | $ | 197,193,347 | 3,232,273 | $ | 35,401,888 |
1 | Class R3 Shares converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for reinvestment or through an exchange from other Nuveen mutual funds. |
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 NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of December 31, 2021.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
Credit Income | Strategic Income | |||||||
Tax cost of investments | $ | 132,269,932 | $ | 856,803,778 | ||||
Gross unrealized: | ||||||||
Appreciation | $ | 2,079,668 | $ | 12,024,394 | ||||
Depreciation | (4,057,632 | ) | (8,907,150 | ) | ||||
Net unrealized appreciation (depreciation) of investments | $ | (1,977,964 | ) | $ | 3,117,244 |
72
Permanent differences, primarily due to bond premium amortization adjustments, paydowns, foreign currency transactions, complex securities character adjustments, and treatment of notional principal contracts, resulted in reclassifications among the Funds’ components of net assets as of June 30, 2021, the Funds’ last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2021, the Funds’ last tax year end, were as follows:
Credit Income | Strategic Income | |||||||
Undistributed net ordinary income1 | $ | 425,496 | $ | 838,967 | ||||
Undistributed net long-term capital gains | — | — |
1 | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2021 through June 30, 2021 and paid on July 1, 2021. 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, 2021 was designated for purposes of the dividends paid deduction as follows:
Credit Income | Strategic Income | |||||||
Distributions from net ordinary income2 | $ | 8,713,741 | $ | 20,420,103 | ||||
Distributions from net long-term capital gains | — | — | ||||||
Return of Capital | — | — |
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, 2021, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
Credit Income | Strategic Income | |||||||
Not subject to expiration: | ||||||||
Short-term | $ | 42,507,964 | $ | 17,914,258 | ||||
Long-term | 85,978,770 | 20,265,954 | ||||||
Total | $ | 128,486,734 | $ | 38,180,212 |
During the Funds’ last tax year ended June 30, 2021, the Funds utilized capital loss carryforwards as follows:
Credit Income | Strategic Income | |||||||
Utilized capital loss carryforwards | $ | 9,541,884 | $ | 8,823,089 |
In certain circumstances, the Funds may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (in-kind redemption). The Funds may also accept portfolio securities rather than cash as payment for a purchase of Fund shares (in-kind purchase). During the current fiscal period, Strategic Income received $149,104,398 of securities from in-kind purchase transactions.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the 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, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets | Credit Income | Strategic Income | ||||||
For the first $125 million | 0.4000 | % | 0.3600 | % | ||||
For the next $125 million | 0.3875 | 0.3475 | ||||||
For the next $250 million | 0.3750 | 0.3350 | ||||||
For the next $500 million | 0.3625 | 0.3225 | ||||||
For the next $1 billion | 0.3500 | 0.3100 | ||||||
For the next $3 billion | 0.3250 | 0.2850 | ||||||
For the next $5 billion | 0.3000 | 0.2600 | ||||||
For net assets over $10 billion | 0.2875 | 0.2475 |
73
Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $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, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. 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 certain 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, 2021, the complex-level fee for each Fund was as follows: |
Fund | Complex-Level Fee | |||
Credit Income | 0.2000 | % | ||
Strategic Income | 0.1863 |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees occurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation in effect thereafter may be terminated or modified only with the approval of the Board.
Fund | Expense Cap | Expense Cap Expiration Date | ||||
Credit Income | 0.75 | % | July 31, 2023 | |||
Strategic Income | 0.59 | July 31, 2023 |
Distribution and Service Fees
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.
Other Transactions with Affiliates
During the current fiscal period, the Distributor collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Credit Income | Strategic Income | |||||||
Sales charges collected | $ | 28,432 | $ | 33,899 | ||||
Paid to financial intermediaries | 24,953 | 30,793 |
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.
74
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Credit Income | Strategic Income | |||||||
Commission advances | $ | 5,597 | $ | 20,146 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
Credit Income | Strategic Income | |||||||
12b-1 fees retained | $ | 5,219 | $ | 16,036 |
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 current fiscal period, as follows:
Credit Income | Strategic Income | |||||||
CDSC retained | $ | 99 | $ | 3,298 |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2022 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Funds did not utilize this facility.
75
Additional Fund Information (Unaudited)
Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian State Street Bank & Trust Company One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and DST Asset Manager P.O. Box 219140 Kansas City, MO 64121-9140 (800) 257-8787 |
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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 as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov. | ||||||||||||||
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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 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 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. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
76
Glossary of Terms Used in this Report
(Unaudited)
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.
Basis Point: One one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%.
Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.
Bloomberg U.S. Aggregate Bond Index: An index that is designed to measure the performance of the USD-denominated, fixed-rate investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index: An issuer-constrained version of the U.S. Corporate High Yield Bond Index, which is designed to measure the performance of the USD-denominated, fixed-rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Commercial Mortgage-Backed Securities (CMBS): Commercial mortgage-backed securities are backed by cash flows of a mortgage or pool of mortgages on commercial real estate. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. CMBS are typically characterized by the following: i) loans on multi-family housing, non-residential property, ii) payments based on the amortization schedule of 25-30 years with a balloon payment due usually after 10 years, and iii) restrictions on prepayments.
Contingent Capital Securities (CoCos): CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified contingency events, as identified in the CoCo’s governing documents, usually reference a decline in the issuer’s capital below a specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition and/or its status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the issuer’s common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline after conversion. CoCos rated below investment grade should be considered high yield securities, or “junk,” but often are issued by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market’s perception of the likelihood) that an automatic write-down or conversion event on those
77
Glossary of Terms Used in this Report (Unaudited) (continued)
issuers’ CoCos will occur. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to other fixed-income alternatives.
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 Global High Yield Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global High Yield Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Multi-Sector Income Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Sector 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.
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.
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.
78
Liquidity Risk Management Program
(Unaudited)
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage each Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Directors (the “Board”) previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), as the administrator of the Program. The Adviser’s Liquidity Monitoring and Analysis Team (“LMAT”) carries out day-to-day Program management with oversight by the Adviser’s Liquidity Oversight Sub-Committee (“LOSC”). LMAT and LOSC are composed of personnel from the Adviser and Teachers Advisors, LLC, an affiliate of the Adviser.
At a May 26, 2021 meeting of the Board, the Adviser provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the calendar year 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Fund’s liquidity developments.
In accordance with the Program, LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of its portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each of the Funds’ portfolio investments are classified into one of four liquidity categories (including the most liquid, “Highly Liquid,” and the least liquid, “Illiquid,” as discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, using third-party vendor data.
A fund that does not primarily hold Highly Liquid investments must, among other things, determine a minimum percentage of the fund’s net assets that must be invested in Highly Liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a fund from acquiring Illiquid investments if doing so would result in the fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the fund’s board and the Securities and Exchange Commission any time a fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, the Funds did not exceed the 15% limit on Illiquid investments.
79
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Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
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provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mutual-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | MSA-FINC-1221D 2007091-INV-B-02/23 |
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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
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/ Mark J. Czarniecki | |||
Mark J. Czarniecki | ||||
Vice President and Secretary |
Date: March 9, 2022
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/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: March 9, 2022
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: March 9, 2022